烘焙区成为本次调改的最大亮点，各店均引入热狗嘟嘟、核桃满满、金秋桂花丰收的喜悦等现烤商品。大坪店主打双拼瑞士卷，口感绵密香甜；水果法式蛋 挞系列以酥脆塔皮搭配当季新鲜水果，颜值与美味并存。风临路店重点推荐的榴莲千层精选40%榴莲果肉，层层叠加的饼皮与榴莲果肉完美融合，每一口都 让人回味无穷。四公里店的猫山王榴莲大福外皮软糯，内馅饱满，榴莲香味浓郁。较场口店的鸭奶面包在面团中加入无盐黄油、椰奶酱，经过低温长时间发 酵，烘烤后外酥内软，香气四溢。 9月的山城重庆，零售行业迎来一场静水深流的变革。作为国家中心城市和西部消费重镇，重庆正以"提质扩容"为主题推进消费供给侧改革，在此背景下， 永辉超市率先开启业态创新探索。自9月12日大坪店（渝中区大坪正街88号）率先亮相，随后9月19日四公里店（南岸区青龙路回龙商务大厦）、9月26日较 场口店（渝中区民族路58号）、9月30日风临路店（南岸区风临路7号）相继登场，永辉超市在短短一个月内于重庆主城区密集焕新四家学习胖东来模式的自 主调改店。这场以商品优化、服务升级、员工关怀为核心的系统性变革，不仅重塑了山城消费者的购物体验，也为传统商超转型提供了创新样本。 四店商品焕新， ...

为积极响应南平市促消费、扩内需政策号召，进一步优化本地消费供给、激发市场活力，永辉超市南平 地区首家学习胖东来模式调改门店——南平浦城兴华路店将于9月12日焕新开业。此次调改围绕商品、 环境、服务、员工四大核心维度进行系统性升级，旨在为浦城消费者打造一个更富品质、更具温情的一 站式购物新空间，也为县域商业升级提供了新范式。 商品力全面革新，鲜食占比显著提升 门店位于浦城县兴华路，调改后经营面积近3000平方米。作为永辉在南平地区的调改首店，其调改深度 对标胖东来的产品和价格，对商品结构进行了革命性重塑。据了解，原有的12509支单品中，下架了 6270支单品，新增商品2745支，调改后商品结构达到胖东来的80%，进口商品占比达15%。尤为显著的 是，代表"烟火气"和便捷生活的烘焙、熟食等鲜食比例从原有的5%大幅提升至25%，极大满足了消费 者对美味、健康、高效的生活需求。 生鲜品类是此次升级的重头戏。水果区新增果切果汁、冷萃茶、水果捞等年轻化品类，并以各类应季爆 品构建矩阵，渗透年轻客群的社交、通勤与轻食场景。蔬菜区引入有机菜及闽北炖汤特色食材，如石橄 榄、金线莲、鲜人参、五指毛桃等养生滋补品，并通过定向种植 ...

Core Viewpoint - Yonghui Supermarket has launched its first "Fat Donglai model" store in Hai'an, marking a significant step in its market expansion in the Suzhong county area, responding to local consumer demand for upgraded shopping experiences and service quality [1][3]. Group 1: Store Features and Offerings - The new store covers over 2,600 square meters and aims to enhance the shopping environment and service experience for local consumers [3]. - The product structure has been significantly adjusted, with over 41% of new products and an overall alignment with the Fat Donglai standard of 80% [5]. - The proportion of imported goods has increased to 13%, while the share of fresh food categories like baked goods and cooked food has risen from 5% to 20% [5]. Group 2: Product and Service Innovations - The fresh produce section has been upgraded to include high-altitude vegetables, organic products, and specialty fruits, enhancing quality and sourcing [5][6]. - The store features a dedicated area for Fat Donglai products, allowing customers to conveniently purchase high-quality items without traveling to Henan [6]. - Service upgrades include various customer-friendly amenities such as blood pressure monitors, drinking water, and free charging stations, creating a comfortable resting space [6]. Group 3: Commitment to Local Culture and Quality - The store integrates the "people-oriented" philosophy of Fat Donglai with local consumer habits and culture, aiming to create a unique shopping experience for Hai'an residents [8]. - The seafood section promises to sell only seafood without added water, offering free cleaning and oxygenation services [6]. - Strict food safety measures are implemented, including the "468 principle" for cut fruit, ensuring quality and freshness [6].

编辑/蒙嘉怡 当传统商超陷入增长困局，"胖改"似乎成了零售业的一根救命稻草。但在复杂多变的市场环境和层出不穷的消费观念面前，"改革"的保鲜期却越来越短。 因此，对于存量时代而言，足够的原创力和适应性，或许比一次次"标准化改革"来得更加实用。2024年9月，永辉浙江首家"胖东来模式"自主调改店滨江宝 龙店正式开业。 一年过去，滨江宝龙店又留下了什么？它又为顾客、员工，乃至同城商超，带来了怎样的启示？ 聚焦品质和温度 在交谈中壹览商业得知，王阿姨的小孙子特别中意超市里的熟食，"像凉拌菜、烤鸡、面包，小孩子都来得个喜欢，周末儿子一家来这里吃饭，我都会买点 给他们吃吃，让我们自己烧那么多菜也吃不消，有时候还会买些鲜切水果，日清的东西买着更放心。" 近期，永辉自有品牌全新升级推出酵素洗衣液、橙汁、安心纸面巾、玉米胚芽油等多款品质新品，保证质优的同时也有着更为实惠的价格。 在YH Bakery烘焙坊里，每日现烤现售的多款网红产品为消费者带来新体验。依托自身的研发实力，丰收的喜悦欧包、核桃满满、山茶花吐司等爆款单品兼 顾健康与创意，成为新增长点。 通过"新疆水果+东海海产"双时令爆款组合，永辉不仅强化了生鲜品类的竞争力，更 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In the first half of 2025, the company achieved revenue of 29.95 billion yuan, a year-on-year decline of 21%, with a net loss attributable to the parent company of 800 million yuan [2][4]. - In the second quarter alone, revenue was 12.47 billion yuan, down 23% year-on-year, with a net loss of 940 million yuan; however, after considering asset disposal gains from store closures, the net loss was reduced to 390 million yuan, a year-on-year improvement of 70 million yuan [2][4]. - The retail segment's gross margin showed improvement, with a gross margin of 19.8% in the second quarter, remaining stable year-on-year, driven by a shift towards self-operated sales in the bakery segment and a reduction in high-margin service business revenue [9]. Summary by Sections Financial Performance - The company reported a total revenue of 29.95 billion yuan in the first half of 2025, a decrease of 21% year-on-year, and a net loss of 800 million yuan [2][4]. - The second quarter revenue was 12.47 billion yuan, down 23% year-on-year, with a net loss of 940 million yuan; however, the loss was reduced to 390 million yuan after accounting for asset disposal gains [2][4]. Supply Chain and Margin Improvement - The company closed 223 stores in the first half of 2025, resulting in a total of 552 stores, which contributed to the revenue decline [9]. - The gross margin for the retail segment improved by 0.6 percentage points year-on-year, attributed to a higher proportion of self-operated sales in the bakery segment and a focus on quality retail and supply chain reform [9]. Strategic Initiatives - The company launched high-quality private label products, including fresh milk at a competitive price, which achieved sales of over 1 million yuan within four days of launch [9]. - The company is actively restructuring its brand marketing system to enhance consumer reach and product differentiation [9]. Future Outlook - The company plans to raise up to 4 billion yuan through a private placement to support store renovations, logistics upgrades, and working capital [9]. - Earnings per share (EPS) are projected to be -0.08 yuan, 0.05 yuan, and 0.12 yuan for 2025, 2026, and 2027, respectively, indicating a potential turnaround [9].

Investment Rating - The report assigns an "Accumulate-A" rating to the company, marking its first coverage [6]. Core Views - The company is a leading national chain supermarket that is firmly advancing its quality retail transformation. It has experienced rapid growth in revenue, store count, and net profit from 2010 to 2019, with compound annual growth rates of 23.9%, 21.7%, and 19.9% respectively. However, it faced operational losses starting in 2021 due to various market pressures and has since committed to a quality retail strategy [1][16]. Summary by Sections Company Overview - The company began in 1998 and pioneered the "Agricultural Reform Supermarket" model. It expanded rapidly, reaching 911 stores by 2019. However, it has faced challenges since 2021, leading to a net store closure trend and a total loss of 9.502 billion yuan from 2021 to 2024 [1][16][22]. Store Transformation - The company is actively transforming its stores, with a target of reaching 200 remodeled stores by the end of September 2025 and 300 by early 2026. As of August 15, 2025, 160 remodeled stores were operational [1][28]. Product Layout - The company is optimizing its product structure by significantly updating its inventory, with over 60% of products being new. It is focusing on high-margin categories such as baked goods and ready-to-eat meals, with a notable increase in sales during the 2025 Spring Festival [32][37]. Supply Chain Reform - The company is shifting from a traditional KA model to a cost-plus procurement model, enhancing its product differentiation. It is also establishing a central kitchen to ensure product quality and stable supply [47][49]. Service Improvement - The remodeled stores are equipped with various customer service facilities, enhancing the shopping experience. Employee wages have also increased significantly, with a focus on improving employee satisfaction and retention [53][56]. Industry Overview - The supermarket industry in China is characterized by stable growth, with the top 100 supermarket companies projected to achieve a sales scale of approximately 900 billion yuan in 2024, reflecting a year-on-year growth of 0.3%. The industry is undergoing a transformation, with many companies focusing on store remodeling as a key strategy for 2025 [2][6].

Core Viewpoint - The transformation of Yonghui Supermarket, referred to as "胖改" (Fat Reform), aims to emulate the successful model of Pang Donglai, focusing on quality products and customer service, but faces significant challenges in execution and adaptation to local market preferences [3][12][13]. Group 1: Consumer Perception and Experience - Consumers associate Pang Donglai with high-quality products and exceptional service, which sets a high standard for Yonghui to meet [1][3]. - The initial consumer response to the "胖改" Yonghui was positive, with increased foot traffic, but the reliance on Pang Donglai's products indicates a lack of unique offerings [3][4]. - The experience at "胖改" Yonghui is compared unfavorably to Pang Donglai, suggesting that it has a long way to go to achieve the same level of customer satisfaction [3][4]. Group 2: Financial Performance and Market Response - Yonghui Supermarket reported a net profit of 1.817 billion yuan in 2017, but has since faced declining profits, with a cumulative loss of 9.742 billion yuan over five years [4][6]. - Following the announcement of the "胖改" initiative, Yonghui's stock price saw significant fluctuations, peaking at 7.87 yuan, but later declined to 6.34 yuan, reflecting market volatility and investor sentiment [5][6]. Group 3: Operational Challenges and Supply Chain Issues - Yonghui's attempt to replicate Pang Donglai's product structure has led to a mismatch with local consumer preferences, resulting in low repurchase rates [7][8]. - The supply chain model of Pang Donglai, which emphasizes self-operated logistics and fresh product delivery, contrasts with Yonghui's reliance on third-party suppliers, leading to quality and freshness issues [8][10]. Group 4: Employee Engagement and Service Quality - Pang Donglai's success is attributed to its employee-centric culture, which fosters loyalty and high service standards, while Yonghui struggles with employee retention and service consistency [10][12]. - Despite implementing some customer service enhancements, Yonghui's service quality has declined due to employee disengagement, impacting customer experience [10][12]. Group 5: Strategic Direction and Future Outlook - Yonghui's "胖改" initiative is seen as a response to the pressures of e-commerce and changing consumer behavior, but it has not yet fully realized the core values of Pang Donglai [13][14]. - The company is encouraged to focus on understanding customer needs and improving operational efficiency rather than merely copying successful models [14].

Core Insights - Yonghui Supermarket's Luqu Store in Beijing has undergone a successful two-month renovation, aligning with the company's strategy to better understand consumer needs and enhance service quality [1] - The store's renovation is part of a broader initiative, with nearly 170 stores across the country undergoing similar transformations, aiming to improve customer satisfaction and operational efficiency [1][2] Product Restructuring - The store has increased its product turnover rate to over 50%, with more than 80% of its product structure now aligned with the quality-price ratio standards of the successful "Pang Donglai" model [2] - Yonghui's private label and reverse-customized products are key to offering high-quality yet affordable options, such as a 3kg laundry detergent priced at 19.8 yuan and a 1L orange juice at 13.5 yuan [2][4] - The store has expanded its offerings to include local specialties and popular brands, catering to the tastes of local consumers while also appealing to younger shoppers with fresh baked goods and convenient packaging options [2][4] Experience Revolution - The store's layout has been optimized to enhance the shopping experience, with wider aisles and lower shelves to improve visibility and flow [5] - Additional services such as a "manager-style" parking lot and various customer-friendly features have been introduced to create a welcoming environment [5][8] - The store hosts regular events and tastings to engage customers, transforming shopping from a chore into an enjoyable experience [7] Community Engagement - The renovation has maintained the store's community-oriented approach, with initiatives to support local workers and provide essential services [8][9] - Employee welfare has been prioritized, with salary increases and improved working conditions, fostering a sense of belonging and commitment among staff [8] - The store has introduced various community services, such as a "Love Station" for delivery workers and facilities for mothers, reinforcing its role as a trusted neighborhood resource [9] Strategic Alignment - The successful renovation of the Luqu Store exemplifies Yonghui's commitment to enhancing product quality, customer experience, and community ties, aligning with broader urban development goals in Beijing [9] - The store's transformation reflects a strategic shift towards becoming a provider of quality living and a connector of community warmth, moving beyond traditional retail functions [9]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to store closures and ongoing adjustments in its business model [1][2][3]. Financial Performance - For 25H1, the company generated revenue of 29.95 billion yuan, a year-on-year decrease of 20.7%, with a net profit attributable to shareholders of -240 million yuan and a non-recurring net profit of -800 million yuan, slightly better than previous forecasts [1][2]. - In 25Q2, revenue was 12.47 billion yuan, down 22.6% year-on-year, with a net profit of -390 million yuan and a non-recurring net profit of -940 million yuan [1]. - The company's gross margin for 25H1 was 20.8%, a decrease of 0.8 percentage points year-on-year, while the gross margin for fresh and processed goods improved to 14.5%, up 2.1 percentage points [2]. Operational Adjustments - The company has accelerated its store adjustment pace, with 124 stores modified in 25H1 and a target of over 208 modified stores by the end of Q3 [3]. - The company aims to complete adjustments for all existing stores by early 2026, with a focus on reducing the number of suppliers by 50% and increasing direct sourcing of fresh products to over 60% [3]. - The company has also launched new private label products, with a long-term goal of achieving a 40% share of private label products by 2029 [3]. Investment Outlook - The company is positioned as one of the two most promising national supermarket chains in China, alongside Hema, with a differentiated competitive strategy compared to existing players like Sam's Club and Costco [4]. - The estimated bottom market value is projected at 54 billion yuan based on a profit of 2.7 billion yuan and a 20x price-to-earnings ratio, with expectations for improved profitability as store adjustments progress [4]. - The company anticipates achieving operational breakeven by Q4, excluding the impacts of store closures and impairments [4].

9月5日，永辉超市唐山吾悦广场店完成"学习胖东来"自主调改正式开业。该店是永辉在唐山市开设的首 家调改门店，也是河北省内继石家庄、秦皇岛、廊坊之后第五家学习"胖东来模式"全面升级的"胖永 辉"门店。此次开业标志着永辉在京津冀区域的品质零售网络布局进一步完善。 调改后的唐山吾悦广场店对商品体系进行了系统性重构。门店在原有经营的一万余支商品中进行了大幅 优化，新增率接近60%。调整后整体商品结构接近胖东来商品结构的80%，其中烘焙、熟食等鲜食类商 品占比扩大到23%。 熟食区不仅引入了胖东来同款的去骨猪蹄、小甜肠、牛肉干等网红产品，还保留了北京烤鸭、韩式炸 鸡、土家鲜肉饼等风味美食。烘焙区与中粮、安佳等供应商达成战略合作，现烤现售产品涵盖"丰收的 喜悦"健康欧包、"核桃满满"乳酪面包和山茶花山泉吐司等。 同时，胖东来自有品牌专区首次亮相唐山，包括DL100%葡萄复合果汁、DL精酿小麦啤酒、DL宝丰自 由爱白酒、DL菜籽油等五十余款商品集中陈列。 永辉自有品牌同样表现突出：19.8元/3kg的"微胶囊香氛酵素洗衣液"；仅售13.5元的1L新鲜橙汁；7.9 元/950ml的伊利定制鲜牛奶上市4天全国销量即突破百万元。 ...