文丨零售氪星球 方圆 这几年，国内上万平米大超市的主旋律是"收缩"和"变小"。行业共识是，大卖场模式结束了。但，东北 沈阳市场却冒出一家反其道而行的区域"黑马"。 2024年底，开心农场首家A 会员店开出来，一上来就是2 万平米大体量；一年后，这家超市在沈阳建筑 大学附近开出第二家同体量大店。开业当天，人潮蜂拥而至，停车位很快饱和，不少人干脆把车停到外 场，再坐摆渡车进店。小红书上，一些人抱怨，开业几天后，门店里依然很挤。 图源@网络 同行们做减法，甚至一窝蜂开"小店"，开心农场A 会员店却敢逆势"放大招"。一位知情人士告诉「零售 氪星球」，除了开出第2店，开心农场A 会员店在沈阳第3家店也在筹备中。甚至，他们还有了到华东上 海开店的想法。 在沈阳，这家店也是同行效仿的对象。有消息称，当地很快将有另外2-3家类似门店开出。 如其店名，生鲜超市起家的开心农场A会员店，本意是跳脱传统超市只能卷价格的压力，效仿近年风靡 一时的 "山姆会员商店"。但现在的它，显然，更像一个将传统货架式生鲜超市推倒重来，全方位重 构，充满浓郁本地特色、满足消费升级的新业态。 二层，承接一日三餐。蔬菜和肉类是基本盘，搭配熟食、休闲食品和 ...

Financial Performance - The company's revenue increased by 2.1% year-over-year, reaching RMB 11,108 million in 1H FY25 compared to RMB 10,877 million in 1H FY24[5] - Gross profit margin decreased by 110 basis points from 47.3% in 1H FY24 to 46.2% in 1H FY25, influenced by increased costs of whole milk powder and product mix[5] - Operating profit decreased by 11.0% from RMB 2,541 million in 1H FY24 to RMB 2,261 million in 1H FY25[5] - Profit attributable to owners of the company decreased by 7.8% from RMB 1,863 million in 1H FY24 to RMB 1,717 million in 1H FY25, with an income tax rate of 23.0%[5] Revenue Breakdown by Product Category - Rice crackers revenue increased to RMB 2,130 million in 1H FY25 from RMB 2,057 million in 1H FY24[11], with sales volume up by mid-single digits[14] - Dairy and beverage revenue decreased slightly to RMB 5,941 million in 1H FY25 from RMB 6,009 million in 1H FY24[15], while beverage sales doubled[15] - Snack food revenue increased to RMB 2,940 million in 1H FY25 from RMB 2,731 million in 1H FY24[16], with ice product sub-category increasing by mid-double digits[34] Channel Performance - Emerging channels and snack food retail channels experienced high-speed growth[5, 14, 15, 16, 33, 34] - Snack food retail channels account for approximately 15% of the group's revenue[37] - Emerging channels account for over 10% of the group's revenue[37] - Overseas market revenue increased by low-single digits and accounts for high-single digits of the group's revenue[37] Expenses and Working Capital - Operating expenses increased by 10.6% from RMB 2,894 million in 1H FY24 to RMB 3,202 million in 1H FY25, driven by increased A&P expenses[5, 18] - Distribution costs increased from RMB 1,369 million in 1H FY24 to RMB 1,550 million in 1H FY25[21], with distribution costs accounting for 14.0% of revenue in 1H FY25, up from 12.6% in 1H FY24[19] - Inventory increased from RMB 2,576 million on March 31, 2025, to RMB 2,748 million on September 30, 2025[26], with inventory turnover days increasing from 74 to 80 days[25]

开幕式上，中国商业联合会党委书记姜明指出，零售业作为国民经济的基础性产业，在引导生产、扩大 消费、吸纳就业、保障民生等方面发挥着不可替代的作用。 据悉，本届博览会展览面积达6000余平方米，吸引百余家优质展商参展，200件创新展品亮相，覆盖进 口食品、乳品饮料、休闲食品、地方名优特产、日用日化等核心消费板块。 中新网北京11月22日电 11月21日，2025北京零售商品博览会在北京展览馆启幕，展会以"品质零售·融聚 共生"为主题，联动生产商、品牌商、渠道商、零售商等产业链各环节，将持续至11月23日。 据悉，本届展会由中国商业联合会、北京市商业联合会联合主办。博览会期间，组委会同步举办美好生 活新消费高峰论坛、零售采购与参展品牌对接会等多场配套活动，持续释放产业合作新机遇。 在主题演讲环节，多位行业专家与企业代表围绕数字化升级、供应链能力提升、品牌焕新等议题分享创 新实践。中国连锁经营协会监事长、行业专家李燕川指出，当前零售企业面临数字化转型落地不足、商 品同质化严重、供应链效率偏低等痛点，唯有精准对接消费者需求，让商品与服务深度嵌入生活场景， 才能实现可持续发展。 ...

携手联合，严查流通环节，假冒伪劣无处藏。 检查过程中，执法人员积极向食品经营者宣传食品药品安全法律法规，督促其严格落实食品药品安全主 体责任，要求把好食品药品进货关，确保所售食品药品质量安全。同时，针对部分消费者食品药品安全 意识薄弱的情况，执法人员还通过现场讲解、发放宣传资料等方式，向群众普及食品药品安全知识和辨 别假冒伪劣食品药品的方法，引导群众增强自我保护意识，提高识假辨假能力，鼓励大家积极举报食品 药品违法违规行为。 下一步，新城市场监管所将持续加大对农村食品药品假冒伪劣产品的监管力度，建立健全长效监管机 制，不定期开展"回头看"检查，对违法违规行为保持高压态势，坚决守住农村食品药品安全底线，让广 大人民吃得放心、吃得安心。 作者：新城市场监管所：郭勇智、迪丽娜尔 为持续巩固农村假冒伪劣食品药品整治成效，塔城市市场监督管理局新城市场监管所联合塔城市食药环 大队，在辖区内重点对城乡交叉区域内的农村食品药品流通关键环节，以小食杂店、小餐饮、药店等为 重点场所，针对与居民日常生活密切相关的食用油、乳制品、调味品、休闲食品、药品等品类开展全面 排查。执法人员检查了食品药品经营主体资格是否合法有效，食品药品进货 ...

Core Insights - The conference on high-quality development of the national specialty food industry and the promotion of health food industry in Taizhou resulted in the signing of 15 health industry projects with a total investment of approximately 7.21 billion yuan [1][2] - The establishment of the "Health Food Industry Full Process Development Service Special Class" aims to enhance the quality and upgrade of the health food industry in Xinghua, leveraging the resources and expertise of the China Food Industry Association [2] Group 1 - The health food industry in Xinghua has evolved from basic seasoning sales to becoming one of the three main industries in the city, with the establishment of Jiangsu's first agricultural product processing zone and an 8 square kilometer seasoning industry cluster [1] - Since the strategic cooperation began in 2018, Xinghua has developed nine specialty food industry chains, including compound seasonings, rice and flour products, dehydrated fruits and vegetables, and snacks [1] - The "Health Food Industry Full Process Development Service Special Class" is the first of its kind, aiming to integrate industry chains, innovation chains, funding chains, and talent chains to provide comprehensive support for industry development [2] Group 2 - The health food industry cluster is a crucial part of Taizhou's "8+13+X" chain system, with Xinghua focusing on creating a complete industrial ecosystem [2] - The local government emphasizes a proactive approach to development, aiming to create an optimal investment environment with the lowest costs and highest returns [2] - The leadership in Xinghua is committed to fostering a competitive spirit, encouraging all stakeholders to strive for excellence and innovation in the health food sector [2]

Core Insights - The recent surge in mergers and acquisitions in the consumer sector contrasts with the sluggish growth of the consumption market, raising questions about the underlying investment logic of top-tier capital [1][4]. Group 1: Current Market Conditions - The retail sales of consumer goods in China reached 36.59 trillion yuan in the first three quarters, growing by 4.5% year-on-year, which is still below the 8% growth rate seen in 2019 [1]. - The performance of listed consumer companies shows significant divergence, with major players like Kweichow Moutai and Yum China experiencing slowed growth compared to previous years [2]. - Smaller food and beverage companies are facing considerable operational pressure, with many reporting declines in both revenue and net profit [2]. Group 2: Investment Logic Behind Mergers - The first logic is that target companies possess strong cash flow and a solid foundation, making them attractive despite slower growth rates [4]. - The second logic highlights the brand influence of the target companies, which have established networks and consumer loyalty, making them appealing for capital investment [5]. - The third logic suggests that the current market downturn presents a "buying opportunity" for capital, allowing for acquisitions at reasonable prices [5]. - The fourth logic emphasizes the ongoing opportunities in the consumer sector, as the majority of production activities ultimately cater to consumer needs [5]. Group 3: Future Trends in the Consumer Market - Companies face challenges in understanding new consumer demographics, adapting to new marketing methods, and embracing innovative organizational structures [6]. - Three key trends to watch include a focus on cost-effective innovation, the rise of niche products that provide immediate satisfaction, and growth in self-improvement sectors such as health investments and knowledge-based services [6]. - The exit strategies for capital in the consumer market are evolving, with a shift towards long-term investment approaches rather than relying solely on rapid growth and IPOs [7].

重要信号！ 近期的消费赛道格外热闹：CPE源峰宣布与美国餐饮品牌汉堡王达成战略合作之后，大钲资本又被传正在评估对英国连锁咖啡品牌Costa Coffee提出的潜在收购要 约。而在一周前，博裕资本刚拿下星巴克中国60%股权；上个月，KKR收购国民汽水品牌大窑汽水的交易也正式落地。一边是并购热潮持续升温，一边却是消费市 场增长乏力，顶级资本为何逆势扎堆布局消费品牌？背后暗藏怎样的投资逻辑？ 顶级资本频现大手笔 买入消费 上述并购交易案中，买家都是国内外顶级资本，而卖方则多为知名消费品牌，其中不乏国际消费巨头。然而，巨资活跃在消费赛道且频频出手，与当前稍显疲软的 消费市场形成鲜明对比。 国家统计局此前发布的最新数据显示，前三季度，社会消费品零售总额36.59万亿元，同比增长4.5%，增速虽然较去年同期有所加快，但仍低于2019年8%的增速。 这表明，虽然我国消费市场在复苏进程中，但增长动力仍显得不够强劲。国家统计局有关负责人日前也表示，当前市场需求拉动仍显不足，价格总体低位运行。 上市公司的业绩也能反映当前消费市场的状况。记者梳理A股和港股消费类公司的季度财报发现，食品饮料行业上市公司今年前三季度业绩分化显著，呈现 ...

Core Viewpoint - The recent surge in mergers and acquisitions in the consumer sector contrasts with the sluggish growth of the consumption market, raising questions about the underlying investment logic of top-tier capital entering this space [1][4]. Group 1: Mergers and Acquisitions Activity - Major capital firms are actively acquiring well-known consumer brands despite a weak consumption market, indicating a strategic move to capitalize on perceived undervaluation [1][4]. - Recent notable transactions include CPE Yuanfeng's partnership with Burger King, Hillhouse Capital's potential bid for Costa Coffee, and Boyu Capital's acquisition of a 60% stake in Starbucks China [1][2]. Group 2: Market Performance and Company Earnings - The retail sales growth in China for the first three quarters was 36.59 trillion yuan, reflecting a year-on-year increase of 4.5%, which is still below the 8% growth rate of 2019 [1]. - A significant performance disparity exists among consumer companies, with leading firms like Kweichow Moutai and Yum China showing slowed growth compared to previous years [2]. - Smaller food and beverage companies are facing greater operational pressures, with many reporting declines in both revenue and net profit [2]. Group 3: Investment Logic Behind Acquisitions - Four key investment rationales support the trend of capital entering the consumer sector: 1. Target companies possess strong cash flow and stable foundations, making them attractive despite slower growth [4]. 2. The brands being targeted have significant market influence and established networks, providing a solid base for future growth [5]. 3. The current market downturn presents a favorable opportunity for capital to acquire these brands at lower prices, allowing for potential value enhancement through improved governance [6]. 4. The consumer sector remains promising, with a large market potential and a low concentration of major brands, indicating future growth opportunities [6]. Group 4: Future Trends in the Consumer Market - The consumer market is expected to face challenges due to slowing income growth and increased savings, which will test the resilience of companies [7]. - Key trends to watch include a focus on cost-effective innovations, the rise of niche products that provide immediate satisfaction, and growth in self-improvement sectors such as health investments and knowledge-based services [7]. - Companies are increasingly optimizing their business structures by divesting non-core assets and consolidating resources to enhance operational quality [7][8].

长沙晚报掌上长沙11月13日讯（通讯员徐磊）这个周末去哪里？一年一度的中国中部（湖南）农业博览会来啦！ 欢迎市民朋友于11月14日至17日到长沙国际会展中心"逛吃逛吃"。逛展看展门票免费，扫描"中部农博会"公众号 二维码点击"获取门票"完成注册后，激活门票码，现场通过闸机扫码入场。 | 参观日期 | 入馆时间 | 闭馆时间 | | --- | --- | --- | | 11月14日 | 10:00-16:30 | 17:00-17:30 | | | (16:30停止入馆) | 清场闭馆 | | 11月15日-16日 | 9:00-16:30 | 17:00-17:30 | | | (16:30停止入馆) | 清场闭馆 | | 11月17日 | 9:00-15:30 | 16:00 | | | (15:30停止入馆) | 清场闭馆 | 本届农博会规划展览面积约8万平方米，设置省际交流馆、综合馆、省内市州形象馆、产业馆、果蔬·休闲食品馆5 个专题展馆及多个活动专区，全方位呈现"从田间到餐桌"的现代农业图景。其中，省际馆聚焦区域协作，集中展 示智慧农业装备、冷链物流体系等农业现代化硬核支撑；综合馆汇聚全球特色农产 ...

（记者 曾健辉） 截至发稿，洽洽食品市值为117亿元。 每经头条（nbdtoutiao）——"银行直供房，不计成本卖！"有的半价出售，众多刚需还不知道！银行用 过的房很抢手，有人加价100万元抢拍 每经AI快讯，洽洽食品（SZ 002557，收盘价：23.06元）11月13日晚间发布公告称，截至2025年11月12 日，公司通过股份回购专用证券账户以集中竞价方式回购公司股份约340万股，占公司目前总股本的 0.67%，最高成交价为29.53元/股，最低成交价为21.4元/股，成交总金额约为7999万元，成交均价23.49 元/股。 2025年1至6月份，洽洽食品的营业收入构成为：休闲食品占比100.0%。 ...