精选本周内平台、行业、品牌动态与热点趋势，让您十分钟读懂餐饮供应链领域的最新动向。 卫龙前CEO入职大窑汽水 据红星新闻消息，近日，卫龙前CEO孙亦农已加入大窑，出任CEO一职。 公开资料显示，孙亦农在食品及饮料行业经验丰富。从1999年7月起，他在可口可乐（中国）饮料有限公司及可 口可乐企业管理（上海）有限公司工作了近17年，担任过多个职位。2016年5月，孙亦农加入厦门银鹭食品集团 有限公司，到2021年5月，历任首席商务官、首席运营官及首席执行官。 2021年9月，孙亦农加入卫龙，担任总裁特别助理，同年12月，获任CEO。任职期间，卫龙成功赴港上市。（红 星新闻） 钱大妈赴港IPO 1月12日，钱大妈国际控股有限公司在港交所披露招股说明书，正式启动上市进程。钱大妈本次募资主要用于扩 大门店网络、丰富产品组合、提升供应链能力、升级基础设施等。 钱大妈已成为内地最大的社区生鲜连锁企业。招股说明书显示，2024年，钱大妈的整体GMV达到了148亿元。根 据灼识咨询的资料，以生鲜产品GMV计算，公司连续五年在国内社区生鲜连锁企业中位列第一。（证券时报） 牧原股份预计2025年净利润147亿元-157亿元 1月1 ...

1月16日，由智利驻广州总领事馆商务处、智利水果出口商协会、永辉超市、吉制、煜谦集团共同主办的"智利车厘子冰雪节"广州站于永辉超市花都融创 茂店正式启动。智利驻广州总领事馆商务处商务领事宋元明（GONZALO RUBILAR）、智利水果出口商协会主席伊万·玛兰姆比奥（Ivan Andres Marambio）、智利水果出口商协会樱桃委员会总监科劳迪亚（Claudia Patricia Soler）、永辉超市副总裁兼首席产品官佘咸平、吉制大中华区总经理Juan Latife、煜谦集团董事长张明，以及相关单位高层代表出席活动。 智利驻广州总领事馆商务处商务领事宋元明表示，中国与智利季节互补，为双向水果贸易提供天然契机。智利连续十多年成为中国进口车厘子第一大来源 地，也已成功进口中国的荔枝、梨和猕猴桃等水果。希望未来双方能在技术交流、品种创新、采后处理及贸易便利化等领域深化合作，实现互利共赢。 智利水果出口商协会樱桃委员会总监科劳迪亚在发言中指出，当前，车厘子消费群体持续扩大，消费场景更加日常化。永辉超市是智利车厘子在中国市场 的重要合作伙伴之一，未来双方将加强合作，推出更多品种、规格及包装的车厘子选择，以满足消费 ...

"2025年度北京十大商业品牌"作为主榜单，代表入围品牌在市场综合影响力大，引领行业发展方向；四个常设子榜单分别为2025年度"北京商业品质服 务品牌""北京商业模式创新品牌""北京商业匠心智造品牌"与"北京商业新秀品牌"。本届活动首次引入三大年度特设榜单，即2025年度"金融产品创新赋 能消费优秀案例""北京文商旅体融合优秀案例"和"北京时尚消费力引领品牌"。 北京商报讯（记者 王维祎）1月16日，由北京市商务局指导，北京日报报业集团和北京市商业联合会共同主办，北京商报社承办的2026北京商业品牌大 会暨2025年度（第二十一届）北京十大商业品牌揭晓活动在北京国际饭店成功举办。本次活动以"新需求 新供给"为主题，政府领导、商业专家及企业 高层代表齐聚一堂，共同见证了代表北京商业最高水平的"2025年度北京十大商业品牌"及四个常设子榜单的揭晓。 其中，百果园、朝阳合生汇、红桥市场、极兔速递、南新仓、山姆会员商店、呷哺呷哺、西单大悦城、永辉超市、义利10家品牌荣膺"2025年度北京商 业模式创新品牌"。商业的发展需要不断更新、焕新，当选该榜单的品牌正在通过模式持续创新，推动行业向更高质量发展。在新的发展阶段，鼓 ...

在圆桌对话环节，永辉超市北京大区副总经理、调改总负责人杨子亮表示，永辉超市于2024至2025年间系统性推进"向东来学习"调改，这一动作本身成为一 项"爆品级"体验。调改并非局限于单品，而是围绕商品结构、卖场环境与人文服务展开全方位重塑，实现了从商品到服务、再到顾客认知的整体升级。 杨子亮介绍，调改后，永辉超市门店商品SKU更换率达80%，并保持月均7%的动态调整；同时新增30余项便民服务，覆盖休息区、加工服务等场景。这些 举措精准回应了年轻家庭客群对质价比与情绪价值的双重需求，使门店从传统采购点转型为品质生活社区。 北京商报讯（记者 王维祎）1月16日上午，由北京市商务局指导，北京市商业联合会和北京商报社联合主办的2025年度（第十九届）北京商业论坛在北京国 际饭店成功举办。本届论坛以"潮尚聚变·新需求与新供给"为主题，汇聚政、产、学、研、媒各界代表，围绕时尚消费与潮流趋势展开深度对话，为消费扩 容、商业提质与品牌破局贡献智慧。 截至今年1月，北京区域门店已完成调改。杨子亮透露，2026年，永辉将围绕"新品质"持续深耕，发力自有品牌开发，一方面对标全球顶尖供应链与零售标 杆，提升选品能力；另一方面扎实提升区 ...

Core Viewpoint - Yonghui Supermarket is facing significant challenges with continuous losses over five years, but it is pursuing a transformation strategy that includes a major fundraising effort of over 3 billion yuan to upgrade its stores and logistics, aiming for a new lifecycle post-restructuring [2][3]. Group 1: Financial Performance and Store Closures - Yonghui Supermarket announced a pre-loss for 2025, continuing its trend of losses with a projected revenue of 424.34 billion yuan, a 22.21% decrease year-on-year, and a net loss of 15.02 billion yuan [4]. - The company has closed over 325 stores, reducing its total from a peak of 1,000 to 450, focusing on eliminating inefficient locations [4]. - The closures have resulted in significant costs, with the closure of 104 stores in Q3 2025 leading to a loss of 6.12 billion yuan, averaging nearly 600,000 yuan per store [4]. Group 2: Transformation Initiatives - Yonghui has initiated a "Pang Reform" movement, aiming to revamp its stores by eliminating 70% of low-efficiency products and introducing high-potential new items [5]. - The reform has led to an average customer traffic increase of over 80% in remodeled stores, with over 60% of these stores achieving profitability exceeding their five-year peak [6]. - Despite these improvements, the overall financial performance remains under pressure, with a significant decline in revenue and a net loss of 2.41 billion yuan in the first half of 2025 [6]. Group 3: Fundraising and Financial Strategy - Yonghui announced a 31.14 billion yuan fundraising plan, reduced from an initial 39.92 billion yuan, to finance store upgrades, logistics improvements, and to address liquidity needs [8][11]. - The fundraising will focus on upgrading stores in high-potential areas and enhancing logistics capabilities, including the construction of cold storage facilities [8][11]. - The company faces severe financial pressure, with a debt ratio of 88.96%, indicating a critical need for effective use of the raised funds to stabilize its financial situation [11]. Group 4: Competitive Landscape and Industry Trends - The retail industry is experiencing a structural adjustment, with stronger players like Pang Donglai setting benchmarks for success, while weaker competitors struggle [14]. - Yonghui's transformation is seen as a gamble to escape ongoing losses, positioning it as a key player to watch in the retail sector [3][16]. - The success of Yonghui's transformation will depend on the efficiency of its remodeled stores, the effective deployment of its fundraising, and the execution of its new strategic initiatives [16].

Summary of the Conference Call Transcript Industry Overview - **Industry**: China Consumer Sector - **Outlook**: The sector is believed to be in the early stage of a multi-year recovery cycle that began in Q3 2024, with expectations for gradual improvement in consumer sentiment and spending through 2026E [2][11][12] Key Insights - **Valuation**: MSCI China Consumer Discretionary and Staples are trading at 17x and 15x 12-month forward PE, approximately one standard deviation below the 10-year averages, indicating that current valuations do not reflect a potential consumption recovery [2][9] - **Consumer Confidence**: The China Consumer Confidence Index has been trending upwards since September 2024, suggesting a gradual restoration of consumer confidence despite ongoing challenges in the property market [12][19] - **K-shaped Recovery**: The recovery is characterized by a K-shaped trend, where mid- to high-income consumers in tier-1 cities are expected to lead spending, while lower-tier city consumers remain focused on value for money [3][48] Consumer Behavior Trends - **Shifting Preferences**: A UBS Evidence Lab survey indicates a divergence in consumer behavior, with over 50% of mid- to high-income consumers reporting investment gains and showing strong spending intentions, particularly in premium and experiential categories [3][37] - **Spending Intentions**: The strongest spending intentions are noted in beauty and skincare (41%) and tourism (37%), reflecting a shift towards experiential and premium spending [51] - **Investment Gains**: 64-74% of mid- to high-income consumers reported increased investment returns, with many planning to reinvest or spend on travel, health services, and consumer electronics [40][41] Stock Implications - **Company Ratings**: - Upgrades to Neutral for Fenjiu due to expected benefits from non-business baijiu consumption - Buy ratings maintained for companies like MIXUE, Guming, China Foods, CR Beer, and YUM China, among others [4] - **Dividend Payouts**: Premium baijiu companies are noted for their >75% dividend payout, which is expected to protect share prices from downside risks [4] Structural Growth Opportunities - **Emerging Themes**: Key investment themes for 2026E include changing consumer preferences, corporate restructuring, and industry consolidation, particularly in sectors like home appliances and mass-market consumption [14][50] - **Corporate Restructuring**: Companies are expected to adapt their business models to align with changing consumer behaviors, which may lead to sustainable long-term earnings growth [4][50] Risks and Challenges - **Property Market Downturn**: The ongoing downturn in the property market is anticipated to weigh on household balance sheets, potentially impacting consumer spending [13][48] - **Policy Support**: The pace of recovery is contingent on stabilizing the property market and effective policy implementation to boost consumption [13][48] Conclusion - The China consumer sector is poised for a recovery, driven by improving consumer confidence and shifting spending patterns. However, the recovery will be uneven across different income groups and city tiers, necessitating a nuanced investment approach to capture emerging opportunities while being mindful of potential risks associated with the property market downturn.

Core Viewpoint - Yonghui Supermarket is not merely aiming to learn from Pang Donglai but is pursuing a more ambitious transformation strategy amidst ongoing financial losses and operational restructuring [2][3]. Group 1: Financial Performance and Losses - Yonghui Supermarket has announced a pre-loss for the fifth consecutive year, with a projected loss of 15.02 billion yuan for 2025, following a revenue decline of 22.21% to 42.43 billion yuan in the first three quarters [5]. - The company has accumulated losses of 9.5 billion yuan from 2021 to 2024, with a revenue drop from a peak of 93.2 billion yuan in 2020 to 67.57 billion yuan in 2024 [5]. - In 2025, Yonghui closed over 325 stores, reducing its total from a peak of 1,000 to 450, focusing on eliminating inefficient locations [5][6]. Group 2: Operational Restructuring and "Fat Transformation" - The "Fat Transformation" initiative, which began in June 2024, aims to optimize store operations by eliminating nearly 70% of low-efficiency products and introducing high-potential new items [6][7]. - The transformation has led to an average customer traffic increase of over 80% in remodeled stores, with over 60% of these stores achieving profitability exceeding their five-year peak [7][21]. - Despite these improvements, the overall financial performance remains under pressure, with a significant net loss reported in the first half of 2025 [7][21]. Group 3: Financing and Debt Management - Yonghui has proposed a 31.14 billion yuan private placement to fund store upgrades, logistics improvements, and to alleviate liquidity pressures [10][13]. - The financing plan has been adjusted from an initial target of 39.92 billion yuan, with a focus on upgrading 216 stores instead of 298 [10]. - The company's financial situation is precarious, with a debt ratio of 88.96%, significantly higher than its competitors, indicating substantial short-term repayment pressures [13][14]. Group 4: Strategic Changes and Leadership - In 2025, Yonghui initiated a major organizational restructuring led by Ye Guofu, focusing on a "433" reform plan aimed at enhancing operational efficiency and modernizing management [16][17]. - The company has adopted a "naked price direct procurement" model to improve supply chain efficiency, with a goal of increasing the proportion of self-branded products [17][21]. - The success of Yonghui's transformation strategy will depend on the effective execution of these changes and the ability to maintain service quality during rapid expansion [21].

永辉学到了把货架调低、增加试吃台、优化动线设计，甚至直接模仿胖东来的明星商品包装。这些改变 初期确实吸引了不少好奇的顾客，部分调改门店客流增长超过80%。 但顾客很快发现差异：价格涨了，服务却没跟上。熟食区依然无人接待，退换货体验依旧繁琐，员工笑 容勉强。社交媒体上，"买错商品""下头体验"的吐槽不断。 根本差距在于：胖东来将90%以上的利润分给员工，店长年薪可达百万，保洁员月薪也能超过6000元。 而永辉在员工激励上始终小心翼翼，8个月仅拿出3100万分给3万员工，人均不足千元，被员工吐槽"加 活不加钱"。全国扩张vs区域深耕 明明抄了胖东来的作业，永辉超市为何还是深陷亏损泥潭？ 近两年，永辉超市高调宣布学习"胖东来模式"，从门店改造到服务流程全面复制，试图扭转业绩颓势。 然而数据冰冷：1月12日晚间，永辉超市公告称，初步测算预计2025年度归母净利润为负值，也就是 说，2025年度经营业绩仍将出现亏损。 为什么"抄作业"反而越抄越亏？永辉到底算漏了什么？只抄形式，未得精髓 胖东来的成功，表面看是门店设计、商品陈列和服务标准，内核却是独特的价值分配体系和区域深耕逻 辑。 这种冒进的改革牺牲了短期毛利，综合毛 ...

Core Viewpoint - Yonghui Supermarket is experiencing significant financial challenges, with a notable decline in revenue and net profit due to extensive store adjustments and external risks affecting its stock price [2][11][12]. Financial Performance - In the first three quarters of 2025, Yonghui Supermarket reported revenue of 42.434 billion yuan, a year-on-year decrease of 22.21%, and a net profit loss of 1.502 billion yuan after excluding non-recurring items [11][12]. - The decline in revenue and profit is primarily attributed to the closure of over 325 stores, reducing the total number of operating stores from a peak of 1,000 to 450 [11][12]. Market Reaction - Investors anticipated continued losses for Yonghui Supermarket in 2025, viewing the situation as expected given the significant losses reported in the third quarter [12]. - The company's stock price has fallen from nearly 7 yuan at the end of 2024 to around 5 yuan, influenced by concerns over cash flow and a contract dispute involving the chairman [12] . Store Adjustment and Improvement - As of the end of the third quarter of 2025, Yonghui has completed approximately 50% of its store adjustments, with adjusted stores showing an average customer traffic increase of over 80% and some stores returning to profitability [2][13]. - The company aims to complete adjustments for all stores by June 2026, with a target of over 300 adjusted stores before the 2026 Spring Festival [13]. Strategic Initiatives - Yonghui Supermarket has been implementing the "Fat Donglai" model since May 2024, focusing on supply chain transformation, customer experience enhancement, and organizational culture restructuring [13][14]. - The first store adopting this model opened in Chengdu in October 2024, emphasizing employee and customer happiness [14].

来源：@智通财经APP微博 来源：@智通财经APP微博 【#投资者称永辉超市亏损在预期内##永辉超市发预亏公告#】 1月12日晚间，永辉超市发布公告称，经公司财务部门初步测算，预计2025年度归母净利润为负值， 2025年度经营业绩将出现亏损。永辉表示，最终财务数据以正式披露的2025年年度报告为准。#永辉超 市2025净利润为负# 有投资者告诉蓝鲸记者，"永辉超市预亏是预期内的事情，只是亏多少的问题。"然而，永辉超市并未在 今日的公告中，发布具体的亏损数据。 永辉超市自2024年5月启动"胖改"，至今已有1年半时间，从公司2026年1月9日公布情况看，全国调改门 店已经突破300家。2025年10月，永辉CEO王守诚曾公开表示，学习胖东来模式仍处于初级阶段，坚持 长期主义，希望用2到3年走出生死线，5到10年真正成为一个国民超市品牌。@蓝鲸新闻 有投资者告诉蓝鲸记者，"永辉超市预亏是预期内的事情，只是亏多少的问题。"然而，永辉超市并未在 今日的公告中，发布具体的亏损数据。 永辉超市自2024年5月启动"胖改"，至今已有1年半时间，从公司2026年1月9日公布情况看，全国调改门 店已经突破300家。2025年 ...