Core Viewpoint - Liuliu Mei is strategically repositioning itself in the fast-moving consumer goods (FMCG) sector by implementing a "category big single product" strategy, aiming for significant revenue growth and market leadership in the snack industry [1][3][23] Financial Performance - The company projects revenue to exceed 1.6 billion yuan in 2024, with a 25% year-on-year growth in the first half of 2025 and a 75.4% increase in net profit [1] - From 2022 to the first half of 2025, revenue is expected to grow from 1.174 billion yuan to 1.616 billion yuan, a nearly 40% cumulative increase, while net profit is anticipated to rise from 68.43 million yuan to 148 million yuan, with a compound annual growth rate exceeding 40% [6] Industry Context - The snack industry has undergone significant structural changes, including channel fragmentation, restructured shelf logic, and accelerated consumer segmentation [4] - The competition has shifted from "speed of distribution" to "structural efficiency," making sustained growth increasingly challenging for companies [6] Strategic Adjustments - Liuliu Mei's strategic adjustments focus on three key areas: product structure, channel efficiency, and upstream investment [8][20] - The company is redefining its product categories, moving from a focus on plum products to a broader "fruit health snack platform," capturing opportunities in consumer demand for health and experience [9][10] Product Innovation - The company is innovating in flavors and experiences, introducing new products like "Chenpi Mei Tiao" and "Heizhang Aijiao Qingmei," which combine taste with health benefits [12][13] - New product lines such as the "Mei Dong NFC series" emphasize natural ingredients and cater to diverse consumer scenarios, contributing to significant growth in sales [13][15] Channel Efficiency - Liuliu Mei is enhancing channel efficiency by adapting strategies to different retail environments, moving from a focus on inventory pressure to operational support for distributors [16][18] - The company is implementing a three-pronged approach of product combination, promotional rhythm, and terminal sales activation to improve distributor performance [19] Upstream Investment - Contrary to industry trends of light asset operations, Liuliu Mei is increasing investments in upstream supply chains, establishing extensive organic plum cultivation bases and production facilities [20][22] - This strategy aims to control costs, ensure product innovation, and build brand barriers, allowing for a more sustainable competitive advantage [22] Conclusion - Liuliu Mei's approach serves as a model for FMCG brands seeking growth in a challenging market, emphasizing structural efficiency, collaborative relationships with distributors, and bold investments in core capabilities [23][25]

Core Viewpoint - Liuliu Fruit Garden Group's financial performance in the first half of the year shows significant growth in revenue and profit, driven primarily by its membership supermarkets and snack specialty stores, despite facing liquidity pressures and changes in sales channels [3][4][6]. Financial Performance - In the first half of the year, Liuliu Fruit Garden Group reported revenue of 959 million yuan, a year-on-year increase of 24.92%, and a net profit of 106 million yuan, up 75.43% [3]. - The main contributors to revenue growth were membership supermarkets and snack specialty stores, with the top two clients, Wancheng Group and Mingming Hen Mang, accounting for 27.3% of total revenue [3][4]. Product Performance - Revenue from dried plum snacks increased by 2.72% to 470 million yuan, while revenue from western plums surged by 99.92% to 195 million yuan, and jelly products rose by 35.96% to 283 million yuan [4]. - The average selling prices of dried plums and western plums increased compared to 2024, while jelly prices remained stable [5]. Sales Channels - Snack specialty stores have become the largest revenue source, surpassing distribution channels, with significant growth in revenue from both membership supermarkets and snack specialty stores [6][9]. - Revenue from membership supermarkets grew by 200.12% to 240 million yuan in the first half of the year, while revenue from snack specialty stores increased by 53.87% to 338 million yuan [6]. Liquidity and Financial Health - The company faces ongoing liquidity pressures, with a current ratio of 98.9% and a quick ratio of 44.6%, both below 1, indicating potential financial strain [10]. - Inventory accounted for over half of current assets, with significant increases in prepayments to suppliers due to high procurement activities during the plum harvest season [10].

Core Points - The controversy surrounding the product selection at Sam's Club continues, with the "Liuliu Mei" dried plum product being questioned for its ingredient differences [2][4] - Consumers are concerned about the potential "double standard" in the ingredient formulations of "Liuliu Mei" products sold at Sam's Club versus those available through other channels [2][4] Group 1: Product Differences - The "Liuliu Mei" product sold at Sam's Club is a custom product that contains only "Chilean plums" with no additives, while other standard products contain preservatives and artificial sweeteners [4] - This discrepancy has led to consumer outrage, with many questioning whether non-Sam's products contain additives, creating a perception of unfair treatment [2][4] Group 2: Sam's Club Product Strategy - Recently, Sam's Club has faced criticism for its product selection, having removed popular items like "sun cakes" and "low-sugar egg yolk pastries" while introducing more mainstream brands [4] - The backlash against the "Liuliu Mei" product due to additive concerns has intensified scrutiny on Sam's Club's product differentiation strategy and overall quality [4]

Group 1 - The core issue arises from the rebranding of well-known consumer products sold at Sam's Club, leading to consumer dissatisfaction and accusations of brand betrayal [1][4] - Brands like Wei Long and Panpan have introduced products with altered packaging and branding, causing confusion among consumers who expect familiar branding [1][4] - The controversy has sparked significant public discourse, with consumers expressing their frustrations over perceived quality discrepancies and branding changes [1][4] Group 2 - Panpan's representative stated that the special products differ from regular packaging, and any inquiries about the branding should be directed to Sam's Club [4] - Lu Lu Mei's official customer service clarified that their products at Sam's Club are exclusive channel items made with imported ingredients, emphasizing that they maintain the same food safety standards across all sales channels [4][6] - Lu Lu Mei acknowledged the need to rebuild consumer trust, which is often more challenging than losing it, indicating a commitment to improving products and services in response to public sentiment [6]