年末欢聚 ，共启新程! 设计 | 甄 尤美 作者 | 陈 津（长安 汽车 采 购中 心副 总经 理） 编辑 | 莫 莉 Editor's notes 编者按 电动化、智能化和全球化正把整车厂和供应链一起推上"长期与短期"的大考场。 从数据看，这场大考来得既快又猛，不得不说，新能源汽车依然是中国汽车市场的"主考题"之一。 12月11日中国汽车工业协会发布的最新数据显示，今年1至11月，新能源汽车国内销量1246.6万辆，同比增长23.2%。其中，新能源乘用 车国内销量1171.5万辆，同比增长21.3%；新能源商用车国内销量75万辆，同比增长62.4%。 在销量快速增长的同时，国内新能源车企之间的"价格战"持续了将近四年，从2023年初延续至今，多家车企通过降价和限时优惠争夺份 额，行业普遍判断，激烈竞争和出口扩张将长期并存。 围绕这些判断，陈津结合长安的实践，进一步展开了对供应链变革路径的具体说明。 以下为陈津演讲实录，《汽车商业评论》整理，此处略有删节。 这是第二次参加轩辕同学的活动，非常感谢贾校长。尊敬的各位领导、各位同仁，大家好。 理想汽车的孟总（ 为什么新供应商进入理想汽车很难？ ）讲得很好，把我们在 ...

Core Viewpoint - The company has announced a postponement of the completion dates for its "Chain Supermarket Renovation Project" and "Yangting Shopping Plaza Project" from December 2025 to December 2027 due to intensified competition in the retail industry and changing consumer demands [1] Group 1: Project Details - The "Chain Supermarket Renovation Project" will involve an investment of 203 million yuan, funded by proceeds from a public offering of convertible bonds, aimed at upgrading the supermarket [1] - The "Yangting Shopping Plaza Project" will require an investment of 50 million yuan, financed through a private placement of shares for the construction of the shopping plaza [1] Group 2: Market Context and Strategic Adjustments - The postponement is attributed to the increasing competition in the retail sector since 2024, along with a trend towards quality, personalization, and experiential consumption among consumers [1] - The company is adjusting the project timelines to better align with market changes, focusing on continuous innovation in business formats, store adjustments, and supply chain transformations [1] Group 3: Impact on Operations - The delay only affects the implementation timeline of the projects, with no changes to the overall objectives, investment content, usage, or implementing entities [1] - The postponement is not expected to have a substantial impact on the company's current operations and will not alter the intended use of the raised funds, ultimately benefiting the efficiency of fund utilization and project quality, ensuring the company's long-term healthy development [1]

加入轩辕同学 ， 成就新汽车人! 撰文 | 轩 辕 矩 阵 编 辑 部 编辑 | 黄 大 路 设计 | 常 笑 "有些人已经拥有你想要的特征，最快改变自己的方式就是和他们在一起。" 12月5日，苏州，2025新汽车技术合作生态交流会（WNATCES 2025）的开幕式上，世界新汽车生态协会理事长、轩辕同学校长贾可博士用一句轩 辕同学的slogan作为开幕致辞的ending。 两天时间，上千名"朋友"聚集在了汾湖湖畔，他们来自12家自主、外资、新势力整车集团，还有300家供应链企业，一同探讨中国汽车的"长期与 短期"。 2025年，技术路线之间的竞争加剧，纯电、插混、增程三条路线此消彼长。电动化的上半场格局未定，智能化的下半场又开启了"生死竞速"。这 一切，让所有企业都不敢有丝毫懈怠。 焦虑是破局的契机，主机厂的生存焦虑向下游传递，催生了产业关系的深刻变革。 压力之下，供应商的行业地位发生结构性逆转。过去"主机厂主导、供应商跟随"的线性关系已彻底打破，在三电系统、智能驾驶、车载芯片等关 键领域，供应商已成为技术定义者和参与者，甚至是主导者。 抱团取暖成为行业共识，合作模式从简单的买卖关系升级为深度协同，主零之间 ...

Core Viewpoint - High Xin Retail reported a revenue of 30.5 billion yuan for 1HFY26, a year-on-year decrease of 12.1%, and a net loss of 120 million yuan, aligning with profit warning expectations. The performance was pressured by intensified market competition and a weak overall consumption environment. The new management outlined a three-year reform plan focusing on supply chain, store, and organizational changes, with a commitment from major shareholder Dehong Capital regarding cash flow and shareholder returns. The company declared an interim dividend of 0.085 HKD per share, with an expected annual dividend yield of approximately 9%, highlighting its defensive positioning in the consumer sector while awaiting the impact of reform measures on profitability [1][2][3]. Revenue and Sales Performance - The merchandise sales revenue was 29.08 billion yuan, down 12.4% year-on-year, primarily due to increased market competition and weak consumer spending leading to lower average transaction values. Same-store sales declined by 11.7%. Online channels showed resilience, with online order volume increasing by 7.4%, contributing to a 2.1% rise in online same-store sales. Rental income was 1.4 billion yuan, down 7.0% year-on-year, affected by rent reductions and ongoing tenant structure optimization. Membership fees generated 20 million yuan in revenue, up 28.6% year-on-year. The total number of hypermarket stores decreased by 3 to 462, while medium-sized supermarkets decreased by 1 to 32, with M membership stores remaining at 7. The company plans to actively seek new store openings while maintaining a stable total store count [1][2]. Profitability and Cost Management - The gross margin for 1HFY26 increased by 0.7 percentage points to 25.3%, attributed to the gradual elimination of long-tail SKUs, product mix optimization, and enhanced private label penetration. The sales expense ratio rose by 1.9 percentage points to 23.9%, while the management expense ratio decreased by 0.1 percentage points to 2.3%. The increase in sales expense ratio was due to operational leverage from declining revenue, while management expenses remained stable due to regional structure optimization and strict personnel cost control. Adjusted EBITDA margin decreased by 0.4 percentage points to 5.2%, and net profit margin decreased by 1.0 percentage points to -1.0% [2]. Strategic Initiatives - The company announced a three-year strategic plan aimed at driving transformation. Key initiatives include: 1. Product optimization through national procurement to reduce costs, with a focus on private labels that have seen over 50% sales growth in more than 50 categories. The goal is for private label contributions to reach 10% in three years. 2. Store transformation towards community life centers, with plans to complete over 30 store renovations in FY26 and over 200 by the end of the next fiscal year. 3. Enhancing online and offline synergy through the establishment of front warehouses, with plans to increase online sales contribution to 40-50% over the next three years [2]. Profit Forecast and Valuation - Given the ongoing intense market competition and the transitional phase involving short-term investments, the recovery of profitability may be delayed. The projected net profit for FY26-28 is 40 million, 440 million, and 710 million yuan, respectively. The target price is set at 2.18 HKD, based on a 45x PE for FY27E, reflecting a premium for the company's high dividend yield [3].

Summary of the Conference Call for 美丽田园 Company Overview - 美丽田园 has acquired 思妍丽 for 1.25 billion RMB, with an actual payment of less than 900 million RMB due to a clever transaction structure involving merger loans and share issuance [2][3][5] - 思妍丽 is the third-largest beauty service brand in China, with projected revenue of 850 million RMB and net profit of 80 million RMB for 2024 [3] Industry Insights - The beauty industry is expected to double its revenue over the next five years, with 美丽田园 aiming for a thousand-store scale through organic growth and acquisitions [2][6] - The medical beauty sector is experiencing intensified competition, prompting 美丽田园 to diversify its product offerings across different price ranges [2][10] Financial Impact of Acquisition - The acquisition is expected to enhance 美丽田园's financial metrics, with a projected increase in net profit margin from 10% to 13% over time [4][14] - The company anticipates a revenue target of 4 billion RMB for 2025, with significant growth indicators such as a 9.3% increase in net consumption during the anniversary period [4][21] Growth Strategies - 美丽田园 plans to achieve revenue growth through a combination of internal growth and acquisitions, targeting moderate-sized acquisitions annually [6][22] - The company aims to optimize its supply chain, which is expected to improve net profit margins by 2-3 percentage points [9][13] Supply Chain Transformation - The supply chain strategy will shift from reliance on imported brands to collaborations with domestic brands, enhancing responsiveness to market changes [9] - Partnerships with brands like 巨子, 艾美克, and 贝泰妮 are expected to yield exclusive products and improve overall profitability [9][11] Customer Integration and Marketing - The customer profiles of 美丽田园 and 思妍丽 are similar but have low overlap, allowing for effective integration and enhanced marketing strategies post-acquisition [12][17] - The integration will leverage AI capabilities for personalized marketing and customer engagement, aiming to increase visit frequency and spending [12][17] Future Projections - The company expects to see a significant increase in its medical beauty segment's gross margin, projected to reach 56% in the first half of 2025, up 1.8 percentage points year-on-year [11] - Long-term projections suggest that net profit margins could reach 15-16% within five years, driven by operational efficiencies and market expansion [14][15] Conclusion - 美丽田园's strategic acquisition of 思妍丽 positions it as a leader in the beauty industry, with a robust plan for growth through supply chain optimization, customer integration, and market expansion [2][3][6][12]

Core Insights - The performance of supermarket retail companies in China for the first half of the year shows a mixed picture, with significant disparities in revenue growth and decline influenced by factors such as scale, strategy, and regional layout [1][3] - New business models are replacing traditional stores, and private labels are increasingly becoming a significant part of financial reports [1][4] - Many listed supermarket companies are seeking refined operations to achieve growth in the second half of the year amid operational challenges [1] Revenue Performance - Yonghui Supermarket reported revenue of approximately 29.948 billion yuan, a year-on-year decline of 20.73%, with a net loss of 241 million yuan compared to a profit in the same period last year [2] - In contrast, Bubu Gao achieved revenue of 2.129 billion yuan, a year-on-year increase of 24.45%, and a net profit of 201 million yuan, up 357.71% [2] - Other companies like Zhongbai Group and Hongqi Chain also faced significant challenges, with Zhongbai's net loss expanding by nearly 80% and revenue declining by nearly 20% [3] Private Label and Product Strategy - The transformation of supply chains is crucial for gaining cost advantages, with private labels and differentiated products becoming key strategies for improving gross margins and core competitiveness [4][5] - For instance, Jiajia Yue increased the proportion of its private label and customized products from 13% to 15% in the first half of the year [4] - Yonghui Supermarket announced a focus on core products, aiming to develop 100 products with annual sales exceeding 100 million yuan within three years [4] Online Business Development - Instant delivery services are rapidly developing, with companies like Walmart China reporting that e-commerce sales accounted for over 50% of total sales [7] - Yonghui Supermarket's online business revenue reached 5.49 billion yuan, accounting for 18.33% of total revenue, showing a reduction in losses compared to the previous year [7] - Jiajia Yue's online sales reached 630 million yuan, a year-on-year increase of 23%, with a 26% growth in order volume [7] Industry Challenges - The supermarket industry faces challenges from declining consumer purchasing power and competition from instant retail platforms and discount stores [8] - Companies are also dealing with issues related to store adjustments, new store locations, and high operational costs, which complicate their ability to maintain competitive advantages [8]

Core Insights - The performance of supermarket retail companies in China has shown significant divergence, with some experiencing substantial growth while others face steep declines [1][3][4] - New business models are replacing traditional stores, and private label brands are gaining importance in financial reports [1][5] - Companies are seeking refined operations to overcome challenges and aim for growth in the second half of the year [1] Group 1: Company Performance - Yonghui Supermarket reported a revenue of approximately 29.95 billion yuan, a year-on-year decline of 20.73%, and a net loss of 241 million yuan, attributed to store restructuring and supply chain reforms [3] - In contrast, Bubu Gao achieved a revenue of 2.13 billion yuan, a year-on-year increase of 24.45%, with a net profit of 201 million yuan, reflecting successful restructuring and operational strategies [3] - Other companies like Zhongbai Group and Hongqi Chain also faced challenges, with Zhongbai's net loss expanding by nearly 80% and revenue declining by nearly 20% [3] Group 2: Industry Trends - The supermarket industry is undergoing profound changes, with a clear polarization in performance among companies [4] - The development of private labels and differentiated products is becoming a key strategy for enhancing gross margins and core competitiveness [5][6] - Companies like Jiajiayue are increasing their private label product share from 13% to 15% [6] Group 3: E-commerce and Online Sales - Instant delivery services are rapidly developing, with Walmart China reporting that e-commerce sales accounted for over 50% of total sales [7] - Zhongbai Group launched a local life service platform and saw a 16% increase in sales for its online business [7] - Yonghui Supermarket's online revenue reached 5.49 billion yuan, accounting for 18.33% of total revenue, showing a reduction in losses compared to the previous year [7] Group 4: Challenges in the Industry - The supermarket industry faces challenges such as weakened consumer purchasing power and competition from instant retail platforms and discount stores [8] - Companies are also dealing with issues related to store adjustments, new store locations, and high operational costs [8] - The ability to leverage store advantages and unique products is crucial for maintaining competitiveness in the evolving market [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has accelerated its business model transformation, leading to a steady improvement in profitability. The performance for the first half of 2025 met expectations, with a revenue of 8,042 million yuan, down 10.45% year-on-year, and a net profit of 774 million yuan, up 8.74% year-on-year [6][5] - The company is focusing on supply chain reforms and store adjustments across four major business segments, which has resulted in improved operational efficiency [6] - The gross profit margin has increased, and despite a slight rise in expense ratios, overall profit margins have shown strong performance [6] Financial Data and Profit Forecast - Total revenue for 2025 is projected to be 18,075 million yuan, with a year-on-year growth rate of 5.5% [5] - The net profit attributable to the parent company is expected to be 1,406 million yuan in 2025, reflecting a year-on-year growth of 7.0% [5] - Earnings per share are forecasted to be 3.19 yuan in 2025, with a price-to-earnings ratio of 9 [5] Business Performance - In Q2 2025, the company achieved a revenue of 3,766 million yuan, down 8.81% year-on-year, while the net profit was 299 million yuan, up 7.96% year-on-year [6] - The company has implemented a "1+6+N" adjustment strategy, introducing 45 new brands and enhancing its store formats, which has led to a significant increase in customer traffic and sales [6] - The company has successfully organized promotional events that have driven sales growth across various segments, including a 12.9% increase in sales during promotional periods [6]

Business Strategy and Operations - The company focuses on a tailored approach for its department and supermarket businesses, emphasizing "one store, one policy" to align market image with store positioning [2][3] - The supermarket sector aims to enhance supply chain capabilities and develop high-cost performance private labels, targeting a 40% sales share for self-sourced products [3][4] Performance Metrics - As of mid-2025, the company operates 240 retail stores, including 24 department stores and 189 supermarkets, with a net closure of 20 stores and the opening of 7 [4][6] - The "Harmonious Family" supermarket has seen significant improvements post-renovation, with sales up by 30.3% and customer traffic increasing by 17.97% at the Binhu New District store [4][5] Product Development - The company has developed a private label product matrix with 462 items across various categories, achieving a 99.18% year-on-year sales growth in the first half of 2025 [5][6] - The "Harmonious Family" high-tech store is undergoing a comprehensive upgrade, covering 5,400 square meters and introducing ten themed areas to enhance customer experience [5][6] Financial Performance - The company reported a net profit increase of 33.55% in the first half of 2025, driven by innovative service models and government subsidies totaling 82.4464 million yuan [8][9] - Inventory as of June 2025 stands at 2.403 billion yuan, with a 7.40% decrease from the beginning of the year, while investment properties are valued at 1.805 billion yuan, down 5.94% [9][10] Future Plans - The company anticipates a capital expenditure of approximately 1 billion yuan in 2025, focusing on market projects, store renovations, and new business investments [10][11] - Future growth strategies include enhancing operational efficiency, reducing costs, and expanding into new business areas, including circular economy initiatives and logistics [10][11]

Investment Rating - The report assigns a rating of "Outperform" for WEILONG Delicious Global Holdings, indicating an expected total return over the next 12-18 months that exceeds the relevant market benchmark [20]. Core Insights - WEILONG Delicious reported a revenue of RMB 3.48 billion for the first half of 2025, reflecting an 18.5% year-on-year increase, with a net profit of RMB 0.74 billion, also up 18.5% year-on-year, maintaining a net profit margin of 21.1% [1][7]. - The vegetable products segment showed remarkable growth, with a 44% year-on-year increase in revenue, driven by innovative product offerings and a strong focus on consumer demand [2][9]. - The offline channel structure has been optimized, with a 66% year-on-year increase in the number of stores, and East China remains a key revenue-generating region [3][10]. Revenue Breakdown - Revenue from seasoned flour products, vegetable products, and bean-based products was RMB 1.31 billion, RMB 2.11 billion, and RMB 0.06 billion respectively, with year-on-year changes of -3.2%, +44.3%, and -48.1% [2][8]. - The contribution of vegetable products to total revenue increased to 60.5%, while seasoned flour products accounted for 37.6% [2][8]. Profitability Analysis - The gross profit reached RMB 1.64 billion, a 12.3% increase year-on-year, but the gross profit margin decreased to 47.2%, down 2.6 percentage points due to rising raw material costs [4][11]. - Despite the decline in gross profit margin, the company managed to stabilize its net profit margin at 21.1% through effective cost management, with administrative expenses decreasing by 17.0% [4][12]. Dividend Policy - The company declared an interim dividend of RMB 0.18 per share, maintaining a high dividend payout ratio of 60% [5][13].