"深耕广东市场，我们既要把握县域消费升级的澎湃动力，又要兼顾超市的烟火气与品质感。"永辉超市两广大区负责人表示，将以品质零售为纽带，打造值 得广东消费者信赖的超市。 南方+记者 林捷勇 岁末年初，消费市场活力涌动，元旦经济为冬日增添了融融暖意与勃勃生机。12月31日，永辉超市胖东来模式调改店于普宁万泰汇购物中心焕新开业，这是 永辉在普宁的首家调改店，也是粤东地区首家"胖永辉"。 永辉超市普宁万泰汇店门店单品总数有8302支，其中新引入65支胖东来自有品牌商品，进口商品占比提升至12.4%。生鲜品类在保障民生基本需求的基础 上，大幅增加了中高端与特色品质商品的供给，以满足顾客日益多样化、精致化的生活追求。 ...

永辉超市在保定市区布局的首家学习胖东来自主调改门店——未来石万达店于12月31日焕新开业。 近日，商务部等三部门联合发布《关于加强商务和金融协同 更大力度提振消费的通知》，为年末消费 市场注入政策暖流。在此背景下，保定市商业升级步伐加快，区域消费活力激发。 继6月10日河北省首家"胖永辉"石家庄长安万达广场店开业后，该店成为永辉在河北省内完成的第11家 调改门店，标志着永辉"品质零售"模式在冀中核心城市的进一步聚焦。 此前，石家庄长安万达广场店调改开业后三个月销售同比增长超3倍，客流提升150%，展现出消费吸引 力。 保定市该永辉超市店已有六年时间。随着保定城市框架东扩，高铁保定东站近在咫尺，多条高速环绕， 东湖公园、保定博物馆、关汉卿大剧院等重点休闲文化场所汇聚，区域人口集聚效应明显，民生消费需 求日益多元与旺盛。此次全面调改，被视为其响应政策号召、顺应消费升级趋势的关键一跃。 调改后，门店经营面积达3000平方米。最大变化在于购物环境的彻底革新：传统的强制动线被取消，主 通道大幅拓宽，所有中岛货架高度统一降至1.6米。服务细节方面，便民服务区配备了身高体重测量 仪、血压仪、直饮水机、微波炉，前一小时免费充 ...

此外，两家店基于各自区位特点与客群结构，进行了细微而精准的差异化布局。 世界村店调改着重于"品质深化"与"体验优化"。比如，进一步强化了生鲜商品的鲜度管理与品控标准，并丰富了高品质预制菜肴及即食品类。而半壁店则侧 重于打造"一站式家庭生活解决方案"，比如强化了火锅食材等场景化商品矩阵，并提供从肉禽免费加工到水产现场清理等系列便民服务。同时，时值岁末寒 冬，永辉全国开展的"有料火锅局"主题活动在两家门店均得到落地。 今年岁末，永辉超市（601933）在北京城市副中心通州区迎来集中焕新、存量门店完成调改，其中，12月28日已服务周边社区长达十年的永辉北京通州世界 村店完成调改，以全新面貌再度开业；12月30日，同样位于通州、陪伴梨园居民十二载的永辉半壁店也将焕新。 这是继今年5月通州万达店后，永辉"学习胖东来"自主调改模式在通州的又一次落地。两家社区单体店的相继升级，标志着"胖永辉"品质零售网络在副中心 进一步织密。 记者在现场看到，本次两家门店的调改，商品结构达到胖东来商品结构的80%，并同步设立了胖东来自有品牌专区，引入了DL果汁、DL零食等同源同价品 质商品。通过推进供应链"裸价直采"改革，两家店致力于实现 ...

继8月15日海港万达广场店成功调改开业后，永辉超市（601933）在秦皇岛布局的第二家"学习胖东来"自主调改门店——茂业天地店于12月26日开业。 这不仅标志着永辉在秦皇岛的两家门店均已融入全国性的品质变革浪潮，也意味着"胖东来式"的品质零售体验进一步覆盖港城核心区域，存量门店全部完成 调改。 近期，商务部等三部门联合发布《关于加强商务和金融协同更大力度提振消费的通知》，为年末消费市场注入强心剂。 位于海港区茂业中心B1层的永辉超市，此次全面调改，更像是一次深度"焕芯"。门店对原有商品结构进行了力度空前的优化，下架超七千个单品，同时新 增商品比例超过60%，整体商品结构达到胖东来商品结构的80%，进口商品占比提升至近15%，烘焙、熟食等鲜食比例更是从7%大幅增至25%。 本地化方面，结合秦皇岛冬季饮食特色与海边城市属性，永辉全国同步的"有料火锅局"主题活动在这里有了本地化演绎。除了提供藤椒、川香麻辣等国内热 门口味，以及日式寿喜烧、泰式冬阴功等国际风味，门店还特别考虑到本地居民对海鲜涮品的偏爱。 据悉，调改后，该门店员工人数大幅增加，平均薪资显著提升，入职满一年即可享受10天带薪年假。此外，永辉推行的"工匠计 ...

决赛现场，经过激烈的比拼，最终产生了13位冠军、26位亚军、39位季军。永辉超市还依据教练组及员 工组的技能总决赛各项目排名积分评选出3名最佳团队奖，本次大赛共有近百位参赛者获奖，颁发奖金 共计160000元。 永辉超市CEO王守诚表示："永辉超市在高技能人才队伍建设与专业化培养方面持续投入，通过以赛促 学、以赛提技，强化一线员工的实操标准与品质意识，为坚定走品质零售路线储备扎实的人才基础，为 顾客持续创造更安全、更优质、更高效的购物体验。" 与此同时，永辉超市不断完善分红体系，通过"利润共享"机制让员工成为企业发展的"共同体"。自2024 年启动调改以来，永辉超市坚定学习胖东来模式，走幸福的品质零售路线，当前，调改进入精细化纵深 阶段，永辉超市在"人"和"商品"上持续发力。 本报讯 （记者李婷）12月19日，永辉超市（601933）股份有限公司（以下简称"永辉超市"）2025年全 国技能大赛总决赛在福州举办。本次大赛以"品质零售技能铸就"为核心主题，吸引了来自永辉超市全国 各大区的近300名一线技术能手，围绕肉类分割、水果分切、烘焙制作、熟食加工、职人主播、设备维 修、智慧物流等13个核心技能项目展开激烈角 ...

这是永辉超市第十届全国技能大赛总决赛的现场，永辉超市一年一度的技能重头戏，高手云集，比拼激烈，是永辉超市对"工匠 精神"的极致追求，也是对商品品质的扎实掌控。 一道麻辣小龙虾，历经九道工序，方能色香味俱全，成为永辉超市的夏季爆款； 一名鱼丸技工，一分钟内手工捶打上百次，让福州非遗技艺通过标准化生产走进全国永辉； 一条鱼的剖杀，十余项分割标准，去鳞、取胆、剔骨……全过程须在60秒内精准完成，一片鱼鳞的残留都可能影响最终评分。 永辉超市2025年全国技能大赛杀鱼技能项目比赛现场 永辉超市2025年全国技能大赛总决赛开幕式现场 12月19日，永辉超市2025年全国技能大赛总决赛在福州举办。本次大赛以"品质零售 技能铸就"为核心主题，吸引了来自永辉超 市全国各大区的近300名一线技术能手，围绕肉类分割、水果分切、烘焙制作、熟食加工、职人主播、设备维修、智慧物流等13 个核心技能项目展开激烈角逐。 本届大赛自今年5月启动以来，共吸引超过30000名员工踊跃参与，历经区域选拔、专项培训、多轮竞赛，最终脱颖而出的选手 在总决赛中展现了高超的专业技能与专注务实的工匠风貌。本届大赛不仅覆盖了国民超市涉及的传统操作岗位，也积极融 ...

Core Viewpoint - The opening of the first "Pang Dong Lai model" reform store in Tongcheng, Anhui, marks a significant step for Yonghui Supermarket in enhancing its presence in county markets, offering a new quality consumption experience to local residents [2][3]. Group 1: Store Features and Upgrades - The store covers over 2,900 square meters and has undergone a comprehensive upgrade in product structure, environment layout, and service experience [3]. - The product assortment has been significantly optimized, with 4,819 items removed and 4,932 new items added, resulting in a new product structure that aligns with over 80% of Pang Dong Lai's offerings [3]. - The fresh food section has been upgraded to include high-quality seasonal fruits and organic vegetables, ensuring traceable and safe food sources [8]. Group 2: Pricing and Product Quality - The store maintains a "high-quality and affordable" strategy, with prices for essential goods such as cabbage at 0.39 yuan per jin, Akesu apples at 3.99 yuan per jin, and live bass at 13.9 yuan each [9]. - A dedicated "Pang Dong Lai brand area" features nearly 60 popular products, allowing local consumers to access previously hard-to-find items [6]. Group 3: Customer Experience Enhancements - The shopping environment has been optimized for comfort, with wider aisles and lower shelf heights for better visibility and accessibility [15]. - Customer amenities include a rest area with free health measurement services, enhancing the overall shopping experience [18]. Group 4: Employee Welfare and Community Impact - The store has increased its staff from 91 to 145, providing improved employee benefits such as paid annual leave and profit-sharing opportunities [18]. - The opening of the Tongcheng store represents a successful implementation of the "Pang Dong Lai model" in county markets, contributing to local commercial innovation and consumption upgrades [18].

Core Viewpoint - Yonghui Supermarket is implementing the "Pang Donglai model" in its new store in Yancheng, focusing on high-quality retail and affordable pricing to enhance customer experience and drive sales growth [2][4]. Group 1: Store Opening and Performance - The new store at Baolong City Square in Yancheng opened for trial operation on December 11, following the successful launch of the first store on July 31, which saw sales increase by over 150% and customer traffic grow by over 100% in the first week [2]. - The dual-store strategy aims to cover the core business district of Yingbin South Road, providing residents with convenient and high-quality shopping options [2]. Group 2: Product Structure Optimization - The store has optimized its product structure by removing 6,919 items and adding 4,394 high-quality products, achieving a 48.3% increase in new offerings [4]. - The product mix now aligns with 80% of the Pang Donglai system, with imported goods increasing to 11% and fresh food items rising from 5% to 23% [4]. Group 3: Seasonal Promotions and Thematic Activities - The store launched a winter-themed "Yonghui Hot Pot" campaign, featuring a variety of hot pot bases and high-quality ingredients, enhancing the shopping experience through interactive displays [6]. - The bakery section offers popular items like durian mille-feuille and matcha red bean soufflé, with personalized services available [6]. Group 4: Environmental and Service Upgrades - The store layout has been optimized for a more comfortable shopping environment, with wider main aisles and reduced shelf heights [8]. - Over 40 customer-friendly services have been introduced, including rest areas and customized food processing options [10]. Group 5: Employee Welfare Improvements - The number of employees increased from 103 to 150, with average salaries rising and additional benefits such as paid leave and improved facilities being provided [12]. - The store's trial operation signifies the deepening of Yonghui's "quality retail" strategy in Yancheng, aiming to create a supermarket that enhances customer satisfaction [12].

Investment Rating - The report maintains a "Market Perform" rating for the textile and apparel industry [1] Core Insights - The textile and apparel industry has shown marginal improvement in retail sales growth, with a year-on-year increase of 2.9% in October 2025, and a cumulative growth of 3.5% from January to October 2025 [9][56] - The report highlights the performance of specific companies, such as Chow Tai Fook, which reported a slight decline in revenue but stable net profit, and the growth of its pricing jewelry segment [18][19] - The report emphasizes the importance of product innovation and channel optimization in driving sales growth, particularly in the jewelry sector [3][4] Summary by Sections Company Performance - Chow Tai Fook's revenue for FY2026 H1 was HKD 38.99 billion, a slight decrease of 1.1% year-on-year, while net profit remained stable at HKD 2.53 billion, a marginal increase of 0.2% [18] - The company's pricing jewelry revenue grew by 9.3% to HKD 11.39 billion, with the retail value contribution from pricing jewelry in mainland China increasing from 27.4% to 31.8% [3][19] Channel Optimization - Chow Tai Fook closed 611 underperforming stores, ending with a total of 5,663 stores, while new stores showed improved productivity with average monthly sales exceeding HKD 1.3 million, a 72% increase year-on-year [4][19] - Same-store sales in mainland China grew by 2.6% year-on-year, with a significant increase of 29% from October 1 to November 18, 2025 [4][19] Market Trends - The textile and apparel sector saw a decline of 1.6% in the SW textile and apparel index, lagging behind the broader market [20] - The report notes that the PE-TTM for SW textile manufacturing is 23.98, indicating a high valuation relative to historical levels [25] Industry Dynamics - The report discusses the impact of the recent tax policy changes on the gold and jewelry sector, which are expected to enhance trading advantages for investment gold enterprises [9][56] - Retail sales in the gold and jewelry sector grew by 37.6% year-on-year in October 2025, driven by rising gold prices [9][56]

Core Insights - The WISE 2025 Business King Conference aims to anchor the future of Chinese business amidst uncertainty, focusing on the transformation of traditional retail through quality and technology [1][2]. Company Transformation - Yonghui Supermarket's CEO Wang Shoucheng emphasizes the company's shift towards quality retail, inspired by the "Fat Donglai" model, focusing on enhancing product quality, optimizing the supply chain, and reshaping brand values [1][4]. - Yonghui does not charge membership fees and targets mainstream Chinese families with a strategy centered on quality, affordability, and small packaging [2][4]. - The company acknowledges past rapid growth led to a loss of trust among employees and customers, necessitating a focus on rebuilding trust and enhancing employee satisfaction [6][7]. Employee Focus - Yonghui has increased employee salaries significantly, with some locations seeing wages rise from 3,000 to 6,000 yuan, aiming to provide a stable living for employees [11][12]. - The company emphasizes the importance of employee well-being and happiness, believing that a motivated workforce will lead to better customer service and satisfaction [19][23]. - Yonghui has implemented a "532" work logic, dedicating 50% of efforts to employee development, 30% to process management, and 20% to results [12]. Quality Retail Strategy - The transformation involves a shift from a focus on sales volume to prioritizing customer needs and product quality, aiming to create a more meaningful retail experience [14][15]. - Yonghui plans to develop 100 billion-level products through collaborations with major brands and its own private label, emphasizing quality and customer-centricity [16][17]. - The company aims to establish a strong brand identity with "Quality Yonghui" as a key message, ensuring that all products meet high standards [17]. Cultural and Social Responsibility - Yonghui's new mission is to create a happier workplace for employees, enhance customer satisfaction, and contribute positively to society [19][20]. - The company seeks to build a culture of trust and long-term value, moving away from short-term profit motives to a more sustainable business model [21][22]. - Yonghui aspires to be recognized as a leading supermarket in China, akin to Walmart in the U.S., by focusing on quality and customer experience [20][26].