桃李面包交出一份营收、净利双下滑的半年成绩单。桃李面包近日发布的财报显示，今年上半年营收同 比下降13.6%，归母净利润同比下降29.7%。对于上半年营收利润双降的原因，桃李面包并未在财报中 给出明确解释。细看财报可以发现，在业务层面，作为桃李面包核心业务的面包及糕点品类收入出现下 滑。在渠道层面，其东北、华东、华北三大核心市场营收也全面下降……当下的桃李面包正面临产品与 渠道双重考验。 桃李面包主要销售模式为"中央工厂+批发"模式。过去几年，桃李面包在短保面包市场有着一定的地 位，根据《2024年短保面包行业白皮书》信息，2023年，桃李面包以35%的市场份额位居中国短保面包 市场第一位。 但随着近几年短保面包市场竞争愈发激烈，桃李面包也面临不小挑战。知名战略定位专家、福建华策品 牌定位咨询创始人詹军豪在接受北京商报记者采访时表示，桃李面包的"中央工厂+批发"模式能通过规 模效应控制成本。但如今短保面包市场强敌环伺，不仅有宾堡、曼可顿、盼盼、美焙辰等烘焙品牌争夺 市场，还有诸多商超以及"前店后厂"式的烘焙店纷纷加入竞争，桃李面包优势正被新兴品牌稀释。 或许意识到上述问题，桃李面包也在尝试布局健康导向的新产品 ...

Core Insights - The Chinese consumer market is transitioning from scale expansion to value cultivation, with a growing demand for "high-quality cost-effectiveness" driving the baking industry into a period of refinement [1] - Taoli Bread leverages 30 years of experience and supply chain capabilities to create a full-chain advantage from raw material procurement to logistics, ensuring product quality while providing high cost-effective options [1] Supply Chain "Hard Power": Efficient Production and Quality Control - High cost-effectiveness does not equate to low quality; the competition in short-shelf-life bread is fundamentally about balancing efficiency and quality [2] - Taoli Bread employs modern production equipment and technologies such as AI, IoT, and robotics to achieve deep integration of information and industrialization, ensuring a clean and pollution-free production process [2] - Strict quality control measures are implemented across seven key production processes, enhancing product quality stability and significantly improving production efficiency [2][4] Logistics and Channels: Racing Against Time with "Short Shelf-Life Secrets" - With a shelf life of typically 15 days or less, the time from production to shelf must be measured in hours; Taoli Bread's strategy includes a national layout and grid-based distribution [5] - The company operates over 20 production bases nationwide, ensuring local production and delivery, and employs a dual logistics model of self-built and third-party logistics [5] - Taoli Bread aims for "daily fresh delivery" and utilizes a PDA logistics data collection system for visual tracking and management of the entire delivery process [5] Channel Network Layout - Taoli Bread has established a comprehensive channel ecosystem with "deep offline penetration + multi-dimensional online collaboration," covering over 300,000 retail terminals [7] - The company utilizes e-commerce platforms and content-driven platforms like Douyin and Xiaohongshu to create a traffic matrix, enhancing consumer engagement and personalized recommendations [7] Consumer Insights and R&D Innovation: The "Soft Driving Force" of the Supply Chain - The ultimate goal of the supply chain is to meet consumer demands; Taoli Bread employs a "data-driven + flexible R&D" model to quickly translate market insights into product capabilities [8] - The company has set up a multi-dimensional feedback system to analyze consumer needs and has established communication channels for customer inquiries and complaints [8] - Taoli Bread has three R&D centers in Shanghai, Tianjin, and Shenyang, focusing on market demands and continuously optimizing product structures [9] Conclusion: The Essence of the Supply Chain is "Value Delivery" - Taoli Bread's supply chain practices illustrate that in the short-shelf-life baking industry, the supply chain should be viewed as a value engine rather than a cost center [10] - By integrating digital production, national layout for efficiency, and consumer insights for innovation, Taoli Bread transforms its supply chain into a competitive advantage, achieving coexistence of "high quality" and "high cost-effectiveness" [10] - As consumer demands for "freshness," "health," and "convenience" continue to rise, the competition in supply chain capabilities will become a critical differentiator in the industry [10]

Core Viewpoint - The traditional packaged bread industry in China is facing significant challenges, leading to a "mid-life crisis" as new brands and innovative baking models rapidly emerge, necessitating innovation and upgrades across the entire baking sector [1][2]. Group 1: Challenges Faced by Traditional Brands - Traditional packaged bread brands are experiencing a decline, attributed to insufficient product innovation, quality issues, and decreasing profit margins [2]. - There has been a notable reduction in R&D spending among traditional brands, which is critical for developing new products and meeting diverse market demands [2]. - The market is increasingly stratified, with short-shelf-life brands struggling to penetrate lower-tier cities, where long-shelf-life brands dominate due to lower transportation costs and higher turnover rates [2]. Group 2: Market Competition and Consumer Preferences - Changing consumer perceptions are undermining the traditional belief that short-shelf-life equals freshness, with consumers now valuing product innovation, affordability, and clean ingredient lists [3]. - New brands are gaining traction through innovative products, targeted marketing, and digital operations, appealing particularly to younger consumers [3]. - The disruption of channel dynamics, including the rise of fresh baking in convenience stores and supermarkets, is a significant driver of change in the traditional packaged bread market [3][4]. Group 3: Strategies for Innovation and Growth - To attract younger consumers, traditional brands must understand their preferences and engage in collaborations with trendy brands, as well as leverage social media for brand promotion [5]. - Exploring new growth points and consumption scenarios is essential, including focusing on specific demographics and expanding delivery models to adapt to the evolving market landscape [6]. - The introduction of DIY baking kits, which allow consumers to create fresh bread at home, could meet the demand for fresh experiences while fostering consumer interaction [6].

Core Viewpoint - The company Mingming Henmang Group, a leading player in the snack retail sector, has submitted its IPO application to the Hong Kong Stock Exchange, marking its entry into the public market [1][2]. Financial Performance - The company has experienced significant revenue growth, achieving revenues of 4.29 billion RMB in 2022, 10.30 billion RMB in 2023, and projected 39.34 billion RMB in 2024, representing an over eightfold increase in three years [6][7]. - Despite the impressive revenue figures, the company has maintained low profit margins, with gross profit margins of 7.5% in 2022, 7.5% in 2023, and 7.6% in 2024, which are lower than its competitor Wancheng Group's 10.76% during the same period [10][11]. Business Model - The company's business model is characterized by a low-cost, high-volume strategy, focusing on a wide range of products and a significant presence in lower-tier cities, with approximately 58% of its stores located in county towns and rural areas [4][8]. - The franchise model has become a mainstream choice in the snack retail industry, with 99.5% of the company's revenue coming from supplying products to its franchise stores [11][13]. Market Competition - The competitive landscape is intensifying, with both Mingming Henmang and its rival Wancheng Group aggressively expanding their store networks, leading to market saturation in certain areas [14][15]. - Both companies have implemented substantial franchise support policies to attract and retain franchisees, resulting in a significant increase in the number of franchise stores for Mingming Henmang from 994 in 2022 to 7,241 in 2024 [17]. Strategic Shifts - The company is shifting its strategy to focus on higher quality and differentiated products, moving away from solely competing on price [22][25]. - Mingming Henmang has initiated a self-branding strategy, launching its own product lines to improve profit margins and enhance its market image [24][26][28]. Future Outlook - The company plans to allocate 70% of the funds raised from its IPO for store expansion, indicating a continued focus on growth [18]. - Additionally, Mingming Henmang is exploring new retail formats, such as community discount supermarkets, to diversify its offerings and meet broader consumer needs [29][30].