Core Insights - The rise of discount snack stores is reshaping the snack retail landscape in China, with significant growth in the volume and profitability of leading companies in this sector [4][5][6]. Industry Overview - Traditional snack giants are facing pressure, while discount snack leaders like Wancheng Group and Mingming Hen Mang are experiencing explosive growth, with Wancheng's net profit increasing over 500 times year-on-year [3][5]. - The market share of discount stores is projected to exceed 40% in 2024, surpassing supermarkets and e-commerce channels [5]. Company Performance - Wancheng Group reported a revenue of 323.3 billion yuan in 2024, a year-on-year increase of 247%, with a net profit of 2.93 billion yuan, up 453% [6]. - Mingming Hen Mang has also shown rapid growth, with over 20,000 stores nationwide and a significant increase in revenue from 42.86 billion yuan in 2022 to 393.43 billion yuan in 2024 [6][7]. Business Model - Discount snack stores operate on a low-margin model, with average gross margins around 10%, allowing them to offer lower prices compared to traditional retail channels [9][10]. - The focus on private label products and high turnover rates supports their business model, enabling them to attract price-sensitive consumers [11][12]. Market Dynamics - The integration of instant retail platforms is enhancing the growth of discount snack stores, with significant order increases reported through partnerships with platforms like Meituan [13][14]. - The overall snack market in China is expected to reach 1.2378 trillion yuan by 2027, indicating a shift from rapid growth to a more stable market [15]. Competitive Landscape - The competition among discount snack retailers is intensifying, with many companies collaborating with discount platforms to boost sales [7][13]. - The future of the market will depend on balancing brand value with cost efficiency, as well as innovation in supply chain management and customer loyalty [15][16].
休闲零食两极分化加剧：量贩冲击传统巨头，即时零售入局增加变量