以下文章来源于新零售 ，作者未央 新零售 . 中国零售门户网站联商网出品，全面关注新零售、新业态、新门店。 出品 / 联商网 1、在商品力打造方面： 撰文 / 未央 编辑 / 娜娜 近日，联商网独家获悉，盒马于4月24日在杭州阿里巴巴西溪园区召开以"正当时，顶峰见"为主题的《FY26盒马管理大会》(2026财年指2025.4.1- 2026.3.31)，阿里集团高管童文红(花名Judy)参加了会议并发言给予盒马团队肯定和鼓励。 那么，接下来盒马会有什么样的新动作呢？多名接近盒马的相关人士向联商网证实，盒马在新财年会重点在以下三个方面发力： 一是盒马鲜生业态，二是 盒马NB业态，三是组织文化及建设 。 具体如下： 01 盒马鲜生 成为中产用户最信任的品牌之一 对于中产用户而言，他们追求品质生活，注重消费体验，渴望在购物中获得便捷与安心。盒马鲜生的目标，便是在商品领先和数字化提效的核心能力基础 上，全方位提升双端用户体验和效率，成为他们心中最值得信任的品牌之一。 一是盒马鲜生要像一位 生活管家 ，深入了解中产用户的日常需求，从柴米油盐到家居用品，每一款日销商品都经过精心挑选，确保品质可靠、价格合理。 同时，密切关 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company experienced stable operational performance, with a focus on expanding new retail customer base [1] - The gross margin is under marginal pressure, but the sales expense ratio is expected to smooth out gradually [1][2] - The company aims to enhance product value and has potential for significant growth in the baking category [2] - Continuous development of new retail customers and diversification of distributor channels are key strategies [3][6] - Short-term pressures from customer terminals and product iterations are expected, but the company is well-positioned to explore new growth points [7] Financial Performance Summary - In 2024, total revenue was 1.868 billion yuan, a decrease of 2% year-on-year, with a net profit of 84 million yuan, down 38% [1] - For Q1 2025, total revenue was 470 million yuan, an increase of 1% year-on-year, with a net profit of 21 million yuan, down 38% [1] - The company projects revenue growth rates of 5.4%, 8.7%, and 9.8% for 2025, 2026, and 2027 respectively [9] - The diluted earnings per share (EPS) are forecasted to be 0.91 yuan in 2025, 1.02 yuan in 2026, and 1.16 yuan in 2027 [9] Revenue Breakdown - In 2024, revenue from staple foods and snacks was 914 million yuan and 439 million yuan, respectively, both showing declines [2] - The baking category maintained stable revenue at 365 million yuan in 2024, with expectations for high double-digit growth in 2025 [2] - Revenue from frozen prepared dishes and others surged by 273% to 142 million yuan in 2024, driven by multi-channel efforts [2] Channel Performance - Direct sales channel revenue increased by 4% to 809 million yuan in 2024, with ongoing efforts to expand into new retail channels [3] - Distributor channel revenue decreased by 6% to 1.051 billion yuan in 2024, but is expected to stabilize with improved efficiency [6]

Group 1 - The event "Local Delicacies and Good Products Promotion in Beijing" showcased regional industry representatives, including the famous Dog Guo Nao tea from Suichuan, Jiangxi, highlighting the integration of traditional tea culture with modern industry development [1][3] - Dog Guo Nao tea, known for its unique quality and historical significance, has won multiple international awards, including gold medals at the Panama International Exposition and the Shanghai World Expo, with a brand value of 4.751 billion yuan [3][6] - The Suichuan County's strategy of "Tea as the County's Foundation" is being implemented by the state-owned Jiangxi Dog Guo Nao Tea Industry Group, which integrates resources through a "1+N+X" model to enhance tea production and support rural revitalization [6][11] Group 2 - The event featured a display of various Dog Guo Nao tea products, including high-end teas and innovative derivatives like tea beverages and face masks, showcasing the company's commitment to modern production techniques and collaboration with research institutions [7][11] - The promotion aimed to connect government, enterprises, academia, and media to enhance local specialty industries, with discussions on rural revitalization and new retail strategies providing fresh insights for market expansion [11][12] - A simultaneous event, "Local Good Products Promotion and Jiangxi Dog Guo Nao Spring Tea Release," included expert discussions and product tastings to deepen production and sales cooperation, fostering collaboration for the tea industry and regional economic upgrade [12]

Core Viewpoint - Yonghui Supermarket is closing its store in the luxury residential area of Shenzhen, indicating ongoing struggles in the retail sector and the company's operational challenges [1][6]. Group 1: Store Closure Details - The Yonghui Supermarket in Nanshan Botofino will cease operations starting May 17, 2025, with a clearance sale from May 8 to May 16 [1]. - The store will not be transformed into a "Pang Donglai" model store, as confirmed by staff [1][3]. - The store's environment was described as relatively quiet, with few customers and unstaffed sections [3][5]. Group 2: Company Performance - Yonghui Supermarket reported a revenue of 67.574 billion yuan for 2024, with a net loss of 1.465 billion yuan; in Q1 2025, revenue was 17.479 billion yuan with a net profit of 148 million yuan [6]. - The company has faced continuous losses for four years from 2021 to 2024, totaling over 9.5 billion yuan [6]. - The losses are attributed to intense competition in the retail sector and a strategic shift involving the closure of 232 underperforming stores [6]. Group 3: Online Business Performance - As of March 31, 2025, Yonghui's online business generated 3.15 billion yuan, accounting for 18.02% of total revenue [7]. - The "Yonghui Life" app covered 670 stores, achieving sales of 1.75 billion yuan, with an average daily order volume of 231,000 and a monthly repurchase rate of 47.6% [7].

Core Viewpoint - The retail industry is experiencing intense competition, with traditional stores facing challenges while new retail formats thrive, leading to a critical need for adaptation and innovation [1][3]. Group 1: Industry Trends - The past year has seen a rise in popularity for new retail formats like live streaming sales, while traditional supermarkets like RT-Mart and Yonghui Supermarket have struggled and changed ownership [1]. - The retail landscape is characterized by a shift from traditional large supermarkets to innovative models, with companies needing to choose between maintaining traditional methods or embracing new trends [3][4]. Group 2: Company Developments - Hema, once a benchmark for new retail, has undergone significant changes under the leadership of new CEO Yan Xiaolei, achieving profitability within a year [2][4]. - Hema's strategy focuses on two core formats: Hema Fresh, which aims for rapid expansion, and Hema NB, which emphasizes community services and product optimization [4][7]. - Hema has opened 72 new stores at an average rate of one every five days, surpassing 430 stores nationwide, with plans for nearly 100 more in the upcoming fiscal year [4][7]. Group 3: Competitive Advantages - Successful companies like Sam's Club and Donglai have established unique competitive advantages that are difficult for others to replicate, such as strong supply chains and high-quality service [5][6]. - Hema aims to enhance its competitive edge by focusing on product quality and leveraging social media for marketing, targeting lower-tier cities and community markets [7][9]. Group 4: Market Insights - The consumption scale in lower-tier markets has exceeded 17 trillion yuan, accounting for nearly 60% of national consumption, with offline retail remaining dominant [7]. - Hema's community supermarket model, Hema NB, targets price-sensitive consumers with its own supply chain and brand offerings, indicating a strategic focus on value [7][9]. Group 5: Future Goals - Hema has set an ambitious goal to exceed 100 billion yuan in GMV (Gross Merchandise Volume) within three years, reflecting confidence in its strategic direction despite competitive pressures [9].

Core Viewpoint - Hanshuo Technology Co., Ltd. reported steady growth in its 2024 annual performance, with significant increases in revenue, net profit, and operating cash flow, indicating a robust business trajectory since its market debut [1] Financial Performance - The company achieved an operating revenue of 4.486 billion yuan, representing a year-on-year increase of 18.84% [1] - The net profit attributable to shareholders was 710 million yuan, up 4.81% year-on-year [1] - Operating cash flow net amount reached 1.032 billion yuan, marking a substantial increase of 62.29% [1] - Total assets at the end of 2024 amounted to 5.179 billion yuan, reflecting a growth of 36.99% year-on-year [1] Business Model and Product Development - Hanshuo Technology focuses on digital solutions for retail stores, leveraging IoT wireless communication technology [2] - The company has developed a comprehensive business system centered around electronic price tag systems and SaaS cloud platform services [2] - The latest HiLPC protocol allows a single store to support hundreds of cellular network base station devices, achieving an industry-leading concurrency level [2][3] - The company has launched over 40 electronic price tag products, demonstrating continuous innovation [2][3] Market Position and Competitive Advantage - Hanshuo Technology holds a 62% market share in the domestic electronic price tag market, ranking first in China and third globally [3] - The company invested 198 million yuan in R&D in 2024, a 17.34% increase, with 308 R&D personnel, accounting for 32.08% of the workforce [3] - The company aims to become a global leader in retail store digital solutions, focusing on R&D-driven growth [3] Global Expansion Strategy - The global market for electronic price tags is expected to reach 34.9 billion yuan by 2028, indicating significant growth potential [4] - Since 2014, the company has established a global sales and service network, partnering with major international retailers across over 70 countries [4] - In 2024, the company expanded its presence in markets such as Spain, Portugal, Poland, Canada, and Southeast Asia, contributing to revenue growth [4][5] Domestic Market Performance - The domestic revenue for 2024 was 264 million yuan, showing a remarkable year-on-year growth of 63.58% [5] - Support from national policies for digital economy and retail digitalization has created a favorable environment for business development [5] Future Outlook - The company plans to focus on optimizing organization, continuous innovation, and deepening market presence as core strategies [6] - Emphasis will be placed on the innovation of core technologies and products, particularly in AIoT and new energy sectors [6] - The goal is to enhance both the scale and profitability of core and innovative businesses through improved supply chain resilience and product competitiveness [6]

证券研究报告·公司点评报告·食品加工 仙乐健康（300791） 2025 年一季报点评：积极调整，稳扎稳打 2025 年 04 月 24 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,582 | 4,211 | 4,701 | 5,346 | 5,984 | | 同比（%） | 42.87 | 17.56 | 11.64 | 13.71 | 11.95 | | 归母净利润（百万元） | 281.04 | 325.06 | 391.89 | 496.65 | 585.57 | | 同比（%） | 32.39 | 15.66 | 20.56 | 26.73 | 17.90 | | EPS-最新摊薄（元/股） | 1.18 | 1.37 | 1.65 | 2.09 | 2.47 | | P/E（现价&最新摊薄） | 20.75 | 17.94 | 14.88 | 11.74 | 9.96 | 证券分析师 苏铖 ...

4月17日至19日，2025 福布斯中国新零售产业创新与投融资活动在长沙成功举办。此次活动主题为"创 新驱动 共筑未来"，由湖南省商务厅、长沙市人民政府、中国商业联合会联合主办，长沙市商务局、开 福区人民政府、福布斯中国集团、湖南省新零售行业协会共同承办，湖南红网传媒有限公司协办。 系列活动主要包括"潮宗之夜"欢迎仪式、福布斯中国新零售产业创新活动开幕式与主体大会、长沙内外 贸一体化招商推介会、新零售产业投融资项目路演对接会、2023-2024 福布斯中国新零售系列评选授牌 仪式、澳大利亚企业长沙行、新零售产业创新成果展示等多个部分。 于4月17日举办的"潮宗之夜"拉开了本次系列活动的序幕。包括驻华使节及商会、国内外知名企业、投 资机构负责人在内的众多嘉宾，在主办方的组织与陪同下来到了长沙市著名的文化街区——汇聚了浓郁 历史风貌与现代商业气息的潮宗街，并参加了欢迎仪式。湖南省新零售行业协会执行会长兼秘书长甘现 科主持了此次活动。 长沙市开福区人民政府党组成员、副区长易海威致欢迎辞。随后，湖南省新零售行业协会会长叶蓁、福 布斯中国集团商务运营部总经理王伊慧分别发表致辞。 2025福布斯中国新零售产业创新与投融资 ...

截至目前，美团方面尚未对此进行回应。但要注意的是，此前美团方面确实曾多次尝试探索线下零售市 场。例如早在2017年，美团便曾趁着新零售的风潮推出掌鱼生鲜，探索线上线下一体化模式。随后在 2018年又推出小象生鲜项目，并设下了一年开20家店的目标。但就在不久后，小象生鲜所有门店宣告关 停。 此前在今年3月曾有消息源透露，CEO王兴在美团成立15周年之际召开的总监级别以上内部沟通会上， 曾透露其在美团的第二个十年将重点的三个方向，食杂零售就是其中之一。 美团之所以会执着于线下零售市场，自然是为了寻求更多的增量，以及通过更搭建更庞大的业务体系， 来获得更高的抗风险能力。君不见，被美团视为第二增长曲线的即时零售，近年来的市场竞争就已经日 益激烈。 不久前，美团旗下以自营模式运营的即时零售业务小象超市在长沙开城，进一步布局华中市场。在不断 开城的同时，小象超市或许还将拓展到线下，从而打破线上与线下的边界。 继不久前在本月初有传言称，小象超市或开设实体零售店、布局线下市场，并聚焦社区折扣方向、对标 盒马NB后。日前有消息源透露，小象超市或将启动线下业务，但在具体的店型上除了考虑对标盒马NB 之外，还在考察对标盒马鲜生的可 ...

21世纪经济报道记者 唐唯珂 广州报道 4月以来，零售板块资本市场表现活跃，区间涨幅明显，个股涨停频现。其中，国芳集团13天12板。 多维度驱动 近期零售股反复活跃是受到多维度因素驱动。 长期来看，提振消费的政策导向明确。2024年以来，相关部门持续推出全方面、多维度政策刺激，并于 近日出台《提振消费专项行动方案》，从居民端增收减负、以旧换新加力扩围、服务与新型消费提质优 化等方面提出了指导意见，进一步助力消费增长，推动居民消费意愿持续提升。 4月22日早盘，百大集团、翠微股份、跨境通、大连友谊、步步高涨停。21世纪经济报道记者观察到， 今年年初以来，在复杂的宏观经济环境中，资本市场对国内消费零售行业的关注度显著升温，相关板块 反复活跃。同花顺数据显示，自4月1日至4月22日收盘，零售板块累计涨幅达12.89%。 | 零售 881158 | | 板块分时 > | | --- | --- | --- | | ⊙区间回顾 | 区间涨幅 = 主力净流入 ◆ | 成交额 ◆ | | 国芳集团 | 204.11% 7959.31万 | 74.43亿 | | 601086 | | | | 国光连锁 | 111.97% - ...