Core Viewpoint - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. (referred to as "Mingming Hen Mang") has officially submitted its IPO application to the Hong Kong Stock Exchange, indicating a significant move in the snack retail industry, particularly in the context of market consolidation and expansion into lower-tier markets [1][7]. Group 1: Company Overview - Mingming Hen Mang was established through the merger of "Snacks Hen Mang" and "Zhao Yiming Snacks" in 2023, reflecting a trend of consolidation in the snack retail sector [1]. - As of December 31, 2024, Mingming Hen Mang operates 14,394 stores across 28 provinces and all tiered cities in China, with approximately 58% located in county and town areas [2]. - The number of franchisees increased from 994 in 2022 to 3,377 in 2023, and is projected to reach 7,241 by 2024, showcasing rapid expansion [2]. Group 2: Market Trends - The snack retail industry in China is experiencing a shift towards lower-tier markets, which offer significant consumer potential and lower competition density, providing ample room for expansion for companies like Mingming Hen Mang [1]. - The market size of China's leisure food and beverage retail industry reached 3.7 trillion yuan in 2024, with expectations to grow to 4.9 trillion yuan by 2029 [6]. Group 3: Business Model and Strategy - Unlike traditional franchise models that rely heavily on franchise fees, 99.5% of Mingming Hen Mang's revenue comes from sales to franchise and direct stores, with franchise fees accounting for less than 0.5% [5]. - The company employs a strong control franchise system, focusing on franchisee training and management to enhance efficiency, contrasting with the loose franchise models seen in some convenience stores [3]. - Mingming Hen Mang has developed a digital infrastructure that covers the entire process from product selection to logistics and franchise management, aiming to improve operational efficiency and standardization [5]. Group 4: Product Strategy - The company plans to introduce a dual-brand 3.0 store model in 2025, expanding its product offerings to include diverse categories such as daily necessities, stationery, and fresh food, which is expected to enhance consumer engagement [4]. - As of the end of 2024, Mingming Hen Mang has 3,380 SKUs in stock, with about 25% being customized products, and plans to launch 100 new products each month to increase consumer loyalty [3][4]. Group 5: Competitive Landscape - The snack retail market is becoming increasingly competitive, with both traditional brands and new entrants adopting similar strategies to capture market share, including supply chain optimization and product diversification [6]. - Consumer preferences are shifting towards healthier and more personalized snack options, necessitating continuous investment in research and development to meet evolving demands [6].

将投中网设为"星标⭐"，第一时间收获最新推送 50 元起步创业到"青梅大户" 杨帆出生于安徽芜湖农村， 19 岁辍学赴京闯荡，从推销员到创立商贸公司，三年间积累 2000 万元第一桶金。 1997 年他 返乡创立芜湖凯旋食品公司，主营糕饼业务，却因徐福记等巨头的挤压举步维艰。 命运的转折出现在 2006 年，一次南下寻访青梅原料时，他发现国内市场青梅深加工的空白——台湾地区青梅零食风靡，而大 陆却将其作为初级原料出口。这一发现点燃了杨帆的创业热情，他果断剥离其他业务， All In 青梅赛道。 面对"青梅太酸没人买"的质疑，他引入日本无菌锁鲜技术，推出"溜溜梅"系列产品，并以"酸一点，更开胃"重新定义产品定 位。 2013 年，公司豪掷 2000 多万元签约杨幂代言并迅速出圈， 2015 年销售额突破 10 亿元，成为全国唯一 10 亿级青 梅垂直品牌。 IPO前估值超22亿元。 作者丨 黎曼 来源丨 投中网 "你没事吧？没事就吃溜溜梅"——这句魔性广告语曾霸屏全国荧屏 12 年，让安徽芜湖的溜溜梅品牌深入人心。 2025 年 4 月，溜溜果园集团股份有限公司（下称"溜溜梅"）正式向港交所递交招股书，开启二次 ...

随着4月股市交易收官，各券商新一期的月度金股也陆续出炉。 回顾4月，券商金股展现出较强的超额收益能力，最牛金股4月大涨83%，由3家券商共同推荐。近四成券商的 金股组合4月收益率为正，东北证券、华西证券收益率超10%。 展望5月市场，券商分析师普遍认为市场将震荡，有首席直言"调整即是布局良机"；板块上，内需消费、红利、 科技受到青睐。 4月最牛金股大涨83% 4月，A股三大指数月线集体收跌，其中创业板指跌逾7%。券商金股却整体表现出较强的超额收益能力，牛股 频现。 每市APP显示，东北证券金股组合以13.28%的月收益率拔得头筹，东北证券在4月推中数只大牛股，例如推荐 的万辰集团、先达股份4月分别大涨83%、61%。 华西证券则以10.57%的月收益率排名第二，华西证券推荐的牛股包括万辰集团、聚光科技，4月分别上涨 83%、26%。第三至第五名分别为东兴证券、华鑫证券、华源证券，其金股组合的4月收益率均超7%。排名靠 后的则是国投证券，4月金股组合收益率为-8%，西南证券、浙商证券收益率也在-5%以下。 5月金股扎堆消费内需板块 与此同时，券商5月金股也在密集披露中。目前，已有多只热门股票获得不少于2家券商推 ...

Core Viewpoint - The top-performing stocks in April include United Chemical and Guofang Group, with significant price increases of 159.09% and 117.10% respectively, amidst a general market decline [1][3]. Stock Performance Summary - **United Chemical**: Achieved a cumulative increase of 159.09% in April, with two trading days recording a 20% limit up. The company reported a revenue of 535 million yuan for 2024, a 24.80% increase year-on-year, and a net profit of 56.43 million yuan, up 66.81% [5]. - **Guofang Group**: Experienced a 117.10% increase, despite multiple risk warnings. The company reported a revenue of 757 million yuan for 2024, a 21.92% decrease, and a net profit of 58.01 million yuan, down 63.23% [6]. - **Hongbaoli**: Recorded a 104.27% increase, with eight trading days hitting the limit up. The company is undergoing technical modifications for its epoxy propylene project, which has not yet generated sales revenue [7]. - **ST Yushun**: Increased by 88.49%, with 16 trading days hitting the limit up. The company announced a significant asset restructuring involving a data center project [8]. - **Zhongqi New Materials**: Achieved an 85.72% increase, with a major share transfer that changed its controlling shareholder [9]. - **Lintai New Materials**: Increased by 84.94%, reporting a revenue of 101 million yuan for Q1 2025, a 107.43% increase, and a net profit of 38.36 million yuan, up 287.62% [10]. - **Wancheng Group**: Increased by 82.79%, reporting a revenue of 10.821 billion yuan for Q1 2025, a 124.02% increase, and a net profit of 215 million yuan, up 3344.13% [11][12]. - **Anji Food**: Increased by 76.69%, with a revenue of 607 million yuan for 2024, a 4.06% decrease, and a net profit of 38.33 million yuan, up 23.29% [13]. - **Leshan Electric Power**: Increased by 71.69%, with multiple risk warnings regarding high stock price increases [14]. - **Redick**: Increased by 70.20%, with ongoing uncertainty regarding its acquisition activities [15].

Core Viewpoint - Liu Liu Mei, the parent company of Liu Liu Guo Yuan, is attempting to enter the capital market by submitting an IPO application to the Hong Kong Stock Exchange, despite facing significant financial and operational challenges [2][12]. Group 1: Financial Performance - Liu Liu Guo Yuan sold 2 billion green plums in a year, generating annual revenue of 1.6 billion yuan [2]. - The company reported revenues of 1.174 billion yuan, 1.322 billion yuan, and 1.616 billion yuan for the years 2022, 2023, and 2024, respectively, with net profits of 68.43 million yuan, 99.23 million yuan, and 148 million yuan during the same period [7][8]. - The revenue breakdown for 2024 shows that dried plum snacks, plum jelly, and western plum products contributed 974 million yuan, 224 million yuan, and 410 million yuan, accounting for 60.3%, 13.8%, and 25.4% of total revenue, respectively [2]. Group 2: Market Position and Sales Channels - Liu Liu Guo Yuan ranks first in the Chinese plum product industry with a market share of 7% as of 2024, and it has maintained the top position in the sub-markets of green plum snacks and western plum snacks for four consecutive years [3]. - The company has shifted its sales strategy towards direct sales, with the proportion of revenue from direct sales increasing from 25.5% in 2022 to 59.2% in 2024, while revenue from distribution channels decreased correspondingly [3][4]. - The top three customers in 2024 contributed a combined revenue of 228 million yuan, 194 million yuan, and 44.3 million yuan, representing 28.2% of total revenue [4]. Group 3: Challenges and Risks - Liu Liu Mei faces significant challenges due to its heavy reliance on green plum products, which account for 60.3% of its revenue, exposing the company to market saturation risks [8]. - The average procurement price for green plums increased from 2,400 yuan/ton to 2,600 yuan/ton between 2020 and 2024, while imported western plum prices rose from 16,200 yuan/ton to 20,700 yuan/ton, leading to increased raw material costs [9]. - The company has seen a decline in the number of distributors for the first time, with a net loss of two distributors in 2024, indicating potential issues in its distribution strategy [4]. Group 4: Funding and Financial Health - Liu Liu Mei has completed four rounds of financing, with the latest round involving a buyout by Sequoia China at a significant discount, raising concerns about the company's valuation and market perception [11]. - As of the end of 2024, the company had cash reserves of only 78.05 million yuan against short-term borrowings of 312 million yuan, indicating a precarious financial situation [12]. - Government subsidies accounted for over 20% of net profit in 2024, highlighting a reliance on non-operational income that may undermine financial stability [10].

随着4月股市交易收官，各券商新一期的月度金股也陆续出炉。 回顾4月，券商金股展现出较强的超额收益能力，最牛金股4月大涨83%，由3家券商共同推荐。近四成券商的金股组合4月收益率为正，东北证券、华西证券收益率 超10%。 4月，A股三大指数月线集体收跌，其中创业板指跌逾7%。券商金股却整体表现出较强的超额收益能力，牛股频现。 每市APP显示，券商推荐的4月金股中表现最牛的是万辰集团，主营量贩零食业务，由信达证券、华西证券、东北证券三家券商共同推荐，在4月份大涨83%。涨幅 第二的是农药创新药龙头先达股份，4月大涨61%，由东北证券独家推荐。 涨幅第三的是长城证券推荐的科兴制药，4月上涨55%；排名第四的是华源证券推荐的民士达，4月上涨近55%。此外，4月涨幅较高的金股还包括锦波生物、盐津铺 子、上美股份，单月 均 涨超40%。 从各券商推荐的金股当月表现来看，每市APP收录的46家券商金股数据中，有17家在4月实现正收益，占比约37%。 每市APP显示，东北证券金股组合以13.28%的月收益率拔得头筹，东北证券在4月推中数只大牛股，例如推荐的万辰集团、先达股份4月分别大涨83%、61%。 华西证券则以10.57 ...

出品/壹览商业 作者/蒙嘉怡 编辑/木鱼 "一件也是批发价"的零食店也要上市了。 4月28日消息，据港交所文件，湖南鸣鸣很忙商业连锁股份有限公司（以下简称鸣鸣很忙）已正式向港交所递交上市申请，联席保荐人为高盛、华泰国际。 招股书显示，鸣鸣很忙2024年门店零售额（GMV）达555亿元；2022年至2024年，营收分别为42.86亿元、102.95亿和393.44亿元；同期，经调整净利润分别 为0.81亿元、2.35亿元和9.13亿元。 2022年至2024年，鸣鸣很忙的毛利率分别为7.5%、7.5%和7.6%，净利润率分别为1.7%、2.1%和2.1%，经调整净利润率则分别为1.9%、2.3%和2.3%。截至 2024年12月31日，鸣鸣很忙共开设了14394家门店，其中约58%位于县城与乡镇。 而在2022年5月，中办、国办印发《关于推进以县城为重要载体的城镇化建设的意见》，就县域经济发展作出部署，此后中央不断强化县城的重要性。2024 年7月，国务院在《深入实施以人为本的新型城镇化战略五年行动计划》提到，要引导大中小城市和小城镇协调发展、集约紧凑布局。 这意味着，曾经以大城市建设为主的城镇化，开始看重县域 ...

随着生活节奏的加快，为了快速补充能量，许多人会在工作间隙或外出时带一些零食，例如饼干、坚果及炒货、糖果、巧克力、果类零食、面包蛋糕、肉制 品、豆干制品等。 2024年，我国休闲食品的市场规模已达9330亿元，人均年消费额为662.5元，远低于美国（7578.7元）、英国（6543.9元）、日本（3524.6元）等发达国家， 市场仍有巨大增长空间。预计到2029年，市场规模将达1.14万亿元，复合年增长率4.1%。 目前，零食领域已经跑出不少上市公司，过去一年的表现可谓有人欢喜有人愁，下面就结合2024年财报简单介绍一下。良品铺子、绝味食品、来伊份、周黑 鸭、煌上煌、好想你等均出现营收、净利润双降。 "卤味三巨头"赫然在列。有业内人士分析认为，卤味产品长期以鸭脖、鸭翅为代表，缺乏创新，口味、品类也趋同，难以满足年轻消费者对多样化、健康化 的需求。盛香亭、王小卤、热卤食光等新兴品牌抢了不少风头，更重要的是价格上涨，被网友调侃为"月薪过万，啃不起鸭脖"。 由于业绩下滑，年来卤味三巨头的门店缩水超过5000家。截至2024年底，周黑鸭3031家，煌上煌3660家，分别同比净减少785家、837家；绝味食品没有在财 报 ...

零食，功能上是一种膳食的补充，如今也是一种生活方式。 十分亮堂的零食店一到晚上就聚集了许多年轻人，王佳乐下了班没事也会去逛逛。他爱去买泡面，一些爱吃的老品牌方便面，价格比外面的普遍便宜一 些，遇到促销，还能更划算。 小小一袋零食，过去大家会认为贵的就是好的，但如今人们在鸣鸣很忙这样的零食量贩店，吃出了消费的最新理念——质价比才是最好；也吃出了孤独时 代的情绪价值，一袋美味的零食是人们陪伴和褒奖自己的情绪能量棒。 事实上，质价比并非零食行业独一家的趋势，而几乎是这几年中国消费行业普遍存在的一股潮流。各行各业的"鸣鸣很忙们"涌现，例如蜜雪冰城、瑞幸 等，它们都通过质价比的产品、万店连锁业态让一二线城市与县城的人们享受同样的消费品质。 质价比本身也是一种社会学意义上的价值观——安全、理性、合适。人们选择基于这种价值观打造的商品和品牌，本质也映射着自己的内心：在不确定时 代，通过打捞确定锚点，来获得一种秩序和安全感。 01 为何大家会去鸣鸣很忙 "我不爱吃零食，但现在村里开了三家以上零食店，种类特别眼花缭乱，每天下了班就爱顺便去逛逛。" 王佳乐是一名25岁的打工人，从小出生在农村的他，大学毕业后留在西安，但还是选择了 ...

公司发布激励草案，授予股本当前占比约1.2%，价格为69.6 元/股。分四年归属，每年归属比例25%， 激励目标为25/26/27/28 年净利润较24 年分别增长40%/45%/50%/55%，即8.4/8.7/9.0/9.4 亿元；参考过 往，公司激励目标完成度较高，发布股权激励或表明公司深耕量贩零食业态决心。此外，公司作为量贩 零食龙头，在供应链效率、货盘迭代等方面具备领先优势，看好龙头强者更强。 盈利预测及估值 考虑到公司量贩业态盈利能力超预期，我们上调公司25-27 年量贩零食毛利率预期进而上调盈利预期， 预计公司2025-2027 年归母净利润分别为8.2、11.4、14.1 亿元（上调幅度为23%、38%、54%）。可比 公司25 年Wind一致预期PE 均值为32 倍，考虑公司所处的量贩零食业态景气度高企，且公司通过加强 供应链效率管理、货盘迭代升级、以及新店型开拓等实现了净利率的大幅提升，不仅充分验证了业态的 强壁垒，而且充分说明了公司的强竞争力，我们给予公司25 年40 倍PE，目标价182.22 元（前值128.33 元，对应25 年35XPE），上调投资评级至"买入"。 万辰集团发布一 ...