作者丨金名 前段时间，和一位快消大厂的区域负责人聊天，他感慨道："快消门槛太低了，头部品牌的销量都被一些三四线品牌侵蚀了，销量增长乏力，乳制品、啤 酒、饮料都面临这种情况。" 有人说，消费者需求变了，尤其是年轻消费者更青睐个性化、差异化的产品。但小品牌售卖的差异化产品，大品牌都有同类产品，只是很难再像从前一 样，在细分产品上收割小品牌的份额。 还有人说，如今线上渠道日益发达，很多小品牌从线上渠道切入市场。但如今的情况是，线下也有很多小品牌在区域市场站稳了脚跟，并持续发展。 就整体体量而言，线上线下仍以大品牌为主导。但在区域市场，面对小品牌的竞争，大品牌更多的是无能为力，只能眼睁睁看着小品牌蚕食市场。 究竟是什么原因导致了大品牌如今的尴尬？ 曾经的大品牌如何收割市场？ 想了解大品牌如今的无能为力，要先了解它曾经是如何成功冲击小品牌的。 为了避开和大品牌主流产品的正面竞争，小品牌往往扮演着创新者的角色，开发差异化细分产品，经过一段时间的培育，逐渐得到消费者的认可，开始有 起色。 近些年，越来越多的区域性小品牌崛起，让原本就增长乏力的大品牌雪上加霜。 为了完成销售目标，大品牌对经销商不断加压，经销商利润越来越薄，流 ...

面对成本上涨，拥有产地直采、长期合同及锁价机制的企业在行业洗牌中具备明显优势。欢乐家通过与 核心产地供应商建立长期合作以及自建海外椰子加工项目，一定程度上减缓了原材料价格上涨对毛利率 的冲击。同时，公司在产品结构上加大高毛利品类的占比，如节日礼盒装椰子汁、无糖椰子饮料、减糖 水果罐头等，从销售端优化盈利能力。 当前，品牌影响力在原料波动期的重要性更加凸显。对于拥有稳定消费群体和高品牌认知度的企业，适 度调价或推出高附加值新品成为缓解成本压力的有效手段。数据显示，2024年中国健康饮品消费者中， 有超过46%的人愿意为低糖、无糖、天然成分的饮品支付更高价格，这为品牌企业在健康化细分市场中 进行溢价提供了现实基础。欢乐家凭借在椰基饮品和水果罐头赛道的长期积累，具备在旺季推出高毛利 新品并获得市场认可的优势。 原材料价格波动是行业共性挑战，但其并不改变行业长期增长的趋势。健康化消费、礼盒化场景和渠道 多元化的结构性机遇仍在持续释放。行业分析人士指出，具备供应链议价权和品牌溢价能力的企业，将 在未来几个季度迎来毛利率修复和盈利能力的提升。随着旺季临近，提前完成渠道铺货和原料保障的企 业，有望在竞争中占据先机，实现业绩 ...

根据湖南公众资产评估有限公司2022年4月12日出具的资产评估报告，截至2021年底，太子奶共有员工 88人，合计房屋建筑面积11.16万平方米。由于设备老化，生产线跑冒滴漏严重，导致无法组织生产， 太子奶从2020年8月至今生产区无生产，设备处于停用状态，自同年9月起全线产品委托在外加工。公司 生产区约有1万平方米厂房对外租赁，其余厂房均处于未使用的闲置状态。评估报告还显示，太子奶集 团现无在生产区恢复生产的计划，生产设备将逐步处置。 2021年8月，新华联持有的太子奶40%股权在淘宝网司法拍卖网络平台进行拍卖，其评估价为1.52亿 元，起拍价为1.06亿元，但该次拍卖被湖南省株洲市中级人民法院来函中止。今年7月，太子奶40%股 权的拍卖重启，该股权评估价为1.25亿元，起拍价为8756.76万元，但最终却无人报名，大股东三元股份 也放弃优先购买权且不参与拍卖。 时隔一个月后，太子奶40%股权的起拍价降至7005.40万元。根据淘宝网司法拍卖网络平台显示，本次 拍卖的报名方仅有1家，即为三元股份。 业绩承压 三元股份8月7日公告称，8月6日10时至8月7日10时，北京市第三中级人民法院在淘宝网司法拍卖网络平 ...

Core Viewpoint - The collaboration between Three Squirrels and Ai Ling Shi has failed, impacting the company's offline expansion strategy, but the company will continue to seek development opportunities in line with its established strategy [1][18]. Group 1: Acquisition Details - Three Squirrels announced the termination of its acquisition of Hunan Ai Ling Shi Technology Co., Ltd. due to a lack of agreement on core terms after eight months of negotiations [2][3]. - The acquisition was part of a larger plan involving three acquisitions, with a total investment not exceeding 360 million yuan, where Ai Ling Shi represented the largest portion at 200 million yuan [8]. - Ai Ling Shi operates over 2,000 stores nationwide and was seen as a key player in strengthening Three Squirrels' offline presence [5][16]. Group 2: Financial Performance - Three Squirrels experienced a revenue decline from 2020 to 2023, but in 2024, it reported a revenue of 10.622 billion yuan, a year-on-year increase of 49.3%, and a net profit of 408 million yuan, up 85.5% [16]. - The company's revenue has been heavily reliant on online channels, with third-party e-commerce platform revenue accounting for about 70% of total revenue from 2020 to 2024 [16][17]. Group 3: Strategic Shift - Following the failed acquisition, Three Squirrels is expected to continue its focus on offline market expansion, aiming to adjust its revenue structure from a 7:3 online-to-offline ratio to a 5:5 ratio over the next 2 to 3 years [15]. - The company has shifted its strategic positioning, moving from a focus solely on snacks to a broader "all-category, all-channel" approach, emphasizing high-quality products [20][21]. - Recent actions include entering the beverage market and plans to open all-category lifestyle stores and convenience stores [21][22].

Core Viewpoint - The acquisition of Hunan Ailing Snack Technology Co., Ltd. by Three Squirrels has been terminated after eight months of negotiations due to disagreements on core terms, marking a setback in the company's offline expansion strategy [1][4]. Group 1: Acquisition Details - Three Squirrels planned three acquisitions in 2024, with the largest being the proposed acquisition of Ailing Snack for up to 200 million yuan, part of a total investment of no more than 360 million yuan across all three deals [2][5]. - The acquisition aimed to leverage Ailing Snack's extensive network of over 2,000 stores to strengthen Three Squirrels' offline presence and tap into new market segments [2][5]. - Ailing Snack has been actively expanding, having acquired several snack brands and increasing its store count from approximately 1,800 to over 2,000 in 2023 [3][5]. Group 2: Strategic Implications - The failure of the acquisition is seen as a significant obstacle to Three Squirrels' goal of balancing its revenue structure from 70% online to 50% offline over the next 2-3 years [4][5]. - The company has been facing declining revenues since 2019, with a notable recovery in 2024, achieving a revenue of 10.622 billion yuan, a 49.3% increase year-on-year [5][6]. - Three Squirrels is now seeking alternative opportunities to pursue its offline strategy, although it has not disclosed plans for new acquisition targets [6][7]. Group 3: New Strategic Direction - Three Squirrels has shifted its strategic focus from solely snacks to a broader "all-category, all-channel" approach, aiming to provide high-quality products across various categories [7][8]. - The company has recently entered the beverage market and plans to open all-category lifestyle stores and convenience shops, indicating a significant shift in its business model [7][8]. - The founder has positioned 2025 as a "year of rebirth" for the company, suggesting a transformative phase ahead [9].

Group 1 - Thailand's dairy product exports are projected to grow by 11.5% year-on-year in 2024, reaching a total export value of $582 million, leading ASEAN countries in this sector [1] - Major export markets for Thai dairy products include Malaysia, Vietnam, Indonesia, Singapore, the Philippines, and Myanmar, with Malaysia showing a significant import increase of 64.3% [1] - The Thai Ministry of Commerce attributes this growth to the ASEAN Free Trade Agreement, which provides a competitive advantage for Thai dairy products in the region [1] Group 2 - The Thai Dairy Promotion Organization is implementing a 2023-2027 action plan aimed at modernizing and increasing the efficiency of dairy farms, thereby enhancing production efficiency and farmer income [2] - The plan includes promoting more farms to meet "smart farm" standards, improving farm management efficiency, and increasing raw milk production at the farm level [2] - Thai dairy companies are increasingly exploring low-fat, zero-fat, plant-based, and lactose-free dairy products to meet diverse consumer preferences [2] Group 3 - Thai dairy products are expanding exports to markets such as China, Australia, New Zealand, and Chile, benefiting from various bilateral and multilateral free trade agreements [3] - Thailand plans to further explore emerging markets in Africa and Latin America to enhance its position in global dairy trade [3]

Core Insights - Wahaha is facing significant challenges due to controversies surrounding its outsourcing practices and internal conflicts, which have raised concerns about brand integrity and operational stability [1][2][3][4][5] Group 1: Outsourcing Controversy - Starting in 2024, consumers reported that Wahaha's bottled water was produced by its subcontractors, with prices 30% higher than its own brand, leading to questions about brand premium masking cost-cutting [1] - In March 2025, a complaint arose regarding a lactobacillus drink containing black sediment, causing health issues for children, revealing quality control gaps in the outsourcing chain [1] - Wahaha acknowledged its outsourcing relationship with Jinmailang and announced the termination of this partnership in April 2025, but did not clarify why it chose outsourcing despite underutilized production capacity [1] Group 2: Internal Turmoil - In February 2025, production was halted at Shaanxi Wahaha Dairy, forcing employees to stop working, with similar incidents occurring at other facilities [2] - The root of these conflicts lies in the clash between the traditional family-style management and the new reform initiatives led by Zong Fuli, which have resulted in a loss of employee morale [2] Group 3: Strategic Concerns - Despite a revenue rebound to 70 billion yuan in 2024, Wahaha's core products have not seen innovation, with packaging remaining unchanged for 20 years and a low convenience store stocking rate of under 30% [3] - The reliance on outsourcing has accelerated brand dilution, with significant layoffs and cuts in R&D, leading to concerns over product quality and increased costs [3] - The outsourcing model has created a vicious cycle of trust issues, as quality control risks are transferred to consumers, undermining brand credibility [3][4] Group 4: Industry Implications - Wahaha's strategic missteps during a period of industry restructuring are particularly detrimental, as the company struggles to balance rapid expansion through outsourcing with effective supply chain management and brand value [4] - The combination of internal management conflicts and external market pressures is pushing this once-prominent brand towards marginalization [4][5] Group 5: Conclusion - Wahaha's challenges reflect broader issues in family business succession and the difficulties of traditional brands undergoing transformation [5] - Immediate actions such as terminating outsourcing and addressing employee grievances are essential for rebuilding trust, while long-term success will depend on balancing reform efforts with cultural heritage and ensuring sustainable quality and cost management [5]