鸣鸣很忙:鸣响渠道变革 忙驭万店星辰

国盛证券
Feb 27

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...

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