来源：飞鹤传媒 自2023年达到营收峰值后，百果园进入下行通道。2024年全年收入下滑9.8%，净利润由盈转亏；2025年上半年营收仅43.76亿元，同比再降 21.8%，净亏损达3.42亿元，创上市以来最差表现。 与此同时，门店数量从2024年的6025家锐减至2025年中的4386家，三年间关闭超1600家门店。尽管公司称此为"主动优化"，但如此密集的关店节 奏，实则暴露了加盟体系的脆弱性。 作为一家加盟门店占比高达99.7%的轻资产企业，百果园的收入高度依赖加盟网络的产品销售分成。当加盟商因租金、人力、客流下降而难以为 继时，总部的收入根基也随之动摇。 2025年，曾被誉为"中国水果零售第一品牌"的百果园，正站在转型的十字路口。近日，公司宣布拟通过配售股份募集资金约3亿元人民币，主要用 于偿还债务和支付供应商款项。这一举动，不仅揭示了其现金流紧张的现实，更映射出整个高端生鲜零售行业在消费降级大背景下的深层危机。 图片来源网络 9月19日，百果园与配售代理签订协议，以每股1.17港元的价格配售2.795亿股H股，预计所得款项净额约3.25亿港元。值得注意的是，此次配售价 格较市价折让近19.3%，反映出市 ...

Core Insights - The popularity of Hema Fresh in Zhuzhou has remained strong one year after its opening, with nearly 90,000 visitors during the recent holiday, surpassing even the capital city of Changsha [1] - Consumers in Zhuzhou are increasingly prioritizing quality and freshness in seafood purchases, indicating a shift towards high-quality living standards [1][2] - Hema Fresh plans to expand its delivery services in Zhuzhou, aiming to provide a similar quality of life as found in first-tier cities [1] Consumer Behavior - The trend of high-quality consumption is spreading from major cities to second and third-tier cities, with consumers now able to access premium seafood and other products without traveling to larger markets [2][5] - During the recent holiday, high-end products like king crabs and premium steaks saw significant sales increases, with king crab sales up 185% year-on-year [5][6] - The focus of consumers has shifted from gifting to personal enjoyment, reflecting a change in consumption patterns towards self-satisfaction [9] Competitive Advantage - Hema Fresh's global supply chain allows it to offer products that are either unavailable or overpriced in local markets, enhancing its competitive edge [10] - The store's ability to provide high-quality products at reasonable prices has attracted a diverse customer base, including younger consumers seeking value [11] - The rapid establishment and popularity of Hema Fresh serve as indicators of local commercial vitality and the evolving structure of the Chinese consumer market [11]

Core Insights - The consumption market in China has seen a significant increase during the National Day and Mid-Autumn Festival, with a strong demand for high-quality products like king crabs, East Star grouper, and steaks [1][3][5] - Hema Fresh has expanded into multiple cities in Jiangsu, with local consumers showing a strong preference for premium goods, sometimes surpassing consumption levels in first-tier cities [1][5][7] - The sales of king crabs during the holiday period increased by 185% year-on-year, indicating a shift in consumer behavior towards fresh and quality food [3][7] - The trend of "quality consumption" is evident across various categories, including seafood, meat, and baked goods, with Hema's steak sales growing nearly 20% during the holiday [7][8] Group 1 - Hema Fresh's store in Xuzhou sold over 8,000 king crabs, ranking first in the nation, reflecting a growing trend of quality consumption among local residents [1][5] - The East Star grouper has become a popular choice for family gatherings, entering the top three in seafood sales, driven by its taste and affordability [5][7] - The shopping experience at Hema Fresh combines fresh food, dining, and delivery, enhancing customer engagement and satisfaction [7][8] Group 2 - The "Hema traffic jam" phenomenon has been observed in various cities, indicating a robust demand for high-quality products and convenient shopping experiences [7][8] - The willingness of consumers to queue for premium products signifies a shift towards a quality lifestyle, marking a new chapter in urban living [8]

Core Insights - The report by Hema highlights a shift in consumer behavior during the National Day and Mid-Autumn Festival, emphasizing health, self-indulgence, and meaningful consumption as key trends [1][5][6] Group 1: Consumer Preferences - Over 95% of consumers prioritize "health" when selecting mooncakes, indicating a strong trend towards healthier options [5] - Sales of freshly baked mooncakes increased by over 50% during the holiday period, with low-sugar varieties seeing a 50% growth [5] - The preference for "light gift boxes" over expensive mooncake gift sets reflects a desire for genuine sentiment in gifting [5] Group 2: Seafood and Meat Sales - Sales of king crabs surged by 185% year-on-year, with a 197% increase on the day of the Mid-Autumn Festival [6] - The sales of hairy crabs also grew by over 150%, while the sales of East Star grouper increased by 296% [6] - Beef steak sales rose nearly 20% during the holiday, with specific cuts like sirloin and tomahawk steak gaining popularity [6] Group 3: Floral and Decorative Items - The demand for flowers and plants has become essential for holiday celebrations, with sales of ornamental gourds increasing by 165% on the day of the Mid-Autumn Festival [8] - Sales of ornamental jade gourds rose by 30% week-on-week during the holiday period [8] - The popularity of osmanthus盆栽 has quadrupled compared to last year, reflecting a cultural connection to the season [9]

从价位分析，100元左右的月饼礼盒销量突出，糕上有点"月下韶光"月饼礼盒控糖在5%以下，具备低糖 认证且口味丰富，成为华北、华南地区热销月饼首位，显示出企业采购在注重品质与健康的同时也更加 注重价格的平衡。 二是药食同源与主粮添加，定义中秋月饼新味道。与往年相比，今年月饼热销款呈现出"健康化、主粮 化、品质化"的明显特点。低糖、高纤、添加谷物类月饼增长显著，整体销售结构中，兼具健康属性与 文化审美的月饼产品成为拉动增长的主力。这种变化反映出月饼消费场景的拓宽，从传统的节日符号逐 渐转向健康点心。 三是青睐定制商品与自有品牌，企业采购为信任投票。从销售数据来看，企业客户越来越倾向于选择本 来生活旗下自有品牌商品和定制化商品，比如本来生活旗下的意大利丹汀橄榄油、"糕上有点"月饼和点 心等一系列自有品牌、独家品牌的高品质生鲜食品，因品质出众、品牌影响力大，在企业采购中增幅显 著。 本报讯 （记者梁傲男）2025年中秋与国庆，双节相逢，企业员工福利与营销礼呈现出新面貌。10月9 日，本来生活发布的2025年中秋企业消费风向显示，"健康""体验"与"文化审美"成为企业消费关键词。 一是"健康质价比"成主流，低糖、功能类 ...

Core Insights - The consumption market in China has seen a significant increase during the National Day and Mid-Autumn Festival, with a focus on "quality consumption" [1] - High-end seafood and meat products, such as king crabs and premium steaks, have become popular choices among consumers [1][5] Group 1: Sales Performance - During the "Double Festival" period, Hema's sales of king crabs increased by 185% year-on-year, with the Xuzhou store selling over 8,000 crabs, making it the top store nationwide [5][7] - The Xuzhou store has seen rapid growth in consumption, outpacing first-tier cities like Beijing, Shanghai, and Guangzhou [5] - The sales of premium steaks nationwide grew by nearly 20%, with specific cuts like tomahawk steaks gaining popularity [7] Group 2: Consumer Behavior - Consumers are increasingly focused on the quality of products, such as freshness and taste, rather than just the gifting aspect [5] - The trend of "quality consumption" extends beyond seafood to include various categories like meat and baked goods [7] - Social media platforms are influencing consumer behavior, with younger consumers sharing experiences related to high-quality food products [7][8] Group 3: Regional Highlights - Cities like Jiangyin and Taizhou have also reported strong sales, with the Jiangyin store selling over 10,000 kilograms of Thai durian and the Taizhou store implementing crowd control measures due to high foot traffic [8] - The Ma'anshan store sold over 4,000 oysters, reflecting a strong demand for high-quality products and convenient shopping experiences across various regions [8]

Core Insights - The consumption market in China has seen a significant increase during the National Day and Mid-Autumn Festival holidays, with consumers opting for high-quality food products and family gatherings [1][3][7] Group 1: Consumer Behavior - There is a notable shift in consumer behavior towards high-end products, with items like king crabs, East Star groupers, and premium steaks becoming popular choices across various cities, not just in first-tier cities [1][3] - Sales of king crabs during the holiday period saw a year-on-year increase of 185%, with a single-day sales spike of 197% during the Mid-Autumn Festival [3] - The demand for hairy crabs also surged, with sales increasing by over 150% during the holiday, particularly in traditional seafood regions like Qingdao, where sales grew by 400% [3][5] Group 2: Market Trends - The acceptance of high-quality seafood, such as East Star grouper, is rising among consumers in second-tier and lower cities, indicating a broader market trend towards premium food products [5][7] - The sales of premium beef, particularly steaks, increased by nearly 20% during the holiday, with specific cuts like thick-cut ribeye and tomahawk steaks gaining popularity [5] - The rapid expansion of Hema stores in various cities reflects a growing consumer demand for quality and convenience, with some locations experiencing significant customer traffic, leading to "Hema traffic jams" [7][9] Group 3: Future Outlook - The ongoing expansion of Hema into new cities is expected to further satisfy the rising demand for quality living among residents in emerging cities, indicating a shift in the consumption structure in China [7] - As more brands follow suit in establishing a presence in these markets, the consumption potential in emerging cities is anticipated to be further unlocked [7]

近日华北地区迎来连续降雨，随着国庆假期结束后的首个工作日出现明显降温，热气腾腾的火锅成为众 多市民节后餐桌的首选。在家准备一顿地道的火锅大餐原本需要耗费不少精力，而现在通过京东七鲜， 最快30分钟就能开启一场火锅盛宴。 打开京东 APP 自营秒送入口、七鲜 APP 或微信小程序，点击首页"火锅到家"即可进入专属选购专区。 该专区不仅延续传统食材分类，清晰陈列鲜切肉片、丸滑蟹棒、鲜蔬豆品、底料蘸料等品类，更创新性 地按地域特色划分出十种火锅风味。从追求本味的潮汕牛肉火锅、清甜温润的椰子鸡火锅，到酸辣开胃 的贵州酸汤火锅、"新晋网红"糟粕醋火锅，消费者只需一键即可配齐相应锅底和配套食材。这种创新的 商品组织方式，既方便了对特定风味有追求的消费者，也为想要尝试新口味的人群提供了清晰指引。 顺应消费升级趋势，京东七鲜特别推出多款净菜和食材拼盘组合，提升便捷性的同时，也让消费者一次 品尝多种风味。如500克装的叶菜拼盘精选菠菜叶、蒿子杆、生菜叶、娃娃菜等热门涮菜，经过专业清 洗处理，开袋即可涮煮。700克装的菌菇组合包含绣球菌、金耳、榆黄蘑等六种菌菇，让消费者一次性 体验不同菌菇的独特口感与营养。 针对消费者"既要吃得 ...

Core Insights - Hema's sales data during the "National Day" holiday indicates a strong consumer preference for high-quality products, particularly in second-tier cities, with sales performance rivaling or surpassing that of first-tier cities [1][6]. Group 1: Sales Performance - The sales of Hema's signature product, the king crab, saw an overall increase of 185% year-on-year during the holiday, with a single-day increase of 197% on the Mid-Autumn Festival [3]. - The sales of hairy crabs, a seasonal delicacy, increased by over 150% during the holiday, with some regions like Qingdao experiencing a remarkable 400% growth, indicating a shift from festive gifts to everyday consumption [5]. - High-quality meat sales also showed growth, with steak sales increasing by nearly 20% during the holiday period [5]. Group 2: Consumer Trends - Consumers are increasingly focused on the quality and freshness of seafood, with high-end seafood becoming a regular part of daily consumption [3]. - The focus of consumers regarding hairy crabs has shifted from gifting to personal enjoyment, reflecting a broader trend towards self-satisfaction in consumption [5]. - The opening of new stores in cities like Luoyang, Linyi, and Xuzhou has led to a significant increase in customer traffic, highlighting a strong demand for quality products and convenient shopping experiences [6]. Group 3: Market Expansion - Hema's expansion into new cities has resulted in a notable increase in market activity, with some stores experiencing congestion due to high customer volume [6]. - The company anticipates that the consumption potential in emerging cities will be further unlocked as more brands follow suit in expanding their presence [6].

Group 1 - The core viewpoint of the report highlights three key trends in consumer behavior during the National Day and Mid-Autumn Festival holiday: "sober consumption," "deep self-enjoyment," and "health first" [1][12] - The sales of freshly baked mooncakes increased by over 50% during the holiday period, indicating a preference for quality and authenticity in festive foods [1] - A significant 96.7% of consumers prioritize "health" as the primary criterion for selecting mooncakes, with low-sugar options seeing a 50% year-on-year growth [3] Group 2 - The sales of king crabs surged by 185% year-on-year during the holiday, with a remarkable 197% increase on the day of the Mid-Autumn Festival [5] - The sales of hairy crabs also saw a substantial increase of over 150%, with cities like Jinan, Qingdao, and Kunming experiencing the highest growth rates of 450%, 400%, and 300% respectively [7] - The popularity of light meals surged, with a 32% increase in sales on October 6, reflecting a trend towards healthier eating post-holiday indulgence [12]