尽管距离2026年农历春节还剩半月有余，但各家商超的"氛围组"角色已然报道。无论是30款千万级品质商品"清单披露"、抑或是数百款自有品牌系列新 品"超越期待"，契合健康、情绪消费态度，围绕家宴、礼赠、自享三场景，商超对于年货选品的定义不断进化。 商超年货节呈家宴、礼赠、自享三重奏，消费需求承接凸显兼容化 元旦过后便相继启动"年货季"，尽可能将"空窗期"压缩、甚至跳过的各大商超，外溢的年味愈发浓郁。拨开密密麻麻码放在货架上的商品，逐步迈入紧张期 的年味备货，更多呈现家宴、礼赠、自享三重奏。 消费群体结构转变之下，兼顾仪式感、品质力与便捷性的"三角形"家宴需求提高。今年商超对于家宴调性的起步仍从高度兼容性出发。据永辉超市介绍，本 届年货节，永辉家宴团圆方面汇聚了品质永辉零反式脂肪酸花生油、鲜活帝王蟹、永辉定制挪威三文鱼等；沃尔玛方面提供巨无霸黑椒安格斯原切战斧牛 排、黑虎虾、有机盐磨鲍鱼肉等，如欲简化宴客流程，"沃集鲜"另含多款"一道成席"宴客硬菜与礼盒；奥乐齐也在国内推出金蒜椒盐鸭下巴、酒香蒸鲥鱼 等，另有原切牛腱肉、黑猪肋排等食材。 图片来源：小红书截图 品质升级承接的便是日趋理性的消费心态，后者在礼赠场景则 ...

酒业 i茅台："马茅"经典版包装已修正，公布两种售后方案 1月23日，小茅i茅台官方公众号发布贵州茅台酒（丙午马年）经典版包装已修正，并完善售后解决方案 的消息。当中介绍，这几日，小茅的内心充满感激与反思。感激的是，每一位指出53%vol 500ml贵州茅 台酒（丙午马年）经典版包装彩盒上那"一撇之失"的您，都是茅台最可贵的诤友；反思的是，小茅应该 如何将这一"丿"还给大家，并持续提升今后的工作和服务质量。经过两日全链路的紧密协作， 53%vol500ml贵州茅台酒（丙午马年）经典版的外盒已修正，并于今日——2026年1月23日恢复生产。 对于售后解决方案，推文介绍，第一种为，直至2026年12月31日（结合丙午马年产品生产周期实际）， 小茅都会在全国茅台自营店提供常态化的更换服务。消费者可携带所购原产品及相应购货凭证至全国茅 台自营店，更换修正后的产品。小茅也可在自营店为用户单独更换已修正的包装内盒，由于供应链周期 安排，预计包装内盒的更换从3月起，届时小茅会发布公告通知。第二种为，小茅脑洞大开的"补笔工 具"初步研判具有可行性，目前原型思路已形成，还需进一步深化设计并开展实物验证。小茅想做到易 用并有艺术 ...

近日，永辉超市发布2025年度业绩预亏公告，预计净利润为-21.4亿元，较2024年多亏6.70亿元，这也是 永辉超市连续第五年陷入亏损。 永辉超市表示，2024年已完成调改的门店，其营业收入和净利润均显著提升，但由于这类门店整体占比 较低，加之2025年新调改的门店因前期投入较高、尚未实现盈利。因此调改门店对该公司2025年当期净 利润的贡献仍较为有限。 据悉，永辉超市自2024年5月6日启动胖东来模式调改。2025年，永辉超市深度调改了315家门店，并关 闭了381家与公司未来战略定位不相符的门店。 1月23日，#学胖东来的第二年永辉又亏了21亿#话题登上微博热搜。 近日，永辉超市发布2025年度业绩预亏公告，预计净利润为-21.4亿元，较2024年多亏6.70亿元，这也是 永辉超市连续第五年陷入亏损。 永辉超市表示，2024年已完成调改的门店，其营业收入和净利润均显著提升，但由于这类门店整体占比 较低，加之2025年新调改的门店因前期投入较高、尚未实现盈利。因此调改门店对该公司2025年当期净 利润的贡献仍较为有限。 据悉，永辉超市自2024年5月6日启动胖东来模式调改。2025年，永辉超市深度调改了3 ...

长江商报消息 ●长江商报记者 沈右荣 全面深度学习胖东来第二年，曾经的商超连锁巨头永辉超市（601933.SH）取得了什么样的成效？ 1月20日晚间，永辉超市发布年度业绩预告，公司预计2025年度归母净利润为-21.40亿元，较2024年多 亏6.70亿元。 2025年，永辉超市深度调改了315家门店，并关闭了381家与公司未来战略定位不相符的门店。 永辉超市称，资产报废损失、停业装修营业收入损失、一次性开办费投入等，是导致2025年亏损的主要 原因。 为了支撑"胖改"，永辉超市筹划通过定增募资不超过31.14亿元。目前，这一事项正在推进中。 根据公开信息，永辉超市的目标是，2—3年走出生死线。这意味着，2026年，永辉超市将面临大考。这 也让市场对永辉超市能否顺利"出师"充满疑虑。 永辉超市的"胖改"还在继续。作为改革领导小组组长，2024年9月，叶国富豪掷62.70亿元取得永辉超市 第一股东之位。时过16个月，虽然永辉超市亏损扩大，但叶国富已浮盈约62亿元。 调改315家关闭381家店 永辉超市学习胖东来的行动还在进行中，盈利承压加剧。 根据业绩预告，2025年度，永辉超市预计实现归母净利润为亏损21.4 ...

Core Viewpoint - The article discusses the challenges and complexities faced by traditional supermarkets in China, particularly in the context of learning from the successful model of "胖东来" (Pang Donglai), highlighting the difficulties in replicating its success and the inherent issues within the retail industry [1][3]. Group 1: Industry Challenges - The retail industry is undergoing significant changes, with major players like 永辉超市 (Yonghui Supermarket) facing substantial losses and operational difficulties, including a projected annual loss and a significant drop in revenue [5][6]. - The traditional supermarket model relies heavily on channel fees from suppliers, which has created a complex and often corrupt procurement system that hampers operational efficiency [10][11]. - The shift towards a new model, as exemplified by 胖东来, involves reducing reliance on key account (KA) fees and focusing on direct consumer sales, which requires a fundamental change in operational strategy [10][12]. Group 2: Learning from 胖东来 - Many supermarkets are attempting to emulate 胖东来’s success, but the process has proven difficult, with many struggling to understand and implement the necessary changes [5][6]. - 胖东来 has achieved remarkable sales growth, completing its 200 billion sales target ahead of schedule, which has drawn attention from competitors [5][6]. - The key to 胖东来’s success lies in its ability to redefine the relationship between supermarkets and suppliers, emphasizing product customization and direct consumer engagement [10][12]. Group 3: Management and Organizational Issues - The restructuring efforts at 永辉超市 have led to significant changes in management, including the departure of key executives, indicating the challenges of implementing a new operational model [11][12]. - The complexity of managing a large supermarket chain is exacerbated by the need to maintain effective procurement practices while also ensuring compliance with new operational standards [19][20]. - 胖东来’s approach to employee compensation and management practices, including high salaries and strict performance standards, is a critical aspect of its operational success, but poses challenges for scalability [13][19]. Group 4: Market Dynamics - The retail market in China is characterized by a large number of small companies operating within a vast market, making it difficult for traditional supermarkets to adapt to changing consumer preferences and competitive pressures [22][24]. - The historical context of retail in China shows that many once-dominant players have struggled to maintain their positions, highlighting the transient nature of success in the industry [23][24]. - The article emphasizes that successful business models are often context-specific and may not be easily replicated, as evidenced by the challenges faced by companies attempting to adopt 胖东来’s strategies [26][27].

"马年茅台"出现印刷错误，错版二手价格被炒至2800元 1月21日，53%vol500ml贵州茅台酒（丙午马年）经典版印刷错误的消息引发关注。有网友指出，马年 茅台外包装所印制的星宿图中，"昴宿"的"昴"字被错印成了形近字"昂"。目前，茅台已确认并修改，有 白酒专家称错版马茅因稀缺性或有升值空间。 1月22日，记者搜索发现，二手平台已有多个卖家出售2026年"错版马茅"。原价1899元一瓶的"错版马 茅"二手标价在2300元至2800元不等。还有加价500元卖2499元一瓶的商家称，已经接到茅台专卖店的召 回电话。"包装印刷错了很特别，很难抢。"另有以14998元出售6瓶整箱马茅、生产日期在20260116吉利 顺顺号的卖家称，错版茅台更有收藏价值。（江南都市报） 今日热点导览 TOP 3 大新闻 "黑白颠周媛"账号被封，此前付费课程收入已超过2400万元 近日"眼神给出去，我的身体形成X形"成为互联网热梗，网红周媛因为教女性向男性撒娇的片段引发争 议，骂声也随之而来。网友指责她发布擦边低俗视频。记者1月22日获悉，"黑白颠周媛"实名主账号已 被封。 然而在玩梗与热闹之外，周媛背后还隐藏着一个覆盖知识付费、情 ...

vivo叫停AI眼镜项目 今日热点导览 TOP 3 大新闻 "马年茅台"出现印刷错误，错版二手价格被炒至2800元 1月21日，53%vol500ml贵州茅台酒（丙午马年）经典版印刷错误的消息引发关注。有网友指出，马年 茅台外包装所印制的星宿图中，"昴宿"的"昴"字被错印成了形近字"昂"。目前，茅台已确认并修改，有 白酒专家称错版马茅因稀缺性或有升值空间。 1月22日，记者搜索发现，二手平台已有多个卖家出售2026年"错版马茅"。原价1899元一瓶的"错版马 茅"二手标价在2300元至2800元不等。还有加价500元卖2499元一瓶的商家称，已经接到茅台专卖店的召 回电话。"包装印刷错了很特别，很难抢。"另有以14998元出售6瓶整箱马茅、生产日期在20260116吉利 顺顺号的卖家称，错版茅台更有收藏价值。（江南都市报） 36氪独家获悉，手机厂商vivo近期叫停了AI眼镜项目，这一项目此前已秘密筹备半年时间，并已与歌 尔、中科创达在内的多家ODM厂商合作demo。一名知情人士称，音视频、带单绿显示的AI眼镜方案都 在vivo的讨论范围内，但最终尚未确定方向便被叫停。原因是，vivo执行副总裁胡柏山在内的多位 ...

2026年初，永辉超市的预亏公告砸向零售市场。 归母净亏损21.4亿元，连续第五年陷亏损泥潭。这个曾登顶"中国超市一哥"的企业，市值从千亿跌至四百 亿，如今仍在亏损的泥沼里挣扎。 图源：微博 永辉的崛起，曾是中国实体零售的传奇。 上世纪90年代，张氏兄弟在福建从啤酒批发起家，精准抓住"农改超"风口。2000年首家永辉 生鲜超市开业，把农贸市场搬进商超，用直采自营模式打破传统零售格局。 彼时沃尔玛、家乐福等外资巨头盘踞市场，永辉靠生鲜品类错位竞争，硬生生撕开一道口 子。 2010年上市后，永辉加速全国扩张，门店数飙升至千家规模，营收最高冲到932亿元，稳 坐"生鲜第一股"宝座。 图源：百度股市通 转折点定格在2020年下半年。社区团购"百团大战"进入白热化，多个平台携资本入场，以"预 售+零库存+次日自提"模式突袭市场，对永辉造成致命冲击。 这种模式靠预售按需备货，大幅降低库存积压，生鲜损耗率能控制在3%左右的低位（部分爆 品品类可达1%极端值），远优于传统商超。 更关键的是，平台靠资本补贴掀起价格战，商品售价普遍低于线下市场价20%-25%，精准抢 走永辉核心客群。 巅峰时期的永辉，手握两大王牌。一是极致的生 ...

Core Viewpoint - Yonghui Supermarket is undergoing a significant transformation process, referred to as "Pang Donglai" reform, which is expected to impact its financial performance negatively in the short term, leading to a projected net loss of 2.14 billion yuan for 2025, marking the fifth consecutive year of losses for the company [2][6]. Group 1: Financial Performance and Losses - The company reported a net loss of 2.14 billion yuan for 2025, compared to a loss of 1.47 billion yuan in the previous year [2][6]. - From 2021 to 2024, Yonghui Supermarket's net profits were -3.944 billion yuan, -2.763 billion yuan, -1.329 billion yuan, and -1.465 billion yuan respectively [2]. - The company closed 381 stores and underwent significant adjustments to 315 stores, incurring costs related to asset write-offs and renovation losses totaling approximately 910 million yuan [6][7]. Group 2: Store Adjustments and Performance - The adjustments made to the stores have shown initial positive results, with 31 reformed stores achieving sales of 4.662 billion yuan in the first nine months of 2025, a 71% increase year-on-year [7]. - Despite the improvements in adjusted stores, their overall contribution to the company's net profit remains limited due to their low proportion in total operations and high initial costs [7]. - The company plans to close about 25 stores and adjust around 50 stores in 2026, expecting a reduction in the negative impact on pre-tax profits to 170 million yuan [7]. Group 3: Fundraising and Shareholder Actions - To support the transformation, Yonghui Supermarket initiated a targeted fundraising plan, initially aiming to raise 3.992 billion yuan for upgrading 298 stores, later adjusted to 3.114 billion yuan for 216 stores [9][10]. - The company's financial pressure is evident, with cash reserves at 3.358 billion yuan as of September 30, 2025, the lowest in nearly a decade [10]. - In contrast to the fundraising efforts, significant shareholders, including the chairman, have been reducing their stakes, with plans to sell up to 90.75 million shares [11]. Group 4: Organizational and Supply Chain Adjustments - To address ongoing operational pressures, Yonghui Supermarket has implemented organizational changes, including a new management structure to enhance efficiency [13]. - The company is focusing on supply chain reforms, aiming to increase the sales of private label products to 40% of total sales over the next 3-5 years [13][14]. - A commitment to transparency in supplier relationships has been emphasized, with measures to combat corruption and ensure fair practices in supplier selection [14]. Group 5: Industry Context and Strategic Alignment - Yonghui Supermarket's adjustments align with broader industry trends, as highlighted by the China Chain Store & Franchise Association, which indicates a focus on optimizing procurement channels and enhancing online and offline integration [15].

Core Viewpoint - Yonghui Supermarket is selling a 28.095% stake in Yonghui Yunjin Technology Co., Ltd. at a significant discount of over 53% to quickly liquidate assets and focus on its core business [1][4][5]. Group 1: Asset Sale Details - The company has terminated the public transfer of its stake in Yunjin Technology through the Chongqing United Property Rights Exchange due to prolonged timelines and uncertainty [1][4]. - The stake will now be sold to Shanghai Paihui Technology Co., Ltd. for a total price of 80 million yuan, which is significantly lower than the book value of approximately 171 million yuan [4][5]. - The initial public offering price was adjusted from 153 million yuan to 120 million yuan, but no interested buyers were found at these levels [4][5]. Group 2: Financial Impact - The sale price represents a loss of approximately 90.88 million yuan, which will impact the company's net profit for the current period [5]. - Yonghui Supermarket is expected to report a net loss of 2.14 billion yuan for 2025, marking its fifth consecutive year of losses [5][6]. - The company has incurred significant costs related to store closures, asset write-offs, and supply chain reforms, which have further affected its financial performance [6]. Group 3: Future Plans - Yonghui Supermarket is planning a 3.114 billion yuan private placement to fund store upgrades, logistics improvements, and working capital [6]. - The allocation of funds includes 2.405 billion yuan for store upgrades, 309 million yuan for logistics enhancements, and 400 million yuan for working capital [6].