Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to store closures and ongoing adjustments in its business model [1][2][3]. Financial Performance - For 25H1, the company generated revenue of 29.95 billion yuan, a year-on-year decrease of 20.7%, with a net profit attributable to shareholders of -240 million yuan and a non-recurring net profit of -800 million yuan, slightly better than previous forecasts [1][2]. - In 25Q2, revenue was 12.47 billion yuan, down 22.6% year-on-year, with a net profit of -390 million yuan and a non-recurring net profit of -940 million yuan [1]. - The company's gross margin for 25H1 was 20.8%, a decrease of 0.8 percentage points year-on-year, while the gross margin for fresh and processed goods improved to 14.5%, up 2.1 percentage points [2]. Operational Adjustments - The company has accelerated its store adjustment pace, with 124 stores modified in 25H1 and a target of over 208 modified stores by the end of Q3 [3]. - The company aims to complete adjustments for all existing stores by early 2026, with a focus on reducing the number of suppliers by 50% and increasing direct sourcing of fresh products to over 60% [3]. - The company has also launched new private label products, with a long-term goal of achieving a 40% share of private label products by 2029 [3]. Investment Outlook - The company is positioned as one of the two most promising national supermarket chains in China, alongside Hema, with a differentiated competitive strategy compared to existing players like Sam's Club and Costco [4]. - The estimated bottom market value is projected at 54 billion yuan based on a profit of 2.7 billion yuan and a 20x price-to-earnings ratio, with expectations for improved profitability as store adjustments progress [4]. - The company anticipates achieving operational breakeven by Q4, excluding the impacts of store closures and impairments [4].

以下文章来源于中国企业家杂志 ，作者李欣 作者 | 李欣 来源 | 中国企业家杂志 （ID：iceo-com-cn） 叶国富终于见到了自己的"偶像"于东来。 11月27日，名创优品集团创始人叶国富与胖东来创始人、董事长于东来坐下来深谈了一 个下午。《中国企业家》了解到，这是两人第一次正式见面，叶国富选择独自前往河南 许昌会面。 中国企业家杂志 . 讲好企业家故事，弘扬企业家精神 达成了多个一致。 有接近名创优品的人士告诉《中国企业家》，此前他们两人更像在"神交"——都坚定看 好线下零售，都想在线下零售业开辟新天地，这是他们共同的理念，也是交往的底盘。 在企业家中，不乏于东来的追随者，但公开推崇并身体力行、大手笔开干的，叶国富算 其中特别耀眼的一个。 于东来今年5 8岁，比叶国富大11岁，两人都是草根出身的创业者。叶国富是湖北十堰 人，他于2 0 1 3年创立名创优品，在线下零售一干就是十几年。而于东来从1 9 9 5年开始， 一直做的也是线下零售的生意。 这次会面前，叶国富曾在多个场合公开表达过对胖东来模式，以及对于东来本人的认 可，甚至他直接买了个"高仿版的胖东来"——永辉超市。 三个月前，名创优品斥资6 ...