在县城的商业街上，每天都在上演着开店和关店的故事。火爆的门店门庭若市，冷清的门店无人问 津。本文来自微信公众号： 灵兽 ，作者：晴山，原文标题：《县域零售冰火两重天；一条街上，折 扣店火爆，超市、便利店冷清》，头图来自：作者拍摄 一、"有人哭有人笑" 周一中午，山东某县城的商业街呈现出截然不同的两幅画面。 "我们店每天单是凉拌菜就能卖500斤左右，一到中午就忙得不行。"一家熟食店的老板张宁 （化名） 对"灵兽"称。 而在街的另一头，其他几家熟食店门口却冷冷清清。 张宁的熟食店到现在已经有16年，生意一直很红火。2019年，门店重新装修升级并扩大了面积，主 要是以各种熟食卤味和凉拌菜为主，其门店在当地以"现卤现做，服务态度好"受到好评。"除了这家 老店，店主在新城区于2019年又开了一家新店，但生意没有老店那么好。" 据了解，张宁所在的县域人口密度较低，面积约2200平方公里，常住人口约40万。过去几年，随着 城市区域规划的推进，该县城现已分为新城区和老城区，目前政府楼、学校、医院基本都迁到了新 城。 "老店的生意一直很好，现在门店 （含厨房） 约150平方米，店内有3个售货员、2名厨师。熟食由厨 师当天早起现 ...

如果要做一份年终总结，山姆会员店门口的代购冷柜车，大概会交出一份足迹范围远超往年的成绩单。这条蜿蜒的"黄牛冷链"，在过去一年不 断"下沉"，抵达的终点变成了小城市里的"山姆优选超市""山姆甄选小时达"。 然后，县城贵妇得到了在家门口逛"山姆"的体验卡。 这些门店通常开在没有山姆的城市，招牌自然是标志性的"山姆蓝"，logo也和山姆保持一致——只不过，菱形里写的不是Sam's Club，而是"好 品优选"，山姆标志性的一蓝一绿两个"<>"，也被倒置成两座蓝绿色的小山。 在各地出现的"山姆优选"超市。（图/社交媒体截图） 这些超市自然没有山姆会员商店气派的大卖场，只是在社区底商寻了一爿店面，比寻常便利店更大、更空旷，装修风格倒是保持了超市的极 简和明亮。 01 山姆下乡，各显神通 小规模的人肉代购，是山姆最初进入县城的路径。 在广东某县级市当高中老师的张雅娜，早在2023年就开始在小区拼团群里接龙购买山姆超市的食品和日用品。团长每两周会开车到300公里以 外的广州探望家人，返程前在山姆下单拼团所需的商品，回家后会在群里发出通知，让顾客到团长家里自提。价钱视商品属性而定，加价幅 度大约在4—10元不等。 | 14: ...

Core Insights - The retail landscape in county-level cities in China is experiencing significant divergence, with some businesses thriving while others struggle to survive [7][12][18] - Consumer preferences have shifted towards value and quality, leading to a decline in traditional retail formats [19][23] - The rise of discount stores and specialized food shops is reshaping the competitive dynamics in the retail sector [10][25] Summary by Sections Business Performance - Zhang Ning's熟食店 has been successful, selling around 500 kg of cold dishes daily, while other nearby stores are struggling [1][5] - The county has a low population density of approximately 400,000 residents, with a significant shift in consumer behavior towards new urban areas [3][5] - Discount stores are gaining traction, with one store achieving daily sales of 5,000 yuan shortly after opening, and sales peaking during holidays [8][10] Market Trends - The discount store model is expanding rapidly, with a projected 67% increase in the number of stores in 2024, particularly in county markets [10][11] - Consumers in county areas prioritize price, with 71% citing value for money as their primary consideration [10][11] - Traditional supermarkets are facing a decline, with average customer traffic down 23% and sales down 18% in 2024 [11][12] Consumer Behavior - There is a notable shift in consumer purchasing habits, with a significant increase in online shopping from 32% in 2019 to 58% in 2024 [21][19] - Consumers are increasingly favoring specialized stores over traditional supermarkets, which struggle to compete on price and convenience [14][23] Industry Dynamics - The retail industry is moving towards specialization, with discount stores focusing on specific product categories to enhance efficiency [23][25] - Rising operational costs, particularly in rent and labor, are challenging traditional retail formats, making it difficult for them to maintain profitability [25][26] - Capital investment is increasingly directed towards high-potential sectors like discount stores and specialty food shops, leaving traditional formats with less financial support [25][26] Regional Disparities - There are significant regional differences in consumer spending, with eastern coastal counties showing higher retail sales per capita compared to central and western counties [17][18] - The retail landscape is characterized by a mix of thriving and failing businesses, reflecting broader economic trends and consumer preferences [27]

Core Insights - Q3 2025 financial results for Qiaqia Foods show significant declines in revenue and profit, indicating a challenging business environment [2][3][4] - The company's revenue for the first three quarters of 2025 was 4.501 billion yuan, down 5.38% year-on-year, while net profit dropped 73.17% to 168 million yuan [3][4] - Rising raw material costs and declining revenue from traditional distribution channels are major factors contributing to the poor performance [2][5][9] Financial Performance - Q3 2025 revenue was 1.749 billion yuan, a decrease of 5.91% compared to the same quarter last year [3] - Cumulative revenue for the first three quarters of 2025 was 4.501 billion yuan, down from 4.758 billion yuan in 2024 [3] - Net profit for Q3 2025 was 79.36 million yuan, a decline of 72.58% year-on-year, with cumulative net profit for the first three quarters at 168 million yuan [3][4] Cost and Cash Flow Issues - Operating costs for the first three quarters of 2025 reached 3.514 billion yuan, accounting for 78.07% of revenue [2][4] - Operating cash flow decreased by 52.95% to 581 million yuan compared to 1.235 billion yuan in the same period last year [4] - The increase in costs is attributed to higher prices for sunflower seeds and core nut raw materials [5][6][7] Distribution Channel Challenges - Revenue from traditional distribution channels fell by 18.47% to 1.973 billion yuan in the first half of 2025 [9] - The number of domestic distributors decreased from 1,362 to 1,306, indicating a loss of confidence among distributors [9] - The company is attempting to shift towards e-commerce, but this segment only accounted for 16.38% of total revenue in the first half of 2025 [9] Strategic Initiatives - In July 2025, the company launched five new products aimed at innovation in taste and health, although these have not yet significantly impacted sales [10] - A major investment plan was announced, with the establishment of a new investment company focused on the snack food industry, aiming to enhance financial returns and resource integration [11]

Overview of the Snack Food Sector - The A-share snack food sector has 23 companies, with Wancheng Group leading at a weight of 15.5% and a total market value of 24.8 billion [1][2] - The top 20 companies in the snack food sector have a combined market value of approximately 150 billion, significantly lower than the liquor sector, where Kweichow Moutai alone exceeds 2 trillion [2] Industry Characteristics - Snack foods are inherently less addictive compared to alcoholic beverages, and brands are still in the early stages of consumer recognition [3][5] - The snack food industry is characterized by high dependence on distribution channels, with traditional supermarkets shrinking at an annual rate of 8% [6][9] - The snack food sector has a market size exceeding 1 trillion, but the top ten companies only hold about 20% market share, much lower than the liquor and dairy sectors [7] Market Challenges - The snack food index has underperformed the overall consumer index from 2021 to 2024 due to three main pressures: shrinking traditional retail channels, low margins in bulk sales, and a price war leading to reduced profits [9][13] - The average price drop in the snack food industry reached 12% in 2023, with a corresponding 5% increase in sales volume, resulting in a profit squeeze [13] - Online price transparency has intensified competition, with leading companies experiencing a decline in online gross margins by 8-10 percentage points [13] Company Types and Performance - Domestic snack companies can be categorized into channel-based and product-based companies, with the former relying heavily on distribution channels and the latter focusing on product differentiation [14][16] - Product-based companies like Salted Fish and Jin Zai Food have shown faster growth, while channel-based companies like Liangpin Shop and Lai Yi Fen have faced significant declines [17] Case Studies - Three squirrels have seen a revenue rebound starting in Q4 2023, with Douyin channel revenue reaching 2.188 billion in 2024, a year-on-year increase of 81.7% [21] - However, they face challenges such as high traffic costs and low offline distribution margins, with a gross margin of only 15-18% [24] - Salted Fish's "Big Demon King" single product achieved over 100 million in monthly sales in March 2025, indicating successful product differentiation [42] Future Outlook - Channel-based companies should focus on cost-effective branding, while product-based companies should aim for super single products in niche categories [49] - The competition will increasingly involve both comprehensive snack brands and channel brands, necessitating a strong brand identity to withstand competition from private label products [49]

Core Insights - Since 2025, China's light industry has been recovering under the dual drive of policy coordination and industrial upgrading, with a 6.7% year-on-year increase in industrial added value and revenues of 13.2 trillion yuan in the first seven months of the year [1] - The "Light Industry Stabilization and Growth Work Plan (2025-2026)" emphasizes the role of light industry in stabilizing growth, promoting consumption, and benefiting people's livelihoods over the next two years [1] Group 1: Domestic Demand Expansion - Expanding domestic demand is a key focus of China's policy, with the old-for-new consumption policy for household appliances continuing to gain momentum into 2025 [2] - As of April 10, 2024, over 100 million old-for-new home appliance products have been purchased, with retail sales of home appliances showing a 38.8% year-on-year increase in April [2] - Companies like JD.com and Ecovacs have reported significant growth in their old-for-new services, with JD.com seeing a 300% increase in search volume for related keywords [2] Group 2: Quality Improvement and Brand Creation - The "Three Products" national campaign focuses on increasing product variety, improving quality, and creating brands in key industries such as textiles, food, and home appliances [4] - The "Light Industry Stabilization and Growth Work Plan (2025-2026)" includes actions to enhance the adaptability of consumer goods supply and demand, improve product quality, and strengthen brand cultivation [4] - The success of brands like Wolong Foods, which transformed nut consumption patterns, exemplifies the importance of brand awareness and quality management in expanding market reach [6] Group 3: Technological Empowerment - The application of emerging technologies is essential for the development of China's light industry, with a focus on expanding AI applications in product design and manufacturing [7] - Midea Group's smart factory has achieved significant efficiency improvements, with an 80% average increase in productivity and a 90% faster production response time [8] - The digitalization of light industry enterprises has increased, with 86.2% of companies adopting digital R&D tools and 82.3% implementing digital management practices [8]

Core Viewpoint - The Xinjiang Railway Department has played a significant role in supporting the development of Hetian County, transforming it from a deeply impoverished area into a model for rural revitalization through various initiatives and projects [1][2][3]. Group 1: Educational and Cultural Initiatives - A group of 100 students and teachers from Hetian County embarked on an 11-day educational journey to Beijing, aimed at fostering a sense of national identity and pride [1]. - The trip is part of a broader initiative celebrating the 70th anniversary of the Xinjiang Uyghur Autonomous Region and implementing cultural projects to enhance local development [1]. Group 2: Economic Development and Employment - The Xinjiang Railway Department has introduced innovative support models, creating an "iron brand" industry chain that boosts local economic growth through tourism and agricultural products [2]. - In 2024, a newly established industrial base in Haniairike Village is projected to achieve sales of 40 million yuan, with villagers' average annual income reaching 15,424 yuan [2]. - The department has facilitated the sale of local agricultural products through various channels, including railway e-commerce platforms, resulting in direct purchases of 13.56 million yuan and sales of 41.2 million yuan in 2024 [3]. Group 3: Infrastructure and Community Support - The Xinjiang Railway Department has enhanced transportation services by launching new train services and improving the quality of existing ones, thereby facilitating better access for local communities [3]. - The construction of the He-Ruo Railway has connected previously isolated areas, employing over 6,000 local workers and prioritizing local materials, contributing to the local economy [3]. - The department has also focused on educational and healthcare support, successfully placing over 1,000 graduates from southern Xinjiang into jobs, which has significantly improved the living standards of local families [2].

Core Insights - The "9·17 Nut Health Week" has become a significant event for promoting healthy dietary concepts and driving innovation in the nut industry over the past decade [3] - The theme "A handful of nuts daily is beneficial for health" has evolved into a widely accepted lifestyle [3] - The event serves as a platform for industry leaders and entrepreneurs to showcase innovative products and drive consumption upgrades [1][3] Industry Development - Anhui Wuwei has transformed from a "land of fish and rice" to a "capital of nuts," showcasing its industrial evolution [3] - The city promotes a "1+N" green food industry development model, focusing on ecological and green development [3] - Wuwei has established a 1.248 million mu grain production base and created a national-level aquatic health breeding demonstration area [3] Business Environment - Wuwei has implemented the "most satisfactory" service action to support enterprises, enhancing the business environment [4] - The city has provided multi-faceted support in areas such as land supply, technological innovation, and financial services [5] - In 2024, the total output value of the green food industry chain in Wuwei is projected to reach 16.57 billion, with a growth rate of 15.6% [5] Corporate Leadership - Wuwei emphasizes the role of leading enterprises, supporting key players like Three Squirrels and Purple Blueberry [6] - The establishment of a green food industry research institute in collaboration with Anhui University of Engineering aims to commercialize technological achievements [6] - The Three Squirrels East China base has an automated production line that can process from raw materials to finished products in as little as one to two minutes [6] Innovation and Product Launch - Over 200 food companies participated in the precision supply conference, showcasing new products and facilitating one-stop shopping for buyers and consumers [7] - A roundtable forum gathered industry leaders to discuss new development strategies and showcase innovative results [7] - The "Healthy Nut Experience Officer" initiative attracted nearly 100,000 participants, providing valuable consumer feedback on product quality and preferences [7]

Investment Rating - The report does not explicitly state the investment rating for Three Squirrels Co., Ltd. Core Insights - Three Squirrels achieved total operating revenue of RMB 5.48 billion in 1H25, representing a year-on-year increase of 7.9%, with 2Q revenue reaching RMB 1.75 billion, up 22.8% year-on-year [2][8] - The company experienced a decline in net profit attributable to shareholders, which was RMB 140 million in 1H25, down 52.2% year-on-year, and a net loss of RMB 100 million in 2Q25, down 441.4% year-on-year [3][9] - The gross margin for 1H25 was 25.1%, a decrease of 0.7 percentage points year-on-year, primarily due to rising raw material costs [3][9] - The company has a mature omni-channel operation system, with online channels accounting for 78.4% of total revenue, and Douyin-affiliated platforms contributing RMB 1.478 billion, or 27.0% [4][10] - The nut business remains the core profit pillar, with successful star products generating over RMB 100 million in sales, while the bakery and comprehensive categories are also expanding rapidly [5][11] Summary by Sections Revenue and Profitability - In 1H25, the nut business generated RMB 2.73 billion, down 1.0% year-on-year, while the bakery business achieved RMB 680 million, up 12.0% year-on-year, and comprehensive categories reached RMB 1.40 billion, up 49.7% year-on-year [2][8] - The company reported a significant decrease in net cash flow from operating activities, amounting to RMB -380 million in 1H25, compared to RMB 38.63 million in the same period last year [2][8] Cost and Expenses - The selling and administrative expense ratios increased to 20.4% and 2.8% in 1H25, up 2.8 percentage points and 0.9 percentage points year-on-year, respectively [3][9] - The gross margin for the nut business was 23.9%, down 2.6 percentage points year-on-year, while the bakery business gross margin was 22.7%, up 1.1 percentage points [3][9] Market Position and Strategy - The company has maintained its position as the industry leader in nut products for eight consecutive years, with a focus on expanding into seed nuts and emerging beverage categories [5][11] - The omni-channel strategy has enhanced market coverage and sales flexibility, with offline distribution channels achieving double-digit sales growth [4][10]

Summary of the Conference Call for Three Squirrels Company Overview - **Company**: Three Squirrels - **Industry**: Snack Food Industry Key Points and Arguments Strategic Transformation - Three Squirrels is transitioning from homogeneous competition to a focus on quality and differentiation, enhancing industrial and supply chain capabilities to supply products to major retailers like Walmart and Ole' Chai [2][5][7] - The company is optimizing online operations to address platform traffic changes and fee challenges [2] Organizational Innovation - The company employs 508 "Mini CEOs" to foster organizational innovation, breaking down departmental barriers to enhance market responsiveness [2][8] - Plans to open a new free brand lifestyle store in Wuhu to explore new offline retail formats [2] Financial Performance - In the first half of 2025, the company saw a 20% quarter-over-quarter revenue growth, aligning with expectations [3] - Despite revenue growth, rising raw material costs and changes in domestic consumption patterns have pressured gross and net margins [3][22] Cost Control Measures - To manage rising nut costs (up 10% to 15%), the company is utilizing bulk procurement, increasing prepayment ratios, and building its own factories [4][22] - The company is also exploring the localization of international raw materials and mixed nut gift boxes to optimize costs [4] Supply Chain Management - Three Squirrels has made progress in national supply chain layout, establishing new bases in Jianyang and Foshan, which, while increasing depreciation expenses, lays the groundwork for future capacity expansion [2][14] Channel Strategy - The company prioritizes offline distribution and shelf e-commerce in its channel strategy, focusing on community retail development potential [4][16] - Plans to open over 300 national snack stores and the first free brand lifestyle store, which have received positive feedback [3][11] Product Quality and Differentiation - The company is committed to enhancing product quality and differentiation, particularly in its core categories of nuts and snacks [5][10] - Emphasis on creating high-quality single products and converting public traffic into private traffic to improve customer satisfaction and repurchase rates [10] Future Outlook - The company is optimistic about future growth despite current challenges, with plans to adjust strategies in response to market changes [18] - The focus will remain on balancing revenue growth with profit margins across various channels, including community retail and short video e-commerce [20][21] Market Challenges - The changing structure of online platform traffic has increased operational costs, necessitating a focus on product quality and differentiation to maintain competitive advantage [6][20] Brand and Product Development - The company is actively developing new brands and expanding product categories beyond nuts, including beverages and other snacks [12][27] - The goal is to achieve significant sales growth in the sunflower seed category, targeting a volume of 500 million to 1 billion in the next one to two years [28] International Expansion - The company is considering international market strategies, particularly in Southeast Asia, to adapt to market changes and enhance brand trust through quality products [23][24] E-commerce Performance - The Tmall channel experienced a slight decline in the first half of the year, prompting the company to engage with the platform for strategic adjustments [25] Conclusion - Three Squirrels is navigating a complex market landscape with a focus on innovation, quality, and strategic channel development, while addressing cost pressures and evolving consumer preferences [2][3][4][5][6][10][20]