Core Viewpoint - The rise of "consumer empowerment" is driving the rapid growth of the high-value snack retail sector, exemplified by the listing application of Hunan Mingming Hen Mang Commercial Chain Co., Ltd. on the Hong Kong Stock Exchange [1] Group 1: Company Overview - Mingming Hen Mang is formed from the strategic merger of two leading snack brands, "Snacks Are Busy" and "Zhao Yiming Snacks," and has reached 14,394 stores nationwide by the end of 2024, establishing itself as a leader in the domestic snack retail industry [1] - The company emphasizes a consumer-centric selection system focused on quality-price ratio rather than merely relying on brand recognition and private label products [1] Group 2: Product Selection and Strategy - The selection team consists of over 180 members, employing a "selected + customized" model to ensure products align with consumer preferences through a four-step decision-making process [2] - Approximately 25% of the SKUs in inventory are customized products, and over 40% of products are sold in bulk, lowering the barrier for consumers to try new items [2] - The SKU library contains 3,380 products, with each store offering at least 1,800 SKUs, which is double that of traditional supermarkets, and the company introduces hundreds of new products monthly [2] Group 3: Business Model and Financial Performance - Unlike traditional supermarkets that rely on high margins, Mingming Hen Mang operates on a "low margin, high turnover" model, maintaining a gross margin of 7.5% to 7.6% in 2024, significantly lower than competitors like Yonghui Superstores and Gome Retail [3] - The net profit margin has increased from 1.7% in 2022 to 2.1% in 2024, indicating the sustainability of the retail model [3] - The company generates approximately 99.5% of its revenue from product sales, with minimal income from franchise fees, simplifying the supply chain by sourcing directly from manufacturers [3] Group 4: Market Position and Expansion - By the end of 2024, 58% of the stores are located in county and town markets, attracting over 1.6 billion consumer visits and achieving a membership base of 120 million with a 75% annual repurchase rate [3] - The company plans to use funds from its IPO to enhance product development, expand quality testing laboratories, optimize store displays, and improve franchise training systems [5] - Mingming Hen Mang's approach demonstrates that the snack retail sector can achieve sustainable growth through high-quality product selection, standardized operations, and data-driven rapid turnover [5]

Core Insights - The article highlights the vibrant consumer culture in Changsha during the May Day holiday, with over 8 million expected visitors, showcasing a shift towards experiential and culturally rich consumption [1][3]. Group 1: Consumer Trends - Tourists are increasingly favoring local cultural experiences and emotional value over traditional price-based considerations, indicating a trend from "cost-effectiveness" to "emotional value" in consumer choices [1]. - Popular attractions during the holiday included the East Mao Street Teahouse and "Big Snacks," which have become essential stops for visitors seeking unique experiences [1][6]. Group 2: East Mao Street Teahouse - The East Mao Street Teahouse, a reconstructed historical teahouse, sold over 3,000 cups of tea and 3,000 buns daily during the holiday, with an estimated daily foot traffic of 12,000 to 15,000 visitors [3][4]. - The teahouse appeals to both older and younger demographics, creating a lively atmosphere where traditional tea drinking meets modern social media engagement [4][5]. Group 3: Big Snacks - The "Big Snacks" store, located at the intersection of Jiefang West Road and Fusheng Road, saw a threefold increase in foot traffic during the holiday, with over 150 types of oversized snacks available [6][7]. - The store's unique selling proposition lies in its large packaging and creative displays, which cater to the emotional and social needs of younger consumers [7]. Group 4: Wellness and Relaxation - Foot massage and wellness services have become integral to the travel experience in Changsha, with many tourists incorporating these activities into their itineraries for relaxation after travel [8][10]. - The "Yierkang" wellness center offers a variety of services, including traditional Chinese medicine treatments, appealing to both individual travelers and families [10][11].

作者 | 张来 编辑 | 宝珠 视觉 | 诺言 中国的"穷鬼超市"有望出现一家上市公司。4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）正式向港交所递交了上市申请。 过去数年，人们多少在县城的大街小巷见识过零食界"蜜雪冰城"遍地开花的势头。招股书显示，鸣鸣很 忙约有58%的门店位于县城与乡镇，深度覆盖下沉市场。 也因此，鸣鸣很忙获得了高速增长。根据招股书，从2022年至2024年，鸣鸣很忙营收分别为42.8亿元、 102.9亿元及393.4亿元，复合年增长率达到203.0%，2024年一整年的GMV达到555亿元。 | | 截至12月31日止年度 | | | | --- | --- | --- | --- | | | 2022年 | 2023年 | 2024年 | | | | (人民幣千元) | | | 收入 | 4,285,745 | 10,295,318 | 39,343,511 | | 銷售成本 | (3,966,394) | (9,522,979) | (36,344,463) | | 毛利 | 319,351 | 772,339 | 2,999,048 | | 其他收入及收益及其他 ...

综合美联社、哥伦比亚广播公司（CBS）、《华尔街日报》等媒体报道，5月3日， 美国投资人沃伦·巴菲特当日在伯克希尔·哈撒韦年度股东大会上宣布，他 计划在年底退休，辞去伯克希尔·哈撒韦首席执行官（CEO）一职，并将向董事会推荐格雷格·阿贝尔（Greg Abel）接任CEO。 巴菲特表示："自己仍然会偶尔现身，也许在少数情况下（我）会有用"，但各项决策将由格雷格·阿贝尔做最终决定。 巴菲特与阿贝尔共同出席伯克希尔·哈撒韦年度股东大会 截图自CNBC 伯克希尔的董事会将投票决定是否正式批准这一任命。巴菲特表示，他预计投票将一致同意。 巴菲特是伯克希尔的首席执行官、董事长兼投资负责人。《华尔街日报》报道，当他卸任时，这些职责将由包括阿贝尔在内的几个人分担。巴菲特一旦离 职，预计另外两名副手将负责管理庞大的投资组合。 格雷格·阿贝尔现年62岁，在加拿大草原地区出生长大，现任伯克希尔·哈撒韦能源公司董事长兼首席执行官，主要负责伯克希尔的所有非保险业务，覆盖建 材、化工、鞋类和糖果等领域。 据《华尔街日报》报道，阿贝尔在年轻时担任会计师时就显示出，他既精于研究资产负债表，也擅长阅人和与人交往。 在20世纪90年代初，时年3 ...

Group 1: Company Overview - The company "Mingming Hen Mang" was formed through the strategic merger of "Snacks Busy" and "Zhao Yiming Snacks," establishing a network of 14,394 stores across 28 provinces in China within 8 years [1] - The company's GMV is projected to exceed 55.5 billion yuan in 2024, with an average of 21 new stores opening daily and over 1.6 billion transactions throughout the year [1] - Revenue surged from 4.286 billion yuan in 2022 to 39.344 billion yuan in 2024, demonstrating the effectiveness of its "low-margin, high-volume" business model [1] Group 2: Market Strategy - The company's success is attributed to its deep integration with China's urbanization process, particularly in capturing the county-level economic benefits [3] - By placing 58% of its stores in county and town areas, the company fills the gap between international brands and local small shops, addressing the high demand and low supply in these markets [3] - The company employs a pricing strategy that is 25% lower than traditional supermarkets, promoting consumption equality and offering products like sugar-free yogurt and imported snacks at urban-rural parity [3] Group 3: Business Model Innovation - Unlike traditional snack companies, the company has created a unique value chain by collaborating with 50% of the top food companies in China to reduce costs and enhance quality control [5] - The company utilizes a bulk sales model, with over 40% of sales coming from loose items, allowing for flexible packaging and a lower barrier to trial [5] - The revenue model is primarily based on product sales (99.5%), disrupting the traditional franchise model by leveraging scale to benefit franchisees [5] Group 4: Challenges Ahead - Despite its leading position in the snack retail sector, the company faces risks related to category expansion, as the introduction of new product lines in 2025 may dilute its core snack business [7] - The saturation of the county-level market is a concern, with the average population served per store dropping to 23,000, leading to increased internal competition among franchisees [7] - The company must balance the direct supply from manufacturers with the need for product differentiation, especially given its annual procurement volume exceeding 30 billion yuan [7] Group 5: Market Implications - The company's IPO journey reflects the capitalized demand for consumption upgrades in the lower-tier markets, as "quality-price ratio" becomes a key decision-making factor [8] - The company's approach to supply chain reconstruction is reshaping the landscape of China's fast-moving consumer goods market [8] - Maintaining a 25% price advantage at a large scale will be crucial for the company's long-term value assessment in the Hong Kong stock market [8]

将投中网设为"星标⭐"，第一时间收获最新推送 你爱吃的零食，又要上市了。 在冲刺港股的过程中，三只松鼠并不孤单。 仅在2025年4月，东鹏饮料、卡游、遇见小面、溜溜果园、鸣鸣很忙、伯希和等一大批消费公司也都 纷纷来到港交所门前。与此同时，通过港交所聆讯的沪上阿姨和绿茶集团，离正式登陆港股也不远 了。 安徽前首富，打造出一个超级品牌 作者丨鲁智高 来源丨 投中网 三只松鼠又要上市了。 2019年7月在A股IPO后，这个超级品牌在安徽前首富章燎原的带领下，又于近日踏上赴港上市之 路。 凭借"三只松鼠"和"小鹿蓝蓝"等品牌，这家公司通过卖坚果、烘焙食品、零食组合、肉制品及干果等 休闲零食，一年的收入超过百亿元。 截至2024年底，章燎原持股40.37%，IDG资本持股4.2%，今日资本持股2%。长期的陪伴，也已经为 IDG资本和今日资本带来丰厚的回报。解禁以来，这两位股东共套现数十亿元。 移动互联网的浪潮，最终成就了三只松鼠。 2012年，章燎原发现电子商务存在巨大的机会。于是，他选择从詹氏食品总经理的位置上离开，同 时以休闲食品为重点发力方向，在安徽芜湖踏上创业之路。 有IDG资本、今日资本、峰瑞资本等投资者支持 ...

Core Viewpoint - The company, Hunan Mingming Hen Mang Commercial Chain Co., Ltd., has officially submitted its application for an IPO on the Hong Kong Stock Exchange, marking its entry into the capital market and highlighting its rapid growth in the snack retail sector [1]. Group 1: Company Growth - Established in 2017 in Changsha, the company has focused on lower-tier cities, avoiding fierce competition in first and second-tier cities, and has rapidly expanded its store count to over 14,180 by the end of 2024, with annual revenue nearing 5 billion yuan [2][6]. - The company employs a franchise model, with 97.4% of its stores being franchises, allowing for low investment thresholds and quick returns, appealing to many small-town entrepreneurs [6]. - Targeting the 18-35 age demographic, the company has successfully attracted price-sensitive consumers who seek value for money, contributing to its rise as a significant player in the new consumption landscape [6]. Group 2: Industry Challenges - The snack retail industry has shifted from a blue ocean to a red ocean, with increased competition from brands like Laiyoupin and Haoxianglai, leading to challenges such as high growth versus low barriers to entry, management difficulties, and price sensitivity versus margin compression [7][9][10][12]. - The industry faces issues of product homogeneity and lack of brand loyalty, making it difficult for companies to maintain customer retention once price advantages diminish [9]. Group 3: Future Growth Strategies - The IPO is seen as a pivotal moment for the company, transitioning from rapid expansion to a focus on sustainable growth and profitability, emphasizing the need for a robust operational framework [13]. - Developing proprietary brands is crucial for enhancing profit margins and brand recognition, although it requires significant investment in research, marketing, and quality control [15]. - The company plans to expand its logistics network to improve supply chain efficiency and ensure stable product availability across its extensive store network [16]. - Optimizing store performance by enhancing operational efficiency and customer experience is essential for future growth, shifting focus from quantity to quality [17]. Group 4: Long-term Perspective - The snack business is fundamentally a long-term endeavor that tests product quality, supply chain management, and organizational capabilities [18]. - The company's journey from rapid franchise expansion to building a strong brand and operational capabilities is critical for its success in the capital market and beyond [18].

Core Viewpoint - The snack sector is expected to experience a slight decline in net profit margin in 2024, with a year-on-year decrease of 0.3 percentage points to 6.6%, primarily due to rising costs and increased expenditure by some companies to support market expansion, leading to short-term profit pressure. However, long-term profitability is expected to improve due to production efficiency and management enhancements, as well as the strengthening of major product advantages [1][2]. Group 1: 2024 and Q1 2025 Operational Review - In 2024, the snack sector is projected to achieve revenue of 54.89 billion yuan, a year-on-year increase of 6.9%, with companies embracing new channels and maintaining strong growth momentum. However, Q1 2025 revenue is expected to decline by 5.3% year-on-year to 14.42 billion yuan, primarily due to the timing of the Spring Festival affecting quarterly performance, particularly for companies with significant gift-giving attributes [1][2]. Group 2: Profitability Analysis - The snack sector is anticipated to achieve a net profit of 3.63 billion yuan in 2024, reflecting a year-on-year growth of 3.1%. However, Q4 2024 and Q1 2025 are expected to see significant declines in net profit, with year-on-year decreases of 15.5% and 33.6%, respectively, due to rising costs and limited scale effects from the Spring Festival [2]. Group 3: Growth Drivers - The growth of the snack industry is increasingly driven by channel transformation, with rapid expansion of discount snack stores and the rise of platforms like Douyin. The retail channel is expected to continue evolving in 2025, with discount formats expanding and supermarkets adjusting their operations to enhance efficiency and product differentiation [3]. Group 4: Investment Recommendations - Companies to focus on include: 1) Salted Fish (002847.SZ): Benefiting from the explosive demand for konjac products and strong brand-building capabilities 2) Wei Long Delicious (09985): Leading company in the konjac category with rapid growth 3) Youyou Food (603697.SH): Actively expanding into new channels with member products 4) Three Squirrels (300783.SZ): Opening up offline market space through distribution and expanding beverage categories 5) Good Idea (002582.SZ): Improvement in core business driven by cost advantages [4]. - Short-term focus on undervalued companies with growth potential includes: Ganyuan Food (002991.SZ), Jinzhai Food (003000.SZ), and Qiaqia Food (002557.SZ) [4].

文｜摩根商研所 近日，溜溜果园集团股份有限公司向港交所递交了招股书。 也许这名字对很多消费者来说有些陌生，但要说这就是那个"没事就吃溜溜梅"的母公司，很多人就清楚了。毕竟其大单品"溜溜梅"可谓家喻户晓，即使没吃 过也见过那魔性的广告。 从溜溜果园的招股书来看，此次赴港IPO可谓准备充足，但客观来说，"梅"开二度的溜溜果园，依然充满挑战。 营收虽好，旧疾仍在 先看财务数据，这三年来溜溜果园的营收情况十分不错。 根据招股书数据显示，在2022年、2023年及2024年，溜溜果园的总收入分别为11.74亿元、13.22亿元及16.16亿元。 同期的净利润则为分别0.68亿元、0.99亿元和1.48亿元。 不过在拆解过后会发现，净利润中还有着有政府补助的影子，近年来溜溜果园政府补贴一路从1950万元上升至2024年的3380万元，占净利润比例达22.8%。 虽然营收与净利润在稳步上升，但毛利率却从2023年的40.1%下降至2024年的36%。 其中，营收占比最大的梅干类零食2022年到2024年的毛利分别为3.21亿、3.16亿和3.12亿元，毛利率分别为39.6%、37.7%和32.1%，西梅类毛利也较为乏力， ...

截至5月1日，16家券商共推荐115只金股。配置方面， 内需消费、成长科技、自主可控、红利资产等受青睐 ；4家券商同时推荐海大集团、东鹏饮 料，3家券商同时推荐恺英网络、兆易创新、格力电器、珀莱雅。 // 4月万辰集团涨超80% // 券商金股是券商研究所通过研究给出月度最佳的行业标的组合，经过研究员层层筛选以后得出的精髓，值得研究和跟踪。 回顾4月，券商金股展现出较强的超额收益能力。 表现最好的是信达证券、东北证券共同推荐的万辰集团，4月公司股价涨约82% 。 业绩方面， 万辰集团2025年一季度实现净利润2.15亿元，同比增3344.13% ，得益于量贩零食业务规模优势增强和经营效率提升，该股近期持续创新 高。万辰集团重点引入了IP品类，在报告期内持续强化品牌营销能力建设。 医美板块多只股票人气高涨。珀莱雅获得西部证券、东兴证券、开源证券青睐；推荐理由包括 美妆市场国货替代加速，新品放量及旺季驱动 等。爱美 客获得中泰证券、华龙证券共同推荐，推荐理由为 爱美客近期收购韩国医美公司REGEN，管线布局有望继续扩充等 。 华泰证券4月30日发布评级报告 称，维持万辰集团"买入"评级，最高目标价为182.22元 ...