12月31日，来伊份涨1.63%，成交额1.69亿元。两融数据显示，当日来伊份获融资买入额911.08万元， 融资偿还1784.93万元，融资净买入-873.86万元。截至12月31日，来伊份融资融券余额合计1.13亿元。 融资方面，来伊份当日融资买入911.08万元。当前融资余额1.13亿元，占流通市值的2.46%，融资余额 超过近一年60%分位水平，处于较高位。 截至9月30日，来伊份股东户数3.76万，较上期减少9.99%；人均流通股8894股，较上期增加11.10%。 2025年1月-9月，来伊份实现营业收入28.54亿元，同比增长13.12%；归母净利润-1.25亿元，同比减少 194.06%。 分红方面，来伊份A股上市后累计派现3.14亿元。近三年，累计派现4779.24万元。 机构持仓方面，截止2025年9月30日，来伊份十大流通股东中，天弘中证食品饮料ETF（159736）位居 第九大流通股东，持股52.79万股，相比上期增加6.53万股。 责任编辑：小浪快报 融券方面，来伊份12月31日融券偿还0.00股，融券卖出5600.00股，按当日收盘价计算，卖出金额7.69万 元；融券余量1.46万 ...

导读 低价换规模，利润如纸薄：鸣鸣很忙的增长逻辑正在失效。 12月11日，中国证监会正式通过湖南鸣鸣很忙商业连锁股份有限公司境外发行上市备案。这意味着这家 由"零食很忙"与"赵一鸣零食"合并而成的量贩零食巨头，距离登陆港交所仅剩临门一脚。截至2025年9 月，公司门店总数突破2万家，覆盖全国28个省份、1327个县市，成为国内休闲食品连锁行业当之无愧 的"门店之王"。 然而，在GMV（商品交易总额）从64亿元飙升至555亿元、营收三年增长近九倍的耀眼数据背后，加盟 商闭店潮、低毛利困局、品控风险以及核心股东减持等隐患，正悄然浮出水面。 加盟商承压，密集开店反噬盈利 鸣鸣很忙的崛起堪称零售业的"速度神话"。2022年，公司仅有1902家门店，GMV为64.47亿元；到了 2024年，门店数飙升至14394家，GMV跃升至555亿元。截至2025年9月，其门店总数突破2万家，覆盖 全国28个省份、1327个县市，成为行业首家达成此规模的企业。 这一爆炸式增长几乎完全依赖加盟模式。招股书显示，截至2025年6月，鸣鸣很忙16783家门店中，自营 店仅24家，占比不足0.15%。公司98.9%的收入来自向加盟店销售商 ...

Core Insights - The company "Ming Ming Hen Mang" has rapidly expanded to over 20,000 stores nationwide within eight years, becoming the first in the domestic snack and beverage chain industry to achieve this milestone [1][3] - The brand's story began in 2017 with a small snack shop in Changsha, which has now evolved into a nationwide snack revolution [3] - A strategic merger with "Zhao Yi Ming Snacks" in November 2023 has led to significant operational synergies and growth [3][5] Expansion and Market Presence - By the end of 2024, the combined group is projected to have 14,394 stores and a GMV of 55.5 billion yuan [5] - Approximately 58% of the stores are located in county towns and rural areas, indicating a strong presence in lower-tier markets [5] - The store network covers 1,224 counties, achieving a coverage rate of about 66% across all counties in China [6] Supply Chain and Operational Efficiency - The company employs a "thin profit margin, high sales" model, maintaining a gross margin of 7.5%-6% from 2022 to 2024, which is lower than traditional retailers but serves as a competitive advantage [8] - By directly connecting with manufacturers, the company has reduced inventory turnover days to 11.7 days, allowing for cost savings that benefit consumers [10] - The SKU count per store averages over 1,800, with a total of 3,380 SKUs by the end of 2024, including a significant portion of customized products [10] Marketing and Consumer Engagement - In July 2024, the company signed Jay Chou as a dual brand spokesperson, enhancing brand visibility and appeal among younger consumers [12] - Unique consumption scenarios are created through themed stores, which have become popular on social media [13] - The company achieved over 1.6 billion transactions in 2024, with a membership base of 150 million and a repurchase rate of 78% by mid-2025 [13] Digital and Logistics Infrastructure - The company has built a robust digital team of 358 members, supporting various operational processes from procurement to store management [13] - As of June 2024, 25 modern logistics centers have been established, facilitating 24-hour delivery to 10,000 stores [15] - A new smart logistics park is under construction, expected to be the largest of its kind in China by the end of 2025 [15] Quality Control and Franchise Management - A stringent quality control system is in place, requiring products to undergo a "six audits and six inspections" process before reaching shelves [17] - The company provides visual merchandising templates for franchisees, ensuring a consistent customer experience across stores [17]

Core Viewpoint - The article discusses the recent update of the prospectus by the snack and beverage chain brand "Ming Ming Hen Mang," highlighting its significant growth and ambitions in the market, particularly in the context of the Hong Kong IPO market recovery [2][5]. Financial Performance - As of June 30, 2025, Ming Ming Hen Mang achieved a retail sales (GMV) of 41.1 billion yuan, with revenues of 28.12 billion yuan and an adjusted net profit of 1.034 billion yuan [2]. - The company operates 16,783 stores across 28 provinces, 1,327 counties, and all tiered cities in China, and recently became the first in the industry to surpass 20,000 stores [2][3]. - For the first half of 2025, the company reported a cash balance exceeding 2.394 billion yuan, net current assets of 2.827 billion yuan, and a net operating cash flow of 1.395 billion yuan [3]. Inventory Management - Ming Ming Hen Mang has an inventory turnover period of only 11.7 days, which is better than the industry average, indicating efficient supply chain responsiveness and reduced risks of unsold goods [3]. Market Context - The update of the prospectus is strategically timed as the Hong Kong IPO market has seen a significant recovery, with a total fundraising of 107.1 billion HKD in the first half of 2025, a sevenfold increase year-on-year [5]. - The company is positioned favorably in the market, as the Hong Kong stock market shows high enthusiasm for new consumer enterprises with scale effects and brand influence [5]. Competitive Landscape - The update signifies a critical step in the capital process for Ming Ming Hen Mang, marking the beginning of a deep competitive phase in the snack retail industry, particularly against its competitor, Wancheng Group, which also submitted a prospectus [6]. - The competition will shift from merely increasing store numbers to a comprehensive evaluation of supply chain efficiency, brand strength, and innovation capabilities [6].

Core Viewpoint - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. has officially submitted its IPO application to the Hong Kong Stock Exchange, following the merger of its brands "Snacks Are Busy" and "Zhao Yiming Snacks" in November 2023 [2][5]. Group 1: Company Overview - Mingming Hen Mang was formed by merging "Snacks Are Busy," founded in March 2017, and "Zhao Yiming Snacks," established in January 2019 [2]. - As of December 31, 2024, the company operates 14,394 stores across 28 provinces in China, with approximately 58% located in county and town areas [2]. - The company focuses on a "volume sales model," achieving a GMV of 55.5 billion RMB in 2024 and over 1.6 billion transactions throughout the year [2]. Group 2: Financial Performance - The company reported revenues of 4.29 billion RMB in 2022, 10.30 billion RMB in 2023 (a 140.2% year-on-year increase), and 39.34 billion RMB in 2024 (a 282.17% year-on-year increase), resulting in a compound annual growth rate of 203% [10]. - Adjusted net profits for the past three years were 0.81 billion RMB, 2.35 billion RMB, and 9.13 billion RMB, with corresponding net profit margins of 1.89%, 2.28%, and 2.3% [10]. - The company’s total assets reached 101.68 billion RMB in 2024, with a debt-to-asset ratio of 43.67% [13]. Group 3: Management Team - The management team includes nine directors, with five executive directors led by Chairman and CEO Yan Zhou, and CFO Wang Yutong, who has extensive experience in financial management and investment [6][8]. - Wang Yutong joined the company in August 2023 and has a background in investment banking, having previously worked at Huaxing Capital and co-founded Mingyue Capital [8][10].

Core Viewpoint - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. has submitted its IPO application in Hong Kong, indicating significant growth and expansion in the snack retail sector [1][2] Company Overview - Mingming Hen Mang was formed in November 2023 through the merger of "Lingshi Hen Mang" and "Zhao Yiming Snacks" [1] - The company has a registered capital that increased from 24.72 million yuan to 200 million yuan in April 2024 [1] - As of December 2024, the company operates 14,394 stores across 28 provinces in China, with approximately 58% located in county towns and rural areas [1] Financial Performance - Revenue figures for Mingming Hen Mang are as follows: 4.286 billion yuan in 2022, 10.295 billion yuan in 2023, and 39.344 billion yuan in 2024 [2] - Net profit for the same years was 81 million yuan, 235 million yuan, and 913 million yuan respectively [2] - The gross margin has remained stable between 7.5% and 7.6% during this period [2] Business Model - The company employs a "low-margin, high-volume" business model, directly connecting with manufacturers to reduce costs [2] - In 2024, 99.5% of revenue came from sales to franchise and direct stores, with franchise fees and service income accounting for less than 0.5% [2] - The number of franchisees has grown significantly from 994 in 2022 to 7,241 in 2024 [2] Market Position - According to a report by Frost & Sullivan, Mingming Hen Mang is the largest leisure food and beverage retail chain in China by GMV as of 2024 [1] - The company has attracted investments from notable firms, including Sequoia China, which invested approximately 310 million yuan shortly before the IPO application [2]

Group 1: Cloudy Technology's Financial Performance - Cloudy Technology has been hired by over 30,000 hotels in China, holding a market share of 9% globally and 12.2% in China as of 2023, ranking first in both categories [3] - Despite generating over 500 million yuan in revenue, Cloudy Technology has accumulated a net loss exceeding 800 million yuan over the past three years [3] Group 2: Mingming Hen Mang's Market Position - Mingming Hen Mang has submitted a listing application to the Hong Kong Stock Exchange, reporting a retail revenue of 55.5 billion yuan for 2024 and over 1.6 billion transactions [20] - The company operates 14,394 stores across 28 provinces in China, with approximately 58% located in county and town areas [21] - From 2022 to 2024, Mingming Hen Mang's revenue grew from 4.286 billion yuan to 39.344 billion yuan, with adjusted net profits increasing from 81 million yuan to 913 million yuan [21] Group 3: Gree Electric's Executive Compensation - Gree Electric's chairman and president, Dong Mingzhu, received a salary of 14.372 million yuan, while the total pre-tax compensation for executives amounted to 45.0518 million yuan [18][19] Group 4: Shangri-La Group's Leadership Change - Shangri-La Group appointed former Alibaba CMO Dong Benhong as the new CMO and CEO for China, bringing extensive experience from his previous roles [29][31] Group 5: AI Investment Insights - Industry expert Zhu Xiaohu advises entrepreneurs to avoid wasting funds on training foundational AI models and instead leverage existing models to address real business challenges [32]