来源：钛媒体 鸣鸣很忙或将登陆港股。 1月6日，港交所网站信息显示，湖南鸣鸣很忙商业连锁股份有限公司（下称"鸣鸣很忙"）披露聆讯后资料集，这意味着鸣鸣很忙已通过港交所上市聆讯。 聆讯后资料集显示，截至2025年9月30日的9个月内，鸣鸣很忙实现零售额（GMV）661亿元，同比增长74.5%。按2024年产品零售额计，鸣鸣很忙已成为我 国最大的休闲食品饮料连锁零售商。 在收入层面，2025年前9个月，鸣鸣很忙实现收入463.71亿元，同比增长75.2%；实现经调整净利润18.10亿元，同比大幅增长240.8%。同期经营现金流净额 达21.90亿元， 2022年至2024年，鸣鸣很忙收入从42.86亿元跃升至393.44亿元，三年复合增速达203%；经调整净利润从0.81亿元增长至9.13亿元，三年复合增速达234.6%。 2022年至2025年前9个月，毛利率由7.5%提升至9.7%，经调整净利率由1.9%提高至3.9%。 2017 年 3 月，"零食很忙" 首店在湖南长沙开业，2019 年，"赵一鸣零食"于江西宜春诞生。 2023年11 月，"零食很忙"与"赵一鸣零食"合并为鸣鸣很忙，全国门店总数突破万家。 ...

从整体的业务体量来看，鸣鸣很忙门店数量略胜一筹。不过，从增速表现来看，万辰集团跑得稍快。 招股书显示，鸣鸣很忙2025年前三季度营收463.71亿元，同比增长75.2%；净利润15.59亿元，同比增长 218%；同一时期，万辰集团的营收达到365.62亿元，同比增长77%；净利润8.55亿元，同比增长917%。 至于量贩零食赛道较为关键的毛利率，万辰集团的增长较为迅速。招股书显示，鸣鸣很忙于2023年、 2024年、2025年前9个月分别实现毛利率7.5%、7.6%及9.7%。万辰集团毛利率从2023年的9.3%增长至 2024年的10.7%，2025年前三季度，这一数值达到11.7%。 量贩零食门店已成为除奶茶店之外在商圈最常见的零售业态之一。 从街边小店到资本赛道，量贩零食仅用几年时间便重塑了国内零食零售生态，业内两家头部企业都已经 递表港交所。 而随着行业竞争日趋激烈，模式创新与供应链能力成为未来突围的关键。 近日，港交所网站显示，湖南鸣鸣很忙商业连锁股份有限公司（下称"鸣鸣很忙"）已通过港交所上市聆 讯，即将成为港股"量贩零食第一股"。 鸣鸣很忙聆讯后资料集显示，截至2025年9月30日的九个月内实现 ...

（文章来源：第一财经） 中信证券研报表示，我国量贩零食行业发展迅速，我们估算2024/2025年门店同比翻倍/增长超30%至4.2 万/5.6万家，2025年行业销售规模有望达2200+亿元。2024年行业竞争加剧，头部量贩零食企业通过加 大门店和价格战补贴推动加速拓店。2025年行业竞争缓和，不过由于门店快速加密，2025H1头部量贩 零食企业同店销售下滑多，2025H2同店跌幅已环比改善。通过复盘土耳其硬折扣零售龙头公司BIM， 我们看好国内硬折扣零售业态可以穿越经济周期、保持韧性增长，我们认为头部量贩零食企业未来还有 超50%的开店空间，品类扩展、自有品牌产品运营、店型优化、精细化运营是未来重要发展任务。 ...

2022年至2024年，鸣鸣很忙收入从42.86亿元跃升至393.44亿元，三年复合增速达203%；同期经调整净利润从0.81亿元增长至9.13亿元，三年复合增速达 234.6%。 责编：兰宇琪 一审：兰宇琪 | HKEXnews披露易 | | ESS 電子呈交系統 巴 | DION 線上樓 | | --- | --- | --- | --- | | 上市公司文件 | 股權披露 | 新上市 | | | 新上市 | | | | | 申請版本,整體協調人公告,聆訊後資料集及相關資料 | | | | | 主板 GEM | | | | | 原理中 沒有進展 | 已上市 被發回 | | | | 申請人刊發: | | | 每年指數 | | ○申請版本及整體協調人公告 | ● 申請版本,整體協調人公告及聆訊後資料集 | | 2026 | | 最新發佈 V 日期 | 申請人 | A | 2025 | | 06/01/2026 | 湖南鳴鳴很忙商業連鎖股份有限公司 | | 2024 | | | 06/01/2026 聆訊後資料集(第一次呈交)全文檔案 四国 多檔案 > | | | | | 28/10/2025 整體協調人公告 ...

Group 1: Macro Retail and Service Consumption - Retail data shows that essential goods maintain resilience while optional goods exhibit differentiated performance, with social retail growth slightly slowing down due to high base effects from government subsidies [10][16] - Service retail continues to show strong growth, with a year-on-year increase of 5.4% from January to November 2025, outpacing overall social retail growth [10][18] - Travel demand is steadily releasing, with domestic tourism numbers reaching 4.85 trillion yuan, a year-on-year increase of 11.5% [18][20] Group 2: E-commerce Sector - E-commerce maintains a steady growth rate, with online retail sales of physical goods increasing by 5.7% year-on-year, surpassing the overall social retail growth [13][25] - The penetration rate of e-commerce continues to rise, reaching 25.9% of total social retail sales by November 2025, an increase of 3.6 percentage points since the beginning of the year [13][25] - The competitive landscape in e-commerce is easing, with platforms like Taobao and JD.com focusing on maintaining stable growth rather than aggressive price competition [28][36] Group 3: Retail Focus on Downstream Markets - The focus is on the resilience of consumption in lower-tier markets, with recommendations for bulk snack retailers and the "锅圈" brand, which excels in the home dining sector [5][31] - The bulk snack market is characterized by low prices and high turnover, effectively meeting consumer demand for snacks [5][31] - "锅圈" is positioned as a leader in the home dining market, leveraging its multi-channel advantages and strong supply chain [5][31] Group 4: Service Sector Recovery - The hotel industry is stabilizing with a recovery in demand, and recommendations include Huazhu Group and Atour Hotel [5][31] - The OTA sector is experiencing stronger leisure demand compared to business travel, with international business continuing to grow rapidly [5][31] - Policies aimed at boosting service consumption are expected to further stimulate demand in the travel and hospitality sectors [23][24] Group 5: Investment Recommendations - Recommended companies include Alibaba, Meituan, Pinduoduo, JD.com, and Didi Chuxing for their strong fundamentals and low valuations [2][3] - The report highlights the potential for growth in the e-commerce and service sectors, driven by favorable policies and market dynamics [5][23]

繁荣篇 从街头小店到资本市场的宠儿，量贩零食以"平价优质"的革命性模式，深刻改变了中国休闲食品行业的 零售生态。 2月11日，中国证监会发布《关于湖南鸣鸣很忙商业连锁股份有限公司境外发行上市及境内未上市股 份"全流通"备案通知书》，这意味着，中国最大零食饮料连锁零售商，鸣鸣很忙赴港IPO获证监会备 案。该公司拟发行不超过76666400股境外上市普通股并在香港联合交易所上市，25名股东拟将所持合计 198079551股境内未上市股份转为境外上市股份，并在香港联合交易所上市流通。据悉，2025年4月28 日，鸣鸣很忙首次向港交所主板递交上市申请，2025年10月28日，公司更新上市申请材料，继续推进上 市进程。 行业蝶变 量贩零食的崛起与革新 | | [編纂]項下的[編纂]數目 : [編纂]股H股(視乎[編纂]獲行使與否而 | | | --- | --- | --- | | | | 定) | | [编纂]數目 | : | [編纂]股H股(可予重新分配) | | [编纂]數目 | : | [編纂]股H股(可予重新分配及視乎[編 | | | | 纂]獲行使與否而定) | | 最高[編纂] | : | 每股H股[編纂 ...

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%。 每经AI快讯，万辰集团（SZ 300972，收盘价：178.5元）12月15日晚间发布公告称，公司第四届第四十 一次董事会会议于2025年12月15日在公司会议室以现场结合通讯方式召开。会议审议了《关于修订 <对 外捐赠管理制度> 的议案》等文件。 每经头条（nbdtoutiao）——"一针两千，童颜针年销3亿元"背后：多家关联方注册地"查无此人"，股民 追问"钱呢"！钱氏姐弟几乎"掏空"江苏吴中，公司即将退市 截至发稿，万辰集团市值为337亿元。 （记者 王晓波） ...

Group 1 - The core point of the news is the share transfer agreement involving Wancheng Group, where shareholders are transferring a total of 9,890,000 shares to Mr. Zhou Peng, resulting in a significant change in ownership structure [1] - Following the share transfer, the total shares held by Fujian Huanxiucao Agricultural Development Co., Ltd. and its concerted parties will amount to 107,407,549 shares, representing 56.8621% of the company's total equity [1] - The revenue composition of Wancheng Group for the first half of 2025 indicates that retail snacks account for 98.95% of total revenue, while agricultural planting contributes only 1.05% [1] Group 2 - As of the report, Wancheng Group has a market capitalization of 34 billion yuan [2]

Summary of Wanchen Group Conference Call Company Overview - **Company**: Wanchen Group - **Industry**: Retail, specifically in the bulk snack sector - **Established**: 2011, initially focused on edible fungi, transitioned to bulk snacks in 2022 under new leadership Key Points Expansion and Growth - Wanchen has rapidly expanded its bulk snack store network, signing over **18,000 stores** by the end of 2023 and establishing **4,700 stores** [2][4] - The company turned profitable in Q2 2023, with revenue reaching **36.2 billion** and a profit contribution of **1.7 billion** in the first three quarters of 2025 [2][7] - Future growth strategies include optimizing multi-category store types and expanding into North and Northeast China [2][8] Financial Performance - Projected revenue for 2025 is over **50 billion**, with net profit nearing **1.3 billion**, corresponding to a **27x PE** ratio [3] - By 2026, revenue is expected to reach **57.9 billion** with net profit close to **2 billion**, at an **18x PE** ratio [3] - The company has achieved a gross operating rate exceeding **5.3%**, significantly outperforming traditional supermarkets and e-commerce platforms [7] Market Position and Industry Dynamics - The bulk snack industry is entering a **duopoly** phase, with Wanchen leveraging supply chain and scale advantages, posing challenges for smaller brands [2][9] - Small brands and stores struggle to scale due to limited locations and competition from larger firms like Wanchen [9] Shareholder Equity and Incentives - Wanchen has made significant progress in reclaiming minority shareholder equity, with plans to increase ownership in subsidiaries to **75.5%** [10] - The company has successfully met all incentive targets, reflecting strong performance in revenue and profit growth [11][12] Stock Performance and Market Sentiment - Since July 2024, Wanchen's stock has surged over **9 times**, indicating market confidence in its operational model and profitability [12] - The anticipated recovery of minority shareholder equity and the development of multi-category stores are expected to drive further stock appreciation [12] Retail Industry Trends - The Chinese retail landscape is evolving towards **discount retail**, **quality retail**, and **instant retail**, with Wanchen positioned to capitalize on these trends [13][14][15] - The focus is on providing better, faster, and more cost-effective retail solutions, with Wanchen adapting its business model accordingly [14][15] Additional Insights - Wanchen's logistics infrastructure supports efficient operations, with over **50 logistics centers** and multiple cold chain systems, enabling next-day delivery services [7] - The company aims to enhance profitability by increasing the proportion of stores outside the East China region, which currently accounts for **43%** of its operations [8]

Group 1 - The core viewpoint of the article is that Wancheng Group (SZ 300972) is engaging with investors through a scheduled meeting, highlighting its business focus and financial performance [1] - For the first half of 2025, Wancheng Group's revenue composition shows that 98.95% comes from snack retail, while agricultural planting contributes only 1.05% [1] - As of the report, Wancheng Group has a market capitalization of 32.4 billion yuan [1]