Core Insights - The "省钱超市" model focusing on bulk snacks and trendy toys is being piloted in multiple regions, with the goal of expanding customer demographics, increasing store foot traffic, and enhancing average transaction value [1][6] - The sales performance in Chengdu is expected to decline year-on-year in 2024 due to immature supply chains and slower turnover rates for non-snack categories compared to snacks [1][6] Group 1: Market Trends - A special event hosted by Haitong International on May 15, 2025, will feature experts from the snack consumption sector to discuss industry insights and trends, covering various regions including Hunan, Hubei, Jiangsu, Anhui, Chengdu, and Chongqing [2] - The market for snack stores is categorized into four types: A+ core business district stores, community stores, campus stores, and town stores, with A+ stores requiring the highest initial investment and yielding the highest daily store efficiency [3] Group 2: Product Strategy - The expansion of SKU and category diversification is aimed at attracting a broader consumer base, with the customer demographic shifting from primarily young women to include families, children, and older adults [4] - The average gross profit margin (GPM) for private label and white label products is significantly higher than that of traditional brands, indicating a potential for increased profitability as these products gain market share [5] Group 3: Growth Potential - There is substantial potential for growth in the snack store market, particularly in underdeveloped and blank markets, with many areas still lacking sufficient snack retail presence [7] - Brands are leveraging established supply chain networks and logistics capabilities to enhance service delivery in remote areas, with some brands already achieving nationwide warehouse layouts and same-day delivery systems [7]

Investment Rating - The report does not explicitly state an investment rating for the food and beverage industry, but it discusses various growth opportunities and challenges within the sector. Core Insights - The expansion of snack SKUs and category extension is driving customer base growth, particularly in lower-tier and untapped markets, indicating significant store opening potential [1][4][13] - Initial investment and average daily store efficiency are positively correlated across different store types, with A+ core business district stores requiring the most investment and showing the highest efficiency [2][9] - The turnover of non-snack goods is slower compared to snacks, which may pressure overall store efficiency despite SKU expansion [3][10] - Own-brand and white-brand products have higher gross profit margins, and their proportion is expected to increase, enhancing profit margins for stores [11] - The "money-saving supermarket" model is being piloted to improve average order value and customer reach, although it faces challenges such as supply chain maturity [12] - There is substantial potential for further expansion in the snack store market, especially in areas with lower population density [4][13] Summary by Sections Market Overview - The report highlights the ongoing trends in the snack market, emphasizing the importance of SKU expansion and category diversification to attract a broader customer demographic [3][10] Store Performance - Different store types exhibit varying levels of initial investment and daily efficiency, with A+ core business district stores leading in both metrics [2][9] Product Strategy - The introduction of non-snack items aims to broaden the customer base, although these products have slower turnover rates, impacting overall efficiency [3][10] - The report notes that self-branded and white-branded products yield higher gross profit margins, suggesting a strategic focus on increasing their share in the product mix [11] Business Model Innovations - The "money-saving supermarket" model is being tested in various regions, aiming to enhance customer engagement and sales performance, despite facing operational challenges [12] Growth Potential - The report identifies significant opportunities for new store openings in lower-tier and untapped markets, supported by established supply chain networks [4][13]