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Author: Xiao Li Fei Dao, editor: Xiao Shimei

In November, 2023, Yang Yinfen, the new head of Liangpin Store, wrote in an open letter to all employees that the company is facing the most difficult challenge since it started its business, not only the problem of living hard, but the problem of not being able to live. If it remains unchanged, it is really possible to lose the opportunity at the poker table.

This is really not an alarmist.

[Strategic Turn]

At the end of 2023, Liangpin Store officially announced that the average price of more than 300 products of the company was reduced by 22%, with the highest drop of 45%, the largest price reduction in 17 years. This means that good shops have given up the positioning of high-end snacks, and their business strategy has turned to the pursuit of "cost performance".

In fact, in the past many years, the company’s high product prices have not brought higher profits to the brand, but have discouraged consumers and increased business pressure.

Since listing, the revenue of good shops has almost stagnated, and the profit has been negative. In 2023, the revenue was 8.046 billion yuan, down 14.76% year-on-year, and the net profit returned to the mother was 180 million yuan, down 46.26% year-on-year. In the first quarter of 2024, it continued to drop sharply by 58%.

▲ source: Chocie

The profitability of good shops is also deteriorating. The gross profit margin in the first quarter of 2024 was 26.43%, a sharp drop of 6.3% compared with 2015, setting a new low since the financial disclosure data. The latest net interest rate was 2.54%, down 1.59% from 2019. Among them, the sales expense rate is around 20% all the year round, but the R&D expense rate is less than 1%.

Judging from the above core business data, the high-end business strategy of Liangpin Shop has not brought good growth to the company. However, after the strategic shift, the future life is still difficult, because there will be a big price cut.

For good shops, it will be a good result if the price reduction can achieve small profits but quick turnover. But often the ideal is full, and the reality may be very skinny.

In recent years, discounts on leisure snacks have become a common practice. Not only are good shops cutting prices, but three squirrels, herbs and other heads are lowering their bodies to cut prices, not to mention many small and medium-sized brand manufacturers following suit. You drop me, but the total demand of consumers will not change obviously, so the final outcome of price reduction is that it is difficult to make up the price by quantity.

Three squirrels are a typical example. At the beginning of 2023, the company put forward the strategy of "high-end cost performance" and carried out quality improvement and price reduction. However, the total annual sales volume was 68,500 tons, which was 12% lower than that in 2022.

Secondly, the price reduction of good shop products will reduce the company’s gross profit and net profit performance, impact investors’ expectations, and the overall valuation level may tend to move down.

Judging from the advantages and disadvantages of the business model, the leisure snacks where Liangpin shops are located are at the bottom of the whole food and beverage, with low operating threshold, easy price war, rapid changes in consumer demand and low brand loyalty. Unlike high-end liquor, it has high operating barriers, and can continuously raise prices, improve profitability, and the valuation level is often relatively high. In other words, good shops are in a bitter business track, earning hard money.

Good shops don’t cut prices, so it’s difficult to operate! After the price reduction, it may be more difficult to operate!

[Industry changes]

In the past many years, high-end snack enterprises have been competing for market positioning, with good shops, three squirrels and herbs everywhere. Nowadays, the giants are forced by reality to cut prices to survive.

In addition to objective factors such as macro-consumption fatigue, the most important logic is the rapid rise of the snack mass-market store model focusing on cost performance in just a few years, which reshapes the market structure of China leisure snack industry.

From 2021 to 2023, the number of snack discount stores in China increased from 2,500 to 25,000, an increase of 1,000%. It is estimated that it will exceed 30,000 in 2025, and the compound annual growth rate will still exceed 30%. The sales scale increased from 3.7 billion yuan in 2017 to 70-80 billion yuan, with a compound annual growth rate of 112%.

▲ The number of snack shops has expanded rapidly. Source: Dongguan Securities.

After several years of staking, the snack discount market has basically formed a market pattern of "North Wanchen, South Busy, West Ming and East Ming". Among them, the industry leader Snacks is very busy. The number of stores in the group was only 1,150 in 2021, and it has expanded to 6,500 in 2023, more than five times.

In November, 2023, Snacks Busy merged with Zhao Yiming Strategy. In 2023, the new group’s total revenue exceeded 20 billion yuan, and the number of stores reached 10,000, which brought the snack discount war from regional competition to the whole country and crushed other competitors.

Then, why can snack shops rise rapidly?

According to the words of the semi-annual report of Three Squirrels in 2023, the discount snack format is aimed at the bottom consumption demand of "how fast and how good it is", and it will rise rapidly with more abundant zero food and more affordable product prices, and will efficiently undertake the traffic transfer from traditional supermarkets (PS: accounting for more than 40% of sales channels).

Specifically, for example, snacks are very busy, there are more than 2,000 kinds of snacks in Zhao Yiming, and the monthly renewal rate is more than 100 kinds, and the location is near the community or in the commercial area with more people, which can better meet the needs of consumers.

Of course, the most important thing is the price. Discount snack vendors have innovated the snack channel, that is, bypassing the dealers and purchasing directly from the manufacturers, making profits to consumers with lower purchase costs, and finally getting the return of small profits but quick turnover. According to statistics, the average retail price of general discount snacks is about 20%-40% lower than that of supermarkets. This is attractive enough for consumers.

China leisure snacks sales channels, offline is still the main battlefield, accounting for more than 80%. Now, the rise of discount snack mode is regarded as "offline version of Pinduoduo" by the market, which has had a strong impact on the high-end snack price system, including good shops.

Good products are greatly reduced in price and have to be.

[Difficult situation]

In 2012, Yang Hongchun led a good shop to bet wildly on e-commerce channels, laying out Tmall, JD.COM and No.1 stores, and embarked on the road of rising, realizing the leap from a regional snack brand to a snack industry giant.

In 2015, online sales exceeded 800 million yuan. In 2016-2019, online revenue continued to grow, accounting for 33.7% to around 50%. Relying on the e-commerce dividend, the good shop has surpassed the one that still relies mainly on offline channels.

However, in recent years, the pattern of e-commerce platform has been intensified and reshaped, online traffic differentiation has continued, the channel layout of good shops has been unbalanced, and the online growth engine has failed. In 2022, the revenue of e-commerce channels showed a rare negative growth, which worsened in 2023, with a sharp drop of 32.6% year-on-year, accounting for 10.58% to 39.8% of revenue.

The online channels of good shops rely heavily on Tmall and JD.COM, and there is no improvement in the layout of Tik Tok. However, the e-commerce market in Tik Tok has risen rapidly. In 2023, the sales of leisure snacks surged by 53%, eroding the market cakes of Tmall and JD.COM. Looking at peers, the revenue of Tik Tok platform of Three Squirrels surpassed that of JD.COM platform in 2023, with a year-on-year increase of 119%.

In terms of offline channels, good shops still open more direct stores. In 2023, there were 258 self-operated net stores, and the total number of direct stores reached 1256. In the same period, 191 franchisees closed their stores, leaving 2,037.

I’m afraid that blindly opening a good shop can’t stop the business decline. On the one hand, accelerating the opening of direct stores also means higher operating costs, which is also an important factor dragging down performance. On the other hand, the rise of snack discount mode will divert offline traffic, which will also have an impact on the business of good direct stores.

On the other hand, the competitor Yanjin Shop has a profound understanding of the changes in retail channels. As early as the second half of 2021, it began to lay out snack discount channels, and the partner was the industry leader Snacks Busy Group.

In 2023, Yanjin Shop has exceeded 500 million yuan in the busy snack sales channel, accounting for more than 12% of the total revenue, far exceeding the traditional supermarkets such as Wal-Mart and CR Vanguard. In 2022-2023, the revenue of Yanjin Shop increased by 26.8% and 42% year-on-year, and the net profit returned to the mother increased by 100% and 67.8% year-on-year. Its performance is the best among the listed snack vendors.

Good shops don’t cooperate with the channel of mass-selling giants, and may have some concerns and considerations of their own. First, I want to control the offline traffic entrance by expanding the scale of opening a store, and I don’t want to be an "offline platform worker". Second, we set up a discount brand "Snacks Hard Home" to focus on the Hubei market. It was expected that 500 stores would be opened in 2023, but it did not cause much waves in the market.

Yanjin Shop chose to embrace the general trend of channel traffic change, and got a wave of super bonuses, and its performance scale reached a big step. On the other hand, the decision-making of good shops is somewhat slow and chaotic, and some opportunities are missed. Of course, all this has nothing to do with the lack of company supply chain.

Good shops don’t have their own production factories, and the products take the mode of "OEM+OEM". On the one hand, it is difficult to effectively manage and control food safety and quality. For example, on the black cat complaint website, there are more than 2,400 complaints about good shops, including eating foreign objects and moldy food. On the other hand, it can’t enter the retail scene in large quantities like other self-produced brands.

▲ Source: Black Cat Complaint

Yanjin Shop controls the supply chain by itself, which can control the procurement, production and sales, and can extend the upstream and downstream industrial chains, with good cost reduction effect. Its gross profit margin and net interest rate rank NO.1 in the snack industry, which is significantly higher than that of good shops.

Generally speaking, in terms of online channels, the growth engine that relied on in the past has turned off due to the disappearance of the traffic dividend of the e-commerce platform. In terms of offline channels, no effective measures have been taken to deal with the major changes in traffic, resulting in passive operation. Based on this, the capital market has already voted with its feet. The stock price of good shops has retreated by more than 80% compared with the peak in 2020, and the market value has evaporated by 27 billion yuan.

As a result, Yang Yinfen, the new coach, may have to accept the reality that good shops return to mediocrity, and the era of high growth is gone forever. However, the severe test of the market may have just begun.

disclaimer

This paper deals with the contents of listed companies, and is the author’s personal analysis and judgment based on the information publicly disclosed by listed companies according to their legal obligations (including but not limited to temporary announcements, periodic reports and official interactive platforms, etc.); The information or opinions in this article do not constitute any investment or other commercial suggestions, and Market Value Watch shall not be responsible for any actions arising from the adoption of this article.

Among the new generation of actors born after 1995, Zhao Lusi’s existence can be said to be clean.

At the age of 22, her works are prolific. In addition, her acting skills have been recognized by the public. With a series of works, she won a double harvest of word of mouth and popularity. Only five years after her debut, she has achieved the present results, which is really enviable.

When I was a child, Zhao Lusi was not only good-looking but also interesting in soul. She was often praised for her beauty when she was away from home. But Zhao Lusi is a real academic scum.

She once revealed in an interview that she didn’t like studying, and her academic performance was always poor, especially in math. The worst exam only got 16 points. But compared with those artists who come with their mouths open, Zhao Lusi is more real.

Zhao Lusi, who was in high school, uploaded a photo to the Internet. Unexpectedly, it was still on fire, and even turned into a red-hot space network map. Wang Han, the famous host of Mars Intelligence Bureau, invited her to become a senior agent, and Zhao Lusi’s performance in front of the camera was remarkable.

As the director, Wang Han will also ask Zhao Lusi questions from time to time to increase the exposure of some shots.

Later, Zhao Lusi welcomed the second noble, named Yu Zheng, the "star-making machine" in the entertainment circle.

For example, Yang Mi, Zhao Liying, etc., which also proves that Zhengzheng’s vision is still very good. , gave Zhao Lusi the role of female two.

Because Guan Xiaotong, the heroine at that time, the audience preferred Zhao Lusi’s performance because of her modeling and other reasons. Zhao Lusi played such a wonderful role for the first time, which also paved the way for the fire behind.

In 2018. Zhao Lusi finally ushered in the protagonist, starring in the TV series "Oh! My Emperor has been praised by many netizens.

Zhao Lusi’s works occupied the whole hot search list, and the relaxed and funny plot also attracted the attention of many viewers. With the popularity of the plot, everyone finally saw the existence of this precious girl.

Do you like such a beautiful Zhao Ruth? Welcome to leave a message in the comment area ~

Editor in charge:

　　Dongfang. com reporter Fu Wenzhao reported on October 20th: Express delivery is ok, and the box is left. A few days ago, such a strange rule appeared in a university in Xi ‘an. Students queue up at the express delivery collection point to unpack the boxes and pick up the pieces. Once the things they buy involve personal privacy, the scene will be embarrassing … …

School notice

　　It is understood that the express delivery collection point in this university recently received a Notice on the Dismantling of Packages such as Express Delivery Boxes from the school, which requires that the express delivered by the express delivery collection point must be removed on the spot, and the staff will disassemble and flatten the boxes on the spot and stack them neatly. It is strictly forbidden for the picker to take the boxes away. If the collection point fails to be implemented as required, the logistics support department of the school will impose compulsory punishment by means of a fine of 5,000 to 30,000 yuan, suspension of business for rectification, expulsion from school, etc.

　　Regarding this rule, some students said that if the shoe box is dismantled when buying a pair of shoes, "one shoe in each hand is taken back to the dormitory, and then you are treated like a monster when you walk on the road." "If you buy fruit, you can’t take it back one by one." Because there are still students taking the express box away during the execution, the staff of the express point revealed that "the boss has eaten several tickets." Some netizens pointed out that if girls buy personal hygiene products, or personal privacy items such as underwear, do they have to open them on the spot? In addition, there is personal information of the recipient on the box, and some netizens are worried that personal privacy will be revealed.

　　Lawyer Yin Qingli, director of Beijing R&F Law Firm, said that according to the product quality law and contract law, the packaging of products is also an important part of products. For products like fruits, the packaging itself plays a protective role. This method adopted by this university in Xi ‘an will not only lead to inadequate protection of the whole product, but also infringe on the privacy of purchasing these products. This simple practice of the school infringes on the legitimate rights of students.

　　According to the staff of the school office, after students take the courier, it is easy to throw the courier box back to the dormitory, which affects the environmental sanitation. "So let them dismantle the box. If you encounter something more private, you won’t let them tear it down. "

　　Lawyer Yin Qingli believes that the school’s current practice is too simple, and some rules and regulations should be formulated to manage, restrain and supervise the handling of student garbage classification. Schools can give criticism and education to students who violate the relevant regulations on garbage classification, and can also give corresponding warnings or other disciplinary actions according to the seriousness of the circumstances. It should not be so "one size fits all".

Special feature of 1905 film network The 2024 Spring Festival file has entered the countdown. There are 9 films and 7 comedies, and the competition is fierce, competing for "king of comedy". With the opening of the pre-sale, all the publicity is in full swing, hoping to get the audience’s "first ticket" first.

On the seventh day of the Lunar New Year, it seems a little low-key in many comedies. As the only crime action movie, it gives the audience more choices of movie types. As the only Hong Kong film, the luxurious starring lineup also represents the courage of Hong Kong films to fight the Spring Festival again.Choose the wrong peak setting, actively avoid competition with other films, or the film has other considerations.

Off-screen, for the director of the filmDanny PangGenerally speaking, Breaking the War means more.

On December 19th, 2023, Hong Kong director Peng Fa revealed that he owed HK$ 2 million for his wife’s medical treatment and declared bankruptcy because he could not repay it. Shortly after the finalization of "Breaking the War", on January 23rd, Peng Fa said in Weibo that the current financial crisis could be solved due to the development of new cooperative projects, and the earlier bankruptcy application could be withdrawn. This director, whose debut is the pinnacle, definitely has a place in the history of Hong Kong film, but after he went to Hollywood and went north to the mainland, the film quality was mostly less than expected, and he failed to continue to write the past glory.

The movie market and audience still have expectations for Peng Fa. What surprises can Peng Fa give us after the bankruptcy application is withdrawn? Can Broken War make him prove himself again?

The director’s dream of a talented editor

When it comes to Peng Fa, I have to mention his twin brother — — Another Hong Kong director. The audience and film critics called them the Peng brothers. Just like the Cohen brothers and Luc Dardenne in the world cinema.

They were born in the glorious period of Hong Kong movies. Since childhood, they have either watched movies or discussed ideas and stories, and they are looking forward to making these fantastic ideas into movies one day. At the age of 15, my brother Peng Shun found a S16 camera and made an experimental short film. This was the first time for the two brothers to be directors, and they wanted to be closer to the real movie.

Seven years later, Peng Fa became an editor, while Peng Shun focused on color mixing. They started from technical positions and entered the film and television industry for more than ten years.

In 1998, Peng Fa won the Best Editing Award at the 18th Hong Kong Film Awards, which was his first prize. After more than ten years of hard work, he became a top editor in Hong Kong, and more importantly, he finally caught up with his brother Peng Shun.

At that time, Peng Shun was already a well-known colorist in Asia, developed in Thailand, made many advertisements, MV and TV series, and got the opportunity to shoot his own film debut "Who’s Running? And was nominated for the New Wave Award of Busan International Film Festival. It was only that year that another young director from Shanxi finally stood at the award ceremony. His name was.

Soon after, the two brothers finished a script with almost no lines about a deaf-mute killer — — They decided to be directors together as they were children.

With superb editing, Peng Fa told a story with almost no dialogue. Later, this Thai film with a strong Hong Kong film style won the four awards of Best Director, Best Film, Best Actor and Best Editing in one fell swoop, and also won the International Film Critics Award at the Toronto International Film Festival. The brothers’ first work was a great success.

Born in Hong Kong and raised in Thailand, Applause Pictures was just established, and it was in urgent need of cooperation from new directors. As one of the judges of the Thailand Golden Awards that year, he took a fancy to the Peng brothers and invited them back to Hong Kong to make movies, which would also open the golden age for the Peng brothers. With their respective advantages, they constantly refreshed the creative ceiling of horror movies, won numerous international film festival awards, and went to Hollywood to make movies and cooperate with other stars.

After returning to Hongkong, Peng Fa worked as the editor of a series of trilogy, won the best editing award of the Academy Award again with Infernal Affairs 1, and was nominated for the best editing for three consecutive times. In the works directed by himself, he also makes good use of editing thinking, guides the audience’s emotions with the combination of lenses, and creates a feeling of horror and horror.

This talented editor’s directorial dream, which is the peak of his debut, seems to have a perfect ending, just like the plot of a movie, but the reality is not a movie, and life goes on.

In 2009, the "Fengyun" series filmed a sequel, and the original team returned. The former editor has taken the position of director, but compared with the success of his previous work of HK$ 41.5 million, his word-of-mouth and box office have dropped significantly.

At the same time, Peng Fa has gone further and further along the creation of horror movies, but the genre of this theme is extremely small. When the narrative is modeled, the movies are produced like an assembly line, and the final results are not satisfactory. Many directors have been making the same film all their lives, and Peng Fa is obviously more extreme.

Silent North Hong Kong Director

With the signing of CEPA agreement and the development of the mainland film market, more and more Hong Kong directors choose to "go north" to make films in the mainland.

,,, Chen Kexin, … These directors all ushered in a new creative stage after going north, which also made many Hong Kong stars glow with "second spring".

Except for these great directors, the situation of other directors is different.

In 2013, after the Peng brothers went north, they directed a co-production film between the mainland and Hong Kong, and tried the theme of disaster film for the first time. Actors,,, starring, the lineup is luxurious, but unfortunately the final word of mouth and box office have a certain gap with expectations. However, in this film, we can vaguely see that they are good at integrating the thriller elements into the disaster theme.

Since then, the two have stopped directing films together and started their own development.

Peng Fa has filmed youth themes, suspense themes, and participated in the screenwriter of the comedy film Let That Girl Go, but failed to give full play to his creative advantages, and both box office and word of mouth failed, and began to be criticized as a "bad film director".

After being frustrated, Peng Fa has made many films with horror themes, but the comfort zone has not become the "ruling area" of Peng Fa. Apart from various factors, people can’t help but question, "Is this Peng Fa’s film?"

Later, Peng Fa turned to shoot action movies, but the result was still regrettable. Although he expected to reproduce the classic "Silent Fire" in the era of "Peng Brothers" and direct the theme of criminal action, the miracle did not happen, and the box office barely exceeded 20 million.

The expectation of the new film "Broken War" is also not optimistic, which is largely influenced by the failure of "Trapped Beast". "Broken War" and "Trapped Beast" have the same configuration: Hong Kong star lineup+action crime+director Peng Fa. However, it is still worth looking forward to whether "Broken War" can learn from the creative experience of previous works with the same theme and improve the quality of its works.

Peng Fa, like a paranoid player, assigned all his talent points to the skill tree of editing and horror in movie games.

After going north, he failed to give full play to his own advantages and misjudged the situation in the mainland market. With the rapid growth of mainland movies and audiences, the once classic meta-narrative and the competitiveness of the theme of tiger balm are no longer the same.

Bankruptcy application is submitted and withdrawn.

Before filing for bankruptcy, Peng Fa was filming a TV series in the Mainland. After learning of his wife’s illness, he was worried that he would not see his wife for the last time. He decided to pay liquidated damages and return to Hong Kong. Previously, he also signed a contract for a mainland film, but due to the continuous delay of the shooting date, he was unable to pay the medical expenses without compensation. In addition, due to the particularity of the director’s career, there was no fixed salary certificate, so he had to borrow from the private sector.

The dilemma of filmmakers is finally solved by film.

Peng Fa wanted to take care of his wife and return to his old job, but he could hardly get the job of editing. Fortunately, my brother Peng Shun gave him support. After the wife of the actor who had worked together knew his predicament, she gave him a sum of money in the name of director’s fee for emergency. Colleagues in the film industry also helped him introduce job opportunities and give him care and support.

The new project of Alibaba Pictures cooperating with Hongkong Universal and Peng Fa has enabled him to withdraw his bankruptcy application and rekindle his hope. Compared with fundraising, filmmakers help directors in the form of work. Not only let Peng Fa display his strengths, but also let him get through the current difficulties.

At present, Peng Fa has a new film project, but also a film to be released."Dragon and Child" and "The Golden Cicada Demons" are Peng Fa’s first attempt at fantasy adventure themes, which have been finished.Regenerated manPeng Fa’s first science fiction film. Tentatively scheduled to be released in 2025Fortress of moneybywang qian yuan、William Feng、Ju Jingyi; Kiku、Danny ChanWith the leading role and the help of luxury actors, Peng Fa once again challenged crime movies.

The director is the operator of the movie dream machine, while Peng Fa connects dreams with reality and witnesses the silent majority. The achievement of Breaking the War after its release is undoubtedly an important battle for director Peng Fa to prove himself, but no matter what the result is, Peng Huifa is creating infinite possibilities.

Increasing income does not increase profit! The number of closed stores is greater than the number of new stores, and the goal of "thousand stores" of good shops is suspected of cutting leeks!

Good shops have always regarded themselves as "high-end" snacks, but high-end in consumers’ minds means expensive.

Snacks should be able to taste a delicious and economical comfort when you are tired, and bring relief to your tired body. However, when consumers find that snacks have become a high-priced commodity and feel that the pain of wasting their wallets even exceeds the delicious enjoyment, snacks have also become a problem.

Therefore, despite the rapid rise of good shops, neither product breakthrough nor brand positioning has achieved good results.

Judging from the financial and operating data disclosed by good shops in recent years, the operating ability of good shops is lacking.

From a longer time dimension, in the past three complete years, there has been a situation of "increasing income without increasing profit" in good shops. In 2020, good shops achieved revenue of 7.894 billion yuan and net profit of 344 million yuan; However, by 2022, its revenue has increased to 9.44 billion yuan, but its net profit is only 334 million yuan.

At the same time, the online business growth of good shops is also weak. In 2022, the online main business income of Liangpin Shop was 4.698 billion yuan, down 3.29% year-on-year.

In this context, the company’s share price has also entered a downward trend. On July 15, 2020, the stock price soared to 86.52 yuan/share, with a market value of nearly 30 billion. In contrast, today’s share is 24.84 yuan, the total market value is less than 10 billion yuan, and the market value has evaporated by about 20 billion yuan.

For an enterprise that has been firmly established in the market for 16 years, the predicament of the good shop is undoubtedly the most difficult moment in its history.

First, the number of closed stores is greater than the number of new stores, and the goal of thousands of stores is suspected of "cutting leeks"

In addition, following the hot spots in the market, Liangpin Store began to sell Xiaoqing Lemon Juice, a very popular drink at present, and put this product in the most conspicuous position in the freezer of the store.

In recent investment activities, regarding issues related to store expansion, Liangpin Store said: "While polishing the model of big stores, the company opened 80 new stores in the first quarter. In the second and third quarters, the company will speed up the pace of opening offline stores and make efforts to achieve the goal of opening 1,000 new stores throughout the year. "

However, the goal of a thousand shops in a good shop seems as empty and empty as its "high-end" slogan.In the first quarter of this year, the number of newly opened stores in Liangpin shops was 80, while the number of closed stores reached 122, which was higher than the number of newly opened stores. According to the progress in the first quarter, only 320 good shops can be opened a year. At the same time, even if the accelerated process reaches 1,000 in the later period, the number of closed stores of good shops may far exceed the number of new stores according to the ratio of opening stores to closing stores in the first quarter.

At the same time, from the point of view of the number of stores in the past three years, the number of closed stores of good shops has also increased rapidly while the number of new stores has increased rapidly, which has led to the net growth of no more than 300 stores in 2020-2022. Taking 2022 as an example, the number of good shops increased by 720, but the number decreased by 468 in the current period.

As can be seen from the number of stores opened in the past, franchise stores are the main driving force for the growth of new stores in good shops. Behind the high rate of opening and closing stores is the high joining cost of good shops.

According to the official website data of good shops, the minimum joining cost of good shops is 475,000 yuan. Among them, the performance bond is 100,000-200,000 yuan, the brand use cost is 45,000 yuan /3 years, the store decoration cost is 180,000-220,000 yuan, and the shelf/electronic equipment is 150,000-250,000 yuan.

On the online platforms such as Xiaohongshu and Tik Tok, some users said that the joining cost of good shops is high, and it is difficult to make a profit when the daily operating income reaches 7,000 yuan. According to preliminary calculation, in the north, Guangzhou and Shenzhen, according to the monthly rent of 25,000 yuan plus 14,000 labor and miscellaneous expenses, the annual cost of good shops will be 468,000 yuan. Even if it is estimated by the lowest joining cost and 30% gross profit margin, it will take two years to return to the capital, and the daily break-even will reach 6000 yuan in operating income.

In the stock bar, the joining of good shops has triggered a discussion. Some investors’ views are very sharp, and they compare the existing joining mode of good shops to "cutting leeks". According to these viewpoints, this model is more like opening a new branch with the funds of franchisees, but it fails to give them corresponding support and profit return. Therefore, franchisees have suffered great risks and pressures, and good shops have benefited from this. In the eyes of investors, this model is no different from "cutting leeks", that is, it constantly attracts new franchisees to invest, but fails to give them due returns and makes them suffer losses in investment.

The current dilemma faced by good shops is that it has become an inevitable choice to improve their performance by opening new stores. If we don’t continue to open new stores, the number of stores closed for various reasons will continue to increase every year. In 2022, for example, a total of 409 stores were closed, of which 235 were closed due to losses and 93 were closed after active optimization.

Therefore, if we do not continue to open new stores, the growth of operating income of good shops will be difficult to maintain. At the same time, the newly opened franchise stores can continue to promote the growth of operating income of good shops through procurement.

In confirming the income of franchise stores, the practice of good shops is to "confirm the income according to the expected amount of consideration when the control of related goods is transferred to franchise stores". Before the listing, the strategy adopted by good shops was "when the franchise stores sell goods to consumers, and confirm the income when the goods are delivered to the end consumers and get the right to collect money". The change of this policy has also attracted the attention and discussion of investors.

Second, major shareholders have repeatedly reduced their holdings, and the decline in stock prices has attracted market attention!

In the face of the gradual decline of e-commerce dividends, the growth momentum of good shops is facing major challenges. This anxiety is widely perceived by investors, and its major shareholders are constantly selling stocks. Recently, the early institutional investors of Liangpin Store, who have been with Liangpin Store for more than ten years, have also reduced their holdings on a large scale.

On June 9, 2023, Liangpin Store received the Notice on the Implementation of Reduction from shareholder Dayong Co., Ltd. From May 25, 2023 to June 8, 2023, Dayong Co., Ltd. reduced its shares by 4,647,000 shares through block trading, with a cumulative reduction ratio of 1.16%.

It is understood that Dayong Limited holds as much as 30.30% of the shares in good shops, making it the second largest shareholder of good shops. This time, Dayong Co., Ltd. plans to reduce the company’s shares by centralized bidding or block trading, with a total of no more than 24.06 million shares, that is, no more than 6% of the company’s total share capital.

The actual investor hidden behind Dayong Co., Ltd. is today’s capital, a well-known investment institution. As early as 2010, today’s capital saw the development potential of the good shop, invested in the company and became its early shareholder. Later, today Capital transferred its shares to Dayong Co., Ltd. as an indirect way to hold shares in Liangpin Store. In the recent reduction action, today’s capital may realize a gain of up to 700 million yuan through cash.

Xin Xu, the head of today’s capital, who is widely praised as the "Queen of Venture Capital", is a prestigious figure in the investment community. She has successfully invested in Wahaha, Yifeng Pharmacy and other well-known brands, and won wide acclaim in the industry by virtue of her profound insight into consumption trends in the primary market.

In the past ten years, today’s capital has consistently supported good shops. However, today’s substantial reduction and cash-out of capital undoubtedly reflects investors’ re-evaluation of the future development prospects of good shops.

What is even more worrying is that it is not the first time that a good shop has been reduced by a major shareholder. Starting from March 2021, Gaochun Capital began to reduce the number of good shops by clearance. On November 20, 2022, Liangpin Store announced that three investment companies under Gaochun Capital, namely Zhuhai Gaoyun, Hong Kong Gaoyun and Ningbo Gaoyun, announced that they planned to reduce their holdings by no more than 22.29 million shares (no more than 5.56% of the total share capital), which was only one step away from the clearance.

At present, Gaochun Capital has reduced its holdings of 2,240,021 shares through centralized bidding, accounting for 0.56% of the company’s current total share capital, and the remaining shareholding ratio is only 5%. At the same time, Gaochun Capital also plans to continue to reduce the shares of good shops through centralized bidding from June 28, 2023 to September 25, 2023.

In the face of the reduction of major shareholders and the continuous decline of stock prices, investors’ worries and dissatisfaction are gradually heating up. In an interactive session of investors, a question stands out, that is, whether the company has formulated an appropriate market value management strategy to deal with this situation, and whether the unilateral decline of the stock price has attracted the attention of the company management team.

What’s more interesting is that some investors have further questioned whether the company’s shares were shorted by large-scale securities lending, and whether an investor seminar should be organized immediately to answer all investors’ doubts. Investors also stressed that every minority shareholder is not only a consumer, but also a disseminator of the company’s brand. Therefore, excellent market value management will undoubtedly be the most substantial return to minority shareholders.

However, there are also views that the selling behavior of major shareholders to good shops is not unexpected. As a matter of fact, the challenge faced by good shops is not limited to finding new growth points. The more serious problem is that their competitive defense line in the old business field is not stable, and a large number of emerging consumer brands are eyeing the market share of good shops.

For more reports about this article, we have published it on Hexun Finance APP. The app store searched for Hexun Finance, downloaded and participated in the index guessing activity to win the JD.COM card and the cash prize of 10,000 yuan.

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Representatives of the winners of the world’s leading Internet scientific and technological achievements release event took a group photo as a souvenir. China Net reporter Dong Ning photography

　　China Net News (Reporter Dong Ning) On the afternoon of November 23, 2020, the 2020 "World Internet Leading Scientific and Technological Achievements Release Event" sponsored by the National Internet Information Office and the Zhejiang Provincial People’s Government was successfully held in Wuzhen Internet International Convention and Exhibition Center, which was the fifth time to hold the world Internet leading scientific and technological achievements release event.

　　The launch event is closely related to the world internet conference Internet Development Forum "Digital Empowerment for the Future — — The theme of "Building a Community of Cyberspace Destiny Together" has created a platform for top-level scientific and technological exchanges, digital economic development and fighting the epidemic. A total of 15 representative leading scientific and technological achievements at home and abroad including Tencent, Ali, Baidu, Microsoft, Qualcomm, SAP and Kaspersky were selected for the launch.

　　The "World Internet Leading Scientific and Technological Achievements Release Activity" aims to show the latest scientific and technological achievements in the global Internet field, promote the concept of Internet technology innovation, green, tolerance and sharing, highlight the extraordinary contributions of practitioners in the Internet field, and build an all-round innovative exchange platform. Since the announcement of the results collection notice in early August, it has received extensive attention and positive response from the global Internet field. This year, more than 300 leading scientific and technological achievements were collected from China, the United States, Russia, Germany, France, Sweden, Canada, Belgium and other countries and regions. The declared projects focused on five major application fields, including industrial recovery and coordinated development, digital social governance, global public crisis response, artificial intelligent cloud life and green digital public welfare practice, covering quantum computing, satellite Internet, artificial intelligence, high-end chips, 5G network architecture and applications.

　　Previously, nearly 40 well-known Chinese and foreign experts in the Internet field formed the "Expert Recommendation Committee of World Internet Leading Scientific and Technological Achievements", with Wan Gang, Vice Chairman of Chinese People’s Political Consultative Conference, Chairman of Zhi Gong Dang Central Committee and Chairman of China Association for Science and Technology, as honorary director, Wu Hequan, academician of China Academy of Engineering, as Chinese director, and Wiener Zorn, the "father of German Internet" and Internet Hall of Fame winner, as foreign director. The announcement was also specially recommended by the director of the Chinese and foreign expert recommendation committee by Tsinghua University and other four companies, which was used to encourage more scientific and technological talents and enterprises around the world to actively participate in scientific and technological innovation, make unremitting explorations in basic theories and other fields, and contribute wisdom and strength to the better life and development of mankind in the future.

　　According to the principle of "fairness, justice, objectivity and authority" and finally recommended by the expert recommendation committee, the owners of 15 representative leading scientific and technological achievements this year released and displayed their achievements in the form of on-site or remote video, and won commemorative trophies and certificates issued by the world internet conference Organizing Committee. This launch event has aroused enthusiastic response at home and abroad, and attracted the attention of global scientific and technological fields and netizens.

Wu Zurong, vice president of Tencent Cloud and head of Tencent Conference, as a representative of the special achievements of "Science and Technology Fighting", introduced the experience and practice of Tencent Conference in helping to resume work and industrial recovery during the epidemic. China Net reporter Dong Ning photography

Liu Yunjie, academician of China Academy of Engineering and president of Jiangsu Future Network Innovation Research Institute, released the service-oriented future network test environment and technological innovation achievements. China Net reporter Dong Ning photography

Jiang Jiangwei, partner of Alibaba Group and general manager of Alibaba Cloud Basic Products, released the leading scientific and technological achievement, Shenlong: a new generation of software and hardware integrated virtualization technology architecture. China Net reporter Dong Ning photography

Pan Jianfeng, chief scientist of 360 Group, released the leading scientific and technological achievement: 360 holographic star map network space mapping system. China Net reporter Dong Ning photography

Qi Xiangdong, Chairman of Qi Anxin Group, released the leading scientific and technological achievement: a new generation of enterprise network security framework. China Net reporter Dong Ning photography

Pan Gang, a professor at Zhijiang Laboratory of Zhejiang University, released a leading scientific and technological achievement: a neuromimetic brain-like computer with billions of neurons. China Net reporter Dong Ning photography

Li Zhenyu, vice president of Baidu Group and general manager of intelligent driving business group, released the leading scientific and technological achievement: ACE Intelligent Transportation ACE Intelligent Transportation. China Net reporter Dong Ning photography

Yu Kai, the founder and CEO of Horizon, released the leading scientific and technological achievement: the in-vehicle artificial intelligence computing chip. China Net reporter Dong Ning photography

Shi Jilin, vice president of Huawei, released leading scientific and technological achievements, Agent: Intelligent Upgrade Technology Reference Architecture. China Net reporter Dong Ning photography

　　Attached:

　　List of 15 Achievements of "World Internet Leading Scientific and Technological Achievements Publishing Activities" in 2020

　　First, the "science and technology against epidemic" special release results (1)

　　1. Science and technology are good, and cooperation is seamless — — Tencent conference practice

　　— — Shenzhen Tencent Computer System Co., Ltd.

　　2. Big data platform for epidemic prevention and control and resumption of work and production.

　　— — China electronic science and technology group company electronic science research institute

　　3. SAP’s early warning system for close contacts in Covid-19 based on distributed and open source technology.

　　— — SAP China Co., Ltd.

　　4. novel coronavirus National Science and Technology Resource Service System

　　— — institute of microbiology, chinese academy of sciences

　　5.AI is anti-epidemic — — The overall solution of unmanned distribution in Meituan

　　— — Beijing Sankuai On-line Technology Co.,Ltd

　　Second, independent publishing results (14 items)

　　1. Service-oriented future network test environment and technological innovation

　　— — Jiangsu province future network innovation research institute

　　2. Shenlong: a new generation of software and hardware integrated virtualization technology architecture

　　— — Alibaba cloud computing co., ltd

　　3. 360 Holographic Star Map Network Spatial Mapping System

　　— — Sanliuling security technology co., ltd

　　4. Endogenous security — — New generation enterprise network security framework

　　— — Qi Anxin science and technology group co., ltd

　　5.RINA Europa Air217: Implementation of Recurrent Internet Architecture (RINA) in Smart City Project "La Base 217"

　　— — RINA Europa

　　6. Neuromimetic brain-like computer with billions of neurons

　　— — Zhejiang University, Zhijiang Laboratory

　　7. Qualcomm Snapdragon X55 5G modem and RF system enabled the first batch of 5G IoT terminals and applications in China to land.

　　— — Qualcomm technology company

　　8. Horizon Journey 2— — Vehicle-mounted artificial intelligence computing chip

　　— — Beijing horizon robot technology research and development co., ltd

　　9. Development of the first star of Galaxy Space and technical verification of satellite Internet.

　　— — Galaxy Aerospace (Beijing) Technology Co., Ltd.

　　10. "Design is Safety" Industrial Gateway -IKS1000GP

　　— — Kaspersky and its subsidiary APROTECH

　　11. Key technologies and applications of intelligent minimally invasive medical equipment system with man-machine collaboration.

　　— — Hefei University of Technology

　　12.ACE intelligent transportation

　　— — Baidu.Com

　　13. Microsoft Surface Duo

　　— — Microsoft corporation

　　14. Agent: Intelligent upgrade technology reference architecture

　　— — Huawei technologies co., ltd.

　　List of four achievements specially recommended by Chinese and foreign directors of the world Internet leading scientific and technological achievements expert recommendation committee.

　　1. A brain-like computing system hierarchy

　　— — Tsinghua University Brain Team

　　2. Man-machine cooperative operating system

　　— — Yuncong science and technology group co., ltd

　　3. Vehicle and ship safety supervision and information service system based on Beidou+Internet.

　　— — China traffic communication information center

　　4. Godson 3A4000/3B4000 processor chip

　　— — Longxin zhongke technology co., ltd

Recently, a group of mysterious road test spy photos of large luxury cars have attracted wide attention in the circle of car bloggers. Although the vehicle is covered with camouflage, its huge body and powerful gas field are still eye-catching, and its size is expected to be equivalent to that of top luxury models.

It is reported that this new car is probably the product of HarmonyOS Zhixing’s "Fourth World" brand-Zunjie, which was jointly launched by Huawei and Jianghuai Automobile. The rear wheel steering function of this model shows its high-end configuration. At the beginning of this month, Yu Chengdong, CEO of BU, Huawei’s smart car solution, officially announced that the English name of Zunjie brand is MAEXTRO, and the first product has entered the stage of vehicle verification, which is expected to be off the assembly line at the end of this year and officially listed in the first half of next year.

"Zunjie" brand aims at benchmarking ultra-luxury brands such as Maibakh and Rolls-Royce, positioning itself in the ultra-high-end market, and the estimated price will reach one million yuan. The cooperation between Huawei and JAC is not limited to this luxury car, but will also expand to the MPV market of one million yuan. These models are expected to be produced through JAC X6 platform, with an annual production capacity of 35,000 vehicles.

According to informed sources, JAC Automobile is accelerating the recruitment of Huawei-JAC "Zunjie" project, involving quality system experts, quality evaluation experts, product line quality experts, production quality experts, vehicle quality experts, etc., to ensure the smooth progress of the project. At present, JAC hopes to build 38 test vehicles, so as to comprehensively test and verify the first model.

　　Huang Xiaoming is an outstanding public welfare rising star in 2009. The Love Ambassador of UNICEF Hong Kong Committee, the Volunteer Publicity Ambassador of Shanghai World Expo and the Panda Love Ambassador of China Research Center for the Protection of Giant Pandas are all not empty titles. He is always thinking about his mission with heavy responsibilities. In addition to evenly allocating time to do the duties of various ambassadors, his long-term support for the post-earthquake construction in Wenchuan is also very eye-catching. He not only funded more than 30 poor students in Sichuan, but also funded the construction of school buildings.

Public welfare declaration: charity is like long-distance running.

　　After serving as UNICEF’s love ambassador, Huang Xiaoming led a charity long-distance running with 8,500 people and raised 5.8 million donations for the disaster-stricken areas; Participated in the "Wolong Panda Grateful China Miles" activity, and also celebrated the birth of the adopted panda children "Ping Ping" and "An An" in Taiwan Province; Go to Sichuan to build the first "safety emergency experience classroom"; The first anniversary of the Wenchuan earthquake advocated "512 I want to love", and Huayi Stars responded; Donate 200,000 yuan to the children in the disaster area in Ya ‘an; Donate NT$ 1 million for the flood in Taiwan Province & HELIP; … In the long-distance running of charity, Huang Xiaoming galloped ahead and didn’t fall behind.

Seeing the new generation of FAW-,the line design is completely new. Generally speaking, the front face shape of the new generation FAW-Volkswagen CC has become more exquisite, and some protruding lines have been added to the hood, which looks quite muscular. The headlights with bright spots on both sides have a patchwork of internal light groups, and they are bright when lit. From the side of the car body, the new car is still elegant in appearance, and the tradition of wide C-pillar continues. In the design of the tail shape, this model has shaped the sports posture, and the design of the L-shaped taillight is also interesting, which is very personalized after lighting.

The interior style of FAW-Volkswagen CC is quite classic, and the visual effect is a highlight without losing the sense of hierarchy. In similar price models, this design can make people simple. Because the steering wheel is wrapped with leather material, it performs very well in texture and touch, and supports the steering wheel heating function. The central control is made of plastic, leather and metal, and the materials and workmanship look quite satisfactory. The 8.0-inch central control color large screen is simple but fully functional in screen design. The front row is also equipped with a dual-temperature automatic air conditioning control system, which can freely debug the most comfortable space atmosphere. Leather seats look very textured.

FAW-Volkswagen CC has a car length of 4869mm, a car body width of 1870mm and a wheelbase of 2841mm, which is quite satisfactory. In the same class, the wheelbase of FAW-Volkswagen CC ranks fifth. This size exceeds most models in its class. The actual interior space performance is also very good. From the actual ride experience, the front and rear rows are relatively spacious. The design of skylight also increases the subjective space feeling of front and rear passengers. The space is relatively regular, without obvious protrusions, and the overall loading capacity is good.

FAW-Volkswagen CC is equipped with a 2.0 engine with a maximum output of 162kW and a maximum torque of 350Nm. The whole power parameters are superior in power performance among engines of the same class, which can provide better power performance. FAW-Volkswagen CC’s official measured acceleration score is 7.9S, ranking 9th among 180,000-250,000 medium-sized car models.

The active/passive safety configuration of FAW-Volkswagen CC is complete, includingAutomatic parking、Zero tire pressure endurance tire、Automatic parking、Steep slope descent、hill start assist control、knee airbag、HUD head-up display、Anti-lock braking (ABS)、Braking force distribution (EBD/CBC, etc.)、Brake assist (EBA/BAS, etc.)、Traction control (ASR/TCS, etc.)、Active noise reduction、Engine start and stop、Side safety air curtain、Wireless charging of mobile phone、night vision system、LED daytime running lights、Forward reversing radar、Tire pressure monitoring、Steering wheel heating、Body stability control (ESP/DSC, etc.)、Rear reversing radar、Fatigue reminder、Remote parking、Child seat interface、Lane keeping (LKAS)Equal configuration.

Among them,Automatic parkingYou can avoid stepping on the brakes for a long time or needing to pull frequently;Steep slope descentCan safely pass through steep slope road conditions at low speed;knee airbagReduce the injury of the car interior to the occupant’s knees in the secondary collision.

In addition to the above description, we can also go to the Easy Car Forum to browse more real car feedback from actual buyers, or use our experience.

Nowadays, many consumers don’t pay much attention to the cost of car use, but they are more concerned about whether a car can meet the individual needs. There are many choices in the joint venture car. Today, Honda CR-V is brought. The following small series will tell you in detail.

First of all, from the appearance, the front face of Honda CR-V is very domineering, and it adopts a large mouth net, which is very recognizable. Headlights are very in line with consumers’ aesthetics and their shapes are very eye-catching. The car is equipped with LED daytime running lights, automatic opening and closing, adaptive far and near light, delayed closing and so on. Coming to the side of the car body, the size of the car body is 4703MM*1866MM*1680MM, and the car body looks very simple with simple and fashionable lines. With large-sized thick-walled tires, the overall visual effect is very simple. In the design of the rear end, the rear end looks more fashionable and generous, the taillight style is deeper, and the exhaust pipe adopts a hidden shape, which is neat and vivid.

In terms of interior, Honda CR-V interior enhances the visual sense of exquisiteness, and the overall appearance is very full. The steering wheel of the car is well designed, equipped with the functions of manual up and down+front and back adjustment, which gives people an impulse to control it. Take a look at the central control. The design of the center console is reasonable, which makes the interior style impressive and meets the aesthetic standards of most consumers. Finally, let’s look at the dashboard and seats. The Honda CR-V dashboard uses a suspended design, which looks very fashionable and generous. The car uses leather seats, which are wide and thick, further improving the comfort of drivers and passengers.

Honda CR-V is spacious in the back row, with a certain amount of headroom in the head and legs, which can be said to be more than enough for daily household use. In addition, the car is equipped with fatigue warning, anti-lock braking (ABS), LED daytime running lights, brake assist (EBA/BAS, etc.), braking force distribution (EBD) main driving airbag, co-pilot airbag, knee airbag, side airbag curtain, front side airbag and other safety configurations.

After reading this car, I believe you also have a general understanding. This level of models can often take into account the cost performance and practicality, and is often considered by most consumers as the first choice when buying a car.