36氪国庆特别策划 文末还有抽奖！ 整理 ｜ 何雨婷 封面来源 ｜ Unsplash 资本世界的聚光灯下， 今年"品牌易主"的大戏格外密集 。 从经营百年的跨国企业，到靠网红单品销量过亿的年轻品牌， 一大波耳熟能详的名字，它们的命运都在牌桌上被重新洗牌。 一件动辄上万元，仍旧抵不住增长乏力，股价"跌跌不休"的加拿大鹅控股股东开始考虑出售股份。高价的卖不动，"平价之光"迪卡侬也不好过，在中国市场 寻求"卖身"。 2025刚过完年，徐福记就被雀巢全资控股，"糖果大王"过完了最后一个中国年。不仅是中国人的童年记忆，来自美国、被誉为"精品咖啡祖师爷"的Peet's Coffee的母公司在今年被收购。 不止是这些存在于我们日常生活中的品牌， 风暴席卷所有圈层 。 被几度转手的范思哲，今年又被Prada盯上；美国歌手贾斯汀·比伯的妻子海莉·比伯创建仅3年的品牌Rhode，靠一款唇膏手机壳，被卖出了10亿美元。甚至 全球最大成人网站OnlyFans，也没能逃过被80亿美元"折现"的命运。 买与卖，从来不是终局。 每一次所有权的更迭，都伴随着机遇与挑战，资本的棋局永不落幕。一笔新的交易，是对下一步棋的赌注，资本与市场对新的开 ...

9月23日，"中国国际糖果季荣誉盛典——甜梦星云夜"在北京首钢园举行。 活动吸引了包括老字号与创新品牌在内的22家国内外知名糖果企业参与，覆盖传统硬糖、巧克力、健康 软糖等不同品类。本次评选共设立"行业领军企业""消费者挚爱品牌""健康配方创新典范"等六大荣誉， 徐福记、马大姐、宝宝兄弟、冠生园、阿麦斯、旺旺六个品牌脱颖而出。 据了解，9月10日开幕的中国国际糖果季已吸引数十万人次参与。众多知名糖果品牌入驻，非遗工坊、 互动体验等十大功能区打造了沉浸式消费场景。"甜蜜中国——让世界爱上中国的甜"系列活动将持续至 11月16日，通过首钢园与798园区的联动，构建"文化+科技+消费"的产业新生态。 首钢集团党委副书记、董事、总经理邱银富表示，本次中国国际糖果季集文化、科技、消费于一体，是 对冬奥遗产和工业遗存创新再利用的深度探索，是首钢服务民族品牌食品工业高质量发展的一次生动实 践。未来，首钢集团还将坚持科技园区定位，坚定不移做大做强未来数字空间产业集群，打造更高国际 水准城市复兴新地标，成为首都城市功能的重要承载地。 （文章来源：中国经营报） 现场揭晓了"2025年度消费者喜爱的糖果品牌"评选结果。本次评选活动 ...

Core Insights - The "China International Candy Season Honor Ceremony" was held on September 23, 2023, in Beijing, revealing the results of the "2025 Annual Consumer Favorite Candy Brand" selection [1] - The event featured participation from 22 well-known domestic and international candy companies, covering various categories such as traditional hard candy, chocolate, and healthy soft candy [1] - Six brands, including Xu Fu Ji, Ma Da Jie, Bao Bao Brothers, Guan Sheng Yuan, A Mai Si, and Wang Wang, were recognized for their outstanding quality and innovation [1] - The event aims to promote the transformation of the candy industry from "Made in China" to "Chinese Brands" [1] Industry Developments - The China International Candy Season, which opened on September 10, has attracted hundreds of thousands of participants [2] - The event features numerous well-known candy brands and includes ten functional areas that create an immersive consumer experience [2] - Activities will continue until November 16, linking Shougang Park and the 798 Art District to build a new industrial ecosystem of "Culture + Technology + Consumption" [2] Future Outlook - Shougang Group's leadership emphasized the event as a deep exploration of the innovative reuse of Olympic heritage and industrial relics, contributing to the high-quality development of the national brand food industry [1] - The group plans to strengthen its digital space industry cluster and establish a new landmark for urban revival at a higher international standard [1]

Group 1: Event Overview - The 2025 China International Service Trade Fair is held at Shougang Park from September 10 to 14, featuring the China International Candy Season, which runs until November 16 [1][8] - Shougang Park has transformed from an industrial site into a service-oriented exhibition venue, marking a significant shift in its function since the cessation of steel production in 2010 [2][4] Group 2: Shougang Park Transformation - Shougang Park has been revitalized into a cultural and exhibition hub, preserving its industrial heritage while integrating modern functions [2][3] - The park features a unique combination of Olympic legacy, such as the "Flying" ski jump, and industrial relics, creating an immersive experience for visitors [2][3] Group 3: Service Trade Fair Highlights - The fair showcases over 190 new achievements, emphasizing technology and service rather than just products, providing opportunities for global enterprises to engage with the Chinese service market [8] - The event reflects a shift in consumer behavior towards service consumption, as China's GDP per capita exceeds $13,000, indicating a transition to a service-oriented economy [4] Group 4: Candy Industry Insights - China is the largest candy consumer market, with evolving consumer preferences towards personalized and health-conscious products, presenting both opportunities and challenges for the industry [9][10] - The concept of "service-oriented manufacturing" is gaining traction, encouraging companies to integrate services with products to enhance value [9][10] Group 5: Recommendations for Candy Enterprises - Candy companies are advised to increase R&D investments focusing on health, functionality, and cultural aspects to enhance competitiveness [10] - Collaborations with cultural and technological sectors are recommended to expand business boundaries and create new growth points [10]

Core Viewpoint - Xu Fu Ji International Group emphasizes innovation and high-quality development in the food industry, with a strong focus on research and collaboration to enhance product offerings and operational efficiency [1] Group 1: Innovation and Research Investment - Xu Fu Ji has maintained an annual research and development investment of nearly 200 million yuan for 12 consecutive years, highlighting its commitment to innovation [1] - The company has established a health snack joint research center in collaboration with South China University of Technology, focusing on ingredient reduction, nutritional enhancement, and processing technology [1] Group 2: Industry Collaboration - Xu Fu Ji leads the establishment of a future biological food innovation consortium, collaborating with upstream and downstream enterprises in Dongguan and higher education institutions [1] Group 3: Digital Transformation - The company is advancing digitalization in smart manufacturing, deep sales distribution, and logistics management, achieving significant results in these areas [1]

Core Insights - The forum highlighted the importance of high-quality development and independent innovation in the Chinese food industry, particularly in response to the evolving demands of Generation Z consumers [1] Group 1: Company Initiatives - Ma Lijia Food Group emphasizes the need to balance traditional values with modern health and cultural demands, showcasing a commitment to innovation [1] - The company has launched a low-sugar product, the low-sugar Huasheng Su Tang, which has a sugar reduction of up to 97%, catering to health-conscious consumers [1] - Ma Lijia uses high oleic peanuts in its products to further meet consumer health needs, demonstrating a focus on quality ingredients [1] Group 2: Regional Collaboration - As a local Beijing brand, Ma Lijia has collaborated with the Forbidden City to create co-branded products, integrating regional characteristics into its offerings [1]

Core Insights - The candy market is experiencing a shift towards innovation and segmentation, with brands focusing on enhancing consumer experiences and happiness through their products [1][2] - New consumption scenarios are emerging, driven by changing lifestyles and consumer demands, leading brands to explore new markets such as weddings and office snacks [2][4] - The high-end candy market is growing, attracting new brands that target affluent consumers seeking quality and unique experiences [3][4] - Traditional brands are facing pressure from emerging brands and are attempting to rejuvenate through product innovation and cultural engagement [5][6][7] - Functional candies are on the rise, but the market faces challenges due to a lack of research backing their health claims [9][10] - The candy market is characterized by a division between foreign brands dominating the high-end segment and local brands focusing on the mass market [16][17] Market Trends - The candy market is seeing a decline in traditional channels, prompting brands to innovate and deepen their market presence [1][2] - New consumption scenarios are being created, such as modern gifts for weddings and baby celebrations, expanding the market opportunities for candy brands [2][4] - Emerging brands are entering the high-end market, focusing on quality and unique consumer experiences, which is a response to rising consumer income levels [3][4] Brand Strategies - Successful traditional brands are leveraging product iteration, cultural storytelling, and channel innovation to attract younger consumers [5][6][7] - Some traditional brands have failed to innovate and are losing market share due to reliance on outdated products and marketing strategies [6][7] - New brands are effectively using social media and influencer marketing to build brand awareness and engage with target consumers [3][4] Consumer Behavior - The candy consumer base is diversifying, with distinct preferences emerging among different demographic groups, such as the elderly and Gen Z [14][15] - Elderly consumers prefer low-sugar and easy-to-chew products, while Gen Z seeks personalized and creatively designed candies [14][15] - Children’s candy products are marketed at higher prices, despite the actual value being questionable [15] Competitive Landscape - Foreign brands dominate the high-end candy market, leveraging their established reputation and advanced product development capabilities [16][17] - Local brands are focusing on the mass market, benefiting from lower transportation costs and the ability to cater to local tastes [16][17] - The competitive landscape is evolving, with local brands gradually moving towards the high-end market as they grow and develop [16][17]

Summary of So Good (SOWG) 2025 Conference Call Company Overview - So Good (SOWG) has been operational for six years, initially focusing on freeze drying technology before entering the consumer packaged goods (CPG) market with freeze dried fruits, vegetables, and candy [6][7] - The company has sold approximately $24.4 million in revenue and 4.4 million units over the past year, with products available in nearly 17,000 retail locations [7] Industry Insights - The freeze dried candy market is experiencing significant growth, with an estimated annual growth rate of 8.5%, outpacing the overall candy market growth of 4% [15][16] - Major competitors like Hershey's and Mars have entered the freeze dried candy space, validating its market potential [11][16] - The candy category has been stagnant, and the introduction of freeze dried candy has revitalized interest among retailers and consumers [12] Competitive Positioning - So Good remains the number one independent freeze dried candy brand despite competitive pressures from larger CPG brands [7][11] - The company differentiates itself through manufacturing expertise, custom-built freeze dryers, and a broad product mix that includes sweet, sour, chocolate, and ice cream options [8][11][22] - So Good holds a 30-34% market share among independent brands, with four of the top ten freeze dried candy items [15][18] Financial Performance - The company reported net revenues of $1.9 million for the second quarter, down from $15.7 million the previous year, with a margin decline to negative 7% [33][34] - Overhead costs and underutilized capacity in freeze dryers have negatively impacted margins, but management expects improvements as sales recover [34][35][37] - The company has successfully reduced debt, with interest expenses decreasing from $1.3 million to $100,000 year-over-year [38][39] Future Outlook - So Good is focused on rebuilding relationships with retailers and expanding its product offerings, including private label baby snacks and freeze dried meat products [27][29] - The company anticipates a resurgence in sales and market share recovery over the next two to three quarters [30][29] - Management is optimistic about returning to positive EBITDA within the next year, supported by existing infrastructure and capacity [42][38] Key Challenges - The company faced significant competitive pressure from larger brands, leading to a decline in market share and revenues [29][49] - The need to stabilize operations and manage overhead costs effectively remains a priority [34][35] Additional Insights - The company has entered the hardware space, indicating diversification in its product offerings [25] - So Good's freeze dried products have a long shelf life, reducing concerns about inventory obsolescence [45]

Core Viewpoint - The China International Candy Season is set to take place from September 5 to November 16, 2025, at Shougang Park, offering a unique blend of exhibitions, events, cultural tourism, and consumer experiences [2][14]. Group 1: Event Overview - The event will cover significant occasions such as the 2025 China International Fair for Trade in Services and the 2025 WTT China Grand Slam, providing a comprehensive experience [2]. - The main venue will be at the Shougang Ski Jump, featuring various themed spaces including brand displays, interactive workshops, and cultural markets [4][14]. Group 2: Interactive Experiences - Attendees can engage in immersive activities such as a Disco carousel, pirate ship rides, and VR experiences, catering to both children and adults [6][14]. - A "Sweet Passport" initiative will allow visitors to collect stamps across different locations, redeeming them for exclusive gifts [6][12]. Group 3: Cultural and Economic Impact - The event aims to promote the rich history of Chinese sugar-making, integrating traditional craftsmanship with modern cultural development [14]. - A new "multi-dimensional ticketing mechanism" will facilitate access to various attractions, enhancing consumer engagement and promoting a "ticket root economy" [12][14]. Group 4: Marketing and Promotion - The event will feature a dual-direction flow between the main venue and sub-venues, enhancing regional interaction and cultural exchange [8][10]. - The event will also include themed parades and original IP characters, creating a vibrant atmosphere and attracting diverse audiences [10][14]. Group 5: Practical Information - The event will take place at Shougang Park and the 798·751 Art District, with various ticket purchasing options available through platforms like Douyin and Meituan [15]. - Attendees are encouraged to plan their visits in advance to fully enjoy the experiences offered [15].

Financial Data and Key Metrics Changes - Revenue for Q2 2025 was $1.9 million, a decline from $15.6 million in Q2 2024, reflecting softer demand due to increased competitive pressure [8][9] - Gross loss for Q2 2025 was $100,000 compared to a gross profit of $9 million in the same period last year, resulting in a gross margin of negative 7% versus 58% in the prior year [9] - Net loss for Q2 2025 was $4.2 million or negative $0.36 per diluted share, compared to net income of $3.3 million or $0.29 per diluted share for the prior year [10] - Adjusted EBITDA for Q2 2025 was negative $2.7 million, down from $6.2 million in Q2 2024 [11] Business Line Data and Key Metrics Changes - The company faced operational challenges that impacted financial performance, but demand has rebounded, outpacing current labor capacity [4][5] - The company has stabilized operations and is focusing on scaling workforce and supply chain to meet demand [6] Market Data and Key Metrics Changes - The competitive environment has intensified with the arrival of large market entrants, contributing to lower sales and gross profit [9] - Retail partnerships are expanding, with new product launches and positive feedback from retailers indicating growing enthusiasm [15][19] Company Strategy and Development Direction - The company is focused on optimizing cost structure, conserving cash, and restoring margins by reducing excess inventory storage costs [13] - Plans include driving product innovation and nurturing relationships with both new and existing retail partners [6][19] - The company is exploring private label, co-manufacturing, and adjacent categories to enhance its product offerings [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term value of the business despite near-term operational challenges [4] - The company believes the worst of the near-term disruptions are behind them, with demand signals remaining encouraging [19] - Management is optimistic about increasing demand in international markets, particularly in the Middle East [16][17] Other Important Information - The company has completed production, packaging, and shipping of its entire holiday inventory, allowing for stabilization of the supply chain [6] - A new CFO, Donna Dye, has joined the leadership team, bringing extensive experience and expertise to the company [7] Q&A Session Summary Question: Can you talk to your inventory levels as well as your need for future financing? - The company has a significant amount of finished goods from last year, with two SKUs being sold at a discount while the rest continues to perform well at regular retail [22][23] - Currently, the company is fine with its financing needs, but future expansion may require evaluation for additional financing [24] Question: How long until your cash flow breakeven at this point do you think? - Management indicated that they expect to reach cash flow breakeven before the end of the year, with good progress being made [25]