Core Viewpoint - The discount retail chain Haotemai is facing challenges with store closures in major cities and a slowdown in new franchise openings, indicating potential operational difficulties and increased competition in the discount snack market [2][4][11]. Group 1: Store Operations and Expansion - Haotemai has been reported to close stores in key urban areas such as Guangzhou, Changsha, Hangzhou, and Beijing, with a significant reduction in planned new store openings for 2025 [2]. - The company claims that the overall store closure rate remains below 5%, and the closures are part of a strategic decision rather than a halt in franchise opportunities [4]. - As of December 2023, Haotemai has approximately 954 stores, showing a marked slowdown in growth compared to previous years [8]. Group 2: Competitive Landscape - The discount snack sector is becoming increasingly competitive, with major players like Meituan, JD.com, and Hema entering the market, putting pressure on Haotemai's pricing and market share [8][11]. - Many of Haotemai's products are reported to have prices comparable to regular supermarkets, diminishing its competitive edge [11]. Group 3: Product Quality and Consumer Feedback - There have been numerous consumer complaints regarding product quality, including issues with expired or moldy snacks, which could harm the brand's reputation [14]. - The company has been expanding its product categories, particularly in beauty products, with the SKU proportion increasing from 10% to 14% and revenue share from 11% to 15% from 2020 to 2024 [18]. Group 4: New Business Ventures - Haotemai has ventured into the warehouse discount sector, opening its first super warehouse in Nanjing, which offers a wider range of products beyond snacks [19].

近日，知名折扣店好特卖被指全国多地闭店，部分城市的新加盟也被叫停。 据华夏时报报道，多地消费者在社交平台发信息称，好特卖正在陆续关闭其在核心城市的门店，涉及广州、长沙、杭州、北京等城市热门商圈。有消息 称，其2025年新增门店数量大幅回落至几十家规模，且部分城市已不接受新加盟商加入。 图：网友上传的好特卖门店闭店通知 据南方都市报，12月18日，好特卖方面对此表示，闭店是加盟商或直营店正常的经营选择，目前好特卖全年整体闭店率不超过5%。"主动放缓"是好特卖 稳步的发展策略，不是叫停加盟。 另据蓝鲸新闻，12月17日，有好特卖门店内部工作人员回应称，部分关店主要源于"商场租金问题、租约到期后的主动调整，或部分门店因经营不善导致 亏损"。 拿下5轮融资 四年开近千家门店 公开资料显示，好特卖成立于2020年，是一家主营折扣商品的连锁零售品牌。自成立以来，好特卖共获得5轮融资，投资方包括新进创投、魔量资本、金 沙江创投、云久资本、五源资本、嘉远资本等。 2020年4月，好特卖第一家线下门店开张。2021年至2022年间，好特卖全国疯狂拓店，成为"性价比"消费浪潮中的明星企业。 图：好特卖门店，来源：视觉中国 21世 ...

Core Viewpoint - The discount retail chain Haotemai is facing store closures in multiple cities, with new franchise applications being halted in some areas, indicating a significant slowdown in its expansion plans [1][2]. Group 1: Store Closures and Business Strategy - Haotemai is reportedly closing stores in major cities such as Guangzhou, Changsha, Hangzhou, and Beijing, with a projected reduction in new store openings to only a few dozen by 2025 [1][3]. - The company claims that the closure of stores is a normal operational choice by franchisees or direct stores, with an overall closure rate not exceeding 5% for the year [2]. - Internal sources indicate that closures are primarily due to issues like high rental costs, lease expirations, and poor performance of certain stores [2]. Group 2: Company Growth and Competition - Founded in 2020, Haotemai has rapidly expanded, opening nearly 1,000 stores within four years and securing five rounds of financing from various investors [3]. - As of December 18, 2025, the number of Haotemai stores is approximately 954, showing a noticeable slowdown in growth [3]. - The competitive landscape has intensified with major players like Meituan, JD.com, and Hema entering the discount snack market, increasing pressure on Haotemai's survival and growth [3]. Group 3: Product Pricing and Quality Issues - Haotemai's pricing for several snack products has lost its competitive edge, with prices comparable to those in regular supermarkets [4]. - Consumer complaints regarding product quality have surged, with reports of moldy and expired snacks being common on complaint platforms [6][10]. Group 4: Product Line Expansion - In response to competition, Haotemai has increased its focus on beauty products, with the SKU proportion rising from 10% to 14% and revenue share from 11% to 15% between 2020 and 2024 [11]. - The company has also ventured into the warehouse discount sector, opening its first super warehouse in Nanjing, which offers a wider range of products, although this model currently serves as a supplement to its main business [11].

每经编辑｜许绍航 2020年4月，好特卖第一家线下门店开张。2021年至2022年间，好特卖全国疯狂拓店，成为"性价比"消费浪潮中的明星企业。 图：网友上传的好特卖门店闭店通知 近日，知名折扣店好特卖被指全国多地闭店，部分城市的新加盟也被叫停。 据华夏时报报道，多地消费者在社交平台发信息称，好特卖正在陆续关闭其在核心城市的门店，涉及广州、长沙、杭州、北京等城市热门商圈。有消息 称，其2025年新增门店数量大幅回落至几十家规模，且部分城市已不接受新加盟商加入。 据南方都市报，12月18日，好特卖方面对此表示，闭店是加盟商或直营店正常的经营选择，目前好特卖全年整体闭店率不超过5%。"主动放缓"是好特卖 稳步的发展策略，不是叫停加盟。 另据蓝鲸新闻，12月17日，有好特卖门店内部工作人员回应称，部分关店主要源于"商场租金问题、租约到期后的主动调整，或部分门店因经营不善导致 亏损"。 拿下5轮融资 四年开近千家门店 公开资料显示，好特卖成立于2020年，是一家主营折扣商品的连锁零售品牌。自成立以来，好特卖共获得5轮融资，投资方包括新进创投、魔量资本、金 沙江创投、云久资本、五源资本、嘉远资本等。 图：好特卖门店，来源 ...

Core Viewpoint - The Hong Kong stock market has seen a significant rise in new consumer brands, indicating a shift in consumer behavior towards either extreme cost-effectiveness or high-end products, challenging previous consumption narratives [1][2]. Group 1: Market Performance - As of April 30, 2023, the stock prices of several new consumer brands in Hong Kong have shown remarkable growth, with Lao Pu Gold increasing by over 198%, Gu Ming and Mi Xue Group rising over 140%, and Pop Mart and Mao Ge Ping increasing by 116% and 83% respectively [1]. - The performance of these brands suggests a departure from the traditional "long slope, thick snow" narrative in the consumer sector, with a focus on identifying alpha opportunities [1]. Group 2: Consumption Trends - The concept of "consumption downgrade" is being replaced by "consumption differentiation," as highlighted by fund managers who note that the Chinese consumer market is vast and complex, with varying demands across different segments [2]. - A notable example includes a Hong Kong-listed cosmetics company that has maintained high gross margins, projected to exceed 84% in 2024, while its stock price has risen over 80% this year [2]. Group 3: Consumer Behavior Insights - Research indicates that traditional high-end jewelry brands are still experiencing positive sales growth, while new entrants like Gu Fa Gold are attracting entry-level customers from these brands [3]. - The purchasing behavior for gold jewelry is heavily influenced by traditional festivals, with some stores seeing up to 40% of annual sales concentrated around these events [3]. Group 4: Supply and Demand Changes - New consumer demands are emerging, particularly among younger generations who are increasingly interested in self-indulgent and interest-driven purchases, as well as new retail models like discount snacks and membership supermarkets [4]. - The retail landscape is evolving with a focus on higher efficiency across various dimensions, reflecting a shift in supply-side dynamics [4]. Group 5: Investment Strategies - Fund managers emphasize the need for deeper insights into current consumer trends, moving away from passive investment strategies to actively capturing alpha opportunities [5]. - The consumer landscape remains vibrant, with a more rational approach to spending, particularly among high-net-worth individuals who seek emotional satisfaction rather than simply opting for well-known brands [5][6]. Group 6: Emerging Opportunities - The rise of "phenomenal" consumer companies has prompted fund managers to explore new investment avenues, particularly in sectors catering to younger and older demographics, such as pet food and skincare products [7]. - The trend of domestic brands gaining traction continues, with significant growth observed in various categories including cosmetics and personal care products, presenting numerous research opportunities for fund managers [7].