量贩零食加盟商，难熬了

Core Viewpoint - The article discusses the challenges and competitive landscape of the snack retail industry in China, particularly focusing on the company "Mingming Hen Mang" and its franchise model, highlighting the difficulties faced by franchisees and the implications for future growth [4][5][7]. Group 1: Company Overview - "Mingming Hen Mang" is preparing for an IPO and aims to become the first snack retail stock in Hong Kong [5]. - The company started in 2017 and has rapidly expanded to over 14,000 stores with an annual retail revenue of 55.5 billion yuan by the end of 2024 [7]. - The competitive landscape has shifted significantly in 2023, with aggressive pricing strategies from major players like Zhao Yiming and "Hao Xiang Lai" squeezing local snack retailers [7]. Group 2: Franchise Model Challenges - The majority of "Mingming Hen Mang's" revenue (99.5%) comes from selling products to franchisees, which has led to increasing pressure on franchisee profitability [7]. - In 2024, 273 franchise stores closed due to operational issues, indicating a growing concern about the sustainability of the franchise model [7]. - Franchisees report regret over their investment decisions, with many facing high costs and low returns, leading to a perception that new franchisees may become "chopped leeks" [9]. Group 3: Financial Metrics - The gross profit margin for "Mingming Hen Mang" is projected to remain stable at around 7.5% to 7.6% from 2022 to 2024, while the net profit margin is expected to improve slightly from 1.7% in 2022 to 2.1% in 2024 [12]. - The overall industry gross profit margin for snack discount stores is around 18%, with net profit margins dropping below 8% after accounting for costs [14]. Group 4: Market Saturation and Consumer Behavior - The snack retail market is experiencing saturation, particularly in lower-tier cities, with a significant decline in consumer purchasing frequency and average transaction value [22]. - Franchisees are struggling with high operational costs and competition from various retail formats, leading to a challenging business environment [21][22]. - The changing preferences of consumers, particularly younger demographics, are shifting towards health-conscious choices, further complicating the market dynamics for snack retailers [22]. Group 5: Competitive Landscape - The competition between "Mingming Hen Mang" and other major players like "Wanchen" is intensifying, with both companies attempting to increase store density and market share [17][26]. - The article highlights the negative impact of aggressive competition on franchisee profitability, as increased store openings lead to diminished sales for existing stores [17][26]. - The franchise model's inherent weaknesses are exacerbated by the need for rapid expansion to satisfy investor expectations post-IPO, which may not align with the interests of individual franchisees [24][26].