【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。 ...

值得关注的是，此次IPO吸引了众多知名机构参与，腾讯、淡马锡、贝莱德、富达基金等8家机构组成豪华基石投 资者阵容，累计认购金额约1.95亿美元。其中腾讯与淡马锡各认购4500万美元，贝莱德认购3500万美元，富达基 金认购3000万美元，泰康人寿、博时国际等也各参与认购1000万美元，顶级机构的集体背书为公司上市奠定了坚 实基础。 鸣鸣很忙由"零食很忙"与"赵一鸣零食"合并而来，目前已在全国28个省份布局超过1.95万家门店，覆盖全部县级 城市，其中近六成门店位于县城及乡镇，下沉市场渗透率较高。凭借"直连厂商-集中仓储-高效配送"的供应链模 式，公司产品价格较线下超市同类产品便宜约25%，同时拥有近4000个产品SKU，满足消费者多样化需求。财务 数据显示，公司营收从2022年的42.86亿元增长至2024年的393.44亿元，两年间增长8.6倍，高增长态势显著。 湖南鸣鸣很忙商业连锁股份有限公司（简称"鸣鸣很忙"）于1月20日正式启动招股，招股期将持续至1月23日，计 划在2026年1月28日登陆港交所主板，股票代码定为"1768"，届时将成为港股市场上的"量贩零食第一股"。 作为国内规模领先的休闲食品饮料 ...

呜鸣很忙是一家食品饮料零售商，提供品类丰富、高质价比、高频上新的产品。截至2025年三季度，鸣鸣很忙拥有19,517家门店，覆盖中国28个省份和所有 线级城市。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。 目前，通过聆讯待招股的公司有7家，分别是大族数控、牧原食品、东鹏饮料、国恩股份、白鸽在线、卓正医疗及澜起科技。 其中，"港股GPU第一股"(06082.HK)壁仞科技上市首日涨幅高达75.82%，紧接着"AI大模型股"(00100.HK)MINIMAX上市首日股价翻倍，带动前一天上市的 智谱(02513.HK)持续走高，并掀起了港股AI应用板块小牛市。 乘着港股IPO市场这股火热东风，本周鸣鸣很忙正在招股，预计于1月28日正式挂牌港交所，高盛、华泰国际担任联席保荐人。 开年以来，11只登陆港交所的新股悉数收涨，达成"零破发"战绩。从数据来看，新股暗盘平均涨幅达67.8%，首日平均涨幅亦高达33.7%。这些来自GPU、 AI、生物医药等热门赛道的新股，不仅彻底点燃了港股市场的打新热情，更一举推动港股新股市场创下近年以来的最佳 ...

根据发售价为每股发售股份233.10港元(即所述发售价范围每股发售股份229.60港元至236.60港元的中位 数)，经扣除包销佣金、费用及有关全球发售的其他估计开支，假设发售量调整权及超额配股权未获行 使，集团估计将收取全球发售所得款项净额约31.24亿港元，或倘超发售量调整权及额配股权获悉数行 使则收取39.6亿港元。 根据集团的战略，集团拟按照如下用途及金额使用全球发售所得款项净额：1.所得款项净额中约25.0% 将用于提升集团的供应链能力及提高集团的产品开发能力。其中：所得款项净额中约20.0%，将用于自 建智慧物流园区，新建或租赁仓库，自动化仓储和物流系统的升级，并相应配备仓储管理人员。所得款 项净额中约5.0%将用于发展集团的产品开发能力;2.所得款项净额中约20.0%将用于门店网络升级，以及 加盟商的持续赋能。其中：所得款项净额中约10.0%将用于优化门店陈列，提升品牌在全国的影响力。 所得款项净额中约5.0%将用于对门店网络的支持及赋能。所得款项净额中约5.0%将用于升级加盟商和 门店的培训体系;3.所得款项净额中约20.0%将用于品牌建设及推广活动。其中：所得款项净额中约 15.0%将用于提 ...

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]

在量贩零食行业规模化扩张的浪潮中，如何平衡品牌规模增长与加盟商利益保障，始终是行业亟待破解 的核心命题。作为布局全国 28 个省份、坐拥近 2 万家门店的头部企业，鸣鸣很忙给出了极具借鉴意义 的答案。 通过推行科学透明的 400 米区域保护政策，搭配持续向好的经营数据，走出了一条品牌与加盟商深度共 赢的高质量发展路径。其港交所招股书披露的核心运营逻辑，更为行业树立了可复制的实践范本。 区域保护是加盟生态健康发展的基石，鸣鸣很忙将这一理念落地为精准可执行的规则体系。 根据港交所公开聆讯招股书显示，品牌为加盟店制定了明确的核心区域保护标准：新开门店与现有门店 的直线距离原则上不低于 400 米。这一政策并非僵化的数字红线，而是基于数字化系统构建的动态优化 方案。 总部在评估拟开店地址时，会综合考量区域人口密度、消费容量、现有门店运营数据、商圈流量分布等 多重核心维度，进行全方位精准测算。对于业绩表现优异的成熟区域，品牌始终坚持 "先保盈利、再谈 扩张" 的原则，在确保现有加盟商经营收益不受影响的前提下，才会审慎推进门店新增计划，且全程严 格恪守最低 400 米距离要求。 共赢逻辑：长期主义驱动的生态良性循环 鸣鸣 ...

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]