以下文章来源于惊蛰研究所 ，作者惊蛰研究所消费组 探索发现新经济。 将投中网设为"星标⭐"，第一时间收获最新推送 为何零食反而掀起一场反逻辑的价格热潮？ 作者丨 娅沁 来源丨 惊蛰研究所 如今在商场里面，"最贵"的不一定是奢侈品，而是炒货和蜜饯。 被网友调侃为"薛记珠宝店"的 薛记炒货，百元大钞仅能购得一份270克的蘑菇脆与不足200克的腰 果；香港蜜饯品牌"么凤士多"更为极致，其"贡品级"话梅单颗售价竟达70元，网友不禁反问："封 建帝国早都亡了，何来'贡品'之说？" 惊蛰研究所 . 人们猛然发现，曾经触手可及的、承载着平民快乐的日常零食，正在被包装成一种需要反复掂量 的"轻奢体验"。越来越多人直呼"吃不起零食了"。 在消费趋于理性的今天，为何零食反而掀起一场反逻辑的价格热潮？当一款零食"贵"的理由，只剩 下品牌方的自我定位，这种缺乏价值支撑的高价，便不再是健康的消费升级，而成为了需要被正视、 被治愈的"行业病"。 消失的"零食自由" 早年间，消费者挑选零食的理由很简单，也几乎没有什么"品牌"概念，好吃、划算就是复购的全部 理由。人们的购物篮里总是混杂着不同品牌，既有洽洽、徐福记这样家喻户晓的名字，更多则是 ...

如今在商场里面，"最贵"的不一定是奢侈品，而是炒货和蜜饯。 被网友调侃为"薛记珠宝店"的薛记炒货，百元大钞仅能购得一份270克的蘑菇脆与不足200克的腰果；香港蜜饯品牌"么凤士多"更为极致，其"贡品级"话梅 单颗售价竟达70元，网友不禁反问："封建帝国早都亡了，何来'贡品'之说？" 人们猛然发现，曾经触手可及的、承载着平民快乐的日常零食，正在被包装成一种需要反复掂量的"轻奢体验"。越来越多人直呼"吃不起零食了"。 在消费趋于理性的今天，为何零食反而掀起一场反逻辑的价格热潮？当一款零食"贵"的理由，只剩下品牌方的自我定位，这种缺乏价值支撑的高价，便不 再是健康的消费升级，而成为了需要被正视、被治愈的"行业病"。 消失的"零食自由" 早年间，消费者挑选零食的理由很简单，也几乎没有什么"品牌"概念，好吃、划算就是复购的全部理由。人们的购物篮里总是混杂着不同品牌，既有洽 洽、徐福记这样家喻户晓的名字，更多则是只被地方消费者所熟知的区域小牌，或是超市里散装称重的无牌炒货与蜜饯。那时买零食，"认口味不认牌 子"是普遍心态，随手挑选，也不必担心会被"刺"。 直到2010年前后，良品铺子、三只松鼠、百草味等零食巨头的崛起，才 ...

今天分享的是：Meltwater融文：2025年零食行业消费者洞察报告 报告共计：22页 Meltwater 2025年零食行业消费者洞察报告核心总结 Meltwater融文《2025年零食行业消费者洞察报告》基于2025年上半年全球社交媒体数据，从消费者零食消费动机、区域市场特征及营销方向等维度，剖析 零食行业核心趋势，为品牌策略制定提供参考。 报告先呈现全球零食行业社交媒体讨论现状。2025年上半年，全球零食相关话题讨论声量较2024年下半年上升50%，达2770万次，但互动量下降2%，为1.28 亿次，不同地区表现差异显著。中国、日本是声量最高的两大市场，中国讨论声量上升110%至24.4万次，互动量上升43%至175万次；日本声量上升170%至 1370万次，互动量上升132%至1400万次。美国、英国声量分别下降8%、13%，印度声量下降2%但互动量上升62%，显示区域市场在声量与参与度上存在差 距，为品牌建立情感连接提供空间。 从消费者核心消费动机看，可分为三类。其一为"身心满足"，消费者优先选择方便购买、价格实惠的零食，如奥利奥、童子军饼干等零售店常见产品及怀旧 零食，注重情感联结与便利性，受预 ...

Core Viewpoint - The control of Liangpin Shop has shifted from Ningbo Hanyi to Changjiang Guomao, with significant share transfers indicating a change in ownership dynamics and potential implications for the company's future direction [1][4]. Share Transfer Details - Ningbo Hanyi and its concerted party Ningbo Liangpin signed a share transfer agreement with Changjiang Guomao to transfer a total of 84.21 million shares at a price of 12.42 CNY per share, totaling 1.046 billion CNY, representing 21% of Liangpin Shop's total share capital [1][3]. - Following the transfer, Ningbo Hanyi and its concerted party will hold 69.05 million shares, accounting for 17.22% of the total share capital [3][4]. - If all agreements are executed smoothly, Changjiang Guomao's shareholding in Liangpin Shop will reach 29.99% [4]. Market Reactions and Trading Activity - On July 10, prior to the announcement of the potential change in control, Liangpin Shop's stock price surged from 12.51 CNY to 13.71 CNY, with trading volume significantly exceeding normal levels, raising concerns of insider trading [4][7]. - The Shanghai Stock Exchange issued a regulatory notice regarding the stock price surge linked to the major disclosure [7]. Legal and Financial Complications - Ningbo Hanyi's shares are subject to a freeze of 79.79 million shares due to a lawsuit from Guangzhou Light Industry over a failed share transfer agreement, which adds complexity to the ownership transition [8]. - The company has been facing financial difficulties, with a projected net loss of between 75 million CNY and 105 million CNY for the first half of 2025, a stark contrast to a profit of 52.21 million CNY in the same period of 2024 [19][21]. Industry Challenges - Liangpin Shop has been adversely affected by the rise of low-cost snack retailers and a significant anti-counterfeiting incident that damaged its reputation [9][10]. - The company has experienced a decline in revenue, with a drop from 94.4 billion CNY in 2022 to 71.6 billion CNY in 2024, marking a 24% decrease [21][26]. - The shift in consumer preferences towards bulk snacks has further pressured Liangpin Shop, which had previously focused on premium products [26].

Core Viewpoint - Liu Liu Mei, the parent company of Liu Liu Guo Yuan, is attempting to enter the capital market by submitting an IPO application to the Hong Kong Stock Exchange, despite facing significant financial and operational challenges [2][12]. Group 1: Financial Performance - Liu Liu Guo Yuan sold 2 billion green plums in a year, generating annual revenue of 1.6 billion yuan [2]. - The company reported revenues of 1.174 billion yuan, 1.322 billion yuan, and 1.616 billion yuan for the years 2022, 2023, and 2024, respectively, with net profits of 68.43 million yuan, 99.23 million yuan, and 148 million yuan during the same period [7][8]. - The revenue breakdown for 2024 shows that dried plum snacks, plum jelly, and western plum products contributed 974 million yuan, 224 million yuan, and 410 million yuan, accounting for 60.3%, 13.8%, and 25.4% of total revenue, respectively [2]. Group 2: Market Position and Sales Channels - Liu Liu Guo Yuan ranks first in the Chinese plum product industry with a market share of 7% as of 2024, and it has maintained the top position in the sub-markets of green plum snacks and western plum snacks for four consecutive years [3]. - The company has shifted its sales strategy towards direct sales, with the proportion of revenue from direct sales increasing from 25.5% in 2022 to 59.2% in 2024, while revenue from distribution channels decreased correspondingly [3][4]. - The top three customers in 2024 contributed a combined revenue of 228 million yuan, 194 million yuan, and 44.3 million yuan, representing 28.2% of total revenue [4]. Group 3: Challenges and Risks - Liu Liu Mei faces significant challenges due to its heavy reliance on green plum products, which account for 60.3% of its revenue, exposing the company to market saturation risks [8]. - The average procurement price for green plums increased from 2,400 yuan/ton to 2,600 yuan/ton between 2020 and 2024, while imported western plum prices rose from 16,200 yuan/ton to 20,700 yuan/ton, leading to increased raw material costs [9]. - The company has seen a decline in the number of distributors for the first time, with a net loss of two distributors in 2024, indicating potential issues in its distribution strategy [4]. Group 4: Funding and Financial Health - Liu Liu Mei has completed four rounds of financing, with the latest round involving a buyout by Sequoia China at a significant discount, raising concerns about the company's valuation and market perception [11]. - As of the end of 2024, the company had cash reserves of only 78.05 million yuan against short-term borrowings of 312 million yuan, indicating a precarious financial situation [12]. - Government subsidies accounted for over 20% of net profit in 2024, highlighting a reliance on non-operational income that may undermine financial stability [10].