以下文章来源于东四十条资本 ，作者鲁智高 东四十条资本 . 聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 从2012年推出"伯希和"品牌，到2015年正式成立公司，伯希和在多年的发展过程中，也获得了安徽文化产业投 资私募基金、建安集团等国资，以及启明创投、金沙江创投、同程资本、腾讯等投资者的认可，估值达到28亿 元。 如果看目前的回报，当地国资可谓是投资者中最大的赢家。短短两年左右，亳州国资除了有近三千万元的财务回 报，更是通过龙头企业伯希和等带动了当地轻纺服饰产业的快速发展。 夫妻创业，三年卖出超380万件冲锋衣 伯希和的故事，得从一对夫妇说起。 时间回到2006年，刘振和妻子花敬玲在北京做起了面向海外品牌的服装出口贸易。六年后，他们为把握内地户 外服装市场的增长机遇，顺势推出了"伯希和"品牌。 将投中网设为"星标⭐"，第一时间收获最新推送 一路走来，伯希和只完成了两轮融资。 作者丨鲁智高 来源丨 东四十条资本 一个位于安徽小城的知名品牌正冲向港股。 在三年卖出超380万件冲锋衣后，伯希和于近日再次申请在港上市。虽然主攻千元以下冲锋衣市场，但他们凭借 高性价 ...

r y Production a 17 2023年11月，零食很忙与赵一鸣零食两家头部公司正式合并，改名为鸣鸣很忙集团。 合并之初，门店总数为6500家，而到2024年6月，鸣鸣很忙就突破了1万家门店的大关，成为中国零食连锁行业首个"万店品牌"。短短7个月时间，新拓3500 家门店，日均拓店超过16家。 从2024年6月突破万店，到2025年9月门店超2万家，鸣鸣很忙仅用15个月就完成了第二个万店成就，再次刷新了行业拓店速度。 根据最新数据，截至2025年6月30日，鸣鸣很忙门店总数已达16783家，覆盖全国28个省份、1327个县和所有线级城市。 商业模式：零食界的 " 蜜雪冰城 " 鸣鸣很忙的商业模式与蜜雪冰城相似，主要是向加盟商售卖商品。 2024年其99.5%收入来自向加盟店和直营店销售商品，加盟费及服务收入占比不足0.5%。 这种模式决定了鸣鸣很忙需要借助加盟模式来迅速开店。 截至2025年6月，鸣鸣很忙加盟商为8378家，门店数量达16783家（含24家自营店，16759家加盟店）。 具体到品牌，上半年，零食很忙收入为117.96亿元，赵一鸣零食收入为163.33亿元。 近期，鸣鸣很忙向港交所提交 ...

Core Insights - The structural transformation of China's consumer market is reshaping the business ecosystem at an unprecedented pace, with a shift from luxury goods consumption to a broader pursuit of quality lifestyle [1][11] - The expansion of the company "零嘴福" reflects the gradient transfer characteristics of the Chinese consumer market, particularly in lower-tier cities where disposable income growth outpaces urban averages [3][11] Market Trends - High-end imported snack sales are projected to grow by 23% year-on-year in the first half of 2025, with health snack repurchase rates increasing to 1.8 times the industry average [1] - Retail sales of consumer goods in county-level markets have maintained over 8% growth for 12 consecutive quarters, indicating a unique "county consumption upgrade" phenomenon [1] Business Model Innovation - "零嘴福" employs a dual-driven model of "supply chain revolution + scenario-based operations," transitioning from a regional brand to a national chain [1] - The company has introduced a "bulk snack museum" model, combining traditional bulk snacks with a membership warehouse approach, controlling SKU counts between 2000-2500, with 30% being regional specialty products [3] Supply Chain Efficiency - The company has established a simplified supply chain of "factory direct procurement + regional warehousing," reducing average inventory turnover days to 18, which is 40% faster than the industry average [5] - A 100,000 square meter automated sorting center in Hubei enables next-day delivery capabilities, aligning with the trend of "new retail infrastructure reconstruction" [5] Consumer Experience Enhancement - The store design features 12 themed experience zones, significantly increasing customer traffic and dwell time, with weekend footfall exceeding 4,000 and average stay of 28 minutes [6] - The strong experiential model has led to a membership repurchase rate 3.2 times higher than that of ordinary consumers, catering to the new generation's shopping behavior [6] Digital Membership Strategy - The company has developed a three-tier membership system, enhancing customer engagement and achieving a store conversion rate of 17% through location-based services [8] - Data-driven selection strategies have allowed the company to adjust product offerings based on regional preferences, maintaining revenue variance within ±8% [8] Industry Challenges and Responses - In response to increasing competition, the company has begun testing a "snack + beverage" model, contributing 21% to sales in pilot stores while driving a 14% increase in related snack sales [9] - The company balances standardization and personalization in its product offerings, maintaining supply chain efficiency while meeting local demands [9] Macro Perspective - The rise of "零嘴福" reflects deeper changes in the Chinese consumer market, indicating that consumption stratification does not equate to market fragmentation but rather fosters more flexible business innovations [11] - The integration of supply chain innovation with consumer insights is redefining the future landscape of China's retail industry [11]

Core Insights - The snack retail industry has experienced rapid expansion in third and fourth-tier cities, with the number of stores increasing from 2,500 in 2021 to an expected 45,000 this year, establishing itself as a new retail leader [1] Industry Overview - The growth of snack retail stores highlights a successful business model in an era where offline businesses are generally perceived to be struggling due to the internet [1] - The article suggests that despite the challenges faced by traditional retail, snack stores have thrived, indicating a unique market opportunity [1] Risks and Secrets - The article hints at underlying risks and secrets within the booming snack retail sector, suggesting that there may be more complexity behind the apparent success [1]

Core Insights - The implementation of the second phase of the equity incentive plan by Wancheng Group demonstrates the company's confidence in its performance growth [1] - The equity incentive plan aims to establish a profit-sharing mechanism between employees and the company, attracting and retaining core talent while enhancing team motivation [1] - The management has set challenging performance targets for the incentive plan, reflecting their confidence in future performance growth and company development [1] Company Growth Potential - The continuous expansion of the company's snack retail business network is expected to enhance scale effects and improve profitability [1] - The optimistic outlook on the company's growth potential is supported by the anticipated benefits from the incentive plan and the strategic goals of the company [1]

Core Insights - The company has implemented an AI-driven sales management platform that has improved sales forecasting accuracy by 30% and data adoption rates by 40% [1] - The company has provided financial support of up to 50 million for franchisees, aimed at alleviating liquidity pressures and strengthening collaboration [2] - The company is expanding its product categories and has seen positive growth in innovative categories, with instant food and beverage segments growing by 16.1% and 6.9% year-on-year, respectively [2] Group 1 - The company launched a "Store Sales Planning Management Platform" in May, integrating franchisees into a unified framework and enhancing supply chain efficiency through AI [1] - The company added 44 new distributors in the first half of 2025, focusing on transportation hubs and educational scenarios [1] - The company has established a comprehensive early warning network with 51 intelligent warning models to enhance operational efficiency [1] Group 2 - The financial support provided to franchisees is limited to 1 million per store and 5 million for related parties, aimed at supporting new and expanding stores [2] - The company is actively developing new growth engines in various sectors, including beverages, dairy products, and prepared foods, with positive performance in innovative categories [2] - The company is deepening its exploration in non-food and cross-border categories to meet diverse consumer needs [2] Group 3 - The company has sufficient cash on hand, and short-term fluctuations in operating cash flow will not impact normal operations or future expansion plans [3] - Changes in gross margin are primarily due to the different profit structures associated with new business expansions [3]

Core Insights - The article discusses the rise of discount retailing in China, highlighting the transformation of brands like "盒马NB" to "超盒算NB" and the success of hard discount retailers like ALDI, which has seen significant growth in sales and market presence [1][2][30]. Group 1: Company Developments - "盒马NB" has rebranded to "超盒算NB," signaling a strategic shift towards discount retailing and focusing on core operations in fresh produce and community supermarkets [1][11]. - The number of "超盒算NB" stores has increased to nearly 300, with double-digit revenue growth in the first half of the year, contributing significantly to the overall profitability of the company [1][9]. - ALDI has doubled its sales in China in 2024, expanding its footprint in the Yangtze River Delta region and focusing on low-priced, high-frequency products [2][30]. Group 2: Market Trends - The shift from "consumption upgrade" to "rational consumption" reflects changing consumer behavior, particularly among the middle class, who are now more price-sensitive [2][3]. - The rise of discount retailing is characterized by a blend of quality and low prices, leading to the emergence of a new retail model termed "popular retail" [3][30]. - The competitive landscape is evolving, with major players like JD and Meituan entering the discount retail space, indicating a growing trend towards discount formats in the retail industry [29][30]. Group 3: Competitive Strategies - ALDI's success is attributed to its hard discount model, which emphasizes cost control, private label products, and a streamlined SKU selection, differentiating it from traditional supermarkets [5][6]. - "超盒算NB" aims to replicate ALDI's model by leveraging Alibaba's supply chain and focusing on community needs, offering essential products at competitive prices [8][20]. - "零食很忙" adopts a different approach with a vast selection of snacks, emphasizing a fun shopping experience and leveraging scale for better pricing, which contrasts with the more curated offerings of ALDI and "超盒算NB" [21][22]. Group 4: Consumer Experience - The shopping experience in discount retail is being redefined, with a focus on creating an engaging atmosphere that challenges the perception of low-cost shopping as low-quality [23][24]. - Both ALDI and "超盒算NB" emphasize simplicity and transparency in their store designs, while "零食很忙" creates a vibrant, exploratory shopping environment [23][26]. - The integration of digital tools and data analytics in stores like "零食很忙" enhances inventory management and customer engagement, further driving sales [22][30].

Core Insights - The report analyzes the rapid growth and marketing strategies of Zhao Yiming, a leading brand in the bulk snack industry, highlighting its unique business model and expansion plans [4][5][9]. Brand Overview - Zhao Yiming was founded in 2019 in Yichun, Jiangxi, by Zhao Ding, and has grown from a small workshop to a national chain with over 20,000 stores by September 2025 [5][9]. - The brand focuses on a bulk sales model with over 2,000 SKUs, offering products at approximately one-third of market prices, targeting lower-tier cities [11][12]. Strategic Mergers and Expansion - In November 2023, Zhao Yiming merged with "Snacks Are Busy," forming the Mingming Busy Group, which became the first company in the industry to exceed 10,000 stores by June 2024 [9][10]. - The group aims to expand its store count to over 20,000 by September 2025, showcasing rapid growth [9][10]. Brand Positioning and Product Strategy - The brand's positioning emphasizes high cost-performance and targets consumers in lower-tier cities, with a monthly introduction of over 100 new products [11][12]. - Zhao Yiming has also launched "Zhao Yiming Savings Supermarket," expanding into household and daily necessities [11]. Financing and Capital Background - In February 2023, Zhao Yiming secured 150 million RMB in Series A funding, led by Black Ant Capital, which validated the market's confidence in the bulk snack sector [12]. Brand Tone and Values - The brand is characterized by a youthful and trendy image, with a slogan "No Tricks, Just Cheap" and a vision to "Achieve Snack Freedom for the Chinese People" [14][15]. - Zhao Yiming emphasizes a win-win logic of benefiting both franchisees and consumers, although there are concerns regarding franchisee profitability and employee treatment [17]. Marketing Activities and Social Media Performance - Zhao Yiming's marketing campaigns, such as the "6.1 Wish Come True Festival," achieved significant engagement, with Douyin interactions reaching over 11.24 million [20][26]. - The brand's social media sentiment saw fluctuations, with a peak NSR of 97% in May 2025, followed by a sharp decline due to negative events [29]. Content Strategy and User Engagement - The brand's content strategy focuses on visual and interactive elements, with lifestyle content accounting for 40.4% of engagement, and celebrity endorsements playing a crucial role in attracting attention [34][35]. - User-generated content (UGC) has proven effective, with significant interactions stemming from relatable themes and challenges [42]. Crisis Management and Reputation Challenges - Zhao Yiming faced significant reputation challenges, including the "Huai Ji Water Disaster" incident in June 2025, which severely impacted its social media sentiment [48][49]. - Ongoing issues related to product quality and service have been highlighted, with complaints about pricing integrity and employee conditions surfacing in September 2025 [54][55]. Summary and Recommendations - The brand has demonstrated strong market expansion and marketing capabilities but must address internal management, franchisee relations, and product quality to maintain consumer trust [53].

Core Insights - The report titled "In-depth Analysis of Zhao Yiming Brand" focuses on the development status, operational strategies, marketing performance, and potential risks of Zhao Yiming snacks from March to September 2025, highlighting its growth logic and challenges as a leading brand in the bulk snack sector [1][2]. Company Overview - Zhao Yiming Snacks was founded in 2019 by Zhao Ding in Yichun, Jiangxi, and merged with "Snacks Are Busy" in 2023, leading to the rebranding of the parent company to Mingming Busy Group in 2024. By September 2025, the number of stores exceeded 20,000, establishing it as a top player in the industry [1][11]. - The brand emphasizes a "bulk" model with over 2,000 SKUs, introducing more than 100 new products monthly, and offers prices as low as one-third of market rates, targeting lower-tier cities [1][14]. Financial and Capital Background - In 2023, Zhao Yiming Snacks completed a Series A financing round of 150 million yuan, led by Heiyi Capital and followed by Liangpinpuzi, which facilitated rapid expansion from 84 stores to over 2,500 [1][15]. Brand Positioning and Values - The brand's positioning is characterized by youthfulness, trendiness, and high cost-performance, with the slogan "No Tricks, Just Cheap" reflecting its commitment to low prices and sincerity. The vision is to "allow Chinese people to enjoy snack freedom" [1][17]. - The brand emphasizes a win-win logic of benefiting both franchisees and consumers, but there are contradictions in practice, such as complaints from franchisees about low margins and high operational intensity [1][19]. Marketing Strategies - Recent marketing efforts have been event-driven, with significant campaigns like the "6.1 Wish Come True Festival" in May, which generated 11.24 million interactions on Douyin, and the "Snack Music Festival" in July, which also saw high engagement [2][25]. - Negative public sentiment arose from incidents such as the "Huai Ji Water Disaster" in June and a "short weight" incident in September, highlighting issues in supply chain quality control and franchise management [2][21]. Recommendations - The report suggests that Zhao Yiming should strengthen quality control and service standards, optimize franchise and employee systems, and improve crisis management mechanisms. The focus should shift from "scale expansion" to "quality growth" to rebuild consumer trust [2][21].

9月29日，好特卖官方客服回应南都湾财社记者称，经自查，确认该顾客投诉的商品是2025年9月15日生 产的，矿泉水瓶包装上的"2025年"中的数字"5"，因为打印不连贯，导致顾客看错为"3"，目前平台在积 极联系顾客，该客服称，如果顾客仍有疑虑，平台亦可以为其退款。好特卖表示，平台所有销售的商 品，资质都是齐全的，只有合格的才会销售。 委托商：或为假冒伪劣产品 不过，该说法遭到饮用水委托方的质疑。9月30日，广州白云山星群健康科技有限公司工作人员告诉南 都湾财社记者，经确认，该公司今年9月并未生产饮用水，不排除该消费者购买到的商品为假冒伪劣产 品，但需要该消费者提供更多涉事产品信息才能确认。 针对这一说法，9月30日，好特卖官方客服告诉南都湾财社记者，将对此进行核查，但截至发稿前，记 者未收到更多回应。 9月28日，有北京的消费者发文称，他在好特卖（北京京投港长阳店）买到一瓶过期一年多的饮用水。 该消费者称喝了几口才发现饮用水过期，并疑虑，9毛钱买的水，是否值得坐地铁回去找商家理赔？ 据其发布的图片，该瓶饮用水品牌为王老吉，生产日期疑为2023年9月15日，保质期12个月，委托方为 广州白云山星群健康科技有限 ...