每经AI快讯，万辰集团1月29日晚间发布业绩预告，预计2025年归属于上市公司股东的净利润12.3亿元 ~14亿元，同比增长319.05%~376.97%。业绩变动主要原因是，量贩零食零售业务。经过多年快速发 展，公司门店数量持续增长，旗下"好想来品牌零食"已成为全国知名连锁品牌，市场领先地位和规模效 应日益稳固。2025年，公司在全国多个省市取得较强的区域优势，销售规模较2024年大幅增加；在规模 扩张的同时，公司聚焦核心竞争力建设，系统性强化供应链与商品力、仓储物流体系、数字化及组织精 细化管理、品牌市场赋能与会员运营等关键环节，并健全优化公司长效激励机制，充分激发组织活力与 团队动能。多措并举之下，公司的销售规模以及销售利润率显著上升，2025年量贩零食业务预计实现营 业收入500亿元~520亿元，同比增长57.28%~63.57%，加回计提的股份支付费用后实现净利润22亿元~26 亿元，净利润率为4.4%~5.1%。 （记者 曾健辉） 每经头条（nbdtoutiao）——水贝黄金平台"杰我睿"兑付危机调查：40倍杠杆对赌，金价越涨平台越 亏！老板自称"还在深圳"，投资者：兑付方案本金打两折，无法接受 ...

Core Viewpoint - Wancheng Group expects a significant increase in net profit for 2025, projecting a range of 1.23 billion to 1.4 billion yuan, representing a year-on-year growth of 222.38% to 266.94% [2] Group 1: Financial Performance - The anticipated profit growth is primarily driven by the expansion of the retail business in snack foods, along with improvements in sales and profit margins [2] - The edible mushroom business is expected to stabilize and recover in the second half of the year, contributing to increased prices and gross margins [2]

Group 1 - The core viewpoint of the announcement is that Wancheng Group (300972.SZ) expects a significant increase in net profit attributable to shareholders, projected to be between 1.23 billion to 1.4 billion yuan for 2025, representing a growth of 222.38% to 266.94% compared to the same period last year (post-restructuring) [1] Group 2 - The main reasons for the performance change include the expansion of the retail scale in the snack food business, improvements in sales and profit margins, as well as a recovery in the edible mushroom business in the second half of the year, which has led to increases in prices and gross margins [1]

这三张牌合在一起，造就了一个能把规模做起来的模式，但任何模式都有边界，鸣鸣很忙的成绩很好 看，但它的问题也很明显，扩张带来的不是单纯的荣耀，还有单店效益下滑和运营成本的增长，2025年 上半年单店平均月利润仅0.55万元，回本周期延长到29个月，闭店率从0.7%升至1.9%，这不是小事，这 是生意里的警报。 鸣鸣很忙准备在港交所敲钟了，这是件值得注意的事，因为它不是某个资本秀场的新面孔，而是从县城 街头走出来、靠"低价高频"撬动市场的一张样本票，需要我们这是一场消费的胜利，还是规模的赌博？ 鸣鸣，很忙，名字就很会讨人喜欢，像街角那家总是亮着灯的零食店，叫你走进去就舍不得出来，它合 并了"零食很忙"和"赵一鸣零食"两个区域大佬，用的是最土但最有效的公式把价格压把门店开到你家门 口，然后用不花哨的包装勾住你的日常消费欲望。 两年时间，营收从几十亿飙到三百多亿，净利润也翻了好几番，这种速度让人眼睛一亮，也让人多心， 速度背后是扩张的野心，还是成本会掉进黑洞的隐痛，我们得分开来说清楚。 第一盘棋，是下沉市场的选择，别人往一线城市挤流量，它往县城、乡镇撒网，59%的门店在县城及乡 镇，66%的县级覆盖率——你要知道，这 ...

Core Viewpoint - The company "好想来" under 万辰集团 is facing issues regarding inaccurate weight measurements of its snack products, which has raised consumer concerns and led to internal investigations [1][2]. Group 1: Incident Details - A consumer reported discrepancies in the weight of purchased snacks, with specific examples showing significant differences between the expected and actual weights of products [1]. - The consumer's total expenditure was 100.88 yuan, with various products showing weight differences, such as笋尖鸡肉肠 (expected 76g, actual 62.2g), 无穷盐焗大鸡翅 (expected 216g, actual 202g), 小燕子冷萃大鸡爪 (expected 140g, actual 126.5g), and 蒙牛三角芝士 (expected 54g, actual 40.5g) [1]. Group 2: Company Response - The company stated that it takes product measurement and service quality seriously, ensuring that all measuring instruments are legally certified and undergo daily calibration [2]. - In response to the incident, the company has retrained relevant employees and is actively reaching out to the affected consumer to apologize and negotiate compensation [2]. - The local market supervision administration has verified that the electronic scales used in the stores meet standards and are accurate [2].

回顾鸣鸣很忙此前的投资历程，多家头部VC、PE机构现身。红杉中国、高榕创投等是零食很忙最早的 机构投资者，在其A轮、A+轮融资中，红杉中国、高榕创投均有出现，红杉中国还在后续B+轮融资中 加持。截至IPO前，红杉中国持股比例7.07%，是鸣鸣很忙最大的外部机构股东。红杉中国合伙人苏凯 担任鸣鸣很忙公司董事，参与公司战略发展与投后管理。 另一家机构投资者Discounter Seed HK也出现在A轮、A+轮、A++轮及B轮融资中。Discounter Seed HK 背后机构为启承资本，此前，启承资本还投资了半亩花田、钱大妈、袁记云饺、锅圈等多个消费品牌。 街边常见的食品饮料连锁品牌上市之路一帆风顺。1月28日，"量贩零食第一股"鸣鸣很忙在港股上市， 首日开盘即大涨，盘中一度涨超88%。这意味着，若在最高点卖出，相较于招股价236.6港元，不计手 续费，每手最高可赚约2万港元。截至1月28日收盘，鸣鸣很忙股价上涨69.06%至400港元。 鸣鸣很忙是不少消费者熟悉的面孔，在许多县城、社区附近常见的"零食很忙""赵一鸣零食"，均是鸣鸣 很忙旗下品牌，消费者几十块钱就可以买一大袋不同的零食。作为主打下沉市场，依靠 ...

另一家机构投资者Discounter Seed HK也出现在A轮、A+轮、A++轮及B轮融资中。Discounter Seed HK 背后机构为启承资本，此前，启承资本还投资了半亩花田、钱大妈、袁记云饺、锅圈等多个消费品牌。 在IPO前，鸣鸣很忙的基石投资者阵容更是堪称豪华，腾讯子公司、淡马锡、贝莱德、富达基金、博时 国际、易方达、淡水泉、泰康人寿等头部机构，认购总额约1.95亿美元（约15.20亿港元）。基石投资者 是指在IPO前期签订认购协议并接受6到12个月锁定期的机构或个人投资者，大型机构的参与往往能为 投资者带来信心加持。 满足零食消费新需求 ● 本报记者 张舒琳 1月28日，"量贩零食第一股"鸣鸣很忙登陆港股，凭借清晰的下沉市场布局获得资本追捧。在融资初 期，鸣鸣很忙获得红杉资本、高榕创投等头部机构领投，IPO前更吸引了多家头部机构成为基石投资 者。 "量贩零食第一股"上市 街边常见的食品饮料连锁品牌上市之路一帆风顺。1月28日，"量贩零食第一股"鸣鸣很忙在港股上市， 首日开盘即大涨，盘中一度涨超88%。这意味着，若在最高点卖出，相较于招股价236.6港元，不计手 续费，每手最高可赚约2万港元。截 ...

Core Insights - The IPO of Mingming Hen Mang Group marks a significant milestone in China's chain retail industry, becoming the largest snack chain listed company in China with a market value exceeding 90 billion HKD on its first trading day [2][5]. Group 1: Company Overview - Mingming Hen Mang has rapidly expanded from its first store in Changsha in 2017 to over 19,000 stores across 28 provinces by 2023, achieving an annual transaction volume of 1.6 billion visits and a GMV exceeding 55 billion CNY [5]. - The company has successfully navigated a challenging retail environment characterized by the closure of many physical stores, demonstrating a counter-cyclical expansion strategy based on a systematic chain methodology [7]. Group 2: Business Model and Strategy - The company's growth strategy emphasizes scale as a starting point rather than a result, leveraging its extensive store network to negotiate better supply chain costs [10][11]. - Mingming Hen Mang operates on a low-margin, high-turnover model, focusing on turnover efficiency as the primary profit driver rather than individual product margins [12][13]. - The operational model is highly standardized, allowing for efficient store management and reduced operational complexity, which is crucial for maintaining consistency across its franchise network [20][40]. Group 3: Market Dynamics - The rise of Mingming Hen Mang is attributed to a structural shift in consumer behavior, moving from consumption upgrades to a more rational approach, where consumers prioritize value and transparency over brand premiums [21][25]. - Over 59% of the company's stores are located in county and town markets, which are seen as high-potential growth areas due to their low brand penetration and increasing consumer spending power [28][30]. Group 4: Industry Implications - The IPO signals a shift in capital market preferences, with a renewed focus on physical retail and operational models, moving away from short-term growth to long-term stability [42][43]. - The success of the IPO indicates that the chain retail industry is entering a phase of accelerated capital investment, leading to increased concentration of resources among leading players [45]. - The industry is transitioning into a "system capability era," where the ability to manage complex supply chains and operational systems will define competitive advantage [46].

2025年以来，港股市场IPO破发率较低，投资者打新情绪非常火热。由于鸣鸣很忙定价相对便宜、基石投资者阵容 强大。据测算，甲组中签率最高仅5%，乙组中签率相对较高。 1月28日，鸣鸣很忙上涨69.06%，收报400港元/股，最新市值856亿港元。 投资者阵容豪华 1月28日，"量贩零食第一股"鸣鸣很忙在港股上市，首日开盘即大涨，盘中一度涨超88%。这意味着，若在最高点 卖出，相较于招股价236.6港元，不计手续费，每100股最高可赚超2万港元。 量贩零食股上市 鸣鸣很忙被不少消费者熟悉，在各大县城、社区附近常见的"零食很忙""赵一鸣零食"，均是鸣鸣很忙旗下品牌， 消费者几十块钱就可以买一大袋不同的零食。作为主打下沉市场，依靠低毛利、高周转快速扩张的零售渠道，鸣 鸣很忙近年来门店增长迅速。 据招股书，2025年前三季度，鸣鸣很忙零售额（GMV）达661亿元人民币，同比增长74.5%。截至2025年11月，鸣 鸣很忙的在营门店突破2.1万家，覆盖全国所有县级城市。 图片来源：招股书 提供线下差异化情绪价值 头部机构之所以在早期即敢于大手笔布局鸣鸣很忙，核心在于看好其商业模式，认为其精准捕捉了零食行业的新 趋势与消 ...

来源：上海证券报·中国证券网 其首轮融资的联合领投方高榕创投合伙人韩锐对上证报记者表示，投资鸣鸣很忙主要基于两大逻辑，一 是零售行业中的中型超市处于"多快好省"均难极致的中间状态，在人口密度高、消费分层的中国市场， 品类专门店将持续涌现。零食是一个大赛道，完全有机会诞生专业的连锁品牌；二是线下消费中存在互 联网难以替代的体验价值。韩锐提出"氛围购物"——消费者进入零食专门店之前并无明确购物计划，而 是在丰富、直观的商品环境中随机选择，散装形式进一步降低了决策门槛，带来情绪满足。 "2021年高榕领投鸣鸣很忙首轮融资时，后者门店数约为450家，正处于全国扩张起步期。"韩锐透露， 该项目在内部形成"双保险"：投资团队与研究中心几乎同时捕捉到其成长势头。随后，团队展开密集线 下调研，走访近百家门店，并完成一份98页的尽调报告，最终坚定出手。 在韩锐看来，零售是"明牌生意"，很难单点十倍优于同行，更可能是在十个环节中各进步10%，长期积 累形成复利。这就要求创始人能"简单动作重复做"。 从450家店起步，到如今成为"零食港股第一股"，鸣鸣很忙的成长印证了高榕在消费赛道中对业态迭代 与创始人特质的双重关注。在韩锐眼中， ...