【华泰消费】New Consumption Series Report 3 - Snack Bulk Retailing: Expansion + Efficiency Improvement Jointly Drive Leading Companies' Takeoff

English summary

The snack bulk retailing industry is in a new stage of rapid market expansion and simultaneous quality and efficiency improvement of leading companies. With efficient supply chain and high-turnover system, snack bulk retailing meets consumers' cost-performance and emotional value needs, achieving structural replacement of traditional snack channels. After the subsidy war in 2024-25 and the settlement of competitive landscape, the industry's two leaders have begun a new journey of refined cultivation; the dividends of category expansion and operational efficiency improvement are just beginning, expected to continuously consolidate barriers and broaden customer boundaries. Leading companies have broad medium-to-long term growth space. Continue to strongly recommend 鸣鸣很忙 and 万辰集团. The snack and beverage industry still has broad penetration space; the two leaders are expected to continue integrating the market. 1. Snack bulk retailing has outstanding payback period, turnover efficiency, and stability, and franchisees are highly motivated. We estimate the industry store space will be about 90,000-109,000 by 2029, and long-term space may exceed 120,000; leading companies may increase to 40,000-50,000 stores. 2. In 2025, 鸣鸣很忙 and 万辰集团 combined GMV market share has exceeded 75%, expected to continue integrating the market. ...