报告指出，把握越南零售市场需结合市场、消费者、分类和零售洞察，如关注区域差异、韩流影响，优先合适区域与渠道，了解品类趋势，以制定有效策 略。 经济上，越南增长强劲，2020 - 2024年实际GDP增速高于亚太和东南亚平均水平，预计2038年成东南亚第二大、全球第21大经济体。经济增长由工业、建筑 和服务业驱动，农业增速较低。其人口优势显著，总人口1.01亿（东南亚第三），15 - 64岁人口占比65%，吸引大量外国直接投资，2024年新加坡、韩国等 为主要投资者。 零售市场格局有三大要点。一是渠道格局多元，传统贸易（TT）因文化基础仍是食品杂货主要渠道，但不便且难满足现代消费者需求；现代贸易（MT）持 续扩张，大小超市涌现；疫情后线上购物快速增长，消费者形成线上采购习惯。快消品方面，啤酒、香烟、饮料推动长期增长，个人和家庭护理因转向线上 呈下降趋势，2024年各类渠道快消品均反弹，MT重要性提升，且MT门店扩张以小型化为主。二是区域动态差异明显，南部传统贸易对快消品销售额贡献最 大（44.4%），但北部和中部增长更快；三地人口、零售店密度等特性不同，消费者偏好也有别，北方偏爱浓味、大包装，中部受天气和价格影 ...

如果你不喜欢吸入二手烟，也许会在公共场合经过吸烟者时屏住呼吸，不愿意吸入二手烟呛鼻的气味。但你也许不知道，就算屏住呼吸，闻不到二手烟， 依旧会受到伤害，受伤的是你的角膜细胞。 吸烟已经是一项严重的公共卫生问题，许多人也许都知道吸烟和肺癌、肺病甚至心血管疾病的关系。不过，吸烟损伤视力这一点似乎没有多少人知道。 每次经过二手烟的时候的我⬆️｜makeameme 在澳大利亚购买香烟，也许会得到一个略微有些"吓人"的烟盒包装，这是因为从1969年开始，澳大利亚就开始立法规定，必须在香烟包装上印上一些健康 警示语。 起先，它只是一些温和的提醒，到了1987年，警告的字样大了一些，上面写着"吸烟损害肺部"、"吸烟导致心脏病"和"吸烟有害健康"。1995到2005年，烟 盒上的警示语字样变得更为明显，在烟盒背面还设计了一些解释信息。 在1995-2005年，烟盒上会印制显眼的警示标语。｜Quit Victoria pack collection 而2006到如今，澳大利亚的烟盒上开始印上警示性的图片，比如黑色的牙齿，发烂的脚趾，肺癌，心脏损伤，二手烟危害……其中也包括充血的眼球。 在这些"吓人"的烟盒上，就提到了香烟对眼球 ...

Economic Overview - Vietnam's economy is performing well, with GDP growth consistently surpassing that of the Asia-Pacific and Southeast Asia regions. The industrial, construction, and service sectors are showing significant growth, while agriculture, forestry, and fisheries are also developing steadily. The population is approximately 101 million, with 65% in the working-age group of 15-64 years. Vietnam is expected to become the second-largest economy in Southeast Asia and the 21st largest globally by 2038 [1][10]. Retail Market Structure - The retail market in Vietnam is primarily composed of traditional trade (TT), modern trade (MT), and online platforms. Traditional trade remains the main channel for grocery shopping due to cultural factors, but it faces challenges in meeting modern consumer demands. As of March 2025, market stalls account for 51% of total retail outlets. Modern trade is rapidly expanding, with a notable increase in convenience stores and minimarts, particularly in urban areas. Online shopping has surged post-COVID-19, with consumers increasingly adopting online grocery purchasing habits [2][22][29]. Consumer Behavior - Vietnamese consumers exhibit strong financial resilience, with a bifurcated FMCG market showing both premiumization opportunities and downtrading trends. A significant portion of consumers (64%) are willing to pay a premium for home products that enhance outdoor experiences, while 75% are price-sensitive and utilize promotions to stock up on goods. Categories such as beer, cigarettes, and beverages are long-term growth drivers for FMCG, while personal care and home care categories have seen declines due to a shift towards online channels [3][27][28]. Regional Dynamics - The retail landscape varies significantly across regions in Vietnam. The southern region contributes the most to total FMCG sales, but both the northern and central regions are growing at a faster pace. Northern consumers prefer strong flavors and larger packaging, influenced by traditional customs, while central consumers are more price-sensitive and favor local brands. Southern consumers prioritize convenience and outdoor spending, with lower prices in the Mekong Delta compared to the southeast [40][44][45].

Core Insights - The cigarette market in China is undergoing significant changes, with average retail prices expected to rise by 23.7% from 2024 to 2025, surpassing the 7.2% increase in consumer goods prices during the same period [1][2] - The production of low-end cigarettes (below 50 yuan) has decreased by 42% in the first quarter of 2025 compared to the same period in 2023, while high-end cigarettes (above 100 yuan) have seen a 28% increase in production [1] Market Trends - The shift in cigarette pricing and product structure is leading to a reduction in the availability of low-end cigarettes, impacting approximately 3.5 billion smokers in China, 78% of whom earn less than 6,000 yuan per month [2] - The increase in cigarette prices is seen as a potential effective smoking control measure, with studies indicating that a 10% price increase can lead to a 3.5% decrease in smoking rates [2][5] Health Implications - The reduction in tobacco consumption is viewed positively from a health perspective, with the World Health Organization stating that effective tobacco control could save millions of lives [5] - A decrease in smoking rates by 10% could potentially reduce lung cancer cases by 200,000 and cardiovascular disease cases by 150,000 annually in China [5] Economic Impact - Despite fluctuations in cigarette production, the overall revenue of the tobacco industry has not declined, with sales reaching 1.72 trillion yuan in 2024, a 5.3% increase from 2023 [5] - The economic benefits of reducing smoking rates include savings of approximately 25 billion yuan in medical costs and an increase in labor productivity valued at 32 billion yuan for every 1% reduction in smoking rates [9] Consumer Behavior - Many smokers are adapting to rising prices by reducing their consumption or seeking alternatives, with 27.3% citing high prices as a reason for quitting, second only to health concerns [3][7] - The younger generation shows a significant decline in smoking rates, with the percentage of smokers aged 18-25 dropping from 29% in 2015 to 17% in 2025 [9] Support and Resources - Various resources and support systems are available for smokers looking to quit, including over 3,000 medical institutions offering cessation services, which have a success rate of 42% compared to 23% for those quitting without assistance [7][8] - The use of smoking cessation apps has been shown to increase success rates by 31% over three months, highlighting the role of technology in supporting quitting efforts [8]

Core Viewpoint - The retail industry, particularly convenience stores, is facing significant challenges with declining sales and increasing inventory, despite overall market growth in the sector [5][20]. Group 1: Seasonal Performance - The summer season, typically a peak time for sales, has shown disappointing results, with some store owners reporting sales declines of nearly 90% compared to the previous year [6][8]. - Store owners express a sense of hopelessness, often relying on upcoming holidays like the Mid-Autumn Festival and National Day for potential sales recovery [7][8]. - Inventory issues are prevalent, with some store owners holding significant stock that they are reluctant to sell at a loss, leading to increased financial pressure [8][12]. Group 2: Consumer Behavior Changes - Consumers are increasingly price-sensitive, opting for discount stores or online shopping for snacks and beverages, which has led to a decline in in-store purchases [10][14]. - The average transaction size has decreased, with reports of "big orders" becoming rare, indicating a shift in consumer purchasing habits [10][11]. - The overall consumer sentiment is cautious, with many individuals focusing on saving money rather than spending [14][22]. Group 3: Industry Data and Trends - The convenience store sector is experiencing growth in terms of the number of stores, with a reported increase from 182,000 to 196,000 stores in a year, reflecting a 7.7% growth [20]. - Despite the growth in store numbers, the average daily revenue per store has declined by 2.0%, indicating that individual store profitability is under pressure [20]. - The retail environment is characterized by a significant increase in competition, with many new stores opening, leading to market saturation and diluted customer traffic [14][21]. Group 4: Structural Challenges - The convenience store industry is facing structural challenges, including a shift in consumer spending patterns and the rise of online shopping, which has captured over 30% of the market share [22][23]. - Price competition from discount stores is intensifying, with traditional convenience stores unable to match the lower prices offered by these competitors [23][24]. - The need for convenience stores to adapt by offering both convenience and competitive pricing is becoming increasingly critical for survival in the current market [24].

Core Insights - The summer peak season for convenience stores has been disappointing, with many store owners expressing frustration over declining sales and increasing inventory levels [1][3][5] - Store owners are increasingly relying on upcoming holidays like the Mid-Autumn Festival and National Day for potential sales boosts, but many feel this is a cycle of self-deception [1][3] - The overall business environment for convenience stores has worsened significantly since 2013, with many owners struggling to maintain profitability [5][10] Sales Performance - A store owner reported a drastic drop in ice cream sales from nearly 30,000 yuan last summer to only 4,000 yuan this year, indicating a nearly tenfold decrease [3] - Another owner noted that their store's sales have been consistently low, with daily revenues often only covering rent, which has become increasingly difficult to manage [8][16] - The average daily revenue for convenience stores has decreased, with one owner mentioning that their store's daily revenue is now around 4,698 yuan, down 2% from the previous year [18] Inventory Challenges - Many store owners are facing high inventory levels, with one reporting a stock of over 400,000 yuan in cigarettes, which they are reluctant to sell at a loss [3][10] - The pressure from rising inventory and rent costs has become a significant concern for convenience store operators, leading to a reliance on hope for future sales improvements [10][11] Market Dynamics - The convenience store industry is experiencing growth in terms of the number of stores, with a reported increase from 182,000 to 196,000 stores in a year, reflecting a 7.7% growth [18] - Despite the growth in the number of stores, the average revenue per store is declining, highlighting a disconnect between industry expansion and individual store profitability [18][20] - The overall retail environment is challenging, with a reported 3.7% year-on-year increase in retail sales, but convenience stores are struggling to capture this growth [18] Consumer Behavior - Consumers are becoming more price-sensitive, leading to a shift towards discount stores and online shopping, which is impacting convenience store sales [11][20] - The rise of e-commerce and discount retailers has created significant competition, forcing convenience stores to lower prices and margins to attract customers [13][20] - The changing consumer preferences and behaviors are leading to a decline in impulse purchases, which were once a staple for convenience store sales [14][16]

Core Insights - The UAE-Angola non-oil bilateral trade is projected to reach over $10 billion annually by 2033, driven by the Comprehensive Economic Partnership Agreement (CEPA) [1] Trade Performance - In 2024, the non-oil bilateral trade between the UAE and Angola is expected to be $2.17 billion, reflecting a year-on-year growth of 2.6% [1] - In the first half of 2025, the non-oil trade volume is approximately $1.4 billion, showing a significant year-on-year increase of 29.7% [1] Import and Export Dynamics - The UAE primarily imports diamonds, gold, copper and alloys, and grains from Angola, accounting for 99.8% of its imports [1] - Major exports from the UAE to Angola include light oil distillates, steel, faucets and valves, metal structures and parts, cigarettes, and perfumes, which constitute 50% of its exports [1] Economic Impact - The CEPA is expected to enhance the UAE's connections with sub-Saharan and West African markets [1] - The agreement is anticipated to contribute approximately $1 billion to the GDP of both countries and create nearly 30,000 new jobs [1]

Core Point - The Iraqi Central Organization for Standardization and Quality Control has announced that starting from September 15, 2025, all electrical appliances and cigarettes exported to Iraq must bear the Iraqi quality mark and include a barcode certification, or they will be banned from entry [1] Summary by Category - Regulatory Changes - The decision will take effect from July 1, 2024, indicating a phased implementation period before the final deadline [1] - Impact on Exporters - Exporters of electrical appliances and cigarettes will need to comply with the new regulations to avoid penalties and ensure market access to Iraq [1]

Financial Data and Key Metrics Changes - The second quarter results reflect a 3.2% decline in same-store fuel volumes, with July volumes rebounding to 100% of prior year levels [6][14] - Retail fuel margins improved by 50 basis points in 2024, with an 80 basis point year-to-date improvement and an additional 13 basis points from lower credit card fees [11][12] - The effective tax rate for the first half was 22%, with expectations for the second half to be within the guided range of 24% to 26% [17][18] Business Line Data and Key Metrics Changes - Non-combustible nicotine categories are growing at a rate that offsets the decline in cigarette margins, which represent only 30% of total nicotine margin contribution [8] - Merchandise contribution increased by 8.9% for the quarter, excluding cigarettes and lottery, driven by strength in candy and packaged beverages [10][15] - Average per store month food and beverage sales at QuickChek have been positive for three consecutive quarters, indicating strong traffic [9] Market Data and Key Metrics Changes - Fuel prices remain range-bound despite geopolitical events, contributing to a lower price and less volatile environment [6] - The company outpaced OPUS volumes in each of its markets for the full quarter, despite a deceleration in June [33] Company Strategy and Development Direction - The company is focused on maintaining store profitability through operational cost improvements and a robust new store pipeline, with plans to deliver 50 new stores over the next twelve months [12][19] - The capital allocation strategy remains a fifty-fifty approach, balancing growth investments and shareholder returns [90][91] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the second half of the year, particularly regarding nicotine contributions and the impact of FDA crackdowns on illicit products [8][63] - The company is well-positioned to weather lower demand cycles while maintaining a focus on long-term growth and operational efficiencies [49][51] Other Important Information - The company repurchased 471,000 shares in the second quarter, with year-to-date repurchases nearing 900,000 shares [20] - The new store construction pipeline is robust, with over 45 new stores in construction for Q3, indicating strong future growth potential [19] Q&A Session Summary Question: Trends in gallons and market share - Management noted that trends worsened partly due to a different same-store base and that margins improved despite lower volumes [31][32] Question: Guidance on EBITDA - Management reiterated that while they do not provide EBITDA guidance, operational efficiencies are expected to offset merchandise pressures [34][36] Question: Store build confidence - Management highlighted that bottlenecks have been addressed, leading to confidence in meeting store build targets [40][41] Question: Demand environment and cost flexibility - Management discussed the importance of consumer price sensitivity and the ability to optimize costs in a lower demand environment [45][48] Question: Merchandise contribution growth - Management expressed confidence in achieving guidance due to strong performance in non-cigarette categories and initiatives to drive customer engagement [55][59] Question: Share repurchases and capital allocation - Management clarified that leverage is balanced between growth and shareholder returns, maintaining a focus on their fifty-fifty capital allocation strategy [89][91] Question: Competitive landscape and fuel volume trends - Management indicated no significant differences in customer behavior between Walmart and non-Walmart locations, with competitive pressures being consistent across markets [96][97]

Group 1 - The EU plans to introduce a new tax proposal on tobacco products, which could lead to a price increase of over 139% for cigarettes, 258% for rolling tobacco, and 1090% for cigars [2] - The Italian Tobacco Merchants Association (UIT) criticizes the proposal as "irresponsible," warning that it will stimulate the growth of the cigarette smuggling market and severely reduce national tax revenue [2] - The proposed tax reform is part of the "Next Generation EU" recovery plan and is expected to raise retail prices by more than 20%, potentially impacting overall inflation by 0.5% [2] Group 2 - UIT President Pasquale Genovese emphasizes that rapid tax increases historically lead to an expansion of the smuggling market, resulting in a net loss of tax revenue for the state [2] - The UIT argues that the proposal ignores the operational difficulties faced by Italian tobacco retailers and the precarious situation of the tobacco retail industry in economically vulnerable regions [2] - Genovese calls for immediate intervention from the Italian government to stop the EU from pushing this legislation and urges other industry associations to join in nationwide protests [3]