证券研究报告 | 行业点评 gszqdatemark 2025 05 06 年 月 日 食品饮料 零售变革草根调研（二） 四川零食有鸣批发超市：多品类折扣先行者，千店规模优势深厚 事件：近期我们走访四川成都零食有鸣折扣超市及周边社区超市，了解折 扣业态发展情况及对传统业态的影响。 从价格维度看，门店依然延续性价比消费趋势，零食及水饮等价格依然延 续量贩零食店价格体系，日化品类中基本均低于天猫旗舰店同款产品，部 分引流品低至线上 6 折价格，且普遍为同区域商超 7-8 折；调味品普遍定 价于线上的 7-9 折及附近商超的 8 折。同时零食有鸣的日化品类中白牌占 比较高，价格带宽幅，能够满足社区客群差异化需求，同时白牌占比提升 或将提升门店盈利能力。 从陈列维度看，前端核心陈列面依然以水饮等引流品为主，主要陈列位为 零食，左侧为水饮及冻品陈列区，左后方为新增日化及调味品陈列区，整 体分区清晰，陈列相较于附近社区超市更为整齐规范。 品类调整幅度较小，规模起量有望进入发展快车道。整体来看，零食有鸣 批发超市品类结构更多是在量贩零食店基础上新增部分日化及调味品，品 类调整幅度较小，未加入短保烘焙、生鲜等供应链运营能力要 ...

Core Insights - The company has updated its operational guidelines to enhance the standardization of its internal operations, aiming to improve efficiency across its subsidiaries [1] - A specialized training session was held to educate staff on the new operational framework, emphasizing the importance of market operations for business growth and market expansion [5][12] Group 1: Operational Guidelines - The updated operational guidelines are designed to standardize IoT operations within the group, allowing subsidiaries to execute tasks more precisely and efficiently [1] - The training session was led by Dr. Xu Fei, who used practical case studies to help participants understand the objectives and positioning of market operations [5][9] Group 2: Key Training Highlights - Dr. Xu emphasized the need for standardized processes and diverse actions in market operations, aiming to activate community engagement and improve transaction goals [9][10] - The training outlined the prerequisites for effective operations, including channel planning, community building, and product compliance, to ensure cost-effective service delivery [9][10] Group 3: Operational Strategies - The session provided detailed guidance on various operational modules, including product promotion and community activities, to enhance understanding and execution among participants [10][12] - Dr. Xu highlighted the importance of content-driven strategies and understanding consumer needs to tailor operational activities effectively [10][12] Group 4: Future Directions - The company aims to focus on supply chain development and multi-channel operations to offer comprehensive and diverse services to community households [12] - The training helped participants clarify their work objectives and methods, encouraging them to translate theoretical knowledge into practical actions to boost market performance [12]