数据显示，我国量贩零食店数量自2022年以来便开启"狂飙"模式，2025年全国量贩零食门店数量有望突 破4.5万家。量贩零食店为何遍地开花，又是怎样实现盈利的？ 在商品组合和分众化营销筑牢市场基础后，头部量贩零食商家为冲刺上市、拓展商业版图，还开启了快 速扩张的加盟模式。不少量贩零食品牌吸收借鉴餐饮行业的运营模式，其中部分品牌采用"快招"模式 （即侧重快速招商、后续支持较弱的模式），以"0加盟费，6个至12个月回本""从店铺选址到员工招聘 均由总部统筹"等口号吸引加盟商，为后续冲击IPO积累规模优势、营造市场热度。与此同时，相较传 统商超运营需经繁琐审批程序，量贩零食店审批流程更加简化，吸引不少渴望快速盈利的投资者加盟。 但是，加盟模式虽降低了就业门槛，但也潜藏着"回本承诺"难以兑现、同质化竞争严峻、盈利空间不断 压缩等挑战。 量贩零食店也叫零食折扣店，是一种以工厂直采或贴牌生产为核心，通过精简供应链环节实现低价销售 的休闲食品零售业态。在竞争激烈的休闲食品零售赛道，这种以零食为主营业务的零售业态，在下沉市 场闯出一片天地。 精准切中消费者行为习惯。相较于传统商超坚守实用主义、效率至上的装修风格，量贩零食店轻 ...

创业有支持：让县域创业者"好开店、开好店" 除了直接提供岗位，鸣鸣很忙还帮不少县域居民圆了"创业梦"。它给加盟商搭的"帮扶体系"让加盟商的 生意更好做——其覆盖全国的供应链配送，使全国36个仓库能实现300公里内24小时补货，加盟商不用 自己跑货源；标准化的运营指导，从门店装修到促销活动，总部都能提供指导方案；16亿次消费指数帮 助总部为加盟商提供更适合当地口味的选品数据。 近年来，我国县域市场韧性显著提升。今年上半年，我国乡村消费品零售额高达32409亿元，增长 4.9%，县乡市场规模占社会消费品零售总额的比重达38.9%。县域经济的蓬勃发展是老百姓钱袋子鼓起 来的真实写照，也是政策支持、企业深度参与协力打造的民生温度。近期，头部休闲食品饮料零售商鸣 鸣很忙（赵一鸣零食和零食很忙合并成立）门店规模突破2万家，成为业内首个达到这一体量的零食连 锁集团，直接带动就业逾13万人，其中超半数岗位分布在县城和乡镇，以产业链协同与创业支持，激活 下沉市场的消费与产业活力。 县域经济的发展，离不开产业链的打造，让消费者能够在家门口挣钱，才能激活县域消费链。而鸣鸣很 忙的就业带动，正是着眼于产业链，从生产端到销售端的全线铺 ...

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 ...