这家拥有超过2.1万家门店的零食连锁巨头，首日上市高开88.08%，报445港元，市值达952.75亿港元。鸣 鸣很忙此次IPO公开发售获1899.49倍认购，国际配售获44.44倍认购。 从2017年晏周在湖南长沙创办"零食很忙"开始，这家最初只有一家不足40平米小店的企业，用了不到八年 时间，凭借加盟、合并、扩张等方式持续发力，成为年度GMV达555亿元的细分行业龙头。它的崛起不仅 是一个商业"奇迹"，更是近年来中国下沉市场消费升级与零售渠道变革的缩影。 官方数据显示：截至2025年11月30日，鸣鸣很忙全国在营门店达21041家，覆盖中国28个省份。其约59%的 门店位于县城与乡镇，网络已深入1341个县，构成了中国零食市场最末端的毛细血管。 上市前夕，鸣鸣很忙获得了包括腾讯、淡马锡、贝莱德等在内的豪华基石投资者阵营的加持，合计认购约 1.95亿美元。资本市场的热切期待，指向了一个核心问题：一家毛利率长期徘徊在7%-9%区间的公司，如 何依靠"薄利模式"，支撑起千亿市值？ 资本引擎 此次鸣鸣很忙全球发售1410.11万股股份，预计募集资金净额约31.24亿港元（以发售价中位数计）。香港公 开发售于1月2 ...

证券研究报告 | 公司深度报告 2026 年 01 月 28 日 鸣鸣很忙（01768.HK） 多维领先，强者恒强，两万店龙头乘势而上 消费/商业 量贩零食渠道效率大幅领先，预计行业规模持续增长；同时公司作为行业龙头， 团队优质，供应链、仓配、拓展、品牌等多维领先，规模效应下预计强者恒强， 份额进一步提升，利润逐步释放。首次覆盖给予"强烈推荐"评级。 ❑ 风险提示：拓店速度、同店增长不及预期，行业竞争加剧，食品安全风险等。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 主营收入(百万元) | 10295 | 39344 | 64943 | 85987 | 99689 | | 同比增长 | 140% | 282% | 65% | 32% | 16% | | 营业利润(百万元) | 329 | 1132 | 3142 | 4557 | 5782 | | 同比增长 | 229% | 244% | 178% | 45% | 27% | | 经调整净利润(百万元) | 235 ...

Market Overview - On January 28, A-shares showed mixed performance with the Shanghai Composite Index rising by 0.49% while the ChiNext Index fell by 0.37% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.91 trillion yuan, an increase of 39.3 billion yuan compared to the previous trading day [1] - Over 3,500 stocks in the market declined, with sectors such as photovoltaic, wind power, pharmaceuticals, and robotics experiencing significant losses [1] Gold and Precious Metals - The precious metals sector continued to rise, with notable performances from companies like China Gold (600916) achieving four consecutive trading limits, and Hunan Gold (002155) achieving three consecutive limits [1] - The spot price of gold reached $5,240 per ounce, with a daily increase of over 1%, while silver prices surpassed $115 per ounce [1] - Domestic gold jewelry prices have adjusted to over 1,600 yuan per gram due to the surge in international gold prices [1] Oil and Gas Sector - Oil and gas stocks became active again, with Sinopec Oilfield Services (600871) hitting the daily limit and China National Offshore Oil Corporation (600938) rising over 7% to reach a market value of 1,097.1 billion yuan [2] - The price of natural gas in the U.S. surged due to a large winter storm, with Henry Hub natural gas futures reaching $7.43 per million British thermal units, a 140% increase since January 16 [2] Semiconductor and Technology - The storage chip sector showed strength, with companies like Purun Co. rising over 15% to set new historical highs [4] - Samsung Electronics and SK Hynix have significantly raised prices for LPDDR memory used in iPhones, with increases exceeding 80% for Samsung and nearly 100% for SK Hynix [4] - The computing rental concept also gained traction, with Meili Cloud (000815) hitting the daily limit and other tech companies following suit [4] Aluminum and Real Estate - The electrolytic aluminum sector saw a continuous rise, with China Aluminum (601600) hitting the daily limit and reaching its highest level since December 2009 [5] - The real estate sector experienced a surge, with Yingxin Development (000620) hitting the daily limit, and signs of recovery in first-tier cities' markets [5] Hong Kong Market - On January 28, the snack company "Mingming Hen Mang" made its debut on the Hong Kong Stock Exchange, receiving nearly 1,900 times subscription during the public offering phase [5] - The stock surged by 88.08% at the opening, with a market value exceeding 90 billion Hong Kong dollars at one point [5]

Core Viewpoint - Hunan Mingming Henmang Commercial Chain Co., Ltd. (stock code: 01768.HK), formed by the merger of "Snacks Are Busy" and "Zhao Yiming Snacks," officially listed on the Hong Kong Stock Exchange, becoming the first stock in the Hong Kong snack retail sector [2][44]. Group 1: Company Overview - Mingming Henmang issued shares at HKD 236.6 each, raising approximately HKD 3.3 billion, with a post-issue market capitalization of about HKD 47.3 billion. The stock surged 88% on its debut, reaching HKD 445 per share and a market cap of HKD 95.9 billion [4][46]. - The company operates nearly 20,000 stores, focusing on a multi-brand, multi-category, and high-cost performance positioning, with a retail network built through innovative bulk sales models [4][46]. - The company achieved a gross merchandise volume (GMV) of RMB 55.5 billion in 2024, making it the largest chain retailer of leisure food and beverages in China. For the first nine months of 2025, GMV reached RMB 66.1 billion, a 74.5% increase year-on-year [4][46]. Group 2: Financial Performance - In the first three quarters of 2025, the company reported revenue of RMB 46.4 billion and an adjusted net profit of RMB 1.8 billion, equivalent to over RMB 6.6 million in daily earnings [4][46]. - The company’s revenue for 2024 was RMB 39.3 billion, with a profit of RMB 800 million. By the first nine months of 2025, revenue had already reached RMB 46.4 billion, with a net profit nearing RMB 1.6 billion [37][38]. Group 3: 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][47]. - The company completed a financing round exceeding RMB 1 billion after the merger, with major investors including Sequoia China, Black Ant Capital, and Good Idea [4][23]. Group 4: Market Position and Strategy - 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%. Mingming Henmang currently holds a 1.5% market share as the largest chain retailer [38][39]. - The company has adopted a "hard discount" business model, focusing on restructuring traditional snack distribution channels and achieving operational efficiency through direct connections with over 2,000 manufacturers, eliminating middlemen [31][34]. Group 5: Founders and Background - The founders, Yan Zhou and Zhao Ding, both born in the 1980s, started their businesses in the lower-tier markets, leveraging insights into consumer needs for high-cost performance snacks [50][51]. - Yan Zhou transitioned from real estate to retail, establishing "Snacks Are Busy" in 2017, while Zhao Ding, after several entrepreneurial attempts, founded "Zhao Yiming Snacks" in 2019, focusing on a cautious expansion strategy [50][51].

Market Performance - A-shares showed a slight increase with the Shanghai Composite Index up 0.18% to 4139.9 points, and the Shenzhen Component Index up 0.09%[1] - The Hang Seng Index rebounded, rising 1.35% to 27126.95 points, with the Hang Seng Technology Index up 0.5% and the Hang Seng China Enterprises Index up 1.07%[1] - The total market turnover in Hong Kong was 2543.726 billion HKD[1] Currency and Federal Reserve Insights - Trump downplayed concerns over the dollar's depreciation, leading to a significant drop in the dollar index, with the euro rising above 1.20 against the dollar[1][12] - The Federal Reserve is expected to pause its interest rate cuts, indicating a potential consensus on policy direction[1][12] Economic Sentiment - A survey by the People's Bank of China revealed that more households are looking to increase savings and reduce spending compared to before the latest round of the US-China trade war, reflecting a more pessimistic outlook on income[8][12] - The market is closely monitoring the Federal Reserve's interest rate decision, with expectations of no changes this week[12]

Core Insights - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. (referred to as "Mingming Hen Mang") has been listed on the Hong Kong Stock Exchange, becoming the first stock in the "bulk snack" sector, with a market capitalization exceeding 90 billion RMB after an 80% surge on opening day [1] - The company was formed from the merger of "Snack Very Busy" and "Zhao Yiming Snacks" in November 2023, with significant backing from top-tier investors including Tencent and Temasek [1] - The rapid growth of Mingming Hen Mang is attributed to its expansion strategy, reaching over 10,000 stores across 28 provinces, with 59% of its outlets located in county-level towns [1][17] Investment Background - Black Ant Capital was the sole financial investor in Zhao Yiming Snacks prior to the merger, participating in multiple funding rounds and witnessing the transformation of the retail industry [1] - The investment decision was influenced by extensive county-level market research conducted by Black Ant Capital, which highlighted the potential of the snack retail sector in lower-tier cities [3][8] - Zhao Yiming Snacks had a modest presence with around 200 stores in 2022, but its innovative store model and cost control strategies positioned it favorably for growth [9][10] Merger and Growth Strategy - The merger between Snack Very Busy and Zhao Yiming Snacks was announced on November 10, 2023, with both companies having over 4,000 and 2,500 stores respectively at the time [12] - The relocation of Zhao Yiming Snacks' headquarters to Guangzhou was a strategic move to tap into the high-density market of Guangdong and Guangxi, facilitating better talent acquisition and franchisee engagement [13][15] - The combined entity aims to leverage economies of scale and enhance profitability through a robust franchise model, ensuring that franchisees can achieve financial success [15][16] Future Projections - By September 30, 2025, Mingming Hen Mang is projected to achieve a gross merchandise value (GMV) of 66.1 billion RMB, with a revenue of 46.371 billion RMB, reflecting a year-on-year growth of 74.5% and 75.2% respectively [18] - The company is expected to have over 19,517 operational stores nationwide, with signed contracts for more than 20,000 stores, indicating strong future growth potential [18] - The snack retail sector is seen as having unique growth opportunities, with the potential to support a network of 40,000 to 50,000 stores across various market tiers [18]

县城万店。 作者/杨继云 报道/投资界PEdaily 如果回望一轮又一轮消费浪潮中走出的标志性公司，更早的喜茶、元气森林，到全球瞩目的泡泡玛特、老铺黄金，再到如今的鸣鸣很 忙以及即将I PO的袁记食品，黑蚁可能是少有的能够抓住每一波浪潮的机构。 做最好的消费投资机构，这或许不是一个当下主流的叙事，但偏执和独立，或许才是让黑蚁穿越周期实现耀眼业绩的原因。 赵一鸣的首位投资人 一场县域调研 2 0 2 3年初，当黑蚁资本敲下对赵一鸣零食的投资键时，量贩零食行业正站在爆发前夜。 这份决策的种子在更早的两年前就已埋下——2 0 2 1年底，黑蚁内部做了一次分享会，主题是县域调研。当年他们花了半年时间跑了 全国东南西北十个县城，一个现象在那次分享会上被反复提及：县域市场基数庞大，主打"平价好物"的集合店业态已十分普遍，其中 零食集合店的发展让整个黑蚁团队感到兴奋。 门店能从新一线城市开到县城，这是完全不同量级的商业信号，这意味着这个业态的开店空间足够有想象力。中国有超过1 8 0 0个县 域，每个县城开5家店，就接近万店规模，而当时的头部品牌还不到2 0 0 0家店。 港交所再现震撼一幕。 今日（1月2 8日），湖南鸣 ...

高榕创投合伙人韩锐（右）、高榕创投副总裁杨颖姣（左）与鸣鸣很忙创始人、董事长兼 CEO晏周在上市仪式现场。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，湖南鸣鸣很忙商业连锁股份有限公司（以下简称"鸣鸣很忙"）于2026年1月28 日正式以"1768"为股票代码在港交所主板上市，成为港股"量贩零食第一股"。 成立至今，鸣鸣很忙已获得高榕创投、红杉中国、黑蚁资本、启承资本、五源资本等多家知名机构的 投资，并在本次IPO发行中引入了腾讯、淡马锡、贝莱德、富达基金、泰康人寿、博时国际、易方 达、淡水泉等一众基石投资者。 其中， 高榕创投是 鸣鸣 很忙首轮融 资的 联合领投方——其于2021年联合领投了鸣鸣很忙首轮融 资，并在后续轮融资中继续超额跟投。 高榕创投合伙人韩锐表示 ："祝贺鸣鸣很忙成功登陆港股，成为'量贩零食港股第一股'。 我们一直 认为零售的核心就是'简单动作重复做'，鸣鸣很忙的创始人晏周是我们见过的能把这点做到极致的 人。晏周很善于抓大放小，所以能找到简单动作；同时也很耐得住寂寞，非常规矩，所以能重复做。 此外，在这个离钱如此近的行业里， ...

Core Viewpoint - The company, Hunan Mingming Henan Commercial Chain Co., Ltd., is set to launch an IPO on January 28, 2026, aiming to become the first "bulk snack stock" on the Hong Kong Stock Exchange, despite revealing significant risks in its financial data and operational model [1]. Group 1: Industry Dynamics - The industry has seen a consolidation trend, resulting in two major players dominating the market, attributed to the entry of primary capital and a similar business model among various brands [2]. - The bulk snack store model enhances efficiency through digitalization, eliminating distributors and optimizing supply chains, which allows for lower prices for consumers and higher turnover for the company [2][3]. - Mingming Henan's digital management tools significantly improve operational efficiency, with inventory turnover days at just 11.6 days and logistics costs at 1.7% of total revenue, outperforming other retail sectors [3]. Group 2: Financial Performance - For the first three quarters of 2025, the company's gross profit margin was 9.73%, and net profit margin was 3.36%, both significantly lower than traditional retail margins of 15%-20% [4]. - The company reported a negative operating cash flow of -230 million yuan in 2024, indicating a concerning divergence from its net profit of 834 million yuan, although cash flow improved to 1.395 billion yuan in the first half of 2025 [4]. - The franchise model, which accounts for over 99% of its 19,517 stores, is becoming a liability as franchisee profitability declines, with average monthly profits dropping to 5,500 yuan, half that of competitors [4][5]. Group 3: Governance Issues - Significant shareholder sell-offs, including a complete divestment by Yanjinpuzi and substantial share transfers by Zhao Yiming, raise concerns about the sustainability of the bulk snack sector [6]. - Legal challenges are emerging, with lawsuits related to shareholder rights and product quality issues, including over 2,400 complaints regarding food safety [6]. - The company's reliance on a complex network of small manufacturers for its products, with 60% being private label items, exacerbates quality control challenges [6]. Group 4: Strategic Initiatives - In response to growth challenges, the company is launching its own brand and transitioning the Zhao Yiming brand to a new store model, aiming to enhance profitability and governance [7].

Core Viewpoint - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. (referred to as "Mingming Hen Mang") officially launched its IPO on January 20, 2024, aiming to become the "first stock of bulk snacks" on the Hong Kong Stock Exchange by January 28, 2026 [1][3]. Group 1: IPO Details - The company plans to issue a total of 14.1011 million shares globally, with 1.4102 million shares available for public offering in Hong Kong and 12.6909 million shares for international offering [3]. - The price range for the IPO is set between HKD 229.60 and HKD 236.60, with an estimated entry fee for investors of approximately HKD 23,898.62 [3]. Group 2: Institutional Participation - The IPO has attracted significant interest from renowned institutions, including Tencent, Temasek, BlackRock, and Fidelity, forming a strong cornerstone investor group with a total subscription amount of approximately USD 195 million [5]. - Tencent and Temasek each subscribed for USD 45 million, while BlackRock subscribed for USD 35 million, and Fidelity for USD 30 million, among others [5]. Group 3: Company Overview and Growth - Mingming Hen Mang is a leading leisure food and beverage retail chain in China, with over 19,500 stores across 28 provinces, primarily located in county-level cities and towns, indicating a high penetration in lower-tier markets [5]. - The company has achieved significant revenue growth, with sales increasing from CNY 4.286 billion in 2022 to CNY 39.344 billion in 2024, representing an 860% growth over two years [5]. Group 4: Use of Proceeds - The funds raised from the IPO will be primarily used to enhance supply chain and product development capabilities, upgrade store networks, improve digitalization, build brand presence, and make strategic investments [7]. - This capital infusion is expected to further solidify the company's leading position in the bulk snack sector and inject new vitality into the consumer sector of the Hong Kong market [7].