Group 1 - The marine industry in Weihai is characterized as a "blue treasure," leveraging its geographical advantages to attract global seafood resources and enhance the reputation of local seafood [1] - Guanhe Industry has established a fresh seafood industry base that ensures the freshness of products by minimizing transportation time from the port to the base, which is only 3 kilometers away and takes about 10 minutes [3] - The company has three high-end live seafood temporary holding workshops covering an area of 16,000 square meters, with 234 holding tanks capable of accommodating 600 tons of live seafood at once [3] Group 2 - Guanhe Industry emphasizes compliance and legal operation, benefiting from tax incentives and support from local tax authorities, which has resulted in tax reductions of over 300,000 yuan in 2024 and 130,000 yuan in the first quarter of 2025 [3][4] - The company has developed a sales network covering more than 10 provinces and cities in China, with an expected annual shipment volume exceeding 5,000 tons, and is actively expanding its marketing channels through cross-border e-commerce and live streaming [3] - The Weihai Economic and Technological Development Zone Taxation Bureau is focused on guiding enterprises in compliance and policy enjoyment, providing personalized support to logistics companies, and ensuring that policy benefits are effectively implemented [4]

作为全国荔枝核心产区，广东今年喜迎丰收，预计荔枝产量超150万吨，同比大增三成。随着荔枝丰收 季的到来，京东七鲜通过"包园合作"模式，深入源头直采，与诸多优质果园建立合作；依托冷链物流体 系，确保荔枝从枝头采摘后全程温控运输，最大程度锁住新鲜。与传统批发相比，产地直采减少流通环 节成本、大幅降低运输损耗，让消费者能以更实惠的价格享用到高品质荔枝。同时运力方面，京东七鲜 提前完成调配，通过1+N模式(1中心店+N卫星小店)的高效协同履约体系，确保荔枝从店里"最快30分 钟"送达顾客，让消费者第一时间品尝到这份岭南鲜味。 值京东七鲜618期间，多款荔枝同步推出强劲优惠：3斤装广东妃子笑荔枝"击穿价"仅需27.8元；450g白 糖罂荔枝享16.8元/盒"第二件半价"；450g单果35g起的枝头熟荔枝王也惠享29.8元/盒"买一赠一"。更有 农户直通车妃子笑荔枝(5斤29.5元/箱)与桂味荔枝(5斤45.5元/箱)开启火热预售。消费者可通过京东APP 自营秒送入口、七鲜APP或微信小程序便捷下单，畅享数十款产地直采鲜果带来的"又好又快又便宜"的 即时购物体验。新用户可领77元新人礼包，京东PLUS会员更享下单免运费等 ...

Core Viewpoint - Pupu Supermarket, a fresh e-commerce leader in Fujian, is considering an IPO in Hong Kong after achieving significant revenue growth and profitability for the first time in eight years [1][3][24]. Group 1: Company Overview - Founded in 2016 by Chen Xingwen, Pupu Supermarket has grown to operate in nine cities with over 60,000 employees and generated annual revenue of 30 billion yuan [2][1]. - The company has established over 400 front warehouses across cities like Fuzhou, Xiamen, Guangzhou, and Shenzhen, with an average daily order volume exceeding 3,000 per warehouse [6][9]. Group 2: Business Model and Strategy - Pupu Supermarket employs a high-density front warehouse model, achieving a fulfillment cost rate of 17.5%, significantly lower than competitors like Dingdong Maicai [11]. - The average order value in Fuzhou and Xiamen remains stable at around 80 yuan, with a focus on high-repurchase-rate products and self-owned brands [12][21]. Group 3: Financial Performance - Pupu Supermarket has achieved a gross margin of 22.5% in 2024, marking its first profitable year [24]. - The company has undergone cost-cutting measures, including reducing delivery fees and adjusting product structures to focus on higher-margin items [18][21]. Group 4: Competitive Landscape - The fresh e-commerce market is consolidating, with Pupu Supermarket competing against major players like Xiaoxiang Supermarket and Dingdong Maicai [4][25]. - Pupu's strategy of deep regional penetration has led to a market share of 70% in its home base, but it faces increasing competition and potential order volatility [14][25]. Group 5: Future Outlook - The company plans to expand its operations beyond the current nine cities, with cautious growth strategies to avoid overextension [29][30]. - As Pupu Supermarket prepares for a potential IPO, it must demonstrate scalability and innovative strategies to attract investors [30][31].

Core Viewpoint - Hong Jiu Fruit (06689.HK), once hailed as the "first stock of fruit," is embroiled in a financial scandal involving loan fraud and misappropriation of employee stock purchase funds, leading to significant operational and financial distress [2][3]. Group 1: Financial Misconduct - The company's founder and six executives were detained by police for allegedly defrauding loans and issuing false VAT invoices [2]. - In 2023, the company launched an employee stock ownership plan to alleviate financial pressure, raising nearly 60 million yuan from over 600 participants, but most employees did not receive returns or proof of stock purchases after the plan's expiration [2][3]. - KPMG discovered severe financial issues, including 3.42 billion yuan paid to "ghost suppliers," which were likely used to fabricate performance figures, leading to KPMG's resignation and the company's suspension from trading [3]. Group 2: Operational Challenges - Following the suspension, the company faced a cash flow crisis, wage arrears, and social security payment defaults, prompting the founder to pledge shares for loans and use 500 million yuan in receivables from "ghost clients" as collateral [3]. - To maintain inflated revenue figures, the company resorted to fabricating invoices to offset tax liabilities, risking further financial instability [3]. Group 3: Market Implications - The collapse of Hong Jiu Fruit highlights the capital bubble in the fresh retail industry, indicating that extraordinary growth in low-concentration, low-profit sectors often involves high-risk maneuvers [4]. - The company's market value plummeted from a peak of 60 billion yuan to just 2.8 billion yuan, representing a loss of over 95%, raising concerns among institutional investors like Alibaba [3][4]. Group 4: Legal and Recovery Efforts - Some employees have reported the company to the police and are preparing for collective lawsuits, but the likelihood of recovering their investments remains uncertain [5].

Core Viewpoint - Fujian Province has a unique geographical position and rich agricultural and fishery resources, which provide favorable conditions for the development of fresh product trade. The province's seafood export volume has ranked first in the country for over a decade, with a total export value of 15.34 billion yuan in the first four months of this year, continuing to lead nationwide [4]. Group 1: Seafood Industry Development - The establishment of marine ranches around Dongshan Island has transformed local fishing practices, allowing fishermen to rely less on weather conditions and more on stable marine farming and fresh trade [5]. - The company Jin Haixing has developed over 1,000 acres of marine ranches, producing hybrid abalones that weigh over 1 kg after three years, with a purchase price exceeding 150 yuan per kg. The abalone is not only popular domestically but is also exported to countries like the USA, Australia, and Indonesia [5][6]. - The export of live abalone faces strict conditions, including live water transport and residue testing, which necessitates efficient logistics and regulatory support from customs [6]. Group 2: Processed Seafood Products - Canned seafood is emerging as a significant growth point in fresh seafood exports, with nearly 90% of products from Huachang Food Co., Ltd. being exported. The company achieved an export value of nearly 16 million USD in the first five months of this year [7][8]. - The shelf life of canned seafood ranges from 12 to 18 months, but logistical challenges remain due to long shipping times, which can affect consumer perceptions of freshness [7][8]. Group 3: Trade Facilitation Measures - The implementation of AEO (Authorized Economic Operator) certification is a priority for seafood processing companies, as it offers customs facilitation and financing advantages [8]. - Xiamen Customs is actively helping companies with self-inspection and control, utilizing a "cloud signing" model for document issuance, and providing tailored AEO certification guidance [9]. Group 4: Expansion of Fresh Product Trade - Beyond seafood, the trade of other fresh products, such as bird's nest and orchids, is also expanding in Fujian. The processing of imported raw bird's nest is being streamlined through a comprehensive regulatory model [10][11]. - The export of orchids from Zhangzhou is gaining traction, with the first batch of 1,640 orchids shipped to South Korea, supported by customs efforts to expedite approval and inspection processes [12]. Group 5: Future Initiatives - Xiamen Customs plans to implement specific measures to enhance cross-border trade facilitation, focusing on personalized support for enterprises and improving the efficiency of export processes [13].

剁椒Spicy . 专注于电商、营销、流量生态，以及消费者洞察的全新商业自媒体 来源丨 剁椒Spciy （ID：ylwanjia） 作者丨亚娜 图源丨朴朴官方 以下文章来源于剁椒Spicy ，作者剁椒团队 历经数年蛰伏与盈利模式验证，福建本土生鲜零售巨头朴朴超市将再度叩响资本市场大门。 据华尔街见闻报道，以前置仓模式为核心、深耕区域市场近九年的生鲜零售品牌朴朴超市正在接触头 部投行，或在计划赴港上市。 早在2022年，朴朴超市就曾被传出上市计划，然而其IPO进程在完成红筹架构搭建并启动审计后戛然 而止，源于其盈利模型未经验证。直到2024年，朴朴超市以300亿元营收、22.5%毛利率及17.5% 的履约费用率首度实现全年盈利，成为生鲜电商赛道罕见的"区域称王"样本，其上市计划才再次重 启。 从福州起家到覆盖9城、400余仓，朴朴超市其凭借本地化供应链、高客单价策略及"多给一只虾"的 极致服务，在福建市场占地为王，部分市场渗透率最高达到70%，甚至撼动永辉超市的线下霸主地 位。 然而，在面对全国化扩张的高昂成本、行业巨头围剿及自有品牌后发劣势，朴朴超市能否以"区域盈 利"为跳板，在资本与竞争的夹缝中突围，仍是其 ...

山东荣成，素有"中国海带之都"的美誉，得益于北纬37度，优质的冷水域生长环境，根据2025年荣成海 洋发展局统计，年均出产海带占全国的40%以上。 这片"海上粮仓"不仅滋养了万千家庭的餐桌，更成为撬动乡村经济振兴的"绿色引擎"。从传统捕捞到智 慧养殖，从初级加工到高附加值产品，荣成海带产业正以创新为桨、共富为帆，驶向乡村振兴的新蓝 海。 自然馈赠：黄金纬度下的"海带之乡" 清晨6点，张智勇已经割完今天的第一船海带，正准备回港卸货。虽然已经62岁，但常年海捕的生活， 让他的身材看上去结实且魁梧。黝黑的脸庞刻满风浪的痕迹，夹杂着海盐特有的颗粒感。头顶的探照灯 见证了他数十年如一日的海洋生活。 从2022年起，叮咚买菜与荣成"海芝宝"达成深度合作，前者拥有产地优势需要更广阔的市场，后者拥有 更高效的供应链需要更新升级的产品。双方联合开发"低纳，有机，小海带"认证标签，构建从海洋到餐 桌的健康生态。叮咚买菜商品开发负责人表示，我们看重的不仅是荣成的海带的品质，更是双方对健康 概念的共识。不同于传统海带的近海养殖，有机可溯源性低，口感腥差，加工环境不可控等行业痛点， 在以下方面进行发力。 除了在研发技术和供应链上不断创 ...

Core Insights - Alibaba's Hema has successfully established a profitable and sustainable path after 10 years of exploration, with the closure of its last Hema X membership store in Beijing signaling a strategic focus on its core business [1][2] - Hema is expanding its Hema Fresh and Hema NB formats into new first-tier and lower-tier cities, while enhancing its online and offline integration through the Hema App and the newly launched "Cloud Enjoy Club" [1][3] Group 1: Business Strategy - The closure of Hema X membership stores is part of a broader strategy to align with consumer needs, focusing on Hema Fresh and Hema NB to cater to the demand for fresh, convenient products [2][6] - Hema Fresh targets middle to high-end consumers, while Hema NB focuses on community needs with cost-effective private label products, with plans to open nearly 100 new Hema Fresh stores by March 2025 [3][6] Group 2: Supply Chain and Product Development - Hema's competitive edge lies in its self-operated products that are "safe, delicious, and affordable," supported by strong supply chain management and product development efforts [4][5] - The company has established numerous direct sourcing bases, including over 100 "Hema Villages," and has built a comprehensive logistics network to reduce transportation costs [5][6] Group 3: Market Adaptation - The shift from warehouse membership stores to Hema Fresh and Hema NB reflects changing consumer preferences towards smaller, fresh, and convenient packaging, addressing the issue of waste associated with bulk purchases [6][7] - Hema's transition signifies a broader transformation in the retail industry, adapting to the evolving landscape of consumer behavior and market conditions [7]

最后是市值/收入/现金流测试。保持5亿港元的收入门槛不变，但市值只需要20亿港元，前提是企业最 近三年的合计净现金流要超过1亿港元 。 在生鲜电商领域，朴朴一直是备受关注的存在。从2016年成立至今，历经多年发展，其上市传闻不断。 如今，再次传出朴朴超市的运营主体福州朴朴超市电子商务有限公司正在接触头部投行，计划赴港上市 的消息。这不禁让人思考，朴朴距离上市到底还有多远？此前的上市波折又反映了哪些问题？此次赴港 上市，成功的可能性又有多大？ 朴朴的发展历程与上市筹备之路 朴朴超市2016年在福建福州正式开启运营，成立后借助"懒人经济"东风，发展迅猛。在短短6年时间 里，连续斩获6轮融资，吸引了IDG资本、高榕资本等众多知名机构入局，累计融资额超10亿美元 ，一 度估值飙升至50亿美元。2021年，朴朴超市app下载注册用户高达1.7亿人，私域流量掌握在手中。 2021年前后，每日优鲜、叮咚买菜相继登陆资本市场，给朴朴带来不小压力，朴朴也加速筹备上市。 2022年，朴朴完成红筹架构搭建，审计机构进场、CFO招聘等上市前置动作持续推进。然而，最终因市 场环境变化和盈利模型未经验证，上市计划搁置。 之后，生鲜电商行 ...

今年初，首发经济被写入四川省政府工作报告。推动首发经济发展，正成为全省各地撬动消费活力的新引擎。 打卡第一家店、逛第一次展、欣赏第一场秀……在四川，一系列充满时尚感、高品质、潮流范的首发产品和创新场景不断涌现。 "遂宁消费者太热情了，满满的烘焙货架，半个小时就被拿空了。"盒马鲜生遂宁万象汇店店长稻里表示，遂宁消费者偏爱盒马全球直采商品，在前期预售 阶段就卖掉了2000只波士顿龙虾。记者在现场看到，泰国金枕榴莲、澳洲安格斯牛肉、挪威三文鱼因为叠加开业优惠，更是引发抢购潮，工作人员不得不 多次紧急补货。 数据显示，2024年，盒马开了72家门店，平均每5天开一家新店，盒马鲜生门店数量超430家。尽管盒马鲜生目前大多数还是开在一线、新一线城市，但是 盒马已经开始了新的扩张。在72家新开店中，其中三分之一位于二三线城市及县城。 盒马区域负责人榕生告诉记者，遂宁是盒马在西南地区进驻的首个非省会城市，遂宁的消费活力和区位优势令人印象深刻。作为成渝地区双城经济圈的核 心城市，遂宁能极大利用盒马在成渝两地布局的供应链优势，形成资源互补，极大提升生鲜物流周转效率，为遂宁市民带来更高品质的商品。 封面新闻记者 易弋力 5月30日 ...