盒马结束联营模式？继贵州星力后，三江购物将失去盒马运营权

Core Viewpoint - Hema has decided not to renew its partnership with Sanjiang Shopping after the current agreement expires on March 31, 2026, due to changes in the market environment and Hema's overall strategic development plan [2][5]. Group 1: Partnership Details - Sanjiang Shopping's partnership with Hema began in November 2016, with Alibaba's subsidiary acquiring up to 32% of Sanjiang Shopping, making it the second-largest shareholder [4]. - The first agreement was renewed in 2023, with the new expiration date set for March 31, 2026 [5]. - Hema has previously ended partnerships in Fuzhou and Guiyang, indicating a trend of consolidating its operations [9]. Group 2: Financial Impact - Sanjiang Shopping's revenue from Hema stores accounted for approximately 14% of its overall income, with the contribution being 14.19% in the previous year [8][6]. - The revenue generated by Hema stores operated by Sanjiang Shopping was reported as 4.29 billion yuan in 2022, 4.47 billion yuan in 2023, and projected to be 5.50 billion yuan in 2024 [6]. - Sanjiang Shopping's stock price fell by 5.61% to 10.76 yuan following the announcement, resulting in a market capitalization of 5.893 billion yuan [1]. Group 3: Future Considerations - The future of the seven Hema stores operated by Sanjiang Shopping in Ningbo remains uncertain, pending further negotiations between the two companies [5][6]. - Sanjiang Shopping plans to discuss transitional arrangements to minimize the impact on employees and customers [5]. - Analysts suggest that the end of this partnership may have limited impact on Sanjiang Shopping's market valuation due to the declining relevance of the new retail concept [13].