Core Viewpoint - The controversy surrounding Sam's Club's product selection strategy has led to the removal of certain products, including those from the brand "Panpan," which faced accusations of masquerading as an international brand [1][3][15] Group 1: Product Controversy - Sam's Club has faced criticism for its product selection, particularly regarding the brand "Panpan," which was accused of using a misleading brand name [1][3] - Following customer dissatisfaction, Sam's Club quickly removed the "Panpan" products from its shelves [1] - The "Panpan" brand is registered by Panpan Food, which claims to provide high-quality products for consumers [1][13] Group 2: Brand Naming Practices - Products from Panpan sold at Sam's Club did not prominently display the brand name, leading to confusion among consumers [3][5] - Other brands, such as Chacha and Ganyuan, also employed similar strategies by using English names for their products, which were not clearly identified as their own [7][9] - Ganyuan's products had a more subtle branding approach, with the brand name less visible on the packaging [11] Group 3: Market Performance - Panpan Food reported a 50% increase in sales for its "Panpan" brand in Southeast Asia, which constitutes 80% of its export market share [15] - The company has been focusing on expanding its business in Southeast Asia, with key markets including Thailand, Myanmar, Cambodia, and the Philippines [15] - Panpan Food ranked 63rd in the 2024 list of the top 100 private enterprises in Fujian Province, with a revenue of 8.16 billion yuan [15]

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]

近日，山姆因好丽友派等新品被网友质疑选品标准登上热搜。 有媒体报道，社交平台上不少网友吐槽山姆下架了太阳饼、米布丁、低糖蛋黄酥等回购率高、性价比高 的商品，转而上新低糖好丽友派、溜溜梅、徐福记燕麦藜麦蛋糕等商品。 对此，有网友直言： "我花钱办卡进会员超市，你卖我家门口就能买到的东西，把我们消费者当韭菜是 吧" 7月15日，红星资本局在山姆APP发现，此次引发争议的好丽友派以"减糖80%"，"增加30%可可成分"为 卖点，一盒（48枚）的售价为49.9元，目前有9000多条商品评价，好评率为93.6%。 最新消息：山姆APP已下架好丽友派等产品 7月15日下午，记者发现在 山姆会员商店APP上已无法搜到引发热议的好丽友派。 记者以消费者身份致电山姆会员商店全国客服热线询问原因，该客服表示在后台查询发现，确实是 在 全国线上已经下架了 ，具体原因暂时不清楚，目前还没有接到相关的通知。 截至发稿时，有媒体发现， 牛肝菌魔芋等商品也已下架。 图据山姆APP 图据山姆APP 近两月密集调整商品，有商品已下架 近两月，山姆进行了较为密集的商品调整，也与部分大众品牌合作推出了新品。如与卫龙合作推出了新 品高纤牛肝菌魔芋， ...

近日，山姆因好丽友派等新品被网友质疑选品标准登上热搜。 2025.07. 16 本文字数：1644，阅读时长大约3分钟 来源 | 上观新闻 有媒体报道，社交平台上不少网友吐槽山姆下架了太阳饼、米布丁、低糖蛋黄酥等回购率高、性价比 高的商品，转而上新低糖好丽友派、溜溜梅、徐福记燕麦藜麦蛋糕等商品。 对此，有网友直言： "我花钱 办卡进会员 超市，你卖我家门口就能买到的东西，把我们消费者当韭 菜是吧" 7月15日下午，记者发现在 山姆会员商店APP上已无法搜到引发热议的好丽友派。 记者以消费者身份致电山姆会员商店全国客服热线询问原因，该客服表示在后台查询发现，确实是 在全国线上已经下架了 ，具体原因暂时不清楚，目前还没有接到相关的通知。 截至发稿时，有媒体发现， 牛肝菌魔芋等商品也已下架。 图据山姆APP 图据山姆APP 最新消息：山姆APP已下架好丽友派等产品 截至发稿时，红星资本局发现，此前山姆APP多款上架的商品，已被下架，包括好丽友派、牛肝菌 魔芋等商品。 普通会员年费一年260元 专家：差异化是会员仓储店生命线之一 山姆会员商店官网显示，山姆会员商店是世界500强企业沃尔玛旗下的高端会员制商店。90年代 ...

Core Viewpoint - Recent product adjustments by Sam's Club have led to consumer dissatisfaction, particularly regarding the removal of popular items in favor of more common products, raising questions about the selection criteria [1][10][17]. Group 1: Consumer Reactions - Many consumers expressed disappointment over the removal of favored products like rice pudding and low-sugar egg yolk pastry, stating that they are now offered items easily found in local supermarkets [3][8]. - Some customers have even reached out to Sam's headquarters, requesting the return of their preferred specialty foods [6]. - The sentiment among members is that they are being sold products that do not justify the membership fee, leading to feelings of being taken advantage of [10][22]. Group 2: Product Changes and Quality Concerns - Sam's Club has recently introduced new products in collaboration with popular brands, but the lack of brand recognition on some items has caused confusion and dissatisfaction among members [17]. - The newly launched low-sugar Good Friend pie, priced at 49.9 yuan for 48 pieces, received negative reviews for being overly sweet despite its low-sugar label [12][14]. - The recent product adjustments have led to a decline in consumer trust, as members feel that the quality and uniqueness of offerings are diminishing [17][22]. Group 3: Membership and Market Position - Sam's Club operates with an annual membership fee of 260 yuan for regular members and 680 yuan for premium members, positioning itself as a leading membership warehouse globally with over 800 stores [20]. - According to Pacific Securities, Sam's Club has achieved double-digit growth by catering to the differentiated needs of middle-class families, focusing on high-quality and cost-effective products [20]. - Experts emphasize that differentiation and product quality are essential for membership warehouse stores to maintain their value proposition and consumer loyalty [22].

Core Viewpoint - Sam's Club is facing a trust crisis as it introduces common brands like Haoliyou and Weilong, which has led to dissatisfaction among members who expect premium products for their membership fees [1][4][12]. Group 1: Product Controversies - The introduction of "low-sugar" Haoliyou pie has sparked debate, with members questioning the need for such products that are readily available in regular supermarkets [4][12]. - The "special supply" version of Haoliyou pie claims to reduce sugar by 80% and increase cocoa content by 30%, but the differences from the classic version are not significant [4][8]. - The pie's ingredient list includes several artificial sweeteners, leading to consumer feedback that it remains too sweet despite the reduced sugar content [8][9]. Group 2: Brand Positioning and Changes - Brands like Weilong and Xu Fu Ji have altered their product presentations for Sam's Club, with unique packaging and formulations that differ from their standard offerings [12][23]. - The "panpan" branding for products from Panpan Food has been criticized for misleading consumers into thinking they are imported goods due to the upscale packaging [25][27]. - Sam's Club has been noted for its strategy of introducing popular brands with modified packaging, which may not always align with the premium image expected by its members [30][33]. Group 3: Sales and Market Strategy - As of April 2023, Sam's Club has 54 locations in China, with plans to exceed 60 by the end of the year, indicating a strong growth trajectory [33]. - Three stores have already surpassed annual sales of $500 million (approximately 3.67 billion RMB), with expectations for this number to increase significantly by 2025 [33].

Core Insights - Sam's Club is facing criticism from its members regarding the selection of products, with many feeling that the offerings have become less thoughtful and more similar to those found in regular supermarkets [2][3] - The membership benefits are reportedly diminishing, leading to dissatisfaction among members who are reconsidering their renewal [3][4] - The membership model is a key competitive advantage for Sam's Club in the Chinese market, with a significant number of paid members contributing to substantial revenue [3] Product Selection - Sam's Club has introduced products that are commonly found in regular supermarkets, such as Liu Liu Mei and Hao Li You, which has led to member complaints about the value of their membership fees [2] - Some products labeled as "exclusive" or "special" are not significantly different from their regular counterparts, raising questions about the authenticity of the offerings [2] - The introduction of products with minor modifications, such as reduced sugar versions, has not met member expectations, as the nutritional content remains similar or even worse in some cases [2] Membership Experience - The benefits associated with the membership card have been reduced, with the removal of perks like car wash and dental vouchers, prompting members to express their dissatisfaction online [3] - The membership model has been crucial for attracting middle-class consumers in China, with a reported membership count exceeding 9 million by June 2025, generating over 2.34 billion yuan in revenue [3] Competitive Landscape - The company is positioned as a consumer "agent," responsible for curating quality products for its members, but a decline in product selection could jeopardize its competitive edge in a highly competitive retail market [4] - If the current trend of product selection continues, it may lead to a loss of consumer loyalty that would be difficult to regain [4]

Investment Rating - The report maintains a neutral investment rating for the food and beverage industry, indicating that the overall return is expected to be within -5% to 5% relative to the CSI 300 index over the next six months [24]. Core Views - The food and beverage sector is experiencing a valuation shift during the earnings window, with a focus on opportunities in undervalued stocks and potential rebounds following recent corrections [4][11]. - The SW food and beverage index increased by 0.8%, ranking 26th among 31 sub-industries, with notable gains in the liquor, health products, and beer sectors, while soft drinks and dairy products saw declines [4][11]. - The report highlights the rebound in the liquor sector, particularly the SW liquor index, which rose by 1.41%, suggesting a recovery from previous overly pessimistic expectations [16][20]. Summary by Sections Liquor Sector - The liquor sector is currently in a bottoming phase, with a focus on the upcoming demand during the Mid-Autumn Festival and National Day [20]. - Key brands such as Guizhou Moutai and Luzhou Laojiao are recommended for investment due to their stable pricing and market performance [20][23]. Consumer Goods Sector - The consumer goods sector is facing a correction due to downward adjustments in earnings expectations for leading companies, particularly in soft drinks and snacks [21]. - Innovative product launches in the snack segment are highlighted, with companies like Youyou Foods and Weidong introducing new items to capture market share [21][22]. - The report emphasizes the growth potential in ready-to-drink beverages and the increasing competition in the tea drink market, with a positive outlook for brands like Mixue and Gu Ming [21][22]. Recommended Companies - The report recommends several companies for investment, including: - Luzhou Laojiao: Buy rating with expected EPS growth [23] - Shanxi Fenjiu: Hold rating with stable performance [23] - Dongpeng Beverage: Buy rating with significant revenue growth forecast [22][23] - Youyou Foods: Buy rating with strong market recovery potential [23] - Nongfu Spring: Buy rating with expected market share recovery [23]