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Uni-President China Holdings Announces 2023 Interim Results: Revenue of RMB 14.6 Billion, Revitalizes Sea-Yan, and Enters Pre-made Dishes Market
On August 9, Uni-President China Holdings (hereinafter referred to as Uni-President China) announced its 2023 interim results, with revenue of RMB 14.572 billion in the first half of 2023, up 4.5% year-on-year; net profit was RMB 877 million, up 42.7% year-on-year. In the first half of 2023, as the impact of the pandemic subsided and the market gradually returned to order, Uni-President China's performance was also very intuitive. In terms of beverages, as people went out more and expanded their activity range, consumption scenarios such as dining out recovered...
冯瑶Behind the Persistent Decline of Arawana: Not the 'Oil Moutai', and No Second Growth Curve
Arawana's stock has been mired in a slump for two years, falling from 145 yuan in early 2021 to around 40 yuan now, with market value dropping from nearly 800 billion to 220.7 billion yuan. Once hailed as the 'Oil Moutai' (Moutai of cooking oil), Arawana's volume-driven business raises the question: does it have a moat?
金梅Snacks Are Busy Becomes Yanjin Puzi's Largest Customer, Brand Owners Collectively Enter Channel Transformation!
With the rapid development of bulk snack stores, the future market landscape will continue to evolve. Recently, financial reports from companies like Yanjin Puzi and Ganyuan Foods have been released, and according to market sources, Snacks Are Busy has become Yanjin Puzi's largest system customer! In recent years, channel evolution has given rise to the new bulk snack channel, and cooperation between established snack companies and emerging snack channel operators has become a focus of external attention. One side needs channel layout, the other needs brand traffic, and as this channel continues to expand, brand owners will inevitably pay more attention to it and actively embrace it.
勾勾Multiple KA Supermarkets Release 2023 H1 Results: Some Continue to Suffer Losses
KA supermarkets must adapt to market changes to avoid being eliminated in the current industry reshuffle. In the first half of 2023, some KA supermarkets like Yonghui and Zhongbai turned losses into profits, while others like Better Life, Renrenle, and Suning.com remained in the red.
勾勾A Tale of Two Extremes: The Brutal Business of Pre-Made Dishes
The pre-made dish industry, a trillion-yuan market with vast potential, is experiencing a boom-and-bust cycle. While giants like Hema, Dingdong, and Qian Dama are entering the sector, many early players have already failed, highlighting the industry's brutal realities.
湃动研究院Declining Performance: The First Batch of Community Group-Buying Stores Have Already 'Fallen'?
Group-buying stores have grown wildly over the past year, leading many to fall into the trap, with even giants eager to try their hand. At the end of June, Liu Wei made a difficult decision to close three community group-buying stores he had been operating in Changsha. Over nearly three years, he witnessed the entire process of the community group-buying industry, from massive expansion to contraction, and then to the rescue attempts by group-buying wholesale and group-buying stores. This time, he retreated with his three stores. A group-buying entrepreneur told Ling Shou that Liu Wei's decision was 'not surprising,' as group-buying stores have grown wildly over the past year, leading many to fall into the trap, and even giants are eager to try their hand...
十里The Noodle Arena: Winds of Change Blow Again
Chen Keming, founder of Kemen Food, has become an internet sensation on Douyin, attracting 200,000 followers in less than 10 days. As the noodle industry faces a plateau, major players like Kemen, Xiangnian, and Jinshahe are diversifying into convenient foods and healthy staples to build a second growth curve.
陈晓京China Resources C'estbon 'Accelerates', Dual-Driven by Products and Channels!
On July 20, China's well-known packaged drinking water company China Resources C'estbon released its latest report card, with its 2022 performance growing against the trend, attracting attention. Under the 'dual-engine' strategy, the company not only achieved a record high market share in packaged drinking water, but its beverage business with a stream of new products is also becoming a new growth point, with new faces such as chrysanthemum tea joining the '100-million-yuan single product club'.
New DistributionWhy Domestic Sodas Thrive Only in Restaurants but Struggle on the Capital Path?
For a long time, the carbonated beverage world was dominated by Pepsi and Coca-Cola, leaving little room for other brands. In recent years, the 'guochao' (national trend) concept has been embraced by millennials, reviving dormant domestic soda brands like Beibingyang, Bingfeng, and Erchang, which have made a comeback in the night market economy. Despite this resurgence, no domestic soda company has successfully gone public. According to public information, both Beibingyang and Bingfeng have attempted IPOs but faced setbacks.
新财媒引领者The Trillion-Yuan Pre-Made Food Industry: How Much Do Investors Love It?
The pre-made food industry has recently become a hot topic again, with Hema announcing it would make pre-made dishes a first-level department and Gouquan Food preparing for a Hong Kong IPO. Many regions are also pushing the industry, but the definition of pre-made food remains vague, and its development faces both opportunities and challenges.
IC实验室Why Can't Domestic Soda Produce a Listed Company?
In recent years, domestic soda brands have made a comeback, but they still struggle with capitalization. Bingfeng and Beibingyang have both attempted to go public but failed. The root cause lies in their limited growth and innovation, which regulators under the registration system are wary of.
陈晓京Dingdong Withdraws from Sichuan-Chongqing Market: Can the Front Warehouse Model Still Make Money?
Dingdong Maicai's withdrawal from the Sichuan-Chongqing market raises questions about the viability of the front warehouse model. Despite losses narrowing through cost-cutting, the model's high fulfillment costs and regional adaptability remain key challenges, with success hinging on regional strategies, heavy warehousing, and refined operations.
王识钦Uni-President Group Acquires Carrefour Taiwan, Adding a Giant to Its Territory!
Carrefour Taiwan has been fully acquired by Uni-President Group. On July 19, 2022, Carrefour announced the successful sale of its 60% stake in Taiwan to its long-term partner and co-shareholder Uni-President Group. Upon completion, Uni-President Group will become the sole owner of Carrefour Taiwan. The acquisition aligns with Carrefour's global strategy of divesting non-core markets, while Uni-President Group expands its retail footprint and strengthens its distribution channels.
勾勾Three Squirrels and Olam Group Joint Venture Ushers in New Chapter! Expected to Start Production in August!
Amid fierce competition, the real battle lies in supply chains. Three Squirrels has taken new steps in supply chain construction by forming a joint venture with Olam Group, aiming to leverage international operations and manufacturing advantages. The new company is expected to begin production in August.
勾勾Shede Spirits Stumbles, Fosun Still Earns 25.6 Billion
Despite industry insiders noting that the 2023 Chinese New Year came earlier, shortening the peak sales season by nearly half a month compared to 2022, and the baijiu market entering its traditional off-season in February, Shede Spirits managed to maintain stable market expansion and achieve growth in both revenue and net profit from a high base in the first quarter of last year. However, data from major listed liquor companies in Q1 2023 shows that larger players did not significantly slow down, with the top five companies' growth rates far exceeding Shede's, whose revenue growth was only half the industry average. Additionally, Shede's inventory has been rising faster than revenue, and contract liabilities dropped sharply in 2022, raising concerns about sales momentum.
陈世锋The Long Road to the C-end Market for Plant-Based Milk
After a surge in popularity, the plant-based beverage sector has entered a slow development phase. OATLY's 2022 financial report showed losses and CEO changes, while emerging oat milk brands have gone quiet in the media and entered discount food stores. Meanwhile, coconut-based brands like Finomare have saturated the tea and coffee markets and are competing fiercely in the C-end retail space.
钱洛滢Dali Foods Plans Privatization and Delisting, Shares Surge Nearly 32% After Resumption
On the evening of June 27, Dali Foods, which had been suspended for nearly a week, announced its intention to initiate privatization and delisting, with trading resuming on June 28. As a result, Dali Foods' share price surged 31.98% at the open, closing at HK$3.50, up 28.67%. The major shareholder proposed the privatization.
New DistributionThe Ice and Fire of the Snack Track: Store Closures and Financing Surge in Parallel, the 'Hot War' in Lower-Tier Markets Has Begun
In the first half of 2023, the snack track showed a stark contrast of ice and fire, with store closures and financing waves occurring simultaneously. On one hand, Zhejiang-based snack discount chain Laoban Daren was rumored to be closing, and the once high-flying brand a1 Snack Research Institute shut down 80% of its stores. On the other hand, the track remained hot: investment and financing activities increased compared to the same period last year, and lower-tier markets saw a wave of snack brand store openings, with regional leaders like Snacks Busy and Zhao Yiming Snacks accelerating expansion. This cold-hot dynamic reflects the industry's adjustment and response to external changes.
向真Consumer Downturn Begins with the 'Elimination' of Mid-Range Baijiu
In China's consumer narrative, baijiu holds a special place, often seen as a barometer of the consumer sector. Since 2016, baijiu has been the classic case of consumption upgrading, with industry profits driven by mid-to-high-end upgrades. However, this year, the mid-range baijiu segment is facing a downturn, with declining sales, rising inventory, and broken premiumization logic, leading to a shift toward a 'dumbbell' market structure.
读懂君J&T Express's Hong Kong IPO: A Pinduoduo-Style Rise
After eight years since its founding and three years after entering the Chinese market, J&T Express has decided to list on the Hong Kong Stock Exchange. In just a few years, it has grown into the leader in Southeast Asia's express delivery market; it started its network in China in early 2020 and completed 12 billion parcels in 2022, closely trailing the 'Tongda' companies and SF Holding. Last year, it expanded to West Asia and South America, challenging global giants FedEx, UPS, and DHL. J&T's rapid rise has been supported by OPPO and Pinduoduo, companies associated with Duan Yongping's disciples, reflecting the significant opportunity of Chinese brands, especially Chinese e-commerce going global, and capital's desire for a third option beyond Alibaba and JD.com.
徐霁Where Can Bestore Find Its Next Source of Growth?
Bestore built a national premium snack brand through stores, e-commerce, and marketing, but investor exits and weak operating economics exposed the difficulty of sustaining premium positioning in a fragmented, low-barrier category.
New DistributionChongqing Brewery: Falling into Carlsberg's Premiumization Trap?
After the relaxation of COVID-19 control policies, the market expected a strong recovery in beer sales and premiumization, with Chongqing Brewery being a top pick due to its past success. However, its 2022 annual report and 2023 Q1 results showed a slowdown in premium product growth, leading to a 28.96% stock price decline, the worst among A-share beer companies. This article argues that Chongqing Brewery's premiumization strategy is faltering due to high dividend payouts and frequent management changes under Carlsberg, which may hinder long-term development.
读懂君RT-Mart's Transformation: Can New Shoes Pave a New Path?
RT-Mart's transformation is an irreversible move, as it implements Alibaba's 'New Retail' concept, accelerates its online presence, and pursues multi-format development. Alibaba's acquisition of RT-Mart is driven by commercial strategy to expand into offline retail and complete its 'retail empire' from online to offline, a clear vision of Daniel Zhang during his tenure at Alibaba.
龙商网Six Reductions in Two Years: What's Wrong with Bestore?
Bestore has been reduced again. Recently, Bestore was significantly reduced by Capital Today, an early institutional investor that had accompanied it for over a decade, pushing the snack giant into the spotlight. Besides Capital Today, Hillhouse Capital has also made multiple clearance reductions over the past two years. Frequent selling by investors has raised concerns about Bestore's growth prospects. Indeed, apart from investors leaving, Bestore's performance has not improved for years. According to financial reports, Bestore's revenue in 2022 was 9.44 billion yuan, a year-on-year increase of 1.24%.
向真