7 月19日，来伊份（603777）与养馋记战略合作的首个"社区零售4.0"门店在上海松江泗泾镇泗宝路正式 开业。这不仅是双方自今年1月达成战略合作后的实质性落地，更是3月"社区生活新生态"构想的首次规 模化实践，标志着零食行业巨头与社区零售新锐的协同模式进入深度运营阶段。 从 "优势互补"到"模式落地"：合作逻辑的现实支撑 在社区零售赛道竞争日趋激烈的当下，来伊份与养馋记的合作被业内视为"资源整合"的典型案例。两者 的协同基础，建立在清晰的能力互补之上。 作为深耕行业25年的上市企业，来伊份的核心优势集中在供应链与数字化领域。其覆盖全国的3000余家 门店网络背后，是经过长期验证的全链路供应链体系和信息化系统——前者能保障产品品质稳定性，后 者可通过消费数据捕捉需求变化。这正是社区零售模式规模化复制的关键支撑。 而 2018年创立的养馋记，则以"社区渗透"为核心竞争力。以嘉兴为起点，其300余家门店已辐射江浙沪 千家社区、百万户家庭，在社区定位、全品类选品和私域运营上积累了实践经验。例如，其针对社区家 庭设计的"高频刚需"选品逻辑，以及通过社群维护邻里关系的运营方式，恰好填补了传统零食店在社区 场景中的功能 ...

Group 1 - The article highlights the financial support provided by the government to private enterprises in Kunming, including a 1 million yuan subsidy for a cable company to invest in R&D for new energy cables and high-grade flame-retardant cables [1] - In 2022, Kunming City allocated a total of 408 million yuan to support the development of the private economy and small and medium-sized enterprises (SMEs), marking a year-on-year increase of 66.1% [1] - The People's Bank of China and eight other departments issued a notice to strengthen financial support measures for the development of the private economy, emphasizing the importance of fiscal subsidies and insurance guarantees [1] Group 2 - Kunming City has implemented a digital marketing system for SMEs, allowing real-time monitoring of stock levels and improving sales efficiency, as demonstrated by the success of Kunming Xuelan Dairy Co., which saw significant sales growth after the system's implementation [2] - The city also provides tax relief to private enterprises, with one high-tech company benefiting from a tax reduction of approximately 1.5 million yuan due to R&D expense deductions [2] - In 2023, Kunming City plans to continue focusing on key industrial development areas and strengthen the coordination of various fiscal funds to promote high-quality development of the private economy and SMEs [2]

Core Viewpoint - The performance gap between national dairy companies and regional dairy companies is widening, with regional companies facing significant pressure to find new differentiation strategies in the market [1][2][3]. Group 1: Performance Trends - In 2023-2024, domestic dairy companies experienced a general decline in performance due to market demand and external factors, but signs of recovery were noted in early 2025 [2]. - Leading dairy companies like Yili achieved a revenue of 32.94 billion yuan in Q1 2025, a year-on-year increase of approximately 1.5%, with a net profit of 4.64 billion yuan, up 24.2% compared to 2024 [2]. - In contrast, regional dairy companies like Tianrun Dairy and Yantang Dairy reported declines in revenue and profits, with Tianrun's revenue dropping by 2.5% to 620 million yuan and a net loss of 73.03 million yuan [2][3]. Group 2: Competitive Landscape - Regional dairy companies are facing increased competition from national players who have expanded into the fresh milk market, which has historically been a differentiating factor for regional firms [3]. - Yili's high-end low-temperature milk revenue grew by over 30% in 2024, while Mengniu's fresh milk brand maintained double-digit growth [3]. - The overall dairy consumption in China is reaching a bottleneck, leading to intensified competition among existing players, particularly affecting regional companies [3][6]. Group 3: Differentiation Strategies - To survive, regional dairy companies must establish new differentiation strategies, as exemplified by New Dairy, which has performed better than its peers by focusing on a 24-hour fresh milk product line [4][5]. - New Dairy's revenue for 2024 was 10.67 billion yuan, with a net profit of 540 million yuan, and its 24-hour fresh milk series has seen significant growth [4][5]. - The company has also emphasized direct-to-consumer (DTC) sales, achieving 6.23 billion yuan in direct sales revenue, accounting for 58.4% of its total revenue [5]. Group 4: Future Outlook - The competitive landscape in the dairy market is expected to remain intense in 2025, with increasing market concentration [6]. - Regional dairy companies that fail to find unique brand positioning and product differentiation may face marginalization or even elimination from the market [6].