Top 10 snack‑industry events in the retail sector for 2025

Deep adjustment replaces wild growth

The snack wholesale sector in 2025 stopped chasing scale for scale’s sake and shifted into a deeper adjustment phase driven by capital concentration, format innovation and fierce inventory‑market competition. Consumers demanded ever better quality‑for‑price across occasions, pushing firms from single‑category snack shops toward all‑scene community retail. Capital chased scale: head players pursued IPOs to raise funds for supply‑chain upgrades and lower‑tier expansion. How did the market respond? By turning the competition from a store‑count race into a contest over supply‑chain depth, scenario fit, and refined operations.

Capital reshapes the landscape

Two marquee capital moves dominated the year. Wancheng Group (万辰集团) filed for a Hong Kong mainboard IPO on Sept. 23, 2025 as it pushed its Haoxianglai (好想来) discount supermarkets into new provinces; it has been reported that consultancy Zhaoshi (灼识咨询) attributed a 282% GMV jump to the group in 2023–24 and that Haoxianglai was the first snack‑drink retail brand to surpass 10,000 stores. Meanwhile, rival Mingming Hen Mang (鸣鸣很忙) — born of a merger between Snack Hen Mang and Zhao Yi Ming brands — pursued multiple Hong Kong filings and ultimately listed in Hong Kong in January 2026 after attracting global cornerstone investors including Tencent, Temasek and BlackRock, reportedly to the tune of about US$195 million. These Hong Kong listings reflect a broader trend: Chinese retail chains are using A/H or Hong Kong listings to tap international capital even as geopolitical scrutiny and trade‑policy frictions raise the bar for cross‑border investors.

Format experimentation and supply‑chain battles

Format innovation became the breakout theme. Three Squirrels (三只松鼠) opened its first “life‑style” community store, signaling a deliberate pivot from snack brand to full‑category neighbourhood retailer, with a central‑kitchen and cold‑chain model promising same‑day fresh processing and high self‑label penetration. Wancheng’s Haoxianglai emphasized hard‑discount prices, IP toys and daily essentials, claiming 20–30% lower prices than traditional supermarkets through direct sourcing and smart warehousing. These moves illustrate the sector’s new logic: margins now derive from control of sourcing, centralized logistics and private‑label strength rather than rapid franchising alone.

Governance shocks and consolidation pains

Not all transformations were smooth. Bestore (良品铺子) announced the resignation of co‑founder Yang Yinfeng and replaced her with academic supply‑chain specialist Cheng Hong, marking the company’s second leadership change in two years — and a planned state‑backed takeover unraveled when a share‑transfer agreement was terminated. Deals stalled elsewhere too: cross‑brand acquisitions were abandoned amid disputes over core terms, reflecting a sector wrestling with valuation gaps, control rights and strategic fit as it transitions from volume to value. Who survives this reshuffle? Expect fewer, stronger national players and a wave of regional consolidation as investors and managers sort winners from losers.