微信小店注入消费新动力，零食乳饮春节礼赠有望迎来新催化

Core View - WeChat Mini Stores inject new momentum into consumption, with snacks, dairy, and beverages expected to benefit from the Spring Festival gifting season [3][4][8] WeChat Mini Stores and Consumption Trends - WeChat Mini Stores upgraded in August 2024, integrating traffic and resources across WeChat ecosystems, enhancing user reach and conversion efficiency [3] - The "Gift Sending" feature launched in December 2024, with a total transaction volume of 1.5 billion yuan during December 19, 2024, to January 1, 2025, covering 8 million users and achieving a conversion rate of nearly 10% [3] - Popular brands like Luckin Coffee and Three Squirrels saw significant growth, with Three Squirrels achieving a 500%+ increase in daily transactions and new users during the testing phase [3] Food and Beverage Sector Opportunities - Snacks, dairy, and beverages are expected to benefit from the WeChat Mini Stores' gifting feature, especially during the Spring Festival season [4] - Brands with strong online operations and gift box offerings, such as Three Squirrels, Salted Fish, and Bestore, are well-positioned to capitalize on the trend [4][13] - The diversification of consumption channels is a key trend, with brands that adapt quickly likely to gain more market share [4] Spring Festival Gifting Demand - Snack brands are actively preparing for the Spring Festival, with increased demand for gift boxes and improved terminal sales since December [13] - Three Squirrels, Salted Fish, and Bestore lead in WeChat Mini Store sales, with 389.9 million, 111 million, and 66.2 million units sold respectively by January 9, 2025 [13] - Three Squirrels' interactive activities on WeChat Mini Stores generated over 50 million link exposures and 10 million independent visits [13] Key Brand Performance - Three Squirrels: 44.4 million units sold on WeChat Mini Stores from December 19, 2024, to January 9, 2025, with a 10% price increase on 7 gift box products [13] - Salted Fish: Strong performance in quail eggs and konjac products, with new products like Sam's Egg King performing well [13] - Ganyuan Food: Increased Spring Festival inventory, with new products like Black Chocolate Nut Series and Bamboo Salt Three-Color Bean Series expanding the product line [13] Investment Recommendations - Ganyuan Food is the top recommendation, with expected acceleration in 2025 and strong potential for overseas expansion [15] - Salted Fish and Three Squirrels are also recommended, with attention on Jinzai Food and Qiaqia Food [15]