Group 1 - The core viewpoint of the report indicates that the Chinese fast-moving consumer goods (FMCG) market is stabilizing, with a 1.3% year-on-year sales growth in the first three quarters of 2025, driven by a 3.8% increase in volume and a 2.4% decrease in average price [14][17][18] - Lower-tier cities (third to fifth tier) are identified as the main growth engine, contributing 80% of market growth, supported by urbanization, brand penetration strategies, and new retail channels [14][26][47] - The performance of different categories shows divergence, with packaged food and household care leading growth at 3.4% and 3.3% respectively, while the beverage category declined by 1.1% due to price competition and market shifts [29][39][46] Group 2 - The "consumption substitution" trend continues in 2025 but is slowing down, with average price declines narrowing from 3.4% in 2024 to 2.4% in 2025, indicating consumers are weighing quality against price [2][15][49] - New retail channels are experiencing structural changes, with traditional offline channels shrinking while warehouse membership stores, snack collection stores, and discount stores are expanding rapidly, with growth rates of 40%, 51%, and 92% respectively [2][59][60] - E-commerce channels are also growing at 7%, with platforms like Douyin and Pinduoduo becoming major drivers, accounting for over 40% of total FMCG e-commerce sales [2][59] Group 3 - The report highlights that the FMCG market is entering a new phase driven by demand, where brands must adapt to fragmented and polarized retail landscapes to seize growth opportunities [58] - The average selling price in the FMCG market is stabilizing, with promotional contributions to sales decreasing from 24.1% to 23.0%, reflecting a shift in consumer behavior towards quality and price balance [18][49] - The report emphasizes the importance of understanding consumer needs and adapting product offerings and pricing strategies to achieve sustainable growth in the evolving market [2][58]