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Wandashan, the "Left Behind" Dairy Giant, Heads South by Tapping into Convenience Store Chains
Wandashan, a veteran state-owned dairy company from Northeast China that has lagged behind for years, is striving to expand beyond its home market. Recently, its customized fresh milk for Guangdong's 7-Eleven stores hit the market, with the first batch entering over 1,800 outlets in the region.
陈泽旋Dongpeng Beverage Plans Hong Kong Listing Next Week with Top-Price HK$248 Issue
In the Hong Kong IPO market, A-shares and H-shares typically trade at a significant discount, but Dongpeng Beverage (Group) Co., Ltd. has broken this convention by pricing its H-share issue at a maximum of HK$248 per share, nearly matching its A-share price of RMB 248.4. This top-price issuance reflects strong confidence backed by substantial capital investment and a robust supply chain.
New DistributionThe Great Offline Reshuffle: Those Who Don't Rebuild Supply Will Be Eliminated
Over the past two months, we visited the market and talked with brand owners, distributors, and retailers. The consensus is that retail is changing so fast that many don't know how to do business anymore. While traditional supermarkets and mom-and-pop stores shrink, new formats like snack chains and instant retail surge. The essence of retail has changed: it's not just about more channels, brands, and promotions, but a deep restructuring of supply methods and business models.
周群293 Prefecture-Level Cities: How Many B2B Platforms Are There in China?
In March 2024, Retail Link announced adjustments and gradually suspended related businesses, leading some in the industry to declare that winter had arrived for B2B. As industry observers, our judgment at the time was that the retreat of giants precisely proved the complexity of FMCG channels, which cannot be easily flattened by burning money or subsidies. The exit of Retail Link actually returned the space once occupied by giants to local markets. Looking back from 2026, our judgment has been confirmed. We see a large number of regional B2B platforms, transformed from major distributors or evolved from unified warehousing and distribution, quietly rising.
New DistributionThe Survival Rule for Enterprises in 2026: No C-end, No Future
Amazon founder Jeff Bezos once said: "I often get asked, 'What will change in the next ten years?' But I rarely get asked, 'What will stay the same in the next ten years?' I think the second question is more important than the first, because you need to build your strategy on the things that don't change. All in on the things that don't change—what an exciting principle." For the FMCG industry, this 'unchanging thing' is the deep cultivation of C-end user value. No matter how difficult it is to advance now, it is urgent to deploy on the C-end.
朱朝阳Zhong Shanshan, Tang Binsen, Zhang Liaoyuan... A Year of Returning to Real Needs: Innovation Strategies of 11 Food & Beverage Leaders
In 2025, the Chinese FMCG industry saw steady growth amid structural adjustments. Leaders like Zhong Shanshan, Tang Binsen, and Zhang Liaoyuan returned to core business principles, focusing on product innovation, channel refinement, and supply chain depth to navigate challenges and seek new growth.
FBIFDistributors: Grab Share, Grab Terminals, Don't Get Left Behind!
At a manufacturer's meeting, a business manager said, 'Local consumers have a special attachment to competing products and only buy them.' The leader retorted, 'If that's the case, we might as well give up on this market.' The reality is that consumer loyalty is not as high as we think. If they only buy competitors' products, it's because your competitive strategy is flawed. Strategically, companies should avoid homogeneous competition, create new categories, and pursue differentiation, especially for SMEs.
金名Top Brands Still Have Their Ace in the Hole!
In 2025, the diversified boom of new retail channels proved that retail efficiency gains significantly undermine brand value, while the rise of private labels further demonstrated brand value depreciation. Retail and brands are in a seesaw battle. This momentum is set to continue into 2026, making the new year even more challenging for FMCG brands. How should brands correctly assess their asset value in a harsh competitive environment? The answer lies in mature Western FMCG markets, where the market itself provides clear guidance.
张振宇China Resources Beverage: A Deep 'Reshuffle'
China Resources Beverage announced a major leadership adjustment: Chairman Zhang Weitong resigned and was succeeded by Gao Li, a veteran with deep financial expertise and nearly a decade of experience at the company. This change marks the culmination of a systematic board restructuring since the second half of 2025, aimed at paving the way for strategic transformation. Facing profound changes in China's beverage market, the company is accelerating its shift from a pure packaged water leader to a 'water + beverage' dual-driven integrated group.
贾白雪Squirrel Convenience vs Taobao Convenience Store: Is the Final Outcome of Instant Retail Already Decided?
As food delivery competition cools, Alibaba and Meituan are battling in the instant retail arena within a 3-kilometer radius. Meituan's self-operated Squirrel Convenience uses a tightly controlled lightning warehouse model, while Taobao Convenience Store, backed by 1688's supply chain, enters with a light-asset strategy. The outcome hinges on winning consumer mindshare for instant delivery.
茶白Distributors: Don't Bet Your Life on a Single Channel
Distributors' sales and profits largely stem from channel strength, making channels not just a means to sell but a core competitive advantage for survival and growth. A diversified channel strategy helps mitigate risks, ensuring business stability when one channel falters. This article discusses how distributors should plan their channel layout for 2026, covering offline and online channels.
高级研究员 海游Forever Flavors: Building a Global Archive of Food Memory
Lee Kum Kee and UNESCO launched a public archive of food stories to preserve living culinary heritage, support intergenerational transmission, and use flavor as a bridge for cross-cultural dialogue.
New DistributionHema's Comeback: From Near Abandonment to a 100-Billion-Yuan Giant
Hema CEO Yan Xiaolei's New Year letter revealed a 40% revenue growth and over 100 million cumulative consumers, with sales nearing 100 billion yuan. After years of trial and error, Hema has pivoted from scattered expansion to a focused, profitable strategy centered on Hema Fresh and Hema NB stores.
茶白The Next Five Years: Who Will Survive and Who Will Be Eliminated?
China's baijiu industry is bidding farewell to high-speed growth and entering a deep adjustment phase of 'stock competition plus structural upgrading,' with volume declining and prices rising. The industry is undergoing comprehensive restructuring in ecology, marketing, and distribution channels, with consolidation accelerating toward leading players and digitalization disrupting traditional models.
思考派Yonghui Superstores Expects 2025 Net Loss of 2.14 Billion Yuan: The Painful 'Pangdonglai-style' Transformation
On January 20, Yonghui Superstores issued a profit warning for 2025, projecting a net loss attributable to shareholders of 2.14 billion yuan, widening from a loss of 1.47 billion yuan in the prior year. The company also expects a net loss after excluding non-recurring gains and losses of 2.94 billion yuan, compared with a loss of 2.41 billion yuan in 2024. The 2.14 billion yuan loss is a stark figure that has dampened enthusiasm for the Pangdonglai model and exposed the underlying challenges of Yonghui's transformation.
何雯Dialogue with Chen Liping: 'De-intermediation' Is a False Proposition!
In the winter of 2025-2026, China's FMCG and retail industry seems to be in a collective 'confusion'. On one hand, there is visible involution: e-commerce platforms compare prices, livestream e-commerce breaks prices, and hard discount stores slash prices. On the other hand, there is a panic spreading deep in the channels—de-intermediation. Platforms shout 'direct sourcing from the source', various new retail models shout 'direct supply from manufacturers', and brands ponder DTC (Direct to Consumer). It seems that overnight, distributors, agents, and wholesalers who have been struggling in this industry for decades have become redundant roles hindering efficiency.
任文青AndyPhilippines Market Entry Guide: Without Mastering Distribution, Don't Talk About Going Global
In the overall Southeast Asia expansion plan, the Philippines is an unavoidable market. Like Indonesia, it is a high-growth, populous market with deep-rooted traditional trade channels. Generally, the Philippines is more challenging than Indonesia, Vietnam, Malaysia, and Thailand. We recommend that brands gradually expand into the Philippines after establishing a preliminary presence in those markets. The retail landscape is heavily offline, with traditional sari-sari stores dominating, and success hinges more on distribution than marketing.
戚特Over 150 Listed Food & Beverage Companies: Nongfu Spring's Market Cap Soars by HK$161.1 Billion; Wanchen Group's Market Cap Surges 162.42%...
In the past year, despite limited capital activities in the food and beverage industry due to various factors, the capital market remains enthusiastic about the sector. A review of 151 listed food and beverage (non-alcohol) companies' market cap changes in 2025 shows that the total market cap of A-share companies increased slightly, while H-share companies saw a significant rise of 19.17%.
让消费更纯粹的Pangdonglai Is Just the Tip of the Iceberg: 12 Other Powerful Local Supermarkets in Henan!
When it comes to Chinese retail, Henan is an unavoidable province. On one hand, Henan has a huge population and a thick consumer market; on the other, consumption and urban structure show obvious multi-center and decentralized characteristics. Different cities have significant differences in consumption radius, business format mix, and demand focus, and retail competition mostly occurs within each city. In such a market environment, it is easier to form a group of regional chain supermarkets deeply rooted locally. They organize products around high-frequency household consumption, continuously invest in procurement, warehousing, distribution, and store operations, gradually establishing stable advantages in their respective cities.
王军Meituan, JD.com, and Taobao Battle in Instant Retail: How Beverage Brands Choose Platforms, Expand Channels, and Drive Growth?
As instant retail grows over 40% annually and is projected to exceed one trillion yuan by 2025, beverage brands face a critical question: how to navigate platforms like Meituan, JD, and Taobao to build supply and traffic capabilities. This article, based on an interview with Wang Meiyi, Operations Director at Qiuyu Technology, clarifies the differences between instant retail and other channels, explains why beverages are a 'golden category,' and outlines platform strategies and core competencies for brands.
品饮汇媒体中心Spring Festival Gift Boxes: Should Distributors Stock Up More?
Spring Festival has always been a key window for observing trends in China's consumer market. For the FMCG industry, Spring Festival gift boxes not only carry holiday consumption demand but also represent the most important concentrated sales period of the year. With less than a month to go before the 2026 Year of the Horse Spring Festival, the question for distributors and retailers has shifted from 'whether to stock up' to 'how to stock, what to choose, and how much to control'—the outcome of this battle will directly affect the operating rhythm for the entire coming year.
simbaVietnam: The Ideal Destination for FMCG New Consumer Brands Going Global
Vietnam, a Southeast Asian market with a population of over 100 million and rising young consumer spending, is becoming a preferred destination for Chinese brands expanding overseas. Despite seemingly familiar consumer logic, the underlying dynamics differ significantly from China. FMCG retail still relies heavily on traditional channels, with mom-and-pop stores, street vendors, and wet markets accounting for over 80% of market volume, while modern supermarkets, e-commerce, and convenience stores are growing rapidly. Overall, Vietnam's channel logic resembles that of China's past, with content e-commerce beginning to boom.
戚特Private Label: Don't Follow the Trend!
Private label is indeed a hot topic recently, with various industry conferences featuring forums on it. Retailers from supermarkets, discount stores, membership clubs, convenience stores to instant retail are all accelerating their move towards private label (PB). However, while many discuss it, few truly succeed. The real challenge lies not in finding factories or imitating products, but in building a closed loop from consumer insight to product definition, quality standards, shelf performance, and data-driven iteration.
周群Farewell to Blind Distribution: How to Make Consumers 'Choose You' in an Era of Oversupply?
The 11th China FMCG Conference will be held in Chengdu from March 16-18, 2026, under the theme 'Advance Toward the C-End.' As the market shifts from incremental growth to an era of oversupply, the industry must redefine the role of intermediaries and build a unified supply-demand loop centered on consumers, making it the key to the next round of growth.
New Distribution