一切为了低价！ 2025年，两家量贩零食巨头已经开始了"港股第一股"之争。4月，由零食很忙与赵一鸣零食合并而来的 鸣鸣很忙正式向港交所递交上市申请；几个月后，通过并购迅速扩大规模的万辰集团也正式向港交所递 交上市申请。 《中国经营报》记者注意到，二者所募资金用途高度一致，均提到了用于门店扩张和供应链优化，背后 目标不言而喻，即通过门店规模化和供应链优化，进一步提升自身的"低价优势"，进而在竞争中占据主 动地位。由此，行业龙头展开了一场关乎资本、供应链与规模化的全方位较量。 而在业内人士看来，将量贩零食赛道看作是一个整体，其显然带来了一场快消品行业流通模式的变革， 也揭开了量贩零食模式实现低价的底层逻辑。 为何卖得如此便宜？ 能够实现低价的另一面，则是整个行业对经销体系的颠覆。新经销CEO、《中国零食硬折扣白皮书》主 编任文青分析认为，在旧的经销体系当中，品牌的定价必须要高，因为要留给经销商利润，要雇业务人 员，要给商超进场费、条码费，要雇促销员，要买堆头。"我们经常讨论厂商博弈，零供矛盾，站在行 业的视角来看，这是他们共同确定的一套商品流通体系。总的来讲，这是品牌商主导的，通过分销体系 把自己的产品推给消费者 ...

来源：格隆汇APP 格隆汇10月9日丨药师帮(09885.HK)公告，厂牌首推业务乃集团"向上走"方案中的一项重要战略，同时 作为高利润业务，因此对提升盈利能力而言举足轻重。公司自其他业务运营所获得的洞察，公司积极寻 求与药企建立深度合作，旨在协助它们将针对下游需求定制的产品推向更广阔的市场，从而将潜在的市 场机遇转化为实实在在的销售业绩。另一方面，依托公司已经构建的品牌影响力和渠道优势，其战略性 推进自有品牌产品的拓展，致力于推出品类丰富且紧密贴合市场需求的高质量自有品牌产品，以满足更 广泛下游用户的多元化需求。截至2025年9月30日止3个月，厂牌首推业务(包括集团自有品牌业务)交易 总额6.58亿元，同比增长163.0%。 ...

Group 1 - The core viewpoint of the articles highlights that Pruide (301353.SZ) has successfully increased its self-owned brand revenue to over 20% and is enhancing its brand influence through platforms like Tmall, Amazon, and Walmart [1][2] - The company is recognized as a "little giant" enterprise under the national specialized and innovative category, leveraging its technical strength and manufacturing experience in the electric tools sector to advance its OBM strategy [1] - Pruide has established a differentiated brand authorization system with brands such as "Hengdong," "NEUMASTER," "PRULDE," "Bangta," and "BATAVIA," tailored to meet the market demands of various countries and regions [1] Group 2 - In the first half of 2025, the company's European subsidiary BATAVIA.BV reported over 80% year-on-year revenue growth, indicating strong momentum for its self-owned brands in international markets [2] - The company has strengthened its overseas supply chain response capabilities through its production base in Thailand and optimized logistics efficiency with an overseas warehouse model, creating a global marketing network covering key markets like the US, Europe, Australia, and India [2] - As the proportion of self-owned brand revenue continues to rise, Pruide is transitioning from manufacturing advantages to brand value, enhancing its brand influence and international competitiveness [2]

Core Viewpoint - The recent divorce case involving the founder of Liren Lizhuang has concluded, resulting in significant changes in the company's shareholding structure, while the company faces declining financial performance and challenges in its business model [1][29]. Financial Performance - Liren Lizhuang reported a revenue of 831 million yuan for the first half of 2025, a year-on-year decrease of 13.98% [2][6]. - The net profit attributable to shareholders was a loss of 32.76 million yuan, a staggering decline of 1315.98% compared to the previous year [2][6]. - The total profit for the period was a loss of 40.50 million yuan, down 730.94% from a profit of 6.42 million yuan in the same period last year [2]. Stock Performance - Since its peak stock price of 54.89 yuan in September 2020, Liren Lizhuang's stock has plummeted nearly 80%, closing at 10.37 yuan on the day of the report [3][6]. - The company's market capitalization has shrunk by over 80%, now standing at approximately 4.15 billion yuan [3]. Business Model and Revenue Sources - The company's revenue model primarily consists of e-commerce retail and brand marketing services, with e-commerce retail accounting for 91.12% of total revenue, generating 757 million yuan [5][6]. - Liren Lizhuang's reliance on platforms like Tmall is significant, with Tmall domestic and international revenues at 516 million yuan and 27 million yuan, respectively [8][10]. Brand Development - The company's self-owned brands have seen a sales increase of over 80% year-on-year, although they still represent a small portion of total revenue [11][12]. - Liren Lizhuang operates six self-owned brands, with the brand Yuyongchu achieving top sales in its category shortly after launch [11]. Challenges and Market Position - The termination of partnerships with major Korean brands has put additional pressure on Liren Lizhuang, contributing to its financial struggles [2][36]. - The company faces intense competition from emerging platforms and other traditional TP companies that have successfully adapted to market changes [10][30]. - The recent divorce case of the founder has been linked to the company's declining performance, with significant operational disruptions during the legal proceedings [17][29]. Future Outlook - The company must accelerate its strategic transformation and enhance its core competitiveness to survive and thrive in a competitive market environment [36].

Core Viewpoint - Huitongda Network (9878.HK) is advancing its self-owned brand strategy in the liquor industry, focusing on an "integrated production and sales" model, achieving a favorable performance characterized by both volume and price increases [1] Group 1: Self-Owned Brand Strategy - Huitongda's self-owned brand strategy has been upgraded with the release of the "Tanshang Type Group Standard" white paper in collaboration with Anhui Taohua Tan Liquor Industry, marking a new phase of systematic and standardized empowerment [1][3] - The "Tanshang Type" standard aims to redefine brand value amidst the traditional dominance of three main fragrance types in the liquor industry, catering to diverse consumer flavor preferences [3][5] Group 2: Product Development and Market Positioning - The "Tanshang Type" liquor, developed over three years, features a unique style characterized by "elegant fragrance and smooth taste," utilizing high-quality sorghum and traditional fermentation techniques [3][6] - The release of the standard signifies a shift from brand and channel integration to "industry standard definition," enhancing Huitongda's self-owned brand strategy [5] Group 3: Market Activation and Sales Strategy - Huitongda is leveraging a dual approach of "integrated production and sales" and "cultural empowerment" to tap into the vast liquor market, creating new opportunities for super products in lower-tier markets [8] - The company is building a comprehensive sales matrix by integrating high-quality brewing resources and utilizing a nationwide network of member stores, alongside e-commerce and cultural tourism channels [8] Group 4: Cultural Integration and Consumer Engagement - Huitongda's products are designed to resonate with emotional consumer needs, incorporating cultural narratives and historical elements to enhance brand value and consumer experience [8][10] - The existing product series covers various market segments, from high-end collectibles to mass consumption, ensuring a complete pricing range and consumption pathways [8] Group 5: Industry Innovation and Competitive Advantage - Industry experts note that innovative fragrance types are becoming a benchmark for evaluating liquor companies, with Huitongda's focus on quality and ecological factors supporting its brand differentiation [10] - The combination of self-owned brands, standard formulation, and cultural empowerment positions Huitongda to reshape the traditional liquor industry, transitioning from scale competition to value competition [10]

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company's self-owned brand strategy is showing significant value, driving rapid revenue growth [4] - The company plans to repurchase shares worth 100-200 million yuan at a price not exceeding 76.8 yuan per share, which will be used for employee stock ownership plans [4] - The overall profitability has improved, with a net profit margin increase of 1 percentage point to 5.48% in the first half of 2025 [5] Financial Performance - In H1 2025, total revenue reached 1.319 billion yuan, a year-on-year increase of 68%, while net profit was 72 million yuan, up 86% [4] - The gross margin increased by 11 percentage points to 56.92%, with sales and management expense ratios changing significantly due to new brand cooperation methods [5] - The company's self-owned brands, including "Feicui" and "Zhanjia," generated revenues of 160 million yuan and 444 million yuan respectively, with "Zhanjia" seeing a 157% year-on-year increase [6] Market Channels - Revenue from online channels such as Douyin, Tmall, and JD.com saw substantial growth, with Douyin's revenue increasing by 239% and accounting for 37% of total sales [6] - The company is focusing on enhancing brand presence on Douyin to boost sales and brand equity [6] Brand Development - The "Zhanjia" brand is strengthening its market position with differentiated advantages, while "Feicui" is rapidly expanding its product range [7][8] - The company aims to enhance brand awareness and invest in high-potential product categories to capture market growth [8] Earnings Forecast - The company is expected to maintain high growth rates, with projected EPS of 0.79, 1.21, and 1.66 yuan for 2025, 2026, and 2027 respectively [9] - The current stock price corresponds to PE ratios of 76, 49, and 36 for the respective years [9]

Core Viewpoint - The strategic partnership between Huitongda Network and Zhangmen Media Group aims to enhance brand development, product innovation, and channel integration through the establishment of Henan Zhanghui Supply Chain Management Co., Ltd [2][4][6] Group 1: Company Overview - Zhangmen Media Group has over a decade of experience in advertising marketing services and online brand operations, positioning itself as a leader in internet content production and management [4] - The group has successfully transformed from Jiangsu Zhangmen Network Technology Co., Ltd into one of the first full-domain MCNs in China, holding a leading position in the internet content sector [4] - It operates over 20 established self-owned brands across six core areas, including cosmetics, apparel, food and beverage, pet products, and home appliances [4] Group 2: Strategic Collaboration - The partnership is seen as a crucial element in Huitongda's self-owned brand strategy, with significant potential for collaboration in product development, advertising, and brand co-creation [6] - Huitongda Network has built a strong foundation in the lower-tier market over the past decade, aiming to leverage this partnership for mutual empowerment and enhanced efficiency in product and service distribution [6] - The establishment of Henan Zhanghui Supply Chain Management Co., Ltd represents a tangible outcome of the strategic collaboration, focusing on innovative supply chain models in the new retail environment [6]

Group 1 - The company reported a revenue of 2.129 billion yuan for the first half of 2025, representing a year-on-year increase of 24.45%, and a net profit of 201 million yuan, marking a turnaround from losses [1] - The significant growth in revenue is attributed to store optimization, improved product management, and enhanced supply chain efficiency, particularly in supermarket sales [1] - The company has implemented restructuring measures that confirmed substantial restructuring gains, while focusing on core advantageous regions to enhance overall store efficiency and profitability [1] Group 2 - The company has adopted strategies from the successful model of "胖东来" by gradually closing inefficient stores and transforming potential ones, leading to improved overall operational performance [2] - The reopening of the Yongzhou Shunde store on August 9 marked the completion of adjustments in 19 stores, which have become key drivers of revenue growth, with sales during the Spring Festival season increasing by 3-6 times and customer traffic rising over 300% [2] - The company has established strategic partnerships with over 200 quality suppliers, enhancing product pricing advantages and freshness, which has effectively driven sales growth across all categories [3] Group 3 - The self-owned brand BL, launched in March 2025, has become a highlight for the company, with products rapidly climbing sales rankings and showing a steady increase in gross margin and market share [4] - As of the end of July, over 50 products under the BL brand have been launched, covering a diverse range of categories, and the monthly sales in July were nearly six times that of March [4] - The company plans to continue focusing on core regions and deepening retail fundamentals, leveraging the "胖东来" model to solidify its development foundation and showcase a retail transformation example [4]

Group 1 - The core viewpoint is that the bulk snack retail model, characterized by "vertical + thousands of stores" hard discount strategies, is fundamentally a business driven by traffic growth, benefiting from market upgrades and improved channel efficiency [1] - The total number of stores in the industry has rapidly expanded from 13,000 in January 2022 to over 40,000 currently, leading to an increase in the share of specialty store channels from 7.6% in 2019 to 11.2% in 2024, with the market size of the leisure food and beverage sector projected to reach 3.7 trillion [1] - The bulk retail format shows strong competitiveness in terms of payback period and capital efficiency compared to other retail formats, with a theoretical potential for approximately 86,000 stores nationwide based on various supply and demand parameters [1] Group 2 - The transition from vertical bulk retail to horizontal product expansion is seen as a challenging yet correct strategy, with discount supermarkets optimizing single-store models and expanding store space through refined operations and supply chain efficiencies [2] - The competitive landscape is becoming clearer with leading players in the bulk retail sector focusing on mergers and acquisitions, with distinct advantages in market distribution and operational efficiency between major players [3] - The profitability of leading bulk retailers is expected to improve in the short term due to reduced subsidies and scale efficiencies, while the development of private label brands is crucial for long-term growth and valuation enhancement [4]

Investment Rating - The report maintains a "Positive" investment rating for the leisure snack industry [1]. Core Insights - The bulk discount snack channel is fundamentally a business driven by traffic growth, benefiting from the "good, fast, and economical" model, which has allowed leading players to capitalize on the upgrading of lower-tier markets and improved channel efficiency. The total number of stores in the industry has rapidly expanded from 13,000 in January 2022 to over 40,000 currently, contributing to an increase in the share of specialty store channels from 7.6% in 2019 to 11.2% in 2024, with the market size of the leisure food and beverage sector expected to reach 3.7 trillion yuan by 2024 [4][13][8]. Summary by Sections 1. Review of Bulk Snack Channel Development and Future Opportunities - The leisure food and beverage market in China is projected to grow at a CAGR of approximately 5.5% from 2019 to 2024, reaching around 3.7 trillion yuan by 2024. The traditional supply chain is undergoing efficiency transformations due to urbanization, information equality, and logistics and digitalization improvements [8][13]. - The bulk snack channel, characterized as a hard discount model, has thrived by maximizing efficiency and price competitiveness, successfully capturing market share during the rise of value-conscious consumption and the new retail transformation [9][13]. - The number of bulk snack stores has surged from 13,000 in early 2022 to over 40,000, with leading companies like Mingming Hen Mang and Wancheng Group projected to achieve GMV of approximately 55 billion yuan and 43.5 billion yuan, respectively, in 2024 [13][8]. 2. Bulk Channel: Mingming Hen Mang vs. Wancheng - The competitive landscape is becoming clearer as the leading players transition from rapid expansion to mergers and acquisitions. The report highlights the distinct advantages of Mingming Hen Mang and Wancheng in terms of store distribution and operational efficiency [65][66]. - By the end of 2024, both Mingming Hen Mang and Wancheng are expected to operate over 14,000 stores each, with a combined market share of approximately 68%, reflecting a 20 percentage point increase from 2023 [65][73]. 3. Future Profitability and Valuation Considerations for Bulk Channels - The report emphasizes that the profitability of leading players is expected to improve as the competitive landscape stabilizes, with a focus on self-owned brand strategies to enhance scale and profitability. The self-owned brand strategy of Mingming Hen Mang aims to provide differentiated products and higher added value, aligning with future consumer demands [4][13][65]. - The report draws parallels with international discount retail leaders, indicating that similar strategies could lead to sustained growth and valuation improvements, with potential PE ratios exceeding 30x for successful brands [4][13].