浙江海宁的商圈舞台上，正上演着一出荒诞的"真假美猴王"。新开业的"胖都来"商场与楼下的"叶波大润发"超市，一个对撞河南零售巨 头"胖东来"的谐音，一个和零售巨头"大润发"同名，硬生生把商业竞争演成全社会关注的热点。 当"胖都来" 商场筹备开业，大手笔请来叶璇、丁勇岱等十多位明星站台，锣鼓喧天、张灯结彩，声势浩大地欲在商业江湖中扬名立万之 时，舆论的火药桶已被点燃。商场负责人或许未曾料到，"东来"变"都来"的一字腾挪，瞬间点燃公众对"山寨经济"的集体记忆——从拼多 多上的"雷碧""小白兔"，到乡镇市场的"肯德炸鸡""麦肯姆"，这种"形近字寄生术"早已成为某些商家的致富经。 当李鬼遭遇李逵 这被某网友戏称"卧龙凤雏齐聚",看似调侃，实则演绎成了一出极具讽刺意味的商业大戏。 根据国家工商总局商标局网站查询结果显示，大润发的注册日期为1999年，而"叶波大润发"的注册日期为2010年。依据《商标法》第57 条第二款规定，未经商标注册人的许可，在同一种商品上使用与其注册商标近似的商标，或者在类似商品上使用与其注册商标相同或者 近似的商标，容易导致混淆的，属于侵犯注册商标专用权的行为。 然而，对于已经注册好，且经营多年的 ...

Group 1: Yanjing Beer - Yanjing Beer reported a revenue growth of 6.69% to 3.827 billion yuan in Q1 2025 [1] - The net profit attributable to shareholders increased by 61.1% to 165 million yuan [1] - The company achieved beer sales of 995,000 kiloliters, with the flagship product Yanjing U8 maintaining a growth rate of over 30% [1] Group 2: Shunxin Agriculture - Shunxin Agriculture's revenue decreased by 13.85% to 9.126 billion yuan in 2024 [2] - The net profit attributable to shareholders increased by 178.20% to 231 million yuan [2] - Low-end liquor revenue grew by 5.08% to 4.974 billion yuan, while high-end and mid-range liquor revenues saw declines [2] Group 3: Danone - Danone's Q1 2025 revenue grew by 4.3% to 6.844 billion euros [3] - Sales in China, North Asia, and Oceania increased by 9.9%, driven by volume and product mix [3] - The infant formula segment, particularly the Essensis series, continued to expand market share [3] Group 4: Miaokelando - Miaokelando reported a Q1 revenue growth of 6.26% to 1.233 billion yuan [4] - The net profit attributable to shareholders increased by 114.88% to 82.4 million yuan [4] - The company plans to innovate children's cheese products for older age groups while continuing to develop adult cheese products [4] Group 5: Baolingbao - Baolingbao's total revenue for 2024 was 2.402 billion yuan, a decrease of 4.84% [5] - The net profit attributable to shareholders increased by 105.97% to 111 million yuan [5] - Key products such as prebiotics and dietary fibers saw significant revenue growth [5] Group 6: Muyuan Foods - Muyuan Foods reported a Q1 revenue of 36.061 billion yuan, a year-on-year increase of 37.26% [6] - The company achieved a net profit of 4.491 billion yuan, marking a turnaround from losses [6] Group 7: Ziyuan Foods - Ziyuan Foods plans to invest 70 million yuan in its subsidiary and up to 35 million USD in Green Tea Group's IPO [7] Group 8: Qiaqia Foods - Qiaqia Foods reported a revenue of 7.131 billion yuan in 2024, a growth of 4.79% [8] - The net profit attributable to shareholders was 849 million yuan, an increase of 5.82% [8] - The company expanded its e-commerce channels and overseas markets, achieving significant growth [9] Group 9: Yanjinpuzi - Yanjinpuzi's revenue increased by 28.89% to 5.304 billion yuan in 2024 [10] - The net profit attributable to shareholders grew by 26.53% to 640 million yuan [10] - The company focused on six core product categories and achieved significant supply chain improvements [10] Group 10: Hengshun Vinegar - Hengshun Vinegar reported a revenue of 2.196 billion yuan, a 4.25% increase [11] - The net profit attributable to shareholders increased by 46.54% to 127 million yuan [11] - The company implemented cost reduction and efficiency improvement measures [11] Group 11: Kemin Foods - Kemin Foods announced the election of Chen Hong as the chairman of the board [12] Group 12: Gaoxin Retail - Gaoxin Retail expects a tax profit of approximately 350 to 400 million yuan for the fiscal year ending March 31, 2025, a significant improvement from a loss of 1.668 billion yuan [13] - The improvement is attributed to stable sales growth and effective cost reduction measures [13] Group 13: Bubugao - Bubugao reported a Q1 revenue of 1.153 billion yuan, a year-on-year increase of 24.22% [14] - The net profit attributable to shareholders was 119 million yuan, reflecting a growth of 488.44% [14]

Core Viewpoint - The Chinese consumer goods retail industry is showing signs of gradual recovery, with a total retail sales of 8.37 trillion yuan in January-February 2025, reflecting a year-on-year growth of 2.98% despite external challenges [1][12]. Industry Overview - Consumer goods retail refers to the commercial activity of selling final consumer goods directly to consumers, playing a crucial role in the distribution of goods from producers to consumers [2]. - The industry has evolved through three main stages: the essential goods phase (1978-1995), rapid growth phase (1996-2010), and the personalized consumption phase (2011-present) [4][5][6]. Industry Development - The retail sales of goods increased by 3.9% year-on-year, with significant growth in specific categories such as communication equipment (26.2%) and cultural office supplies (21.8%) [1][12]. - The retail sales of new energy passenger vehicles surged by 35.5%, with a retail penetration rate of approximately 45%, indicating strong growth in the automotive consumption market [1][12]. Industry Chain - The upstream of the consumer goods retail industry includes suppliers from various sectors such as food and beverages, daily necessities, cosmetics, clothing, and electronics, providing resources for the midstream retail sector [8]. Policy Environment - The Chinese government is implementing policies to enhance consumption quality and structure, with the "Three-Year Action Plan for Optimizing the Consumption Environment (2025-2027)" aiming for significant improvements in consumer experience and market order by 2027 [10][11]. Current Industry Status - The service retail sector grew by 4.9% year-on-year, outpacing goods retail growth, with notable increases in dining (4.3%) and travel services [1][12]. - During the Spring Festival, domestic tourist spending increased by 7.0%, and box office revenue reached a record high of 9.51 billion yuan [1][12]. Key Companies - Major players in the industry include JD.com, Suning.com, Yonghui Superstores, and Walmart, with a trend towards digital transformation and online-offline integration [16][18][20]. Future Trends - The industry is expected to witness continuous innovation in consumption models, with trends such as instant retail, membership retail, and community commerce becoming mainstream [22]. - Technological advancements, including AI and big data, will significantly alter operational models and enhance customer experiences [23]. - The shift towards green and sustainable practices is becoming increasingly important, with companies needing to adapt to consumer preferences for environmentally friendly products [24].

以下文章来源于并购最前线 ，作者周佳丽 杨继云 并购最前线 . 投资界（PEdaily.cn）旗下，专注并购动态 2025并购时代 。 作者 I 周佳丽 杨继云 报道 I 投资界-并购最前线 20 25开年，一场大并购来了。 1月1日晚间，阿里巴巴发布公告，宣布子公司及New Re t a il将出售所持高鑫零售全部股 权，合计占高鑫零售已发行股份总数约78. 7%。阿里为"有序退出非核心资产"，战略聚 焦核心业务落下了重要一步棋。 至此，盛传了数月的"大润发卖身"一案落定，买家也终于浮出水面——德弘资本。据 悉，双方已达成交易，针对待售股份，阿里相关方有权收取最高金额约131.38亿港元。 这无疑又是眼下并购浪潮的一抹缩影。 昨晚，大润发母公司被卖了 高鑫零售一度是阿里巴巴"新零售试验田"。 时间回到20 16年10月，马云在云栖大会上正式提出了"新零售"的概念。一夕之间，互联 网改革传统零售商业的理论瞬间点燃，一批批超级物种在风口之下拔地而起。此间，阿 里巴巴也在通过入股的方式，布局自己的新零售版图。 大润发母公司高鑫零售便是其霸气一役。 20 17年，阿里巴巴首次入股高鑫零售，当时宣布投入224亿港元， ...

此外，第四范式、天伦燃气、中国信达、安能物流、茶百道和舜宇光学科技跌逾5%。 证券时报网讯，港股通标的中，高鑫零售和沧港铁路分别以20.16%和20.10%的跌幅领跌市场，环球新 材国际和艾迪康控股紧随其后，分别下跌16.55%和16.41%。 创梦天地和百富环球的股价也遭受重创，跌幅分别为14.07%和11.92%。科笛-B、九方智投控股、宜明 昂科-B、汇通达网络和汇量科技跌幅分别为8.62%、7.26%、6.78%、6.74%和6.71%。 校对：彭其华 ...

Core Points - Alibaba Group announced the sale of its entire stake in Gao Xin Retail to Dehong Capital for up to approximately HKD 13.138 billion, representing 78.7% of Gao Xin Retail's issued shares [1][2] - The transaction involves Dehong Capital acquiring 7.027 billion shares from Alibaba's subsidiaries and 480 million shares from New Retail, at a maximum price of HKD 1.75 per share [2] - Analysts believe this deal allows all parties to achieve a win-win situation, with Dehong Capital optimistic about the consumer sector and Alibaba focusing on its core businesses of e-commerce and cloud + AI [3][19] Strategic Focus - Alibaba has been systematically exiting non-core assets, signaling a clearer focus on core business development [6][7] - The company has completed the sale of USD 1.7 billion in non-core assets in the first nine months of the 2024 fiscal year [7] - Alibaba's strategy emphasizes enhancing shareholder returns by optimizing resource allocation and focusing on core business areas [9][16] Financial Performance - Gao Xin Retail reported a revenue of CNY 34.708 billion and a net profit of CNY 186 million for the latest half-year period, marking a turnaround to profitability [12] - The sale of Gao Xin Retail is seen as a good opportunity for Alibaba to monetize non-core assets and reinvest in core business growth [16] Market Position - Alibaba's strategic adjustments have helped maintain its market share in e-commerce while accelerating growth in emerging sectors like cloud computing and AI [19] - The company has established a new e-commerce business group to better support merchants in capturing global market opportunities [22]

阿里巴巴以131.38亿港元出售高鑫零售，持续聚焦核心主业。 2025年1月1日晚，交易最终敲定，根据公告，德弘资本将以整体最高1.75港元/股（包括1.55港元/股的 现金及0.2港元/股的利息），收购阿里全资子公司吉鑫和淘宝中国所持的约70.27亿股高鑫零售股份（占 已发行高鑫零售股份总数约73.66%），及New Retail所持的约4.8亿股高鑫零售股份（占已发行高鑫零售 股份总数约5.04%），阿里巴巴子公司及New Retail将收取的最高金额约为131.38亿港元。 2023年9月，阿里巴巴集团确立"用户为先、AI驱动"两大战略重心，并表示将围绕这两大重心进行业务 梳理，重塑业务的战略优先级。 据市场人士分析，本次高鑫零售的交易中，多方能够实现共赢。德弘资本长期看好消费赛道，追求跨周 期的稳定回报，高鑫零售过往数字化转型的良好基础，令其成为优选标的。高鑫零售也将在德弘资本的 支持下，开启新的发展篇章。同时，市场更加看好轻装上阵的阿里巴巴，过去一年，阿里坚定执行战略 聚焦，清晰取舍，面向未来，更好将发展资源聚焦于电商、云+AI这两大方向，驱动核心业务长期增 长。 阿里巴巴集团公告显示，始终对中国消 ...

Group 1 - Gao Xin Retail reported a revenue of 34.708 billion yuan and a net profit of 186 million yuan for the first half of the fiscal year, marking a turnaround from losses [1] - As of September 30, 2024, Gao Xin Retail Group employed 85,778 people [1] - Alibaba Group established a strategic focus on "user-first" and "AI-driven" initiatives in September 2023, indicating a restructuring of business priorities [1] Group 2 - Alibaba first invested in Gao Xin Retail in 2017 and increased its stake in 2020, making Gao Xin Retail a consolidated subsidiary of Alibaba [2] - On January 1, 2025, Alibaba announced the sale of its entire stake in Gao Xin Retail to Dehong Capital for a maximum of 1.75 HKD per share, totaling approximately 13.138 billion HKD [2][3] - The transaction involves the sale of 7,027,297,350 shares held by Alibaba's subsidiaries, representing about 73.66% of Gao Xin Retail's total issued shares, along with additional shares held by New Retail [2][3] Group 3 - Alibaba has been systematically divesting non-core assets, with a clearer strategic focus on core business development [4] - On December 17, 2024, Alibaba reached an agreement to sell its entire stake in Intime to Youngor Group for approximately 7.4 billion yuan [4]

Financial Performance - Total revenue for the first half of 2024 was RMB 34,708 million, a decrease of 3.0% compared to RMB 35,768 million in the same period of 2023[8]. - Gross profit for the first half of 2024 was RMB 8,526 million, down 4.1% from RMB 8,889 million in the previous year[8]. - Operating profit surged to RMB 621 million, a significant increase of 3,168.4% from RMB 19 million in the same period last year[8]. - Net profit for the period was RMB 186 million, a turnaround from a loss of RMB 378 million in the same period of 2023, representing a 149.2% improvement[8]. - The company reported a basic and diluted earnings per share of RMB 0.02, compared to a loss per share of RMB 0.04 in the previous year[8]. - Revenue from merchandise sales for the six months ended September 30, 2024, was RMB 33.186 billion, a decrease of RMB 1.039 billion or 3.0% compared to the same period in 2023[32]. - Same-store sales growth for the same period was 0.3%, driven by an increase in average transaction value and improved customer loyalty[32]. - Gross profit for the six months ended September 30, 2024, was RMB 8.526 billion, down RMB 3.63 billion or 4.1% from RMB 8.889 billion in the prior year[35]. - Gross margin for the period was 24.6%, a decrease of 0.3 percentage points from 24.9% in the previous year[38]. - Other income and net gains for the six months ended September 30, 2024, were RMB 0.621 billion, a decrease of RMB 1.25 billion or 16.8% from RMB 0.746 billion in the prior year[39]. - Selling and marketing expenses for the same period were RMB 7.667 billion, a decrease of RMB 1.051 billion or 12.1% from RMB 8.718 billion in the previous year[40]. - Cash outflow from operating activities for the six months ended September 30, 2024, was RMB 0.641 billion, a decrease of RMB 3.442 billion or 122.9% from a cash inflow of RMB 2.801 billion in the prior year[51]. - The company reported a total comprehensive loss of RMB 7,765 million for the six months ended September 30, 2024[177]. Assets and Liabilities - Total assets increased by 2.1% to RMB 62,001 million from RMB 60,715 million as of March 31, 2024[8]. - Total liabilities rose by 3.3% to RMB 40,203 million from RMB 38,921 million as of March 31, 2024[8]. - The company's equity totalled RMB 21,798 million, slightly up from RMB 21,794 million, reflecting stable shareholder value[165]. - Cash and cash equivalents decreased to RMB 9,500 million from RMB 11,908 million, indicating a reduction in liquidity[163]. - Total equity amounted to RMB 24,197 million, a decrease of 19% compared to the previous period[172]. - Non-controlling interests totaled RMB 679 million, reflecting a decrease of 359%[172]. - Retained earnings stood at RMB 7,732 million, with a 206% increase compared to the previous period[175]. Business Operations and Strategy - The company launched over 1,100 low-price products under various series to enhance price competitiveness and attract more customers[14]. - The online B2C business achieved mid-single-digit same-store sales growth during the first half of the fiscal year[14]. - The Dazhong Supermarket chain expanded to 30 stores across multiple provinces, achieving mid-to-high single-digit same-store sales growth[17]. - The company opened 6 new M membership stores in cities including Yangzhou, Changzhou, Nanjing, Changshu, Jiaxing, and Wuxi, with membership exceeding 360,000[18]. - The M membership store offers over 4,000 products from nearly 30 countries, with more than 200 new products launched monthly, and private label sales accounting for over 30%[18]. - The company is focused on becoming a market leader by providing fresh, convenient, and affordable shopping environments[31]. - Future outlook includes potential market expansion and new product development strategies[179]. - The company plans to enhance its operational efficiency through technology advancements and strategic partnerships[179]. Employee and Management Information - Employee count decreased to 85,778 as of September 30, 2024, from 102,101 a year earlier, with total employee benefits expenditure amounting to RMB 4.106 billion[26]. - The share option plan was approved by shareholders on August 16, 2023, aimed at aligning the interests of participants with those of the company and its shareholders[75][76]. - The share option plan is valid for ten years from the adoption date, with approximately 8 years and 8 months remaining as of the interim report date[79][80]. - The maximum number of shares available for issuance under the share option plan is capped at 953,970,470 shares, representing 10% of the total shares issued as of the adoption date[86]. - The total number of stock options and rewards available for grant at the beginning of the reporting period was 908,970,470 shares[93]. - The employee trust benefit plans aim to align the interests of eligible participants with the group's interests and encourage long-term growth and profitability contributions[104]. Governance and Compliance - The group has maintained compliance with all provisions of the Corporate Governance Code as of September 30, 2024[62]. - The financial report for the six months ending September 30, 2024, is prepared in accordance with Hong Kong Accounting Standard 34, which does not include all notes typically found in annual financial reports[182]. - The auditor's report on the financial statements is unqualified, indicating no reservations or emphasis of matter[185]. - The management's significant judgments and estimates in preparing the interim financial information are consistent with those applied in the annual financial statements for the year ending March 31, 2024[195]. Shareholder Information - Major shareholder 吉鑫 holds 4,419,731,966 shares, representing 46.33% of the company[147]. - 淘寶中國 directly owns 2,607,565,384 shares, accounting for 27.33% of the company[149]. - 淘寶控股有限公司 holds a total of 7,027,297,350 shares, which is 73.66% of the company[149]. - 阿里巴巴集團 controls 7,507,666,581 shares, representing 78.70% of the company[149]. - The total number of shares held by major shareholders indicates a significant concentration of ownership within the company[147]. - The company is subject to the Securities and Futures Ordinance, which requires disclosure of substantial shareholders[149].

证券时报网讯，星展发布的报告指出，高鑫零售作为中国最大的综合超市运营商，将其超市定位为社区 中心，以满足消费者需求。 星展认为，高鑫零售通过优化产品组合和有效控制成本，推动了利润率的回升，维持"买入"评级，并将 目标价从2.6港元上调至3.1港元，同店销售回升和潜在收购是主要催化剂。 校对：祝甜婷 ...