增长超40%，不只是盒马赢麻了，零售业跑出了一个能赚钱的快公司

Core Viewpoint - The letter from Hema's CEO emphasizes the importance of sustainable growth in the retail industry, highlighting that rapid expansion without profitability is not a viable long-term strategy. The focus is on achieving growth and profit through operational models and execution rather than relying on concepts or subsidies [4][15]. Group 1: Company Performance - Hema's overall revenue growth exceeded 40% year-on-year, with the company entering 40 new cities and opening over 200 new stores in 2025 [5][8]. - The company served over 100 million consumers through its two business models, Hema Fresh and Super Hema, indicating a significant market presence [11]. - Hema's GMV surpassed 750 billion yuan in the 2025 fiscal year, with expectations to exceed 1 trillion yuan by the end of the 2026 fiscal year [15]. Group 2: Strategic Focus - Hema is concentrating on two business models: Hema Fresh, which aims to replicate a successful model, and Super Hema, which focuses on optimizing its model [8]. - The company is committed to enhancing supply chain resilience, improving user experience, and increasing organizational efficiency as key strategic priorities [15]. - In 2025, 80% of new product development focused on core consumer needs, particularly in health foods and fresh solutions, reflecting a shift towards stable quality and repeat purchases [11]. Group 3: Industry Context - The retail industry is undergoing significant changes, with many companies struggling to maintain sustainable growth. Hema's approach of binding growth to profitability is seen as a potential new standard in the industry [4][15]. - The letter indicates that while there is still demand for offline retail, the sustainability of new store openings depends on maintaining stable customer repurchase rates and managing supply chain costs effectively [12]. - Hema's recent performance and strategic adjustments signal a broader industry trend towards efficiency and financial health, moving away from mere expansion [15].