该信息由智通财经网提供 智通财经APP讯，北京京客隆(00814)发布截至2025年6月30日止6个月中期业绩，该集团取得营业收入人 民币43.90亿元(单位下同)，同比减少11.53%;归属于母公司股东的亏损1.09亿元，同比增加19.11%;每股 基本亏损0.26元。 公告称，主营业务收入主要为销售食品、副食品、日用消费品、饮料和酒等取得的收 入。 报告期间内集团零售业务主营业务收入下降约20.9%，主要归因于租约到期及经营策略调整等原 因，关闭部分门店，从而导致销售较同期下降。批发业务主营业务收入下降约5.0%，主要是由于酒类 业务受上游供应链波动及市场价格调整影响，销售收入有所回落;粮油品类因部分渠道转为直营模式及 对物美系统销售额减少，致使主营业务收入下降。 ...

Investment Rating - The report maintains a "Positive" investment rating for the snack wholesale industry [11] Core Insights - The snack wholesale industry is entering a 2.0 era, characterized by rapid expansion and a shift towards a full-category discount model as brands adapt to market saturation [4][9] - The industry has seen significant growth, with over 40,000 stores expected by the end of 2024, driven by a consumer trend favoring cost-effective options [8][45] - The transition to a full-category discount model is essential for brands to enhance profitability and customer experience, with supply chain optimization being a critical factor [10][53] Summary by Sections Industry Overview - The Chinese snack food industry exceeds 1 trillion yuan, with a low concentration due to diverse consumer preferences [7] - The evolution of the industry has been closely tied to changes in retail channels, moving from traditional retail to e-commerce and now to snack wholesale [7][23] Market Dynamics - The snack wholesale sector has experienced rapid growth, with a compound annual growth rate (CAGR) of 15% to 16% from 2022 to 2024, as consumers seek value for money [19][20] - The emergence of brands like "Snack Busy" and "Zhao Yiming" reflects the competitive landscape, with a focus on low prices and a wide range of products [8][9] Transition to Full-Category Model - As the snack wholesale market matures, brands are exploring full-category discount formats to maintain growth and profitability [9][53] - The success of this transition relies heavily on effective supply chain management and product selection [10][53] Competitive Landscape - The market is witnessing a dual oligopoly formation with "Snack Busy" and "Wanchen" leading the charge, controlling a significant share of the market [45][47] - The report highlights the importance of strategic mergers and acquisitions in enhancing brand influence and operational efficiency [47][50] Future Outlook - The snack wholesale industry is projected to continue its expansion, with an estimated 45,000 stores by 2025, indicating a robust growth trajectory [45][46] - The focus on supply chain efficiency and customer-centric strategies will be pivotal in navigating the competitive landscape [10][53]