上篇《鸣鸣很忙："零食界拼多多"凭何练就？》，海豚君带大家聊透了零食圈 "拼多多式" 黑马——鸣鸣很忙的商业模式以及支撑其商业模式高效运转的 核心引擎——高度数字化的供应链体系。 但热闹过后，关键问题来了：这匹黑马的增长后劲到底足不足？在不久的将来上市后，它能成为投资者眼中的 "香饽饽" 吗？ 话不多说，这篇咱直接上干货，扒一扒零食很忙的成长潜力与上市投资价值！ 以下为详细内容 为了避免陷入降价-亏损-再降价的恶性循环，从下表可以看到，2023年开始，量贩零食开始加速整合，中小品牌在连续亏损的情况下，要么通过"抱团取 暖"成为区域巨头，要么选择被巨头吞并，剩下的基本都因为无法承受亏损而倒闭退出。 23年9月万辰集团将旗下独立运营的"陆小馋、好想来、来优品、吖滴吖滴"四大量贩零食品牌统一翻牌成"好想来"统一运营，11月行业第一的零食很忙与 行业第三的赵一鸣零食战略合并为鸣鸣很忙。 1、跑马圈地，高速开店期已过 在探讨很忙的开店空间前，海豚君先带大家简单梳理一下量贩零食行业竞争格局的变化，简单来说，前后分为两个阶段： 1.0 阶段：师傅带徒弟，各自占山为王（2017 - 2021年）：作为"厂家直采、现金结账、极 ...

证券研究报告 公司研究 / 首次覆盖 2025 年 12 月 24 日 量贩零食龙头加速成长，向上势能强劲 ——万辰集团（300972.SZ）首次覆盖报告 投资要点： 食品饮料 | 报告原因： | | --- | | 买入（首次评级） | | 收盘价（元） | 194.21 | | --- | --- | | 一年内最高/最低（元） | 211.80/73.17 | | 市净率 | 18.0 | | 股息率（分红/股价） | 0.37 | | 流通 A 股市值（百万元） | 32,626 | | 上证指数/深证成指 | 3,920/13,369 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据： | | 2025 | 年 | 09 | 日 | | 月 30 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 每股净资产（元） | | | | | | | | | 10.8 | | 资产负债率% | | | | | | | 66.35 | | | | 总股本/流通 A | 股（百万） | | | | | | ...

策略研究 | 证券研究报告 — 总量深度 2025 年 12 月 16 日 策略深度报告 风格与趋势共振：新消费投资图景 消费具备轮动补涨配置机会，新消费兼具产业趋势与中期景气双重共振。 中银国际证券股份有限公司 具备证券投资咨询业务资格 策略研究 证券分析师: 王君 (8610)66229061 jun.wang@bocichina.com 证券投资咨询业务证书编号：S1300519060003 证券分析师：高天然 (8610)66229064 tianran.gao@bocichina.com 证券投资咨询业务证书编号：S1300522100001 2025 年 Q2 新消费行情演绎的三重逻辑：1）基本面层面：中美贸易摩 擦下，提振内需政策预期强化；2）资金面层面：全球资金再配置，港 股估值修复，A 股和港股消费共振；3）风格轮动：科技与消费呈现"跷 跷板"效应。从宏观背景与风格轮动逻辑来看，当前市场环境与 2025 年 Q2 有一定相似之处，消费风格具备轮动补涨配置机会：1）基本面层 面：CPI 回暖趋势初现，必选消费市场表现与 CPI 同比有较高相关度， 盈利-估值对比，消费风格具有明确优势；2）资金 ...

万辰集团 20251202 摘要 万城通过收购和股权激励快速扩张量贩零食门店网络，至 2023 年底签 约门店超 18,000 家，布局 4,700 家，并逐步收回少数股东权益，增强 控制力。 公司自 2023 年二季度扭亏为盈，2025 年前三季度营收达 362 亿，贡 献利润 17 亿，量贩经营率超 5.3%，得益于仓储物流体系建设和成本控 制。 万城未来发展方向包括优化多品类店型，差异化经营，拓展华北、东北 市场，并进一步归集少数股东权益，提升整体盈利能力。 当前量贩零食行业格局进入双寡头时代，万城凭借供应链和规模优势占 据主导地位，小品牌面临挑战，预计该格局将长期持续。 万城通过股权激励考核收入和利润，已达成所有激励目标，2024 年以 来股票总涨幅超 9 倍，反映市场对其运营模式和盈利能力的认可。 中国零售业态正朝着更省、更好、更快方向发展，万城在折扣零售领域 通过量贩零食向多品类迭代，具备发展潜力。 预计万城 2025 年收入超 500 亿，净利润近 13 亿，对应 27 倍 PE，2026 年收入达 579 亿，净利润近 20 亿，对应 18 倍 PE，具备充 足发展空间。 Q&A 请简要介绍万 ...

每经AI快讯，万辰集团（SZ 300972，收盘价：171.5元）发布公告称，2025年11月25日至11月26日，万 辰集团接受中邮证券等投资者调研，公司投资者关系管理总监王颖洁参与接待，并回答了投资者提出的 问题。 2025年1至6月份，万辰集团的营业收入构成为：量贩零食占比98.95%，农业种植业占比1.05%。 截至发稿，万辰集团市值为324亿元。 每经头条（nbdtoutiao）——国开行辟谣的"人民资产"是什么？记者实探：号称投资600元80天赚8万 元！一位投资人的女儿：劝不住她，警察都拦不住 （记者 曾健辉） ...

Core Insights - The company "Lai You Pin" has surpassed 1,300 stores and has been recognized as the leading snack chain brand in Anhui Province by the international consulting firm CIC [1][4] - To celebrate its store expansion, Lai You Pin launched a "Million Consumption Subsidy" campaign to stimulate consumer spending from November 15 to 30 [3] - The parent company, Wancheng Group, is one of the largest and fastest-growing enterprises in China's snack retail industry, with plans to have over 15,000 stores across 29 provinces by June 30, 2025 [4][6] Company Development - Lai You Pin started in 2015 as a small 12-square-meter store in Huainan and has grown to become a regional leader with 1,300 stores [6] - The brand has evolved from a vertical snack store to a comprehensive discount supermarket, enhancing its market potential while maintaining its scale advantage [7] - The company adheres to a business philosophy of "quality, low price, and simplicity," focusing on high-quality products and efficient supply chains [7] Market Strategy - In 2024, Lai You Pin introduced the "Penny-Saving Supermarket" concept, aiming to reshape community retail by offering a one-stop shopping experience that combines snacks, trendy toys, and daily necessities [8] - The first "Penny-Saving Supermarket" opened on January 10, 2025, featuring over 3,000 SKUs across various categories, and has shown significant sales and efficiency improvements [10] - The company is focused on building a chain ecosystem and enhancing operational efficiency to improve the overall consumer experience [10] Social Responsibility - Lai You Pin has a strong commitment to social responsibility, donating materials and funds for disaster relief and local educational initiatives [11] - The company has created nearly a thousand jobs in Anhui, indirectly supporting over ten thousand employment opportunities, contributing to local economic vitality [11] Consumer Trends - The company recognizes a shift towards more rational consumer behavior, emphasizing the importance of quality-price ratio in its offerings [13] - Lai You Pin aims to enhance operational efficiency and consumer experience while providing high-quality products to meet evolving consumer demands [13]

Group 1: Macroeconomic Overview - Industrial value-added is expected to grow by 5.5% year-on-year in October, with a decline in production PMI indicating a marginal retreat in production enthusiasm [3][21] - Trade figures for October predict a 3.0% year-on-year increase in both exports and imports, with imports expected to maintain resilience in the fourth quarter [3][22] - Inflation forecasts indicate that October CPI will remain flat year-on-year, while PPI is expected to decline by 2.2% [3][23][24] Group 2: Banking Sector Insights - The pressure to realize floating profits in banks is manageable this year, with state-owned banks showing better revenue progress compared to smaller banks [4] - Smaller banks are expected to have a stronger demand to realize floating profits due to significant declines in revenue from the gold market [4] Group 3: Semiconductor Industry Analysis - The semiconductor sector is projected to continue its optimistic growth trajectory, driven by AI and domestic substitution trends [5][7] - The storage segment is expected to see sustained high growth in contract prices in Q4 2025, with strong performance anticipated from various semiconductor companies [5][7] Group 4: Company-Specific Performance - Huatai Technology reported a 135% year-on-year increase in net profit for Q3 2025, driven by strategic acquisitions and industry fund establishment [7][8] - Juhua Co. achieved a 160% year-on-year increase in net profit for the first three quarters of 2025, with significant growth in refrigerant prices [15][29] - Sanhua Intelligent Controls reported a 40.9% year-on-year increase in net profit for the first three quarters of 2025, supported by cost reduction measures and diverse business expansion [16][33] Group 5: Construction and Infrastructure - China State Construction Engineering Corporation's revenue decreased by 4.2% year-on-year in the first three quarters of 2025, with a focus on the conversion of orders to support performance [25][26] - The company secured new contracts worth 30,383 billion yuan, with significant growth in energy and municipal engineering sectors [26][27] Group 6: Market Performance and Trends - The A-share electronic industry remains the largest heavy-weight sector with a 25.53% allocation, indicating a significant increase in investment interest [5] - The overall market indices showed positive movements, with the Shanghai Composite Index closing at 4007.76, up by 0.97% [10]

Core Insights - The article discusses the rapid expansion and profitability of the snack retail company "Ming Ming Hen Mang" in the context of the Chinese snack food market, which is projected to grow from 3.7 trillion yuan in 2024 to 4.9 trillion yuan by 2029 [1][2]. Group 1: Company Overview - Ming Ming Hen Mang has significantly increased its franchise store count from 1,898 in 2022 to 16,759 by mid-2025, representing an over 8-fold increase in just two and a half years [2]. - The company has a diverse product offering with 3,605 SKUs as of June 30, 2025, and aims to maintain at least 1,800 SKUs per store, benefiting from extensive consumer data analysis [2][15]. Group 2: Financial Performance - The company's GMV reached 55.5 billion yuan in 2024, with a substantial increase to 41.1 billion yuan in the first half of 2025, marking an 86.9% year-on-year growth [6]. - Revenue figures show a consistent upward trend, with revenues of 4.29 billion yuan in 2022, 10.30 billion yuan in 2023, and 39.34 billion yuan in 2024, alongside adjusted net profits rising from 0.81 billion yuan in 2022 to 9.13 billion yuan in 2024 [7][8]. Group 3: Market Strategy - The company focuses on "extreme cost performance" and targets third- and fourth-tier cities for expansion, which allows for rapid replication of its store model [3]. - Ming Ming Hen Mang's pricing strategy is based on low margins and high sales volume, with average prices approximately 25% lower than similar products in offline supermarkets [17]. Group 4: Operational Efficiency - The company has developed a robust digital management system that supports store operations, product selection, and supply chain logistics, enhancing overall efficiency [18]. - As of 2024, the company had over 16 billion consumer visits and a membership base of 120 million, with a 75% annual repurchase rate, indicating strong customer loyalty [18]. Group 5: Competitive Landscape - The competitive environment is intensifying, with new entrants like Wancheng Group rapidly expanding their store counts, which could lead to price wars and reduced profitability for existing players [4][19]. - The merger with Zhao Yiming Snacks aims to strengthen market position but raises concerns about brand integration and operational efficiency in the long run [20][21].

Core Insights - The company, Mingming Hen Mang, submitted updated listing application materials to the Hong Kong Stock Exchange, showcasing strong financial performance and market leadership [1][3] - As of June 30, 2025, the company achieved a retail sales (GMV) of 41.1 billion RMB, with revenue of 28.12 billion RMB and an adjusted net profit of 1.034 billion RMB [1] - The total number of stores reached 16,783, maintaining its position as the industry leader, and it is the first in the sector to surpass 20,000 stores according to Frost & Sullivan [1][3] Financial Performance - The company reported a cash balance exceeding 2.394 billion RMB and net current assets of 2.827 billion RMB as of June 30, 2025 [3] - For the first half of 2025, the operating cash flow net amount was 1.395 billion RMB, indicating robust cash generation capabilities [3] - The inventory turnover days were only 11.7 days, reflecting efficient asset management and supply chain operations [3] Market Position - Mingming Hen Mang is recognized as one of China's largest leisure food and beverage retail chains, integrating its dual brands "Snacks Are Busy" and "Zhao Yiming Snacks" to enhance operational efficiency [3] - The company ranked among the top 10 in the 2024 China Chain Industry, being the only bulk snack enterprise in that list [3] - The updated prospectus is seen as a routine step in the Hong Kong IPO process, with expectations for a successful listing due to the company's scale, operational quality, and growth momentum [3]

Core Viewpoint - Mingming Hen Mang Group, a leading player in the snack retail industry, has shown rapid growth in performance, driven by its low-price strategy, but faces challenges in establishing a stable supply chain and developing high-margin private label products for long-term profitability [1][6][9] Group 1: Company Performance - As of June 30, 2023, Mingming Hen Mang Group has 16,783 stores, with 99.9% being franchise stores [1][3] - The company achieved a GMV of 41.1 billion yuan in the first half of the year, representing an 86.9% increase year-on-year [3] - Revenue for the first half of 2023 reached 28.124 billion yuan, up 86.5% from the previous year, while adjusted net profit was approximately 1.035 billion yuan, a 265.5% increase [3][6] - The company has maintained a compound annual growth rate (CAGR) of 203% in revenue and 234.6% in adjusted net profit from 2022 to 2024 [6] Group 2: Market Position and Strategy - Mingming Hen Mang Group is the largest chain retailer in the domestic market for leisure food and beverages, according to data from Frost & Sullivan [3] - Approximately 58% of the company's stores are located in county towns and rural areas, covering 1,327 counties [4] - The average price of the company's products is about 25% lower than similar products in offline supermarket channels, contributing to its competitive edge [6] Group 3: Challenges and Risks - The company faces challenges related to rising rental, labor, and logistics costs, which impact its low gross margin [7] - The reliance on a franchise model poses risks, especially in a competitive market that is transitioning from rapid expansion to more refined operations [8] - Analysts suggest that the company must focus on supply chain efficiency and the development of high-margin private label products to ensure long-term profitability [9]