文|观潮新消费 曾几何时，一包辣条、一袋瓜子，是异国华人与留学生舍不得拆开的乡愁。现在，中国零食不仅早已成 为海外华人超市的常客，更走进了本地年轻人的购物车。 尽管海外营收绝对规模仍较小，但再不出海，有可能就出局了。 出海潮起，渠道带路 国内零食出海始于千禧年初，其中比较有代表性的是洽洽食品。 2000年左右，一位中国香港的代理商在北京参加海外华人华侨新年恳谈会时吃到了洽洽瓜子，觉得很好 吃，于是便成了洽洽出海合作的第一位代理商。2008年，洽洽在越南设立第一个海外办事处，正式开启 海外布局。 出海之初，品牌代理商多为华人，渠道也多为华人商超，导致洽洽难以触达当地核心消费群体，无法形 成规模和品牌优势，其本质只是"商品出海"而非"品牌出海"。 直到2015年，洽洽董事会把"国际化"写进五年规划，开始在海外完成CHACHA、CHACHEER等国际商 标的注册，并组建独立外贸事业部，才标志着其打破瓜子出口的卖货模式，向品牌叙事更进一步。 2016年，洽洽海外营收同比增长48.58%，除2022年至2023年，洽洽海外营收均保持两位数同比增长。 社交平台上，外国博主"狂炫"辣条、嗑瓜子的视频屡见不鲜，东南亚校园里， ...

Core Insights - Major players in the Chinese spicy strip industry are aggressively expanding production capacity to capture market share amid increasing competition [1][6] - Weaker market positions for leading brands like Wei Long are prompting them to seek growth opportunities in Southeast Asia [1][13] Production Capacity Expansion - Wei Long has invested approximately 1 billion yuan in a new production base in Nanning, which will support its business development and expansion into Southeast Asia [3][5] - The new facility will cover an area of about 170 acres and integrate R&D, production, logistics, and marketing [3] - Mala Wangzi has also launched a new smart spicy strip factory in Hunan, with a total investment of 2.35 billion yuan and an expected annual output value of 9 billion yuan [5] - Jin Zai Food has opened a smart food industry park in Beihai, Guangxi, with an annual production capacity of 1.2 billion packages [5] Competitive Landscape - The Chinese savory snack market is becoming increasingly competitive, with major brands like Pepsi's Lay's leading with a 3.3% market share, followed closely by Wei Long and Wang Wang [6] - In the spicy strip segment, Wei Long holds a 23.91% market share, but this represents a decline of 2.34% from the previous year [6] - Competitors like Xian Ge and Mala Wangzi are gaining market share, with Xian Ge at 6.74% and Mala Wangzi at 5.07% [6] Differentiation Strategies - Xian Ge focuses on a "crispy" texture and offers lower prices compared to Wei Long, targeting specific regional markets [7][9] - Mala Wangzi differentiates itself through flavor upgrades and a youthful marketing approach, achieving revenues of 1.5 billion yuan in 2024 [9][11] - Wei Long has been raising prices to offset cost pressures, which has inadvertently created opportunities for competitors to capture market share [11] Market Trends - The Chinese spicy strip market is expected to see slower growth, with projected annual growth rates in the single digits from 2024 to 2026 [11] - Wei Long is targeting the Southeast Asian market, which has a favorable taste profile for spicy snacks, as part of its strategy to mitigate domestic competition [13] - The company has established an overseas development center and aims to expand its presence in over 50 countries by the end of 2024 [13]

Core Viewpoint - Brands must move beyond relying on hit products for quick profits; only by deeply respecting and understanding local markets can sustainable growth be achieved [16] Group 1: Market Trends - Chinese snacks have become popular not only among overseas Chinese but also among local young consumers, with products like spicy strips and sunflower seeds gaining traction [3] - The domestic market for snacks is highly competitive, prompting brands to seek growth opportunities abroad as domestic revenues stagnate [3][4] - For instance, Qiaqia Foods reported a 6.4% decline in domestic revenue while experiencing a 13.18% increase in overseas revenue in the first half of the year [3] Group 2: International Expansion - The trend of Chinese snack brands going overseas began in the early 2000s, with Qiaqia Foods being a notable example [4] - Qiaqia established its first overseas office in Vietnam in 2008, marking the start of its international strategy [4] - By 2016, Qiaqia's overseas revenue grew by 48.58%, and the brand has maintained double-digit growth in subsequent years [5] Group 3: Market Entry Strategies - Qiaqia focuses on offline channels, targeting convenience stores like 7-Eleven in Thailand, which holds a 70% market share in the local convenience store sector [6] - The brand faced challenges entering 7-Eleven due to existing local competitors and stringent entry standards [6][7] - In contrast, Three Squirrels adopted an online-first approach, launching flagship stores on platforms like Lazada and Amazon in 2018 [8][9] Group 4: Product Localization - Successful brands like Weidong have adapted their products to local tastes, such as offering milder flavors in Italy and incorporating local ingredients in Southeast Asia [14][15] - Compliance with local food regulations is crucial, as different countries have varying standards that can impact product availability [15] Group 5: Supply Chain Development - Companies like Qiaqia and Yanjin Puhui are shifting from merely exporting products to establishing local production facilities, enhancing their supply chain capabilities [16][17] - Qiaqia invested 500 million yuan in a sunflower seed factory in Thailand, which has become a significant asset for the brand [16][18] - As of the first half of this year, Qiaqia's overseas revenue reached 278 million yuan, accounting for 10.1% of total revenue, with a higher gross margin compared to domestic operations [18]

以下文章来源于融中财经 ，作者李冰之 作者：李冰之 编辑：吾人 融中财经 . 中国领先的股权投资与产业投资媒体平台。聚焦报道中国新经济发展和创新投资全产业链。通过全媒体 资讯平台、品牌活动、研究服务、专家咨询、投资顾问等业务，为政府、企业、投资机构提供一站式专 业服务。 现实版《抓娃娃》："老爸赚钱老爸花，儿子苦哈哈。" 来源：融中财经 西虹市的破落大院里，富豪马成钢正对着儿子马继业 " 哭穷 " 。 明明坐拥亿万家产，马成钢和春兰却穿旧衣、吃咸菜，连新衣都谎称是 " 地摊清仓货 " 。为 防儿子沉溺奢华、失去奋斗动力，他们精心编织了一场 " 贫困真人秀 " ，直到儿子成年撞破 真相，这场 " 反向养娃 " 才揭开帷幕 —— 这是沈腾和马丽的喜剧电影《抓娃娃》中的经典桥 段。 " 父母隐瞒家族巨富，穷养孩子二十年 " 听起来很不真实，可现实中， " 辣条圈 " 真就上演 了一版相似的故事。 近日，这位 " 麻辣儿子 " 又因新动态频繁登上热搜： 2025 年 9 月 21 日，湖南平江一座由 麻辣王子斥资 23.5 亿元打造的 " 超级辣条工厂 " 正式投产。 这座产业园占地 280 亩，全 面建成后年产能可 ...

Core Insights - The collaboration between Huang Zihongfan and Weilong aims to create a strong emotional connection with young consumers, positioning the brand as a "happy lifestyle" representative [2][6] - The launch of the new Spicy Lobster Flavor snack is designed to enhance brand recognition and appeal to the youth market by transforming the consumption experience into a joyful emotional context [2][6] Product Innovation - Weilong's classic product, the Spicy Gluten Snack, has been revamped to retain its core advantages while incorporating elements that resonate with young consumers [4] - The new product features a unique non-fried process that locks in flavors, providing a satisfying taste experience without overwhelming spiciness [4] - The independent packaging is designed for convenience, making it suitable for various social scenarios, thus lowering the barrier for trial [4] Marketing Strategy - The dual approach of introducing a brand ambassador alongside a classic product innovation is aimed at closely connecting with the younger demographic [6] - Huang Zihongfan's energetic image is leveraged to transform Weilong from a familiar snack brand into a "happy partner" that understands the preferences of young consumers [6] Future Directions - Weilong plans to continue engaging with young consumers through collaborations and scenario-based marketing, ensuring that classic snacks remain relevant in their daily lives [7]

Core Viewpoint - Wei Long has officially announced Huang Zihongfan as the spokesperson for its spicy snack product, specifically promoting the spicy crayfish-flavored snack [1] Group 1: Brand Endorsements - Wei Long has previously announced multiple brand ambassadors for its products this year, including Wang Anyu for the Wei Long konjac product in April [1] - In August, Wei Long signed Guan Le as the brand ambassador for its seaweed product line [1]

Summary of the Conference Call on the Baijiu Industry Industry Overview - The overall sales volume in the baijiu industry has declined, with distributors expecting a 20%-30% drop in sales during the upcoming double festival period. Sales volume decreased by 40%-50% in July and August [1][2] - High-end baijiu wholesale prices are weak, with Feitian Moutai priced around 1,780 RMB. Demand for baijiu in banquet scenarios remains stable, while mid-range products perform more consistently [1][4] Key Points and Arguments - **Sales Performance**: The baijiu industry is facing significant sales pressure, with actual sales declines exceeding previous market expectations. Most regions, except for Henan, are experiencing sales drops greater than anticipated [2] - **Inventory Levels**: From June to August, the average sales volume decreased by 50%, leading to a slight increase in inventory levels compared to last year. Most distributors have higher inventory levels than the same period last year [3] - **Price Trends**: High-end baijiu products like Feitian Moutai and Wuliangye are experiencing weak wholesale prices. Feitian Moutai's price is expected to fluctuate between 1,700 and 1,800 RMB during the double festival period [4][8] - **Company Performance Adjustments**: Guizhou Moutai has lowered its annual growth target but maintains a steady collection rate compared to last year. Wuliangye is also expected to adjust its growth target due to market conditions [6][9] Company-Specific Insights - **Guizhou Moutai**: The company is increasing promotional activities for its series of products and expects a slight downward adjustment in annual growth targets, which may benefit investors by releasing risks [8] - **Wuliangye**: The company is shifting its focus from absolute growth to long-term competitiveness, with a return rate of approximately 60%-70% [9][10] - **Luzhou Laojiao**: The company is implementing a price stabilization strategy and focusing on expanding its terminal market through targeted promotions [11] - **Shanxi Fenjiu**: The company is facing significant sales declines but is maintaining a stable price point due to good relationships with distributors [13] Investment Recommendations - The report suggests focusing on companies with potential for policy-driven growth and those that can adapt to market changes, such as Jiu Gui, She De, and Shui Jing Fang. Mid-range products like Gu Qing Gong and Ying Jia Gong are also highlighted for their recovery potential [5][7] - The overall sentiment is that the baijiu industry is currently at a low point, but there are opportunities for recovery and growth in specific segments and companies [27] Additional Considerations - The impact of external factors, such as government inspections and coal supply pressures, has affected consumption patterns in various regions [12][14] - The performance of next-tier baijiu products is weaker compared to high-end and mid-range products, indicating a need for careful monitoring of new product launches [21] This summary encapsulates the key insights and trends discussed in the conference call regarding the baijiu industry, highlighting both challenges and potential investment opportunities.

Group 1 - The article highlights the absurdity of the U.S. tariff policy, which has led to a surge in demand for Chinese products among American consumers, despite the intended protection of domestic industries [1][3][9] - The U.S. consumers are experiencing significant savings by purchasing Chinese goods, with examples showing price differences of up to 40% compared to domestic brands [3][5] - The article emphasizes the resilience of the Chinese supply chain, which has maintained a high level of integrity during the pandemic, while U.S. attempts to shift orders to Southeast Asia have proven inadequate [3][13] Group 2 - The rise of cross-border e-commerce platforms like Dunhuang.com and Taobao reflects a shift in consumer focus from brand names to product quality and cost-effectiveness [5][10] - The article notes a significant increase in downloads for Dunhuang.com, indicating a growing consumer interest in affordable Chinese products [5][10] - The consumer behavior shift is characterized by a trend towards "consumption democratization," where price transparency and direct access to manufacturers are becoming more prevalent [12][16] Group 3 - The article discusses the impact of tariffs on U.S. inflation, with consumer prices rising significantly, indicating that the tariff policy has backfired on American households [7][15] - It points out that low-income families are disproportionately affected by rising food prices, while high-income households experience a smaller decrease in disposable income [7][12] - The article draws parallels between current tariff policies and historical events, suggesting that the consequences of such policies could lead to a similar economic downturn as seen in the past [9][15] Group 4 - The article concludes that the current consumer behavior in the U.S. demonstrates a deep reliance on Chinese manufacturing, which is essential for maintaining supply chains [9][13] - It highlights the adaptability of Chinese companies in response to tariff challenges, including the establishment of warehouses in Mexico and the development of products that meet U.S. manufacturing standards [13][16] - The article asserts that the ongoing consumer demand for Chinese goods signifies a broader trend of globalization that cannot be easily reversed by political measures [9][16]

Core Insights - The core viewpoint of the articles is that Wei Long's revenue structure is shifting, with vegetable products, particularly "Konjac Shuang," becoming the main growth driver, while traditional products like spicy strips are experiencing a decline in popularity [1][7][10]. Revenue Growth - In the first half of 2025, Wei Long achieved total revenue of approximately 3.483 billion yuan, a year-on-year increase of 18.5%, and a net profit of 733 million yuan, also up about 18% [1]. - The vegetable products segment's revenue reached 2.109 billion yuan, growing by 44.35% year-on-year, and accounted for 60.5% of total revenue, surpassing the contribution of other segments for the first time [3][11]. Product Segmentation - Wei Long's product lineup includes three main segments: spicy noodle products (spicy strips), vegetable products (Konjac Shuang, Wind Eating Seaweed), and bean products [2]. - The vegetable products segment has become the largest contributor to the company's performance, with its share exceeding that of spicy noodle products for the first time in 2024 [2]. Marketing and Branding - Wei Long has signed popular young actors as brand ambassadors for its key products, indicating a strategic focus on enhancing brand influence and expanding consumer reach [1]. - The marketing strategy emphasizes the low-calorie aspect of "Konjac Shuang," aligning with health trends, which has significantly contributed to its popularity [3]. Channel Strategy - The growth in revenue is primarily driven by offline channels, which contributed 3.147 billion yuan, a 21.5% increase, accounting for 90.4% of total revenue [5]. - Wei Long is actively expanding into emerging channels, such as snack wholesale stores, to meet consumer demand for quality and price [4]. Competitive Landscape - The spicy strip segment is facing challenges, with a decline in revenue and consumer complaints about taste and price [8][9]. - Competitors like Yan Jin Pu Zi are rapidly gaining market share in the vegetable product category, indicating increasing competition in this segment [10][11]. Management Changes - In 2025, Wei Long experienced significant changes in its executive team, with the CEO and CFO positions being filled by family members of the founding Liu brothers, indicating a strong family influence in management [12][13][15]. - The company is focusing on a multi-category product strategy, aiming to replicate the success of "Konjac Shuang" with new products like "Wind Eating Seaweed" [16][17].

Core Points - The article highlights the cultural exchange and friendship fostered among Taiwanese youth participating in a summer camp across various regions in China, showcasing the richness of Chinese civilization and the importance of mutual understanding [1][2][5]. Group 1: Cultural Exchange - Taiwanese youth experienced diverse cultures in regions like Gansu, Xinjiang, Henan, Sichuan, and Guizhou, witnessing the integration of different cultural elements and the rapid development of these areas [1][2][5]. - The visit to Dunhuang's Mogao Caves illustrated the dialogue between ancient civilizations, emphasizing the shared roots and unique developments of cross-strait cultures [2][3]. Group 2: Economic Development - The participants were impressed by the modern logistics facilities at the Urumqi International Land Port, noting the significant growth in trade represented by the China-Europe Railway Express [2]. - In Henan, the transformation from an agricultural province to a new cultural and economic hub was highlighted, showcasing successful brands and industries that reflect modern vitality [5]. Group 3: Historical Appreciation - The summer camp included visits to historical sites such as the Longmen Grottoes and Yungang Grottoes, allowing participants to appreciate the scale and preservation of ancient artifacts [5][3]. - The rich collection of artifacts in the Xinjiang Museum provided insights into the region's long history and diverse culture, enhancing the participants' understanding of Chinese heritage [2][5]. Group 4: Technological and Cultural Innovation - In Sichuan, participants engaged with cutting-edge transportation technology and experienced the beauty of natural landscapes, reflecting the blend of tradition and modernity [6]. - The exploration of Guizhou's technological advancements, including the "China Sky Eye," showcased the region's progress and the integration of traditional wisdom with modern science [6].