正味集团(02147)发布截至2025年12月31日止6个月的中期业绩，该集团取得收入4.13亿元(人民币，下 同)，同比增长38.66%;期内亏损2775.8万元，同比减少31.58%;每股基本亏损0.5元。 公告称，收入增加主要是由于干制山珍、干制水产品以及禽类及肉类产品贸易的销售额增长约人民币 2.147亿元，部分被零食、谷物及调味料销售额减少约人民币9950万元所抵销。 ...

公告称，收入增加主要是由于干制山珍、干制水产品以及禽类及肉类产品贸易的销售额增长约人民币 2.147亿元，部分被零食、谷物及调味料销售额减少约人民币9950万元所抵销。 智通财经APP讯，正味集团(02147)发布截至2025年12月31日止6个月的中期业绩，该集团取得收入4.13 亿元(人民币，下同)，同比增长38.66%;期内亏损2775.8万元，同比减少31.58%;每股基本亏损0.5元。 ...

证券研究报告 | 首次覆盖报告 gszqdatemark 2026 02 27 年 月 日 鸣鸣很忙（01768.HK） 鸣响渠道变革，忙驭万店星辰 核心观点：颠覆传统运营模式，牵引零售业态变革。鸣鸣很忙作为中国量 贩零食赛道龙头企业，牵引本轮折扣业态零售变革，从 2022 年零食很忙 门店数量破千，到 2025 年 11 月末鸣鸣很忙超 2.1 万家门店，高速扩店的 背后是对消费者性价比需求的满足、渠道供应链路的精简。2024 年鸣鸣 很忙达成 393.4 亿元营收，2 年 CAGR 达 203.0%，成为中国最大的休闲 食品饮料连锁零售商，2025 年前三季度营收进一步同比+75.2%至 463.7 亿元，净利润同比+218.8%至 15.6 亿元，带动净利率同比显著+1.5pct 至 3.4%，若加回股份支付费用，经调整净利率同比+1.9pct 至 3.9%。 行业变革：性价比优势立身，精细化运营谋远。中国零售业态持续高速迭 代，弱需求强供给背景下，当前渠道变革更往折扣化方向演变，量贩以" 上 游直采、集中议价、运营提效"重构供应链，率先实现性价比优势。行业 发展前半程，核心比拼扩店速度，经过跑马圈地、 ...

Q&A 鸣鸣很忙的门店规模、区域覆盖和渠道结构目前处于什么水平？ 鸣鸣很忙 20260226 摘要 鸣鸣很忙主要依赖加盟体系，约 99%收入来自向加盟商销售商品，门店 主要分布在县城和乡镇。2025 年前三季度营收超 460 亿，全年预计 500-600 亿，净利率近 4%。2022-2024 年门店数量翻倍增长，2025 年增速放缓但仍有数千家净增长。 2023-2024 年单店营收提升，受益于赵一鸣并入，2025 年前三季度因 门店扩张分流略有下滑，但下半年已改善。2025 年单店营收超 350 万， 高于万辰的 300 多万。闭店率低于 2%，维持健康水平。 鸣鸣很忙毛利率低于万辰，接近 10%，万辰超 10%。鸣鸣很忙费用率 略低，销售费用率稳定在 3%-3.5%，主要为人才梯队和仓储物流建设。 管理费用率下降，但 2025 年因上市费用增加。运营效率高，存货周转 率高于同行。 零食量贩属于"硬折扣"模型，通过提升运营效率实现低价。减少流通 环节、精简管理、简化装修以节省成本，通过低价和销量提升实现高周 转。2020 年后消费趋势偏向性价比，供给端产能过剩，大型 KA 渠道走 弱，为零食量贩发展提供条 ...

年味儿渐渐淡去，北漂沪漂们拖着行李箱回到熟悉的大城市，心里却总萦绕着一个挥之不去的疑惑。这趟回家，最让人看不懂的，是老家街头那场悄无声 息的"零食店革命"。 记忆里，县城最繁华的十字路口，从来都是国外快餐品牌的天下，麦当劳、肯德基的招牌一立，就是整条街的流量中心。那些曾经的黄金地段，早已被清 一色的零食店取而代之。一条不过几百米的街道，密密麻麻挤着三四家甚至五六家，不光有大城市青年或多或少听过的赵一鸣，还有一大堆连名字都叫不 上来的本地品牌，清一色的红底白字门头，字体加粗、设计简单，和蜜雪冰城的下沉风格如出一辙，仿佛批量复制粘贴而来。 忍不住推门进去逛了逛，货架从地面堆到屋顶，塞满了各种叫不出名字的零食牌子，既有散装的饼干糖果，也有包装精致的网红小吃，还有各类酒水饮 料，种类多到让人眼花缭乱。可说实话，逛完一圈并没有觉得有多便宜，没有那种蜜雪冰城4块钱一杯柠檬水带来的灵魂冲击，大多是比超市便宜几毛 钱，或是一些小众品牌的平价单品，性价比算不上惊艳。 01 单独卖零食的店，真的有那么强的刚需吗？ 要说消费者层面的刚需，其实藏在县城的消费场景里。对大城市的年轻人来说，超市、便利店、线上电商随处可见，零食种类应有尽 ...

（本文作者唐健盛为消费洞察与商业分析资深专家） 二、品牌化浪潮下的传统零食巨头制胜之路 零食量贩的颠覆性，反衬出传统巨头曾经缔造的零食品牌化的黄金时代。来伊份、三只松鼠、良品铺子 等虽切入赛道的节点与方式各异，但核心均精准抓住了品牌化的时代趋势，以品牌溢价构建行业核心壁 垒，成为不同阶段品牌化发展的标杆。 三者的成功本质高度一致：在品牌化时代，品牌是质量的担保、消费的决策捷径，更是身份的符号，消 费者愿意为这份 "品牌光环"支付 30%-50%的溢价。而这些品牌正是抓住了不同阶段的品牌化趋势，将 品牌溢价转化为核心盈利点，也让品牌溢价成为彼时零食行业最稳固的护城河。 消费市场的迭代升级，核心的溢价逻辑也随之发生根本性转变。品牌溢价的本质就是"信息差"，而智能 手机的普及与移动互联网的渗透，实现了消费端的信息平权，以00后为代表的新生代消费群体，不再被 动接受品牌的单向叙事，而是能通过多元渠道获取产品全维度信息，品牌的信息壁垒被彻底打破。与此 同时，年轻群体的理性消费习惯形成代际溢出，消费者的选择从"品牌逻辑"转向 "大单品逻辑"，消费 者不再为品牌虚名买单，只愿为遥遥领先的品质与核心技术支付溢价。 零食行业也 ...

智通财经APP获悉，兴业证券发布研报称，首次覆盖，给予鸣鸣很忙(01768)"增持"评级。看好公司作为 量贩零食头部公司的增长潜力，未来几年公司盈利弹性有望逐步释放。预计2025/2026/2027年，公司收 入分别为634.8/816.8/965.7亿元，同比增速分别为61.3%、28.7%、18.2%;归母净利润分别为 23.1/30.4/40.0亿元，同比增速分别为177.5%、31.6%、31.3%。预计鸣鸣很忙2026E的PE倍数为25.3。 兴业证券主要观点如下： 公司的核心竞争力体现为四道环环相扣、彼此强化的竞争壁垒 1)强势门店网络：依托成熟加盟体系，公司已构筑起兼具广度与深度的全国性门店网络。截至2025年11 月30日，公司门店总数达21041家;截至2025年9月30日，门店覆盖全国28省、1341个乡镇，位于县城乡 镇的门店比例达59%;截至2024年12月31日，公司门店在中国所有县城中覆盖率约66%。 2)供应链壁垒：公司通过"直连厂商"的扁平化采购和高效的仓配物流网络(截至2025年11月30日共55个 数智化仓配中心)，实现了对供应链成本与运营效率的极致控制，2025年前三季度 ...

Core Viewpoint - The report from Industrial Securities initiates coverage on Mingming Hen Mang (01768) with a "Buy" rating, highlighting the company's growth potential as a leading snack retailer, with expected earnings elasticity to be gradually released in the coming years [1] Group 1: Competitive Advantages - Strong Store Network: The company has established a comprehensive national store network through a mature franchise system, with a total of 21,041 stores expected by November 30, 2025, covering 28 provinces and 1,341 towns, with 59% of stores located in county towns [1] - Supply Chain Barrier: The company has achieved extreme control over supply chain costs and operational efficiency through a flat procurement model and an efficient logistics network, with inventory turnover days as low as 13.4 days in the first three quarters of 2025, and product prices approximately 25% lower than traditional supermarkets [2] - Digitalization Barrier: The company integrates digital technology throughout the supply chain, managing over 20,000 stores with the largest digital team in China's snack retail sector, enhancing various core processes [2] - Product Matrix Barrier: The company has built a dynamic product matrix with a rich variety of high-quality products, responding quickly to market demands, with over 2,500 quality manufacturers and 3,997 SKUs in stock as of September 30, 2025 [2] Group 2: Future Growth Potential - Market Expansion: The company sees potential for store density increase in regions like Northwest China, accelerating supply chain layout through a "warehouse-first, store-later" strategy [2] - Product Structure Optimization: The company is optimizing its product matrix to improve profitability, supported by vast user data for accurate product forecasting, with a market-validated potential for customized hit products [2] - New Business Exploration: The company is actively exploring a new business model centered around "snacks +", promoting "Zhao Yiming's Money-Saving Supermarket," which combines snacks with essential goods, enhancing shopping choices and profitability [2] Group 3: Financial Performance - Rapid Revenue Growth: From 2022 to 2024, the company achieved a compound annual growth rate of 203% in revenue, with 2025's first three quarters showing revenue of 46.37 billion yuan, a year-on-year increase of 75.2%, and adjusted net profit rising by 240.9% [3] - Franchise Revenue Dominance: Franchise store revenue accounted for 98.9% of total revenue in the first three quarters of 2025, with a focus on expanding the store network and improving supply chain efficiency [3] - Excellent Supply Chain Management: The company maintains a cash cycle of only 4.3 days and accounts payable turnover days of 9.6 days, significantly lower than traditional retailers, establishing a win-win relationship with suppliers [3]

Group 1: Market Performance - In 2025, single-store revenue in 40 stores fell by approximately 5% YoY, but gross profit margin increased YoY[2] - During the Chinese New Year, single-store revenue grew nearly 20% YoY, particularly in towns and rural markets, with over 65% of consumers being children and students aged 6-18[2] - The decline in single-store revenue slowed quarter by quarter in 2025, turning positive by Q4 due to factors like the exit of local brands and adjustments in product structure[2] Group 2: Brand Expansion and Operations - Leading snack brands plan to add 6,000 and 10,000 new stores in 2026, with a conservative estimate of at least 5,000 new stores each[9] - The store closure rates for the two leading brands were both below 5%, indicating stable operations[9] - Haoxianglai opened nearly 1,000 stores in January 2026 alone, with expansion expected to accelerate after March[9] Group 3: Competitive Landscape - Penny-saving supermarkets have a gross profit margin higher than bulk snack stores, with initial investments ranging from Rmb 0.8 to 1.5 million depending on the city tier[10] - Convenience stores launched by Yummy Snack have higher gross and net profit margins than both penny-saving supermarkets and bulk snack businesses[11] - The product structure in penny-saving supermarkets includes 65% snacks, with higher margins on daily necessities and fresh foods[10] Group 4: Product Strategy - Increasing the proportion of private label and own-brand products can improve gross margin levels, with own-brand products having the highest margins[12] - Both leading companies have private label product ratios above 30%, but own-brand product ratios remain below 5%[12] - Plans are in place to increase the proportion of own-brand products to enhance gross margins and benefit franchisees[12]

鸣鸣很忙(01768)涨近9%，截至发稿，涨8.8%，报437.6港元，成交额1.75亿港元。 中信建投（601066）证券认为，26年处在格局改善+同店修复+利润快速释放期。公司深耕广阔下沉市 场，开店天花板至少可达3-3.5万家，并通过快速跑马圈地实现规模壁垒，打造极致高效的供应链体 系，在公司良好管理下的老店生命力旺盛，稳态同店仍有小幅增长，龙头地位强者恒强。 东吴证券指出，零食量贩高景气，公司龙头地位确立。该行指出，行业市场规模从2019年73亿元快速增 长至2024年1297亿元，5年间CAGR达到77.8%，增速领跑硬折扣零售细分赛道。此外，行业已形成高度 集中的双寡头竞争格局。按照GMV计算，2024年公司与万辰集团（300972）合计占据零食量贩行业约 75.6%市场份额，门店数量合计占比达到75.2%，市场头部集聚效应显著，行业进入壁垒提高。 ...