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Core Viewpoint - Hema has officially abandoned its "Sam's Club" strategy as it closes its last X membership store, marking a significant shift in its business model and future direction [3][4]. Group 1: Strategic Shift - Hema's strategic focus has shifted towards "Hema Fresh" and "Hema NB (Neighbor Business)" while discontinuing the X membership store format, which was initially seen as a key growth area [3][4]. - The closure of the X membership stores indicates a retreat from direct competition with established players like Sam's Club and Costco, which Hema aimed to rival [4][5]. Group 2: Supply Chain Challenges - The failure of the X membership store format is attributed to profitability issues, with reports indicating that the stores did not attract sufficient customer traffic to sustain operations [5][6]. - Hema's supply chain weaknesses, including high spoilage rates and reliance on Alibaba's ecosystem, have hindered its ability to compete effectively in the premium retail segment [5][6]. Group 3: Competitive Landscape - Hema faces increasing competition from major players like JD.com and Meituan, who are aggressively expanding their discount supermarket formats, posing a significant threat to Hema's market position [9][10]. - The launch of Meituan's "Happy Monkey Supermarket" and JD.com's discount stores highlights the intensifying competition in the lower-tier market, where Hema is attempting to establish its presence through Hema NB [9][10]. Group 4: Future Prospects - Hema NB is viewed as a critical component of Hema's future strategy, focusing on community discount stores and franchise models to reduce operational costs and risks [8][9]. - Despite having a first-mover advantage in the lower-tier market, Hema's ability to expand beyond its current geographic concentration remains a challenge, especially with competitors rapidly entering the same space [10].