奋力实现"十五五"良好开局 陈博彰走访重点企业并调研节后复工复产情况 长沙晚报掌上长沙2月26日讯（全媒体记者 唐朝昭）人勤春来早，奋进正当时。26日，市委副书记、市长陈博彰 走访重点企业并调研节后复工复产情况。他强调，要深入贯彻习近平总书记关于湖南工作的重要讲话和指示批示 精神，认真落实省委、省政府和市委工作要求，着力强信心、稳预期、谋发展，以起步争先的奋进姿态推动企业 有序复工、稳产达效，纵深推进企业服务年行动，让企业成长与长沙高质量发展同频共振，奋力实现"十五五"良 好开局。湖南马栏山集团董事长丁诚、总经理彭涛，市领导付旭明、周志凯、郑平，市政府秘书长许凡参加。 稿源：掌上长沙 2026-02-26 22:12 强信心 稳预期 谋发展 龙湖集团华中区域公司在长投资地产开发项目22个、商业综合体5座。陈博彰鼓励企业坚定在长投资发展信心，积 极参与"十五五"时期长沙重点片区建设，抢抓"十六运"重大机遇，推动更多精品项目落地，优化后续运维服务， 不断提升群众居住品质，促进房地产市场持续健康发展。 陈博彰走访湖南马栏山集团有限公司，与企业负责人就产业布局、项目推进、生态构建等深入交流，希望马栏山 集团与长沙携手 ...

Core Insights - The retail market for leisure food and beverages in China is evolving from a traditional "snack" category to a high-frequency necessity, driven by rising consumer income and changing consumption patterns [1][3][5] - By 2025, the market size of China's leisure food and beverage retail industry is projected to reach 39,653 billion yuan, with a year-on-year growth of 6.1% [1][5] - The market is characterized by a fragmented competitive landscape, with a CR5 market share of only 6% in 2024, indicating a large number of small to medium-sized enterprises [6][7] Industry Overview - Leisure food and beverage retail focuses on convenience and entertainment, catering to individual and family consumers through both offline and online channels [2] - The industry can be categorized into leisure food retail and leisure beverage retail, with further segmentation based on retail channels [2] Development Background - Rising national income and consumption levels are foundational for the growth of the leisure food and beverage retail industry, with per capita consumption expenditure expected to reach 29,476 yuan in 2025, a nominal increase of 4.4% [3][4] - There is a shift in consumer demand from mere indulgence to a combination of health and indulgence, with health-oriented products becoming mainstream [3][5] Industry Chain - The industry chain includes upstream manufacturers of various leisure foods and beverages, midstream retail channels such as supermarkets and e-commerce, and downstream consumers across all age groups [5] Current Market Status - The retail industry has expanded its scope to cover various consumption scenarios, becoming a key part of daily life, with significant growth in consumption frequency and penetration [1][5] - The distribution of market channels by 2025 is projected to be approximately 44.8% for supermarkets, 22.6% for grocery stores, 14.1% for e-commerce, and 12.2% for specialty stores [1][5] Competitive Landscape - The market is highly fragmented, with major players including Hunan Mingming Hen Mang Commercial Chain Co., Ltd., Walmart (China), Yonghui Supermarket, and others [6][7] - Hunan Mingming Hen Mang reported a total revenue of 463.71 billion yuan for the first nine months of 2025, with its two brands contributing significantly to this figure [7] Development Trends - The industry is expected to focus on health and functionality as core competitive advantages, with consumers increasingly favoring products with natural ingredients and minimal additives [8][9] - There is a growing emphasis on quality-price ratio and emotional value in consumer demand, with products serving not just as snacks but also as means for emotional comfort and social interaction [9] - The retail landscape is moving towards a multi-channel approach, integrating online and offline strategies to enhance consumer convenience and engagement [10][11]

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [2][7]. Core Insights - The company, "Ming Ming Hen Mang," is a leading player in the casual food and beverage retail sector, focusing on a dual-brand strategy with "Zero Food Busy" and "Zhao Yi Ming Snacks" [6][17]. - The casual food and beverage retail market is expected to grow from RMB 2.9 trillion in 2019 to RMB 3.7 trillion by 2024, with a CAGR of 5.5% [6][41]. - The company has a strong market presence with 19,517 stores across 28 provinces, 59% of which are located in county and town markets, covering 1,341 counties [6][17]. Financial Data and Profit Forecast - Revenue is projected to grow significantly, with estimates of RMB 10,295 million in 2023, RMB 39,344 million in 2024, and reaching RMB 63,164 million by 2025, reflecting a year-on-year growth rate of 140.22% in 2023 and 282.15% in 2024 [5][7]. - Net profit attributable to ordinary shareholders is expected to rise from RMB 217 million in 2023 to RMB 834 million in 2024, and RMB 2,292 million in 2025, with growth rates of 203.45% and 283.44% respectively [5][7]. - The company’s PE ratios for 2025, 2026, and 2027 are projected to be 33X, 24X, and 20X respectively, indicating a favorable valuation compared to peers [7]. Market Dynamics - The casual food and beverage retail market is characterized by a high degree of fragmentation, with the top five chain retailers holding only 6% market share in 2024 [6][55]. - The down-market segment is becoming a key growth driver, with GMV expected to reach RMB 2.3 trillion by 2024, growing at a CAGR of 6.5%, significantly outpacing high-tier markets [6][45]. Competitive Advantages - The company employs a dual strategy of expanding high-tier stores while penetrating lower-tier markets, enhancing its store network through a franchise model [6][9]. - The supply chain and logistics capabilities are robust, with partnerships established with over 2,500 suppliers, allowing for efficient procurement and cost management [6][20]. - The company is transitioning to a full-category "discount supermarket" model, optimizing store formats and expanding product offerings to enhance revenue potential [6][19]. Fundraising and Strategic Initiatives - The company plans to utilize raised funds to enhance supply chain capabilities, upgrade store networks, and strengthen brand promotion efforts [6][24]. - Future growth is anticipated through strategic investments and acquisitions, further solidifying the company's market position [6][24]. Valuation and Growth Potential - The company is expected to achieve revenues of RMB 631.64 billion, RMB 798.83 billion, and RMB 924.82 billion from 2025 to 2027, with corresponding net profits of RMB 22.92 billion, RMB 30.89 billion, and RMB 37.43 billion [7][8]. - The current market valuation suggests a potential upside of approximately 10% based on the average PEG ratio of comparable companies [7].

Core Viewpoint - The company "Mingming Hen Mang" has successfully listed on the Hong Kong Stock Exchange, achieving significant market capitalization and stock price appreciation shortly after its debut [1][3]. Company Overview - Founded as a community store, the company has expanded to over 20,000 locations nationwide, aiming to provide affordable snacks to consumers and support franchisees in achieving financial success [3]. - The company operates two main brands: "Snacks Hen Mang" and "Zhao Yiming Snacks" [3]. Financial Performance - For the first nine months of 2025, the company reported revenue of 46.371 billion yuan, a year-on-year increase of 75.2%, and an adjusted net profit of 1.81 billion yuan, up 240.8% [4]. - Revenue figures for 2022, 2023, and 2024 were 4.286 billion yuan, 10.295 billion yuan, and 39.344 billion yuan, respectively, with year-on-year growth rates of 140.2%, 282.2%, and a compound annual growth rate of 203% [4]. - Adjusted net profits for the same years were 81 million yuan, 235 million yuan, and 913 million yuan, with year-on-year increases of 188.1%, 288.7%, and a compound annual growth rate of 234.6% [4]. Business Expansion - The company's growth is attributed to business expansion and the acquisition of "Zhao Yiming Snacks," with the financials of the latter being consolidated starting December 2023 [5]. - By September 2025, the company is expected to be the first in the industry to exceed 20,000 stores [5]. Industry Context - The retail sector for snacks and beverages in China is experiencing significant growth, with market size projected to increase from 2.9 trillion yuan in 2019 to 3.7 trillion yuan by 2024, reflecting a compound annual growth rate of 5.5% [5]. - The franchise model is a common practice in the retail industry, and the company's development heavily relies on franchisees [5].

Core Viewpoint - Hunan Mingming Henbang Commercial Chain Co., Ltd. has officially listed on the Hong Kong Stock Exchange, becoming the first stock in the "bulk snack" sector, with significant revenue growth indicating a vast market potential in the retail sector [1][4]. Company Overview - Mingming Henbang's revenue reached 46.37 billion yuan in the first three quarters of 2025, marking a year-on-year increase of 75.2% [1][9]. - The company achieved a compound annual growth rate (CAGR) of 203.0% in revenue from 2022 to 2024, with adjusted net profit growing at a CAGR of 234.6% during the same period [3][4]. - As of November 30, 2025, Mingming Henbang operates 21,041 stores across 28 provinces in China, with 66.2% of its stores located in third-tier cities and below [3][4]. Market Position - Mingming Henbang holds a 1.5% market share in the Chinese leisure food and beverage retail sector, ranking fourth among food and beverage retailers with a 0.8% market share [4]. - The company has two major brands: "Snacks Are Busy" and "Zhao Yiming Snacks," which merged in November 2023 [4]. Market Growth - The Chinese leisure food and beverage retail market is projected to grow from 2.9 trillion yuan in 2019 to 3.7 trillion yuan in 2024, with a CAGR of 5.5% [6]. - The down-market segment is expected to reach a GMV of 2.3 trillion yuan by 2024, outpacing the high-end market's growth [7][11]. Consumer Trends - Consumer demand for personalized and diverse products is driving the growth of the leisure food and beverage sector [10]. - Mingming Henbang emphasizes consumer needs, with approximately 34% of its products being customized by manufacturers [8]. Future Prospects - The increase in disposable income in China, projected to rise from 30,733 yuan in 2019 to 54,536 yuan by 2029, is expected to enhance consumer spending on leisure food and beverages [10]. - The company plans to utilize funds raised from its IPO for cold chain logistics and to enhance store locations, focusing on community-centric retail experiences [11].

Company Overview - Hunan Mingming Henbang Commercial Chain Co., Ltd. officially listed on the main board of the Hong Kong Stock Exchange, issuing 15.5112 million shares at a price of HKD 236.6 per share [1] - The stock surged by 88.08% on its debut, reaching HKD 445, with a current market capitalization of HKD 95.275 billion [1] Business Performance - Mingming Henbang achieved a retail sales (GMV) of RMB 66.1 billion in the first nine months of 2025, with a store count of 21,041 across 28 provinces and various city tiers [3] - 59% of the stores are located in county towns and rural areas, positioning the company as a key player in connecting consumer demand with the Chinese food industry [3] Industry Growth - The Chinese snack food and beverage retail industry has seen significant growth, with market size projected to increase from RMB 2.9 trillion in 2019 to RMB 3.7 trillion by 2024, reflecting a compound annual growth rate (CAGR) of 5.5% [3] - The market is expected to further expand to RMB 4.9 trillion by 2029, driven by rising food consumption levels and changing consumer preferences [3] Strategic Plans - The company plans to increase investment in marketing and brand building to attract new consumers and retain existing ones, while also aiming to penetrate new regional markets [3] - However, the company acknowledges that failure to implement effective branding and marketing strategies could negatively impact its operational performance [3]

Group 1 - The company "Ming Ming Hen Mang" is conducting a global offering of 14.101 million H-shares, with a subscription multiple exceeding 1500 times during the public offering phase, and 8 cornerstone investors collectively subscribing for HKD 1.5 billion, including Tencent, Temasek, and BlackRock [1] - The company expects to raise over HKD 3 billion from the Hong Kong IPO, with an estimated market capitalization of approximately HKD 50 billion, primarily to enhance supply chain capabilities, product development, store network upgrades, and ongoing support for franchisees [1] - The company plans to increase investments in brand building, digital enhancement, and strategic acquisitions [1] Group 2 - As the largest leisure food and beverage retail chain in China, the company operates two major brands: "Snacks Hen Mang" and "Zhao Yi Ming Snacks" [2] - By November 30, 2025, the company is projected to have 21,041 operating stores nationwide, with retail sales (GMV) reaching CNY 66.1 billion for the first nine months of 2025, a year-on-year increase of 74.5%, serving over 2.1 billion consumers [2] - As of September 30, 2025, the company had 19,517 stores across 28 provinces and cities, with approximately 59% located in county and town markets, indicating deep penetration into lower-tier markets [2] - The company ranked in the top 10 of China's retail chain industry in 2024 according to the China Chain Store & Franchise Association [2] - Financially, for the first nine months of 2025, the company achieved revenue of CNY 46.371 billion, a year-on-year increase of 75.2%, with adjusted net profit of CNY 1.81 billion, up 240.8% compared to the same period last year, and a net operating cash flow of CNY 2.19 billion [2] - From 2022 to 2024, the company's revenue grew from CNY 4.286 billion to CNY 39.344 billion, while adjusted net profit increased from CNY 0.081 billion to CNY 0.913 billion, reflecting a compound annual growth rate of 234.6% over three years [2]

Core Viewpoint - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. officially listed on the Hong Kong Stock Exchange, marking a new starting point for the company to enhance its long-term development and provide better products and shopping experiences to consumers [2][4]. Group 1: Company Overview - Mingming Hen Mang has grown from a community store to over 20,000 outlets nationwide, becoming a staple in people's lives and aiming to be the largest offline retail channel in China [4]. - The company operates two major brands: "Snacks Hen Mang" and "Zhao Yiming Snacks," leading the bulk sales model in China's food and beverage sector [4]. Group 2: Market Position and Strategy - The company focuses on meeting consumer demand for affordable and quality snacks, particularly in community and lower-tier markets, by restructuring the supply chain and reducing intermediaries [5]. - Mingming Hen Mang emphasizes emotional value in its offerings, creating a joyful shopping experience that transforms snack purchasing into a lifestyle choice [6]. Group 3: Supply Chain and Product Offering - The company has established partnerships with over 2,500 quality manufacturers, achieving an average product price that is approximately 25% lower than traditional supermarkets [7]. - As of September 30, 2025, Mingming Hen Mang has around 3,997 SKUs across seven categories, with a monthly introduction of hundreds of new products [7][8]. Group 4: Logistics and Operational Efficiency - The company operates 48 smart logistics centers, ensuring nationwide delivery within a 300-kilometer radius and maintaining a logistics cost ratio of 1.7% of total revenue [9]. - The inventory turnover days for 2024 were reported at 11.6 days, indicating industry-leading operational efficiency [9]. Group 5: Economic Impact and Employment - Mingming Hen Mang supports local food enterprises and agricultural products, enhancing the overall supply chain of domestic snacks and creating numerous job opportunities through its franchise model [10]. - The company’s growth contributes to the improvement of the county-level commercial system, demonstrating its commitment to the real economy [10]. Group 6: Industry Growth and Future Outlook - The retail market for leisure food and beverages in China is projected to grow from RMB 2.9 trillion in 2019 to RMB 3.7 trillion by 2024, with a compound annual growth rate of 5.5% [11]. - The listing on the Hong Kong Stock Exchange signifies a transition to a more transparent and stable development phase, with ongoing investments in store networks, supply chain capabilities, and product safety [11].

Core Viewpoint - Hunan Mingming Hen Mang Commercial Chain Co., Ltd., China's largest leisure food and beverage retail chain, officially listed on the Hong Kong Stock Exchange on January 28, with its stock price rising significantly from the issue price [1][4]. Company Overview - The company operates two major brands: "Snacks Very Busy" and "Zhao Yiming Snacks" [4]. - As of September 30, 2025, the company 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 number of operational stores reached 19,517 across 28 provinces and all tiered cities in China, with a target of over 20,000 signed stores by September 30, 2025 [4]. - By November 30, 2025, the number of stores increased to 21,041, with many located in county towns, townships, and community areas [4]. Business Model - The core business model is a volume-based approach that connects manufacturers and brands directly, significantly reducing distribution costs through large-scale procurement and standardized operations [4]. - The average price of similar products is approximately 25% lower than that in offline supermarket channels [4]. Product Strategy - The company employs a standardized process for product selection and customization, introducing hundreds of new products monthly, resulting in a diverse and frequently updated product mix [5]. - As of September 30, 2025, the company had approximately 3,997 SKUs covering seven major categories and over 750 brands [5]. - About 34% of SKUs are from manufacturer collaborations, and 38% of products are sold in bulk [5]. Logistics and Supply Chain - The company operates 48 smart modern warehousing and distribution centers, with a delivery radius of 300 kilometers, achieving 24-hour delivery to stores nationwide [5]. - As of September 30, 2025, warehousing and logistics costs accounted for 1.7% of total revenue, with an inventory turnover period of 11.6 days in 2024, both of which are industry-leading metrics [5]. Industry Growth - The Chinese leisure food and beverage retail industry has seen significant growth, with market size increasing from 2.9 trillion RMB in 2019 to 3.7 trillion RMB in 2024, and a projected compound annual growth rate of 5.5% [6]. - The market is expected to expand further to 4.9 trillion RMB by 2029 [6].

1月28日，中国最大的休闲食品饮料连锁零售商——湖南鸣鸣很忙商业连锁股份有限公司（以下简称"鸣鸣很忙"）正式在香港联合交易所主板挂牌上市， 证券简称为"鸣鸣很忙"，股份代号为1768.HK。 鸣鸣很忙总部位于湖南省长沙市雨花区，旗下拥有"零食很忙""赵一鸣零食"两大品牌，是中国食品饮料量贩零售模式的开拓者与引领者。2025年前三季 度，公司实现零售总额（GMV）661亿元人民币，业务覆盖全国28个省份及各线城市，其中59%的门店深入县域与乡镇市场。 审核丨杜进 宜明公际壶示创、明细、贞武进度寺。 4 个六三 天气 查询最新天气信息。 回复 网络举报 举报长沙属地互联网违法不良信息。 回复 婚姻登记 网上预约长沙婚姻登记。 回复 招聘 查询长沙最新招聘信息。 回海 回复 人才政策 查询长沙最新人才政策。 以上内容可查询均为动态信息，持续更新中 若有其他想要查询的内容 欢迎在评论区与小布沟通交流 扫码关注 长沙发布微信公众号 在聊天对话框内回复关键词 即可查询内容 te 来源丨长沙发布 供稿丨飞梦雨花 编辑丨彭烨 校对丨陈叶灵 ...