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Zhang Ye of Tsingshan Capital: Consumer Startups Should Not Overly Pursue Profits
Startups must first survive and develop, and only increase profits when the time is ripe. When resources are relatively scarce, profits should appropriately give way to building long-term competitiveness; investments in product R&D, brand building, and channel management may conflict with profits in the short term but achieve win-win in the long run. The markup rate should not be too high; giving benefits to consumers is an eternal truth. The markup rate is always our first concern, but is a higher markup rate always better? The answer is definitely no. Giving benefits to consumers is an eternal truth. 'Water can carry a boat, but also overturn it'...
张野Former Guangdong Supermarket Giant Faces Compulsory Delisting
Renrenle, once one of the "Big Three Supermarkets in Guangdong" alongside China Resources Vanguard and Xinyijia, is again suffering huge losses and facing a crisis. Its 2023 annual report shows revenue of 2.853 billion yuan, down 28.15% year-on-year, with a net loss attributable to shareholders of about 498 million yuan. After two consecutive years of losses and negative net assets, the company has been flagged with delisting risk warnings; if net assets remain negative by the end of 2024, it will be forced to delist.
联商网编辑部Daily Fresh Milk Targets Hong Kong Market
The fresh milk sector is becoming increasingly crowded, with new brands emphasizing health labels and premium pricing. Mengniu, a leading dairy company, is leveraging its supply chain to expand its high-end fresh milk brand, Daily Fresh Milk, into Hong Kong's convenience stores, while competing with local brands and navigating challenges such as short shelf life and intense competition.
付艳翠Panpan's New Swirl Toast Sells Over 10 Million in 2 Months, New Favorite in Bread Industry!
New Distribution has long observed that while hundreds of thousands of FMCG products launch annually, few withstand market tests. Panpan Food's 2024 strategic product, Swirl Toast, sold over 10 million units in 2 months, boosting mid-shelf bread sales by 45%, showcasing rapid growth and strong momentum.
New DistributionGetting Pricier, Beer Giants Rake in 100 Billion Yuan Annually
Beer giants' 2023 annual reports reveal a common trend: sales volumes are flat or slightly down, while revenue and especially profit growth are driven by higher per-ton prices. The four major players—China Resources Beer, Tsingtao Brewery, Chongqing Brewery, and Yanjing Brewery—saw their combined revenue exceed 100 billion yuan for the first time, reaching 101.9 billion yuan, with net profits growing rapidly. China Resources Beer remains the undisputed leader, having expanded through acquisitions since 1993, but its foray into baijiu has yet to yield significant results.
让商业更具价值Quanyangquan: Where Does It Come From and Where Is It Going?
As the peak season approaches, the bottled water market is gearing up for intense competition. Beyond the Hong Kong-listed FMCG leader Nongfu Spring, the A-share mineral water stock Quanyangquan is also worth examining. Jilin Forest Industry, China's first listed forestry company, leveraged its Changbai Mountain water source to develop the Quanyangquan mineral water brand, and after restructuring in 2017, it became the first A-share mineral water company. In 2023, Quanyangquan's mineral water sales exceeded 1 million tons, generating revenue of 800 million yuan and net profit of over 100 million yuan, showcasing the strength of water sellers. However, due to the drag from its other two business segments and goodwill impairment, Quanyangquan recorded an overall loss of 457 million yuan in 2023, and continued to lose money in Q1 2024.
陈晓京The Fate of RT-Mart
With Lin Xiaohai's resignation as CEO of Sun Art Retail, an era has ended, and against this backdrop, RT-Mart's future is largely predetermined. In 2017, after Alibaba acquired a 36.16% stake, RT-Mart became deeply tied to Alibaba and was labeled a 'new retail test field.' Over three years, Alibaba invested over HK$50 billion to solidify RT-Mart's position. RT-Mart performed well, with its parent company Sun Art Retail's market value exceeding HK$100 billion in 2020, ranking first among China's top 100 supermarkets...
十里Qiaqia: Teaching Foreigners to Crack Sunflower Seeds, Generating 600 Million Yuan in Overseas Revenue
Only people in five countries can expertly crack sunflower seeds: China, Russia, the US, Turkey, and Spain. Yet Qiaqia, a Chinese seed brand, has defied expectations by selling shell-on seeds to countries where people don't traditionally eat them, teaching foreigners to enjoy this snack. After 16 years of going global, Qiaqia now exports to nearly 50 countries and regions, including Southeast Asia, Europe, and the US, with overseas revenue approaching 600 million yuan. But getting foreigners to 'get hooked' on cracking seeds is no easy feat. Take Japan, for example...
FBIFMixue Bingcheng, Weilong, and Liumeimei Eye the Same Hundred-Billion-Yuan Potential Stock
Even Mixue Bingcheng cannot resist konjac. Konjac snacks appeared in Mixue's Tmall flagship store last year at 0.9 yuan per pack. From a single product of Weilong to a category, konjac snacks have achieved impressive results: in 2023, they drove Weilong's vegetable products to revenue of 2.118 billion yuan, up 25.1% year-on-year, while Yanjin Shop's konjac products reached 476 million yuan, up 84.95%.
FBIFCounty Towns: The Jerusalem of the 10,000-Store Model
In 2023, despite the volatile investment landscape, PE/VC firms have found a common theme in the consumer sector: only companies with 'large models' or '10,000 stores' can secure funding. Several chain brands have set their sights on surpassing 10,000 physical stores, and with limited consumption power in first- and second-tier cities, they are turning to China's vast county towns for growth.
王枻坤Uni-President China's 2023 Record High: Steady Growth of Old Products, Aggressive Push of New Ones
The secret to Uni-President China's record-breaking performance lies in the steady development of both new and existing products. In 2023, the company achieved record revenue of RMB 28.591 billion, with net profit surging 36.4% year-on-year, driven by cost reductions and robust growth in its beverage segment.
高兴Haitian Stumbles, Qianhe Feasts
Qianhe Flavoring's profit forecast of over 500 million yuan, up more than 50%, excited its 70,000 shareholders, who called for Zhongju High-tech to give up its second-place position. By January 31, the market cap gap between the two had narrowed to 2.876 billion yuan. As a latecomer in the soy sauce industry, Qianhe's strong performance is linked to the stumble of industry leader Haitian Flavoring, whose sales declined due to the 'double standard' controversy, while Qianhe, focusing on 'zero-additive' products, caught the windfall.
让商业更具价值Who Stole Genki Forest's Dream of 10 Billion in Revenue?
Seven years after its founding, Genki Forest still hasn't crossed the 10 billion yuan revenue mark, a reality it must face. At its 2023 national distributor conference, the company reported double-digit growth but didn't disclose specific figures. Founder Tang Binsen repeatedly emphasized 'returning to tradition' in front of nearly 400 distributors, signaling a shift away from its high-growth internet marketing model toward traditional FMCG practices.
YNPagoda, Crashed!
On January 16, Pagoda Group (02411.HK) marked its first anniversary of listing, but its stock price plunged, closing down 30.17% and wiping out over HK$2 billion in market value. Just days earlier, the company had unveiled an ambitious ten-year plan targeting 100 billion GMV.
陈晓京Chengde Lulu Trapped by Almonds
Chengde Lulu, a leading Chinese plant-based beverage company, has seen stagnant revenue for a decade despite profit growth, and is now pushing into southern markets through new products and distribution expansion, but faces challenges from high prices and regional brand perception.
付艳翠Why Are Snack Busy and Its Peers So Eager to Dump Bestore?
Snack Busy has been very busy this year. In February, Bestore announced a joint investment in Zhao Yiming Snacks with Black Ant Capital, with Bestore investing 45 million yuan for a 3% stake. By October, Bestore sold that 3% stake for 105 million yuan, citing operational needs. Shortly after, Zhao Yiming merged with Snack Busy, making Snack Busy the largest player in the bulk snack industry. In December, Snack Busy accepted investments from Haoxiangni and Yanjin Puzhu, valuing it at 10.5 billion yuan, but Bestore, feeling sidelined, filed a lawsuit against Zhao Yiming for concealing major matters. This article analyzes why Snack Busy Group is so eager to replace Bestore with Haoxiangni and Yanjin Puzhu, citing business model conflicts, supply chain advantages, and the need for capital in a fiercely competitive market.
薛向How Far Is Yili from Becoming the World's No.1?
Amid the consumption recovery trend in the first half of 2023, dairy giant Yili maintained a stable upward trajectory, achieving growth in both revenue and net profit. On August 28, Yili Co., Ltd. (600887) released its 2023 interim report: revenue reached 66.197 billion yuan, up 4.31% year-on-year; net profit attributable to shareholders was 6.305 billion yuan, up 2.81%; non-GAAP net profit was 5.797 billion yuan, down 1.55%. By segment, Yili's liquid milk scale and market share remain the largest, while its adult milk powder and cold drinks businesses are becoming new growth engines.
卓心月Lotus MSG Catches the Windfall
Chen Xiaojing's old tree really sprouted new buds. The 40-year-old Lotus MSG suddenly caught the wave of domestic brand enthusiasm in 2023, making itself popular again. Since its listing in 1998, Lotus MSG has experienced many hardships. With a severe external market and internal turmoil, it changed owners several times, finally gaining new life through restructuring. In 2023, Lotus Health, the parent company of Lotus MSG, driven by its MSG main business, is expected to achieve net profit attributable to the parent of 120 million to 150 million yuan. The "King of MSG" seems to have seen its former glory. Performance...
陈晓京Seeking New Life Amidst Involution: Observations on 210 Food & Beverage Investment and Financing Events in 2023
In 2023, the food and beverage industry returned to rationality, with investment and financing slowing down and becoming more focused. According to incomplete statistics from FBIF, as of December 27, 2023, there were 210 investment and financing events across 14 major categories, reflecting trends such as increased segmentation, health consciousness, and technological empowerment.
FBIF"Low Prices" Have Gone Wild in the FMCG Industry!
Low prices have become the industry benchmark, forcing manufacturers into price wars. This article explores how both online and offline channels are competing on price, the impact on brands like Three Squirrels and Bestore, and the challenges faced by manufacturers and small brands in maintaining quality while cutting costs.
赵胜男The Sale Histories of Jianlibao and Other Legacy Brands
Jianlibao, once China's top beverage brand, has been sold for the fourth time, this time to Tianyun International. Many iconic Chinese brands have faced similar fates due to foreign competition and internal issues, but some are attempting comebacks through innovation and brand revival.
张尧China's Dairy Giants: How Much Imagination Remains in Liquid Milk?
According to the China Dairy Quality Report (2023) released by the Dairy Association of China, per capita dairy consumption in China was 42 kg in 2022, down 0.6 kg from the previous year. Among dairy products, liquid milk, which accounts for the largest share, saw its first decline in eight years, dropping by 8%. In an era dominated by competition for existing market share, differentiation has become the norm. In this volatile environment, who will emerge victorious in the second half of the liquid milk market? Differentiation is accelerating, and liquid milk stands at a new crossroads.
财经新媒体Zhang Xinzhao of Qicheng Capital: Three Transformations in Retail Chains Navigating the Consumer 'Buyer's Era'
At a time when China's retail industry is at a turning point, Qicheng Capital's Zhang Xinzhao shares insights on the three major transformations in retail chains: discounting, community-based stores, and manufacturing-oriented retail. He argues that China has entered a 'buyer's era' where retailers must act as consumer agents, driving efficiency and value through these changes.
GenBridge Capital“Don't Mention New Consumption to Me Anymore”
Li Yang, an investor in consumer direct investment at a fund of funds, is frequently asked whether he still invests in new consumption. He responds with resignation, saying there is nothing left to discuss about new consumption. The article traces the rise and fall of new consumption brands from 2019 to 2021, highlighting the capital frenzy, subsequent downturn, and the challenges faced by entrepreneurs like Wang Yang, who struggled with financing and strategic pivots. It concludes that while the sector has cooled, consumerism remains a fundamental need, and the path for investors and entrepreneurs is now more difficult.
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