中國知名零食品牌「良品鋪子」近年陷入前所未有的經營困境。作為曾經的「高端零食第一股」，它曾以精緻包裝與差異化定位在零食市場中脫穎而出，但如今卻出現營收與利潤雙雙下滑、頻繁更換高層、關店潮湧現等連鎖危機。

根據公司於2025年10月29日晚間公佈的三季報數據顯示，良品鋪子在今年前三季度實現營收41.40億元人民幣，較去年同期下降24.45%，而歸屬於上市公司股東的淨利潤更慘烈，由盈轉虧至虧損1.22億元，同比暴跌730.83%。這份財報揭示出企業內部結構性問題的全面爆發，也讓市場對這個老牌零食企業的未來感到憂慮。

公司在公告中坦言，業績急劇惡化主要有幾個原因。首先，良品鋪子近年進行大規模的「低效門店淘汰」，導致門店總數明顯下降。僅上半年就關閉了約430家門市，這直接削弱其線下銷售規模。其次，隨著線上電商競爭加劇，公司為維持曝光與流量，不得不投入更多資金在流量推廣上，使得成本持續上升。同時，公司理財收益、利息收入以及政府補助等非主業收入也出現下滑，進一步壓縮利潤空間。

此外，市場競爭格局的變化也是良品鋪子失勢的重要背景。近兩年，國內零食市場從「高端化」逐漸轉向「性價比」導向。面對「三隻松鼠」「來伊份」及新興品牌如「詩禮堂」「零食很忙」的強勢崛起，良品鋪子嘗試調整策略，推出超過300款降價產品，試圖以價格戰挽回消費者。然而，降價行動未能帶來預期效果，反而暴露出品牌定位模糊、產品創新乏力等深層問題。

更雪上加霜的是，公司在短短兩年內兩度更換董事長，顯示管理層方向搖擺與內部決策不穩。去年原本傳出將被收購「易主」的消息最終也以失敗告終，使外界對其資本運作能力與未來治理結構更加質疑。

總體而言，良品鋪子正面臨自創立以來最嚴峻的挑戰。從過去主打「高端零食」的成功樣本，到如今陷入虧損、關店、重組的泥淖，這不僅是企業策略錯位的結果，也反映中國零食市場消費趨勢與商業模式的劇烈轉變。接下來，公司如何在「高端品牌形象」與「價格競爭壓力」之間找到新的平衡點，將決定這家老牌零食企業能否走出低谷、重新贏回消費者的信任。

Chinese snack brand Bestore (良品鋪子), once hailed as the “No.1 premium snack stock,” is now facing a severe downturn. Once known for its sleek packaging and high-end positioning in China’s booming snack industry, the company has recently been hit by plummeting sales, heavy losses, store closures, and leadership turmoil.

On the evening of October 29, 2025, Bestore released its third-quarter financial report, revealing that the company achieved revenue of RMB 4.14 billion in the first three quarters of 2025, a 24.45% year-on-year decline. Even more alarming, its net profit attributable to shareholders turned from a gain to a loss of RMB 122 million, marking a 730.83% drop compared with the same period last year. This dramatic reversal underscores deep structural issues within the company and has raised serious concerns about its future.

In its statement, Bestore attributed the loss mainly to several factors. The company has been eliminating underperforming stores, leading to a significant reduction in total store count—about 430 outlets were closed in the first half of the year alone—which directly impacted offline sales. At the same time, online marketing and traffic acquisition costs have soared amid fierce e-commerce competition. Non-operating income sources such as interest, investment returns, and government subsidies have also decreased, further squeezing profits.

The challenges also stem from a shift in China’s snack market. Over the past two years, the industry has moved from “premiumization” toward a value-for-money trend. Competing brands such as Three Squirrels, Laiyifen, and newcomers like Shilitang and Snack Is Busy (零食很忙) have captured price-sensitive consumers with affordable products and efficient retail models. In response, Bestore rolled out over 300 price-reduced items, hoping to win back customers through lower prices. However, the strategy backfired — sales continued to decline, and the brand’s identity became increasingly blurred, exposing weaknesses in product innovation and market adaptation.

Adding to the instability, the company has changed chairmen twice within two years, signaling internal management turmoil. Rumors of a potential acquisition or change of ownership also failed to materialize, further eroding investor confidence.

Overall, Bestore is now in the most difficult position since its founding. Its transformation from a model of “premium snacking” to a company mired in losses, store closures, and restructuring reflects both internal mismanagement and a broader industry shift. The company’s next steps—whether it can balance its “high-end” brand image with the growing demand for affordability—will determine whether Bestore can survive this crisis and regain its place in China’s highly competitive snack market.