自有品牌，高鑫零售永辉家家悦的“难言之隐”

Core Viewpoint - The Chinese supermarket industry is facing significant challenges, with many companies struggling to adapt to market changes and competition from foreign retailers, leading to declining revenues and profitability [1][5][11]. Industry Overview - The departure of Zhang Jingyi from Yonghui Supermarket highlights the difficulties faced by Chinese supermarkets in recent years, including the impact of e-commerce and the pandemic [1]. - Many Chinese supermarket companies have attempted to innovate and adjust their product offerings, but customer traffic remains low, and profitability is still a major issue [1][5]. Comparison with Foreign Supermarkets - In contrast to the struggles of Chinese supermarkets, foreign retailers like Walmart, Costco, and Metro have maintained strong profitability, with Walmart reporting a revenue of $161.63 billion and a net profit increase of 53.3% in its latest fiscal quarter [6][8]. - In the first half of 2023, over 60% of the 13 listed Chinese supermarket companies reported a decline in revenue, with some facing significant losses [5][9]. Financial Performance of Chinese Supermarkets - Lianhua Supermarket reported a revenue decline of approximately 13.3% in the first half of 2023, continuing a trend of losses that have accumulated to over 2 billion yuan since 2017 [9][10]. - Other companies like Bubugao and Renrenle also reported severe losses, with Bubugao's revenue dropping by 69.29% and a net loss of 449 million yuan [9][10]. Self-Brand Development - The development of private labels is crucial for supermarkets to differentiate themselves and improve profit margins, yet Chinese supermarkets lag significantly behind their foreign counterparts in this area [12][13]. - In the U.S., private label sales grew by 11.3% in 2022, while in China, the private label market share is only about 1% [12][13]. Challenges in Private Label Strategy - Chinese supermarkets have been slow to develop effective private label strategies, often relying on OEM and ODM products rather than creating unique offerings [35][36]. - The lack of dedicated procurement teams for private labels in Chinese supermarkets contrasts sharply with the practices of foreign retailers, which often have specialized teams focused on private label development [36][42]. Future Opportunities - Despite the current challenges, the potential for growth in the Chinese supermarket sector remains, given the country's manufacturing and consumer capabilities [43].