马年春节将近，休闲食品饮料市场火热，生肖、新春元素、非遗文化成为这些企业的创意源泉。据新京 报消费研究院调研发现，不同于单纯的节日促销，今年各企业纷纷将文化属性作为核心发力点，非遗、 故宫等热门IP与马年生肖、新春元素深度融合，成为品牌布局春节市场的关键抓手。从大窑饮品携 手"汪氏皮影"传承人推出新春限定包装，到可口可乐以主题烟花活动启动马年新春系列，从康师傅结 合"马踏飞燕"打造东方美学礼盒，到角楼咖啡萃取故宫藏品灵感设计限定周边，众多品牌通过多元形 式，实现文化与产品的绑定。 整体来看，伴随年货节的开启，文化属性成为食品饮料企业主打的方向。与此同时，在新春销售旺季来 临前，休闲食品饮料企业也开始加大备货力度，有企业升级了生产线来备战销售旺季。业内人士指出， 春节是中国人最看重的节日，而文化属性则非常匹配消费习惯，这种将文化传播与市场需求相结合的模 式，不仅助力企业提升竞争力，更实现了商业价值与文化价值的双赢，为新春消费市场注入浓厚文化活 力。 文化属性贯穿始终 除了"新年"主题，也有的品牌更专注在文化层面。康师傅携手甘肃省博物馆馆藏文物"马踏飞燕"衍生设 计绿马，将东方美学融入新年礼盒设计中。伴随春节营销 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][88]. Core Insights - The leisure food and beverage industry in China is experiencing rapid expansion, with a projected GMV growth from 2.9 trillion yuan to 3.7 trillion yuan from 2019 to 2024, reflecting a CAGR of 5.5% [3][10]. - The company, "鸣鸣很忙," is positioned as the leading group in the mass retail sector, with revenue expected to exceed 39.3 billion yuan by 2024, showcasing strong growth potential [3][29]. - The company is exploring international markets, particularly in Southeast Asia, where the snack market is diversifying and showing significant growth [3][64]. Summary by Sections Industry Expansion - The leisure food and beverage sector is projected to grow significantly, with the down-market segment being a key driver, increasing from 1.7 trillion yuan to 2.3 trillion yuan (CAGR 6.5%) [3][10]. - The market is witnessing a shift towards specialized retail and e-commerce channels, with significant growth rates of 13.9% and 9.6% respectively [10][11]. Company Overview - "鸣鸣很忙" is set to achieve a revenue of 39.3 billion yuan in 2024, with a compound annual growth rate of 203% from 2022 to 2024 [29]. - The company has a robust store expansion strategy, with the number of stores expected to reach 19,517 by the third quarter of 2025 [41][44]. - The company employs a direct supply chain model, reducing costs by approximately 25% compared to traditional supermarket channels [56]. Financial Projections - Revenue forecasts for 2025-2027 are 63.06 billion yuan, 81.66 billion yuan, and 89.93 billion yuan, representing year-on-year growth of 60.29%, 29.49%, and 10.13% respectively [3][88]. - Adjusted net profit is expected to reach 2.52 billion yuan, 4.08 billion yuan, and 4.68 billion yuan for the same period, with significant growth rates of 176%, 62%, and 15% [3][88]. International Market Exploration - The Southeast Asian snack market is projected to reach 12.3 billion USD by 2024, with a compound annual growth rate of 2.57% from 2020 to 2024 [64]. - The company is focusing on markets like Thailand, Indonesia, and Vietnam, where local preferences are shifting towards health-oriented snacks and unique flavors [67][83].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][88]. Core Insights - The leisure food and beverage industry in China is experiencing rapid expansion, with a projected GMV growth from 2.9 trillion yuan to 3.7 trillion yuan from 2019 to 2024, reflecting a CAGR of 5.5% [3][10]. - The company, "鸣鸣很忙," is positioned as the leading group in the mass retail sector, with revenue expected to exceed 39.3 billion yuan by 2024, showcasing strong growth potential [3][29]. - The company is exploring international markets, particularly in Southeast Asia, where the snack market is diversifying and showing significant growth [3][64]. Summary by Sections Industry Expansion - The leisure food and beverage sector is projected to grow significantly, with the down-market segment being a key driver, increasing from 1.7 trillion yuan to 2.3 trillion yuan (CAGR 6.5%) [3][10]. - The market is witnessing a shift towards specialized retail channels, with the growth of specialty stores and e-commerce, reflecting changing consumer preferences [10][11]. Company Overview - "鸣鸣很忙" is consolidating its position as the first mass retail group through brand mergers, with a revenue forecast of 39.3 billion yuan by 2024 [3][29]. - The company has achieved a significant increase in store count, reaching 19,517 stores by the third quarter of 2025, with a focus on lower-tier cities [3][41]. Financial Performance - Revenue is expected to grow from 63.06 billion yuan in 2025 to 89.93 billion yuan in 2027, with adjusted net profit projected to rise from 2.52 billion yuan to 4.68 billion yuan during the same period [3][88]. - The company is expected to achieve a stable gross margin of 9.73% by 2025, driven by operational efficiencies and a digital marketing strategy [3][29]. International Expansion - The Southeast Asian snack market is projected to reach 12.3 billion USD by 2024, with a notable demand for health-oriented snacks [3][64]. - The company is leveraging its supply chain advantages to penetrate markets in Thailand, Indonesia, and Vietnam, where local consumer preferences are evolving [3][67].

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 10月28日，鸣鸣很忙向港交所提交更新后的上市申请材料。数据显示，截至2025年6月30日止六个月， 公司实现零售额（GMV）411亿元人民币，上半年收入281.2亿元人民币，经调整净利润10.34亿元人民 币，门店总数已达16783家，覆盖全国28个省份、1327个县和所有线级城市，2024年休闲食品饮料产品 零售额位居行业首位。2025年9月，据第三方权威机构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。 ...