Core Insights - Export orders for many foreign trade companies have decreased by 30% to 50%, prompting a shift towards expanding domestic sales channels to compensate for lost international market share [1][2] - The "Foreign Trade Quality Products Market Expansion" event was launched to explore new pathways for foreign trade companies to transition to domestic sales [1][2] Group 1: Market Conditions - The global trade environment is complex and challenging, leading foreign trade companies to seek ways to navigate uncertainties [1] - Domestic consumer demand for high-quality and personalized products is increasing, providing a significant opportunity for foreign trade products to enter the domestic market [1][2] Group 2: Initiatives and Support - The Hangzhou Municipal Bureau of Commerce has introduced a three-year action plan to enhance the city's position as a global e-commerce hub, focusing on attracting quality supply chain enterprises and supporting new e-commerce talent [1][2] - Major e-commerce platforms and retail giants in Hangzhou are actively implementing measures to facilitate the entry of foreign trade products into the domestic market, including dedicated support teams and streamlined processes [2] Group 3: Event Outcomes - The event facilitated over a hundred preliminary cooperation intentions among participating foreign trade companies, indicating strong interest in domestic market integration [2] - Companies are adjusting product designs to meet domestic market demands, showcasing a proactive approach to align with local consumer preferences [2]

Investment Rating - The report maintains a "Recommendation" rating for the consumer discretionary sector [5] Core Insights - The beauty and personal care segment shows strong growth, with companies like Proya achieving over 10 billion RMB in revenue for the first time, and significant increases in net profit [3][26] - The retail sector is expanding, with ALDI opening new stores and achieving record sales, while companies like Yonghui Supermarket are recovering from previous losses [25][34] - The travel and leisure industry is also seeing growth, with increased flight operations and significant revenue increases for companies like Xiangyuan Culture [21][34] Summary by Sections Market Performance - For the week of April 21-25, 2025, the Shenyin Wanguo indices for retail, social services, and beauty care sectors showed mixed performance, with beauty care up by 3.80% [10][12] - The beauty care sub-sector outperformed others, with individual products and cosmetics increasing by 7.11% and 4.89% respectively [11] Key Industry Data and News - Proya's revenue for 2024 reached 10.778 billion RMB, marking a 21% increase, while its net profit rose by 30% [3][26] - Other companies like Marubi and Betaini also reported significant revenue growth, with Marubi's revenue increasing by 33.4% in 2024 [3][29] - The travel sector saw a rise in flight operations, with nearly 106,000 flights executed in the week of April 14-20, 2025, reflecting an 8.7% increase year-on-year [21][23] Key Company Announcements - Proya's Q1 2025 revenue was 2.359 billion RMB, a year-on-year increase of 8.13% [26] - Marubi reported a Q1 2025 revenue of 847 million RMB, up 28.01% from the previous year [29] - Bubble Mart's Q1 2025 revenue surged by 165%-170%, with overseas revenue increasing by over 475% [33]

以下文章来源于21世纪经济报道 ，作者21记者 21世纪经济报道 . 权威、专业、深度、有趣！用经济思维看世界。 来源|21世纪经济报道 作者|刘婧汐 编辑|张伟贤 江佩佩 连续4年净流入为负，处在"话题中心"近一年之久的永辉超市发布了2024年度财报。 4月25日，永辉超市（601933.SH）公布了2024年年度及2025年第一季度财务报告。截至报告期末，公司营业收入675.74亿元，同比减少 14.07%， 归属上市公司股东净利润-14.65亿元 ，与上年同期相比亏损增加了1.36亿元。 | | | | | 单位:元 币种:人民币 | | --- | --- | --- | --- | --- | | 主要会计数据 | 2024年 | 2023年 | 本期比上 年同期增 | 2022年 | | | | | 碱(%) | | | 营业收入 扣除与主营业务 | 67.573.824.099.64 | 78,642,171,577.01 | -14.07 | 90.090.819.396.14 | | 无关的业务收入 | | | | | | 和不具备商业实 | 67,469,147,214.23 | 78.4 ...

Core Viewpoint - The company aims to significantly reduce losses in the short term and quickly achieve a stable and healthy profit status [1] Group 1: Company Performance - The chairman noted that the sales of the reformed stores have significantly increased, with sales growth meeting the company's expectations [1] - The current focus is on completing the reform of existing stores and optimizing underperforming locations before expanding to new stores [1] - There is no specific target for the number of new stores, as this will depend on the progress of the overall company reform [1] Group 2: Industry Context - The company acknowledges the considerable pressure within the overall industry, with many players actively undergoing reforms [1] - The chairman expressed optimism about the future, indicating a belief in positive outcomes despite current challenges [1]

Core Insights - Yonghui Supermarket has opened its third self-reformed store in Shanghai, the Caolu Hengyue Plaza store, which features a dedicated area for foreign trade products to support companies facing export challenges [1][3] - The store has achieved a product replacement rate of 66%, removing 7,308 items and adding 4,874 new products, with imported goods now making up 20% of the inventory [1][4] - The company has initiated a "green channel" for foreign trade enterprises, offering rapid product listing and brand promotion plans, and has engaged with over 300 quality supply chain companies [3][4] Store Expansion and Performance - With the opening of the Caolu Hengyue store, Yonghui's total number of reformed stores will increase to 63, with plans to reach 124 by the end of June and 300 by the Lunar New Year in 2026 [4] - The financial reports indicate that the reformed stores have met sales and profit expectations, reinforcing the company's commitment to the quality retail strategy inspired by the Pang Donglai model [4]

Core Viewpoint - Yonghui Supermarket is closing its store in the luxury residential area of Shenzhen, indicating ongoing struggles in the retail sector and the company's operational challenges [1][6]. Group 1: Store Closure Details - The Yonghui Supermarket in Nanshan Botofino will cease operations starting May 17, 2025, with a clearance sale from May 8 to May 16 [1]. - The store will not be transformed into a "Pang Donglai" model store, as confirmed by staff [1][3]. - The store's environment was described as relatively quiet, with few customers and unstaffed sections [3][5]. Group 2: Company Performance - Yonghui Supermarket reported a revenue of 67.574 billion yuan for 2024, with a net loss of 1.465 billion yuan; in Q1 2025, revenue was 17.479 billion yuan with a net profit of 148 million yuan [6]. - The company has faced continuous losses for four years from 2021 to 2024, totaling over 9.5 billion yuan [6]. - The losses are attributed to intense competition in the retail sector and a strategic shift involving the closure of 232 underperforming stores [6]. Group 3: Online Business Performance - As of March 31, 2025, Yonghui's online business generated 3.15 billion yuan, accounting for 18.02% of total revenue [7]. - The "Yonghui Life" app covered 670 stores, achieving sales of 1.75 billion yuan, with an average daily order volume of 231,000 and a monthly repurchase rate of 47.6% [7].

Core Viewpoint - Yonghui Supermarket is undergoing significant transformation pains, resulting in a continuous decline in revenue and increasing losses over the past four years [1][2][3]. Financial Performance - In 2024, Yonghui Supermarket reported revenue of approximately 676 billion yuan, a year-on-year decrease of about 14% [1][3]. - The net profit attributable to shareholders was a loss of 14.65 billion yuan, an increase in loss of over 10% compared to the previous year [1][3]. - Cumulatively, the company has incurred losses of approximately 95 billion yuan over the past four years [2][4]. - The net profit excluding non-recurring items for 2024 was a loss of 24.10 billion yuan, which is a year-on-year increase of 21.98% [3][4]. Strategic Transformation - The company is actively optimizing its store structure and procurement model amid fierce competition in the retail industry, which has pressured store sales [2][4]. - As of the end of 2024, Yonghui Supermarket had completed the transformation of 31 stores, with plans to exceed 124 transformed stores by June 2024 and reach 300 by the Lunar New Year in 2026 [2][6]. - The company is learning from competitors like Pang Donglai and is implementing a "quality retail" reform direction [6][7]. Supply Chain and Financial Management - Yonghui Supermarket is focusing on core suppliers and long-term partnerships to enhance its supply chain [7]. - To support its reforms, the company raised 18.15 billion yuan through asset sales, but it still faces financial pressure with a debt ratio of 88.73% as of the end of the first quarter [8]. - The company had cash and financial assets totaling 70.15 billion yuan against interest-bearing liabilities of 69.89 billion yuan [8].

Core Viewpoint - The "Foreign Trade Quality Products China Tour" initiative aims to facilitate the transition of foreign trade enterprises to domestic sales, focusing on key industries in ten major provinces to stabilize foreign trade and expand consumption [1] Group 1: Event Highlights - The event features a showcase of foreign trade products, with significant consumer interest noted, as exemplified by a customer in Beijing expressing enthusiasm for locally produced ceramics [1] - Sales representatives from participating companies report strong daily sales, with one company achieving an average daily sales of 1,000 yuan for its ready-to-eat rice products, which are exported to 152 countries [1] - The initiative allows companies like Newcom to promote their brands without incurring venue fees, enhancing their confidence in entering the domestic market [1] Group 2: Support Measures - Beijing's Commerce Bureau is supporting enterprises in building online marketing systems and enhancing digital operational capabilities, with financial support up to 1 million yuan [2] - Various retail chains, including Yonghui Supermarket and CR Vanguard, are opening "green channels" for foreign trade enterprises to facilitate domestic sales [2] - E-commerce platforms such as JD.com and Pinduoduo are providing financial support and dedicated sections for foreign trade products to assist in their domestic sales efforts [2] Group 3: Challenges and Solutions - Many foreign trade enterprises face challenges in adapting to the domestic market and lack operational experience, prompting e-commerce companies to offer hands-on assistance [3] - Specific examples include a Guangxi company that has shifted its product offerings to meet domestic consumer needs, with projections indicating an increase in domestic sales from 20% to 40% by 2025 [4] - Various platforms are establishing online "direct channels" for foreign trade enterprises to facilitate their transition to domestic sales, including personalized support and community building [4]

Core Viewpoint - Yonghui Supermarket is undergoing a significant transformation by adopting the "Learning from Pang Donglai" model, with the first store in Shandong set to undergo modifications starting April 28, 2024 [2][6]. Group 1: Store Modifications - The Yonghui Supermarket store in Jinan Longhu North Lake Tianjie is the first in Shandong to implement the "Learning from Pang Donglai" model, with a total of 41 stores nationwide planned for this transformation by 2025 [2][5]. - The store will undergo comprehensive adjustments in product structure, quality, pricing, layout, environment, service, and employee treatment, with the aim to complete these changes by May 30, 2024 [6][7]. - The adjustments will include retaining first-line brands, optimizing procurement channels, and improving employee salaries from 3,900 yuan to over 4,900 yuan per month [7]. Group 2: Financial Performance - As of March 2024, Yonghui Supermarket's 41 "steady-state adjustment stores" achieved a monthly profit of 14.7 million yuan, totaling 74.72 million yuan for the first quarter [5]. - The company has completed adjustments for 61 stores under the Pang Donglai model and expects to exceed 124 adjusted stores by June 2025, with a target of 300 stores by the Lunar New Year in 2026 [5]. Group 3: Market Context - The transformation of Yonghui Supermarket is seen as a strategic move to enhance foot traffic and sales, particularly in areas with strong competition from other supermarkets [3][4]. - The overall retail industry is experiencing a trend of store modifications, with other companies also engaging in similar upgrades to improve customer experience and operational efficiency [7][8].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The retail sector is experiencing a rise in emotional consumption trends, with leading retail companies actively transforming through quality retail, cross-border trendy play, and co-branding with fashion IPs, which is expected to lead to performance recovery and valuation revaluation in the long term [4][30] - The report highlights the ongoing disclosure of annual and quarterly reports, indicating that high-quality companies in high-prosperity sectors are worth monitoring [4][27] - The retail index has shown a slight increase of 0.07% recently, but has decreased by 5.00% since the beginning of 2025, underperforming the broader market [6][15] Summary by Sections Retail Market Review - The retail index closed at 2127.02 points, with a weekly increase of 0.07%, ranking 24th among 31 primary industries [6][15] - The supermarket sector showed the largest increase this week, while the watch and jewelry sector has led the gains since the beginning of 2025 [18][21] Retail Insights: Focus on Beauty Care, Gold Jewelry, and Traditional Retail - The report emphasizes the performance divergence among companies in the cosmetics, medical beauty, gold jewelry, and traditional retail sectors, with a positive outlook for quality companies in the retail sector due to the recovery of consumer demand [27][30] - Key companies such as Yonghui Supermarket and Aiying Room are highlighted for their proactive transformation and potential for performance recovery [41][42] Key Company Performances - Proya achieved a 28.9% increase in net profit in Q1 2025, supported by a series of new product launches [47] - Yonghui Supermarket reported a revenue of 174.79 billion yuan in Q1 2025, down 19.3% year-on-year, but is undergoing significant store renovations [30][46] - The report suggests focusing on companies with strong growth potential in high-prosperity segments, including Proya, Aiying Room, and gold jewelry brands like Laopu Gold and Chaohongji [44][42]