截至2025年9月30日，鸣鸣很忙的门店总数已达19517家。 21世纪经济报道 唐唯珂 量贩零食赛道迎来资本市场的标志性事件。 2026年1月6日，湖南鸣鸣很忙商业连锁股份有限公司（下称"鸣鸣很忙"）正式通过港交所上市聆讯，距 离成为"港股量贩零食第一股"仅一步之遥。招股书数据显示，这家整合了"零食很忙"与"赵一鸣零食"双 品牌的零售巨头，已构建起覆盖全国28个省份、超1.9万家门店的庞大网络，2024年以555亿元GMV登 顶中国休闲食品饮料连锁零售榜首。 数字化能力则为万店规模的标准化运营提供支撑。招股书披露，公司已组建385人的行业最大数字化团 队，打造了覆盖选品采购、仓储物流、门店管理、加盟商赋能的全流程数字化体系。全国48大智能化仓 储物流中心总占地面积超106.5万㎡，实现300公里范围内24小时配送。2024年，存货周转天数11.6天， 仓储物流成本占总收入的1.7%，均处于行业领先水平。针对加盟商，公司提供超3万套可视化门店陈列 模板、线上线下（300959）双巡店机制及全方位培训，既保障"万店如一"的消费体验，又通过数据赋能 提升单店运营效率。 行业竞争进入精细化阶段 对于此次赴港上市的募 ...

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].