腊月二十六，除夕将近，在武汉东西湖区金银湖良品大厦，湖北工业大学电商专业大四学生汪馨馨和她 带领的39人团队，依然在工位上忙碌着。键盘敲击声、与客户的沟通声此起彼伏，构成了一曲别样 的"新春奋斗曲"。从1月8日到2月13日，这群年轻人放弃了寒假早日回乡与家人团聚的时光，在上市公 司良品铺子的总部，开启了一段带薪实习之旅。汪馨馨的笔记本上，密密麻麻记录着从OMS系统操 作、千牛平台对接到团购客服沟通、售后纠纷调解的各类要点，对她而言，这个新年最大的礼物，并非 红包，而是这份从电商理论到职场实战的宝贵"淬炼"。 这场新春里的实战历练，不仅是学子们的成长蜕变之旅，更是湖北工业大学自2014年起推行短学期实践 教育改革的生动缩影，彰显着"校企协同、实战砺能"的育人初心，让基层实践成为高校人才培养的鲜活 课堂。 实战熔炉炼真金 "这个寒假，我们用坚守代替休憩，用实践锤炼本领，这是最有意义的新年礼物。"作为实习团队队长， 汪馨馨的话语里满是收获与坚定。从1月8日到2月13日，她带领39名同学扎根良品铺子电商岗位，开启 了一场从理论到实操的全面蜕变，这也是该校电商专业连续三年开展上市企业寒假集中带薪实践。 初入职场，挑战接 ...

"这个寒假，我们用坚守代替休憩，用实践锤炼本领，这是最有意义的新年礼物。"作为实习团队队长，汪馨馨的 话语里满是收获与坚定。从1月8日到2月13日，她带领39名同学扎根良品铺子电商岗位，开启了一场从理论到实操 的全面蜕变，这也是该校电商专业连续三年开展上市企业寒假集中带薪实践。 初入职场，挑战接踵而至。对汪馨馨而言，不仅要快速跨越电商理论与OMS、千牛系统实操的鸿沟，应对团购客 服密集咨询、天猫平台业务对接的高强度工作，还要统筹39人的实习节奏，成为团队的"主心骨"。实习初期，不 少同学因应对顾客刁难受挫而情绪低落，有的因系统操作不熟练陷入焦虑，汪馨馨也因协调排班、对接企业带教 老师倍感压力。 幸运的是，企业提供的"一对一带教"模式为学子们保驾护航。汪馨馨跟着带教导师学习实操技巧与团队协调方 法，还经常与企业员工沟通，为队友们争取细致指导和情绪疏导。通勤路上，她主动分享"先处理情绪，再解决问 题"的服务技巧，同学们在相互交流中褪去青涩、找准节奏。 短学期实践的淬炼，让学子们收获满满。汪馨馨已能熟练掌握商品报价、售后处理、天猫团购运营等核心技能， 沟通表达、应急应变能力大幅提升，更懂得了团队统筹的责任与担当。团 ...

Investment Rating - The report rates the industry as "Buy" [5] Core Insights - The 2026 Spring Festival consumption exceeded expectations, with service consumption leading the growth, driven by a significant increase in dining and travel demand [2][7] - The report highlights a notable recovery in the travel sector, with an expected total of 9.5 billion people traveling during the Spring Festival, marking a historical high [10][12] - The report emphasizes the importance of quality and experience in consumer spending, with a shift towards premium products and services [7][19] Summary by Sections 1. Spring Festival Consumption Trends - The Spring Festival holiday from February 15 to 23, 2026, saw a "good start" in consumption, with key retail and dining enterprises reporting a 10.6% increase in average daily sales compared to the same period in 2025 [10][22] - The first four days of the holiday recorded an 8.6% increase in average daily sales for key retail and dining enterprises compared to the previous year [10][19] - Government initiatives, including a 20.5 billion yuan fund for consumer subsidies, significantly boosted consumer spending [11][10] 2. Baijiu (Chinese Liquor) Market - The Baijiu market showed signs of improvement, with a narrowing decline compared to previous major holidays, although brand differentiation became more pronounced [27][30] - High-end Baijiu brands like Moutai and Wuliangye continued to lead the market, with a focus on price elasticity and rational consumer behavior [27][30] - The report identifies three key changes in the Baijiu market: increased importance of personal consumption, a more relaxed approach from manufacturers regarding sales targets, and improved channel sentiment [30][31] 3. Snack and Food Market - The snack market is expected to benefit from an extended peak season, with a longer preparation and sales cycle compared to 2025 [33][34] - Offline channels, particularly membership-based supermarkets and discount stores, are performing better than online channels, with significant growth in sales during the holiday period [34][35] - The report notes a diversification in snack offerings, with strong performance in high-quality nut gift boxes and innovative packaging strategies enhancing brand visibility [35][36]

Core Insights - The retail market for leisure food and beverages in China is evolving from a traditional "snack" category to a high-frequency necessity, driven by rising consumer income and changing consumption patterns [1][3][5] - By 2025, the market size of China's leisure food and beverage retail industry is projected to reach 39,653 billion yuan, with a year-on-year growth of 6.1% [1][5] - The market is characterized by a fragmented competitive landscape, with a CR5 market share of only 6% in 2024, indicating a large number of small to medium-sized enterprises [6][7] Industry Overview - Leisure food and beverage retail focuses on convenience and entertainment, catering to individual and family consumers through both offline and online channels [2] - The industry can be categorized into leisure food retail and leisure beverage retail, with further segmentation based on retail channels [2] Development Background - Rising national income and consumption levels are foundational for the growth of the leisure food and beverage retail industry, with per capita consumption expenditure expected to reach 29,476 yuan in 2025, a nominal increase of 4.4% [3][4] - There is a shift in consumer demand from mere indulgence to a combination of health and indulgence, with health-oriented products becoming mainstream [3][5] Industry Chain - The industry chain includes upstream manufacturers of various leisure foods and beverages, midstream retail channels such as supermarkets and e-commerce, and downstream consumers across all age groups [5] Current Market Status - The retail industry has expanded its scope to cover various consumption scenarios, becoming a key part of daily life, with significant growth in consumption frequency and penetration [1][5] - The distribution of market channels by 2025 is projected to be approximately 44.8% for supermarkets, 22.6% for grocery stores, 14.1% for e-commerce, and 12.2% for specialty stores [1][5] Competitive Landscape - The market is highly fragmented, with major players including Hunan Mingming Hen Mang Commercial Chain Co., Ltd., Walmart (China), Yonghui Supermarket, and others [6][7] - Hunan Mingming Hen Mang reported a total revenue of 463.71 billion yuan for the first nine months of 2025, with its two brands contributing significantly to this figure [7] Development Trends - The industry is expected to focus on health and functionality as core competitive advantages, with consumers increasingly favoring products with natural ingredients and minimal additives [8][9] - There is a growing emphasis on quality-price ratio and emotional value in consumer demand, with products serving not just as snacks but also as means for emotional comfort and social interaction [9] - The retail landscape is moving towards a multi-channel approach, integrating online and offline strategies to enhance consumer convenience and engagement [10][11]

| | | | | | 指标4 指标8 审口 北上资金 两融资金 精确资金 打板资金 上榜资金 产资ETF资金 沪深湖数学 救护线 市调审 甘肃事 更多 | | | | | | | | | | | | 檀板 十 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 休闲食品(20) | . | 涨幅% 1 | 现价 | | 量比 涨速% | 流通市值 | 换手% | 市盈(动) | | 涨跌 均涨幅％ | 昨涨幅% | 涨停数 | 跌停数 | 封单额 | 换手乙 | 开盘全额 | 开盘换手Z | | 1 力辰集团 | R | 0.88 | 208.00 | 0.70 | -0.19 | 364.67亿 | 0.70 | 34.90 | 1.81 | 1.56 | -1.11 | .. | .. | .. | 1.36 | 53.56万 | 0.00 | | 2 ST绝味 | | 0.64 | 12.58 | 1.59 | 0.16 | 7 ...

Group 1 - The company is currently focusing on overseas business by collaborating with export distributors [1]

Core Insights - The article highlights the issue of misleading packaging in nut gift boxes, where the actual nut content is significantly lower than advertised, leading to consumer dissatisfaction and potential brand trust erosion [1][2][3] Group 1: Misleading Packaging Practices - Many well-known brands, such as Baicaowei and Three Squirrels, are selling nut gift boxes where the nut content is less than 50% of the total weight, with some boxes containing as little as 33 grams of nuts in a package labeled as 958 grams [1] - The use of vague descriptions like "8 items over 4 pounds" or "10 items over 2.5 pounds" misleads consumers into thinking the boxes contain mostly nuts, while in reality, they include various snacks and beverages [1][2] Group 2: Consumer Impact and Reactions - Consumers are expressing frustration over the perceived value of these products, with some humorously suggesting that the low-cost gift boxes are suitable for "plastic relatives" [3] - The article suggests that consumers should be vigilant when purchasing, advising them to check product specifications carefully and to prefer options labeled as "pure nuts" to avoid being misled [3]

Core Viewpoint - The article discusses the financial troubles of Liangpinpuzi, a leading snack brand in China, highlighting the debt crisis faced by its controlling shareholder, Ningbo Hanyi, and the potential implications for the company's operations and market confidence [5][6]. Debt Crisis Background - In January 2024, Ningbo Hanyi applied for three loans totaling 300 million yuan from Yunnan International Trust, pledging 53.4 million shares of Liangpinpuzi, which represents 37.8% of its holdings and 13.32% of the company's total shares [7][10]. - The debt has now become overdue, with a principal balance of 280 million yuan, raising concerns in the capital market about the financial stability of the controlling shareholder [7][11]. Company Performance and Financial Struggles - Liangpinpuzi, listed on the Shanghai Stock Exchange in 2020, has seen its performance decline significantly, with a net profit drop of 46.26% in 2023 and projected losses for 2025 [8][13]. - The company has initiated a "store closure + price reduction" strategy since the end of 2023, reducing prices on over 500 products by an average of over 20%, but this has not resulted in increased sales, leading to continued pressure on gross margins [13][15]. Management Turmoil - The company has experienced frequent changes in its management team, with the resignation of co-founder Yang Yinfeng in March 2025 and the ongoing search for a permanent general manager [16]. - The financial issues of the controlling shareholder and the operational challenges faced by Liangpinpuzi reflect deeper challenges within the snack industry [16].

Core Viewpoint - The article highlights the misleading marketing practices in the nut gift box market during the Spring Festival, specifically criticizing the quality and content of products sold by companies like Liangpinpuzi, which misrepresent the proportion of nuts in their gift boxes [6][14]. Summary by Sections Product Misrepresentation - A specific nut gift box from Liangpinpuzi weighing 1800 grams contains nearly 70% of its weight from non-nut items such as drinks and red dates, raising concerns about transparency in product labeling [6][14]. - In a store visit, it was found that a gift box labeled as "healthy nut gift" weighing 1672 grams had only 16% of its weight from nuts, with the majority coming from low-cost fillers like snacks and drinks [11][14]. Marketing and Consumer Rights - The article emphasizes that misleading marketing practices violate consumer rights as per the Consumer Rights Protection Law, which mandates that consumers should be informed about the true nature of the products they purchase [6][14]. - Liangpinpuzi's customer service acknowledged the potential for consumer misunderstanding regarding the product descriptions and stated intentions to improve labeling for better transparency [7][10]. Financial and Operational Challenges - Liangpinpuzi is facing significant operational challenges, with a reported revenue decline of 24.45% year-on-year for the first three quarters of 2025, resulting in a net loss of 1.22 billion yuan [18]. - The company has seen a reduction in its store count from a peak of 3293 to 2227, indicating a shrinkage of nearly one-third over two years, which further impacts revenue growth [18][19]. Governance and Legal Issues - The company is entangled in a shareholder dispute that complicates its governance and operational stability, with ongoing legal issues affecting its financial credibility and investor confidence [19]. - The shareholder dispute involves allegations of "double selling" shares, which has led to court proceedings and a freeze on some of the company's shares, exacerbating its financial difficulties [19].

Core Viewpoint - The article highlights issues in the nut gift box market during the Spring Festival, particularly focusing on misleading marketing practices by companies like Liangpinpuzi, which has resulted in consumer confusion and potential legal implications [3][4][19]. Group 1: Product Marketing Issues - Liangpinpuzi's 1800g nut gift box contains nearly 70% of its weight from non-nut items such as drinks and red dates, raising concerns about transparency in product labeling [3][4][19]. - The company has been criticized for mixing pure nut gift boxes with mixed snack boxes in stores without clear differentiation, leading to consumer mispurchases [8][10]. - Customer service has acknowledged the potential for misunderstanding regarding the contents of the gift boxes and stated that they will work on improving product labeling for better transparency [6][20]. Group 2: Financial Performance and Challenges - Liangpinpuzi reported a 24.45% year-on-year decline in revenue for the first three quarters of 2025, with a net loss of 1.22 billion yuan, marking a significant downturn in financial performance [4][27]. - The company has seen a reduction in store count from a peak of 3,293 in 2023 to 2,227 by the end of the third quarter of 2025, indicating a shrinkage of nearly one-third in two years [14][28]. - Ongoing legal disputes regarding shareholder equity have compounded the company's operational challenges, affecting investor confidence and financial support [15][28]. Group 3: Industry Context - The snack food industry is experiencing intense competition, with many brands facing similar issues of misleading marketing practices, as seen with other companies like Three Squirrels and Baicaowei [12][26]. - The market is shifting towards a saturated competition phase, which has led to declining revenues for established brands like Liangpinpuzi amid rising operational costs [27].