12月12日，广东省商务厅在"粤享暖冬 乐游广东"消费季活动期间，公布2025年广东省"乐购小镇"名 单。 从广州市石围塘街道的"茶叶小镇"、深圳市华强北街道的"电子小镇"、佛山市乐从镇的"家居艺潮小 镇"，到汕尾市可塘镇的"彩宝小镇"、茂名市观珠镇的"沉香小镇"等，广东共34个镇（街）入选。 南都湾财社记者注意到，此次"乐购小镇"也是对广东特色产业带消费价值的深入挖掘。从珠三角的电 子、家居产业集群，到粤东粤西的特色农产、手工艺品集聚区，依托成熟的产业带根基，通过农文商旅 深度融合，将单一产品消费升级为"产品+文化+体验"的复合场景，从而塑造广东"以购促游、以游带 购"的消费新生态。 产业带赋能特色小镇，广东34个镇街入选 广东省商务厅市场处副处长邓威表示，本次"乐购小镇"评选经各地组织申报、专家打分、综合审核等环 节，最终确定34个入选名单。其中，工业类小镇12个，农业类小镇6个，商贸类小镇16个，主要聚焦电 子产品、潮玩玩具、服装服饰、皮具箱包、陶瓷卫浴、珠宝首饰、灯具刀具、食品、茶叶、陈皮、荔 枝、沉香等特色消费品产业集聚区。 ZUZD年| 标目 "乐购小镇"名单 广州市: 矿泉街道（美妆小镇）、狮岭 ...

Company Overview - Company has been actively enhancing operational efficiency in the U.S. market, with significant improvements in store efficiency observed [1] - The company aims to create a one-stop shopping experience for families in the U.S., covering a wide range of products including toys, beauty, food, home goods, and gifts [1] - The company possesses advantages in product quality and IP richness [1] Operational Strategy - The company is leveraging AI and data models to drive store management and resource allocation, improving site selection accuracy and single-store operational efficiency [1] - A strategy shift from scattered store openings to clustered openings in strategic areas is being implemented to enhance brand visibility and reduce costs [1] - The company is exploring various store formats in the U.S., planning to open higher-quality stores in Lifestyle Centers and Power Centers [1] Performance Metrics - According to the company's Q2 2025 earnings call, the new store efficiency in the U.S. market is projected to be 1.5 times that of existing stores, with a nearly 30% higher sales per square meter and improved rent-to-sales ratio [1] - The company anticipates a boost in overseas single-store profit margins during the fourth quarter, which is typically a peak season for overseas operations [2] Financial Forecast - The adjusted net profit forecast for 2025 and 2026 is set at 2.9 billion and 3.7 billion respectively, with current Hong Kong and U.S. stocks corresponding to a 17 times 2025 non-IFRS P/E ratio [2] - The company maintains a target price of 56.93 HKD and 29.38 USD for Hong Kong and U.S. stocks respectively, corresponding to a 22 times 2025 non-IFRS P/E, indicating a potential upside of 32% for both [2]

Core Insights - The "省钱超市" model focusing on bulk snacks and trendy toys is being piloted in multiple regions, with the goal of expanding customer demographics, increasing store foot traffic, and enhancing average transaction value [1][6] - The sales performance in Chengdu is expected to decline year-on-year in 2024 due to immature supply chains and slower turnover rates for non-snack categories compared to snacks [1][6] Group 1: Market Trends - A special event hosted by Haitong International on May 15, 2025, will feature experts from the snack consumption sector to discuss industry insights and trends, covering various regions including Hunan, Hubei, Jiangsu, Anhui, Chengdu, and Chongqing [2] - The market for snack stores is categorized into four types: A+ core business district stores, community stores, campus stores, and town stores, with A+ stores requiring the highest initial investment and yielding the highest daily store efficiency [3] Group 2: Product Strategy - The expansion of SKU and category diversification is aimed at attracting a broader consumer base, with the customer demographic shifting from primarily young women to include families, children, and older adults [4] - The average gross profit margin (GPM) for private label and white label products is significantly higher than that of traditional brands, indicating a potential for increased profitability as these products gain market share [5] Group 3: Growth Potential - There is substantial potential for growth in the snack store market, particularly in underdeveloped and blank markets, with many areas still lacking sufficient snack retail presence [7] - Brands are leveraging established supply chain networks and logistics capabilities to enhance service delivery in remote areas, with some brands already achieving nationwide warehouse layouts and same-day delivery systems [7]