作者丨Asher 10月28日，溜溜梅更新港交所招股书。文件显示，2024年公司营收突破16亿元，2025年上半年营收同比增长25%，净利润同比增长75.4%。仅仅二天后， 10月30日，溜溜梅在合肥召开2026CNY经销商大会，以"梅力全开，馬上增长"为主题，正式提出"品类大单品"战略。 一个面向资本市场，一个面向渠道终端。在快消行业整体承压的当下，这样的动作格外罕见。距离上一次递交上市申请，已经过去六年。为什么今天溜溜 梅又重新冲击资本市场？在品牌普遍收缩、渠道趋稳的当下，它为何能再次启动加速？ 看似偶然的时间重合，其实是一场系统性的品牌调改。「新经销」从招股书内容和经销商大会演讲分享，做了深度分析，我们发现溜溜梅用六年时间找到 了一条正确的路。 调改： 从行业结构变化找到品牌增长的确定性 过去几年，整个休闲零食行业经历了显著的结构变化：渠道碎片化、货架逻辑重构、消费分层加速。 在经销端，传统的"铺货压货"模式正在失效；在零售端，折扣连锁、即时零售、会员制商超等新兴渠道迅速崛起，终端流量被重新分配；在消费端，消费 者的决策逻辑正从"价格与口味"转向"健康成分、情绪价值、社交分享"等更细腻的需求层次。 整个 ...

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]