以下文章来源于表外表里 ，作者洞见数据研究院 表外表里 . 洞见数据研究院 这两年，他的生意肉眼可见地难做，求转让的餐馆、奶茶店商家一月比一月多，但某音、某书一通推 广猛如虎，一看评论全是"奸商""别想割我韭菜"的清醒发言。 幸好有零食集合店，能让他躺着赚钱：江浙乡镇店，53万打包，1天之内转让成功；100万整转的二 线城市店，客户连夜打高铁去考察…… 在加盟被祛魅、击鼓传花玩不动的年代里，持续创造着"年流水600W""赚人生第一个千万"造富神话 的量贩零食行业，仍吸引无数开店人前赴后继。 2022-2024年，量贩零食两大巨头鸣鸣很忙和万辰集团（好想来母公司），以近200%的营收年复合 增长率，向市场演绎"暴力崛起"。即将登陆港股的前者，去年更是血赚8亿，同比大增284%。 哪怕"转让潮"已经来袭，李曦不少客户也没放在心上，甚至反向抄底："上一家不会做生意，没找准门 道，我开肯定能挣钱。" 今年一季度，GeoQ Data收录的典型连锁零食品牌中，有1094家门店轰然倒下；然而，更多的1400 家新店，落地开张。 来源丨 表外表里（ID：excel-ers） 作者丨 陈梓洁 编辑丨曹宾玲 付晓玲 图源丨Mid ...

Core Insights - The snack giant Three Squirrels has officially entered the alcoholic beverage market, launching three new brands: Sun Wukong (craft beer), Huxi (fruit wine), and Orange Cat (red wine) [2][3] - The company aims for a sales target of approximately 100 million yuan in the alcohol category, with Sun Wukong generating over 6 million yuan in sales within its first month [5][6] - The alcoholic beverage industry in China is currently undergoing a deep adjustment period, with traditional beer sales declining while low-alcohol beverages like craft beer are gaining popularity [3][4] Industry Overview - In 2023, China's brewing industry achieved a sales revenue of 1,080.26 billion yuan, with a year-on-year growth of about 14% [2] - The market size for low-alcohol beverages is projected to grow significantly, with a compound annual growth rate of 30% expected from 2021 to 2025 [2] - The beer industry is experiencing a downturn, with a 0.6% decrease in production and a 5.7% drop in revenue for 2024, making it the only category in the food and beverage sector to see a decline [3] Company Strategy - Three Squirrels plans to expand its alcoholic product matrix to include various categories such as sparkling yellow wine, cocktails, and rice wine [5][6] - The company is focusing on the "young low-alcohol" market, targeting new drinking habits among younger consumers [3][8] - Initially, the company will operate under an OEM model but is considering building its own supply chain in the future [6][8] Competitive Landscape - The alcoholic beverage market is becoming increasingly crowded, with major players like Hema and Pang Donglai also launching their own brands [6][7] - Other snack giants, such as Mingming Hen Mang and Lai Yifen, have also entered the alcohol sector, indicating a trend of diversification among snack companies [7][8] - The shift in consumer preferences towards healthier, more personalized drinking experiences is driving innovation in the industry [8]

Core Viewpoint - Lulumei has successfully transformed the niche fruit of green plums into a significant industry, achieving over 1.6 billion yuan in annual revenue and contributing to local agricultural development and farmer income [3][4]. Company Overview - Founded in 2009, Lulumei started as a small enterprise in Wuhu, Anhui, focusing on deep processing of green plums, which were previously underappreciated [4]. - The company has grown to become a major player in the leisure snack industry, with plans for an IPO to further expand its operations [3][4]. Market Context - The Chinese leisure snack market has seen continuous growth, increasing from 410 billion yuan in 2010 to 1,165.4 billion yuan in 2022, with projections to reach 1,237.8 billion yuan by 2027 [3]. - Lulumei's parent company, Lulumei Fruit Garden, submitted an IPO application to the Hong Kong Stock Exchange in April 2023, aiming to capitalize on this growing market [3]. Financial Performance - The latest prospectus indicates projected revenues of 1.174 billion yuan, 1.322 billion yuan, and 1.616 billion yuan for 2022, 2023, and 2024, respectively, with net profits of 68 million yuan, 99 million yuan, and 148 million yuan [3]. Production and Supply Chain - Approximately 60% of the funds raised from the IPO will be allocated to capacity expansion and supply chain optimization, including projects in Anhui and Guangxi [3]. - The company employs a "five unification" policy with farmers, ensuring stable supply and pricing through unified seed supply, technical training, agricultural input standards, guaranteed purchase prices, and financial services [7]. Agricultural Impact - The green plum industry has become a crucial economic pillar in the Wuhu region, with over 20,000 acres planted, generating an estimated 2 billion yuan in total industry output [9]. - Lulumei has expanded its agricultural network beyond Anhui, promoting green plum cultivation in six cities and fourteen counties, and engaging in international partnerships for plum products [9]. Innovation and Technology - The company has embraced technological innovation, achieving 100% digitalization in its production processes, which enhances efficiency and product quality [6]. - Lulumei's approach combines technology, farmer support, and industry collaboration to drive agricultural transformation and regional economic development [6].

Company Overview - Mingming Hen Mang is a leading player in China's snack retail industry, formed by the merger of "Snack Hen Mang" and "Zhao Yiming Snacks" [1][12] - As of the end of 2024, the company operates 14,394 stores across 28 provinces, with 58% of its stores located in county towns and townships, and has over 120 million members [1][13] - The company achieved a revenue of 39.344 billion yuan in 2024, with a compound annual growth rate (CAGR) of 203% from 2022 to 2024, and a gross merchandise volume (GMV) of 55.5 billion yuan [1][15] Industry Insights - The retail scale of China's leisure food and beverage market has grown from 2.86 trillion yuan in 2019 to 3.74 trillion yuan in 2024, with a CAGR of 5.5% [1][25] - The share of the snack retail channel has increased from 8% in 2019 to 11% in 2024, making it one of the fastest-growing segments [1][29] Competitive Advantages - The company has an efficient store expansion strategy, adding 7,809 new stores in 2024, with an average annual GMV of 5.29 million yuan per store [2][39] - Digital supply chain capabilities have reduced logistics costs to 1.7%, and inventory turnover days have improved to 11.6 days [2][6] - The franchise system is robust, with 794 supervisors covering 14,000 stores, and a low customer concentration risk, with the top five customers accounting for only 2.5% of revenue [2][6] Future Growth Drivers - Market share is expected to increase as the company and its competitor, Wancheng Group, collectively operate over 14,000 stores, capturing nearly 75% of the market [2][6] - Upgrades to the store model, including the introduction of fresh food and daily necessities, are anticipated to enhance revenue per store [2][6] - Continued improvements in supply chain bargaining power and cost optimization are expected to further enhance gross and net profit margins [2][6] Financial Performance - The company reported a net profit of 834 million yuan in 2024, with a CAGR of 241% from 2022 to 2024, outpacing revenue growth [1][15] - The gross margin improved from 7.45% in 2022 to 7.62% in 2024, contributing to an adjusted net margin of 2.32% [1][15]

为了寻找新的增长点，三只松鼠近年来推出了多个细分领域品牌，如"小鹿蓝蓝"、"养了个毛孩"、"铁功基"等。然而，这些新品牌的市场表现却普遍不 佳。以"小鹿蓝蓝"为例，尽管在2024年实现了7.94亿元的营收，但其占总营收的比重却有所下降，反映出该品牌在集团业务中的地位并未得到显著提升。 而其他新品牌更是几乎在财报中"隐形"，市场表现近乎为零。 在零食行业的激烈竞争中，三只松鼠，这个曾经被誉为"国民零食第一股"的品牌，如今却陷入了前所未有的困境。尽管其正积极筹备港股IPO，试图通过 资本市场寻找新的增长点，但深入分析其财务状况、市场表现及战略布局，不难发现，这一举动或许只是其掩盖颓势、寻求短期资金支持的无奈之举。 2024年，三只松鼠虽然实现了营收与净利润的双增长，但这一成绩并未能持续到2025年。一季度财报显示，公司净利润同比大幅下滑22.65%，扣非净利 润更是骤降38.31%，呈现出明显的"增收不增利"现象。销售费用和管理费用的激增，尤其是销售费用高达6.95亿元，同比增长17.24%，进一步侵蚀了公司 的利润空间。经营现金流的锐减更是引发了市场对其资金链紧张的担忧。 | | 本报告期 | 上年同期 | 本 ...

以下文章来源于表外表里 ，作者洞见数据研究院 表外表里 . 洞见数据研究院 本文来自微信公众号： 表外表里 ，作者：陈梓洁，编辑：曹宾玲、付晓玲，数据支持：洞见数据研 究院，题图来自：AI生成 "没有零食店业务撑着，我早就转行了。"商铺转让中介李曦，万分感谢零食店老板。 这两年，他的生意肉眼可见地难做，求转让的餐馆、奶茶店商家一月比一月多，但某音、某书一通推 广猛如虎，一看评论全是"奸商""别想割我韭菜"的清醒发言。 幸好有零食集合店，能让他躺着赚钱：江浙乡镇店，53万打包，1天之内转让成功；100万整转的二 线城市店，客户连夜打高铁去考察…… 在加盟被祛魅、击鼓传花玩不动的年代里，持续创造着"年流水600W""赚人生第一个千万"造富神话 的量贩零食行业，仍吸引无数开店人前赴后继。 2022~2024年，量贩零食两大巨头鸣鸣很忙和万辰集团 （好想来母公司） ，以近200%的营收年复合 增长率，向市场演绎"暴力崛起"。即将登陆港股的前者，去年更是血赚8亿，同比大增284%。 哪怕"转让潮"已经来袭，李曦不少客户也没放在心上，甚至反向抄底："上一家不会做生意，没找准 门道，我开肯定能挣钱。" 今年一季度，GeoQ ...

Group 1 - The chairman of Wancheng Group, Wang Jiankun, has had his detention lifted, allowing him to resume his duties, which is expected to stabilize the company's operations [1] - During Wang's detention, Wancheng Group's stock price increased significantly, rising from 94.99 yuan per share to a peak of 156.85 yuan per share, marking a gain of over 65% [1] - Wancheng Group reported a total of over 15,000 signed stores by the end of Q1, with a rapid opening pace, particularly in its "Haoxianglai" brand, which has over 10,000 stores [2][3] Group 2 - Despite the rapid expansion, Wancheng Group's revenue for the last year was 32.3 billion yuan, significantly lower than its main competitor, Mingming Hen Mang, which reported 39.3 billion yuan [2] - Wancheng Group's net profit for the last year was approximately 294 million yuan, while Mingming Hen Mang's adjusted net profit reached 913 million yuan, highlighting a substantial profitability gap [2] - In Q1, Wancheng Group achieved a revenue of 10.82 billion yuan, a year-on-year increase of 124.02%, and a net profit of approximately 215 million yuan, reflecting a staggering growth of 3344.13% [5] Group 3 - The company aims to enhance its supply chain efficiency and profitability through a value chain restructuring mechanism that includes direct procurement and centralized pricing [6] - Wancheng Group plans to continue investing in its supply chain, logistics, brand development, and digital capabilities to improve profit margins and operational efficiency [6] - The company acknowledges the need to maintain growth momentum in the face of a slowing store opening pace and is focused on optimizing its operational strategies [5][6]

Core Viewpoint - The company, Three Squirrels, is advancing its plans for an IPO on the Hong Kong Stock Exchange, having submitted its application and received acceptance from the China Securities Regulatory Commission, amidst challenges in the snack food industry and a shift in its business model [1][4][14]. Company Development - Founded in 2012, Three Squirrels quickly capitalized on e-commerce trends, achieving significant sales growth and market recognition, particularly in the nut category [4][6]. - The company expanded its product range beyond nuts to over 600 SKUs and attempted to establish a multi-channel presence through offline stores [6][9]. - However, the company faced challenges such as reliance on contract manufacturers leading to food safety issues and a high dependency on a single product category, nuts, which accounted for over 60% of revenue [8][9]. Financial Performance - Three Squirrels experienced a decline in revenue from 101.73 billion yuan in 2019 to 71.15 billion yuan in 2023, with a nearly 70% drop in market capitalization [9]. - In 2024, the company reported a revenue of 10.62 billion yuan, a 49.3% increase from the previous year, and a net profit of 407.74 million yuan, an 85.51% increase [10][12]. - The company initiated a strategic transformation in 2022, focusing on self-production and a shift to a "D+N" model, which contributed to a "V-shaped rebound" in 2024 [10][12]. Market Challenges - The snack food industry is experiencing intense competition from low-cost brands, forcing Three Squirrels to consider mergers and acquisitions to maintain market share [18][21]. - The company's sales expenses increased significantly, with a 50.92% rise to 1.868 billion yuan, impacting profit margins [20][21]. - The company is also facing challenges in expanding its offline presence, with only 3% of its store expansion plan realized [9][18]. Future Outlook - The IPO aims to raise funds for supply chain upgrades (40%), channel expansion (30%), product innovation (20%), and strategic acquisitions (5%) [14]. - The company has set an ambitious target of reaching 20 billion yuan in revenue by 2026, which could position it as a leader in the global snack food market if successful [21].

Core Insights - The article discusses a significant shift in the Chinese consumer market, emphasizing that traditional beliefs about targeting core consumer groups in first and second-tier cities are being challenged by emerging brands that are gaining traction in lower-tier markets [2][5][15]. Group 1: New Consumption Trends - New retail companies, such as Miming Hen Mang and others, are achieving remarkable growth and performance, indicating a shift in consumer preferences and market dynamics [2][3]. - The success of these new brands, often founded by younger entrepreneurs, highlights a departure from traditional consumer behavior and brand loyalty [2][5]. - The article suggests that the so-called "new consumption" is not truly new but rather a reflection of outdated thinking among traditional brands and investors [6][11]. Group 2: Market Dynamics and Consumer Behavior - The rise of brands like Miming Hen Mang, which plans to submit IPO materials by April 2025, showcases the potential of lower-tier markets, with 58% of its 14,000 stores located in counties and towns [3][5]. - The article notes that consumer behavior is evolving, with younger generations prioritizing emotional value over traditional brand prestige, leading to a decline in loyalty to established brands [9][21]. - The shift in consumer preferences is evident in the growing demand for value-driven products, as consumers increasingly seek quality at lower prices, challenging the traditional brand and channel strategies [22][23]. Group 3: Future Trends in Consumption - The article identifies three key trends that will dominate the consumer market in the next decade: the empowerment of the silent majority, the rise of self-oriented consumption, and the pursuit of value for money [15][21][22]. - The Z generation is becoming a significant consumer force, with their preferences and spending habits diverging from those of previous generations, emphasizing personal interests and experiences [16][18]. - The article predicts that the focus on self-satisfaction and emotional fulfillment will reshape consumption patterns, moving away from social status-driven purchases [21][22].

Core Viewpoint - The company is experiencing strong operational performance with significant revenue and profit growth, and is well-positioned to expand its discount supermarket presence, leveraging its scale advantages in the snack retail sector [1][2]. Group 1: Financial Performance - In Q1, the company achieved a revenue of 10.821 billion yuan, representing a year-on-year increase of 124.02% [1] - The net profit attributable to shareholders was 215 million yuan, a staggering year-on-year increase of 3,344.13% [1] - The net profit from the snack retail business, after excluding share-based payment expenses, was 412 million yuan, with a net profit margin of 3.85%, up by 1.36 percentage points year-on-year [1] Group 2: Expansion and Market Position - Q2 and Q3 are expected to be peak seasons for store openings, indicating a potential acceleration in expansion [1] - The company has launched an employee stock incentive plan to enhance employee motivation, which may further support growth [1] - The number of discount supermarkets has been increasing since the end of last year, with both snack retail enterprises and regional brands transforming traditional supermarkets into discount formats [1] Group 3: Future Projections - The company is projected to maintain high revenue growth, with expected revenues of 55.132 billion, 67.039 billion, and 79.289 billion yuan for 2025-2027, reflecting year-on-year growth rates of 70.53%, 21.60%, and 18.27% respectively [2] - The net profit attributable to shareholders is expected to reach 734 million, 984 million, and 1.196 billion yuan for the same period, with year-on-year growth rates of 149.95%, 34.10%, and 21.61% respectively [2] - The company is anticipated to benefit from scale effects, leading to continuous improvement in profitability [2]