【环球网财经综合报道】近日，新股鸣鸣很忙（1768.HK）在港交所成功上市，公开数据显示，公司上市首日开盘大 涨88.08%，报445港元；总市值达952.75亿港元。 鸣鸣很忙此次全球发售1410.1万股H股，公开发售阶段认购倍数超过1500倍，8家基石投资者合计认购15亿港元，包括 腾讯、淡马锡与贝莱德等。公司预计净筹资30亿港元以上，集资将主要用于产品开发等方面，以进一步丰富商品品类 和提升供应链能力。 鸣鸣很忙此次登陆港交所，也吸引了多家券商机构的关注。第一上海证券在发布的研报中指出，根据弗若斯特沙利文 报告，按2024年休闲食品饮料产品GMV计，公司是中国最大的连锁零售商；按2024年食品饮料产品GMV计，公司亦 是中国第四大连锁零售商，并保持高速增长。根据中国连锁经营协会的资料，公司位列2024年中国连锁前十位之一， 也是其中增长最快的连锁商。 报告还提到，公司提供品类丰富、高质价比、高频上新的产品，门店网络中的门店多位于人流量大、易见易达的街边 位置，致力于提供欢乐、舒适的逛店体验。同时，公司通过直接向厂商采购，并直接面向终端消费者销售，减少了中 间环节，并实现了规模经济。 东吴证券则在研报中分 ...

根据弗若斯特沙利文报告，按2024年休闲食品饮料产品GMV计，鸣鸣很忙是中国最大的连锁零售商； 按2024年食品饮料产品GMV计，亦是中国第四大连锁零售商，并保持高速增长。根据中国连锁经营协 会的资料，鸣鸣很忙位列2024年中国连锁前十位之一，也是其中增长最快的连锁商。截至2025年9月30 日，鸣鸣很忙门店网络由19,517家门店组成，其中约59%位于县城及乡镇，门店网络覆盖1,341个县。 中国零食商"零食很忙"和"赵一鸣零食"母企、被称为"量贩零食第一股"的鸣鸣很忙(1768.HK)今日首日 上市高开88.08%，报445港元，市值达952.75亿港元。 鸣鸣很忙此次IPO公开发售获1899.49倍认购，国际配售获44.44倍认购。 ...

Core Viewpoint - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. (referred to as "Mingming Hen Mang") officially launched its IPO on January 20, 2024, aiming to become the "first stock of bulk snacks" on the Hong Kong Stock Exchange by January 28, 2026 [1][3]. Group 1: IPO Details - The company plans to issue a total of 14.1011 million shares globally, with 1.4102 million shares available for public offering in Hong Kong and 12.6909 million shares for international offering [3]. - The price range for the IPO is set between HKD 229.60 and HKD 236.60, with an estimated entry fee for investors of approximately HKD 23,898.62 [3]. Group 2: Institutional Participation - The IPO has attracted significant interest from renowned institutions, including Tencent, Temasek, BlackRock, and Fidelity, forming a strong cornerstone investor group with a total subscription amount of approximately USD 195 million [5]. - Tencent and Temasek each subscribed for USD 45 million, while BlackRock subscribed for USD 35 million, and Fidelity for USD 30 million, among others [5]. Group 3: Company Overview and Growth - Mingming Hen Mang is a leading leisure food and beverage retail chain in China, with over 19,500 stores across 28 provinces, primarily located in county-level cities and towns, indicating a high penetration in lower-tier markets [5]. - The company has achieved significant revenue growth, with sales increasing from CNY 4.286 billion in 2022 to CNY 39.344 billion in 2024, representing an 860% growth over two years [5]. Group 4: Use of Proceeds - The funds raised from the IPO will be primarily used to enhance supply chain and product development capabilities, upgrade store networks, improve digitalization, build brand presence, and make strategic investments [7]. - This capital infusion is expected to further solidify the company's leading position in the bulk snack sector and inject new vitality into the consumer sector of the Hong Kong market [7].

Group 1 - In the beginning of the year, 11 new stocks listed on the Hong Kong Stock Exchange all recorded gains, achieving a "zero break" performance [1] - The average increase in the dark market for new stocks reached 67.8%, while the average first-day increase was as high as 33.7% [1] - New stocks from popular sectors such as GPU, AI, and biomedicine have ignited enthusiasm in the Hong Kong stock market, leading to the best start for the new stock market in recent years [1] Group 2 - Among the new listings, Wallen Technology (06082.HK), known as the "first GPU stock in Hong Kong," saw a first-day increase of 75.82%, while MINIMAX (00100.HK), an "AI large model stock," doubled its stock price on its debut [1] - The listing of these stocks has sparked a mini bull market in the AI application sector of the Hong Kong stock market [1] Group 3 - The company Mingming is currently busy with its IPO, expected to officially list on the Hong Kong Stock Exchange on January 28, with Goldman Sachs and Huatai International as joint sponsors [2] - Mingming is a retail company in the food and beverage sector, boasting a wide range of high-quality products and a significant number of stores, totaling 19,517 across 28 provinces in China by Q3 2025 [2] - By 2024, Mingming is projected to be the largest chain retailer in China by GMV for leisure food and beverage products, and the fourth largest for food and beverage products overall [2] Group 4 - Currently, there are seven companies awaiting IPO approval, including Dazhu CNC, Muyuan Foods, Dongpeng Beverage, Guoen Co., Baige Online, Zhuozheng Medical, and Lanke Technology [3]

Core Viewpoint - The company, Mingming Hen Mang (01768), is set to launch an IPO from January 20 to January 23, 2026, offering 14.1011 million H-shares at a price range of HKD 229.6 to HKD 236.6 per share, with a significant portion of the shares allocated for international investors [1][2]. Group 1: Company Overview - Mingming Hen Mang is a mature and steadily growing food and beverage retailer in China, with a store network of 19,517 locations across 28 provinces and all tiered cities, focusing on providing a pleasant shopping experience [1]. - Approximately 59% of the company's stores are located in county towns and rural areas, indicating a broad market reach [1]. - The company achieved a Gross Merchandise Value (GMV) of RMB 55.5 billion in 2024, which increased to RMB 66.1 billion in the first nine months of 2025, representing a growth of 74.5% compared to the same period in 2024 [1]. Group 2: Financial Performance - The company's revenue grew from RMB 4.286 billion in 2022 to RMB 10.295 billion in 2023, and further to RMB 39.344 billion in 2024, with a compound annual growth rate (CAGR) of 203% from 2022 to 2024 [5]. - For the nine months ending September 30, 2025, revenue reached RMB 46.372 billion, up from RMB 26.466 billion in the same period of 2024 [5]. - The company's gross profit increased from RMB 319 million in 2022 to RMB 772 million in 2023, and further to RMB 2.999 billion in 2024, with a CAGR of 206.4% from 2022 to 2024 [5]. Group 3: IPO and Fund Utilization - The company estimates to net approximately HKD 3.124 billion from the global offering, which could increase to HKD 3.96 billion if the over-allotment option is fully exercised [3]. - The net proceeds will be allocated as follows: 25% for enhancing supply chain capabilities, 20% for store network upgrades, 20% for brand building and promotion, 20% for improving technological capabilities, 5% for strategic investments, and 10% for working capital and general corporate purposes [4]. Group 4: Strategic Partnerships - The company has entered into cornerstone investment agreements with major investors including Tencent, Temasek, and BlackRock, agreeing to subscribe for approximately USD 195 million worth of shares at a median price of HKD 233.10 per share [2].

Core Viewpoint - The company, Mingming Hen Mang (01768), is set to launch an IPO from January 20 to January 23, 2026, offering 14.1011 million H-shares at a price range of HKD 229.6 to HKD 236.6 per share, with a significant portion allocated for international investors [1] Group 1: Company Overview - The company is a mature and steadily growing food and beverage retailer in China, with a store network of 19,517 locations across 28 provinces and all tiered cities as of September 30, 2025 [1] - Approximately 59% of the company's stores are located in county towns and rural areas, focusing on providing a pleasant shopping experience with a wide range of high-quality products [1] - The company achieved a Gross Merchandise Volume (GMV) of RMB 555 billion in 2024, which increased to RMB 661 billion in the first nine months of 2025, representing a growth of 74.5% compared to the same period in 2024 [1] Group 2: Financial Performance - The company's revenue grew from RMB 4.286 billion in 2022 to RMB 10.295 billion in 2023, and further to RMB 39.344 billion in 2024, with a compound annual growth rate (CAGR) of 203.0% from 2022 to 2024 [5] - For the nine months ending September 30, 2025, revenue increased to RMB 46.372 billion, up from RMB 26.466 billion in the same period of 2024 [5] - The company's gross profit rose from RMB 319 million in 2022 to RMB 772 million in 2023, and further to RMB 2.999 billion in 2024, with a CAGR of 206.4% from 2022 to 2024 [5] Group 3: IPO and Fund Utilization - The company estimates a net amount of approximately HKD 3.124 billion from the global offering, which could increase to HKD 3.96 billion if the over-allotment option is fully exercised [3] - The net proceeds will be allocated as follows: 25% for enhancing supply chain and product development capabilities, 20% for store network upgrades, 20% for brand building and promotion, 20% for improving technology and digital capabilities, 5% for strategic investments, and 10% for working capital and general corporate purposes [4] Group 4: Strategic Partnerships - The company has entered cornerstone investment agreements with major investors including Tencent, Temasek, and BlackRock, agreeing to subscribe for approximately USD 195 million worth of shares at a median price of HKD 233.10 per share [2]

Investment Rating - The report maintains a "Positive" investment rating for the industry [11] Core Insights - The bulk snack industry has successfully captured current consumer trends through "extreme cost performance" and "efficient supply chains," leading to a stable "dual strong" market structure with significant scale effects for leading companies [4][6] - The market for leisure food and beverages is expected to approach 4 trillion yuan by 2025, with a compound annual growth rate (CAGR) of over single digits from 2025 to 2029 [6][30] - The two leading companies, Mingming and Wancheng, have established themselves as industry champions, with Mingming showing stronger profitability and Wancheng focusing on operational efficiency and turnover speed [4][7] Market Structure and Growth - The snack industry is transitioning from fragmented operations to brand and chain development, entering an innovative phase represented by bulk snack stores [19][21] - The leisure food and beverage market is projected to grow significantly, with the down-market segment expected to see a growth rate of 6.8% from 2024 to 2029, surpassing the high-line market's 4.1% [6][33] - The retail market for bulk snacks is expected to exceed 200 billion yuan by 2025, with significant contributions from lower-tier markets [36][38] Company Performance - As of mid-2025, both leading companies have over 15,000 stores, with Mingming's store count reaching 21,041 by November 2025, while Wancheng is enhancing its presence in lower-tier markets [7][54] - Mingming has approximately 180 million registered members, with a repurchase rate of about 77%, while Wancheng has over 150 million registered members and an average monthly purchase frequency of 2.9 times [54][55] - Profitability for both companies is improving, with Mingming's gross margin at 9.7% and Wancheng's at 11.7% for the first three quarters of 2025 [8][55] Future Outlook - The report suggests that the future growth of bulk snack companies will rely on scale effects and operational efficiency, with potential for category expansion and overseas market penetration [9][30] - The Southeast Asian snack and beverage market is projected to reach approximately 48.4 billion USD by 2025, presenting opportunities for Chinese snack companies to expand internationally [9][30]

Core Insights - The article discusses the balance between brand growth and franchisee interests in the snack retail industry, highlighting the successful approach of the company "鸣鸣很忙" with its 400-meter area protection policy [1][2] Group 1: Area Protection Policy - The company has implemented a clear and executable area protection standard, ensuring that new stores are at least 400 meters away from existing ones, which is based on a dynamic optimization model [2] - The policy is designed to provide stability for franchisees while allowing for cautious expansion, ensuring existing franchisee profitability before adding new locations [2][6] Group 2: Operational Performance - As of September 30, 2025, the company has expanded to 19,517 stores, covering 1,341 counties, achieving a county market coverage rate of approximately 66% [5] - The average monthly sales revenue per store has shown a stable upward trend, reaching 301,000 yuan, 441,100 yuan, and 439,000 yuan in successive periods, indicating effective site selection and area protection [5] Group 3: Financial Metrics - The company's GMV reached 66.1 billion yuan, a 74.5% increase compared to the same period in 2024, showcasing the resilience and growth potential of its franchise ecosystem [5] - The gross margin for the first nine months of 2025 was 9.7%, with an adjusted net profit margin of 3.9%, reflecting the feasibility of a development model that balances scale and profitability [6] Group 4: Long-term Strategy - The company's approach creates a virtuous cycle of "rule protection—store profitability—scale expansion—ecosystem optimization," ensuring a sustainable operating environment for franchisees [6] - The ongoing enhancement of digital capabilities and supply chain efficiency, along with the area protection policy, is expected to drive continued growth and high-quality development in the snack retail industry [7]

Core Viewpoint - Mingming Hen Mang is advancing towards becoming the "first stock of bulk snacks" in Hong Kong, having recently passed the hearing at the Hong Kong Stock Exchange, with significant growth in GMV and store expansion, but faces challenges in profit margins and compliance issues [5][9][18]. Group 1: Company Performance - In the first three quarters of the previous year, Mingming Hen Mang achieved a GMV of 661 billion yuan, a year-on-year increase of 74.5%, surpassing the projected GMV of 555 billion yuan for the entire year of 2024 [5][9]. - The company operates 19,517 stores as of the end of the third quarter last year, with approximately 59% located in county and town areas, indicating effective penetration into lower-tier markets [10][12]. - Revenue grew from 4.286 billion yuan in 2022 to 39.344 billion yuan in 2024, reflecting a compound annual growth rate of 203% [12]. Group 2: Financial Challenges - Despite rapid sales growth, the company's gross margin remains low, with figures of 7.5% in 2022, 7.5% in 2023, and 7.6% in 2024, compared to the average gross margin of 15% to 20% in offline supermarket channels [15][16]. - Sales and marketing expenses have significantly increased, from 1.59 million yuan in 2022 to 17.23 million yuan in the first three quarters of 2025 [16]. - Inventory levels have risen sharply from 200 million yuan at the end of 2022 to 2.491 billion yuan by the end of the third quarter last year, posing potential risks of inventory obsolescence [16]. Group 3: Compliance and Governance Issues - The company faced a fine of 1.75 million yuan for failing to timely report the acquisition of Zhao Yiming Group to regulatory authorities [19]. - There have been over 2,400 complaints related to food safety issues against Zhao Yiming Snacks and Mingming Hen Mang, highlighting significant reputational risks [20][21]. - The company has been named in multiple reports by the Guangdong Provincial Market Supervision Administration for food safety violations, indicating ongoing regulatory scrutiny [21].

Core Viewpoint - The company "Ming Ming Hen Mang," the parent of snack chains "Ling Shi Hen Mang" and "Zhao Yi Ming Snack," is preparing for an IPO, aiming to raise between $400 million to $500 million, significantly higher than earlier estimates of $100 million to $200 million [2] Group 1: IPO Details - Ming Ming Hen Mang has initiated a pre-IPO roadshow and is set to list on the Hong Kong Stock Exchange [2] - The company received its overseas listing approval from the China Securities Regulatory Commission on December 11, 2025, and plans to issue up to 76.6664 million shares [2] - A total of 25 shareholders intend to convert 198 million shares of unlisted domestic shares into overseas listed shares for trading on the Hong Kong Stock Exchange [2] Group 2: Business Overview - As of September 30, 2025, Ming Ming Hen Mang operates a network of 19,517 stores across 28 provinces and all tiered cities in China, with approximately 59% of its stores located in county and town areas [2] - According to a report by Frost & Sullivan, Ming Ming Hen Mang is the largest chain retailer in China by GMV for leisure food and beverage products in 2024 [2] - The company is also ranked as the fourth largest chain retailer in China by GMV for food and beverage products in 2024, demonstrating rapid growth [2] - Ming Ming Hen Mang is recognized as one of the top ten chain retailers in China for 2024 and is noted as the fastest-growing among these top ten retailers [2]