鸣鸣很忙 20260311 摘要 鸣鸣很忙与万辰形成双寡头格局，CR2 达 70.7%，公司稳态门店空间测 算达 3.5 万家，较当前 2.1 万家仍有 65%以上增长空间。 2025-2027 年预计净增门店 7,000/4,500/2,500 家，GMV 目标超 1,800 亿元，下沉市场（五线及以下）与北方空白区为核心增量来源。 店效进入修复期，2025Q3 零食很忙单店营收同比转正 （+7.1%），2026 年春节同店销售实现双位数增长，客单价下滑随价 格战趋缓而收窄。 盈利能力释放路径清晰，预计净利率目标 5%，毛利率受供应链提效及 自有品牌（目标占比 30%）驱动存在 2-5pct 提升空间。 销售费率随竞争格局稳固回落，2025 年前三季度降至 3.7%，取消一次 性开店补贴，预计未来仍有 1-1.5pct 的费用优化空间。 第二增长曲线布局加速，通过"有点馋"切入鲜食零食赛道，并率先在 越南等东南亚市场试水"有点趣"品牌，打开中长期增长天花板。 财务预测 2025-2027 年收入复合增速高，经调整归母净利润预计为 26.0/37.3/46.5 亿元，对应 2026 年 PE 为 21 倍，维 ...

Group 1 - Three squirrels have announced a price adjustment for offline distribution of nut gift products due to rising logistics and labor costs, effective January 19, 2026 [1] - This price adjustment is a routine practice for the company during the Spring Festival period, as confirmed by a company representative [1] - In October 2022, the company also raised prices on 35 products, with adjustments ranging from 0.2 to 10 yuan, primarily due to fluctuations in raw material costs [1] Group 2 - Three squirrels are expanding their offline presence by launching new community-oriented lifestyle stores, with 16 stores opened since June 2025 [2] - The newly opened mini lifestyle stores in Nanjing and Wuhu focus on high-density community areas and offer over 1,000 products, with a strong emphasis on fresh produce and self-owned brands [2] - The company plans to open an additional 9 mini lifestyle stores and 5 standard lifestyle stores in Nanjing and Anhui before the Lunar New Year [2] Group 3 - Other snack brands are also adapting to the market by enhancing their offline strategies, such as Laiyifen's financial support for franchisees to accelerate their "Ten Thousand Families" strategy [3] - Liangpinpuzi is focusing on regional development with its snack brand, while Qiaqia Foods is preparing for the Spring Festival by promoting new products through online and offline channels [3] - The snack industry is facing challenges in managing cost fluctuations while expanding their supply lines and enhancing their market presence [4]