Core Viewpoint - The retail sector, particularly traditional supermarkets, continues to face significant pressure, with high competition and weak consumer demand leading to declining revenues for companies like Gao Xin Retail, the parent company of RT-Mart [1][2]. Financial Performance - Gao Xin Retail reported a revenue of 30.502 billion yuan for the six months ending September 30, a year-on-year decline of 12.1%, with merchandise sales down 12.4% [1]. - The company recorded a loss of 127 million yuan in the first half of the 2026 fiscal year, following a brief profitability in the 2025 fiscal year [2]. Strategic Initiatives - Following the acquisition by Dehong Capital, RT-Mart introduced a "three-year strategy" focusing on enhancing product differentiation and cost advantages through national procurement and private label upgrades [3]. - The company established a dual-brand matrix for its private label products, featuring the "Super Savings" series and "RT-Mart Selected" to cater to different customer segments [3]. Store Optimization - RT-Mart is optimizing its store layout to enhance customer experience, including changes like shorter shelves, reduced shelf height, and creating fresh food areas for immediate consumption [4]. - The new generation of large supermarkets will have a controlled area of 6,000 to 7,500 square meters, with a streamlined product range of approximately 15,000 SKUs [5]. Online Sales Growth - Online sales are expected to be a significant growth driver, with the company launching a front warehouse project in five cities, averaging 500 square meters per warehouse and daily sales of about 50,000 yuan [6]. - Gao Xin Retail aims to increase the online sales contribution to 40-50% over the next three years, although current online sales show a trend of increasing volume but decreasing prices [7]. Brand Contribution and Comparisons - As of September 30, the combined sales contribution from RT-Mart's dual brands was over 2% [8]. - In comparison, Yonghui Supermarket, which has been implementing similar brand strategies, reports a sales contribution from its private labels ranging from 5% to 15% [9]. Future Plans and Challenges - The company plans to complete over 30 store renovations by the end of the 2026 fiscal year and over 200 by the end of the 2027 fiscal year, which may lead to short-term financial pressures [10].
大润发首交“三年路线图”：欲将近5成业绩转型线上