繁荣篇 从街头小店到资本市场的宠儿，量贩零食以"平价优质"的革命性模式，深刻改变了中国休闲食品行业的 零售生态。 2月11日，中国证监会发布《关于湖南鸣鸣很忙商业连锁股份有限公司境外发行上市及境内未上市股 份"全流通"备案通知书》，这意味着，中国最大零食饮料连锁零售商，鸣鸣很忙赴港IPO获证监会备 案。该公司拟发行不超过76666400股境外上市普通股并在香港联合交易所上市，25名股东拟将所持合计 198079551股境内未上市股份转为境外上市股份，并在香港联合交易所上市流通。据悉，2025年4月28 日，鸣鸣很忙首次向港交所主板递交上市申请，2025年10月28日，公司更新上市申请材料，继续推进上 市进程。 行业蝶变 量贩零食的崛起与革新 | | [編纂]項下的[編纂]數目 : [編纂]股H股(視乎[編纂]獲行使與否而 | | | --- | --- | --- | | | | 定) | | [编纂]數目 | : | [編纂]股H股(可予重新分配) | | [编纂]數目 | : | [編纂]股H股(可予重新分配及視乎[編 | | | | 纂]獲行使與否而定) | | 最高[編纂] | : | 每股H股[編纂 ...

硬折扣业态热度又起 今年下半年，硬折扣超市被互联网大厂推到台前，成了线下零售最热的赛道之一。 8月末，盒马NB战略升级并更名为"超盒算NB"，全国17家门店集中开业，年底还将开放多城加盟；京东折扣超市全国已开9家门店；美团"快乐猴"两个月 落地5家门店，并与京东几乎同时向北方市场推进；物美也把"物美超值"在北京多区域铺开。 作者/十里 ID/lingshouke 1 ▲这是灵兽第1733篇原创文章 一方面，传统零售企业在调改、创新、转型；另一方面，互联网大厂重回线下开店。 外资玩家奥乐齐同样在加速，自2019年进入中国后，今年3月启动"出沪入苏"，在苏州、无锡、常州新增7店；截至9月底，其在中国已开出79家门店，节 奏不快，但扩张持续。 大厂为何在这个节点集体下场？原因很现实：消费更理性、价格更敏感，谁能把蔬果、粮油米面等日常刚需"卖得更便宜、更稳定"，谁就更容易拿到增 量。更关键的是，硬折扣天然适合做线下高频入口，能反哺线上流量，也更方便和到家业务打通。 这恰好解释了大厂的优势：供应链整合能力强、规模议价更有力，直采也更容易做深做广；同时，数字化能把选品、定价、补货、损耗控制做成系统， 把"高周转"变成可复 ...

12月22日起的为期一个月，七鲜将开展"超级品类日"，零食、烘焙、酒水、水果等品类陆续上线，每周一到周四均有 当周特定品类的超值优惠。此次"超级零食铺"的打造，也源于七鲜对年末消费趋势的敏锐洞察。近年来，巧克力、坚 果等零食在年末销量显著攀升，折射出"悦己型消费"与"赠礼型消费"的双重增长。七鲜依托供应链优势，携手全球优 质零食品牌，通过直采减少中间环节，叠加多重让利优惠，让高品质零食以更亲民的价格走进日常生活。 零食消费往往伴随即时的心动与情感需求——追剧时突然想嗑瓜子，节日里想即刻送出一盒巧克力......京东七鲜"3公 里最快30分钟送达"的即时配送服务，正让这份"即想即得"的快乐成为可能。本周零食超级品类日"满69减10"和"买一 赠一"优惠，也让更多消费者在归家途中或居家时刻轻松下单。"即想即得"的快乐背后，也印证了新零售正从"满足需 求"向"创造幸福场景"持续进阶。 冬日宅家的时光，一份可口的健康零食恰是抚慰身心最佳选择。随着当下人们对"悦己"的追求愈发强烈，零食不仅是 填充时间空隙的小吃，更是获得自我满足的情绪价值品。在年末欢聚时光来临之际，京东七鲜也开启零食超级品类 日，12月22日至12月2 ...

Core Insights - The commercial real estate sector is witnessing a dual strategy where brands are simultaneously opening small community stores and investing heavily in flagship stores in prime locations, indicating a shift in consumer habits and market trends [1][5] Group 1: Coexistence of Small and Large Stores - Small stores and flagship stores are growing together, with brands like Zhao Yiming Snacks utilizing a high-density layout strategy to cater to the convenience needs of urban consumers [2][4] - Flagship stores serve as immersive brand experiences, functioning as advertising platforms while also driving sales [2][5] Group 2: Transformation of Offline Store Functions - The evolution of brand perception has led to a redefined role for physical stores, which are now seen as specialized entities rather than mere sales channels [4][5] - Small stores benefit from lower rent and operational costs, allowing for efficient market penetration and immediate consumer engagement [4][5] Group 3: Consumer Behavior and Market Segmentation - The increasing stratification of consumer demand necessitates different operational models for small and flagship stores, with each fulfilling distinct roles within the brand ecosystem [5][6] - Small stores cater to high-frequency, immediate purchasing needs, while flagship stores provide unique social experiences and quality upgrades [5][6] Group 4: Challenges in the Dual-Store Model - The rise of online shopping has intensified competition for both small and flagship stores, as consumers increasingly prefer the convenience of e-commerce [9][11] - The high costs associated with creating and maintaining flagship stores pose significant challenges for brands, requiring careful management to ensure that enhanced experiences translate into sales [12][13] Group 5: Future Trends in Retail - The focus for small stores will shift towards improving operational quality and integrating into local communities, while flagship stores may evolve into multi-experience platforms that enhance brand identity [13][15] - Strong supply chains and digital capabilities will be essential for both small and flagship stores to meet consumer demands effectively and maintain competitive advantages [15][16]

Group 1: Fixed Income Strategy - The report predicts that the 10-year government bond yield may drop to 1.6-1.7% in 2026, based on various economic indicators and trends [3][4] - Factors influencing this prediction include economic growth, inflation, and the trend of interest rates, with a potential decline in financing costs by 10 basis points [3] - The report suggests a strategic allocation towards long-term bonds, particularly in the first quarter of 2026, while noting potential uncertainties in policy and market conditions thereafter [4] Group 2: Light Industry Manufacturing - Hars (002615.SZ) - Hars is identified as a leading manufacturer of thermal cups, focusing on both OEM and its own brand development, with a strong competitive position in the market [5] - The company is expected to see a gradual recovery in profitability, with projected net profits of 142 million, 292 million, and 371 million yuan for 2025-2027, reflecting a year-on-year change of -50.6%, +106.0%, and +27.3% respectively [5] - The report assigns a "buy" rating with a target P/E of 16x for 2025, indicating confidence in the company's ability to navigate cost pressures and enhance profitability as its overseas operations ramp up [5] Group 3: Food and Beverage - Three Squirrels - The report discusses the opening of the first flagship store of Three Squirrels, which aims to create a community retail space with a focus on a diverse product range including fresh and prepared foods [6][9] - The store features a selection of 1,500 SKUs, with a pricing strategy that offers better value compared to competitors, indicating a strong market demand as evidenced by initial sales exceeding 1.26 million yuan within three days of opening [9] - This new store format is a strategic move towards a "full category + hard discount" approach, aiming to expand the company's market presence and optimize its supply chain [9] Group 4: Real Estate Sector Insights - The political bureau meeting emphasized a stable economic approach for 2026, with a focus on expanding domestic demand and implementing proactive fiscal and monetary policies [10][11] - The report suggests that the real estate sector remains a key economic indicator, with potential for policy-driven recovery, particularly in first and second-tier cities [11] - Investment recommendations include focusing on leading real estate companies and local state-owned enterprises, as well as property management firms that are likely to benefit from the anticipated policy shifts [11]

Core Insights - The article highlights the emerging trend of "weight shrinkage" in snack retail, where products sold in snack chains have lower weights compared to the same products in supermarkets, despite similar appearances [1][3][6] Group 1: Pricing Strategy - The phenomenon of "weight shrinkage" is becoming a common pricing strategy among thousands of snack stores across the country, leading to a situation where consumers may not notice the differences in product weight [1][3] - Specific examples include products like the "Yang Zhang Gui" brand snack, which weighs 162 grams in snack stores compared to 183 grams in supermarkets, indicating a clear discrepancy in product specifications [3][4] Group 2: Market Dynamics - Snack chains have rapidly expanded and now account for over 40% of the snack sales market in China, with the market size growing from 4.08 billion yuan in 2019 to 104.59 billion yuan in 2024 [8] - The rapid growth of snack chains is attributed to their ability to create a low-price image through a combination of brand products and private label goods, which drives customer traffic [10][11] Group 3: Supply Chain and Profitability - Snack stores utilize a direct procurement model, bypassing intermediaries, which allows them to negotiate better prices and maintain a low-cost structure [11] - The profit margins for private label products are significantly higher, often exceeding 30%, compared to well-known brands which have lower margins [10] Group 4: Quality and Safety Concerns - As the snack retail industry grows, concerns regarding product quality and safety have emerged, with many complaints about the lack of a comprehensive quality traceability system for private label products [11] - The article notes that around 60% of snack stores in the Weifang area are operating at a loss, indicating potential challenges in sustaining profitability amidst increasing competition [12]

Core Insights - The flagship store of Three Squirrels' lifestyle pavilion opened in Wuhu City on November 28, achieving retail sales (excluding stored value) of over 1.26 million yuan within the first three days of operation [1] - The lifestyle pavilion focuses on a 15-minute community convenience living circle, positioning itself as "the second kitchen at your doorstep" with a product mix leaning towards fresh, ready-made, and standardized products [1] - The founder of Three Squirrels, Zhang Liaoyuan, stated that the essence of this strategic transformation is shifting from a snack-focused private brand retailer to a comprehensive private brand retailer [1] - The company plans to open dozens of standard Three Squirrels lifestyle pavilions in the near future [1]

Group 1: Business Performance and Strategy - The company maintains a balance between store quality and quantity, focusing on steady development and improving single-store performance gradually [2] - The consumer demand-driven model effectively addresses profit loss from traditional distribution channels, enhancing product quality and store experience [2] - The company aims for sustainable growth by continuously improving its operational system and integrating supply chains [3] Group 2: Store Improvement and Customer Engagement - The company emphasizes food safety and product innovation, enhancing core competitive advantages through product iteration and the introduction of popular self-owned products [3] - Efforts to refine the membership system have successfully increased customer loyalty and repurchase rates [3] - The company is committed to building a strong trust relationship with consumers to convert it into stable foot traffic [4] Group 3: Product Development and Market Adaptation - The company focuses on consumer needs in its self-owned brand strategy, introducing products like natural water and sugar-free beverages that meet market demands [5] - Future product development will be guided by a flexible mechanism rather than rigid quantitative targets, ensuring responsiveness to consumer insights [5] Group 4: Inventory Management and Profitability - The core business model relies on efficient turnover, with a focus on precise product selection and rapid response to consumer needs [6][7] - The company prioritizes dynamic balance in product categories, avoiding the introduction of high-margin but slow-turnover items that could jeopardize sustainable growth [7] Group 5: Organizational Structure - The core management team for the snack business remains stable, with ongoing enhancements to the overall structure and active recruitment of talent across all levels [7]

天眼查App显示，近日，新晃馋小忙零食店（个体工商户）成立，法定代表人为姚佳，注册资本15万人 民币，经营范围为许可项目：餐饮服务；食品销售；食品互联网销售；烟草制品零售。（依法须经批准 的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）一 般项目：食品销售（仅销售预包装食品）；保健食品（预包装）销售；农副产品销售；食用农产品零 售。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

截至发稿，来伊份市值为46亿元。 每经AI快讯，来伊份（SH 603777，收盘价：13.81元）11月14日晚间发布公告称，公司第六届第一次董 事会会议于2025年11月14日在来伊份零食博物馆会议室以现场结合通讯方式召开。会议审议了《关于聘 任公司高级管理人员的议案》等文件。 2024年1至12月份，来伊份的营业收入构成为：商业批发零售占比95.23%，其他业务占比4.77%。 每经头条（nbdtoutiao）——展望"十五五"|专访财科院院长杨志勇：遏制地方政府新增隐性债务，债务 信息要透明，尽可能降低利息成本 （记者 张明双） ...