1月20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"）正式开启全球发售，拟于1月28 日在港交所主板挂牌上市，有望成为港股"量贩零食第一股"。 根据弗若斯特沙利文报告，按2024年休闲食品饮料产品GMV计，鸣鸣很忙是中国最大的连锁零售商。 公司旗下拥有"零食很忙"和"赵一鸣零食"两大品牌。其中"零食很忙"由晏周于2017年3月在湖南长沙创 立，"赵一鸣零食"由赵定于2019年1月在江西宜春创立，二者于2023年完成合并。 鸣鸣很忙计划全球发售1410.11万股股份，其中国际发售股份约为1269.09万股，香港公开发售股份约为 141.02万股。按发售价中位数233.10港元计算，扣除相关费用后，公司预计募集资金净额约为31.24亿港 元。 本次发行，鸣鸣很忙共引入8家基石投资者，合计认购约1.95亿美元（约合15.20亿港元）。基石投资者 包括腾讯、淡马锡（Temasek）、贝莱德（BlackRock）、富达基金（Fidelity），以及泰康人寿、博时 国际、易方达和淡水泉（Springs Capital）等机构。 | | | 截至12月31日止年度 | | 截至9月30日止九個月 | | | ...

Core Viewpoint - The widespread consumer anxiety regarding "quality control" and "false marketing" of popular snacks is forcing the industry to enhance supply chain management and information transparency [1] Group 1: Incident Overview - On January 12, the snack brand Jinli Men, known for its "fresh short shelf life" and "healthy no additives" products, was reported to have food safety risks and management loopholes in its processing factory [2] - Jinli Men issued an official apology on January 13, acknowledging violations in the secondary packaging of its product "Lemon Spicy Boneless Chicken Feet" and confirming the existence of hygiene issues in the processing factory [2][7] - The company announced a special compensation fund of 12 million yuan for affected products sold after November 1, 2025, offering a "tenfold compensation" for 64,031 boxes of the involved chicken feet [2][7] Group 2: Brand and Product Details - Jinli Men, originating from Changsha, operates as a short shelf life snack chain, with a focus on freshly made and high turnover products such as meat snacks, baked goods, and beverages, typically having a shelf life of 3-5 days [4] - The brand has gained popularity as a representative of Changsha's "must-try snacks" and has been featured on local food lists [4] Group 3: Crisis Response - Following the media exposure, the brand faced a significant crisis, with the topic trending on social media due to allegations of unsanitary conditions and date falsification in its processing factory [6][9] - Jinli Men established a special investigation team to address the issues, including halting production in the affected workshop, sealing finished products, and implementing third-party sanitation measures [7][10] - The company plans to publicly report on the progress of all rectification and compensation efforts every ten days [8] Group 4: Industry Implications - The incident highlights the systemic food safety crisis faced by brands relying on outsourced production, revealing quality control risks and supply chain management challenges in the rapidly expanding "internet celebrity snack" sector [10] - The compensation amount of 12 million yuan significantly exceeds the sales revenue of the problematic products, indicating a potential strain on the company's financials as a startup with only about 20 stores nationwide [11] - The case serves as a test of crisis management capabilities for emerging brands, raising questions about whether substantial compensation and supply chain reforms can shift the brand's focus from marketing-driven to trust-driven operations [14]

Core Viewpoint - The snack chain brand Mingming Hen Mang has passed the Hong Kong Stock Exchange hearing and is expected to become the first "bulk snack stock" in Hong Kong [2] Company Overview - Mingming Hen Mang was formed from the merger of "Snack Hen Mang" and "Zhao Yiming Snacks," completed in November 2023 [4] - The company submitted its listing application to the Hong Kong Stock Exchange in April 2025, with an updated application submitted in October 2025 [4] - The company plans to issue up to 76.67 million overseas listed shares and convert approximately 198 million shares held by 25 shareholders into overseas listed shares [4] Financial Performance - As of September 30, 2025, Mingming Hen Mang achieved a retail sales (GMV) of 66.1 billion RMB, a year-on-year increase of 74.5%, surpassing the total for 2024 [4] - The company reported revenue of 46.37 billion RMB for the first nine months of 2025, a 75.2% increase year-on-year, with an adjusted net profit of 1.81 billion RMB, up 240.8% [6] - Revenue for 2022, 2023, and 2024 was 4.29 billion RMB, 10.30 billion RMB, and 39.34 billion RMB, respectively, with compound annual growth rates (CAGR) of 140.2%, 282.2%, and 203% [6][7] Business Model - Mingming Hen Mang operates on a "bulk model," focusing on large-scale procurement and cost reduction, allowing for lower average pricing compared to supermarkets [6] - The average selling price of products is approximately 25% lower than similar products in offline supermarkets, with an average SKU count per store being double that of comparable supermarkets [6] Store Network - As of November 30, 2025, the company had 21,041 stores, including 23 self-operated stores and 21,018 franchise stores [9] - Revenue primarily comes from sales to franchisees, with 99.5% of income derived from product sales to franchise and self-operated stores [10] Competitive Landscape - The company faces strong competition from other snack retail giants, including Hao Xiang Ni and Wanchen Group, which has also submitted a listing application to the Hong Kong Stock Exchange [11][12] - Wanchen Group reported a total revenue of 32.33 billion RMB for 2024, with a year-on-year growth of 247.9% [12] Market Outlook - The retail market for leisure food and beverages in China reached 3.7 trillion RMB in 2024, projected to grow to 4.9 trillion RMB by 2029 [14] - Mingming Hen Mang plans to use IPO proceeds for store expansion, supply chain optimization, and digitalization to enhance market penetration and meet diverse consumer demands [14]

Core Viewpoint - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. is set to become the first "bulk snack stock" in Hong Kong after passing the main board listing hearing, with plans to raise funds for store network upgrades, supply chain digitalization, and brand enhancement [1][2]. Group 1: Company Overview - Mingming Hen Mang operates as a snack chain focused on offline retail, utilizing dual brands "Snack Very Busy" and "Zhao Yiming Snacks" [1]. - As of September 30, 2025, the company has 19,517 operating stores across 28 provinces and all tiered cities in China, with nearly 60% located in county and town markets [1]. - The company has surpassed 20,000 signed stores and is the leading player in China's leisure food and beverage retail sector, achieving a GMV of 55.5 billion yuan in 2024 with over 1.6 billion transactions [1]. Group 2: Financial Performance - In 2024, the company reported a total revenue of 39.344 billion yuan, with an adjusted net profit of 913 million yuan, resulting in a net profit margin of 2.3% [2]. - For the first half of 2025, the company experienced significant growth, achieving a revenue of 28.124 billion yuan, a year-on-year increase of 86.5%, and an adjusted net profit of 1.035 billion yuan, exceeding the total for 2024 [2]. - The net profit margin improved to 3.7% in the first half of 2025 [2]. Group 3: Market Position and Growth Potential - According to a report by Frost & Sullivan, Mingming Hen Mang is the largest chain retailer in China by GMV in the leisure food and beverage sector for 2024, and the fourth largest in the overall food and beverage category [2]. - The company is recognized as one of the top ten chain enterprises in China for 2024 and is among the fastest-growing chains [2]. - The Chinese leisure food retail market is projected to reach 4.9 trillion yuan by 2029, positioning the company to benefit from industry growth and attracting significant attention from capital markets due to its unique market position [2].

Core Insights - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. has passed the Hong Kong Stock Exchange hearing and will disclose its post-hearing information on January 6, 2026, with Goldman Sachs and Huatai International as joint sponsors [1] - Mingming Hen Mang is the largest leisure food and beverage retail chain in China, integrating its dual brands "Snacks Are Busy" and "Zhao Yiming Snacks" to enhance supply chain and operational efficiency through standardized operations [1] Group 1: Company Growth and Market Position - As of September 30, 2025, Mingming Hen Mang operates 19,517 stores across 28 provinces and all tiered cities in China, becoming the first company in the industry to exceed 20,000 stores [2] - In the first three quarters of 2025, the company achieved a retail sales volume (GMV) of 66.1 billion yuan, a year-on-year increase of 74.5%, surpassing the total for the entire year of 2024 [2] - According to a report by Frost & Sullivan, Mingming Hen Mang is the largest chain retailer in China based on GMV for leisure food and beverage products in 2024 [3] Group 2: Financial Performance - For the first three quarters of 2025, Mingming Hen Mang reported revenue of 46.371 billion yuan, a year-on-year growth of 75.2%, and an adjusted net profit of 1.81 billion yuan, a significant increase of 240.8% [3] - From 2022 to 2024, the company's revenue grew from 4.286 billion yuan to 39.344 billion yuan, with a compound annual growth rate (CAGR) of 203%, while adjusted net profit increased from 81 million yuan to 913 million yuan, with a CAGR of 234.6% [3] - The gross margin improved from 7.5% in 2022 to 9.7% in 2025, and the adjusted net profit margin increased from 1.9% to 3.9%, indicating enhanced profitability and certainty [3] Group 3: Investment and Future Plans - Mingming Hen Mang has received investments from notable institutions such as Gao Rong Capital, Sequoia China, Black Ant Capital, Wuyuan Capital, and Qicheng Capital [4] - The company plans to use the net proceeds from its IPO primarily to enhance supply chain capabilities, improve product development, upgrade store networks, empower franchisees, build and promote its brand, enhance technological and digital capabilities, and selectively seek strategic investments and acquisitions [4]

新京报讯(记者王子扬)1月6日晚间，港交所网站显示，量贩零食企业湖南鸣鸣很忙商业连锁股份有限公 司(简称"鸣鸣很忙")披露聆讯后资料集，这意味着鸣鸣很忙已通过港交所上市聆讯，即将成为港股"量贩 零食第一股"。按2024年产品零售额(GMV)计，鸣鸣很忙已成为中国最大的休闲食品饮料连锁零售商。 2025年4月28日，鸣鸣很忙向港交所提交招股说明书。2025年12月11日，中国证监会网站发布《关于湖 南鸣鸣很忙商业连锁股份有限公司境外发行上市及境内未上市股份"全流通"备案通知书》，鸣鸣很忙上 市备案已获通过。根据此次发布的聆讯后资料集显示，截至2025年9月30日的九个月内，鸣鸣很忙实现 零售额(GMV)661亿元，同比增长74.5%，超2024年全年。截至2025年9月30日，公司全国在营门店数达 19517家，覆盖全国28个省份。 最新财务数据显示，2025年前九个月，鸣鸣很忙实现收入463.71亿元，同比增长75.2%；经调整净利润 18.10亿元，同比大幅增长240.8%。同期经营现金流净额达21.90亿元。2022年至2024年，鸣鸣很忙收入 从42.86亿元跃升至393.44亿元，三年复合增速达203 ...

据悉，2025年4月28日，鸣鸣很忙首次向港交所递交上市申请。10月28日，公司更新上市申请材料，继续推进上市进程。 作为中国最大的量贩零食连锁零售商，鸣鸣很忙通过"零食很忙"与"赵一鸣零食"双品牌深度融合，整合经营体系与统一组织架构，实现无缝协同与标准 化运营，以集团化运营提升供应链与运营效率。 1月6日，港交所网站显示，湖南鸣鸣很忙商业连锁股份有限公司（以下简称"鸣鸣很忙"）披露聆讯后资料集，这意味着鸣鸣很忙已通过港交所上市聆 讯，即将成为港股"量贩零食第一股"。 聆讯后资料集显示，截至2025年9月30日的九个月内，鸣鸣很忙实现零售额（GMV）661亿元人民币，同比增长74.5%，超2024年全年。截至2025年9月 30日，公司全国在营门店数达19517家，覆盖全国28个省份和所有线级城市。2025年9月消息，鸣鸣很忙全国签约门店数破2万。按2024年产品零售额 （GMV）计，鸣鸣很忙已成为中国最大的休闲食品饮料连锁零售商。 财务数据显示，2025年前九个月，公司实现收入463.71亿元，同比增长75.2%；经调整净利润18.10亿元，同比大幅增长240.8%。同期经营现金流净额达 21.90亿元。2 ...

财务数据显示，2025年前九个月，公司实现收入463.71亿元，同比增长75.2%；经调整净利润18.10亿 元，同比大幅增长240.8%。同期经营现金流净额达21.90亿元。2022年至2024年，鸣鸣很忙收入从42.86 亿元跃升至393.44亿元，三年复合增速达203%；同期经调整净利润从0.81亿元增长至9.13亿元，三年复 合增速达234.6%。2022年至2025年前九个月，毛利率由7.5%提升至9.7%，经调整净利率由1.9%提高至 3.9%。 北京商报讯（记者 郭秀娟 王悦彤）1月6日，港交所网站显示，湖南鸣鸣很忙商业连锁股份有限公司 （以下简称"鸣鸣很忙"）披露聆讯后资料集，这意味着鸣鸣很忙已通过港交所上市聆讯，即将成为港 股"量贩零食第一股"。 聆讯后资料集显示，截至2025年9月30日的九个月内，鸣鸣很忙实现零售额（GMV）661亿元，同比增 长74.5%，超2024年全年。截至2025年9月30日，公司全国在营门店数达19517家，覆盖全国28个省份和 所有线级城市。 ...

2022年至2024年，鸣鸣很忙收入从42.86亿元跃升至393.44亿元，三年复合增速达203%；同期经调整净利润从0.81亿元增长至9.13亿元，三年复合增速达 234.6%。 责编：兰宇琪 一审：兰宇琪 | HKEXnews披露易 | | ESS 電子呈交系統 巴 | DION 線上樓 | | --- | --- | --- | --- | | 上市公司文件 | 股權披露 | 新上市 | | | 新上市 | | | | | 申請版本,整體協調人公告,聆訊後資料集及相關資料 | | | | | 主板 GEM | | | | | 原理中 沒有進展 | 已上市 被發回 | | | | 申請人刊發: | | | 每年指數 | | ○申請版本及整體協調人公告 | ● 申請版本,整體協調人公告及聆訊後資料集 | | 2026 | | 最新發佈 V 日期 | 申請人 | A | 2025 | | 06/01/2026 | 湖南鳴鳴很忙商業連鎖股份有限公司 | | 2024 | | | 06/01/2026 聆訊後資料集(第一次呈交)全文檔案 四国 多檔案 > | | | | | 28/10/2025 整體協調人公告 ...

中国最大的零食饮料零售商。 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"）日前已通过港交所 聆讯并于2026年1月6日披露通过聆讯后的资料集，高盛和华泰国际担任联席保荐人。 作为中国最大的休闲食品饮料连锁零售商，鸣鸣很忙通过"零食很忙""赵一鸣零食"双品牌深度融 合，整合经营体系与统一组织架构，实现无缝协同与标准化运营，以集团化运营全面提升供应链与运 营效率。 截至2025年9月30日，鸣鸣很忙全国在营门店数达19517家，覆盖全国28个省份和所有线级城市。 另据2025年9月弗若斯特沙利文认证，鸣鸣很忙成为行业首家突破2万店的企业，进一步夯实市场领 先地位。 2025年前三季度，鸣鸣很忙实现零售额（GMV）661亿元，同比增长74.5%，并超过2024年全 年。 根据弗若斯特沙利文报告，按2024年休闲食品饮料产品GMV计算，鸣鸣很忙是中国最大的连锁零售 商。 财务数据方面。 2025年前三季度，鸣鸣很忙实现收入463.71亿元，同比增长75.2%；经调整净利 润18.10亿元，同比大幅增 ...