（文章来源：北京商报） 好想来表示，公司始终高度重视产品计量与服务质量，所有门店使用的计量器具均依法经检定合格，并 严格执行每日校验制度，如发现误差立即停用并维修或更换，确保计量准确。当地市场监督管理局在关 注到情况后，也已专门到门店现场对相关计量器具进行了核验，并确认电子秤本身符合标准、计量准 确。 北京商报讯1月29日，北京商报记者了解到，有消费者在社交平台发布视频称，其在万辰集团旗下量贩 零食品牌"好想来"门店购买的零食，称重后存在不准确的情况。对此，好想来方面回应北京商报记者 称，关注到此事后，第一时间进行了内部核查，经确认，此次问题源于新员工操作失误。公司已对相关 员工进行重新培训，并在第一时间通过多种渠道主动联系消费者致歉与协商赔偿，但截至目前尚未获得 消费者回应。公司也仍在持续尝试联系该消费者，希望妥善解决此事。 根据上述消费者发布的视频，该消费者购买的笋尖鸡肉肠系列产品，换算重量为76克，实际称重为62.2 克；无穷盐焗大鸡翅系列产品，换算重量为216克，实际称重为202克；小燕子冷萃大鸡爪系列产品，换 算重量为140克，实际称重为126.5克；蒙牛三角芝士产品，换算重量为54克，实际称重为4 ...

Group 1 - The core viewpoint of the report is that Mingming Hen Mang (01768) is given a "strong buy" rating, with projected adjusted net profits of 2.52 billion, 3.39 billion, and 4.37 billion RMB for the years 2025 to 2027 respectively [1] - Mingming Hen Mang is identified as a leading player in the domestic bulk snack market, with brands including "Snack Hen Mang" and "Zhao Yiming Snacks" [1] - As of November 30, 2025, the company is expected to have approximately 21,000 stores, with GMV, revenue, and adjusted net profit for the first three quarters of the previous year reaching 66.1 billion, 46.4 billion, and 1.81 billion RMB, reflecting growth rates of 73%, 75%, and 241% respectively [1] Group 2 - The report indicates that the efficiency of the bulk snack channel is significantly ahead, and the company is expected to continue increasing its penetration rate while maintaining a rapid store opening pace [1] - The industry is witnessing a rapid concentration of market share towards leading companies, with the company having a high-quality team and leading capabilities in supply chain, warehousing, distribution, and branding [1] - Under the scale effect of the industry, it is anticipated that strong players will continue to thrive, leading to further market share gains and gradual profit release for the company [1]

Core Viewpoint - The report from China Merchants Securities gives a "strong buy" rating for Mingming Busy (01768), projecting adjusted net profits of 2.52 billion, 3.39 billion, and 4.37 billion RMB for the years 2025 to 2027 [1] Group 1: Company Overview - Mingming Busy is a leading player in the domestic snack retail sector, operating two major brands: Snack Busy and Zhao Yiming Snacks [1] - As of November 30, 2025, the company is expected to have approximately 21,000 stores [1] Group 2: Financial Performance - In the first three quarters of the previous year, the company's GMV, revenue, and adjusted net profit reached 66.1 billion, 46.4 billion, and 1.81 billion RMB, reflecting growth rates of 73%, 75%, and 241% respectively [1] Group 3: Industry Position and Outlook - The efficiency of the snack retail channel is significantly ahead of competitors, with expectations for continued penetration and rapid store openings [1] - The industry is witnessing a concentration of market share towards leading companies, with Mingming Busy expected to enhance its market share and gradually release profits due to its superior team and supply chain capabilities [1]

编辑 李严 校对 赵琳 据了解，该消费者在门店消费100.88元，回家后想到要称重。根据视频，其购买的笋尖鸡肉肠系列产 品，换算重量为76克，实际称重为62.2克；无穷盐焗大鸡翅系列产品，换算重量为216克，实际称重为 202克；小燕子冷萃大鸡爪系列产品，换算重量为140克，实际称重为126.5克；蒙牛三角芝士产品，换 算重量为54克，实际称重为40.5克。此外，其他部分产品也存在消费者自行称重与购买时称重不同的情 况。 对此，好想来称，公司始终高度重视产品计量与服务质量，所有门店使用的计量器具均依法经检定合 格，并严格执行每日校验制度，如发现误差立即停用并维修或更换，确保计量准确。门店如果发现了操 作失误，公司也会通过会员系统联系消费者，好想来会不断完善消费者的购物体验。当地市场监督管理 局在关注到情况后，已专门到门店现场对相关计量器具进行核验，并确认电子秤本身符合标准、计量准 确。公司已对相关员工进行重新培训，并在第一时间通过多种渠道主动联系消费者致歉与协商赔偿，目 前仍在持续尝试联系该消费者，希望妥善解决此事。 新京报讯（记者王子扬）1月29日，新京报记者了解到，有网友在社交平台发布视频称，其在万辰集团 ...

Core Viewpoint - The listing of "Mingming Hen Mang" marks a significant milestone in the Hong Kong stock market, establishing it as the first stock in the bulk snack sector, with a market capitalization nearing HKD 100 billion at its peak [1][3]. Company Overview - "Mingming Hen Mang" opened with a stock price surge of 88%, reaching HKD 445 per share, and closing at HKD 400, resulting in a total market value of HKD 862.04 billion [1]. - The company has over 20,000 stores nationwide, demonstrating the vast potential of the Chinese consumer market and the value of reshaping traditional retail from a user perspective [5][12]. IPO and Market Reception - The IPO was highly sought after, with the Hong Kong public offering oversubscribed nearly 1,900 times and international placements oversubscribed 44 times, indicating a new high in consumer IPO enthusiasm [3]. - Notable cornerstone investors include Tencent, Temasek, and BlackRock, highlighting the strong interest from major investment institutions [3]. Business Model and Strategy - The company operates on a "low-cost high-quality" model, eliminating traditional retail fees to provide a better shopping experience for consumers [6]. - It has established a direct connection with over 2,500 manufacturers, bypassing multiple distribution layers to reduce costs [9]. - The average inventory turnover for stores is 7-8 days, significantly lower than traditional retailers, allowing for efficient cash flow management [10][11]. Product Offering and Consumer Engagement - As of September 2025, the company offers approximately 3,997 SKUs, with a focus on private label products and customized offerings to enhance customer loyalty [12]. - The company has over 180 million registered members, with a 77% repurchase rate in the past year, indicating strong customer retention [12]. Expansion and Market Penetration - The franchise model has been a key driver of rapid expansion, with 9,552 franchisees operating an average of 2.04 stores each [13]. - The company has achieved a 66% penetration rate in county-level markets, with 59% of its stores located in towns and rural areas [12][15]. Industry Context and Future Challenges - The bulk snack market in China is projected to grow to approximately RMB 1,547 billion by 2027, reflecting a robust growth trajectory [14]. - The competitive landscape is intensifying, with major players like "Wancheng Group" and others emerging, leading to potential market saturation and increased competition [15]. - The average payback period for franchisees has extended to 29 months, impacting the franchise model's viability [16]. Strategic Shift and Future Directions - The company is transitioning from a focus on store quantity to enhancing the performance of existing stores, indicating a shift in growth strategy [20]. - Plans are underway to test a new store model that includes a wider range of consumer goods beyond snacks, aiming to transform stores into comprehensive community retail hubs [21][22].

Group 1: Core Insights - The snack wholesale industry is undergoing a transformation driven by efficiency, with a hard discount model that effectively restructures the value chain, significantly reducing terminal markup rates by 20-30% compared to traditional channels, aligning with consumer trends for value-for-money [1] - Future growth in the snack wholesale sector will shift from store expansion to enhancing single-store value, with a projected national store ceiling of approximately 67,000, indicating over 30% growth potential from current levels, primarily sourced from lower-tier markets and untapped areas [1] Group 2: Industry Dynamics - The industry has established a relatively stable "dual strong" structure with high concentration, where leading companies are expected to see improved profitability due to scale effects, with net profit margins having considerable upward potential driven by procurement cost optimization, increased high-margin private label share, and digital operational efficiency improvements [2] - Investment strategies should focus on companies with strong supply chain integration capabilities, digital operational barriers, and cross-category management skills, particularly leading snack wholesale firms and manufacturers closely tied to the wholesale channel benefits [2]

截至2025年9月30日，在整合了"零食很忙"与"赵一鸣零食"两个品牌之后，这家零售巨头的GMV去到了 661亿元人民币，门店总数达19517家，实现了"全国各线级城市+1341个县"的门店覆盖。要知道，目前 中国全国的县域数量为1813个。 万店规模的采购，让鸣鸣很忙能打破传统多层分销模式，砍掉经销商，直接对接超2500家厂商，其中不 乏诸多食品行业头部企业)，从而获得显著的采购成本优势，最终在终端形成了比超市便宜25%左右的 价格优势。 简单来说，鸣鸣很忙不生产零食，而是零食的搬运工。 据鸣鸣很忙首轮融资的联合领投方高榕创投透露，在与创始人晏周第一次见面洽谈时，"晏周接近80% 的时间都在谈供应链"。由此可见这家公司真正的重心在哪。 21世纪经济报道记者刘婧汐 1月28日，鸣鸣很忙正式登陆港交所，股票代码为[01768.HK],开盘价报445港元，较236.6港元的发行价 大涨88.08%。 这是一次引发资本市场广泛关注的IPO。在认购阶段，鸣鸣很忙就吸引了包括腾讯、淡马锡在内的8家 基石投资者，认购总额约1.95亿美元，约15.20亿港元。 资本看到了鸣鸣很忙身上的哪些闪光点？用一句话概括就是——鸣鸣很 ...

本文系观察者网独家稿件，未经授权，不得转载。 随着企业的成功上市，投资人也终于迎来了超级回报。 鸣鸣很忙旗下拥有"零食很忙""赵一鸣零食"两大品牌，其中公司最初是晏周在2017年在长沙创立的零食 很忙，2023年公司合并开在江西宜春成立的赵一鸣零食后，更名为鸣鸣很忙。 创立8年以来，鸣鸣很忙发在全国范围内发展迅速，到2025年11月30日，鸣鸣很忙在全国门店数量达到 21041家。到去年前9个月，鸣鸣很忙零售额(GMV)已经661亿元人民币，全国门店已进入28个省份和各 线城市，其中59%深入县城与乡镇。同时在库SKU约为3997个，覆盖7大品类、750余个品牌。 同期，鸣鸣很忙已有48座数智化现代仓配中心，单仓配送半径可达300公里，能够实现全国门店24小时 配送。去年前9个月，仓储及物流成本占总收入比例为1.7%，2024年，公司存货周转天数为11.6天，属 行业头部水平。 鸣鸣很忙创始人、董事长兼CEO晏周表示，公司从一家社区小店开始，到全国2万多家门店，即使未来 有可能成为中国线下最大的零售渠道，但最初就是希望消费者能够"买得到、买得起"好零食，有"几十 块钱就可以买一大袋"的快乐："同时让加盟商能够 ...

【导读】鸣鸣很忙上市，红杉中国、高榕创投迎来超级回报 中国基金报记者 莫琳 刚刚，一家从湖南长沙走出来的零食量贩店，在香港火了！ 1月28日，被称为"零食界的拼多多"的鸣鸣很忙正式登陆港股，开盘后鸣鸣很忙股价一度涨88%，截至 发稿，鸣鸣很忙股价约423港元/股，涨幅近80%，市值超900亿港元。 | < ロ 01-28 10:03:31 | 鸣鸣很忙(1768) | | | --- | --- | --- | | ム２３ ４００ 额 20.9亿 股本 2.16亿 市盈 43.58 万得 盘口 | | | | +186.800 +78.95% 换 2.30% 市值 907亿 市净 11.46 | | | | 分时 五日 日K 周K 月K 更多 ◎ | | | | 叠加 均价: 428.975 盘口 成交 | | | | AA5000 ... --------88.08%- 卖10 425.400 | | | | 卖9 425.200 100(1) | | | | 卖8 425.000 200(2) 卖7 424.800 | | | | 卖6 424.600 | | | | 卖5 424.400 | | | | ...

Summary of Snack Retail Industry Conference Call Industry Overview - The snack retail industry experienced an overall sales decline of approximately 5% in 2025, but saw growth in the fourth quarter due to the return of sales to leading brands and adjustments in product structure [1][2] - The "savings supermarket" model has improved turnover speed through enhanced advertising and category expansion [1] Key Insights - **Competitive Landscape**: - Intense competition in mature business districts, with leading brands using larger store sizes and broader customer bases to outcompete smaller brands, prompting upgrades or transformations among smaller brands [1][3] - New models such as 24-hour convenience stores may emerge as a response to competition [3] - **Performance of Leading Brands**: - Leading snack companies like "Ming Ming Hen Mang" and "Wan Cheng Hao Xiang Lai" are outperforming second and third-tier companies due to national brand effects and robust supply chain systems [1][6] - In 2025, "Ming Ming Hen Mang" operated 22,000 stores, while "Wan Cheng" had 19,000 stores, with a sales recovery noted in the fourth quarter [2] - **Sales Dynamics**: - Sales fluctuations were attributed to the closure of smaller brands in dense business areas, leading to a sales rebound for leading brands, and adjustments in product offerings that boosted sales [2] - The savings supermarket model has reduced product turnover cycles to 40 days, with store payback periods expected to shorten from 3.5 years to 3 years or even 2.5 years [1][8] Market Trends - **Expansion of Product Categories**: - Future snack stores are expected to evolve into supermarkets and ice cream shops, expanding SKUs to include daily necessities and other categories [2][9] - High-margin products like baked goods (e.g., grilled sausages, egg tarts) are performing well, with gross margins between 35% and 38% [3][9] - **Survival of Small Brands**: - While some small local brands are retreating, many are still actively opening savings supermarkets to compete [4][5] - The market share is increasingly concentrating on leading brands as smaller brands struggle without subsidies [7] Financial Metrics - **Store Economics**: - A community savings supermarket in Jiaxing, for example, requires an investment of approximately 1.1 million to 1.2 million yuan, with expected monthly sales around 23,000 yuan and an average customer transaction value of 35-37 yuan [20][24] - The average daily order volume is about 600, with weekend sales often exceeding 30,000 yuan [24] - **Profitability**: - The gross margin for savings supermarkets is reported between 21.5% and 22%, with net profit margins around 8.3% to 8.5% [23] Future Outlook - **Store Opening Projections**: - The industry is expected to open 25,000 to 30,000 new stores in 2026, with a potential peak of 50,000 stores by 2027 as new franchisees enter the market [19] - **Challenges in Fresh Food**: - Fresh food categories face challenges such as supply chain management and maintaining food safety standards, which need to be addressed for scalable expansion [32] Additional Considerations - **Consumer Preferences**: - Consumers are increasingly recognizing savings supermarkets as offering more than just snacks, including daily necessities, which enhances overall turnover speed [3] - **Price Competitiveness**: - Savings supermarkets maintain a price advantage over traditional supermarkets due to direct sourcing from manufacturers, which reduces costs [17] This summary encapsulates the key points from the conference call regarding the snack retail industry, highlighting competitive dynamics, financial metrics, market trends, and future projections.