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Merging Three Distributors in Five Years, Doubling Business: How Did He Master 'Distributor M&A'?
Distributors face increasing pressure. According to the '2023-2024 China FMCG Distributor Operating Conditions Survey Report' released by New Distribution in August, about 50% of distributors experienced declining revenue and profits in the first half of this year. In the snack food sector, only 31.4% saw revenue growth and 8.6% saw profit growth. In this environment, one distributor, Yi Dianlong, has found a path through mergers and acquisitions, growing his business from 20 million to 80 million yuan in five years.
葛畅Revenue Less Than 1/5 of Yonghui, Yet Spending 6.27 Billion to Acquire Yonghui: Where Does Miniso's Confidence Come From?
In September, Miniso announced it would acquire a 29.4% stake in Yonghui Superstores for 6.27 billion yuan, including 21.1% held by Dairy Farm and 8.3% by JD.com. Upon completion, Miniso would become the largest shareholder of Yonghui. Despite Yonghui's cumulative losses exceeding 8 billion yuan and a reduction of over 400 stores in the past three years, it remains a representative traditional supermarket chain with a solid foundation. Comparing revenues, many have dubbed this acquisition a 'snake swallowing an elephant,' as Miniso's 2023 revenue was less than one-fifth of Yonghui's.
赵胜男The Return of the 1-Yuan Water: Consumption Falls into the Quagmire of Low-Price Competition
A few years ago, many investors predicted that China would produce its own luxury brands, reflecting a belief in consumption upgrading. This led most consumer goods, including bottled water, to pursue premiumization, pushing prices to 2 yuan and nearly eliminating 1-yuan water. Recently, however, 1-yuan water has made a comeback, with promotional prices for brands like Jingtian, C'estbon, and Nongfu Spring's green bottle dropping to around 1 yuan, signaling a shift in industry logic and a descent into low-price competition.
读懂君Food & Beverage Innovation: Which Overseas Startups Got Fresh Funding
In the consumer sector, the food and beverage industry has always attracted capital. Today we've compiled a list of overseas startups that recently secured funding, hoping to inspire entrepreneurs in the consumer space. Health trends are driving ingredient reduction, with 69% of respondents consciously reducing unhealthy components, while sustainability, plant-based options, functionality, personalization, and safety are also key areas of innovation.
投资美好生活的Dongpeng Special Drink: Whose Rival Is It?
With revenue exceeding 10 billion yuan, Dongpeng Beverage has become a formidable player in China's energy drink market, surpassing Red Bull in sales volume for three consecutive years. While still competing with Red Bull, the company's broader strategy of building a pan-energy beverage platform suggests it may be eyeing Nongfu Spring as its true benchmark.
陈晓京CCTV Factory Visit, Sam's Club Hit: The Product Logic Behind Yanjin Shop
In recent months, as we've been touring the market, the common refrain is that goods aren't selling. Since the second half of 2023, requests to New Distribution for channel connections have surged. For example, in the snack category, there are well-known brands, regional small brands, and white-label products. They hope to connect with new channels like discount retail and B2b platform-based distributor channels. Synthesizing various information, we see a truth: oversupply and severe product homogenization mean the market is full of snacks, but truly good products are extremely scarce. Why...
任文青AndyTraditional Supermarkets Must Change or Die
The retail industry is in deep trouble. On October 11, Bubugao Investment Group, a well-known retail company, was filed for bankruptcy review due to inability to repay debts. Earlier, at the end of September, RT-Mart's parent company Gaoxin Retail was suspended from trading, and Yonghui Superstores was acquired by Miniso for 6.27 billion yuan. These events signal a major shift as new retail formats like Pangdonglai and Miniso rise, forcing traditional supermarkets to transform or face extinction.
虫二Major Move: Three Squirrels Strategically Acquires Two Discount Brands, Ailingshi and Aidazhe, Signaling a Potential Tripartite Landscape in Snack Retail
On October 28, Three Squirrels announced its intention to acquire Ailingshi, a snack discount store chain based in Changsha, and Aidazhe, a full-category discount brand in Tianjin. Although the deal is still in preliminary stages and no formal agreements have been signed, it has already stirred significant attention, deepening Three Squirrels' presence in offline retail. Tang Guangliang, founder of Ailingshi, predicts that the bulk snack market will form a tripartite competitive landscape. This acquisition raises questions about Three Squirrels' strategy and its potential impact on industry trends.
赵胜男After the Hype, Sales Slip: Is the Rollercoaster Ride of Birch Water a Collective Dilemma for Niche Beverages?
Birch water beverage sales have plummeted. According to Chanmama data, the leading brand Linyuanchun's monthly sales on Douyin, after briefly maintaining over 10 million yuan from April to July, have continued to decline, dropping to over 5 million yuan by September. Its ranking has also fallen from No. 1 in the beverage category in April to No. 71 currently. Linyuanchun is not the only one facing declining sales; brands such as Zhongzhi, Jiahua, and Baihuayiran have also seen double declines in category ranking and sales since April. The attention on birch water beverages has also declined after peaking.
FBIFLi Zi Yuan's 'Midlife Crisis': Can Going Global Save the Brand?
Going global has become a common strategy for brands seeking new growth. In September 2024, Li Zi Yuan received its first Southeast Asian order, shipping 30 tons of sweet milk to the region, with plans to export to Laos, Myanmar, and Thailand. However, for a brand that has relied on a single product for over 30 years, it remains uncertain whether this move is a second growth curve or a lifeline.
唐雨昕Yonghui's "Turbulent" Two Decades
On September 23, Miniso and Yonghui Superstores announced that Miniso plans to invest 6.27 billion yuan to acquire 29.4% of Yonghui's shares at 2.35 yuan per share. Despite media jokes about a "10-yuan store" bottom-fishing Yonghui, Miniso's net profit in the first half of the year was nearly six times that of Yonghui, highlighting its strong profitability.
汪海This Double 11 Is Different: Platforms Begin to Lighten the Load for Merchants
During the National Day holiday, the consumer market was exceptionally hot, with domestic trips reaching 765 million and total spending by domestic tourists hitting 700.817 billion yuan. As the Double 11 shopping festival approaches, e-commerce platforms are extending the event period, reintroducing pre-sale mechanisms, and shifting from consumer subsidies to merchant support, including fee reductions and traffic boosts, while also fostering interconnectivity among platforms.
宁缺Former 'Soy Milk King' Vitasoy Catches Eye of Singapore's Richest Family
A disclosure that Singapore's richest family increased its stake has brought the former 'Soy Milk King' back into the spotlight. On October 7, Huang Zhida, younger brother of Huang Zhixiang, chairman of Sino Group, reported for the first time that he and his family office held over 5% of Vitasoy's shares through Yeo Hiap Seng. The move is seen as a bet on Vitasoy's mainland China market, which remains its largest but has faced growth challenges in recent years.
胡楠楠CR Beverage IPO Success: C'estbon's 14.6 Billion Bottles Sold Annually Support a HK$39.1 Billion Valuation
On October 23, 2024, C'estbon's parent company, CR Beverage (Holdings) Co., Ltd., successfully listed on the Hong Kong Stock Exchange under the stock code "02460." As of the time of writing, the stock surged 15.03% to HK$16.68 per share, giving it a total market capitalization of HK$39.162 billion. CR Beverage is China's second-largest packaged drinking water company, and its flagship brand C'estbon achieved retail sales of RMB 39.5 billion in 2023, with annual sales of 14.6 billion bottles and a market share of 32.7%, ranking first in the purified drinking water market.
New DistributionSun Art Retail's Parent Company Announces Latest Progress on Acquisition After Shares Surge 15% on First Day of Resumption
Sun Art Retail, parent company of RT-Mart, resumed trading after a near 20-day suspension, with shares jumping 15.08% on the first day. The company disclosed that it received a contact letter from a potential offeror on September 27, indicating a possible conditional voluntary offer for all issued shares. Alibaba Group, its controlling shareholder, is in talks to sell its stake in Sun Art.
New DistributionAll Retail Efforts Are Aimed at Achieving Certainty
All retail efforts are aimed at achieving certainty, which gives customers peace of mind; if certainty is broken, repeat purchases cease. Retailers should focus on cultivating five types of certainty: product, price, quality, time, and service, and maintain them to ensure customer loyalty.
联商网编辑部Mengniu's Lu Minfang: Finally Relieved
Last week, news that Lu Minfang's era at Mengniu Dairy had ended sent shockwaves through the dairy industry. Over the past eight years, Lu led the company with decisive action, driving it onto a fast-growth track. Although he didn't achieve the dual 100-billion-yuan targets for market value and sales simultaneously, he at least brought the company to the threshold of 100 billion. At this point, Lu's clean exit may well be a relief. During the industry's bottleneck period, dairy companies generally face growth challenges, and Mengniu needs a bold leader to break the deadlock. That pressure now falls on Gao Fei. Lu's last public appearance was a warm handshake with Gao at the March results meeting.
陈晓京How Did the Beverage 'Newcomer' Guozi Shule Come to Be?
Guozi Shule, a brand founded in 2019, has rarely been in the news except for angel and A-round funding in 2020 and 2021. Yet, it has suddenly become a concern for industry giants. Its performance shows rapid growth, from zero to 1 billion yuan in two years, and it ranks high in the sugar-free tea category.
聚焦品牌商业价值Giants Must Fight on Two Fronts; Small and Medium Manufacturers Should Switch Battlefields ASAP
Recent data for the first half of the year is as expected—poor. While 66% of listed FMCG companies saw performance declines, 34% grew. The key question is: who grew against the trend and what did they do right? The article argues that the apparent downturn masks the formation of industry endgames, where concentration increases and only a few players survive. Giants must fight on two fronts—competing fiercely for volume while upgrading product structures—while small and medium players should pivot to new battlefields like niche and segmented markets.
刘春雄Plunging 75%! The 'First Stock of Pre-made Dishes' Crashes!
The 'pre-made dishes' sector is collapsing. This year, the A-share 'first stock of pre-made dishes' has faced a double whammy of declining performance and falling stock price. Weizhixiang's financial report revealed a 43.37% year-on-year drop in net profit for the first half, and its stock price hit a low of 16.38 yuan per share on September 18. From its peak, the cumulative decline exceeds 75%, with market value evaporating over 10.8 billion yuan, leaving only 2.793 billion yuan. As the pre-made dishes trend cools, other giants in the sector are also struggling.
侃见财经37 Retail Companies Including Yonghui, Suning, and Zhongbai Release Semi-Annual Reports: 26 See Revenue Decline, 22 See Profit Decline
According to data from the China Commercial Information Center, retail sales of 50 key large retailers nationwide fell by 3.8% year-on-year from January to May 2024. In the first half of 2024, among 37 listed retail companies, 26 saw revenue declines and 22 saw profit declines, reflecting the ongoing challenges in the retail sector.
赵胜男The Chinese Dilemma in Retail
Lagging behind means being vulnerable, a harsh reality for China's retail industry. According to the 2023 China Supermarket TOP100 list by the China Chain Store & Franchise Association, over half of the listed companies saw revenue declines, and half of the top 20 saw both sales and store numbers drop. Learning from advanced Western retail practices is a key option, as highlighted by the new book "King of Sales per Square Foot" by Trader Joe's founder Joe Coulombe, which offers lessons for Chinese retailers.
窄播Condoms: From Past 'Pride and Prejudice' to Present 'Disruption and Transcendence'
In the movie 'Lost in Hong Kong,' a scene features an ad for Elephant condoms, where the brand's integration with the plot left a lasting impression. Elephant founder Zhao Chuan leveraged emotional value and seized four waves of emotional consumption—film, social media, trends, and open culture—to grow the brand to 600 million yuan in revenue within a decade, aiming to become a public social enterprise.
田静Changes in the Braised Food Market: Snack Segment Declines, Meal-Accompaniment Segment Rises
Young people no longer enjoy nibbling on duck necks? A new round of changes is underway in the braised food sector. The snack braised food segment, once rapidly matured by capital, is now showing signs of growth fatigue. Weak consumer spending and a return to rational consumption are gradually bringing braised food back to its original role as a meal accompaniment. This shift in consumption scenarios presents both an opportunity for snack braised food companies to transform and a critical period for a major reshuffle in the meal-accompaniment braised food market. Currently, meal-accompaniment braised food companies are generally small and weak, with no true national brand yet. Perhaps another great era for braised food is on the horizon.
陈晓京