商贸零售行业周报：名创优品拟63亿入股永辉，协同共进可期

Investment Rating - The report maintains an "Accumulate" rating for the retail industry [4] Core Viewpoints - Miniso plans to invest 6.3 billion RMB in Yonghui Supermarket, aiming for synergistic growth [5] - The acquisition will make Miniso the largest shareholder of Yonghui, holding 29.4% of its shares [5] - Yonghui is undergoing transformation to enhance its retail operations, aligning with Miniso's mission [5] - The collaboration is expected to improve product development and supply chain efficiency [5] - The acquisition diversifies Miniso's investment in daily necessities, reducing cyclical business risks [5] Summary by Sections Traditional Retail - Miniso's acquisition of Yonghui involves purchasing shares from three entities for a total of 6.27 billion RMB at 2.35 RMB per share [5] - Yonghui ranks second among China's top supermarkets and is expanding its transformation efforts [5] - The partnership is anticipated to enhance customer experience and employee satisfaction, creating significant commercial and social value [5] - Miniso's expertise in brand development will support Yonghui in creating high-quality private label products [5] - The collaboration will leverage Yonghui's extensive store network to optimize cost structures and enhance value for consumers [5] - The acquisition is strategically significant for Miniso, expanding its reach in the daily goods retail sector [5] Investment Suggestions - Focus on companies with improving profitability and global expansion strategies, such as Pinduoduo and JD Group [10] - Consider companies with multi-format collaboration and supply chain advantages, like Chongqing Department Store and Yonghui Supermarket [10] - Pay attention to companies with strong omnichannel strategies and store expansion, such as Zhou Daxing and Lao Fengxiang [10]