Investment Rating - The report maintains a positive outlook on the leisure snack industry, indicating a transition to the 3.0 phase characterized by "quality and efficiency cultivation" [2][28]. Core Insights - The leisure snack retail model is highly efficient and continues to expand, with an estimated 55,000 to 60,000 stores by the end of 2025, projecting a long-term potential of 80,000 to 100,000 stores [2][19]. - The competitive landscape of the leisure snack industry has become clearer, with leading brands entering a phase of quality and efficiency improvement, which is expected to enhance profitability in the future [2][28]. - The industry has evolved through three phases: 1.0 (rapid growth), 2.0 (market consolidation), and now 3.0 (operational optimization and supply chain efficiency) [27][28]. Summary by Sections Industry Development - The leisure snack retail sector has seen significant growth, with the number of stores increasing from approximately 2,500 in 2021 to an estimated 25,000 by the end of 2023, and further growth to 35,000 to 40,000 by the end of 2024 [3][6]. - The market share of the leisure snack retail channel has risen from 0.23% in 2019 to an expected 3.21% by 2024, with a compound annual growth rate of 77.9% from 2019 to 2024 [11][12]. Competitive Landscape - The report highlights a dual-strong competitive structure emerging in the 3.0 phase, with major players like Mingming Hen Mang and Wancheng Group expected to have over 22,000 and 19,000 stores respectively by the end of 2025 [2][28]. - The industry is witnessing a trend of brands expanding their product categories, including the introduction of discount supermarket models and private label products to enhance competitiveness [31][42]. Supply Chain and Product Development - Leading companies are focusing on supply chain efficiency, with improvements in inventory turnover days and operating cycles, indicating better management of resources [39][42]. - The introduction of private label products is seen as a strategy to enhance profit margins and control over the supply chain, with notable examples including various beverage and snack products launched by Mingming Hen Mang [42][43].