12月11日晚，中国证监会对鸣鸣很忙境内企业境外发行上市予以确认，该企业为赴港上市备案。 鸣鸣很忙 拟发行不超过76,666,400股境外上市普通股并在香港联合交易所上市。 10月28日，鸣鸣很忙向港交所递交招股书，申请香港主板上市。 鸣鸣很忙从事休闲食品和饮料的零售业务，旗下拥有"零食很忙"和"赵一鸣零食"两个品牌。截至2025年6月30日，该公司在全球28个省市拥有16783家门 店。 财务方面，2022至2024年，及2025上半年，鸣鸣很忙营收分别为42.86亿元、102.95亿元、393.44亿元、281.24亿元，相应的净利润分别为0.72亿元、 2.18亿元、8.29亿元、8.77亿元。 重要声明：本文信息均来源于公开资料，本公司对上述信息的来源、准确性及完整性不作任何保证。在任何情况下，本文中的信息仅供参考。 版权声明：所有绿专资本原创文章，转载须联系授权，并在文内首/文末注明来源及微信ID，否则将追究法律责。 ...

Core Insights - The rapid expansion of discount snack stores in China is driven by their ability to cater to consumer behavior and preferences, particularly in lower-tier markets [1][2] - These stores utilize a direct sourcing model to reduce costs and offer a mix of well-known brands and private label products, creating a unique selling proposition [2][3] - The industry is witnessing a shift towards a franchise model for rapid growth, although challenges such as competition and profitability remain [3] Group 1: Market Dynamics - Discount snack stores have seen explosive growth since 2022, with projections indicating over 45,000 stores by 2025 [1] - The stores' appealing atmosphere and product variety meet the non-purposeful shopping needs of consumers, enhancing their shopping experience [1][2] - Consumer preferences vary, with urban shoppers willing to pay for trendy snacks while rural consumers favor low-cost bulk items, indicating a broad market potential [1] Group 2: Competitive Strategy - Discount snack stores have disrupted traditional retail supply chains by directly connecting with manufacturers, thus lowering procurement costs [2] - The product assortment includes both popular brands and private label items, leveraging a "big brand at low price" strategy to attract customers [2] - Targeted marketing strategies, such as promotions and family-friendly products, help these stores solidify their position in the market [2] Group 3: Business Model and Challenges - Many leading discount snack brands are adopting a franchise model to accelerate growth, promising quick returns on investment to attract franchisees [3] - The simplified approval process for opening new stores contrasts with traditional retail, appealing to investors seeking quick profitability [3] - However, the franchise model poses risks, including the potential failure to meet return promises and increasing competition, which could compress profit margins [3] Group 4: Industry Trends - The industry is entering a phase of consolidation, with major brands acquiring smaller regional players and diversifying into hybrid business models like "snacks + beverages" [3] - Consumers are encouraged to be vigilant about product quality and safety, particularly with private label items, as the market becomes more price-sensitive [3] - For sustained profitability, discount snack retailers must focus on improving product quality, enhancing customer service, and protecting consumer rights [3]

Core Insights - The resilience of China's county-level markets has significantly improved, with rural consumer goods retail sales reaching 32,409 billion yuan, a growth of 4.9%, and county and township markets accounting for 38.9% of total social retail sales [1] - The rapid development of the county economy reflects the increase in disposable income among residents, supported by policies and deep participation from enterprises [1] Group 1: Employment and Economic Impact - The snack retail chain "Mingming Hen Mang" has surpassed 20,000 stores, becoming the first snack chain group of this scale in the industry, directly creating over 130,000 jobs, with more than half of these positions located in county towns and townships [1][2] - The employment generated by "Mingming Hen Mang" focuses on the entire industrial chain, from production to sales, enhancing local job opportunities [2] - The company collaborates with local partners to create stable job opportunities, such as providing 30 stable jobs and over 170 flexible employment opportunities through a cooperative breeding base [2] Group 2: Support for Entrepreneurship - "Mingming Hen Mang" supports local entrepreneurs by providing a comprehensive assistance system for franchisees, including supply chain logistics and operational guidance [4] - The company has established a network of 36 warehouses across the country, enabling 24-hour replenishment within 300 kilometers, which alleviates the burden of sourcing for franchisees [4] Group 3: Consumer and Industry Dynamics - The company has created a vast store network covering 28 provinces and 1,224 counties, stimulating local industries such as transportation and store renovation, thereby generating numerous flexible job opportunities [6] - By eliminating intermediaries, "Mingming Hen Mang" allows consumers in county markets to purchase snacks at prices approximately 25% lower than supermarkets, thus activating the consumption potential in these markets [6][8] - The company acts as a platform chain leader, promoting the collaborative development of the industrial chain, enhancing agricultural production standards, and increasing the added value of agricultural products through processing [8]

Group 1 - A new individual business named "Xukou Good Friends Snack Shop" has been established in Wuzhong District, with a registered capital of 100,000 RMB [1] - The legal representative of the business is Chen Tianyu, and it operates under various licenses including food sales, catering services, and alcohol sales [1] - The business is authorized to engage in internet sales of food, subject to approval from relevant authorities [1] Group 2 - The shop's general business scope includes the sale of health food (pre-packaged), toys, batteries, electronic products, office supplies, stationery, and various daily necessities [1] - It also includes the retail of fresh eggs, edible agricultural products, and fresh fruits, among other items [1] - The business is permitted to sell non-medical masks and first-class medical devices, as well as engage in sales agency and prepaid card agency sales [1]

Group 1 - The core viewpoint of the article highlights the IPO of Hunan Mingming Hen Mang Commercial Chain Co., Ltd., a leading snack retail chain in China, which aims to leverage its extensive network and low-cost strategy to capture market share in the competitive landscape [1][12] - The company has over 14,000 stores and reported annual revenue of 39.3 billion yuan and a GMV of 55.5 billion yuan, making it a focal point for capital market attention [1][2] - Mingming Hen Mang was formed through the merger of two popular brands, rapidly integrating resources to cover 28 provinces and over 66% of its stores in county and town markets, with a membership base exceeding 120 million and a high repurchase rate of 75% [2][3] Group 2 - The company's growth strategy is characterized by a "let profit grow" approach, maintaining a low gross margin of 7.5%, significantly below the industry average of 20.35%, which attracts price-sensitive consumers [5][10] - Mingming Hen Mang's operational efficiency is enhanced by a digital and supply chain system, including a self-developed "smart middle platform" for comprehensive digital management and a remote intelligent store inspection system [7][8] - The competitive landscape is intensifying, with rivals like Wanchen Group's "Hao Xiang Lai" expanding rapidly, leading to ongoing price wars and increasing consumer demand for healthier, personalized products [10][11] Group 3 - The company's IPO is seen as a watershed moment for the industry, raising questions about the sustainability of its low-margin model, which currently has a net profit margin of 2.1% [11][12] - Analysts suggest that the ability to leverage economies of scale to reduce costs and expand into higher-margin categories will be crucial for the company's future success [11] - The influx of capital may lead to industry consolidation, potentially sidelining smaller brands lacking supply chain and financial strength [11][12]

Core Insights - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. has officially submitted its IPO application to the Hong Kong Stock Exchange, with Goldman Sachs and Huatai International as joint sponsors [1] - By the end of 2024, the company expects to achieve a retail sales volume (GMV) of 55.5 billion RMB and over 1.6 billion transactions, leading the "bulk sales model" in China [1][3] - As of December 31, 2024, the company will operate 14,394 stores across 28 provinces and all tiered cities in China, with approximately 58% located in county and town areas [1] Business Model and Growth - Mingming Hen Mang was formed by the merger of "Snacks Are Busy" and "Zhao Yiming Snacks" in November 2023, focusing on supply chain reconstruction and innovative product development [3] - The company has a total of 3,380 SKUs (stock-keeping units) by the end of 2024, with about 25% being customized products, enhancing product flexibility and consumer engagement [3] - The average SKU count per store is no less than 1,800, with a monthly introduction of 100 new products, creating a feedback loop that increases consumer loyalty [3] Financial Performance - Revenue figures for 2022, 2023, and 2024 are projected at 4.286 billion RMB, 10.295 billion RMB, and 39.344 billion RMB, respectively, with adjusted net profits of 81 million RMB, 235 million RMB, and 913 million RMB [5] - The revenue model is primarily based on product sales, with 99.5% of income derived from sales to franchise and direct stores, while franchise fees account for less than 0.5% [5] - The number of franchisees has grown from 994 in 2022 to 7,241 in 2024, indicating strong franchise growth and operational efficiency [5] Operational Efficiency - The company's gross margin has remained stable between 7.5% and 7.6% from 2022 to 2024, while the net profit margin has improved from 1.7% to 2.1% [7] - Mingming Hen Mang has optimized its supply chain by directly connecting with manufacturers, reducing inventory turnover days to 11.6 days, which allows for cost savings passed on to consumers and franchisees [7] - The company has implemented a fully digital ordering system and advanced warehouse and transportation management systems to enhance operational efficiency [7] Future Plans - The company plans to use the funds raised from the IPO primarily for store expansion and upgrades, supply chain optimization, and digitalization efforts to increase market penetration and meet diverse consumer needs [8]

按2024年休闲食品饮料GMV计算，鸣鸣很忙是中国最大的连锁零售商。 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 "）于2025年4 月28日正式向港交所递交招股说明书，拟主板挂牌上市，高盛和华泰国际担任联席保荐人。 创立于 2017年 的 "零食很忙" 同起步于 2019年的" 赵一鸣零食 " 在 2023年11月完成合并，整 合为 今天的 "鸣鸣很忙 集团 "。根据弗若斯特沙利文报告，在中国，鸣鸣很忙是消费者对于 休闲 食品饮料专卖店的首选品牌。 截至 2024年12月31日，鸣鸣很忙 的门店网络 由 14,394家门店构成，覆盖中国28个省份和所有 线级城市，且其中约58%的门店位于县城 和 乡镇。 2024年，鸣鸣很忙 的 GMV 为 555亿元。根 据弗若斯特沙利文 的 报告，按 2024年 休闲 食品饮料 GMV 计算 ，鸣鸣很忙是中国最大的连锁零 售商 ；按 2024年食品饮料GMV 计算 ，鸣鸣很忙亦 为 中国第四大连锁零售商 ，并保持高速增 长。 具体来讲，鸣鸣很 ...