南京硬折扣超市 "硬"在哪 凭借数据与供应链优势，南京硬折扣超市以极致效率切入民生消费 凭借数据与供应链优势，南京硬折扣超市以极致效率切入民生消费 在南京，出现在街头巷尾的硬折扣超市"硬"控了不少消费者。2025年12月30日，本土企业汇通达布局的 首个硬折扣赛道项目——"折折蜂"社区硬折扣超市首批10家门店，在南京同日亮相。1月4日，汇通达又 宣布拓店计划，预计春节前会在南京市场开出一批新店。此外，近期盒马也在南京密集布点同一赛道的 超盒算NB（前身为"盒马NB"），"队友"奥乐齐也官宣于1月24日"四店同开"。 硬折扣超市究竟因何而"硬"？又如何持续保持竞争力？ 供应链改革省去中间环节加价 供应链改革省去中间环节加价 供应链改革省去中间环节加价 在供应链环节，传统商超多与经销商、分销商对接，而硬折扣超市普遍直接连接产地或工厂。生鲜产品 能通过源头直采保证新鲜，同时削减批转费用；包装商品则借助定制生产与自有品牌，消除品牌溢价与 渠道加价，从源头控制成本。 据介绍，折折蜂采用的是"联营+自采"的供应链模式，即一部分商品来自汇通达的自营品牌，一部分通 过与硬折扣行业企业的联营，保障门店内约60%商品直接来自工厂 ...

汇通达副总裁杨盼介绍，瞄准城市及下沉市场的社区居民，"折折蜂"单店精选超千个SKU，覆盖零食水饮、米 面粮油、调味干货、冷冻低温、洗化百货等十余类家庭刚需品。汇通达多年深耕下沉市场、服务夫妻店，积累 了丰富的供应链、仓配、运营及营销经验，"折折蜂"瞄准"供应链能力强、数字化水平高、社区用户黏性强"的 硬折扣新模式，核心是"短链直采"，整合上游优质品牌工厂资源，搭建起从工厂到门店(F2b)的全链路数字化 管理体系，最大限度减少商品转运环节，实现"工厂直连消费者"。 汇通达总裁徐秀贤则表示，"折折蜂"的诞生，顺应了"扩大内需、促进消费"的导向——既要满足消费者对品质 生活的追求，又要精准匹配日常高频消费的"质价比"需求。硬折扣超市通过"高质价比+社区便利"的模式，为 社区居民提供优质低价的商品选择，不仅能够有效地拉动本地消费市场，更能在让利消费者的同时，带动品牌 商、供应链的生产流通效率提升，实现产业升级。 鲜鸡蛋30枚9.9元、烤肠3.99元两根、品牌鲜奶260ml每瓶4.31元……12月30日，位于南京江宁区殷华街的"折折 蜂"硬折扣超市里，琳琅满目的高性价比商品吸引着消费者选购。工作人员表示，注册会员并加入 ...

"过去，我们帮下沉市场的夫妻店做了很多年生意，积累了大量供应链、仓配、运营、营销等方面的经 验能力。现在，我们在'硬折扣'项目上高效地复用了这些能力，跑出了'供应链能力强、数字化水平高、 社区用户粘性强'的硬折扣新模式。" 12月30日，汇通达网络(9878.HK)旗下社区硬折扣超市品牌——"折折蜂"首批10家门店同步开业，这既 标志着公司在"新模式、新品类、新渠道"战略布局上迈出关键一步，也意味着汇通达在夯实传统"三高 类"商品和下沉市场会员店服务的优势基础上，正式以硬折扣模式切入社区零售高频消费场景，带来更 高性价比生活消费品的同时，进一步激活城乡社区消费活力，同步推动供应链效率提升及公司高质量发 展。 折折蜂目标客群覆盖城市及下沉市场的社区居民，单店精选超千个SKU的商品，不仅覆盖常见的零食、 水饮等，还包括家庭生活刚需的米面粮油、调味干货、冷冻低温、洗化百货等10多个品类。 汇通达副总裁杨盼介绍，折折蜂采用"短链直采"的供应链模式，通过整合上游优质品牌工厂等供应商资 源，在大快消品类建立了从上游到门店(F2b)的全链路数字化管理体系。 徐秀贤指出，折折蜂的本质是"用确定的能力，做正确的事"。 依托汇通 ...

从KA模式到硬折扣，进入2025年下半年，国内零售业态的全新逻辑已逐渐明朗。 封面新闻记者 欧阳宏宇 封面新闻：您觉得在2025年得到了什么？失去了什么？ 陈诚：在2025年，最大的收获是我们对市场变化的理解更加深刻，发展步伐也更为稳健。与前几年相比，企业在"行稳致远"方面更好地顺应了当前的经济 环境。在此过程中，我们也对硬折扣模型进行了探索与升级。 失去的方面，相较于行业内部分企业的快速扩张，我们保持了稳健的开店节奏，并继续坚定地深耕以川渝地区为核心的西部市场，对于新区域的拓展则保 持审慎态度，没有做更多拓新尝试。 封面新闻：对于您（您的企业）来说，2025年的关键词是什么？ 阿里、美团、京东纷纷加码零售业务中社区硬折扣赛道的地位，物美、中百集团等传统商超也加速切入赛道……大企业纷纷选择切入"硬折扣"零售业态， 传递出折扣化已成为消费新常态的事实。 在政策层面，今年9月，财政部与商务部联合印发的《关于开展消费新业态新模式新场景试点工作的通知》明确提出，要"培育消费新增长点，推动消费新 业态不断涌现，提升消费活力"，为零售行业适配新消费习惯提供了顶层支撑。但同时，以临期商品起步的部分折扣店正在面临来自多方的压 ...

蓝鲨导读：从KA模式到硬折扣，中国超市三十年逻辑变了 "我们要做这个城市最具性价比的超市"——5.99元/斤的猪前尖肉、18.9元/斤的榴莲、8.9元一块的意式比萨、9.8元一个的鸡腿汉堡……这是前不久京东折 扣超市北京首店西山荟店在门头沟开业时的场景。 而两个月前，美团的社区超市快乐猴也在北京门头沟开了一家门店，首次进入北京市场。 时间再往前推两个月，阿里旗下"盒马NB"品牌升级为"超盒算NB"，也凸显了社区硬折扣在阿里即时零售业务中的地位。 从美团的"快乐猴"、阿里的"超盒算NB"到京东折扣超市，曾经在外卖市场缠斗的三大巨头，如今又将战火烧到了实体零售领域。 2025年下半年，互联网巨头为何集体卷入线下折扣零售业态？ 流量的回归 过去十多年间，中国零售的整体发展趋势是互联网电商对于实体零售的"降维打击"——电商平台没有房租，没有导购，边际成本极低，因此可以用价格战 碾压实体店。 事实也确然如此。随着电商的快速发展，线下零售实体店压力巨大。2010年，全国网上零售总额仅5131亿元，占社零总额中的3.3%，到了2025年，前11 个月，全国网上零售额已达144582亿元，其中，实物商品网上零售额118193 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][3]. Core Insights - The company, a leader in the snack retail industry, has established a strong position through a network of over 15,000 stores, leveraging supply chain scale effects to thrive in a rapidly changing market. Revenue projections for 2025, 2026, and 2027 are estimated at 497.2 billion, 625.1 billion, and 715.8 billion yuan, respectively, with year-on-year growth rates of 53.8%, 25.7%, and 14.5%. Net profit attributable to shareholders is expected to reach 10.7 billion, 17.5 billion, and 24.0 billion yuan, reflecting growth rates of 266.0%, 63.2%, and 36.7% [3][5]. Summary by Sections Investment Rating and Valuation - The company is rated "Buy" based on its leading position in the snack retail sector and robust revenue growth forecasts. The estimated price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 32.5X, 19.9X, and 14.6X, respectively [2][3]. Industry and Company Analysis - Originally focused on edible fungi, the company entered the snack retail market in 2022 through acquisitions, rapidly increasing its revenue share from this segment to 98.9% by Q1-Q3 2025. The snack retail market in China has grown from 21.1 billion yuan in 2019 to 80.9 billion yuan in 2023, with a compound annual growth rate (CAGR) of approximately 40%, and is projected to reach 123.9 billion yuan by 2025 [3][5]. Key Assumptions - The company plans to maintain a steady pace of store expansion, with the number of stores expected to reach 18,000, 21,000, and 22,500 by the end of 2025, 2026, and 2027, respectively. Single-store revenue is projected to stabilize and grow, with estimates of 273.2, 295.1, and 315.7 thousand yuan for the same years [3][5]. Market Dynamics - The company is positioned to benefit from ongoing expansion in the East China region and penetration into untapped areas. The number of stores in East China reached 8,727 in H1 2025, contributing significantly to profits. The company’s supply chain infrastructure, including a 90,000 square meter warehouse system, provides a competitive edge [5][3]. Financial Projections - Total revenue is projected to grow significantly, with estimates of 9.3 billion yuan in 2023, increasing to 71.6 billion yuan by 2027. The net profit is expected to turn positive by 2024, reaching 3.4 billion yuan by 2027 [5][24].

▲这是灵兽第1723篇原创文章 单纯的销售规模堆砌并不能形成壁垒，核心在于通过供应链和自有品牌实现对商品的强管控。 作者/十里 ID/lingshouke 1 名义上5万元门槛，实则260万元的"入场券" "加盟商确实需要试错成本。"谈起盒马超盒算NB开放加盟，一位零售连锁加盟商总结，"虽说个人、企业都可以加盟，表面上看加盟费也不高，但真正的 大头根本不在这里。" 按照官方公布的条款，超盒算NB的品牌加盟费为每年5万元，相比不少连锁品牌一年动辄10万～20万元的品牌费，这个数字确实不算高，而且明确不包含 装修、设备、保证金等硬性投入，看上去降低了加盟门槛。 今年8月底，盒马NB正式更名为"超盒算NB"，定位硬折扣社区业态。自此之后，开店速度明显加快，首批新店在10座城市一次性开出17家，基本按每月 20家左右的节奏扩张，目前门店数量已超过350家。 如果靠自营继续扩张开店，无论资金还是管理半径都会存在一些挑战。11月24日，超盒算NB官网上线了加盟通道，开始引入加盟者，希望借助外部资本 和经营团队把盘子做大。这也是超盒算NB首次正式对外开放加盟。 首批开放加盟的城市限定在上海、杭州、嘉兴和湖州，集中在经济发达 ...

一、明星品牌 1、亚瑟士否认有意收购彪马的媒体报道 亚瑟士（Asics）表示，媒体有关该公司有意收购彪马的说法"毫无根据"，"没有这方面的讨论或计划"。（新浪财 经） 2、李宁将落地首个户外品类独立店 11月29日，李宁将在北京朝阳大悦城落地首个户外品类独立店。在2025年半年报沟通会上，李宁高层提到，公司 将加速布局高增长潜力市场，重点突破女子运动、户外装备及青少年体育用品三大新兴赛道，培育新的业务增长 点。 3、影石创新：全景无人机将于2025年12月4日发售 影石创新在互动平台表示，公司计划推出两个无人机品牌，包括公司自有无人机品牌和与第三方共同孵化的全景 无人机品牌。截止目前，公司前述无人机品牌业务按既定计划顺利推进，其中全景无人机将于2025年12月4日正 式发售。公司专注于全景相机、运动相机等智能影像设备的研发、生产和销售，暂无"扫地机器人"产品开发计 划。 5、贵州茅台：选举陈华为董事长 4、名创优品：MINISO LAND全球壹号店销售额破亿 截至目前，名创优品已与全球超150个IP建立合作，成功孵化出"吉福特熊、墩DUN鸡"等自有IP。与此同时， MINISO LAND已在北京、上海、广州等 ...

Group 1: JD Discount Supermarket - JD Discount Supermarket in Shuyang opened on November 26, attracting nearly 50,000 visitors on its first day. The store features a two-level design with an area of approximately 5,000 square meters and over 200 free parking spaces [7] - The fresh produce section became a consumer hotspot, with durians priced at 18.9 yuan per pound and fresh eggs at 9.9 yuan per tray, leading to significant sales, including over 4 tons of durians sold in one day [7] - The store's opening signifies JD's complete coverage of Suqian, leveraging supply chain advantages to offer "everyday low prices" [7] Group 2: Happy Monkey Supermarket - Meituan's hard discount supermarket brand "Happy Monkey" opened its third store in northern China on November 28, accelerating its national expansion to six stores [10] - The new store emphasizes "good products at low prices," offering tested vegetables and fruits, fresh pork, and self-branded products [10] - Happy Monkey's rapid market capture is attributed to supply chain optimization and high-cost performance strategies, focusing on community core business districts [10] Group 3: Sam's Club Controversy - Sam's Club faced criticism for introducing two products from Xueji Fried Goods, with some consumers questioning the frequency of common product introductions in a membership-based store [11] - A staff member clarified that the products were priced lower than at Xueji's stores and were conveniently packaged for transport [11] Group 4: Alibaba's Cross-Border AI Tool - Alibaba's 1688 platform launched a cross-border e-commerce AI tool named "Ao Xia," which provides one-stop supply chain services for small and medium-sized businesses [11] - The tool enhances product selection efficiency to the top 20% of human buyers and boasts an 80% inquiry task resolution rate [11] Group 5: Tehai International Q3 Performance - Tehai International reported a 7.8% year-on-year revenue increase to $214 million in Q3 2025, with same-store sales up 2.3% to $182 million [12] - However, operating profit fell by 15.4% to $12.6 million, with a profit margin of 5.9%, primarily due to increased foreign exchange losses [12] Group 6: Hema Fresh Store Expansion - Hema Fresh signed a contract to open its first store in Shunde, Foshan, expanding its presence in Guangdong [14] Group 7: Wahaha Leadership Change - Zong Fuli has stepped down as chairman of Wahaha, with Xu Simin taking over the role, while Zong retains a 29.40% stake in the company [16] Group 8: JD Express Service Upgrade - JD Express upgraded its one-stop ski equipment delivery service in response to the early start of the ice and snow season, offering customized packaging and free storage for seven days [16] Group 9: Taobao Double 12 Festival - The 2025 Taobao Double 12 Festival's promotional rules were released, with the event scheduled from December 8 to December 12, featuring official discounts [17] Group 10: Cainiao's Black Friday Performance - Cainiao's overseas warehouses experienced a three-digit percentage increase in daily shipping volume during Black Friday, with order processing capacity nearly tripling [18] Group 11: Fuling Mustard's Market Strategy - Fuling Mustard plans to expand its product matrix and channels while continuing to develop overseas markets to drive overall sales [20] Group 12: Encountering Small Noodles IPO - Guangzhou Encountering Small Noodles began its IPO process, planning to list on the Hong Kong Stock Exchange on December 5, with a share price range of 5.64 to 7.04 HKD [21] Group 13: China Resources' Emergency Relief - China Resources initiated an emergency relief plan to support the Dapu community in Hong Kong, providing over 5,000 essential supplies to residents affected by recent disasters [22]

Core Insights - The company "Lai You Pin" has surpassed 1,300 stores and has been recognized as the leading snack chain brand in Anhui Province by the international consulting firm CIC [1][4] - To celebrate its store expansion, Lai You Pin launched a "Million Consumption Subsidy" campaign to stimulate consumer spending from November 15 to 30 [3] - The parent company, Wancheng Group, is one of the largest and fastest-growing enterprises in China's snack retail industry, with plans to have over 15,000 stores across 29 provinces by June 30, 2025 [4][6] Company Development - Lai You Pin started in 2015 as a small 12-square-meter store in Huainan and has grown to become a regional leader with 1,300 stores [6] - The brand has evolved from a vertical snack store to a comprehensive discount supermarket, enhancing its market potential while maintaining its scale advantage [7] - The company adheres to a business philosophy of "quality, low price, and simplicity," focusing on high-quality products and efficient supply chains [7] Market Strategy - In 2024, Lai You Pin introduced the "Penny-Saving Supermarket" concept, aiming to reshape community retail by offering a one-stop shopping experience that combines snacks, trendy toys, and daily necessities [8] - The first "Penny-Saving Supermarket" opened on January 10, 2025, featuring over 3,000 SKUs across various categories, and has shown significant sales and efficiency improvements [10] - The company is focused on building a chain ecosystem and enhancing operational efficiency to improve the overall consumer experience [10] Social Responsibility - Lai You Pin has a strong commitment to social responsibility, donating materials and funds for disaster relief and local educational initiatives [11] - The company has created nearly a thousand jobs in Anhui, indirectly supporting over ten thousand employment opportunities, contributing to local economic vitality [11] Consumer Trends - The company recognizes a shift towards more rational consumer behavior, emphasizing the importance of quality-price ratio in its offerings [13] - Lai You Pin aims to enhance operational efficiency and consumer experience while providing high-quality products to meet evolving consumer demands [13]