Core Viewpoint - Hema has decided not to renew its partnership with Sanjiang Shopping, which will end on March 31, 2026, due to changes in the market environment and Hema's overall strategic development plan [4][6]. Group 1: Partnership Details - Sanjiang Shopping's partnership with Hema began in November 2016, with Hema becoming a significant shareholder in Sanjiang Shopping [6]. - The partnership allowed Sanjiang Shopping to operate Hema stores in designated areas, with the first store opening in January 2017 [6]. - Hema has already reclaimed operational rights in Fuzhou and Guiyang, and now plans to end its collaboration with Sanjiang Shopping [4][12]. Group 2: Financial Impact - Following the announcement, Sanjiang Shopping's stock price fell by 5.61% to 10.76 yuan, with a market capitalization of 5.893 billion yuan [3]. - Hema stores contributed approximately 14% to Sanjiang Shopping's overall revenue, with the revenue from Hema stores showing growth over the past three years [8][11]. - Sanjiang Shopping's revenue for 2024 is projected to be 3.875 billion yuan, a slight decrease of 0.53% year-on-year, while net profit is expected to increase by 3.51% to 143 million yuan [11]. Group 3: Future Considerations - The future of the seven Hema stores operated by Sanjiang Shopping in Ningbo remains uncertain, pending further negotiations between the two companies [7][8]. - Sanjiang Shopping plans to discuss transitional arrangements to minimize the impact on employees and customers [6][8]. - Analysts suggest that the end of this partnership may reflect broader challenges in the new retail concept, which has seen diminishing returns [14].

Core Viewpoint - Hema has decided not to renew its partnership with Sanjiang Shopping after the current agreement expires on March 31, 2026, due to changes in the market environment and Hema's overall strategic development plan [2][5]. Group 1: Partnership Details - Sanjiang Shopping's partnership with Hema began in November 2016, with Alibaba's subsidiary acquiring up to 32% of Sanjiang Shopping, making it the second-largest shareholder [4]. - The first agreement was renewed in 2023, with the new expiration date set for March 31, 2026 [5]. - Hema has previously ended partnerships in Fuzhou and Guiyang, indicating a trend of consolidating its operations [9]. Group 2: Financial Impact - Sanjiang Shopping's revenue from Hema stores accounted for approximately 14% of its overall income, with the contribution being 14.19% in the previous year [8][6]. - The revenue generated by Hema stores operated by Sanjiang Shopping was reported as 4.29 billion yuan in 2022, 4.47 billion yuan in 2023, and projected to be 5.50 billion yuan in 2024 [6]. - Sanjiang Shopping's stock price fell by 5.61% to 10.76 yuan following the announcement, resulting in a market capitalization of 5.893 billion yuan [1]. Group 3: Future Considerations - The future of the seven Hema stores operated by Sanjiang Shopping in Ningbo remains uncertain, pending further negotiations between the two companies [5][6]. - Sanjiang Shopping plans to discuss transitional arrangements to minimize the impact on employees and customers [5]. - Analysts suggest that the end of this partnership may have limited impact on Sanjiang Shopping's market valuation due to the declining relevance of the new retail concept [13].

Core Viewpoint - Hema is undergoing significant changes, including the closure of all membership stores, indicating a shift in its business strategy and focus on core operations [1][4][9] Group 1: Business Strategy Changes - Hema has confirmed the closure of its membership stores, with the last remaining store set to close by August 31, 2024 [1][4] - The company is shifting its focus towards its main business lines, Hema Fresh and Hema NB, moving away from the membership store model [2][9] - Hema's CEO has set a target for the company to achieve an annual GMV of 100 billion yuan within three years [11] Group 2: Membership System Adjustments - The closure of membership stores is part of a gradual process, with several stores already closed earlier this year [2][4] - Hema's membership fee for the X membership is 258 yuan per year, with a discount for continuous annual subscriptions [4] - Users have reported successful experiences in obtaining refunds for their membership fees following the store closures [4] Group 3: Market Position and Competition - Hema's membership store model was initially inspired by successful models like Costco, but the company is now pivoting to focus on more sustainable business practices [7][9] - The hard discount segment, where Hema NB operates, is facing increasing competition from other retailers, including JD and Wumart [15] - Hema's integration with Alibaba's platforms, such as the collaboration with Taobao's 88VIP, is expected to enhance its market presence [15] Group 4: Financial Performance - Hema achieved a GMV exceeding 75 billion yuan in the fiscal year 2025 and reported its first positive adjusted EBITA [10] - The company has experienced double-digit growth in store openings across various cities, indicating a successful expansion strategy [13]

文 | 《 BUG 》栏目 张奥 今日，"盒马告别会员店"登上热搜。 今年以来，盒马陆续关闭了 X 会员店，目前仅有上海森兰商都店一家尚在营业，该店的闭 店时间为 8 月 31 日。 《 BUG 》栏目实地探访北京世界之花门店发现，目前店内已没有任何设备，包括货架、展 示柜等在内的门店用品已全部运走，入口处均被锁住。但由于尚未确定新的租户，因此 像"盒马 X 会员店"的大标识、门头以及店内装潢仍未被拆卸。 官方客服表示，盒马 X 会员卡可退，也可以通用到其他盒马业态，比如盒马鲜生、盒马 mini 等业态，像 88 折、免费领菜等优惠仍可以正常使用。在退卡方面，官方客服也表 示，"可以退，会核实处理。" 有自称盒马员工人士透露，盒马 X 会员店闭店后，强制要求员工调店。早在去年，盒马方 面便陆续强迫员工改签劳务合同，闭店后合同被转移给第三方劳务派遣公司。"明面上协商 沟通调店，但实际工作内容没有协商一致。若员工不去就说诚信有问题，超三天没去会发解 除劳动合同通知书。"但该说法未得到盒马官方证实。 仅剩一家，月末停业 今年 2 月 28 日，盒马 X 会员店发布公告称：因业务调整，上海盒马 X 会员店高青店、大 ...

近日，盒马鲜生旗下会员制仓储式超市"盒马X会员店"传出部分门店关闭的消息，引发市场关注。 彼时，盒马创始人侯毅对盒马X会员店的未来发展前景充满信心，称这是与Costco、山姆的正面交锋， 盒马X会员店将成为仓储式会员制门店模式中的首个中国品牌。 虽然此后的盒马X会员店也曾有过快速发展阶段，比如，2021年12月8日-2022年1月14日的一个多月 内，连续落地4家门店，截至2023年10月在中国已开设10家门店，但最终还是未能走下去。 2024年3月，盒马X会员店2家门店相继宣布停业，一家是上海真如店，另一家为北京建国路店。到2024 年底，全国门店已缩减至8家。2025年2月28日，盒马宣布再关3家，留下的只有5家门店。 如今收缩信号再次传来，仅存的最后一家也即将停业，折射出中国仓储会员超市赛道竞争白热化背后的 深层挑战。 本文系观察者网独家稿件，未经授权，不得转载。 据经济观察报消息，7月29日，盒马X会员店北京世界之花门店发布公告，该店将于两天后的7月31日停 止营业；同在7月31日，盒马X会员店的苏州相城店、南京燕子矶店也停止营业。 截至目前，盒马X会员店在全国仅余上海森兰店一家，但内部人士透露，该店 ...

胖东来的业态可分为超市、珠宝、百货、电器、服饰等十大类。其中，超市占比最大，截至8月3日已实现销售额74.11亿元，占比约55%。 值得一提的是，作为一家区域商超，胖东来至今未走出河南。资料显示，截至目前，胖东来在许昌、新乡两地共有14家门店。 在14家门店中，按销售额计，排名前三的分别为时代广场店、大胖店、天使城店。截至8月3日，三家店的销售额分别为34.70亿元、19.37亿元和19.30亿 元。 零售界"顶流"胖东来8月4日公布了最新业绩。 官网数据显示，截至8月3日，胖东来今年累计销售额达135.85亿元。其中，8月3日实现销售额6754万元。 年度销售目标已达成68% 2024年，胖东来实现销售额169.64亿元。这意味着，按照目前的销售成绩，胖东来2025年业绩超越2024年几无悬念。 在3月末举行的2025中国超市周上，胖东来创始人于东来透露，胖东来将2025年的销售额目标控制在200亿元以内，利润预计10亿元。 据此计算，目前，胖东来的销售目标已经达成约68%。 家家悦尚未公布2025年上半年业绩预告。但从公司对外口径来看，学习胖东来的效果不错。今年5月份，家家悦在投资者关系互动平台上回复称， ...

Core Viewpoint - Guojia Automobile has seen significant financing activity, with a net buy of 24.24 million yuan last week, indicating investor interest despite recent outflows in funds [1] Financing Activity - Last week, Guojia Automobile recorded a total financing buy of 54.84 million yuan and repayment of 30.61 million yuan [1] - The company ranked 353rd in the two markets for net financing buy [1] Fund Flow - Over the past 5 days, the main funds for Guojia Automobile have seen an outflow of 8.23 million yuan, with a decline of 2.12% [1] - In the last 10 days, the outflow reached 50.09 million yuan, reflecting a drop of 5.7% [1] Company Profile - Guojia Automobile Co., Ltd. was established in 1999 and is located in Tianjin, primarily engaged in the automotive manufacturing industry [1] - The company has a registered capital of 1.49578 billion yuan and a paid-in capital of 1.02973 billion yuan [1] - The legal representative of the company is Dai Min [1] Investment and Projects - Guojia Automobile has invested in 11 enterprises and participated in 50 bidding projects [1] - The company holds 3 administrative licenses [1]

Investment Rating - Industry rating: Recommended [4] Core Insights - The introduction of the national childcare subsidy policy is expected to benefit the maternal and infant industry chain, with a subsidy of 3,600 yuan per child per year for families with children under three years old, potentially impacting over 20 million families annually [1][2] - New Oriental's FY2025Q4 performance shows a revenue of 150 million USD, a year-on-year decline of approximately 30%, but with a sequential improvement in operating profit margin from 3% in FY25Q3 to 7% in FY25Q4 [3] - The company is transitioning from a host-driven model to a product-driven model, with significant sales in sanitary products and self-branded items [3] Summary by Sections 1. Industry Overview - The report highlights the positive impact of the national childcare subsidy on birth rates, particularly in lower-tier markets, citing examples from cities like Panzhihua and Tianmen where similar policies led to increased birth rates [2] 2. Company Performance - New Oriental's recent performance indicates a recovery in profit margins despite a decline in revenue, with key products like sanitary napkins and self-branded food items performing well in sales [3] 3. Investment Recommendations - The report suggests five investment themes, including the continuous upgrade of AI technology, the emotional value consumers place on purchases, the recovery of cyclical sectors, the potential of domestic brands going global, and the revival of traditional retail formats [6]

一代超市王，最终落得惨淡收场。 7月4日，人人乐正式摘牌退市。 这个曾经被誉为"民营超市第一股"，创造出了江西首富，门店开遍全国的大型零售品牌，最终还是退出了历史舞台。 其实，不止人人乐，许多传统商超都处于水深火热之中，有的岌岌可危，有的在危机中寻找转机。 1996年，人人乐在深圳的第一家超市开业。 而与此同时，距离人人乐不远处也入驻了另外两个名气更大的品牌超市，一个是家乐福，另外一个是沃尔玛。 对于人人乐来说，这真是碰到了两个强硬的劲敌。 为了了解对手，人人乐创始人何金明曾在家乐福门口的饭馆租了一张桌子，蹲守37天，记了400多页笔记。 了解对手才能打败对手。 何金明是真的做到了，通过对家乐福的了解，他对自家超市进行了整改，业绩也从每天2万飙升到了60万。 而家乐福的业绩却开始一路下滑。 对于另外一家竞品超市沃尔玛，何金明做到了出其不意。 人人乐不是没转型过，也曾借助曲江文投的国企背景进行自救，但终究是难以改变衰败局面。 随着营业额上升和企业上市，人人乐的董事长何金明有了更大的野心。 他开始在西北、西南地区疯狂投资开超市，最夸张时只西安一个城市就有20多家人人乐，全国扩张至150多家。 然而，不断地扩张也让 ...

Group 1 - The stock price of Guoguang Chain reached 11.10 yuan as of July 30, 2025, reflecting a 1.46% increase from the previous trading day [1] - During the trading session, the stock experienced a rapid rebound, with a more than 2% increase within 5 minutes, peaking at 11.36 yuan and achieving a transaction volume of 1.74 billion yuan [1] - Guoguang Chain operates primarily in the commercial retail sector, covering domestic trade circulation and new retail [1] Group 2 - As of July 30, the total market capitalization of Guoguang Chain is 55.65 billion yuan, with the same figure for circulating market capitalization [1] - On the same day, the stock saw a significant surge, with a transaction volume of 66.17 million yuan and a net inflow of main funds amounting to 11.70 million yuan [1]