香港聯合交易所有限公司與證券及期貨事務監察委員會對本聆訊後資料集的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不就因本聆訊後資料集全部或任何部分內容而產生或因倚賴該等 內容而引致的任何損失承擔任何責任。 BUSY MING GROUP CO., LTD. 湖南鳴鳴很忙商業連鎖股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的聆訊後資料集 警告 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的 要求而刊發，僅用作提供資訊予香港公眾人士。 本聆訊後資料集為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代 表 閣下知悉、接納並向本公司、各保薦人、整體協調人、顧問或包銷團成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據與香港公司註冊處處長註冊的本公 司招股章程作出投資決定。該文件的文本將於發售期內向公眾人士派發。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的；投資者不應根據本文件中 的資料作出任何投資決定； (b) 在聯交所網站登載本文件或其 ...

Core Insights - The company "鸣鸣很忙" has successfully completed its listing application process in under eight months, positioning itself as a leading player in the Chinese snack retail industry [3] - The company has established a robust product matrix and a significant market presence, with a membership base of approximately 1.5 billion and a store count exceeding 20,000 [5][11] - The competitive landscape is intensifying, with other brands and traditional retailers also expanding their market presence, necessitating continuous innovation and operational efficiency [15][16] Group 1: Company Growth and Market Position - "鸣鸣很忙" has become one of the top 10 players in the Chinese retail chain industry, specifically in the snack sector, and aims to be the first in the Hong Kong market [3] - The company has a diverse product range, including over 750 brands and 3,605 SKUs, with a focus on meeting consumer demand for variety [5][6] - The average price of products is approximately 25% lower than similar items in offline supermarkets, enhancing its competitive edge [6] Group 2: Operational Efficiency and Consumer Engagement - The company employs a rigorous quality control process involving a dedicated team of 243 professionals to ensure product safety and quality [8][10] - "鸣鸣很忙" has established a comprehensive supply chain management system that benefits both consumers and small manufacturers, facilitating market access for numerous brands [8][10] - The company has achieved significant sales growth, with revenues increasing from 42.86 billion to 393.44 billion from 2022 to 2025 [11] Group 3: Challenges and Competitive Landscape - The rapid expansion of the store network, primarily through a franchise model, has raised concerns about dependency on franchisee performance and potential risks associated with a single revenue stream [12][13] - The competitive environment is becoming increasingly fierce, with other brands and traditional retailers also vying for market share, indicating a need for strategic adaptation [15][16] - The company has faced regulatory challenges, including administrative penalties for compliance issues, highlighting the importance of maintaining quality control amid rapid growth [17][18]