---
title: 热烈祝贺鸣鸣很忙成功登陆港股，高榕首轮联合领投
titleEN: Warm Congratulations to Busy Ming Group on Its Successful Listing on the HKEX
source: ""
sourceEN: ""
hide: false
type: 新消费
typeEN: New Consumption
createDate: 2026-01-28T11:10:51.424Z
abstract: 1月28日，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（以下简称“鸣鸣很忙”）正式在香港联合交易所主板挂牌上市，股份代码为01768.HK。以每股236.60港元的发行价计算，本次IPO总计募集36.7亿港元。上市首日截至09:45，鸣鸣很忙每股报于430.00港元，较发行价上涨81.74%，总市值超920亿港元。
abstractEN: On January 28, Hunan Busy Ming Group Commercial Chain Co., Ltd.
  (hereinafter referred to as “Busy Ming Group”), China’s largest chain retailer
  in the snack food and beverage segment, officially listed on the Main Board of
  The Stock Exchange of Hong Kong Limited (HKEX)  under the stock code 01768.HK.
  Based on the offer price of HKD 236.60 per share, the IPO raised a total of
  HKD 3.67 billion . As of 09:45 on the first day of trading, the Company’s
  share price stood at HKD 430.00, representing an increase of 81.74% over the
  offer price, with a total market capitalization exceeding HKD 92.0 billion.
content: >-
  1月28日，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（以下简称“鸣鸣很忙”）正式在香港联合交易所主板挂牌上市，股份代码为01768.HK。以每股236.60港元的发行价计算，本次IPO总计募集36.7亿港元。上市首日截至09:45，鸣鸣很忙每股报于430.00港元，较发行价上涨81.74%，总市值超920亿港元。


  **高榕创投于2021年联合领投鸣鸣很忙的首轮融资，并在后续轮融资中继续超额跟投。**


  **鸣鸣很忙创始人、董事长兼CEO晏周**表示，我们从一家社区小店开始，到全国2万多家门店，已成为老百姓的生活标配。即使未来有可能成为中国线下最大的零售渠道，但我们依然初心未改。就是想让消费者能够“买得到、买得起”好零食，感受到“几十块钱就可以买一大袋”的快乐。也想让我们的加盟商能够通过自己的奋斗赚到钱，过上有奔头的生活。


  ![](/static/img/鸣鸣很忙港交所上市-9-opq4334026050.jpg)


  “‘创造快乐生活，成为人民的零食品牌’是我们的企业愿景，也是未来每一位鸣鸣很忙人会坚定不移践行的方向。我们会努力奔跑，去到更多更远的地方，有人的地方就可以有鸣鸣很忙，为更多人带去那份简单的快乐。”


  **高榕创投合伙人韩锐**表示，“祝贺鸣鸣很忙成功登陆港股，成为量贩零食港股第一股！**我们一直认为零售的核心就是‘简单动作重复做’，鸣鸣很忙的创始人晏周是我们见过的能把这点做到极致的人。晏周很善于抓大放小，所以能找到简单动作；同时也很耐得住寂寞，非常规矩，所以能重复做。**此外，在这个离钱如此近的行业里，晏周也是一个难得的能对团队和合作伙伴充分贯彻信任文化的创始人。今天来看，这些信任得到了回报。”


  **高速增长，从450家到2万多家门店**


  鸣鸣很忙旗下拥有“零食很忙”“赵一鸣零食”两大品牌，是中国食品饮料量贩模式的引领者。2025年前9个月，鸣鸣很忙实现零售额（GMV）661亿元人民币，集团全国门店已覆盖28个省份和各线城市，其中59%深入县城与乡镇，成为连接大众消费与中国食品产业的重要实体零售商。


  高榕创投2021年联合领投鸣鸣很忙首轮融资时，公司门店数为450家，刚刚开启全国化扩张之路。彼时，高榕投资团队和参谋部（研究中心）进行了线下实地调研，跑了接近100家门店，内部输出了98页的调研报告。


  近年来，鸣鸣很忙选择了一条不同于传统商超和线上平台的发展路径，扎根社区与下沉市场，以高频刚需的零食饮料为切入口，通过重构供应链、压缩中间环节，把真正的“质价比”带到消费者身边。在此基础上，鸣鸣很忙进一步叠加情绪价值，带来轻松、愉悦的消费体验。


  截至2025年11月30日，鸣鸣很忙门店数达21041家，大量门店开设在县城、乡镇和社区周边，让优质、平价、选择丰富的食品供给，真正走进普通家庭的日常生活。


  ![](/static/img/0f9ca3e0-704f-46c5-8e49-a7bb567abc52.jpg)


  在线下零售赛道，高榕创投沿着两个大的逻辑发现优质企业。首先，高榕相信在零售行业，中型超市是一个中间状态，因为“多快好省”都很难做到极致。中型超市不少品类的销售会被各种新业态慢慢“肢解”掉，再结合中国的人口密度，**中型超市会拆出来各种各样的专门店**，例如生鲜品类跑出来钱大妈，水果品类的百果园，零食品类同样有机会跑出来专门店。


  第二，**高榕持续在线下寻找即使互联网再发达也无法替代的独特体验**，借用AI行业很火的“Vibe Coding（氛围编程）”，零食专门店是很典型的“Vibe Shopping”。消费者会被琳琅满目、极大丰富的商品包围，各类散装商品也大大降低了决策成本，这种“氛围购物”让消费者能获得很大的满足感。毫无疑问，鸣鸣很忙符合上述两大逻辑。


  **重构供应链，直连消费者需求与食品产业供给**


  作为量贩模式的引领者，鸣鸣很忙通过提升效率释放价值，直连生产商和品牌方，依托规模化采购、标准化运营和全国仓配网络，大幅降低流通成本。在保障食品安全与品质的前提下，让同等品质的商品，以更合理的价格触达消费者。


  截至2025年9月30日，鸣鸣很忙已与超2500家优质厂商建立合作，包含胡润中国食品行业百强榜中50%的企业，同类产品平均价格比线下超市渠道低约25%。


  今天，鸣鸣很忙已逐步成为连接消费者真实需求与中国食品制造能力的重要枢纽。公司围绕消费者偏好进行精选与定制，建立起“初选—试吃—试卖—推广”的标准化流程，月均上新数百款产品，形成品类丰富、高频迭代、结构丰富的产品组合。截至2025年9月30日，鸣鸣很忙在库SKU约3997个，覆盖7大品类、750余个品牌。


  ![](/static/img/11.jpg)


  在此基础上，鸣鸣很忙深入产品源头，与厂商共同优化规格与形态。截至2025年9月30日，约有34%的SKU来自于厂商合作定制，有38%的产品采用散装称重形式。同时依托贴近终端的消费数据，鸣鸣很忙深度参与上游研发。例如基于对口味偏好的洞察，与盐津铺子联合推出的“麻酱味素毛肚”，2025年前九个月销量达9.6亿件。


  **深耕国内大市场，服务实体经济**


  鸣鸣很忙的快速发展，建立在中国统一大市场建设、物流体系完善和数字化能力提升的坚实基础之上。通过全国化的仓储物流网络和标准化管理体系，公司实现了对万店规模的稳定运营和高质量发展。


  截至2025年9月30日，鸣鸣很忙已拥有48座数智化现代仓配中心，单仓配送半径可达300公里，实现全国门店24小时配送。2025年前九个月，仓储及物流成本占总收入比例为1.7%，2024年，公司存货周转天数为11.6天，均处于行业领先水平。


  在服务消费的同时，鸣鸣很忙持续释放对实体经济的带动作用。鸣鸣很忙打通农业生产、食品加工到终端零售的产业链条，通过全国门店网络，助力地方食品企业、农产品原料进入更广阔市场，推动国产零食供应链整体升级；支持9552名加盟商创业，带动大量就业岗位；以标准化、可复制的模式，推动县域商业体系持续完善。


  **让食品产业升级的红利惠及千家万户**


  近年来，中国休闲食品饮料零售行业显著增长。根据国家统计局与弗若斯特沙利文的报告，2019年至2024年，行业市场规模从人民币2.9万亿元增长至人民币3.7万亿元，复合年增长率为5.5%，并预计于2029年进一步扩大至人民币4.9万亿元。


  此次在港交所挂牌上市，标志着鸣鸣很忙迈入更加透明、稳健的发展阶段。未来，鸣鸣很忙将坚持长期主义，把门店经营稳、把消费者服务好，让高质价比的零食成为更多家庭触手可及的日常选择。以效率实现普惠消费，用零食连接快乐生活，持续书写中国零食零售的新故事。


  韩锐表示，“鸣鸣很忙今天已成为这个行业的领导者，未来也将更多地承担起领导者的责任，给更多消费者带去安心和幸福。**我们期待未来有一天，越来越多的小朋友在写完作业后又或是表现好，家长会主动说，‘走，为了奖励你，带你去鸣鸣很忙’。**祝福鸣鸣很忙，也期待鸣鸣很忙凭借更加优质和健康的产品，长久地陪伴我们的生活，让食品产业升级的红利惠及千家万户。”


  ![](/static/img/微信图片_20260126141233_3398_25.png)
contentEN: >-
  On January 28, Hunan Busy Ming Group Commercial Chain Co., Ltd. (hereinafter
  referred to as “Busy Ming Group”), China’s largest chain retailer in the snack
  food and beverage segment, officially listed on the Main Board of The Stock
  Exchange of Hong Kong Limited (HKEX)  under the stock code 01768.HK. Based on
  the offer price of HKD 236.60 per share, the IPO raised a total of HKD 3.67
  billion . As of 09:45 on the first day of trading, the Company’s share price
  stood at HKD 430.00, representing an increase of 81.74% over the offer price,
  with a total market capitalization exceeding HKD 92.0 billion.


  **Gaorong Ventures co-led Busy Ming Group’s first-round financing in 2021, and continued to oversubscribe in subsequent rounds.**


  **Yan Zhou, Founder, Chairman and CEO of Busy Ming Group,** commented: “We started from a neighborhood store. Today, with more than 20,000 stores nationwide, we have become a daily staple for ordinary people. Even if we may one day become China’s largest offline retail channel, our original aspiration remains unchanged. We want consumers to be able to ‘find and afford’ great snacks, and to feel the joy of ‘getting a big bag for just a few dozen yuan.’ We also want our franchisees to earn money through their own hard work and live a life with promising prospects.


  **‘Creating a joyful life and becoming the people’s snack brand’ is our corporate vision and the unwavering direction that every member of Busy Ming Group will continue to pursue.** We will keep running forward—going further and reaching more places. Wherever there are people, there can be Busy Ming Group—bringing simple happiness to more people.”


  ![](/static/img/鸣鸣很忙港交所上市-9-opq4334026050.jpg)


  **Han Rui, Partner at Gaorong Ventures,** stated: “Congratulations to Busy Ming Group on its successful listing on the Hong Kong Stock Exchange, making it the first bulk snack retailer to be listed on the HKEX. **We have long believed that the essence of retail is to ‘repeat simple actions consistently,’ and Yan Zhou is one of the few founders we have met who can take this principle to the extreme.** He is exceptionally good at focusing on what matters and letting go of the rest, which enables him to identify the simplest actions; and he is remarkably disciplined and patient, which enables him to repeat them over the long run.Moreover, in an industry so close to cash flow, Yan Zhou is a rare founder who consistently fosters a culture of trust with his team and partners. Today, that trust has been rewarded.”


  **High-Speed Growth: From 450 Stores to Over 20,000 Nationwide**


  Busy Ming Group operates two leading brands—“Snack Busy” and “Zhao Yiming Snacks”—and is a pioneer of the bulk retail model in China's food and beverage industry.  In the first nine months of 2025, the Company achieved RMB 66.1 billion in gross merchandise value (GMV). The Group's stores now cover 28 provinces and cities of all tiers nationwide, with 59% penetrating into counties and townships, establishing itself as a significant physical retailer connecting mass consumption with China's food industry.


  ![](/static/img/0f9ca3e0-704f-46c5-8e49-a7bb567abc52.jpg)


  **When Gaorong Ventures co-led Busy Ming Group’s first-round financing in 2021, the Company had 450 stores and had just begun its nationwide expansion.** At that time, Gaorong’s investment team and research center conducted on-site research, visiting nearly 100 stores and producing a 98-page internal research report.


  In recent years, Busy Ming Group has taken a distinctive path compared with traditional supermarkets and online platforms. Rooted in communities and lower-tier markets, it uses high-frequency, essential snack-and-beverage consumption as the entry point. By rebuilding the supply chain and compressing intermediaries, the Company brings genuine value-for-money to consumers. On top of that, it further delivers emotional value—creating a relaxed and enjoyable shopping experience.


  As of November 30, 2025, Busy Ming Group operated 21,041 stores, many of which are located near county centers, townships, and residential communities—making high-quality, affordable, and diverse food offerings an everyday reality for ordinary households.


  Gaorong Ventures has identified high-quality companies in offline retail along two overarching theses. First, Gaorong believe that mid-sized supermarkets represent an intermediate equilibrium in retail, as it is difficult for them to excel simultaneously at “variety, speed, quality, and low price.” Many categories within mid-sized supermarkets tend to be gradually “unbundled” by emerging retail formats. Given China’s population density, **this often leads to the rise of specialized stores**—for example, Qian Dama in fresh produce, Pagoda in fruit retail, and similarly strong opportunities in snacks.


  Second, **Gaorong continue to seek unique offline experiences that remain difficult to replace even with highly advanced internet infrastructure. Borrowing the popular AI term “Vibe Coding”, snack specialty stores are a quintessential form of “Vibe Shopping”.** Consumers are surrounded by an abundant, visually compelling selection, while bulk and individually packaged items reduce decision-making costs—creating a highly satisfying “atmospheric shopping” experience. Busy Ming Group is a strong embodiment of both theses.


  **Rebuilding the Supply Chain to Directly Connect Consumer Demand with Industrial Supply**


  As a leader of the bulk retail model, Busy Ming Group unlocks value through enhanced efficiency. By directly connecting manufacturers and brand partners, and leveraging scale procurement, standardized operations, and a nationwide warehousing and distribution network, the Company significantly reduces circulation costs. Under strict food safety and quality assurance, it enables products of the same quality to reach consumers at more reasonable prices.


  As of September 30, 2025, Busy Ming Group had established partnerships with over 2,500 high-quality manufacturers, including 50% of the companies on the Hurun China Food Industry Top 100 list. **The average price of comparable products is approximately 25% lower than offline supermarket channels.**


  Today, Busy Ming Group has progressively become a vital hub connecting consumers' real needs with China's food manufacturing capabilities. The company curates and customizes products based on consumer preferences, establishing a standardized process of "initial selection—tasting—trial sales—full rollout," launching hundreds of new products monthly.This forms a product portfolio that is category-rich, high-frequency in iteration, and structurally diverse. As of September 30, 2025, Busy Ming Group maintained approximately 3,997 SKUs in stock, spanning 7 major categories and over 750 brands.


  ![](/static/img/11.jpg)


  Building on this foundation, Busy Ming Group delves deep into product origins, collaborating with manufacturers to optimize specifications and formats. As of September 30, 2025, approximately 34% of SKUs were derived from customized collaborations with manufacturers, and 38% of products were sold in bulk by weight. Meanwhile, leveraging consumer data gathered close to the point of sale, Busy Ming Group actively participates in upstream R&D. For example, based on insights into flavor preferences, the company partnered with Yanjinpuzi to launch "Sesame Sauce Flavored Vegetarian Tripe," which achieved sales of 960 million units in the first nine months of 2025.


  **Serving the Real Economy by Deepening Domestic Market Penetration**


  Busy Ming Group’s rapid development is built on the solid foundations of China’s unified national market, improved logistics infrastructure, and enhanced digital capabilities. Through a nationwide warehousing and logistics network and standardized management systems, **the Company has achieved stable operation and high-quality development at a scale of over ten thousand stores.**


  As of September 30, 2025, Busy Ming Group operated 48 digitalized modern warehousing and distribution centers. A single warehouse can cover a delivery radius of up to 300 kilometers, enabling 24-hour delivery to stores nationwide. In the first nine months of 2025, warehousing and logistics costs accounted for 1.7% of total revenue. In 2024, inventory turnover days were 11.6, both of which are among the best in the industry.


  While serving consumer demand, Busy Ming Group continues to drive the real economy through tangible spillover effects. The Company connects the industrial chain from agricultural production and food processing to end retail, helping local food enterprises and agricultural raw materials reach broader markets through its nationwide store network—thereby promoting overall upgrades across China’s snack supply chain. It has supported 9,552 franchise partners in entrepreneurship, created substantial employment opportunities, and advanced the continuous improvement of county-level commercial systems through a standardized and replicable model.


  **Making the Benefits of Industry Upgrading Accessible to Millions of Households**


  In recent years, China’s snack food and beverage retail industry has grown significantly. According to reports from the National Bureau of Statistics and Frost & Sullivan, the market expanded from RMB 2.9 trillion in 2019 to RMB 3.7 trillion in 2024, representing a compound annual growth rate (CAGR) of 5.5%, and is expected to further grow to RMB 4.9 trillion by 2029.


  Busy Ming Group’s listing on the Hong Kong Stock Exchange marks its entry into a more transparent and resilient stage of development. Looking ahead, the Company will remain committed to long-term value creation—strengthening store-level operations, serving consumers with excellence, and making high-quality, value-for-money snacks a readily accessible daily choice for more families. By delivering inclusive consumption through efficiency, and connecting joyful living through snacks, Busy Ming Group will continue to write a new chapter in China’s snack retail story.


  Han Rui added: “Busy Ming Group has already become an industry leader, and it will assume even greater responsibilities as a leader going forward—bringing peace of mind and happiness to more consumers. We look forward to a day when, after finishing homework or doing well, more parents will say, ‘Come on—let’s go to Busy Ming Group as a reward.’ **We wish Busy Ming Group continued success, and we hope the Company will, with even better and healthier products, remain a long-standing part of our lives—so that the dividends of food industry upgrading can benefit millions of households**.”
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