休闲食品行业行业专题研究：2025年“新渠道”有何看点？

Investment Rating - The report rates the leisure food industry as "Buy" for key companies such as 盐津铺子 (Yanjinpuzi) and 劲仔食品 (Jinzai Food) [4]. Core Insights - The report highlights that 2025 is expected to be a year of significant changes in the leisure food industry, driven by new channels and consumer behavior shifts. The performance of snack companies has outpaced the broader food and beverage sector over the past three years, with notable examples including 万辰集团 (Wancheng Group) and 三只松鼠 (Three Squirrels) achieving substantial returns [3][14]. - The report identifies three major new channel developments: the localization of Sam's Club, the expansion of WeChat's gifting feature, and the rise of discount retailing, all of which are expected to create new opportunities for growth in the leisure food sector [3][28][50]. Summary by Sections Introduction - The report discusses the strong performance of snack companies compared to the broader food and beverage sector, with significant returns from companies like 万辰集团 and 三只松鼠 in 2024 [3][14]. New Channel 1: Sam's Club Localization - Sam's Club has accelerated its localization strategy, with over 50 stores generating approximately 100 billion CNY in sales. The focus on high-quality, cost-effective products is expected to create new opportunities in lower-tier markets [3][28]. - The selection strategy at Sam's Club follows a "wide SPU, narrow SKU" principle, emphasizing differentiated, high-quality products [34]. New Channel 2: WeChat Gifting - WeChat's new gifting feature is set to expand social e-commerce, with snack products being prioritized in this new shopping scenario. The initial testing phase has shown positive engagement from companies like 来伊份 (Laiyifen) and 三只松鼠 [50][51]. New Channel 3: Discount Retailing - The report maintains a cautious outlook on the snack retail sector, suggesting that the competition among mid-tier brands is intensifying. However, the rise of discount retailing is expected to provide new growth opportunities [3][28]. Investment Recommendations - The report suggests focusing on companies that are responsive to new channels, such as 盐津铺子 and 三只松鼠, as well as smaller companies that are embracing these changes, like 甘源食品 (Ganyuan Food) and 劲仔食品 [3][4].