智通财经APP获悉，麦格理发布研报称，料高鑫零售(06808)2026财年同店销售同比跌高单位数，以反映 即时零售的大量运送补贴所影响。毛利率受到折扣压力，自有品牌有帮助，但贡献不显著。该行将高鑫 零售2026和2027财年每股盈利预测分别下调69%及39%，反映对2026财年同店销售预测的大幅下调，以 及营运杠杆的影响；下调评级至"中性"，目标价由2.9港元降至1.7港元。 ...

Core Viewpoint - The article discusses the recent issues faced by RT-Mart, particularly regarding the use of a banned food additive in mooncakes, highlighting systemic problems in supplier management and internal quality control following a management overhaul by Dehong Capital [3][9][10]. Group 1: Food Safety and Regulatory Compliance - A consumer reported that a mooncake purchased from RT-Mart contained the banned additive sodium dehydroacetate, which is prohibited in mooncakes and baked goods as per the new food safety standards effective from February 2025 [4][6]. - RT-Mart's response to the issue was that it was an operational error, as the product label was copied from the previous year without removing the banned additive, although they claimed the product did not contain it [7][8]. - The incident raises concerns about RT-Mart's compliance with food labeling regulations, which could lead to penalties under the Food Safety Law if deemed a labeling defect [8]. Group 2: Management Changes and Corporate Governance - Following Dehong Capital's acquisition in February, RT-Mart underwent significant management changes, including the resignation of its founder and the appointment of new executives, indicating a shift in corporate governance [10]. - The investigation of a senior executive related to supply chain issues has drawn industry attention, suggesting potential corruption linked to the traditional supermarket's reliance on various fees from suppliers [10][11]. - The management changes are seen as part of Dehong Capital's efforts to address historical issues and reform RT-Mart's outdated profit model [11]. Group 3: Financial Performance and Strategic Adjustments - RT-Mart reported a revenue decline of 1.4% year-on-year, with a net profit of 405 million RMB, marking a significant turnaround from a loss the previous year, primarily due to cost-cutting measures [16][17]. - The company has closed underperforming stores and restructured its operations, focusing on smaller store formats like RT-Mart Super and M Membership stores to adapt to changing consumer preferences [11][13]. - Despite the financial recovery, the article emphasizes that the improvements are largely due to cost control rather than revenue growth, posing challenges for sustainable long-term success [18][19].

"月饼节"将至，昔日的零售巨头大润发却因月饼配料问题引发关注。 近日，据智通财经报道，8月底，消费者李先生在大润发沈阳和平店购买的"鑫思琪五仁小月饼"配料表中，赫然标注着食品添加剂"脱氢乙酸钠"。 根据2024年2月发布、2025年2月8日实施的《食品安全国家标准 食品添加剂使用标准》（GB 2760-2024），脱氢乙酸钠已被禁止在月饼、糕点等焙烤食品中 使用。此项禁令有长达一年的缓冲期，意在给足企业调整配方的时间。 李先生将情况反馈给大润发后，超市迟迟未作回复。 直到9月16日市场监管部门介入，大润发工作人员才回应称，问题系员工操作失误所致：今年上架新品时直接复制了去年的产品档案信息，未及时删除已禁 用的添加剂名称，并强调厂家检测报告显示产品中并未添加脱氢乙酸钠。 对于这一解释，李先生仍存疑虑。他当即提出希望对留存的月饼进行检测，但大润发方面后续未再跟进处理。 脱氢乙酸钠作为一种广谱性食品防腐剂，对霉菌和酵母菌有较强抑制作用。但脱氢乙酸及其钠盐会抑制人体内多种氧化酶活性，长期过量摄入可能危害健 康。 《食品标识监督管理办法》第十六条规定，预包装食品标签应当标注反映食品真实属性的名称，不得欺骗、误导消费者。 ...

Core Insights - The article highlights the exceptional performance of the Yuancheng-based retail company, Pang Donglai, which has achieved record sales amidst a struggling traditional supermarket industry [2][3] - The "Pang Reform" initiative, inspired by Pang Donglai's business model, is being adopted by various traditional supermarkets to enhance their operations and customer experience [4][5] Industry Performance - Traditional supermarkets are facing significant challenges due to the rise of e-commerce, with major players like Yonghui Supermarket and High Xin Retail reporting substantial losses [3][6] - In contrast, Pang Donglai's sales for the fiscal year 2025 reached 17.129 billion yuan, surpassing the previous year's total sales of nearly 17 billion yuan [3] Competitive Advantage - Pang Donglai's success is attributed to its deep-rooted market presence and a differentiated strategy that focuses on enhancing customer experience rather than competing directly with e-commerce [4][8] - The company has built a strong reputation over nearly three decades, which has contributed to its competitive edge in the local market [4] Adoption of Pang Reform - Several traditional supermarkets, including Bubu Gao and Wumart, have initiated the "Pang Reform" to improve their product offerings and customer service [5][6] - Bubu Gao reported a revenue increase of 24.45% and a net profit growth of 357.71% after implementing the Pang model [5] Challenges in Implementation - Despite some positive outcomes, the overall performance of supermarkets adopting the Pang model remains mixed, with many still struggling to achieve sustainable profitability [6][7] - The need for a balanced approach between employee welfare and business sustainability is emphasized, as excessive investment without profitability can lead to adverse outcomes [8]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 SUN ART RETAIL GROUP LIMITED 高鑫零售有限公司 （於香港註冊成立之有限公司） 茲提述本公司日期為二零二四年十月二十三日的通函，內容有關先前修訂本公司 附屬公司為歐尚（中國）投資集團及康成投資（中國）集團的僱員設立的員工信託受 益計劃。有關歐尚計劃及大潤發計劃的詳情載於本公司日期為二零二四年十月二 十三日的通函。 歐尚計劃及大潤發計劃的目的為(i)透過持有信託單位所代表歐尚（中國）投資注冊 資本及康成投資（中國）注冊資本的所有權及╱或信託單位╱歐尚（中國）投資注 冊資本或康成投資（中國）注冊資本（視情況而定）的價值增長，使合資格參與者的 利益與本集團的利益一致，並分享歐尚（中國）投資集團及康成投資（中國）集團 業務增長的成就和利益；(ii)鼓勵及留任合資格參與者為本集團的長期增長和利潤 做出貢獻；(iii)認可及獎勵合資格參與者以往的寶貴貢獻；及(iv)留任有經驗的人 員。 建 ...

Core Viewpoint - The article discusses a controversy involving the sale of a mooncake product containing a banned additive, sodium dehydroacetate, at a RT-Mart store in Shenyang, which has raised consumer concerns about food safety and product labeling [2][5][8]. Group 1: Product Controversy - A consumer discovered that the ingredient list of the purchased Xin Siqi Five-Nut Mooncake included "sodium dehydroacetate," which is prohibited in certain food products [5][8]. - RT-Mart staff claimed that the presence of "sodium dehydroacetate" was due to an error in copying last year's information [5][8]. - Despite the controversy, five types of Xin Siqi mooncakes are still available for sale online at RT-Mart, with the Five-Nut Mooncake currently sold out [10][11]. Group 2: Regulatory Context - Sodium dehydroacetate is classified as a low-toxicity, high-efficiency broad-spectrum food preservative, effective against molds and yeasts, but long-term excessive intake can harm human health [7]. - The National Health Commission removed sodium dehydroacetate from the list of permitted additives in certain baked goods, including mooncakes, effective February 8, 2025 [8]. Group 3: Company Performance and Issues - RT-Mart's parent company, Gao Xin Retail, has faced declining performance, with total revenue of 88.13 billion yuan in the 2022 fiscal year, a 7.7% year-on-year decrease, and a net loss of 739 million yuan [16]. - In the 2024 fiscal year, revenue further declined to 72.57 billion yuan, a 13.26% drop, with losses reaching 1.605 billion yuan [17][18]. - The company has been criticized for product quality issues, with over 7,000 complaints on consumer platforms regarding expired or spoiled products [13][19]. Group 4: Management Changes and Strategic Shifts - In February 2025, Dehong Capital acquired a controlling stake in Gao Xin Retail, leading to significant management changes and restructuring efforts [18]. - RT-Mart has streamlined its operations by reducing its five operational regions to four and has been focusing on new store formats, such as the RT-Mart Super and M membership stores [21].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 有报道称，消费者李先生在大润发（沈阳和平店）发现，购买的鑫思琪五仁小月饼配料表中标注含 有"脱氢乙酸钠"，而该添加剂已被禁止在一些食品中使用。 配料表照片显示，李先生购买的月饼配料包含小麦粉、白砂糖、饮用水等；馅配料包含小麦粉、白砂糖 等；食品添加剂部分明确标注有"脱氢乙酸钠"。大润发工作人员表示，配料表中的"脱氢乙酸钠"是员工 复制去年信息未更新导致。 近日，有报道称，消费者李先生在大润发（沈阳和平店）发现，购买的鑫思琪五仁小月饼配料表中标注 含有"脱氢乙酸钠"，而该添加剂已被禁止在一些食品中使用。大润发工作人员表示，配料表中的"脱氢 乙酸钠"是员工复制去年信息未更新导致。对于该起争议，《BUG》栏目从内部人士获悉，"已经和 解"。 不过，《BUG》栏目查询发现，目前，五款鑫思琪月饼仍在大润发（沈阳和平店）线上售卖。其中， 鑫思琪五仁月饼已处于售罄状态。据该款产品线上展示的配料表显示，未出现"脱氢乙酸钠"这一成分。 关于线上与线下配料表成分不同的问题，涉事店铺电话始终无人接听。 配料有违规添加？ 工作人员称信息复制出错 公开资料显示， ...

Group 1 - Gao Xin Retail (06808) experienced a decline of over 4%, trading at HKD 1.89 with a transaction volume of HKD 17.07 million [1] - The company responded to rumors regarding the arrest of its Chief Operating Officer, Guan Mingwu, stating that the case is under investigation and will follow the information released by law enforcement [1] - Gao Xin Retail emphasizes its commitment to legal and compliant operations, maintaining a zero-tolerance policy towards illegal activities [1] Group 2 - Alibaba announced plans to sell its approximately 78.7% stake in Gao Xin Retail to Dehong Capital by January 2025, marking its complete exit from the company [1] - Following Dehong Capital's acquisition, significant management changes occurred, including the departure of Alibaba personnel and the resignation of founder Huang Mingduan as chairman [1] - The organizational structure was reformed, consolidating five operational regions into four: East China, South China, North China, and Northeast China [1] Group 3 - The company has closed underperforming stores with negative cash flow and optimized its workforce structure [1] - For the fiscal year 2025, sales and marketing expenses decreased by HKD 2.946 billion to HKD 15.232 billion, while administrative expenses fell by 24.1% to HKD 1.709 billion [1] - Gao Xin Retail is also advancing its product strategy adjustments [1]

Core Viewpoint - Gao Xin Retail (06808) experienced a decline of over 4%, trading at HKD 1.89 with a transaction volume of HKD 17.07 million, amid news regarding the investigation of its operations director, Guan Mingwu [1] Group 1: Company Operations - The company confirmed that Guan Mingwu is under investigation, emphasizing its commitment to legal and compliant operations with zero tolerance for violations [1] - Following Alibaba's announcement in January 2025 to sell its approximately 78.7% stake in Gao Xin Retail to Dehong Capital, significant management changes were implemented, including the departure of Alibaba personnel and the resignation of founder Huang Mingduan as chairman [1] - Dehong Capital has restructured the company by consolidating five operational regions into four: East China, South China, North China, and Northeast China [1] Group 2: Financial Performance - The company has closed underperforming stores and optimized its workforce, resulting in a reduction of sales and marketing expenses by HKD 2.946 billion to HKD 15.232 billion year-on-year for the fiscal year 2025 [1] - Administrative expenses decreased by 24.1% to HKD 1.709 billion [1] - The company is also advancing product strategy adjustments as part of its reform initiatives [1]

Core Viewpoint - The recent investigation of RT-Mart's COO, Guan Mingwu, highlights the internal management issues and the determination of its new owner, Dihon Capital, to implement significant reforms [2][3][6] Company Overview - Dihon Capital took control of Gao Xin Retail (RT-Mart's parent company) approximately seven months ago, initiating a series of reforms including management changes and organizational restructuring to revive the struggling retail giant [5][6] - RT-Mart has faced continuous losses, challenges with its traditional hypermarket model, and difficulties in integrating online and offline operations [5][11] Management Changes - The investigation into Guan Mingwu has caused significant internal upheaval, with multiple store managers being suspended, indicating a systemic anti-corruption effort by Dihon Capital [6][8] - Dihon Capital has replaced key management positions, including appointing new board members and a CEO, Shen Hui, who emphasizes a return to retail fundamentals [9][10] Financial Performance - Under Dihon Capital's management, RT-Mart's financial performance has shown signs of recovery, with a reported revenue of 715.52 billion RMB and a net profit of 3.86 billion RMB for the 2025 fiscal year [19][20] - Despite this improvement, the financial results are closely tied to cost-cutting measures, including the closure of underperforming stores [20][22] Industry Context - The challenges faced by RT-Mart reflect broader trends in the traditional retail sector, where many companies are struggling to adapt to changing consumer preferences and increased competition from e-commerce and new retail formats [17][18] - The retail landscape is shifting towards smaller, more agile formats, with RT-Mart focusing on mid-sized supermarkets and membership stores as part of its transformation strategy [18][19] Strategic Direction - Dihon Capital's strategy involves optimizing the supply chain and enhancing operational efficiency, with a focus on community-centric retail models [10][19] - The company aims to balance cost, efficiency, and service through modern technology and digital tools, while also fostering brand recognition for its new store formats [22]