盒马双业态加速扩张，非一线市场成为新增长极

Core Insights - Hema has chosen a different path from traditional retailers by expanding against the trend, achieving both operational efficiency and scale effects in its two business formats: Hema Fresh and Super Hema [1][2] - In 2025, Hema's overall revenue growth exceeded 40% year-on-year, serving over 100 million consumers through its dual business formats [1][2] - Hema's strategy focuses on meeting core consumer needs, with 80% of new product development centered around health foods and innovative fresh solutions [1] Business Expansion - Hema Fresh opened in 40 new cities in 2025, while Super Hema added over 200 new stores [1] - The opening of Hema Fresh in emerging cities like Taiyuan and Nanyang demonstrates the brand's ability to resonate with local consumer demands [2] - Hema's bakery products have seen significant sales, with a single store in Dongying selling 400,000 yuan worth of baked goods on its opening day [2] Market Dynamics - Emerging markets, particularly in third and fourth-tier cities, are showing strong consumer spending capabilities, challenging previous assumptions about their purchasing power [3] - The rise of cities like Zhuhai and Yichang reflects a shift from resource-based economies to new industrial hubs, driving consumer demand [3] - The "emotional economy" in China is expected to exceed 2 trillion yuan by 2025, indicating a structural change in consumer demand [3] Operational Efficiency - Hema's supply chain and delivery systems are highly coordinated, allowing for rapid inventory turnover and reduced waste [10][11] - The company employs a high-frequency replenishment model, significantly shortening the inventory cycle for perishable goods [10] - Hema's ability to deliver within 30 minutes has transformed delivery from an emergency service to a daily consumer infrastructure [10] Strategic Focus - Hema's dual business strategy targets different consumer segments, enhancing its market penetration from first-tier to all-tier cities [6] - The company aims to deepen supply chain resilience and enhance user experience to meet evolving consumer demands [7] - Super Hema's pricing strategy offers products 20%-30% cheaper than competitors, appealing to cost-sensitive consumers [7] Industry Implications - Hema's practices provide valuable insights for retail companies, emphasizing the importance of user-centric strategies and supply chain upgrades in a competitive market [13] - The ongoing application of AI technology and the rise of instant retail are expected to drive further transformation in the Chinese retail sector [13]