Core Viewpoint - Shanghai Laiyifen Co., Ltd. is actively adapting to market changes and focusing on strategic optimization to enhance its operational efficiency and market presence in the competitive snack food industry. Group 1: Business Performance and Strategy - The company reported a total of 30,85 stores by the end of 2024, a decrease of 16.28% year-on-year, with 1,485 direct-operated stores and 1,600 franchised stores, indicating a shift towards a franchise model [7][8]. - The company aims to deepen its "Wanjia Denghuo" strategy by optimizing store profitability and expanding brand recognition through franchise promotions [7][8]. - The core area of Shanghai saw a 21.6% increase in performance compared to the previous year, highlighting the success of the company's distribution business [8]. Group 2: Product and Quality Management - The company has launched over 800 products with traceability codes for more than 700 items, achieving a warehouse inspection pass rate of 99.10% and a third-party inspection pass rate of 99.67% [10]. - Laiyifen emphasizes food safety and quality, aiming to provide high-quality, cost-effective snacks through a well-managed supply chain [10][11]. Group 3: Marketing and Brand Development - The company has adopted a health-oriented marketing strategy, promoting low-sugar, low-fat, and low-calorie snacks, and has been recognized as a leader in the healthy snack market [12]. - Laiyifen has engaged in cross-industry collaborations, such as partnerships with popular mobile games and artists, to enhance brand visibility and appeal to younger consumers [12][19]. Group 4: Digital Transformation and Management - The company is implementing a CRM management system in collaboration with Tencent to enhance digital marketing capabilities and improve store performance [15]. - Laiyifen is focusing on lean management practices to optimize organizational efficiency and align employee incentives with business performance [15][20]. Group 5: Future Plans and Goals - The company plans to continue expanding its store network while enhancing its product offerings to meet diverse consumer needs, particularly in the health snack segment [18][19]. - Laiyifen aims to strengthen its capital operation platform to support sustainable growth and enhance shareholder value [20].

Investment Rating - The report suggests a forward-looking investment value in Mingming Hen Mang and Wancheng Group, anticipating an acceleration in profitability for the leading players in the industry during 2025-2026 [5][61]. Core Insights - Mingming Hen Mang has emerged as a leader in the snack retail sector through a strong merger with Zhao Yiming, resulting in a combined entity with 14,394 stores across 28 provinces in China and a GMV of 55.5 billion [3][7]. - The company's rapid growth is attributed to the expansion of franchise stores and increased sales volume, with a projected revenue of 39.34 billion and adjusted net profit of 9.13 billion for 2024, reflecting a CAGR of 203% and 235% respectively from 2022 to 2024 [3][18]. - The Chinese snack and beverage market is valued at 3.7 trillion, with significant growth potential in the down-market and discount channels, where Mingming Hen Mang holds a market share of 1.5% [4][11]. Summary by Sections Company Overview - Mingming Hen Mang is recognized as a leading food and beverage retailer in China, formed by the merger of "Snacks Are Busy" and "Zhao Yiming" in November 2023, with a focus on operational efficiency and brand integration [3][7]. Industry Trends - The report highlights the ongoing penetration of the discount model in the snack market, with a fragmented retail landscape where the top five players hold only 6% market share [4][11]. Performance Metrics - Revenue and profit growth are driven by the rapid expansion of franchise stores, with a significant increase in store count from 1,902 in 2022 to 14,394 in 2024, achieving a CAGR of 175% [28][29]. - The adjusted net profit margin is expected to improve, with a stable gross margin of 7.6% and an adjusted net profit margin of 2.3% for 2024 [22][21]. Future Outlook - Key future drivers include operational efficiency improvements, upgrades in discount supermarket formats, and steady expansion into Southeast Asia, with initial steps taken in Vietnam [42][52]. - The report anticipates that the domestic discount sector has room for growth, aiming to match the overseas penetration rates of over 15% [5][61].

食品饮料行业观察 及 2025 年信用风险展望 联合资信 工商评级二部 孙长征|李成帅 2024 年，受消费信心不足等因素影响，食品饮料行业需求较为疲弱；但在扩内需、促消费等政策措施助力 下，行业总体保持了平稳发展。 展望 2025 年，货币政策的适度宽松以及一系列扩内需措施的执行有望提振食品饮料消费需求，粮食等主要 原料价格的基本稳定有利于降低经营者的成本压力，食品饮料行业的景气度有望提升。在政策红利、消费复苏 与技术变革的多重驱动下，食品饮料行业有望呈现市场规模扩容与竞争格局重构的特征，头部企业加速整合， 通过并购扩张与本土化运营巩固竞争优势；部分中小企业通过专业化、个性化经营，也可以在局部领域取得竞 争优势，获得一定的发展空间。 www.lhratings.com 研究报告 1 一、行业概况 食品饮料行业是国民经济重要的支柱行业，行业整体处于产业链中、下游，其上 游主要是农业、养殖业以及食品添加剂及食品包装等行业，下游则通过商超、电商、 餐饮等环节到达终端消费者。食品饮料行业下属不同子行业间差异较大，但也具有一 定共性，整体看，多数子行业的产品具有一定消费刚性，行业进入壁垒相对较低、竞 争激烈，行业产销 ...

这两个月，打工人的选择困难症状+1：今天用哪个APP点外卖？ 是喝京东3.9元的库迪，还是用美团15-10的券，还是早上8点打开淘宝领一杯免费奶茶？ 京东、美团、淘宝，三个巨头打得难解难分，实际上是争着挤进消费者的30分钟生活半径，抢占即时零售的用户心智。 当即时零售业态逐渐成熟，产品离消费者更近、更易获取，这将给食品饮料行业带来哪些新机会和挑战？ 可以看到，近几年，履约更快、即刻拥有的"本地供给"的需求持续扩大。过去，"吃饭靠外卖"成为了不少人的生活方式，而现在，"万物皆可外卖"正在成 为一种新的高确定性的生活方式，即时零售正在向全品类发展，全方位地为消费者带来更多的生活便利。 当万物皆可外卖成为现实，品牌的竞争已经不再是产品力或渠道的单维比拼，而是谁能聚焦一天24小时里更细分的场景切片，成为消费者在即时需求下的 优先解。 阅读看点： 1、即时零售背后，我们看到的食品品牌商业机会是什么？ 2、2025年，有哪些潜力消费场景值得关注？ 3、龟甲万、伊藤园、多力多滋，如何用场景找到增长突破口？ 1 美团、京东、淘宝打架， 本质上是消费场景的重构 巨头加速争抢的即时零售，并不是新物种。其核心需求本质是消费者对高配 ...

2025年3月，宏香记获全球领先的新经济产业第三方数据挖掘和分析机构iiMedia Research（艾媒咨询） 授予的"高端肉脯连续3年全国销量第一""牛肉豆脯连续10年全国销量第一""中国牛肉豆脯开创者"三项 市场地位确认。 一方面，同质化竞争、价格战此起彼伏，新锐品牌不断涌入，传统厂牌也积极参与，竞争激烈程度与日 俱增；另一方面，消费者需求呈现出个性化、碎片化、颜值化且分层分级的特点。行业已从增量市场逐 步转向存量市场，"大行业、小企业"的特征显著，使得众多休闲零食企业面临巨大压力。 在休闲食品行业加速向存量竞争转型的当下，如何持续捕捉年轻消费者的需求脉搏，已成为品牌破局的 核心命题。作为行业老牌玩家，宏香记以差异化战略重构市场格局，展现出破局逻辑。 基于艾媒自主研发并获得省部级重大科技专项立项的CMDAS大数据系统监测及严格的调查，以及对中 国（不含港澳台）高端肉铺、牛肉豆脯市场研究比对的结果进行统计确认，宏香记荣获全球领先的新经 济产业第三方数据挖掘和分析机构iiMedia Research（艾媒咨询）授予的"高端肉脯连续3年全国销量第 一""牛肉豆脯连续10年全国销量第一""中国牛肉豆脯开创者"三 ...

针对"粽子中吃出疑似带血创可贴"的消费者投诉，来伊份（603777）与产品代工企业五芳斋（603237） 自5月12日以来接连发文回应。其中，来伊份两度回应本次食品安全事件。 5月10日，江苏一名消费者苏女士发视频投诉称在来伊份的粽子中吃出异物。该消费者在视频中表示， 给小孩喂粽子，在里面发现了异物，"（为）创可贴……这个地方明显是血"，并要求来伊份官方给一个 明确的回应。 该消费者还在评论区表示，该产品生产工厂与五芳斋是同一家。涉事蜜枣粽产品来自来伊份的"高粽"系 列，其委托单位为"上海来伊份股份有限公司"，受委托单位为"浙江五芳斋实业股份有限公司"。 对于此事，证券时报·e公司记者多次联系五芳斋，公司负责人称以公司后续发布的情况说明为准。 五芳斋在5月12日深夜发布情况说明表示，关注到合作品牌方来伊份的蜜枣粽产品的网络舆情，高度重 视上述网络舆情，第一时间成立专项工作小组，对生产流程进行深入排查。 来伊份在5月13日的最新回应中表示，已对相关批次产品进行了下架封存处理，并在市场监督管理部门 的积极协调下，先行与消费者达成和解。 来伊份涉事蜜枣粽产品已下架 来伊份5月12日早间发布公告称，公司关注到公司蜜枣 ...

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Group 1 - The core strategy of the company is to focus on health-oriented products that resonate with the consumption concepts of young consumers, leading to successful product innovations and market recognition [1][2] - The company emphasizes a minimalist and healthy ingredient philosophy, avoiding unnecessary additives and using pure ingredient combinations to create nutritious and delicious snacks [2][3] - The company has adopted advanced low-temperature baking technology to preserve the nutritional value of nuts while enhancing their crispiness, and unique natural drying techniques for fruit products to retain their natural flavors and nutrients [2][3] Group 2 - The company has effectively identified and responded to emerging consumer demands, particularly the growing concern for gut health among consumers, exemplified by the popularity of its prunes product line [3][5] - The prunes are sourced from high-quality regions in California, ensuring optimal taste and texture, and the company has implemented a dual pit removal technology to enhance the consumer experience [5] - The company's strategic alignment with market demands has allowed it to maintain a leading position in the snack market while providing valuable insights for the industry to explore diverse development paths amid consumption upgrades [6]

Core Points - A consumer in Jiangsu reported finding a suspected blood-stained band-aid in a rice dumpling from Laiyifen, raising food safety concerns and causing the topic to trend on Weibo [2] - Laiyifen's honey date dumplings are reportedly produced by Zhejiang Wufangzhai Industrial Co., Ltd., which has acknowledged the situation and is currently verifying the claims [2] - Wufangzhai, known as the "first stock of rice dumplings," has its dumpling-making skills listed as a national intangible cultural heritage since 2011 [2] - Following the incident, Wufangzhai's stock price fell by 1.54% to 21.04 yuan per share on May 12, with multiple A-share rice dumpling concept stocks also declining [2] - Laiyifen announced the complete recall of the affected batch of honey date dumplings and emphasized the importance of product quality and consumer experience [2] - As of May 12, Laiyifen's Tmall flagship store showed zero sales for rice dumpling products, indicating a significant impact on consumer trust [2] Company Overview - Laiyifen was founded in Shanghai in 1999 and went public on the Shanghai Stock Exchange in 2016, primarily focusing on snack foods and is referred to as the "first stock of snacks" [3] - The company operates over 3,600 stores across more than 100 major cities in China and offers nearly a thousand snack products under various brands [3]

宁波创源文化发展股份有限公司 | 投资者关系活动类别 特定对象调研 | | ☐分析师会议 | | | --- | --- | --- | --- | | ☐媒体采访 | | ☐业绩说明会 | | | ☐新闻发布会 | ☐路演活动 | | | | ☐现场参观 | | | | | ☐其他 | | | | | 泽添基金 励波 | | 泽添基金 | 徐跃垒 | | 英领投资 张莉 | | 个人投资者 | 陈辉 | | 个人投资者 郭江一 | | 个人投资者 | 虞迪 | | 个人投资者 李超瑜 | | 个人投资者 | 王海燕 | | 个人投资者 周宏良 参与单位名称及人员姓名 | | 个人投资者 | 陈志强 | | 个人投资者 应晨豪 | | 个人投资者 | 陈杰 | | 个人投资者 王建忠 | | 个人投资者 | 李春旭 | | 个人投资者 顾檀波 | | 个人投资者 | 邵科论 | | 个人投资者 陈杰 | | | | | 时间 2025年5月12日 | 14:00-15:00 | | | | 浙江省宁波市北仑区庐山西路45号 地点 | | | | | 董事会秘书 赵雅 上市公司接待人员姓名 | | | | | ...