Core Insights - The article highlights the rising demand for "light cooking" in households, particularly for hot pot and barbecue, driven by convenience, social attributes, and universal taste preferences, creating a new market for the hot pot and barbecue ingredient supply chain [1] Group 1: Rise of the Lower-tier Market - The disposable income of rural residents increased by 7.6% year-on-year in 2023, coupled with the penetration of e-commerce and logistics networks, leading to a rapid release of demand for quality and convenient ingredients in lower-tier markets [4] - The social attributes of lower-tier markets favor community gatherings, with hot pot and barbecue serving as low-skill cooking options, making them ideal for family and community events [5] - Operating costs in lower-tier markets can be reduced by 40%-60% compared to first-tier cities, with community store models leveraging "online ordering + offline pickup" to enhance profitability [6] Group 2: Supply Chain Restructuring - The supply chain for ingredients in lower-tier markets is undergoing a "de-intermediation" transformation, with regional brands directly sourcing from agricultural bases and central factories, reducing procurement costs and supporting local farmers [7] - The adoption of cold chain logistics technology has decreased food loss rates from 30% to below 15% in lower-tier cities, ensuring product freshness and price competitiveness [8] - Community stores employing a "small store manager" model can create 3-5 flexible job opportunities, fostering a positive entrepreneurial ecosystem [9] Group 3: Challenges and Strategies - To avoid homogenized competition with first-tier cities, companies should develop unique products tailored to regional tastes and offer smaller or combo packaging to cater to smaller family structures [10] - Establishing regional warehousing nodes can enhance supply chain resilience, creating a three-tier network to mitigate logistics uncertainties and reduce stockout risks [10] - Building community trust through private traffic channels like WeChat and short videos can enhance brand credibility via ingredient traceability and cooking tutorials [11] Group 4: Future Outlook - The downward trend in the hot pot and barbecue ingredient market represents a reconstruction of the "people's livelihood economy," where community stores act as nodes connecting urban and rural supply chains, promoting agricultural industrialization and supporting ancillary services [12] - The market for pre-prepared dishes and ingredient supply chains in lower-tier markets is projected to exceed 500 billion yuan by 2025, with community-oriented and social consumption scenarios becoming key growth drivers [12] Conclusion - The narrative of the hot pot and barbecue ingredient economy reflects a gradient shift in the consumption market and validates the endogenous growth logic of China's county economy, leveraging supply chain upgrades to facilitate the bidirectional flow of resources and value reconstruction [13]

来源丨凤凰网财经《IPO观察哨》 2025年的新茶饮上市热潮中，沪上阿姨也终于"熬"出头了。 4月23日，沪上阿姨通过港交所上市聆讯，距离2024年2月14日，其第一次在港交所递交上市申请，已经过去了1年多的时间，2024年12月27日更 新招股书，上市才迎来新进展。 财务数据不算亮眼。根据招股书，沪上阿姨2024年收入为32.8亿，同比下滑1.9%，净利润3.29亿元，同比下滑15.2%。 这是一家主攻下沉市场，高度依赖加盟模式的品牌。2024年，其收入中有96.5%来自加盟相关。2024年，其门店数量为9176家，在三线及以下城 市的门店占比达50.4%。 换句话说，在奔向万店的路途里，三线及以下城市的加盟商——也就是县域里有充裕资金的那群中产，撑起了沪上阿姨业绩的半边天。 通过港交所聆讯后，沪上阿姨将成为第六家上市的新茶饮企业。然而，以加盟模式驱动规模增长，沪上阿姨财务数据却暴露了单店效率下滑、供应 链脆弱性的双重风险。而正在承担风险的，则依旧是加盟商。 01 下沉狂奔，单店效率滑坡 沪上阿姨的主要产品的价格范围在7元至人民币22元。在其高速增长的业绩里，下沉市场的加盟商是重要的"燃料"。 新茶饮大都依 ...

新华财经北京4月25日电 随着城市化进程的加速和消费升级的推动，三线及以下城市消费活力持续释 放。记者了解到，越来越多企业加大了对下沉市场的布局，下沉市场成为企业"掘金"新蓝海。 美团数据显示，县域活跃消费者人数和订单规模均快速增长，2024年美团平台上县域有交易记录的消费 者人数同比增长19.6%，订单规模同比增长22.6%；2024年县域地区外来游客在亲子娱乐、休闲娱乐、 生活美容、餐饮、运动健身等沉浸式生活化场景中的订单量增速均超过50%。 "近几年，怡颗莓在下沉市场的销售增速明显快于一线城市。我们认为，中国的消费增长潜力主要来自 二线以下市场。未来怡颗莓会加大对下沉市场的布局力度。"怡颗莓相关负责人表示。 佳沛电商负责人厉槿焕指出，佳沛希望进一步提升中国下沉市场的渗透率和覆盖率。 业内人士指出，目前我国县域消费领域正表现出市场庞大、层次丰富、场景多元、消费者年龄跨度广等 特征。消费需求日益多样化、个性化的同时，我国县域消费服务也在不断提升。数据显示，我国一些县 域居民收入增速连年超全国平均水平。随着收入增加，消费需求从满足基本生活需求向追求品质生活转 变，对高端家电、智能家居产品、优质教育服务、特色文 ...

Core Viewpoint - The snack industry has undergone significant adjustments in recent years, with traditional giants facing declines while new players like Wanchen Group are rapidly rising [1][3][10]. Group 1: Market Dynamics - Wanchen Group's stock price has surged sixfold since July 2022, making it the top performer among listed companies in the Shanghai and Shenzhen markets [4][5]. - Wanchen Group's market capitalization has surpassed 20 billion, overtaking established players like Three Squirrels to become the industry leader [7]. - The snack industry is experiencing a stark contrast, with traditional giants like Three Squirrels and Laiyifen struggling, while Wanchen Group has reported a revenue increase of 247.9% to 32.33 billion in 2024 [12][11]. Group 2: Business Model and Expansion - Wanchen Group has transitioned from a mushroom cultivation business to a major player in the bulk snack sector, launching its brand "Lvxiaochan" in August 2022 [14][15]. - The company has aggressively acquired multiple snack brands, consolidating them under the "Haoxianglai" brand to streamline operations and expand its market presence [20]. - By 2024, Wanchen Group's store count reached 14,196, nearly doubling from the previous year, with plans to exceed 15,000 stores by March 2024 [20][21]. Group 3: Financial Performance - Wanchen Group's revenue from bulk snacks accounted for 98.33% of its total revenue in 2024, highlighting its focus on this segment [19]. - Despite significant revenue growth, Wanchen Group's gross margin was only 10.76%, well below the industry average of 20.35% [28]. - The company reported a net profit of 294 million in 2024, recovering from a loss of 82.93 million the previous year [12]. Group 4: Competitive Landscape - The bulk snack market is characterized by intense competition, with brands engaging in price wars to attract cost-sensitive consumers [37][42]. - The market is becoming increasingly concentrated, with the top two brands controlling 70% of the market share by late 2024 [48]. - Wanchen Group and its competitor Mingming Hen Mang are leading the market, but both face challenges with low profit margins, hovering around 2% [52]. Group 5: Future Outlook - The bulk snack industry is expected to grow significantly, with projections indicating the number of stores will reach 45,000 by 2025 and the market size will hit 123.9 billion [33]. - Companies are exploring new formats, such as discount supermarkets, to adapt to changing consumer preferences and enhance profitability [60][61]. - Wanchen Group's valuation has reached 84.95 times earnings, significantly higher than industry averages, raising concerns about sustainability amid increasing competition [65].

Group 1: Travel Industry Trends - The popularity of "less crowded niche destinations" has surged by 200% month-on-month, while "less popular family destinations" increased by 100% [1] - The average increase in interest for "self-driving trips" during the May Day holiday is 70%, indicating a preference for flexible and comfortable travel options [1] - The booking cycle for flights during the May Day holiday has shortened significantly, with 55.9% of travelers booking 10 days in advance, reflecting expectations of price fluctuations and cost control [1] Group 2: Company Performance - Mixue Group's stock price has surpassed 500 HKD, reaching a historical high and a market capitalization of 190 billion HKD, with a cumulative increase of over 150% since its listing on March 3 [2] - Jinma Amusement reported a revenue of 119 million CNY for Q1 2025, a year-on-year increase of 22.72%, but incurred a net loss of 664,400 CNY, a decline of 106.83% compared to the same period last year [3] - Zhongxin Tourism is set to sign a strategic cooperation agreement with Ponant Cruises to jointly develop the polar cruise market, focusing on polar exploration and sustainable development [4]

Core Insights - Hema has achieved its first annual profitability since its establishment, marking a significant milestone for the company [2][3] - The company plans to open nearly 100 new Hema Fresh stores in the upcoming fiscal year, indicating a strong focus on expansion [6][18] - Hema's business structure has been streamlined into four core segments, enhancing decision-making efficiency [2][15] Financial Performance - Hema reported a total transaction volume of 59 billion yuan for the 2024 fiscal year, a notable increase from 55 billion yuan in the previous year, with online transactions contributing over 63% to GMV [5] - The company experienced a customer growth rate exceeding 50% and achieved double-digit growth after nine consecutive months of profitability [4][12] Strategic Focus - Under the leadership of new CEO Yan Xiaolei, Hema has shifted its strategy from "model exploration" to "profitability first," focusing on two core business models: Hema Fresh and Hema NB [3][9][11] - Hema is actively enhancing its product offerings and supply chain capabilities, including the introduction of private label products and improvements in logistics [13] Market Expansion - Hema is targeting the lower-tier market, having entered 21 new cities and regions in the past year, with a focus on areas with strong consumer purchasing power [18][19] - The company is adapting its strategies to meet the unique challenges of the lower-tier market, including price sensitivity and varying consumer habits [19]

当前，电商行业纵深发展，随着互联网在城市及农村地区加速渗透，旺盛的消费需求促使电商平台不断 探索低价新玩法。 2025年1月，作为低价格带商品聚合场的京东特价频道全新上线，频道入口提升至APP首页顶部导航栏 位置。京东特价频道围绕用户需求和市场趋势，在4月22日全新推出"2元包邮"活动专区。 该活动精准聚焦家庭清洁、生活日用等高频率消费场景，每天精选4000多款大牌国货、优质白牌商品上 架，不仅让消费者能以2元的价格购入包邮的品质好物，更为中小品牌搭建了触达下沉市场用户的数字 化通路。 4000多款爆品2元包邮，包含立白、得力等大牌国货 在4月22日首期活动中，一批日常售价远高于2元的国货爆款商品吸引了消费者抢购，包括立白洗衣液、 得力12色马克笔、海天生抽酱油组合、娃哈哈AD钙奶、洁丽雅纯棉毛巾等。 线上"2元店"给商家带来内销新增长点 在实施低价策略过程中，京东特价频道正在探索一条可持续发展的平衡之道：通过"品牌+白牌"的双轮 驱动模式，既借助知名品牌建立价格信任，又通过优质白牌丰富供给多样性。 这一组合策略在"2元包邮"活动中得到体现。除了耳熟能详的知名国货，这次活动还特别引入了一批优 质白牌商品，如J ...

（原标题："外卖大战"升级！一季度外卖相关企业注册量增长19.69%） 近日，美团和京东之争持续升级。继京东官微直言有竞对平台强迫骑手"二选一"后，双方博弈进入白热 化阶段。 4月22日，港股京东和美团双双大跌，分别跌超7%和6%。 据艾媒咨询数据显示，2024年我国在线餐饮外卖行业市场规模为1.64万亿元，预计到2027年将达到1.96 万亿元，其中下沉市场将成为重要增量来源。艾媒咨询指出，随着一二线城市市场饱和，未来增长动力 将更多来自三线及以下城市和乡镇地区。 企查查数据显示，截至目前，今年已注册外卖相关企业33.67万家，其中第一季度注册25.62万家，同比 增长19.69%。 企查查数据显示， 国内现存外卖相关企业325.43万家。近十年外卖相关企业注册量快速增长，2024年全 年注册111.95万家外卖相关企业，同比增长4.71%，达近十年注册量峰值。截至目前，今年已注册外卖 相关企业33.67万家，其中第一季度注册25.62万家，同比增长19.69%。从国标行业来看，外卖相关企业 多归属于住宿和餐饮业，占比60.70%。 3.相关企业多归属于住宿和餐饮业 1.现存外卖相关企业325.43万家 企 ...

去县城抢人 Fast Reading 盒马创始人侯毅花9年没能完成的目标，新任CEO严筱磊用9个月时间实现了。 2024年最后 天 盒马在 封全员信中披露 公司连续9个月整体盈利 且增长幅度达双位数 顾客 ■ 严筱磊上任后，盒马只聚焦于盒马鲜生和盒马NB两种店型，其他店型都进行了精简和调 整。 ■ 去年一年，盒马新开门店有三分之一开在二三线城市和县城，很多新店成了当地的"排队 王"。 ■ 今年盒马计划再开100家店，但在低线市场，它将面临与多个新零售品牌的竞争。 2024年最后一天，盒马在一封全员信中披露，公司连续9个月整体盈利，且增长幅度达双位数，顾客 数量增长超50%。 从去年3月前的上市计划搁浅、被传卖身，到今年以来大刀阔斧地开店，短短一年间，盒马命运逆 转。2月中旬，马云现身盒马长沙门店，阿里巴巴又在财报业绩会上明确表示，当前没有出售盒马的 计划。 卖身危机被化解的盒马，准备大干一场。 一家公司的成长历程往往呈现扩张探索与资源聚焦的交替循环，松开拳头是寻找新的方向，当明确 了下一阶段的业务重点时，就会握紧拳头。 作者丨高越 如今的盒马，到了重新握紧拳头的时刻。 在长三角区域，盒马新店像雨后春笋一样冒了 ...

从模式上看，罗森小站的加盟条件相当有吸引力。根据罗森公开信息显示，在广东、福建的罗森小站， 加盟费最低只要4万元起，包含1万元加盟费、2万元保证金和1万元氛围改造费。只要店铺面积在20平米 以上，就符合开店规定，合同年限为3年。如果加盟商在2025年内更换罗森小站招牌，则"加盟费0元"。 相较于常规罗森门店，罗森小店在门店面积、投入成本、加盟模式和商品结构上都要更加灵活。 "4万元就能加盟罗森"这则消息近段时间引发热议。 在广东、福建等地的街头巷尾，一批面积不足50平米的"罗森小站"悄然涌现，其招牌下赫然标注着"原 xx店（夫妻店）改造"。无独有偶，库迪咖啡便利店以"0加盟费"为口号，将触角伸向全国680万家夫妻 店。一场以"翻牌"为核心的便利店革命悄然兴起，这场看似"降维打击"的扩张浪潮，实则是便利店行业 竞争逻辑的颠覆性重构——从传统的加盟费模式转向供应链盈利，从一二线城市转向下沉市场，从规模 扩张转向存量整合。 从"加盟费"到"供应链利润"的盈利逻辑 罗森小站的商品结构与罗森便利基本一致，以自产鲜食、甜点、关东煮、炸串为主，也涵盖零食、饮 料、个护、日用品等，可选商品数在2500个SKU以上。 罗森小站 ...