Core Insights - The report maintains an "outperform" rating for the retail sector, anticipating that easing international conditions and domestic policy stimulus will positively influence the sector's performance [3][42]. - The overall retail sales in May 2025 reached 4.13 trillion, growing by 6.4% year-on-year, with goods retail sales increasing by 6.5% [11][14]. Beauty and Personal Care - In May 2025, the cosmetics retail sales grew by 4.4%, with high online penetration leading to diminishing promotional effects. However, leading domestic brands are expected to outperform the market due to the trend of domestic product substitution [11][12]. - The competitive landscape is intensifying, with rising sales expense ratios expected to pressure profit margins for some brands, although top players with strong product innovation may still achieve robust growth [11][12]. Gold and Jewelry - The gold and jewelry sector saw a significant year-on-year growth of 21.8% in May 2025, benefiting from a low base effect from the previous year. Products that appeal to younger consumers are expected to drive higher growth rates [11][12]. Supermarkets and Department Stores - From January to May 2025, department store sales slightly increased by 1.3%, while supermarket sales grew by 5.7%. Companies that adapt to the current value-for-money consumption trend through supply chain upgrades are expected to perform better [12][14]. Cross-Border E-commerce - The second quarter is expected to face short-term performance pressures due to external environmental challenges. However, leading platform companies are anticipated to demonstrate strong resilience in the medium to long term due to flexible tariff responses and solid product capabilities [12][14]. Investment Recommendations - The report recommends several companies across different sectors, including: - Beauty and Personal Care: Recommended companies include 毛戈平, 丸美生物, and 登康口腔, which are expected to benefit from domestic product substitution and channel optimization [3][42]. - Gold and Jewelry: Companies like 老铺黄金 and 潮宏基 are highlighted for their potential to achieve accelerated growth due to favorable market conditions [3][42]. - Cross-Border E-commerce: Recommended companies include 小商品城 and 安克创新, which are positioned to capitalize on improving trade conditions [3][42]. - Retail: Companies such as 名创优品 and 重庆百货 are suggested for their low valuation and potential for improvement [3][42].

2025.07. 07 本文字数：1265，阅读时长大约3分钟 7月7日，永辉超市发布《致供应商伙伴的一封公开信》称，向腐败和潜规则宣战。 其中提到，禁止 任何员工(包括管理层)私自推荐供应商。 具体来看，永辉超市在公开信中表示，廉洁是合作的底线，也是永辉超市的核心价值观之一。任何形 式的贪腐、舞弊行为，最终都会转嫁为供应链成本，损害合作双方的利益，更会辜负消费者的信任。 三是构建品质生态： 坚持以品质作为唯一标准，与合作供应商共建品质质量体系，从源头采购、生 产到终端销售实现全链路管控，风险共担，合作共赢，推动永辉超市的供应链生态更具市场竞争力。 在财务结算方面，永辉超市表示将不拖、不卡、不刁难。 永辉超市称，供应商的资金周转直接关系到生产与服务的稳定性。永辉超市承诺： 永辉超市表示，将采取三方面措施： 一是建立全方位监督机制： 诚挚欢迎并鼓励供应商与社会各界积极参与监督，共同捍卫公平公正的 营商环境。 二是严格惩处： 一经查实，追究涉事人员法律责任，并终止与涉事供应商的合作。 三是保护举报人： 对所有举报信息严格保密，严禁任何形式的打击报复。 在供应商入驻方面，永辉超市明确，拒绝"走后门"、拒绝"潜规则" ...

Core Viewpoint - Yonghui Supermarket has publicly declared a war against corruption and hidden rules, emphasizing the importance of integrity and transparency in its supply chain operations [2][4]. Group 1: Integrity and Cooperation - Integrity is a fundamental value for Yonghui Supermarket, and any form of corruption or fraud will ultimately increase supply chain costs and damage the interests of both parties involved [5]. - The company has established a comprehensive supervision mechanism and encourages suppliers and the public to participate in monitoring to maintain a fair business environment [5]. - Strict penalties will be enforced for verified misconduct, including legal accountability for involved personnel and termination of partnerships with corrupt suppliers [5]. - Yonghui Supermarket guarantees the confidentiality of whistleblower information and prohibits any form of retaliation against them [5][6]. Group 2: Supplier Onboarding - Yonghui Supermarket opposes any form of favoritism or "backdoor" dealings, requiring all suppliers to submit cooperation applications through the official website or designated QR codes [5][13]. - The company ensures a unified entry point for supplier applications, promoting fair competition and prohibiting any employee recommendations [5][13]. Group 3: Financial Settlement - Yonghui Supermarket commits to timely payments to suppliers, adhering strictly to contract terms and ensuring accurate payment processes [8][13]. - A dedicated financial settlement hotline has been established to provide immediate online payment services and quick resolution of complex issues [8]. Group 4: Performance and Future Plans - As of now, Yonghui Supermarket has completed the transformation of 128 stores under the "Fat Donglai" model, with significant sales growth compared to pre-transformation levels [13][14]. - The company reported a revenue of 67.574 billion yuan for the previous year, a decline of 14.07%, and a net loss of 1.465 billion yuan, which increased by 10.26% year-on-year [13]. - In the first quarter of 2025, revenue was 17.479 billion yuan, down 19.32%, with a net profit of 148 million yuan, a decrease of 79.96% [13]. - The company aims to complete the transformation of 200 stores by September 30 of this year, focusing on enhancing employee skills and product quality [14].

7月7日上午消息，永辉超市发布致供应商伙伴的一封公开信，称携手共建阳光供应链，向腐败和潜规则 宣战。公开信显示，自2024年6月启动调改以来，截至今天，永辉超市全国已完成128家门店的胖东来模 式调改，销售业绩同比显著增长，消费者满意度持续提升。 廉洁合作方面，建立全方位监督机制：诚挚欢迎并鼓励供应商与社会各界积极参与监督，共同捍卫公平 公正的营商环境。永辉超市公布如下多种廉政举报通道，让每一份合作都经得起考验。严格惩处：一经 查实，追究涉事人员法律责任，并终止与涉事供应商的合作。保护举报人：对所有举报信息严格保密， 严禁任何形式的打击报复。 供应商入驻方面，拒绝"走后门"、拒绝"潜规则"。承诺统一入口，公平竞争：所有供应商必须通过永辉 官网或指定二维码提交合作申请，禁止任何员工（包括管理层）私自推荐供应商。高效响应：您的合作 申请将在24小时内得到对接，注册、治谈、合同签订全程线上化，杜绝人为干预。构建品质生态：我们 坚持以品质作为唯一标准，与合作供应商共建品质质量体系，从源头采购、生产到终端销售实现全链路 管控，风险共担，合作共赢，推动永辉超市的供应链生态更具市场竞争力。 财务结算方面，不拖、不卡、不刁难 ...

2025 年 07 月 06 日 批发和零售贸易行业研究 买入（维持评级） 行业周报 证券研究报告 国金证券研究所 分析师：赵中平（执业 S1130524050003） zhaozhongping＠gjzq.com.cn 分析师：许孟婕（执业 S1130522080003） xumengjie＠gjzq.com.cn 联系人：王译 wangyi9@gjzq.com.cn 上周(2025/06/30-2025/07/04)上证指数、深证成指、沪深 300、恒生指数、恒生科技指数分别+1.40%、+1.25%、 +1.54%，-1.52%、-2.34%，商贸零售(申万) -0.16%，板块对比来看，商贸零售板块上周涨幅在 9 个申万大消费 一级行业板块中位列第 8。 永辉将首次举办"717 好吃节"，即时零售竞争再度升级 核心观点 线下：7 月 1 日，永辉超市正式预告其 2025 年度重磅品牌活动——"717 好吃节"即将开启。本次活动将于 7 月 9 日正式拉开帷幕，并持续至 7 月 20 日。永辉超市 CMO 佘咸平强调："717 好吃节是永辉从'货架逻辑'向'生 活方式逻辑'跃迁的关键一步。全面学习与对标 ...

Core Insights - Yonghui Supermarket has completed the transformation of its Beijing Fengke Wanda Plaza store, adopting the "learning from Pang Donglai" model to enhance customer experience and meet summer consumption needs [1][2] - The store focuses on "freshness, fresh food, and fresh taste," optimizing its product structure and service scenarios to cater to the needs of office workers and local residents [1] - The transformation includes a strict "468 freshness management" system in the fresh produce section, along with a variety of local specialty products and over a hundred star products in dedicated areas [1][2] Group 1 - The store is the second self-transformed location in Fengtai District and the ninth in Beijing, aiming to create a convenient living space within a "15-minute community life circle" [1] - Yonghui's "717 Good Eating Festival" emphasizes a youthful shopping experience and quality lifestyle aesthetics, supported by deep supply chain advantages [2] - The company plans to launch 100 billion-level quality single products as part of its strategy to reinforce its value proposition of "quality and affordability" [2] Group 2 - With the addition of the Fengke Wanda Plaza store, Yonghui now has 128 transformed stores nationwide, progressing at a rate of one store per day towards a target of 200 by September 30, 2025 [2] - Other stores in Beijing, including Daxing Yinghai Huanyu Fang, Lugou, and Yujing Old Palace, are undergoing similar transformations and are set to reopen on July 25, July 31, and August 8, respectively [2]

Core Insights - The article highlights the rapid development of the Wujiang District's Taihu New City as a modern service industry hub and a demonstration area for urban integration, under the strategic framework of Suzhou's "One Core and Four Cities" initiative [1] - The successful opening of the first store in Suzhou, the Taicang Wanda store, which achieved a 334% year-on-year increase in sales and a 189% rise in foot traffic, sets a strong precedent for the new Wujiang store [1][2] Company Developments - The Wujiang Wuyue Plaza store, which is the first "Fat Donglai" model store in the Wujiang District, opened on July 3, featuring significant upgrades in product offerings, store environment, and service quality [1][2] - The product assortment was dramatically revamped, with 7,440 items removed (a 79.6% elimination rate) and 5,093 new selected items added, achieving a 54.5% introduction rate of new products [2] - The overall product structure now meets over 80% of the "Fat Donglai" standards, creating a three-dimensional matrix of "people's livelihood quality products + Jiangnan characteristics + quality selection" to cater to local consumer demands [2] Marketing and Consumer Engagement - The launch of the "717 Good Eating Festival" on July 1 is a key initiative aimed at enhancing the shopping experience, focusing on "good shopping, good brands, good quality, and good food" [2][3] - Over 100 potential new products were selected for the festival, emphasizing health and unique experiences, alongside more than 100 core high-repurchase items to meet essential consumer needs [3] Employee Welfare and Development - The store's employee base has significantly expanded, with frontline employee salaries increasing from 4,000 yuan to 4,900 yuan, marking a 22.5% rise [7] - Employee benefits have been enhanced, including 10 days of paid annual leave for employees with over one year of service, free meals, and improved working conditions [7] - The company is implementing a "Craftsman Plan" to cultivate skilled workers, aiming to elevate their roles from "service providers" to "retail craftsmen" with potential salaries reaching 10,000 yuan [7] Future Plans - The company plans to continue learning from the successful experiences of the "Fat Donglai" model and accelerate the renovation of stores nationwide [8] - With the addition of the Wujiang Wuyue store, the total number of renovated stores has reached 125, with a goal of completing renovations for 200 stores by September 30 of this year [8]

Core Viewpoint - The expansion of major supermarket brands into county-level markets in the Yangtze River Delta region is driven by the growing consumer spending power in these areas, presenting new growth opportunities for retailers [1][5]. Group 1: Market Expansion - Yonghui Supermarket has opened its second modified store in Wujiang District, Suzhou, following its first store in Taicang, indicating a strategic focus on county-level markets [1][3]. - Other supermarket brands, such as Sam's Club and Aldi, have also targeted county-level cities in the Yangtze River Delta, with Sam's Club setting a record for opening day sales in Kunshan [3][5]. Group 2: Consumer Spending Power - The GDP of county economies accounts for 38% of China's total GDP, with the Yangtze River Delta being a leader in this regard, highlighting the potential for consumer spending in these regions [5]. - Sales figures from some county-level stores have even surpassed those of stores in first-tier cities, demonstrating the strong purchasing power of local residents [3][5]. Group 3: Store Performance and Strategy - Yonghui's Taicang store achieved a remarkable 334% year-on-year increase in sales and a 189% increase in foot traffic during its opening week, validating the success of the "Fat Donglai model" in the southern Jiangsu market [6]. - The Wujiang store has significantly enhanced its product offerings, particularly in fresh food categories, aligning with the "Fat Donglai standard" and creating a product matrix that emphasizes quality and local characteristics [6].

大量实践表明，企业履行社会责任，在为社会创造价值的过程中，能更好地为股东创造商业利润。胖东来以自己的理念和 方式践行社会主义核心价值观，通过履行社会责任重塑了零售价值链生态，也为当今企业如何在危机中生存，如何平衡经 济效益与社会责任提供了深刻的启示。 一、胖东来的发展历程 胖东来，1995年成立于中国河南省许昌市，由于东来创立。从最初专注于烟酒日用百货的零售商，逐步发展成为涵盖超 市、购物中心及商业管理等领域的综合性集团。其独特的"自由·爱"经营理念和服务意识，强调员工关怀、顾客至上和社 会责任，使胖东来在中国零售业中占据一席之地，更赢得了良好的口碑和忠实的顾客。 生存阶段（1995～2001年）：用真品换真心 20世纪90年代中期，中国零售业刚刚起步，市场相对宽松但假冒伪劣商品泛滥、价格欺诈频发。于东来抓住机遇，在1995 年创立了望月楼胖子店，专注烟酒杂货零售，并提出"用真品换真心"的理念。这一真诚承诺迅速赢得良好口碑，为胖东来 的成长奠定了基础。1997年公司更名为胖东来烟酒有限公司，确立了"创中国名店，做许昌典范"的目标。 胖东来通过多元化经营、建立配送中心和区域合作，降低采购成本，提高运营效率。公司 ...

Core Insights - The introduction of 52 new brand flagship stores in Nanjing Jiangbei New Area this year highlights the growth of the "first store economy" [1][4] - The first store economy is seen as a new engine for consumption, attracting young and active consumers through innovative products and experiences [2][3] Group 1: First Store Economy - Nanjing Jiangbei New Area has attracted 52 flagship stores this year, including 2 national first stores, 7 provincial first stores, and 13 municipal first stores across various sectors such as retail, dining, and culture [1] - The opening of the first store of Luxihe River, which combines traditional Chinese pastries with Western desserts and beverages, exemplifies the innovative retail experience that appeals to consumers [1][2] - The first store economy is characterized by its scarcity, innovation, and leadership, making it a popular choice for young consumers seeking new experiences [2][3] Group 2: Market Dynamics - The successful opening of the "Learning Pang Donglai" store by Yonghui Supermarket in Jiangbei has led to an 83% increase in customer traffic compared to before its renovation, demonstrating the strong attraction of first stores [3] - The Yonghui store's strategy of targeting young families and professionals aligns with the consumer demographics of the Jiangbei area, enhancing its appeal [3] - The establishment of first stores in Jiangbei reflects the area's economic vitality, consumer potential, and favorable business environment, making it an attractive location for brands [3][4] Group 3: Strategic Initiatives - The "Action Plan for Accelerating the Construction of a Youth Development City" was introduced to promote the establishment of first stores and trendy brands in Jiangbei [4] - The Jiangbei Investment Promotion and Business Bureau aims to enhance the quality of various business districts through strategic initiatives focused on optimizing business formats, promoting consumption, and improving services [5]