The original "FMCG Distributor Professional Management Consulting" has been renamed to New Distribution Long press the QR code or click "Read Original" to register. 30+ industry experts, 100+ B2B platform founders, 800+ manufacturer friends, gather in Fuzhou to discuss the Internet transformation path of the FMCG industry. Source: Jiemian, Author: Zhao Xiaojuan Lin Ping has recently been busy "sweeping the streets," as one of the 30+ development staff at Quanshi Convenience Store. Although this traditional research method is gradually being replaced by big data, he still wants to walk around, imagining he might find a bargain (getting a property at a lower rent) and also measure competitors' (mostly 7-ELEVEN) store data on the side. Most of the time, stores located at "golden corners (street corner shops) and silver edges (stores along the street)" are not easy to find. If found, the price needs to be evaluated. Previously, Quanshi evaluated several stores along Beijing's Third Ring Road but gave up because the prices were too high. Even so, the entire Quanshi development team once signed 13 stores in a month, the most in a single month, because the entire process from negotiation to engineering team on-site inspection, having the owner provide licenses, and contract signing often takes up to a month. Chinese-funded convenience stores represented by Quanshi have become the drivers of a new round of convenience store growth. Quanshi's development speed is almost the fastest in Beijing. In contrast, 7-ELEVEN's development team can only develop fewer than 20 stores a year due to its very strict site selection, especially regarding engineering conditions and property rights clarity. In the past 2015, Quanshi alone opened more than 100 new stores in Beijing. Currently, Quanshi's franchise hotline is still overwhelmed; after leaving their information and phone number, the fastest response from franchise reception staff is a week later. To increase brand awareness, Quanshi has also developed another model since last year—"branded stores" (fanpai dian), where they directly hang the Quanshi sign on mom-and-pop shops without charging any fees, purely for brand promotion. Lin Ping revealed that Quanshi developed over 100 confirmed branded stores last year alone. This year, Quanshi's official website shows a target of 600 new stores. Miao Dong, vice president of Quanshi who led its expansion last year, told Jiemian News that even in some residential areas where consumption capacity is not strong, Quanshi will still lay out stores in advance. Because from a location perspective, every area in Beijing should be covered, especially Fengtai, one of the six central districts. From a potential perspective, convenience store brands cannot wait until the market is fully mature to grab locations; cultivating consumption habits and the market must be done early. Most young people's habits are: waking up in the morning, buying a coffee, bread, or steamed bun from a 7-ELEVEN near their home or subway station to catch the subway; at noon, buying a bento or instant food from FamilyMart under the office building; during afternoon tea time, sneaking out to Lawson for an ice cream. The convenience and density of convenience stores meet these consumer needs. Lin Ping said that convenience stores emphasize sales-driven operations. Stores in office buildings cover consumers with higher acceptance of convenience stores, but the sales drive is single. Now many large residential communities have also become targets for convenience store site selection because such sales drives are usually composite, such as residential + subway, residential + bus stop, residential + school, etc. With Beijing's subway expanding rapidly, such composite communities are increasing, objectively benefiting convenience store expansion. Sanhuan Xincheng community in Fengtai is a large community near the southwest Third Ring Road with 9,000 households. Since last year, two convenience stores have opened here. Unlike community supermarkets and small shops, these convenience stores focus on service experience, are bright and clean, offer meals, oden, coffee, and other food, and operate 24 hours. At 5 p.m., if you are a clerk at any convenience store on the East Third Ring Road or Dawang Road, you wouldn't have time to feel bored. But at this Quanshi store in Sanhuan Xincheng, the clerk is just staring blankly; no customers come in, and she can't play with her phone, so she just looks at the shelves. The clerk attributes the slow business to the purely residential nature of the community, the distance from the subway (400 meters) resulting in few transient customers, and the fact that another convenience store named "Linjia" opened around the same time, which is closer to the subway and may divert some of the traffic that should be Quanshi's. Competition doesn't stop there. As a residential area with over 20,000 people, 7-10 small restaurants with average spending of 15-50 yuan weaken the competitiveness of convenience store bentos. Two community supermarkets and two bakeries also meet the community's needs for baked goods and daily necessities. The convenience store seems to exist more to supplement nighttime needs. But even with this awkward profit range, large residential areas like Sanhuan Xincheng have become the new favorites of many convenience store chains, and companies are willing to "sell" their brands to consumers early, so that when competition intensifies, they already have a fixed customer base. Another community 500 meters away from Sanhuan Xincheng also saw a Haogelin (Good Neighbor) convenience store and a Quanshi store open last year. Fengtai and Daxing districts in the south of Beijing were previously not favored by branded convenience stores. 7-ELEVEN's official website store network shows that even now, 7-ELEVEN has only three stores in the entire Fengtai district, and Daxing has not yet entered. But now, almost every moderately sized new community has domestic brands like Quanshi or Haogelin. Especially Quanshi, a Beijing convenience store brand founded in 2011, has expanded almost crazily. By the end of 2014, Quanshi had opened 100 stores, a number that took 7-ELEVEN about 10 years to achieve. It is understood that 7-ELEVEN has its own calculation table for site selection, putting data such as foot traffic, rent, surrounding environment, and competitor conditions into a model to predict profitability after opening, to determine whether a location is worth opening. Quanshi's early strategy was to follow 7-ELEVEN. Zhang Yungen, former president of Quanshi who led its rapid expansion, bluntly stated a year ago that 7-ELEVEN is Quanshi's main competitor in the Beijing market. "Our strategy is to keep a close eye on 7-ELEVEN. Currently, we have 32 stores in direct competition with 7-ELEVEN." Of course, Quanshi now has its own development system. Lin Ping told Jiemian News that if Quanshi gets an interested store at a certain location, in addition to traditional research methods, Quanshi also cooperates with Amap or Baidu Maps, plus personal connections, to obtain not only competitor store data in the surveyed area but also data on other business formats. Some data is purchased from third-party institutions; what cannot be easily bought must be monitored on-site, such as 7-ELEVEN, counting how many cash register lines, how many customers during lunch peak, correcting three times and taking the average, with an error rate of no more than 10% from actual sales. Taking Lecheng Center on the East Third Ring Road as an example, through research, Quanshi can understand that the average daily sales of three 7-ELEVEN stores within 500 meters (Lecheng Center, Shuangjing U-Square, and Shuangjing Xingguang Avenue) are approximately 18,000-23,000 yuan. For other formats like McDonald's, the Shuangjing McDonald's has average daily sales above 30,000 yuan, and Lecheng Center's above 20,000 yuan. Through comparative analysis, they can immediately determine the sales range if a Quanshi store opens there. In July 2015, Zhang Yungen stated that the four-year, 10,000-store plan was officially launched in 2015, with an expected breakthrough of 10,000 stores by 2019. At that time, Quanshi had 150 stores, but a few months later, with Zhang Yungen's departure, the 10,000-store plan may have been rewritten. In 2015, Quanshi's store count once surpassed 7-ELEVEN, thanks to its opening of franchising and low franchise fees. Compared to 7-ELEVEN, which had previously opened franchising, if you have your own storefront, joining Quanshi requires less than 100,000 yuan (franchise fee + deposit + management fee), and the requirements are not as strict as 7-ELEVEN's (must have one person personally operate full-time and pass 7-ELEVEN headquarters' assessments and other regulations). This attracted many mom-and-pop shops to join, even though the franchise fee was raised twice in July last year and January this year, it still makes Quanshi franchise applicants queue for consultation. A Quanshi employee told Jiemian News that a friend of his joined Quanshi and makes over 10,000 yuan in net profit per month, and doesn't need to be at the store every day. If business isn't great, when the franchise term (once a year) ends, he can apply to switch to another directly operated store. "Quanshi only requires money to join, but 7-ELEVEN doesn't work that way. Money alone isn't enough; who with a million yuan would want to be a clerk in their own store?" Some wealthy people have also joined 7-ELEVEN. In 2014, 7-ELEVEN opened 32 new stores in Beijing, and in 2015, over 40. Now, of the 248 stores in the entire Beijing market, more than 100 are franchise stores. 7-ELEVEN has also rapidly developed 80 stores in Tianjin using the same method. Lin Ping said that 7-ELEVEN's franchise policy currently favors opening to internal employees; if outsiders want to join, they need to queue, and the wait has been extended to 2017. In 2015, two new convenience store brands joined the "melee" in the Beijing market. Like Quanshi five years ago, a brand called Pancheng stuck close to 7-ELEVEN or other well-known brands, quietly opening over a dozen stores in Beijing, mostly in Chaoyang District. The store layout, product display, and convenience services all show signs of imitating 7-ELEVEN. Compared to the lesser-known Pancheng, the new brand Linjia attracted attention from all convenience store peers at its opening because its founder and main management team all came from 7-ELEVEN. In April last year, nearly 30 mid-level managers from 7-ELEVEN collectively resigned, including over 20 regional managers, 2 large-area managers, and market development staff. These mid-to-high-level managers, with years of experience in the convenience store industry and 7-ELEVEN, have opened 46 stores in the Beijing market in less than a year, a speed surpassing both Quanshi and 7-ELEVEN. Moreover, in product selection, service quality, and other management details, they have not lagged behind 7-ELEVEN. A popular anecdote is that every time Linjia opens a new store, 7-ELEVEN staff go to check it out and come back with dark faces. Linjia founder Wang Zi told Jiemian News that Linjia has only completed its initial layout and development. 2016 is a critical year for Linjia; the entire team is focused on racing against time (expanding new stores). He did not disclose the 2016 store opening target, but the plan leaked when Linjia first opened was: open more than 200 Linjia stores in Beijing within one year, then expand to all first-tier cities in China. In comparison, FamilyMart, which entered the Beijing market in 2014, has been much slower. FamilyMart is affiliated with Taiwan's Ting Hsin Group and has only opened 15 stores in Beijing in a year and a half, 7 of which are located at Capital Airport and Beijing South Station. However, FamilyMart quickly found its direction. FamilyMart is targeting the Beijing subway. According to Beijing Business Today, FamilyMart and China Resources Vango convenience stores have confirmed entry into the Beijing subway. FamilyMart is expected to enter Subway Lines 9, 10, and 15, while China Resources Vanguard has selected some stations on Lines 5, 6, 10, and 8. The number of FamilyMart stores in the subway is unclear, while China Resources Vango has 4 subway convenience stores, and the convenience service room near Dengshikou Station on Line 5 has already been marked with the Vango logo and business hours. In 2012, China Resources Vango obtained the right to enter the Hangzhou subway, thereby expanding its layout in the Hangzhou market. FamilyMart, which has over a thousand stores in the Shanghai market, has about 100 stores in the Shanghai subway, so it has considerable experience in operating subway convenience stores. FamilyMart spokesperson Wang Yiwen told Jiemian News that the northern market's awareness and acceptance of convenience stores has greatly improved, but brand cultivation of a region needs to be carried out in stages. This is consistent with FamilyMart's original intention when it first entered Beijing by opening 4 stores at Capital Airport, placing more emphasis on brand output to the large passenger flow at transportation hubs. In the past year, Beijing's 15 subway lines carried 2.832 billion passengers, averaging about 9 million per day. Obviously, FamilyMart wants these highly mobile customers to remember its brand. In addition, according to FamilyMart's plan, in 2016, after fully assessing suitable business districts, it will open new stores mainly in composite business districts. Previously, FamilyMart had more stores concentrated in Chaoyang, Dongcheng, Xicheng, and Fengtai. FamilyMart stated that accelerating market expansion and opening stores is not difficult; the difficulty is finding a profit model and opening profitable stores. Currently, in terms of single-store sales in the Beijing market, FamilyMart is second only to 7-ELEVEN. In fact, as a common feature of foreign-funded convenience stores, they focus on exploring and confirming a single-store profit model in new markets before expanding. This was true for 7-ELEVEN in the early days, and now for FamilyMart and Lawson. Another objective reason is that foreign-funded convenience store brands face particularly long approval times for various licenses when expanding in Beijing. A senior FamilyMart executive told Jiemian News that obtaining a food processing certificate requires applying at the corresponding departments in each Beijing district, and the efficiency varies by district. "Domestic enterprises have an advantage over us in this regard." Whether it's foreign-funded companies with strict review and cautious development, or Chinese-funded companies with faster expansion and relatively looser qualification review, the Beijing convenience store market seems to have suddenly opened up. Against the backdrop of overall slowing retail growth, convenience stores have become the most dynamic format in physical retail. Data from the China Chain Store & Franchise Association shows that in 2014, national convenience store sales increased by 25.12% year-on-year, and store count increased by 21.96%, while department stores and supermarkets only saw single-digit growth. Policy advantages include that convenience stores are one of the eight business formats supported in the 13th Five-Year Plan, a major component of life services, and a key support target for the Beijing government to build living circles. A convenience store industry insider estimated to Jiemian: Shanghai has nearly 10,000 convenience stores, while Beijing has only 2,300, so the market is far from saturated. But behind the high growth, problems are not hidden. Both product quality and profitability are testing these convenience stores. Quanshi hit the gun barrel of this year's 3.15 (Consumer Rights Day), being exposed for failing to discard processed foods like oden and steamed buns on time at some stores. Along with Quanshi, Haogelin was also exposed; the latter has about 300 stores in Beijing. Lax management of franchise stores is the root cause of frequent problems in franchise stores. "Every time we do store inspections, district managers only inspect directly operated stores, and basically turn a blind eye to franchise stores," revealed a Quanshi clerk. In response, a senior Quanshi executive said that some food was not actually expired; it's just that Quanshi has strict management and must discard it after the specified time. To address the above issues, Quanshi should take corresponding measures in incentive systems and franchise store management. An insider at 7-ELEVEN told Jiemian News that the above problems stem from management system issues. Small franchise owners, to save costs, on one hand fail to accurately predict daily sales, leading to over-ordering, and on the other hand, due to lax management and the need for improved employee quality, they cannot strictly follow requirements. This situation is very serious in franchise stores. Previously, 7-ELEVEN franchise stores were also exposed for such incidents, but 7-ELEVEN paid a heavy price. Besides clearing out non-compliant franchisees, it increased surprise inspections of existing franchisees and imposed heavier penalties. This strict image has deterred many potential franchisees, but the insider said that 7-ELEVEN prefers quality over quantity. Not only 7-ELEVEN, but also foreign-funded convenience stores like FamilyMart and Lawson seek stability over speed in store development. Lin Ping also admitted that Quanshi's development capability is not inferior to other companies, but its operational level is not top-notch in the industry. For example, the Quanshi store in Sanhuan Xincheng mentioned above has a larger area, a better location (closer to Sanhuan Xincheng Commercial Street), and lower rent than competitors, but if business is worse, the main reason lies in operational management. "The standard for whether a store development is successful is not how good the business is after opening, but whether many people will compete for it when the store is transferred in the future." Jiemian News conducted a poll at the end of last year: Which convenience store do you most want to open downstairs from your home? 2,468 people participated, and the results showed that 39% voted for FamilyMart, 7-ELEVEN came second with 30%, and Lawson third with 10%. From consumers' intuitive feelings, foreign-funded convenience stores still provide a better consumption experience. In terms of single-store profitability, in May last year, 7-ELEVEN won the "2014 China Convenience Store Single-Store Sales Award." Its best store in Beijing has daily sales of 60,000 yuan, and 18 other stores have average daily sales above 40,000 yuan. In contrast, many domestic convenience stores have daily average income of 5,000 yuan. According to a Quanshi insider, franchise stores have average daily turnover of about 5,000-8,000 yuan, while directly operated stores have average daily turnover of about 13,000 yuan, with the best directly operated stores reaching 30,000 yuan daily. If daily average is below 5,000 yuan, it is basically unprofitable. To improve franchise store profitability, Quanshi is adjusting its franchise strategy. "Previously, franchise owners invested and managed stores themselves, which carried too much operational risk. To achieve daily sales of over 10,000 yuan, with an average transaction of about 15 yuan, you need at least 500-600 customers. Compared to shopping malls or other composite business districts, if the store is in a purely residential community, it's hard to achieve," the insider said. Quanshi is discussing a new franchise policy, and this year it will convert more directly operated stores into franchise stores, eliminating the risk of franchisees choosing their own locations. Extended Reading: Growth Rate Exceeds 20%, but Why Can't Convenience Stores Stand at the Capital Windfall? Source: Beijing Business Today, Author: Shao Lanjie The convenience store industry's store growth rate reached 8.4%, and sales growth reached 15.2%, forming a bright spot in a relatively gloomy market. In the past two years, convenience stores have finally ushered in their own era, with a surge in store numbers and brands, becoming a hot topic spanning traditional retail and e-commerce. But from the convenience store's own perspective, its weak body seems unable to bear the weight of a hundred billion dollars. "5,870 yuan, 42,000 yuan" are two figures the reporter learned from the 2016 China Convenience Store Conference, representing the average daily sales of single stores in China and Japan, respectively. How to evolve from an industry that follows Japan and Taiwan step by step into a hundred-billion-dollar windfall industry? The challenges of cost, profitability, and scale valuation that cannot be quickly solved lie ahead. Convenience Stores Become a Bright Spot "Since the early 1990s, modern retail has developed in China for 25-26 years. From standard supermarkets to hypermarkets at the beginning, accompanied by department stores, specialty stores, and shopping malls, we can see that all these formats have been glorious in China. But thinking back, the most widely distributed, most traditional, and most beloved convenience store in the Chinese market has not been glorious or popular." Zhang Guoheng, general manager of Shenzhen Meiyijia Convenience Store, although managing the convenience store with the most stores in China (Meiyijia has opened more than 800 stores since October last year), still regrets the role of convenience stores in retail history. Pei Liang, secretary-general of the China Chain Store & Franchise Association, said that last year, the top 100 chain stores saw store growth of 4.7% and sales growth of 4.3%, the lowest since statistics began, but the convenience store industry saw store growth of 8.4% and sales growth of 15.2%, forming a bright spot in a relatively gloomy market. The China Chain Store & Franchise Association also conducted statistics on 57 companies in its convenience store committee. In 2015, the average daily sales of a single convenience store was 5,870 yuan, an 18% increase from 2014. In Japan, the market share of convenience stores has surpassed that of supermarkets, roughly 54:46. In China's current physical retail market, the ratio of convenience stores to supermarkets is roughly 8:92, indicating huge development potential and space. Capital Story Hard to Tell As a fast-growing and potentially large segment in China's retail industry, the convenience store format has rarely performed in China's capital market. Xu Dawei, founding partner of Hougu Investment, said, "Among about 3,000 A-share companies, only Hongqi Chain and Zhongbai Convenience are present in the A-share market." The main reason is the high cost loss brought by the convenience store opening model. "The characteristic of consumer chain industries is the efficiency loss under the direct operation model, which is inevitable, such as tax losses and compliance losses." Xu Dawei cited examples: In direct operation, Hongqi Chain's statistics are 100%, and Zhongbai is also close to 100%. "You have to pay social insurance and housing fund for employees, and theoretically sign formal lease agreements, which brings a lot of compliance losses." Under the direct operation model, the decision-making behavior of professional managers, compared to the commercial decisions of mom-and-pop stores and individual businesses, has inherent and insurmountable efficiency losses in site selection, operations, and other aspects. This efficiency loss may be further amplified when connecting with the capital market. The above person believes that compliance costs significantly impact company profits and competitiveness, and growth models based on direct operation are difficult to gain recognition from the capital market. Franchising can achieve rapid development, but it will encounter bottlenecks at a certain scale. In addition, domestic convenience store brands are clearly regional. Although there are leading brands in certain regions, such as Shenzhen Meiyijia and Tianfu, Shanxi Jinfu, Wuhan Zhongbai, Shanghai FamilyMart, and Beijing Haogelin, there are almost no national brands. "A mature market, a regional chain with only a few hundred stores, has very limited value to capital." Xu Dawei believes that to tell a good capital story, convenience store brands can integrate equity, business segments, etc. But the above person also clearly pointed out, "The industry as a whole lacks money, and the diversified interest structures among different entities may make integration difficult." Xu Dawei said that strengthening one's own platform and backend service capabilities is the most controllable capitalization direction for convenience store chains. Recreating Convenience Store Value The current lack of capitalization in convenience stores, besides industry development stage factors, more reflects the lack of comprehensive capabilities of convenience store chains themselves, causing convenience stores to never stand at the windfall position. In terms of single-store daily sales, "Our production efficiency is an average daily sales of 5,870 yuan, Taiwan reaches 15,000 yuan, and Japan reaches 42,000 yuan. The gap is still enormous," Pei Liang said. The management level of convenience stores is still at an extensive initial stage. According to data from the China Chain Store & Franchise Association's previously released China Chain Top 100 list, Meiyijia's store sales were 8.325 billion yuan, with an average single-store daily sales of 3,082 yuan. Beijing Haogelin's 300 stores with 600 million yuan in sales average 5,480 yuan per store daily. The core of convenience stores is product development and consumer services, backed by product control capabilities, supply chains, and consumer insights. This is the greatest value of convenience stores. "Why do we hold such awe for the convenience store industry? Because its entire retail operation system and supply chain system cannot be bought with money." Liu Zexuan, founder of Xiaomai Gongshe, said this. According to him, in a public class discussion at Hupan University, convenience stores were considered one of the potential hundred-billion-dollar windfalls in the future, "because convenience stores are too close to users; they truly have the opportunity to transform from product transactions to services." In fact, by transforming from sales-agent retail to social-service retail, the value of convenience stores is truly unleashed. Statistics show that convenience stores in mainland China not only lack the proportion of fast food items, but the profit margin brought by service items to convenience store companies is also very low compared to Japan and Taiwan. Yu Shuzhong, chairman of Hebei 365 Network Technology Group, introduced that they have superimposed traditional FMCG, catering, and virtual services onto convenience stores, making them an endpoint of community life. In Xu Dawei's view, "Previously, we might have been entangled with how to value convenience stores, but we found that these valuations rely heavily on single-store operating data, ignoring the network interweaving and underlying value." Tao Ye, general manager of Haogelin, agreed: "Convenience stores are not simply the addition of store numbers and sales. In fact, we are completing a network layout. The network has the value of explosive effects, which is our valuation basis." Characteristics of China's Convenience Store Development Regional development is unbalanced, with large gaps between cities. Overall, it still maintains a relatively fast development speed. There is large development space, but competition is further intensifying. The proportion of 24-hour convenience stores still shows obvious regional distribution. Industry development still needs policy support. 47.5% Cities with convenience store growth rates exceeding 20% account for 47.5% of the 36 surveyed cities. Harbin, Wuhan, and Changsha have the fastest growth. 262 In 2015, the number of convenience store brands in the Chinese market reached 262. Shanghai, Shenzhen, and Nanjing each have more than 10 convenience store brands. 76.9% The proportion of 24-hour convenience stores in southern cities is significantly higher than in northern regions. Among cities where 24-hour convenience stores account for more than 50%, southern regions account for 76.9%. New Food Era · New Distribution —— 2016 China "FMCG + Internet" Summit Forum —— This is a grand event focused on how the FMCG industry channels will transform under the general trend of Internet+ transformation Conference Agenda 08:00-09:00 Registration 09:00-09:05 Host opening 09:05-09:35 2016 China FMCG Industry Trend Analysis Report - Zhao Bo 09:35-10:05 FMCG Enterprise Transformation Strategy and Path - Liu Chunxiong 10:05-10:35 Opportunities and Challenges Brought by FMCG Channel Reform - Liu Zhao, CEO of Waiqin 365 10:35-11:05 Reconstructing Distribution Channel System, Promoting Urban Retail Upgrade - Tian Yuan, General Manager of Alibaba Retail Link Backend 11:05-11:25 Channel Efficiency in the Internet Era - Fu Xiaoyun, Vice President of Benlai Holding 11:25-12:00 Roundtable Forum - Brand Transformation: Improvement vs. Reconstruction? Guests: Liu Zhao, Liu Chunxiong, Fang Gang, Chen Feng, Shi Zhengchuan, Deng Xia 12:00-13:30 Lunch 13:30-13:50 Distributor Transformation: Urban Distribution Trends - Wang Qi, CEO of Weijie City Distribution 13:50-14:20 Roundtable Forum - Why Should Distributors Do Logistics in Transformation? Guests: Zhao Bo, Wang Qi, Liu Zhongmin, Tang Guangliang, Wang Cheng, Sheng Yan 14:20-14:40 How FMCG Enterprises Leverage the Internet to Take Off - Wang Hui, E-commerce Operations Director of Xijiu 14:40-15:00 Detailed Explanation of Zhongshang Huimin's "One Machine, Two Wings" Strategy - Su Xiaoxin, Vice President of Zhongshang Huimin 15:00-15:20 Category Value and B2B E-commerce Development Strategy - Wang Chaocheng, CEO of Yijiupi 15:20-15:40 Supply Chain Finance as a Lubricant for B2B Driving Traditional Business - Chen Xian, CEO of 51 Order 15:40-16:00 Zhanghe Cloud Factory Helps Upgrade FMCG Supply Chain - Yang Lixiang, CEO of Zhanghe Tianxia 16:00-16:30 Integrating Small and Micro Retail, Reconstructing Business Ecology - Miao Dong, Vice President of Quanshi 16:30-16:50 B2B Investment Principles and Ideas - Zhao Mingwei, Vice President of Junlian Capital 17:00-17:30 Roundtable Forum - Who is the King of FMCG B2B Models? Guests: Fu Xiaoyun, Zhuang Jianzhong, Jiang Tao, Zeng Weiqin 17:30-19:30 Dinner For manufacturers and friends who want to transform, this grand event is not to be missed. Interested friends can long press the QR code below or click "Read Original" to register. Registration Method: Long press the QR code below or click "Read Original" ↓↓↓ Click "Read Original" [Register] ↓↓↓