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]

太阳能：拟1亿-2亿元回购股份用于注销 5月26日晚，太阳能（000591）发布公告称，公司拟使用自筹资金以集中竞价交易方式回购部分A股股 份，用于依法注销减少注册资本。回购资金总额不低于1亿元且不高于2亿元，回购价格不超过6.69元/ 股。 资料显示，太阳能成立于1993年4月，主营业务是光伏电站的投资运营，光伏电池、组件的研发、生产 和销售。 所属行业：公用事业–电力–光伏发电 润阳科技：拟3亿元增资上海傅利叶智能科技有限公司 5月26日晚，润阳科技（300920）发布公告称，公司拟与上海傅利叶智能科技有限公司签订《投资意向 协议》，以不超过3亿元的现金增资傅利叶，傅利叶投前估值为80亿元。 资料显示，润阳科技成立于2012年10月，主营业务是聚烯烃发泡材料的研发、生产及销售。 所属行业：基础化工–塑料–其他塑料制品 恒瑞医药：子公司SHR-4712注射液临床试验获得批准 5月26日晚，恒瑞医药（600276）发布公告称，子公司广东恒瑞医药有限公司、上海盛迪医药有限公司 收到国家药品监督管理局核准签发的SHR-4712注射液《药物临床试验批准通知书》，即将开展治疗晚 期实体瘤的临床试验。 资料显示，恒瑞医 ...

Core Insights - The retail industry is experiencing intense competition, particularly in the snack sector, where brands are struggling with stagnant or declining same-store sales. Zhao Yiming Snacks has launched "Zhao Yiming Discount Supermarket" to enter the discount supermarket space, indicating a bold strategic shift [1][5]. Group 1: Market Dynamics - The discount retail sector has seen a resurgence, becoming a significant growth driver in the retail industry. Zhao Yiming's hard discount model shows potential for development but also presents new challenges [1][3]. - Competitors like Wancheng Group's "Lai You Pin Discount Supermarket" have already established a presence, increasing the competitive landscape. This intensifies the pressure on Zhao Yiming to differentiate itself [1][3]. Group 2: Operational Challenges - Expanding from a single snack category to multiple categories such as daily chemicals and fresh food imposes unprecedented demands on Zhao Yiming's procurement, warehousing, and quality control capabilities [2]. - The existing supply chain established in the snack sector may not be easily replicated for new categories, particularly for temperature-sensitive products like frozen goods, which require specialized cold chain logistics [2]. Group 3: Competitive Landscape - The discount retail market is crowded, with established players requiring Zhao Yiming to maintain price advantages while also focusing on product differentiation and service quality [3]. - Traditional supermarkets are responding to the rise of discount supermarkets by lowering prices, which could lead to a price war that further compresses profit margins across the industry [3]. Group 4: Internal Challenges - Zhao Yiming Snacks faces significant issues such as product homogenization, reliance on franchisees for store expansion, and frequent product quality problems, which could hinder its long-term growth [5][6]. - The franchise model, while enabling rapid expansion, can lead to inconsistent service quality and operational standards across stores, impacting brand reputation [6]. Group 5: Strategic Recommendations - To succeed in the competitive snack market, Zhao Yiming must focus on precise positioning in the value-for-money segment of the sinking market, enhance supply chain efficiency, and develop unique product offerings [9]. - Short-term strategies should include creating blockbuster products and increasing regional density, while mid-term efforts should focus on digital operations to reduce costs and improve efficiency [9].

Core Viewpoint - The aggressive diversification strategy of the company, which has launched multiple new brands across various sectors, aims to build a comprehensive consumer brand amidst declining growth in the snack industry [1][2]. Group 1: Financial Performance - In 2024, the company's revenue rebounded to 10.622 billion yuan, reflecting a year-on-year growth of 49.3% [2]. - Online channels contributed 7.407 billion yuan in revenue, accounting for 69.7% of total revenue, with Douyin emerging as the largest growth driver, generating 2.188 billion yuan, a staggering increase of 81.73% year-on-year [2]. - Offline distribution revenue grew by 80% to 2.641 billion yuan, representing 24.9% of total revenue, aided by the launch of the "Yifenli Convenience Store" model [2]. Group 2: Strategic Initiatives - The company is pursuing a "full-category consumer brand" strategy to create a growth moat in response to the slowing snack industry [2]. - The sub-brand "Xiaolu Lanlan" generated 794 million yuan in revenue, accounting for 7.5% of total revenue, with a year-on-year growth of 35.01% [2]. Group 3: Challenges and Risks - The company faces structural issues, including a high reliance on online sales (nearly 70%) and uneven development among sub-brands, with only "Xiaolu Lanlan" achieving scale [3][4]. - The OEM procurement amount reached 4.482 billion yuan in 2024, with over 50% of major procurement being outsourced, leading to increased quality control pressures [5]. - The company must navigate a competitive landscape in new sectors, such as sanitary products, where established players hold 70% market share, and in coffee, where it faces price competition from major brands [6]. Group 4: Conclusion - The company's aggressive diversification represents a proactive evolution during industry transformation, validating the feasibility of the "full-category consumer brand" strategy despite challenges in sub-brand incubation and quality control risks [7].

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]

点击蓝字，关注我们 鸣鸣很忙4月28日，递表港交所。23年11月，零食很忙和赵一鸣零食正式宣布进行战略合并，鸣鸣很 忙就此诞生。公司拥有"零食很忙"和"赵一鸣零食"两个品牌，是中国最大的休闲食品饮料零售商。 产品类别丰富，正从零食量贩转向全品类量贩。 截至24年底，公司在库SKU共有3380个，单店SKU 一般不低于1800种， 是同等规模超市中休闲食品饮料产品平均SKU数量的2倍 。公司产品均价 比线 下超市渠道的同类产品便宜约25% ；并保证较高的推新速度，平均每月上新百余款产品。公司创建自 有品类，提高毛利率，产品铺向日化、文具、熟食等，丰富产品品类，覆盖吃喝玩乐。 下沉市场的行业未来，极其分散的竞争格局 根据招股书，沙利文预计中国休闲食品饮料零售行业将持续扩张，2029年市场规模预计将达到人民币 4.9万亿元， 2024年至2029年的复合年增长率为5.8%。 而未来 下沉市场的增速仍将领先，预计复合增 长率为6.8% ，而高线市场为4.1%。 零食量贩市场份额分散， 未来市场格局或会继续维持寡头竞争。 预计鸣鸣很忙和万辰集团 （旗 下"好想来"）将一边铺设自家门店，一边通过收购中小企业吞并，但是也未 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 光大研究一周热榜，精选"光溯" 小程序本周阅读量前十研报。 No.1 行业动态 2025-05-18 洞悉光的观察 / 聆听光的声音 / 了解光的态度 No.2 餐饮行业有望复苏，关注供应链相关标的——餐饮 链板块跟踪报告 李嘉祺,叶倩瑜,董博文 行业动态 2025-05-21 根据章鱼小数据，25Q1餐饮市场热度相较24年全年呈现缓慢复 苏，门店数量有所增加。25Q1一线城市餐饮热度环比提升，政 策刺激有望带动需求改善，门店端竞争淘汰加剧。相对刚需且 客单价不高的品类依旧保持较高的开店率，平价餐饮趋势依旧 明显。考虑提振内需政策加码，餐饮消费及供应链需求后续有 望修复,龙头公司积极拥抱渠道变革、优化经营效率,建议关 注上游供应链相关 ...

2025 年 05 月 24 日 策略研究团队 理解消费今年以来的领涨——从总量到结构 ——投资策略周报 韦冀星（分析师） weijixing@kysec.cn 证书编号：S0790524030002 无论是 4 月以来，还是年初以来，消费均领涨 无论是 4 月以来（尤其是对等关税实施后），还是今年年初以来，市场领涨的细分板 块均以消费为主，其中又以个护用品、动保、饲料、休闲食品、化妆品等品种涨幅 最为领先。我们自 2.12 春季策略展望以来推荐的消费细分行业则包括服装鞋帽、汽 车（包括两轮电动车）、零售、食品、美容护理、养殖、饲料、零食。 如何理解消费今年以来的领涨——从总量到结构 1、预期差 1：财政即便是弱扩张，社零也有更高弹性。我们发现，社零增速的弹性 对财政支出周期非常敏感。许多投资者倾向于认为，消费是显著的后周期品种，往 往需要投资或出口有显著的改善之后，消费的提振才慢慢显现。但我们发现一个预 期差：社零同比增速与名义 GDP 增速的轧差可以看做社零的弹性，当财政支出在下 行（收紧）周期时，社零的弹性减弱，而当财政支出在上行（扩张）周期时，社零 的弹性上行。随着财政支出周期从 2023-2024 ...

Core Viewpoint - Lulumei, a leading company in the fruit snack industry, has launched a series of innovative summer products, including electrolyte-infused frozen snacks, at the "Lulumei Global Good Goods Launch Conference" and SIAL International Food Exhibition, showcasing its commitment to market trends and consumer needs [1][3]. Product Innovation - The new products reflect Lulumei's deep understanding of market trends and consumer demands, particularly the electrolyte-infused sour plum soup jelly, which was developed in response to consumer requests for a portable version of traditional sour plum soup [3][5]. - The electrolyte sour plum soup jelly is inspired by traditional Chinese medicine and incorporates eight herbal ingredients, including black plum and hawthorn, enhancing its flavor and health benefits with ≥360mg of electrolytes to help consumers maintain hydration during hot summer days [3][5]. Convenience and Accessibility - Lulumei's electrolyte sour plum soup jelly is designed for convenience, allowing consumers to enjoy it anywhere, whether at work, during outdoor activities, or while traveling, thus promoting "freedom from heat" [5]. - The electrolyte ice slush jelly, a global first from Lulumei, combines fresh fruit juice with potassium and sodium minerals, catering to summer activities and providing a refreshing and healthy experience [7]. Additional Offerings - Lulumei has also introduced lychee sea salt lime jelly and pineapple yellow skin lemon jelly, featuring seasonal fruits and added minerals for hydration, further enhancing the summer product lineup [10].

Core Insights - The article discusses the strategic transformation of Three Squirrels as it aims to return to a revenue scale of over 10 billion yuan in 2024, with a focus on full-category and full-channel expansion [2][3] - The CEO, Zhang Liaoyuan, describes 2025 as a "year of rebirth" for the company, emphasizing the need for brands to navigate the challenges of diminishing traffic dividends and intensified competition [2][3] Strategic Transformation - Three Squirrels has submitted an application for a dual listing on the Hong Kong Stock Exchange, marking a shift from an e-commerce model to a "manufacturing-oriented private brand retailer" [3] - The company aims to create a "super supply chain" that integrates manufacturing, branding, and retail, thereby shortening the delivery chain and providing consumers with high-quality and affordable products [3][4] Market Position and Financial Performance - In 2024, Three Squirrels reported a revenue of 10.622 billion yuan, a year-on-year increase of 49.3%, and a net profit of 408 million yuan, up 85.51% [3] - The company anticipates that 2025 will be a pivotal year for many traditional brands, with a shift in competition from price to innovation [4] Channel and Product Expansion - Three Squirrels is expanding its product offerings to include various sub-brands such as pet food, pre-packaged meals, and beverages, with plans to launch 33 sub-brands [7] - The company is also focusing on offline sales, which accounted for 30% of total revenue in 2024, with a significant increase in offline distribution revenue [9][10] Challenges and Opportunities - The company faces challenges in diversifying its product categories while maintaining brand recognition, as consumers may associate the brand primarily with nuts [7][8] - The offline market presents a significant growth opportunity, with Three Squirrels aiming to double its offline distribution by 2025 [9][10] Future Plans - Three Squirrels plans to open 20 new stores for its all-category lifestyle brand by 2025, indicating a shift in its offline store strategy [11] - The company is also exploring partnerships and acquisitions to enhance its market presence and operational efficiency [5][10]