Let's look at a set of NielsenIQ data on channel ecosystem growth in 2023: In 2023, the number of stores of major warehouse club players increased by 37.8%, and 60 cities in China already have the foundation for membership-based models; In 2023, content e-commerce sales increased by 55.7% year-on-year, already having a certain penetration base, and in the short term may continue to seize share from traditional channels; In 2023, the scale of the snack discount store industry grew by 75.8%, with capital fueling expansion, and penetration is expected to further increase. Clearly, the FMCG market has ushered in a huge channel transformation, and the channel ecosystem is being reshaped. From May 9 to 11, the Foodaily FBIC2024 Global Food & Beverage Innovation Conference, hosted by Foodaily Daily Food, concluded successfully at the Shanghai National Exhibition and Convention Center. This grand event, through plenary sessions, category & theme forums, and 148 business leaders and industry experts as speakers, discussed the core value of the industry chain ecosystem with brand and product decision-makers, helping brands achieve category positioning and sustained stable growth! As is well known, the leisure snack track has undergone earth-shaking changes. How to break through from the complex industry chain ecosystem and find an effective path to create a new situation is a profound question that leisure snack enterprises need to consider. As a leader in China's leisure food chain operation model, at the Snacks & Bakery forum, Mr. Shi Yonglei, Chairman of Lai Yifen, emphasized the positioning of fresh snacks. He pointed out that in the long run, the growth of consumers' personalized needs, based on the value concepts of eating well, living longer, and becoming more beautiful, and the pursuit of a better life, remain unchanged. Under such demands, Lai Yifen focuses more on user experience and product innovation. One notable innovative move is the grand opening of Lai Yifen LABmini's first global store in Shanghai. This move marks a significant innovative attempt in the snack industry, not only showing a spirit of deep exploration in location selection, space design, and product categories, but also reflecting pioneering and creative aspects in scenario experience, leading the new trend of the snack industry. In an interview with Mr. Shi Yonglei, he mentioned: LABmini is positioned as a mid-to-high-end innovative concept store, with its name 'LAB' meaning exploration and experimentation. Its biggest difference from traditional stores lies in the upgrade of products and experience, and it has launched diversified, high-quality, and cost-effective products and services, consolidating the supply chain system, expanding upward to omni-channel diversified channels, exploring inward new scenarios, new categories, and new products, and upgrading outward to higher standards of freshness and health. As a national brand rooted in Shanghai and developing towards the whole country and even the world, Lai Yifen aims to create a 'new landmark in the snack industry' in the national snack industry. Speaking of 'high quality' and 'cost-effectiveness', how does Lai Yifen balance the two? Mr. Shi Yonglei believes the two are not contradictory. He emphasized that Lai Yifen optimizes supply chain management, improves efficiency, and achieves reasonable cost control while ensuring product quality. 'We believe that only when consumers can gain an experience that exceeds their expected value in products and services can we truly achieve the harmonious coexistence of 'cost-effectiveness' and 'high quality'.' Between the two, 'high quality' is paramount and is what Lai Yifen values most. Nowadays, with the rise of bulk snack stores and consumers becoming more rational, the market has never lacked low-price competition; what it lacks is a Chinese version of 'Mondelez' and 'Sam's Club' brands. From historical experience, overcapacity in manufacturing and overcapacity in retail service platforms both lead to price competition, and eventually move towards private labels. Indeed, supply-demand relationships have reversed, and channels have diversified. Many companies clearly feel weak, finding it difficult to climb and grow. In 2023, many companies' financial reports showed declines in both revenue and profit. The era of linear growth is over, and the FMCG market capacity is shrinking. How does Lai Yifen face this? In response, Mr. Shi Yonglei adheres to the logic of long-termism. He believes that the main feature of the shrinking era is the slowdown in market growth, but consumer demand is showing more detailed and personalized characteristics. The current shrinking market is only a temporary phenomenon. With economic recovery, the recovery of the consumer market will follow. The consumer market is at a stage of rapidly touching the bottom and about to rebound. From the perspective of China's overall GDP, its growth trend has always been steady. Since total traffic exists, the key in the future lies in how to grasp the distribution trend of this traffic, and how to deeply understand the layered structure of traffic and changes in consumption preference levels. The focus is on changing mindsets, taking the initiative, shifting from the past 'people looking for goods' to 'goods looking for people', being user-demand-oriented, and achieving precise product reach to target audiences through meticulous management. Another point is product upgrading, with the key being the enhancement of product connotation. This includes, but is not limited to, product R&D and innovation, and through co-branding or independently creating national trend cultural features, popular IP elements, etc., giving products cultural connotation and vitality. For Lai Yifen, future growth strategies will focus on deepening market segmentation, enhancing brand value, and innovating product development. The company will focus on developing new products, and through digital transformation, optimizing marketing strategies, and strengthening interaction with consumers, aim to find new growth drivers. Pessimists are always right, but optimists always move forward. In the shrinking era, opportunities and challenges coexist. Enterprises need to continuously innovate, closely monitor consumer changes, and strengthen operational efficiency and cost control. Mr. Shi Yonglei finally emphasized: Enterprises should pay more attention to the creation of long-term value, not just the pursuit of short-term profits. Only through continuous innovation and optimization can they ensure long-term stability and sustainability.