（来源：沈阳日报） 下一步还将推动"优品入辽"与"辽货出境"双向循环，持续引入国际品牌，丰富沈城本地消费供给。系统 开发东北特色产品，设立"沈阳名品""辽宁优品"专区，，又一家东北首店入沈 带来新消费新场景）推 动本地产品走向更广阔市场，助力沈阳建设国际消费中心城市。 "折扣零售" 成为青年人消费新宠 "好特卖超级仓"在沈开业仅一周多的时间，便吸引了众多沈城青年人。这里定位为"全品类、高品质、 深度折扣"的仓储零售新模式，深受青年消费者的喜爱，成为今冬沈城消费新热点。这也折射出如今青 年人的消费新趋势，即对大品牌"折扣仓"的热衷。"折扣零售"已成为如今青年人的消费新宠。 转自：沈阳日报 日前，"好特卖超级仓"东北首店落户沈阳，这一新型的仓储式折扣店有别于传统超市，其"零售+休闲 +场景"的融合消费体验布局，为沈城市民带来了一种全新的购物体验。这种集"仓储+零售+体验"于一 体的超级仓业态一经入沈，便受到沈城青年人的欢迎，折射出当今青年人的消费新喜好与新趋势：他们 因钟爱超级折扣仓而回归实体逛购，享受"寻宝"式的逛购乐趣。 东北首店 超级折扣仓带来购物新场景 近日，"好特卖超级仓"在沈阳金融中心HAI乐园正式启 ...

近日，知名折扣店好特卖被指全国多地闭店，部分城市的新加盟也被叫停。 据华夏时报报道，多地消费者在社交平台发信息称，好特卖正在陆续关闭其在核心城市的门店，涉及广州、长沙、杭州、北京等城市热门商圈。有消息 称，其2025年新增门店数量大幅回落至几十家规模，且部分城市已不接受新加盟商加入。 图：网友上传的好特卖门店闭店通知 据南方都市报，12月18日，好特卖方面对此表示，闭店是加盟商或直营店正常的经营选择，目前好特卖全年整体闭店率不超过5%。"主动放缓"是好特卖 稳步的发展策略，不是叫停加盟。 另据蓝鲸新闻，12月17日，有好特卖门店内部工作人员回应称，部分关店主要源于"商场租金问题、租约到期后的主动调整，或部分门店因经营不善导致 亏损"。 拿下5轮融资 四年开近千家门店 公开资料显示，好特卖成立于2020年，是一家主营折扣商品的连锁零售品牌。自成立以来，好特卖共获得5轮融资，投资方包括新进创投、魔量资本、金 沙江创投、云久资本、五源资本、嘉远资本等。 2020年4月，好特卖第一家线下门店开张。2021年至2022年间，好特卖全国疯狂拓店，成为"性价比"消费浪潮中的明星企业。 图：好特卖门店，来源：视觉中国 21世 ...

Core Viewpoint - The discount retail chain Haotemai is facing store closures in multiple cities, with new franchise applications being halted in some areas, indicating a significant slowdown in its expansion plans [1][2]. Group 1: Store Closures and Business Strategy - Haotemai is reportedly closing stores in major cities such as Guangzhou, Changsha, Hangzhou, and Beijing, with a projected reduction in new store openings to only a few dozen by 2025 [1][3]. - The company claims that the closure of stores is a normal operational choice by franchisees or direct stores, with an overall closure rate not exceeding 5% for the year [2]. - Internal sources indicate that closures are primarily due to issues like high rental costs, lease expirations, and poor performance of certain stores [2]. Group 2: Company Growth and Competition - Founded in 2020, Haotemai has rapidly expanded, opening nearly 1,000 stores within four years and securing five rounds of financing from various investors [3]. - As of December 18, 2025, the number of Haotemai stores is approximately 954, showing a noticeable slowdown in growth [3]. - The competitive landscape has intensified with major players like Meituan, JD.com, and Hema entering the discount snack market, increasing pressure on Haotemai's survival and growth [3]. Group 3: Product Pricing and Quality Issues - Haotemai's pricing for several snack products has lost its competitive edge, with prices comparable to those in regular supermarkets [4]. - Consumer complaints regarding product quality have surged, with reports of moldy and expired snacks being common on complaint platforms [6][10]. Group 4: Product Line Expansion - In response to competition, Haotemai has increased its focus on beauty products, with the SKU proportion rising from 10% to 14% and revenue share from 11% to 15% between 2020 and 2024 [11]. - The company has also ventured into the warehouse discount sector, opening its first super warehouse in Nanjing, which offers a wider range of products, although this model currently serves as a supplement to its main business [11].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [15]. Core Insights - The textile and apparel sector has shown weaker performance compared to the overall market, with the SW textile and apparel index rising by 0.6%, lagging behind the SW All A index by 2.2 percentage points [3][4]. - The report highlights that the retail and wholesale sales of the company for FY26 Q3 have shown a high single-digit decline year-on-year, which aligns with expectations, while inventory levels remain healthy [10][13]. - The report anticipates a gradual recovery in domestic demand throughout 2026, with specific focus on high-performance outdoor apparel and discount retail segments [9][12]. Summary by Sections Textile Sector - The report recommends focusing on the Australian wool price cycle and the growth of non-woven fabrics, with a projected wool production of 244,700 tons for the 25/26 fiscal year, a decrease of 12.6% year-on-year [9]. - The demand side is expected to improve as downstream brands and manufacturers reduce inventory levels, leading to a replenishment demand [9]. - Companies like New Australia and Nobon are highlighted as beneficiaries of the rising wool prices and the growth in non-woven fabric products [9]. Apparel Sector - The company, Tabo, reported stable operational indicators for FY26 Q3, with a focus on improving retail capabilities and inventory management, while demand recovery is still awaited [10][11]. - Nike is expected to enhance product innovation and retail capabilities, with a cautious approach to inventory management for 2026, which is anticipated to positively impact the industry [11][14]. - The report suggests positioning in Bosideng for the winter season, as favorable weather conditions are expected to boost sales, alongside a potential recovery in the women's apparel segment [12][15]. Industry Data - From January to November, the total retail sales of clothing, shoes, and textiles reached 1,359.7 billion yuan, reflecting a year-on-year growth of 3.5% [25]. - In November, textile and apparel exports amounted to 23.87 billion USD, showing a year-on-year decline of 5.2%, with apparel exports down by 10.9% [32]. - Cotton prices have seen an increase, with the national cotton price index reported at 15,457 yuan per ton, up by 2.2% [33].

Core Viewpoint - The discount retailer HotMaxx is reportedly closing stores in several major cities and has halted new franchise agreements in some areas, indicating a significant slowdown in its expansion plans for 2025 [3][9]. Group 1: Store Closures and Franchise Changes - Multiple consumers have reported on social media that HotMaxx is closing stores in key urban areas such as Guangzhou, Changsha, Hangzhou, and Beijing [3]. - HotMaxx's official response states that the closure rate is below 5% for the year, attributing closures to normal business decisions by franchisees or direct stores, including issues related to rental costs and lease expirations [5][6]. - The company has confirmed a deliberate slowdown in franchise openings, focusing on core cities to strengthen brand presence and streamline supply chain management [5][6]. Group 2: Expansion and Market Context - In April 2023, HotMaxx had over 500 stores across 32 cities, with plans to add around 600 new stores that year. However, by mid-2024, the total number of stores reached 960, and projections for 2025 indicate a drastic reduction in new openings to just a few dozen [9]. - The discount retail sector, which saw rapid growth from 2020 to 2022, is now facing intense competition and market saturation, leading to a consolidation phase where many brands are being eliminated [9]. - The shift in the discount retail landscape is characterized by a transition from aggressive expansion to a focus on efficiency and supply chain management, marking a significant change in industry dynamics [9].

2025年，实体零售业态持续快速演变。近日，扎根在一线城市的折扣品牌好特卖被传出在广州、长沙、 杭州、北京等核心城市陆续关店的信息，并且放缓了开店节奏，部分城市不接受新加盟商加入。今年以 来，折扣业态迅速崛起并成为实体零售的焦点。美团、京东、盒马等互联网与零售巨头纷纷入局，物 美、中百集团等传统商超也加速切入赛道。在愈发激烈的市场竞争中，以临期商品起步的好特卖，正面 临多方挤压，增长压力日益凸显。 针对这些消息，好特卖官方回应媒体称，闭店是加盟商或直营店正常的经营选择，目前全年整体闭店率 不超过5%。对于部分城市新加盟叫停，好特卖表示，加盟节奏确有主动放缓，但这是好特卖稳步的发 展策略，而非叫停加盟。 公开资料显示，好特卖成立于2020年，开设初期，主要以售卖临期食品起家，目前已成为一家主营折扣 商品的连锁零售品牌。根据天眼查，其母公司上海芯果科技有限公司已获得5轮融资，投资方包括五源 资本、嘉远资本和云九资本等，不过最近一次融资发生在2021年8月16日。 2023年4月，好特卖正式开放加盟，时至今日，根据官网，其全国门店数量不过1000+。从折扣业态来 看，好特卖这个门店数量在行业内并不出众，具有折扣性质 ...

本报（chinatimes.net.cn）记者周梦婷 北京报道 2025年，实体零售业态持续快速演变。近日，扎根在一线城市的折扣品牌好特卖被传出在广州、长沙、 杭州、北京等核心城市陆续关店的信息，并且放缓了开店节奏，部分城市不接受新加盟商加入。今年以 来，折扣业态迅速崛起并成为实体零售的焦点。美团、京东、盒马等互联网与零售巨头纷纷入局，物 美、中百集团等传统商超也加速切入赛道。在愈发激烈的市场竞争中，以临期商品起步的好特卖，正面 临多方挤压，增长压力日益凸显。 好特卖"困局"显现 新零售专家鲍跃忠对《华夏时报》记者分析认为，"好特卖的商业模式存在结构性矛盾。其主打临期商 品，以极低价格吸引价格敏感型消费者，主营品类多为日常快消品。这类消费需求通常集中在社区、写 字楼周边等注重便利性与性价比的场景。然而，好特卖却将门店大量开设在租金昂贵的购物中心，这导 致了显著的经营矛盾：高租金成本与低价薄利模式难以持续兼容。初期为建立品牌声量和市场认知，选 择购物中心或许是一种战略投入，但若长期依赖此种选址模式，成本压力将严重侵蚀其本已微薄的利润 空间，商业模式将面临严峻考验。" 饱受夹击之痛 这边好特卖被曝多地闭店，另一边 ...

Core Viewpoint - The discount retail chain HotMaxx is reportedly closing stores in several major cities and has halted new franchise agreements in some areas, indicating a significant slowdown in its expansion plans for 2025 [1][3][10]. Group 1: Store Closures and Franchise Changes - Consumers have reported that HotMaxx is closing stores in key urban areas such as Guangzhou, Changsha, Hangzhou, and Beijing, with a notable reduction in new store openings planned for 2025, dropping to a scale of only a few dozen [3][10]. - HotMaxx has acknowledged that the closure of some stores is a normal operational choice by franchisees or direct stores, with an overall annual closure rate not exceeding 5% [6]. - The company has stated that the slowdown in new franchise agreements is a strategic decision to focus on core cities, rather than a complete halt, with current franchise opportunities limited to seven cities including Shanghai, Nanjing, and Guangzhou [6][10]. Group 2: Market Context and Industry Trends - The discount retail sector, which saw rapid growth from 2020 to 2022 with brands like HotMaxx, has entered a phase of consolidation due to increased competition and market saturation, leading to the exit of several brands [10]. - The shift in the discount retail landscape is characterized by a transition from aggressive expansion to a focus on efficiency and supply chain management, indicating a maturation of the market [10]. - HotMaxx, which initially gained popularity through low-priced products, is now facing challenges that reflect broader industry trends towards more sustainable growth practices [11].

近日，知名折扣店好特卖 被曝全国多地闭店 部分城市的新加盟也被叫停 有媒体报道，多地消费者在社交平台发信息称，好特卖正在陆续关闭其在核心城市的门店，涉及广州、长沙、杭州、北京等城市热门商圈。有消息称，其 2025年新增门店数量大幅回落至几十家规模，且部分城市已不接受新加盟商加入。 公开资料显示，2020年，好特卖在上海长宁区虹桥凌空SOHO开出首家门店。目前其门店数突破1000家，100多位加盟商人均拥有3家门店，主要位于一二 线、新一线城市。 网友称包括镇江万达广场、仙桃吾悦广场等地的好特卖关门，好特卖苏州万宝财富商业广场店也发布"闭店公告" 好特卖官方就此回应称，闭店是加盟商或直营店正常的经营选择，目前全年整体闭店率不超过5% 。好特卖表示，优质加盟商的分店以及高质量新加盟、 直营门店仍在持续扩张，新加盟申请量持续增长。 有好特卖门店内部工作人员回应称，部分关店主要源于"商场租金问题、租约到期后的主动调整，或部分门店因经营不善导致亏损"。但并没有出现所谓 的"闭店潮"。 关于"部分城市新加盟叫停"的说法，好特卖方面表示，加盟节奏确有"主动放缓"——这是好特卖稳步的发展策略，而非叫停加盟。目前好特卖加盟会在 ...

Summary of Wanchen Group Conference Call Company Overview - **Company**: Wanchen Group - **Industry**: Retail, specifically in the bulk snack sector - **Established**: 2011, initially focused on edible fungi, transitioned to bulk snacks in 2022 under new leadership Key Points Expansion and Growth - Wanchen has rapidly expanded its bulk snack store network, signing over **18,000 stores** by the end of 2023 and establishing **4,700 stores** [2][4] - The company turned profitable in Q2 2023, with revenue reaching **36.2 billion** and a profit contribution of **1.7 billion** in the first three quarters of 2025 [2][7] - Future growth strategies include optimizing multi-category store types and expanding into North and Northeast China [2][8] Financial Performance - Projected revenue for 2025 is over **50 billion**, with net profit nearing **1.3 billion**, corresponding to a **27x PE** ratio [3] - By 2026, revenue is expected to reach **57.9 billion** with net profit close to **2 billion**, at an **18x PE** ratio [3] - The company has achieved a gross operating rate exceeding **5.3%**, significantly outperforming traditional supermarkets and e-commerce platforms [7] Market Position and Industry Dynamics - The bulk snack industry is entering a **duopoly** phase, with Wanchen leveraging supply chain and scale advantages, posing challenges for smaller brands [2][9] - Small brands and stores struggle to scale due to limited locations and competition from larger firms like Wanchen [9] Shareholder Equity and Incentives - Wanchen has made significant progress in reclaiming minority shareholder equity, with plans to increase ownership in subsidiaries to **75.5%** [10] - The company has successfully met all incentive targets, reflecting strong performance in revenue and profit growth [11][12] Stock Performance and Market Sentiment - Since July 2024, Wanchen's stock has surged over **9 times**, indicating market confidence in its operational model and profitability [12] - The anticipated recovery of minority shareholder equity and the development of multi-category stores are expected to drive further stock appreciation [12] Retail Industry Trends - The Chinese retail landscape is evolving towards **discount retail**, **quality retail**, and **instant retail**, with Wanchen positioned to capitalize on these trends [13][14][15] - The focus is on providing better, faster, and more cost-effective retail solutions, with Wanchen adapting its business model accordingly [14][15] Additional Insights - Wanchen's logistics infrastructure supports efficient operations, with over **50 logistics centers** and multiple cold chain systems, enabling next-day delivery services [7] - The company aims to enhance profitability by increasing the proportion of stores outside the East China region, which currently accounts for **43%** of its operations [8]