以下文章来源于36氪未来消费 ，作者李小霞 36氪未来消费 . 在这里看到消费的未来。36氪旗下官方账号。 永辉被名创优品收购一年， 发生了什么？ 文 ｜ 李小霞 编辑 ｜ 乔芊 来源｜ 36氪未来消费（ID：lslb168） 封面来源 ｜ 企业官网 去年9月24日，名创优品对外公布了一则消息，以近62亿元的价格收购永辉超市。平地惊雷，没人能看懂叶国富接手一颗烫手山芋的意义何在。 在不理解的声音中，永辉超市坚持着"胖东来"模式的调改路线。永辉超市的"胖改"在去年5月永辉超市董事长张轩松等人拜访于东来后，便已经落定。而 以叶国富入局为计时的调改，正好在9月满一年。 与此同时，10月13日，永辉超市在广州举办了声势浩大的新品发布会。会上，王守诚以永辉新CEO的身份亮相。这位1991年出生、北大硕士毕业后就以 管培生身份加入永辉的年轻人，最终填补了永辉空缺半年的CEO职位。 加入永辉8年，今年34岁的王守诚，从叶国富成立永辉调改小组以来，就以副组长的身份参与这场浩浩荡荡的调改行动中。 CEO的确立，像是一种信号，向外界传达出永辉的调改开始进入一种更为稳定的局面。而调改的数据，以及一系列自有品牌产品的发布，也进一步印 ...

这是经营卓越的标志，是多数同行难以企及的奢望。 与之对应，是一众无论规模，还是知名度影响力都曾远超胖东来的同行们，当初有多风光，如今就有多悲凉： 永辉超市2024年每股经营现金流仅0.2415元，三年累计亏损超80亿元。据其2025年半年报，公司上半年净亏损2.41亿元，关闭了227家亏损门店；高鑫零售 旗下大润发2023年亏损16.7亿元，2025年门店总数降至505家，覆盖207个城市，最终被阿里巴巴清仓股权。 当那些曾经急速扩张的线下零售商们连连亏损，负债累累时，长期固守河南一隅的胖东来却手握41亿无贷现金，业绩持续领跑。 这份反差背后，藏着超越财务数字的商业逻辑——有钱不扩张、坚守人本核心，不只是一个道德选择，更是一个基业长青的商业智慧。 41亿现金 10月14日的零售业大会上，于东来一句"胖东来账上躺着41亿现金，没有一分钱贷款"，让现场很多同行管理者陷入沉默。 41亿现金，没有一分钱贷款，在实体零售普遍承压的当下，它的意义超越现金本身。 2025年胖东来集团合计销售额已超184亿元，对比2024年全年169亿的销售额，在盈利方面，于东来曾公开透露，胖东来净利润维持在5%左右。业内据此 估算，胖东来 ...

永辉超市在调改过程中，以人为本，不仅调整消费者客群，还优化员工管理。 通过学习胖东来的经营理念，以自由品牌开发为重点，提高商品品质和品类优 化。数据显示，60%以上的调改门店盈利水平超过过去五年的平均水平，客流 线下商超的费用率远低于线上平台，如阿里巴巴、淘宝、天猫、拼多多 和京东等，其 ROI 比例通常不超过 8%。线下商超通过集中度提升、直 采模式等方式降低费用率，提高坪效。 线下商超在质价比方面具有明显优势，有助于吸引更多消费者并提高销 售额。与线上平台相比，线下商超有更多空间进行价格调整，提升市场 竞争力。 永辉超市 20251021 摘要 永辉超市通过筛选核心用户、优化门店定位，并改造商品供应链和发展 自有品牌，提升经营效率。2025 年 9 月至 10 月，门店数量突破 200 家，同时关闭 300 多家亏损门店，优化财务结构。 永辉超市学习胖东来经营理念，以自由品牌开发为重点，提升商品品质 和品类优化。超过 60%的调改门店盈利水平超过过去五年平均水平，客 流量增长超过 80%。 借鉴 Costco 经验，永辉超市通过增加自由品牌占比，提升单品质量与 性价比，从而提高经营效率并降低成本。Cost ...

证券日报网讯红旗连锁10月21日在互动平台回答投资者提问时表示，永辉已按规定披露了减持计划，公 司将一如既往做好经营。 （文章来源：证券日报） ...

中国质量新闻网讯（记者庞鹤） 记者从太原市市场监督管理局获悉，该局近日联合杏花岭区市场监督 管理局在永辉超市（龙湖万达广场店）举办"扫码验质量 快检惠民生"宣传活动。此次活动旨在进一步 落实省、市农批市场快检民生实事部署，推动食用农产品快速检测向大型连锁超市和网络平台延伸，让 老百姓的"菜篮子"拎得更放心。活动邀请人大代表、政协委员、网络平台（拼多多、美团、京东）相关 负责人、永辉超市、平台商户代表、消费者（社区）代表参加。 活动现场，永辉超市正式启用"食用农产品质量安全信息码"，并首次开展"你送我检"快检开放日活动。 据了解，每周四消费者可将采购的食用农产品送至永辉超市万达店农残快检室，享受免费快速检测服 务，检测结果实时可查。 为增强市民参与感，活动现场设置多重互动环节，在"你点我检 服务惠民生"问卷调查二维码展板前， 工作人员积极引导消费者扫码填写，收集市民对食品安全的关注点与建议。同时，现场设置快检台，接 受消费者送检样品，专业检测人员同步讲解检测原理与步骤。消费者现场参观永辉超市检验室和食用农 产品售卖区时，通过扫码即可一键查询食用农产品产地、快检结果等信息。 太原市市场监督管理局表示，下一步将以此 ...

2025年9月，永辉超市发布公告，正式聘任1991年出生年仅34岁的王守诚为公司首席执行官（CEO）。这一任命引发业内强烈关注，大家关注的不仅是王 守诚的年龄，还有这一任命背后深陷泥潭的永辉超市向市场发出最为强烈的求变信号。 永辉董事会之所以任命年轻的王守诚为CEO，很大程度上是看重其年轻化标签，以大胆任用年轻人为突破口来展示进行彻底变革和拥抱新变化的决心。 另一面，目前的永辉正处在转型的关键节点：025年上半年，永辉超市营收299.48亿元，同比减少20.73%，归属于上市公司股东的净利润为-2.41亿元。而 王守诚推动的"胖东来模式"调改已初见成效，目前永辉超市的客流量平均增长80%，超过60%的门店盈利水平达到了过去五年的最高值。这让永辉董事会 认识到，传统的管理路径和老派思维已无法奏效，必须大胆启用年轻人，寻找一条全新的蜕变之路。 管培生上位，主导永辉"胖东来模式"调改 王守诚2017年从北京大学硕士毕业后，以"融才"管培生身份加入永辉，至今已在永辉工作近8年时间。8年内，王守诚从CEO业务助理起步，近距离观察学 习高层管理、决策；然后又回到一线做集群运营合伙人，学习超市门店管理；紧接着又接手人力资源 ...

Investment Rating - The report maintains an "Overweight" rating for the industry, with a focus on new consumption sectors such as beauty care, IP derivatives, and gold jewelry [5][29]. Core Insights - The report highlights the positive performance of the beauty care sector during the Double Eleven pre-sale event, with significant sales figures and increased visitor traffic in live-streaming sessions [3][23]. - The adjustment of the Hainan offshore duty-free shopping policy is expected to expand the range of duty-free products and enhance consumer spending [3][23]. - The overall market performance for the week showed mixed results, with retail, social services, and beauty care sectors experiencing declines, while jewelry and general retail sectors performed positively [14][16]. Summary by Sections Market Performance - For the week of October 13-17, 2025, the commerce retail, social services, and beauty care sectors saw declines of 0.45%, 1.72%, and 2.53% respectively, ranking 6th, 11th, and 17th among 31 primary industries [14][16]. - The Shanghai Composite Index fell by 1.47%, while the Shenzhen Component Index and CSI 300 Index dropped by 4.99% and 2.22% respectively [14][16]. Key Industry Events and News - The Ministry of Finance and other authorities announced adjustments to the Hainan offshore duty-free shopping policy, effective November 1, 2025, which includes expanding the range of duty-free products and changing the age requirement for duty-free shopping [3][23]. - The Double Eleven pre-sale event on Tmall saw 14 beauty products surpassing 100 million yuan in sales within the first four hours, with significant growth in visitor numbers during live-streaming sessions [3][23]. - LVMH reported a recovery in the Chinese market during the third quarter, while Kering is in negotiations to sell its beauty division to L'Oreal [3][23]. Investment Recommendations - The report recommends focusing on companies such as Shangmei Co., Juzi Bio, Marubi, Runben, Proya, Chaohongji, and Furuida within the beauty care and new consumption sectors [5][29].

Core Insights - Yonghui Supermarket has completed the transformation of its Huai Fang Wanda Plaza store, adopting a "learning from Pang Donglai" strategy to enhance its offerings and customer experience [1][2] - The store's product structure integrates over 80% of Pang Donglai's selection logic, with more than 40% of new products in the food and daily necessities categories [1] - During the recent double holiday period, Yonghui's nationwide transformed stores saw sales increase by over 100% year-on-year, with customer transactions rising by over 80% [1] Product Strategy - The store focuses on high-quality, cost-effective products, enhancing the shopping experience by optimizing product structure and service flow [1] - Popular items include customized fresh milk, quality orange juice, and red heart pomelo, which have received positive customer feedback [1] - The prepared food section features popular items like boneless pig trotters and beef jerky, alongside traditional offerings such as Peking duck and Korean fried chicken [1] Store Environment and Service - Systematic optimizations have been made to the store's environment, including widening main aisles to 3 meters and standardizing shelf heights to 1.6 meters for improved visibility and flow [2] - Yonghui is accelerating its transformation efforts in Beijing, with new stores set to open in the coming weeks, expanding its service coverage [2]

Core Viewpoint - Yonghui Supermarket has officially opened its 14th modified store in Beijing, following the "learning from Pang Donglai" initiative, indicating a strategic shift in its operational model [1] Group 1: Store Modifications - The newly opened store at Wanda Plaza in Huai Fang is part of a broader strategy to enhance customer experience and operational efficiency [1] - As of August 22, 2023, Yonghui Supermarket has completed modifications in 168 stores, with at least 30 more expected to be completed in September [1]

Core Insights - Yonghui Supermarket has officially opened its 14th modified store in Beijing, integrating the "Pang Dong Lai" model, which focuses on optimizing product structure and service flow to cater to local consumer characteristics [2][3] - As of August 22, 2023, Yonghui has completed modifications in 168 stores, with at least 30 more expected to be completed in September, bringing the total to over 200 modified stores [3] - The company aims to establish a new positioning as "National Supermarket Quality Yonghui" and plans to secure 200 core strategic partners and develop 100 billion-level flagship products within three years [3] Sales Performance - During the recent National Day and Mid-Autumn Festival, modified stores saw a sales increase of over 100% year-on-year, with customer transactions rising by over 80% and sales of popular items increasing by more than tenfold [4] - Despite the positive performance in modified stores, Yonghui's overall revenue fell by 20.73% year-on-year to 29.948 billion yuan, with a net loss of 241 million yuan in the first half of the year [4] Store Management - In the first half of the year, Yonghui opened 4 new stores but closed 227, resulting in a net decrease of 223 stores compared to the end of 2024 [4] - The new CEO, Wang Shoucheng, emphasized that the immediate priority is to modify existing stores, with plans for new store openings contingent on improvements in operational efficiency [4]