"尤其值得警惕的是制止孩子联系家长的行为，"李泽瑞强调，"涉事女孩是未成年人，依据《中华人民 共和国未成年人保护法》，其在遇到困难时有权获得监护人的帮助。门店的制止行为，涉嫌剥夺了孩子 的法定权利，也忽视了其可能因紧张、委屈而加剧的身体不适所涉及的健康权问题。" 那么，商家在面对疑似盗窃情况时，正确的做法究竟是什么呢？湖北山河律师事务所律师冯孟莉对此进 行了分析。她表示，我国法律明确禁止经营者搜查消费者的身体、物品或限制其人身自由。即使商家基 于监控产生了合理怀疑，其合法且唯一的途径也应当是立即固定相关证据，优先联系监护人并报警，由 公安机关依法处理。自行将顾客，尤其是未成年顾客扣留并进行所谓的"调查"，这一行为本身就已经逾 越了法律赋予经营者的权限边界。 冯孟莉进一步指出，法律在严格保护消费者权益的同时，也保障经营者维护自身合法财产权的权利，但 权利的行使必须遵循合法、正当、必要的原则。"面对未成年人，经营者理应负有更高的注意义务和更 审慎的态度，"她补充道，"公开的怀疑和长时间的滞留，对心智尚未成熟的未成年人造成的心理压力远 大于成年人。"商家正确的处置方式，应该是立即联系未成年人的监护人，保障其人身安全 ...

方正证券研报指出，万辰集团收入利润高增，看好新店型和自有品牌发展。25年预计实现收入500-528 亿元，同比增长57-64%，实现归母净利润12.3-14亿元，与上年同期（重组后）相比增长 222.38%-266.94%。零食量贩业务保持快速增长，盈利能力持续向好。门店运营持续优化，新店型持续 迭代，看好盈利能力持续提升。展望26年，下沉市场仍有较大开店空间，公司门店数量有望保持快速增 长，规模提升后盈利能力有望进一步提升。维持"推荐"评级。 ...

Core Viewpoint - The company "好想来" under 万辰集团 is facing issues regarding inaccurate weight measurements of its snack products, which has raised consumer concerns and led to internal investigations [1][2]. Group 1: Incident Details - A consumer reported discrepancies in the weight of purchased snacks, with specific examples showing significant differences between the expected and actual weights of products [1]. - The consumer's total expenditure was 100.88 yuan, with various products showing weight differences, such as笋尖鸡肉肠 (expected 76g, actual 62.2g), 无穷盐焗大鸡翅 (expected 216g, actual 202g), 小燕子冷萃大鸡爪 (expected 140g, actual 126.5g), and 蒙牛三角芝士 (expected 54g, actual 40.5g) [1]. Group 2: Company Response - The company stated that it takes product measurement and service quality seriously, ensuring that all measuring instruments are legally certified and undergo daily calibration [2]. - In response to the incident, the company has retrained relevant employees and is actively reaching out to the affected consumer to apologize and negotiate compensation [2]. - The local market supervision administration has verified that the electronic scales used in the stores meet standards and are accurate [2].

Company and Industry Summary Company: 万辰集团 (Wancheng Group) Key Points - The current market capitalization of Wancheng Group is approaching 90 billion RMB, which is expected to catalyze its stock price, reaffirming the investment opportunity in the company [1] - The company is positioned well within the ongoing retail transformation in China, which is still in its early stages compared to overseas markets that have already produced giants [1] - The stock price is believed to have the potential to double, with an ongoing trend of increasing store profit margins [1] Financial Projections - In the medium term (2-3 years), Wancheng Group is projected to have a store space of 30,000 to 35,000 locations, with an estimated revenue of 100 billion RMB and operating profits exceeding 5 billion RMB, leading to a valuation of over 20 times earnings [3] - The company is expected to meet conditions for profit forecasts, with positive trends in single-store performance, store opening progress, and profit margins anticipated to gradually materialize [3] Industry: Discount Retail Sector Core Insights - The domestic discount retail sector is still in its early development phase, with snack retail chains being pioneers. It is estimated that approximately 60% of the store opening progress has been achieved [2] - By the end of 2025, the industry is expected to reach around 60,000 stores (including discount supermarkets), with a long-term potential of approximately 100,000 stores [2] - Leading snack retail brands are projected to have around 30,000 stores each, with the possibility of reaching 35,000 stores [2] Profitability and Market Dynamics - The overall discount retail market in China is considered a blue ocean, with leading retailers like Sam's Club, Pang Donglai, and Hema NB expected to have significantly higher profitability [2] - The profitability of leading snack retail brands is anticipated to continue improving, with potential profit margins reaching 6-7% in the next 1-2 years, supported by economies of scale and cost optimization [2] - The investment opportunities in discount retail are gradually opening up, with the business model being more favorable compared to traditional retail, suggesting a need for higher valuation levels [2] Additional Considerations - The underlying logic of discount supermarkets is to expand product categories to meet more community needs, indicating a strategic approach to market penetration [2] - The head brands in the snack retail sector hold significant option value for community discount supermarkets, highlighting the potential for future growth [2]

（编辑 任世碧） 证券日报网讯 1月19日，锡南科技发布公告称，公司于近日收到保荐机构中信证券股份有限公司（简 称"中信证券"）《关于更换持续督导保荐代表人的函》，中信证券原指派宁文科先生、章巍巍先生担任 公司首次公开发行股票持续督导的保荐代表人。现因章巍巍先生工作变动原因，中信证券决定由保荐代 表人陈祉逾先生接替章巍巍先生担任公司首次公开发行股票持续督导的保荐代表人。 ...

无锡锡南科技股份有限公司 关于更换保荐代表人的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 无锡锡南科技股份有限公司（以下简称"公司"）于近日收到保荐机构中信证券 股份有限公司（以下简称"中信证券"）《关于更换持续督导保荐代表人的函》，中 信证券原指派宁文科先生、章巍巍先生担任公司首次公开发行股票持续督导的保荐代 表人。现因章巍巍先生工作变动原因，中信证券决定由保荐代表人陈祉逾先生（简历 见附件）接替章巍巍先生担任公司首次公开发行股票持续督导的保荐代表人。 证券代码：301170 证券简称：锡南科技 公告编号：2026-001 本次保荐代表人变更后，公司首次公开发行股票项目持续督导保荐代表人为宁文 科先生、陈祉逾先生。持续督导期至中国证券监督管理委员会和深圳证券交易所规定 的持续督导义务结束为止。 公司董事会对原保荐代表人章巍巍先生在公司持续督导期间所做的贡献表示衷心 感谢！ 附件：陈祉逾先生简历 陈祉逾先生，男，保荐代表人，复旦大学经济学学士，美国罗彻斯特大学金融学 硕士，现任中信证券股份有限公司副总裁，曾负责或参与的项目包括：九目化学北交 所上市、 ...

证券日报网讯 1月16日，锡南科技在互动平台回答投资者提问时表示，公司高度重视股东回报，将结合 实际经营情况制定合理的回报方案，切实维护公司长期价值与股东利益。具体信息请以公司公告为准。 （文章来源：证券日报） ...

1月14日，锡南科技涨0.14%，截至发稿，报29.34元/股，成交4771.59万元，换手率4.84%，总市值29.34 亿元。锡南科技股价已经连续9天上涨，区间累计涨幅5.05%。 资料显示，无锡锡南科技股份有限公司位于江苏省无锡市滨湖区胡埭工业园冬青路20号，成立日期2005 年2月3日，上市日期2023年6月27日，公司主营业务涉及汽车轻量化领域铝合金零部件的研发、生产和 销售。主营业务收入构成为：汽车零部件89.08%，其他收入10.92%。 从锡南科技十大流通股东角度 数据显示，中加基金旗下1只基金位居锡南科技十大流通股东。中加专精特新量化选股混合发起式A （021990）三季度新进十大流通股东，持有股数31.64万股，占流通股的比例为0.94%。根据测算，今日 浮盈赚取约1.27万元。连续9天上涨期间浮盈赚取44.61万元。 责任编辑：小浪快报 中加专精特新量化选股混合发起式A（021990）成立日期2024年11月12日，最新规模1.97亿。今年以来 收益5%，同类排名2957/8838；近一年收益72.48%，同类排名769/8089；成立以来收益67.39%。 中加专精特新量化选股混合发起 ...

证券日报网讯 1月7日，锡南科技在互动平台回答投资者提问时表示，公司将努力做好生产经营管理工 作，稳步推进各项经营计划的实施，提升核心竞争力，为股东创造长期投资价值。同时，公司会依法合 规运用市值管理工具，加强与投资者的沟通交流，传递公司价值。 （文章来源：证券日报） ...

Core Insights - The retail industry experienced a significant wave of mergers and acquisitions in 2025, indicating a major capital reshuffle within the sector [1][27] - Major companies are either divesting non-core assets to focus on their main businesses or acquiring new brands to expand their portfolios [1][27] - Private equity firms are playing a crucial role in driving brand transformation and expansion in the retail sector [1][27] Group 1: Major Mergers and Acquisitions - Alibaba divested its stake in Suning and Intime Retail, marking a strategic shift to optimize resource allocation [3][26] - Mars, Incorporated completed the acquisition of Kellanova for approximately $35.9 billion, creating a global snack empire [5][7] - KKR acquired an 85% stake in Vista International, which is linked to the domestic beverage brand Da Yao, enhancing its control over the Chinese soda market [9][10] Group 2: Strategic Adjustments and Performance - After KKR's acquisition, Gao Xin Retail reported a revenue of 71.55 billion yuan, with a net profit of 386 million yuan, marking a turnaround from previous losses [4] - The acquisition of Kellanova by Mars is one of the largest in the packaged food sector in the last decade, highlighting the trend of consolidation among food giants [7][8] - CPE Yuanfeng's acquisition of Burger King China aims to accelerate local expansion with a commitment to invest $350 million [16][17] Group 3: Industry Trends and Future Outlook - The retail sector is shifting from scale expansion to lean operations, focusing on supply chain and brand value [2][27] - The relationship between brands and capital is evolving from mere financial support to active operational involvement, indicating a search for sustainable growth [27] - The ongoing mergers and acquisitions signal a re-evaluation of the value of physical retail, with supply chain and product strength becoming central to competition [27]