点击输入图片描述（最多30字） 点击输入图片描述（最多30字） 【鸣鸣很忙上市大涨88%】中国最大的休闲食品饮料连锁零售商——湖南鸣鸣很忙商业连锁股份有限公司在港交所主板挂 牌上市，开盘大涨88.08%，截至收盘，涨幅回落至69.06%，报400港元/股，总市值达862.04亿港元。鸣鸣很忙此次全球发 售1410.1万股H股，公开发售阶段认购倍数超过1500倍，8家基石投资者合计认购15亿港元，包括腾讯、淡马锡与贝莱德 等。公司预计净筹资30亿港元以上，发行市值约500亿港元。鸣鸣很忙旗下拥有零食很忙、赵一鸣零食两大品牌，最新数据 显示，截至2025年11月30日，鸣鸣很忙门店数达21041家。（更多内容，点击查看《两位85后卖零食，开店两万家，身价均 超200亿港元，鸣鸣很忙刚刚IPO》）（中国基金报） 点击输入图片描述（最多30字） 【英伟达员工晒年会最牛年终奖：黄仁勋亲笔签名皮衣】近日，英伟达CEO黄仁勋陆续到访上海、北京、深圳，分别参加 了三地分公司举办的新年活动。1月27日，有网友在社交媒体晒出一件黄仁勋亲笔签名的皮衣。该网友表示，自己本来想签 在胸前，结果黄仁勋直接把他翻个身按住并称"Don't ...

根据招股书信息，鸣鸣很忙在本次IPO中总计发行15511200股H股，发行价为每股236.60港元，总计募 集资金约36.7亿港元。此次发行受到了市场的热烈追捧，其中香港公开发售部分获得了1899.49倍的超额 认购，国际发售部分也获得了44.44倍的认购。 值得关注的是，鸣鸣很忙本次IPO引入了强大的基石投资者阵容。8家基石投资者累计认购金额约1.95亿 美元，其中包括腾讯和淡马锡分别认购4500万美元，贝莱德认购3500万美元，富达基金认购3000万美 元，此外，泰康人寿、博时国际、易方达基金以及淡水泉资本（Springs Capital）也分别参与了1000万 美元的认购。 2026年1月28日，湖南鸣鸣很忙商业连锁股份有限公司（以下简称"鸣鸣很忙"）正式在香港交易所主板 挂牌上市，股票代码为"1768"，成为首家在港股上市的量贩零食品牌。 （文章来源：21世纪经济报道） 鸣鸣很忙创始人、董事长兼CEO晏周在上市仪式上表示，公司从一家社区小店起步，发展至今已在全国 拥有超过2万家门店，成为了广受消费者欢迎的品牌。他强调，公司的初心是让消费者能以实惠的价格 购买到优质零食，并帮助加盟商通过自身努力实现商业 ...

0:00 （鸣鸣很忙上市现场 摄/张伟泽） 南方财经 21世纪经济报道记者 张伟泽 实习生周静仪 香港报道 2026年1月28日，湖南鸣鸣很忙商业连锁股份有限公司（以下简称"鸣鸣很忙"）正式在香港交易所主板 挂牌上市，股票代码为"1768"，成为首家在港股上市的量贩零食品牌。 鸣鸣很忙创始人、董事长兼CEO晏周在上市仪式上表示，公司从一家社区小店起步，发展至今已在全国 拥有超过2万家门店，成为了广受消费者欢迎的品牌。他强调，公司的初心是让消费者能以实惠的价格 购买到优质零食，并帮助加盟商通过自身努力实现商业成功。晏周还阐述了公司的企业愿景——"创造 快乐生活，成为人民的零食品牌"，并表示未来将继续努力拓展市场，将鸣鸣很忙带到更多地方，服务 更广泛的消费人群。 根据招股书信息，鸣鸣很忙在本次IPO中总计发行15511200股H股，发行价为每股236.60港元，总计募 集资金约36.7亿港元。此次发行受到了市场的热烈追捧，其中香港公开发售部分获得了1899.49倍的超额 认购，国际发售部分也获得了44.44倍的认购。 值得关注的是，鸣鸣很忙本次IPO引入了强大的基石投资者阵容。8家基石投资者累计认购金额约1.95 ...

1月28日，港股市场迎来一个"不走寻常路"的企业——湖南鸣鸣很忙商业连锁股份有限公司。它的主要 市场，并非繁华的一线都市，而是广袤的中国县域。截至发稿，鸣鸣很忙的市值超900亿港元。 鸣鸣很忙的崛起备受瞩目。其实它的成功并非偶然。FBIF关注到，县域市场的"刻板印象"正被逐一打 破。对于食饮行业而言，读懂县城消费的"反直觉"密码，无疑是打开增量空间的关键钥匙。 鸣鸣很忙集 团；图片来源：鸣鸣很忙集团 那么县域市场，有着哪些"消费新现象"？ 调研显示，现在的县城人群对收入预期并不悲观。他们收入看涨，支出预期同步攀升。 他们不像过去那样关心"在别人眼中我是否过得还不错"。中产身份认同感显著淡化，在年轻一代中这一 趋势尤为明显。 同时折叠消费成为常态。县城人群愿意买9.9元的眼影和1.5万元的金手镯，品质需求和极致性价比共 存。 县域市场； 图片来源：黑蚁资本 我们需要意识到，县域不是泛泛的"低线市场"，而是由县级市、县和自治县组成的中国真正的腰部大众 市场。 根据《中国统计年鉴2024》的数据，截至2023年底，全国有1813个县级行政区划，这些地域的主城区和 周边城镇（不包含乡村）统称为县域。[1] 县域是国家 ...

毛利率稳步提升，数字化供应链建设提升运营效率我们认为伴随行业成熟度提升，精细化运营及利润率 挖潜成为重要关注点。 公司毛利率呈稳步提升趋势，25 年前三季度分别达11.0%/11.8%/12.1%。 毛利率提升源于与供应商的双赢合作，包括稳定大额订单提升产能利用率、协助供应商在成本低位时锁 价采购等，具备中长期持续性。公司积极投入建设数字化供应链，与腾讯智慧零售合作，加强消费数据 挖掘，提升营销效率；1 月14 日公告控股子公司拟收购南京众丞100%股权，南京众丞专为零食连锁打 造全链路SaaS 协同管理系统，并购有利于进一步提升数字化效率。 25 年Q4 以来，伴随品类拓展及精细化运营，我们预计公司同店表现有望逐步改善，春节错期及假期天 数增加亦有望利好26Q1 业绩。展望全年，我们预计公司有望保持较快开店节奏，非零食品类及自有品 牌持续拓展，门店货架陈列、运营管理挖潜与即时零售拓展有望助力同店表现。在利润端，与上游供应 商持续合力提升供应链效率，带来的毛利空间有望持续释放。看好规模效应下公司盈利能力持续提升与 利润释放，维持"买入"评级，继续重点推荐。 会员体系+即时零售+运营挖潜，有望助力26 年同店表 ...

Core Viewpoint - Hunan Mingming Henmang Commercial Chain Co., Ltd. (stock code: 01768.HK) officially listed on the Hong Kong Stock Exchange, becoming the first stock in the bulk snack sector, with a market capitalization of approximately HKD 959 billion at opening [2][4]. Company Overview - Mingming Henmang was formed by the merger of two brands, "Snacks Are Busy" and "Zhao Yiming Snacks," and has established a retail network of nearly 20,000 stores [2][4]. - The company is led by two founders born in the 1980s, Yan Zhou and Zhao Ding, who have successfully tapped into the lower-tier market through an innovative bulk sales model [4][8]. Financial Performance - The company raised approximately HKD 3.3 billion by issuing 14.1 million shares at HKD 236.6 per share, resulting in a post-IPO market valuation of about HKD 473 billion [4][5]. - For the first nine months ending September 30, 2025, the company achieved a GMV of RMB 661 billion, a 74.5% increase compared to the same period in 2024 [4][36]. - Revenue for the first three quarters of 2025 reached RMB 464 billion, with an adjusted net profit of RMB 18 billion, translating to over RMB 6.6 million in daily earnings [4][38]. Investment and Financing - During the IPO phase, Mingming Henmang attracted eight cornerstone investors, collectively subscribing to approximately USD 195 million, accounting for nearly 46% of the total fundraising [5][6]. - The company has received significant backing from prominent investors, including Sequoia China and Black Ant Capital, with a total financing exceeding RMB 1 billion post-merger [4][25]. Market Position and Strategy - Mingming Henmang is the largest leisure food and beverage retail chain in China, with a GMV of RMB 555 billion projected for 2024 [4][36]. - The company operates a low-margin, high-turnover business model, achieving a gross margin of 9.7% in the first nine months of 2025, which is still below traditional retail levels [33][36]. - The company has a unique supply chain strategy, directly connecting with over 2,000 manufacturers to eliminate middlemen, resulting in prices approximately 25% lower than traditional supermarkets [32][36]. Competitive Landscape - The snack retail market in China is projected to grow from RMB 2.9 trillion in 2019 to RMB 3.7 trillion in 2024, with a compound annual growth rate of 5.5% [39]. - Despite being the largest player, Mingming Henmang holds only 1.5% of the market share, indicating significant room for growth in a highly fragmented market [39][40]. - The competitive focus has shifted from rapid store openings to supply chain efficiency and innovation, with major players exploring high-margin private label products and expanding into community discount stores [40][41].

公开资料显示，鸣鸣很忙旗下拥有"零食很忙""赵一鸣零食"两大品牌。2025年前9个月，鸣鸣很忙实现 零售额（GMV）661亿元人民币，集团全国门店已覆盖28个省份和各线城市，其中59%深入县城与乡 镇。截至2025年11月30日，鸣鸣很忙门店数达21041家，大量门店开设在县城、乡镇和社区周边。 三湘都市报1月28日讯（全媒体记者 仝若楠）1月28日，湖南鸣鸣很忙商业连锁股份有限公司（以下简 称"鸣鸣很忙"）正式在香港联合交易所主板挂牌上市，证券简称为"鸣鸣很忙"，股份代号为1768.HK。 发行价236.6港元/股，开盘较发行价236.6港元大涨超88%，对应总市值超952亿港元。 ...

Core Viewpoint - Hunan Mingming Henmang Commercial Chain Co., Ltd. (stock code: 01768.HK) has successfully listed on the Hong Kong Stock Exchange, becoming the first stock in the bulk snack sector, with a market capitalization of approximately HKD 959 billion at opening [4][7]. Group 1: Company Overview - Mingming Henmang was formed by the merger of two brands, "Snacks Are Busy" and "Zhao Yiming Snacks," and has established a retail network of nearly 20,000 stores [4][9]. - The company is led by two founders born in the 1980s, Yan Zhou and Zhao Ding, who have leveraged insights into the lower-tier market to create a multi-brand, multi-category product offering [4][9]. - The company achieved a gross merchandise volume (GMV) of RMB 555 billion in 2024, making it the largest chain retailer of leisure food and beverages in China [4][39]. Group 2: Financial Performance - In the first three quarters of 2025, Mingming Henmang reported revenue of RMB 464 billion and an adjusted net profit of RMB 18 billion, translating to over RMB 6.6 million in daily earnings [4][39]. - The company’s GMV for the first nine months of 2025 reached RMB 661 billion, reflecting a year-on-year growth of 74.5% compared to the same period in 2024 [4][39]. Group 3: Investment and Financing - During the IPO phase, Mingming Henmang attracted eight cornerstone investors, raising approximately USD 195 million, which accounted for nearly 46% of the total fundraising [5][6]. - The company has completed multiple financing rounds, including a recent round exceeding RMB 1 billion, with notable investors such as Sequoia China and Black Ant Capital [6][29]. Group 4: Market Position and Competition - The snack retail market in China is projected to grow from RMB 2.9 trillion in 2019 to RMB 3.7 trillion in 2024, with a compound annual growth rate of 5.5% [41]. - Despite being the largest chain retailer, Mingming Henmang holds only 1.5% of the market share, indicating significant room for growth in a highly fragmented market [41]. - The competitive landscape has intensified, with external competitors like Wanchen Group's "Good Want to Come" brand emerging, prompting the merger of Mingming Henmang and Zhao Yiming Snacks to enhance market positioning [24][26]. Group 5: Business Model and Strategy - Mingming Henmang operates on a "thin profit" and "high sales" model, focusing on restructuring the traditional snack distribution chain to achieve operational efficiency [35][38]. - The company maintains a low gross margin of 7.5% to 9.7%, significantly lower than traditional channels, while achieving high inventory turnover rates [35][38]. - The business model emphasizes a symbiotic relationship with franchisees, with over 99% of its stores being franchises, ensuring mutual profitability [38][39].

Core Viewpoint - The company "Ming Ming Hen Mang" successfully listed on the Hong Kong Stock Exchange, achieving a market value exceeding HKD 90 billion, marking it as one of the largest consumer IPOs in the past year [1]. Group 1: Company Overview - "Ming Ming Hen Mang" operates two major brands: "Snacks Hen Mang" and "Zhao Yi Ming Snacks," leading the bulk food retail model in China [3][12]. - By the first nine months of 2025, the company achieved a retail sales volume (GMV) of RMB 66.1 billion, with stores covering 28 provinces and cities, 59% of which are located in county towns and rural areas [3][12]. - As of November 30, 2025, the company had 21,041 stores, significantly enhancing access to quality and affordable food for ordinary families [3][12]. Group 2: Investment and Growth Journey - The company transitioned from a regional brand to an industry leader over five years, supported by Sequoia China, which has acted as a long-term partner rather than just an investor [3][13]. - Sequoia China led the company's Series A financing in April 2021 when the store count was approximately 400, and later supported a significant merger in 2023 [15][19]. - The merger with "Zhao Yi Ming Snacks" was a historic moment for the bulk snack industry, requiring significant strategic alignment and trust from major stakeholders like Sequoia China [16][19]. Group 3: Consumer Insights and Retail Strategy - The founder, Yan Zhou, emphasizes understanding the fundamental consumer desire for value rather than just low prices, balancing efficiency with emotional engagement in retail [4][13]. - The company has effectively utilized a combination of standard product discounts and unique non-standard products to meet the basic consumption needs of Chinese families [15]. - The retail environment is designed to evoke positive emotions, enhancing the shopping experience and creating a sense of satisfaction for consumers [6][14]. Group 4: Digital Transformation and Operational Efficiency - As the number of stores rapidly increased, traditional retail methods faced challenges, prompting the company to explore digital solutions for operational efficiency [20]. - Sequoia China facilitated discussions on digital transformation, including the implementation of technology for faster checkout processes and improved inventory management [20]. - The company is transitioning its product department into a central hub for supporting scalable operations, addressing the need for diverse product offerings tailored to different consumer demographics [20].

凤凰网财经讯1月28日，湖南鸣鸣很忙商业连锁股份有限公司(简称：鸣鸣很忙)正式挂牌上市，成为港 股"量贩零食第一股"。截至发稿，鸣鸣很忙股价涨超70%，报403港元/股。 这家坐拥"零食很忙"与"赵一鸣零食"两大品牌的零食巨头，主打量贩模式，聚焦大众消费者对于优质平 价零食的需求。截至2025年11月30日，鸣鸣很忙门店数达21041家。2025年前9个月，鸣鸣很忙实现零售 额(GMV)661亿元。 本次IPO发行价每股236.6港元，公开发售获认购超1500倍，今日开盘大涨88%，市值超900亿港元，缔 造中国最大零食IPO。 ...