加盟商群体的稳定增长与积极投入，背后是鸣鸣很忙构建的全方位赋能支持体系。据悉，公司提供覆盖 全周期培训、选址支持、精细化运营的一站式解决方案，帮助加盟商实现单店运营效率的提升。 在选址环节，公司依托包含超10000个点位的选址数据库，结合数据分析为加盟商提供科学选址评估， 保障门店位于人流量密集的核心位置。供应商与产品端，公司与超2500家厂商建立合作，其中涵盖约 50%的胡润中国食品行业百强企业，在库SKU超3997个，定制产品占比达34%，每月平均上新数百款产 品，为加盟商提供丰富且具性价比的货品选择。在运营支持上，公司建立全生命周期培训体系，包括7 日实战培训、10-12天新店开业培训及日常月度、年度会议，助力加盟商提升经验技能。 来源：@每日经济新闻微博 作为中国最大的休闲食品饮料连锁零售商，湖南鸣鸣很忙商业连锁股份有限公司（下称"鸣鸣很忙"）赴 港上市进程迎来关键节点。1月6日消息，鸣鸣很忙通过港交所聆讯并更新聆讯后资料集，距离成为"港 股量贩零食第一股"仅一步之遥。 鸣鸣很忙披露的聆讯后资料集显示，2025年前三季度公司业绩延续亮眼表现。2025年前9个月，公司实 现门店零售总额661亿元、收入4 ...

来源：文轩观察 昔日被高增长光环所部分掩盖的盈利脆弱性、加盟商生态疲态与"规模不经济"等深层困境，将成为每个 财报季都必须直面和回答的核心考题。 1月6日晚，港交所文件显示，湖南鸣鸣很忙商业连锁股份有限公司正式通过上市聆讯，即将以"量贩零 食第一股"身份登陆港股。 依托"零食很忙"与"赵一鸣零食"两大品牌，公司实现了惊人的高速增长。然而，耀眼数据背后，是商业 模式的核心矛盾：在维持万店规模与快速扩张的同时，如何建立可持续的健康盈利？ 上市并非成功的终点，而是对其模式更深层次拷问的开始。 商业模式悖论：低毛利、高周转 鸣鸣很忙的商业模式特征在于其极致的"低毛利、高周转"。 这一模式的核心是依赖 "大牌低价引流+白牌盈利" 的组合策略，通过知名品牌的惊爆价吸引客流，再依 靠利润率较高的自有或代理品牌（白牌）实现主要盈利。 更关键的是，这种"薄利"并未通过"多销"转化为净利润优势。2025年上半年，公司实现营收281.2亿 元，经调整净利润10.34亿元，净利率仅为3.68%，同样低于万辰集团的4.28%。 同时，支撑其扩张的基石，单店效率正在下滑，平均月收入从2024年的31.36万元微降至30.07万元。 规模 ...

鸣鸣很忙"闯关"成功 港交所"量贩零食第一股"的角逐尘埃落定，鸣鸣很忙闯关成功。 而在IPO"通关"前夜，2026年年货节也已提前预热，头部品牌的年货布局，正成为量贩零食下半场的首场实战演练。 通过聆讯前的去年12月，中国证监会国际合作司发布关于鸣鸣很忙境外发行上市及境内未上市股份"全流通"备案通知书。 根据备案事项，鸣鸣很忙可发行不超过7666.64万股境外上市普通股、25名股东拟将所持合计约1.98亿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。 1月6日晚间，港交所网站披露聆讯后资料集，湖南鸣鸣很忙商业连锁股份有限公司（以下简称"鸣鸣很忙"）通过港交所上市聆讯，即将成为港股"量贩零 食第一股"。 聆讯后资料集显示，截至2025年9月30日的九个月内，鸣鸣很忙实现零售额（GMV）661亿元人民币，同比增长74.5%，超2024年全年。公司旗下零食很忙 和赵一鸣零食的全国合计在营门店数达19517家，全国签约门店数破2万。 从业绩层面来看，2025年前九个月，鸣鸣很忙实现收入463.71亿元，同比增长75.2%；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2 ...

新京报讯(记者王子扬)1月6日晚间，港交所网站显示，量贩零食企业湖南鸣鸣很忙商业连锁股份有限公 司(简称"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，即将成为港股"量贩 零食第一股"。按2024年产品零售额(GMV)计，鸣鸣很忙已成为中国最大的休闲食品饮料连锁零售商。 2025年4月28日，鸣鸣很忙向港交所提交招股说明书。2025年12月11日，中国证监会网站发布《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》，鸣鸣很忙上 市备案已获通过。根据此次发布的聆讯后资料集显示，截至2025年9月30日的九个月内，鸣鸣很忙实现 零售额(GMV)661亿元，同比增长74.5%，超2024年全年。截至2025年9月30日，公司全国在营门店数达 19517家，覆盖全国28个省份。 最新财务数据显示，2025年前九个月，鸣鸣很忙实现收入463.71亿元，同比增长75.2%；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 ...

长沙晚报全媒体记者 刘攀 12月18日，2025三湘民营企业百强榜新闻发布会在长沙举行。省政协副主席、省工商联主席张健，省委 统战部副部长、省工商联党组书记胡建新出席。 新动能：科技创新实力加速提升 盈利水平保持稳健。2024年，三湘民企百强税后净利润合计549.52亿元，户均5.50亿元；人均营业收入 179.68万元，人均净利润7.67万元；总资产周转率89.66%，显示运营效率总体稳健。 创新动能持续增强，2025三湘民企百强在创新投入与转型实践上呈现诸多新突破。2024年，百强企业全 年申请国内专利6415项，其中国内发明专利3027项；获得专利授权4731项，发明专利授权1728项，同比 增长11.34%。参与制定国际、国家、行业及团体标准共计1446项，其中国际标准3项、国家标准575 项；拥有"国家企业技术中心"16家、"全国重点实验室"4家。 全省研发投入强度提升至2.62%、居中部第2位，"1＋2"国家实验室体系加快构建，"4＋4科创工程"全部 实体化运行，"十大技术攻关项目"突破关键核心技术超180项，新增各类研发机构269家，全省技术合同 成交额增长23%。 强产业：湘企发展有韧性与活力 ...

Core Viewpoint - The China Securities Regulatory Commission has confirmed the overseas listing of the company "Ming Ming Hen Mang," which is preparing for a listing in Hong Kong [1]. Group 1: Company Overview - "Ming Ming Hen Mang" plans to issue no more than 76,666,400 ordinary shares for overseas listing on the Hong Kong Stock Exchange [2]. - The company operates in the retail business of snacks and beverages, owning two brands: "Snacks Hen Mang" and "Zhao Yi Ming Snacks" [4]. - As of June 30, 2025, the company has 16,783 stores across 28 provinces and cities globally [4]. Group 2: Financial Performance - Revenue projections for "Ming Ming Hen Mang" are as follows: - 2022: 4.286 billion yuan - 2023: 10.295 billion yuan - 2024: 39.344 billion yuan - First half of 2025: 28.124 billion yuan [4]. - Corresponding net profit estimates are: - 2022: 72 million yuan - 2023: 218 million yuan - 2024: 829 million yuan - First half of 2025: 877 million yuan [4].

Core Viewpoint - The company "Mingming Hen Mang" is advancing its IPO process in Hong Kong, aiming to become the first stock in the snack retail sector in the region, with a strong growth trajectory and significant sales figures [1][2]. Sales Performance - For the first half of the year, the company's sales (GMV) exceeded 41 billion yuan, marking a nearly 90% increase, with revenue reaching 28.124 billion yuan and net profit surpassing 1 billion yuan, up over 265% [2]. - The revenue from "Zero Snacks Hen Mang" was 11.796 billion yuan, while "Zhao Yiming Snacks" exceeded 16 billion yuan, with the latter accounting for 56.3% of brand GMV [4]. Store Expansion - The company operates two major chain brands and has aggressively expanded its store count, reaching 20,000 stores by September, an increase of over 5,600 stores in just nine months [6][7]. - As of June, "Zero Snacks Hen Mang" had 7,594 stores, nearly doubling in one and a half years, while "Zhao Yiming Snacks" grew to 9,189 stores, an increase of 6,550 stores [5]. Product Strategy - The average SKU count per store is at least 1,800, which is about twice the industry average, with an average of 100 new products launched monthly [6]. - The company emphasizes bulk and small packaging products, which account for nearly 40% of its offerings, reducing customer trial costs and encouraging repeat purchases [12]. Profitability Enhancement - The overall gross margin has increased from around 7.5% to 9.3% in the first half of the year, with "Zero Snacks Hen Mang" achieving a gross margin of 9.6% [13]. - The company benefits from direct sourcing from manufacturers, eliminating middlemen and shortening supplier payment periods, resulting in prices approximately 25% lower than similar products in offline supermarkets [9]. Supply Chain and Logistics - The management is focusing on strengthening supply chain capabilities, having established 40 warehouses to ensure efficient distribution within a 300-kilometer radius [17]. - The company plans to use part of the IPO proceeds to develop its own brand products and enhance logistics infrastructure, including a smart logistics industrial park [18][19]. Financial Position - As of June, the company had nearly 2.4 billion yuan in cash, with net current assets increasing to 2.827 billion yuan, and a net operating cash flow of approximately 1.4 billion yuan for the first half of the year [19].

Core Insights - Mingming Hen Mang Group, a leading player in the snack retail industry, has updated its prospectus, reporting a rapid growth in performance and a significant increase in store count [1][2]. Group 1: Company Performance - As of June 30, 2023, Mingming Hen Mang Group has 16,783 stores, with 99.9% being franchise stores [2]. - The company achieved a GMV (Gross Merchandise Volume) of 41.1 billion yuan in the first half of the year, representing an 86.9% increase year-on-year [2]. - Revenue for the first half of 2023 reached 28.124 billion yuan, up 86.5% compared to the same period last year, while adjusted net profit was approximately 1.035 billion yuan, reflecting a 265.5% increase [2]. - The company has maintained a compound annual growth rate (CAGR) of 203% in revenue from 2022 to 2024, with adjusted net profit growing at a CAGR of 234.6% during the same period [3]. Group 2: Market Position and Strategy - Mingming Hen Mang Group is recognized as the largest chain retailer in the domestic market for leisure food and beverages, according to international consulting firm Frost & Sullivan [2]. - The company offers a wide range of products, with 3,605 SKUs in stock as of June 30, 2023, of which approximately 25% are custom products developed in collaboration with manufacturers [2]. - The average price of the company's products is about 25% lower than similar products in offline supermarket channels, contributing to its competitive pricing strategy [3]. Group 3: Challenges and Future Outlook - The company faces challenges related to rising costs in rent, labor, and logistics, which impact its profit margins [5]. - The snack retail industry is entering a more competitive phase, requiring companies to focus on supply chain efficiency and the development of high-margin proprietary products for long-term profitability [7]. - Analysts suggest that the company must avoid over-reliance on the franchise model and focus on brand establishment and product expansion to succeed in the evolving market landscape [6][7].

Core Insights - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. (referred to as "Mingming Hen Mang") submitted updated listing application materials to the Hong Kong Stock Exchange, showing strong financial performance and growth potential [1][2] Financial Performance - As of June 30, 2025, Mingming Hen Mang achieved a Gross Merchandise Volume (GMV) of 41.1 billion RMB and revenue of 28.12 billion RMB for the first half of the year, with an adjusted net profit of 1.034 billion RMB [1] - The company reported a cash balance exceeding 2.394 billion RMB and a net current asset value of 2.827 billion RMB, indicating a strong financial structure [1] - The operating cash flow for the first half of 2025 was 1.395 billion RMB, demonstrating robust cash generation capabilities [1] - Inventory turnover days were only 11.7 days, significantly better than the industry average, highlighting efficient supply chain management [1] Growth and Expansion - By September 2025, Mingming Hen Mang became the first company in the industry to exceed 20,000 stores, with a total of 16,783 stores covering 28 provinces, 1,327 counties, and all tiered cities in China [1] - The company’s GMV for 2024 was reported at 55.5 billion RMB, with the number of stores reaching 14,394 [1] Industry Position - Mingming Hen Mang is recognized as one of the top 10 companies in the Chinese retail chain industry for 2024, being the only representative from the bulk snack sector [2] - The company integrates its dual brands "Snacks Are Busy" and "Zhao Yiming Snacks" to enhance supply chain and operational efficiency through standardized operations [2]

Group 1 - The core viewpoint of the articles highlights the strong financial performance and growth trajectory of Hunan Mingming Henbang Commercial Chain Co., Ltd. (referred to as "Mingming Henbang") as it prepares for its IPO in Hong Kong [1][2] - As of June 30, 2025, Mingming Henbang achieved a GMV of 41.1 billion RMB and a revenue of 28.12 billion RMB, with a net profit of 1.034 billion RMB for the first half of the year [1] - The company operates 16,783 stores across 28 provinces, 1,327 counties, and all tiered cities in China, indicating extensive market coverage [1] Group 2 - The updated prospectus shows that as of June 30, 2025, Mingming Henbang had a cash balance exceeding 2.394 billion RMB and a net current asset value of 2.827 billion RMB, reflecting a strong financial structure [1] - The operating cash flow for the first half of 2025 was 1.395 billion RMB, demonstrating robust cash generation capabilities [1] - The inventory turnover days were only 11.7 days, significantly better than the industry average, showcasing efficient supply chain management [1] Group 3 - Mingming Henbang has integrated its dual brands "Snacks Are Busy" and "Zhao Yiming Snacks" to enhance operational efficiency and supply chain management through a unified organizational structure [2] - The company ranks among the top 10 in China's retail chain industry as of 2024, being the only representative from the bulk snack sector [2] - The recent update to the prospectus is a routine step in the IPO process, with high expectations for the company's listing in Hong Kong due to its popularity in the consumer sector [2]