Core Viewpoint - The acquisition of Hunan Ailingshi Technology Co., Ltd. by Three Squirrels has been terminated due to disagreements on key terms, primarily valuation discrepancies and power struggles between the parties involved [1][2]. Group 1: Acquisition Termination Details - Three Squirrels initially planned to acquire Ailingshi for no more than 200 million yuan, but the offer dropped to 20 million yuan, which Ailingshi's founder viewed as a "hush money" and rejected [1]. - The rapid decline in valuation was attributed to Ailingshi's underperformance in store expansion, with only 200 new stores opened against a target of 5,000 [1]. - Ailingshi's founder, Tang Guangliang, has indicated intentions to resolve the dispute through legal means, although specific claims have not been disclosed [1]. Group 2: Operational Conflicts - Prior to the formal acquisition, Three Squirrels intervened in Ailingshi's operations, leading to conflicts over control and independence, including directives for promotional events and supply chain management [2]. - Tang accused Three Squirrels of overstepping their bounds, while Three Squirrels claimed their actions were merely suggestions [2]. Group 3: Legal Disputes - Ailingshi's lawsuit centers on recovering costs incurred during the acquisition process, while Three Squirrels argues these expenses were independently decided by Ailingshi [3]. - Tang likened Three Squirrels' negotiation tactics to a "bad marriage," suggesting unethical pressure during discussions with competitors [3]. Group 4: Strategic Implications for Three Squirrels - The failed acquisition highlights Three Squirrels' ongoing challenges in offline retail, where it has only achieved 30% of its revenue target from offline channels, falling short of its goal of 10 billion yuan by 2026 [4]. - Following the termination, Three Squirrels quickly partnered with a competitor, Snack Selection, to focus on product development and channel integration, indicating a shift towards lighter cooperation and self-initiated brand incubation [5][6]. Group 5: Industry Dynamics - The snack industry is increasingly dominated by two major players, leading to a collapse in Ailingshi's valuation as it struggles to compete with larger brands [7]. - The competitive landscape is shifting from a focus on scale to one emphasizing quality, with leading brands innovating their product offerings to enhance profitability [8][9]. Group 6: Future Outlook - The termination of the acquisition may lead to a reevaluation of strategic approaches for both companies, with Three Squirrels needing to manage litigation risks while exploring new operational models [10][11]. - Ailingshi faces significant challenges in securing investment and maintaining market presence without the backing of Three Squirrels, especially amid fierce competition [11].

Core Viewpoint - The article discusses the shift in consumer behavior in China, highlighting the rise of "new consumption" and its contrast with traditional consumption, emphasizing the emotional value and social aspects of modern purchasing decisions [1][4][21]. Group 1: Current Consumption Landscape - Domestic consumption has become a primary focus for the economy, with various government initiatives like subsidies and consumption vouchers aimed at boosting spending [1][2]. - China's household consumption accounts for less than 40% of GDP, significantly lower than the 70% in the US and 60% in Japan, indicating substantial growth potential [3]. - There is a notable disparity in the consumption market, with traditional sectors declining while new consumption categories are thriving [4]. Group 2: Traditional vs. New Consumption - Traditional dining sectors are struggling, with significant losses reported by established brands, while new beverage brands like Mixue Ice City are rapidly expanding [5]. - Traditional retail channels are experiencing a decline, with hypermarkets down 11.4% for four consecutive years, while snack stores are booming [7][8]. - The high-end liquor market is facing challenges, with prices for premium brands like Moutai dropping significantly, reflecting inventory pressures [9]. Group 3: Emotional and Social Aspects of New Consumption - New consumption is characterized by a shift from basic needs to "self-pleasing" demands, focusing on emotional value rather than practical utility [21][22]. - The success of products like LABUBU from Pop Mart illustrates the importance of social media and emotional marketing in driving consumer interest [30][31]. - Over 40% of young consumers prioritize emotional value in their purchases, with a significant portion seeking to please themselves through spending [35][36]. Group 4: Evolution of Consumer Behavior - The article outlines the historical evolution of consumer behavior in China, indicating three major shifts in consumption patterns since the 1990s [47][48]. - The emergence of the third consumption era reflects a transition towards valuing symbolic meanings over practical use, aligning with global trends [52][53]. - As consumer needs evolve, there is a potential shift towards a fourth consumption era, characterized by rational consumption and a focus on value [68][72]. Group 5: Future Outlook - The new consumption trend is expected to continue growing, particularly in sectors like pet economy and new consumer electronics, despite potential market corrections [62][63]. - The interplay between traditional and new consumption is seen as a driver for domestic demand recovery, supported by policy initiatives [75][76].

Core Viewpoint - The article discusses the shift in consumer behavior in China, highlighting the rise of "new consumption" and its contrast with traditional consumption, emphasizing the importance of emotional value in purchasing decisions [1][2][4][30]. Group 1: Current Consumption Landscape - Domestic consumption in China accounts for less than 40% of GDP, compared to 70% in the US and 60% in Japan, indicating significant growth potential [3]. - There is a notable disparity in the consumption market, with traditional sectors declining while new consumption categories are thriving [4][5]. - Traditional dining categories are struggling, with brands like 湊湊火锅 closing 73 stores and incurring losses exceeding 3.5 billion yuan, while new tea beverage brands like 蜜雪冰城 are rapidly expanding [6]. Group 2: Traditional vs. New Consumption - Traditional consumption focuses on essential daily needs, while new consumption shifts towards "self-pleasing" demands [21][22]. - The rise of "emotional consumption" is evident, with over 40% of young consumers prioritizing emotional value in their purchases [31]. - The concept of new consumption encompasses various sectors, including snack retail and new tea beverages, reflecting a broader trend towards personalized and emotional purchasing [34]. Group 3: Market Trends and Future Outlook - The article notes that new consumption trends are not merely a passing fad but are rooted in changing consumer environments and behaviors [54]. - Despite the current enthusiasm for new consumption, many companies are experiencing stock price corrections, indicating potential overvaluation [52][53]. - Long-term prospects for sectors like pet economy and new consumer electronics appear promising, with emerging trends suggesting continued growth [55][56].

Core Insights - The report highlights the ongoing trends in new consumption sectors, emphasizing opportunities in discount retail, bulk snacks, cross-border e-commerce, domestic beauty products, entertainment economy, and outdoor consumption [2][3][5] Consumption Trends - Post-1990s Japan experienced four major consumption trends: the rise of "value-for-money" consumption, increased popularity of low-cost home entertainment, a surge in vocational education demand due to unemployment, and the emergence of outdoor consumption [3][4] - In recent years, China's consumption structure has also evolved, presenting new investment opportunities, particularly in value-for-money consumption sectors such as discount retail and cross-border e-commerce [3][4] Performance of New Consumption Companies - Several new consumption companies, including Mixue Group, Blucoco, and Guming, have successfully listed on the Hong Kong Stock Exchange, showing impressive performance with stock price increases of 83.8%, 109.1%, and 162.4% respectively since their listings [5][7] - The report notes that the entertainment economy is gaining traction, with companies like Pop Mart reporting a revenue growth of 106.9% and a net profit growth of 188.8% in 2024 [4][5] Investment Opportunities - The report suggests that the new consumption industry trends are still ongoing, and there are opportunities for selective investment in key sectors such as discount retail, bulk snacks, cross-border e-commerce, domestic beauty products, entertainment economy, and outdoor consumption [2][5] - The performance of new consumption companies in Hong Kong is expected to catalyze similar movements in the A-share market, providing further investment opportunities [5]

每经记者｜范芊芊 每经编辑｜杨夏 量贩零食行业备受关注的一笔并购"戛然而止"。 按照三只松鼠此前的说法，这笔收购是为了共同拓展线下市场。据爱零食披露的数据，截至2024年10 月，其在全国已有超过1800家门店，覆盖13个省市自治区。对于三只松鼠而言，线下市场一直是其弱 项。而就在不久前，三只松鼠也宣布了"一分利便利店"和"三只松鼠生活馆"两大线下渠道新业态。 对于爱零食而言，竞争对手鸣鸣很忙已经递交了港股招股书，好想来母公司万辰集团也是一家A股上市 公司，在量贩零食行业竞争越来越激烈，并购越来越频繁的当下，爱零食失去了三只松鼠，未来是否会 寻找其他的资本助力，将是市场关注的重点。 6月16日，记者也试图就此事采访三只松鼠，但截至发稿，未获得有效回应。 6月16日，三只松鼠公告称，与湖南爱零食科技有限公司（以下简称爱零食）创始人唐光亮签订的《投 资意向协议》终止。三只松鼠表示，双方就本次交易的部分核心条款未达成一致，经公司充分讨论和审 慎研究，决定终止本次收购事项。 （封面图片来源：每日经济新闻 资料图） 去年10月底，三只松鼠披露，子公司安徽一件事创业投资有限公司拟以不超过2亿元收购湖南爱零食科 技有限公司 ...

Company Overview - Wanchen Group, known as the "first stock of snack retail," announced that former chairman Wang Jiankun has resumed his duties after the National Supervisory Commission lifted the detention measures against him [2][4] - Wang Jiankun has been the chairman since December 2013, and his family members, including his son Wang Zeneng and sister Wang Liqing, are significant stakeholders in the company [4] Business Development - Founded in 2011, Wanchen Group initially focused on edible fungi but entered the snack retail market in August 2022 with the launch of the "Luxiaochan" brand [5] - The company has rapidly expanded its snack retail presence through joint ventures and acquisitions, rebranding several acquired brands under "Haoxianglai" [5] Market Position - As of the end of 2024, Wanchen Group operates 14,196 stores, closely competing with Mingming Hen Mang Group, which has 14,394 stores [5] - Wanchen Group is the only publicly listed company in the snack retail sector, while Mingming Hen Mang Group has also filed for an IPO [5] Financial Performance - For the year 2024, Wanchen Group reported revenue of 32.33 billion yuan, a year-on-year increase of 247.86%, and a net profit of 294 million yuan, up 453.95% [5] - In comparison, Mingming Hen Mang Group achieved revenue of 39.34 billion yuan, with a net profit of 829 million yuan, reflecting a year-on-year growth of 280.28% [5]

Core Insights - "Ming Ming Hen Mang" has achieved a remarkable GMV of 55.5 billion RMB, establishing a strong presence in the lower-tier market with extensive coverage across 1,224 counties and 58% of its stores located in county and town areas [4][6] - Despite impressive growth, the company faces significant challenges, including a contradiction between growth and profit, intense competition, and limitations of its business model [2][16] - The company’s low profit margin, with an adjusted net profit margin of only 2.1%, highlights the risks associated with its low-price strategy aimed at expanding market share [7][10] Business Model and Market Position - The "rural encirclement of cities" strategy has proven successful for "Ming Ming Hen Mang," allowing it to build a solid scale barrier in the lower-tier market [4] - The company leverages centralized procurement to reduce costs, achieving a gross margin of 7.5% through high-volume purchasing, which enhances its bargaining power with suppliers [4][6] - The reliance on franchise sales for 99.5% of its revenue creates a vulnerability, as profit margins are squeezed by both upstream suppliers and downstream franchisees [7][11] Financial Performance - Revenue figures for 2022, 2023, and 2024 are projected at 4.29 billion RMB, 10.30 billion RMB, and 39.34 billion RMB respectively, with adjusted net profits of 0.81 billion RMB, 2.35 billion RMB, and 9.13 billion RMB [6] - The company’s financials indicate a significant increase in sales costs, which outpace revenue growth, leading to a challenging profit landscape [6][10] Competitive Landscape - The competition with "Hao Xiang Lai" has intensified, with both companies rapidly expanding their store counts, leading to a "store arms race" that increases operational costs and risks market saturation [7][11] - Marketing expenses have tripled over three years, contributing to a challenging environment where both companies struggle to maintain profitability [7][11] Strategic Initiatives - The potential IPO could provide "Ming Ming Hen Mang" with capital to strengthen its market position, particularly in cold chain logistics and digitalization, which are crucial for operational efficiency [5][16] - Developing private label products could enhance profit margins by allowing better control over costs and quality, drawing inspiration from successful models like Miniso [8][10] - The company is exploring a dual revenue model by adopting a membership system similar to Costco, which could diversify income sources and enhance customer loyalty [15] Challenges and Risks - The low acceptance of brand premiums among lower-tier market consumers poses a challenge for the company in balancing quality and price [10] - Significant investments in cold chain logistics for fresh produce could strain cash flow, necessitating careful financial planning to avoid operational disruptions [10][16] - The company must navigate the risks associated with its single revenue model and the potential for market saturation, which could jeopardize its business model [11][16]

从万辰集团10倍神话看量贩零食赛道的资本迷局。 合并与上市：一场资本驱动的"零食帝国"崛起 2023年11月，零食很忙与赵一鸣零食的合并，标志着中国量贩零食行业进入"双寡头"时代。合并后的鸣鸣很忙集团（以下简称"鸣鸣"）门店总数超1.4万 家，2024年GMV达555亿元，成为行业绝对龙头。这一动作不仅重塑了行业格局，更被视为冲刺港股IPO的关键一步——2025年5月，鸣鸣正式递交招股 书，计划募资用于门店扩张与供应链升级。 1. 万辰集团的"神话"对照： A股上市公司万辰集团（300972.SZ）是鸣鸣的"前车之鉴"。这家原本以食用菌为主业的企业，2022年转型量贩零食后，股价最高涨幅达10倍，市值突破 170亿元。其核心逻辑是通过整合"好想来"等品牌，以"低价+加盟"模式快速扩张，2024年量贩零食业务营收预计突破300亿元，净利润2.4亿-3亿元。万辰 的案例证明，资本对规模故事的狂热足以掩盖低毛利风险。 2. 鸣鸣的上市底气： 规模碾压：截至2024年底，鸣鸣门店数1.4万家，远超万辰的4726家； 下沉市场统治力：58%门店位于县城及乡镇，覆盖28个省份，形成密集网络； 供应链效率：存货周转天数仅1 ...

Core Viewpoint - The rise of "consumer empowerment" is driving the rapid growth of the high-value snack retail sector, exemplified by the listing application of Hunan Mingming Hen Mang Commercial Chain Co., Ltd. on the Hong Kong Stock Exchange [1] Group 1: Company Overview - Mingming Hen Mang is formed from the strategic merger of two leading snack brands, "Snacks Are Busy" and "Zhao Yiming Snacks," and has reached 14,394 stores nationwide by the end of 2024, establishing itself as a leader in the domestic snack retail industry [1] - The company emphasizes a consumer-centric selection system focused on quality-price ratio rather than merely relying on brand recognition and private label products [1] Group 2: Product Selection and Strategy - The selection team consists of over 180 members, employing a "selected + customized" model to ensure products align with consumer preferences through a four-step decision-making process [2] - Approximately 25% of the SKUs in inventory are customized products, and over 40% of products are sold in bulk, lowering the barrier for consumers to try new items [2] - The SKU library contains 3,380 products, with each store offering at least 1,800 SKUs, which is double that of traditional supermarkets, and the company introduces hundreds of new products monthly [2] Group 3: Business Model and Financial Performance - Unlike traditional supermarkets that rely on high margins, Mingming Hen Mang operates on a "low margin, high turnover" model, maintaining a gross margin of 7.5% to 7.6% in 2024, significantly lower than competitors like Yonghui Superstores and Gome Retail [3] - The net profit margin has increased from 1.7% in 2022 to 2.1% in 2024, indicating the sustainability of the retail model [3] - The company generates approximately 99.5% of its revenue from product sales, with minimal income from franchise fees, simplifying the supply chain by sourcing directly from manufacturers [3] Group 4: Market Position and Expansion - By the end of 2024, 58% of the stores are located in county and town markets, attracting over 1.6 billion consumer visits and achieving a membership base of 120 million with a 75% annual repurchase rate [3] - The company plans to use funds from its IPO to enhance product development, expand quality testing laboratories, optimize store displays, and improve franchise training systems [5] - Mingming Hen Mang's approach demonstrates that the snack retail sector can achieve sustainable growth through high-quality product selection, standardized operations, and data-driven rapid turnover [5]

Core Viewpoint - The company, Hunan Mingming Hen Mang Commercial Chain Co., Ltd., has officially submitted its application for an IPO on the Hong Kong Stock Exchange, marking its entry into the capital market and highlighting its rapid growth in the snack retail sector [1]. Group 1: Company Growth - Established in 2017 in Changsha, the company has focused on lower-tier cities, avoiding fierce competition in first and second-tier cities, and has rapidly expanded its store count to over 14,180 by the end of 2024, with annual revenue nearing 5 billion yuan [2][6]. - The company employs a franchise model, with 97.4% of its stores being franchises, allowing for low investment thresholds and quick returns, appealing to many small-town entrepreneurs [6]. - Targeting the 18-35 age demographic, the company has successfully attracted price-sensitive consumers who seek value for money, contributing to its rise as a significant player in the new consumption landscape [6]. Group 2: Industry Challenges - The snack retail industry has shifted from a blue ocean to a red ocean, with increased competition from brands like Laiyoupin and Haoxianglai, leading to challenges such as high growth versus low barriers to entry, management difficulties, and price sensitivity versus margin compression [7][9][10][12]. - The industry faces issues of product homogeneity and lack of brand loyalty, making it difficult for companies to maintain customer retention once price advantages diminish [9]. Group 3: Future Growth Strategies - The IPO is seen as a pivotal moment for the company, transitioning from rapid expansion to a focus on sustainable growth and profitability, emphasizing the need for a robust operational framework [13]. - Developing proprietary brands is crucial for enhancing profit margins and brand recognition, although it requires significant investment in research, marketing, and quality control [15]. - The company plans to expand its logistics network to improve supply chain efficiency and ensure stable product availability across its extensive store network [16]. - Optimizing store performance by enhancing operational efficiency and customer experience is essential for future growth, shifting focus from quantity to quality [17]. Group 4: Long-term Perspective - The snack business is fundamentally a long-term endeavor that tests product quality, supply chain management, and organizational capabilities [18]. - The company's journey from rapid franchise expansion to building a strong brand and operational capabilities is critical for its success in the capital market and beyond [18].