CICC: Bullish on the long-term growth potential of leading fresh food companies with healthy models and expansion elements in place.

China Gold points out that fresh food, as a core component of residents' three meals a day, is not only a fiercely competitive category at the entry level of traffic, but also carries the epitome of business model innovation and iteration in the retail industry in China over the past thirty years. Looking at the timeline of industry development, spanning domestic and overseas markets, chain operation and proximity are the trend of evolution in fresh food retail. It is optimistic about the long-term growth space of leading companies with healthy models and complete expansion elements.