2026年元旦，盒马CEO严筱磊发布全员信，披露2025年盒马整体营收同比增速超40%，盒马鲜生与超盒 算NB双业态服务超1亿消费者。 这封全员信揭示了盒马战略调整的阶段性成果。2025年，盒马鲜生进入40个新城市，超盒算NB新开门 店超过200家。截至目前，盒马在全国已有近500家盒马鲜生门店和400家超盒算NB门店。 更为重要的是，此前阿里巴巴2025财年年报显示盒马整体GMV超过750亿元，并首次实现全年经调整 EBITA转正。据此估算，到2026年3月底，盒马在2026财年的GMV有望超过1000亿元。 在零售行业整体承压的背景下，"长跑选手"盒马在严筱磊带领下，实现战略聚焦，跑通了可持续的盈利 模型，取得阶段性成效。 战略聚焦，盈利模式得到验证 严筱磊在2024年末推动盒马自成立以来最深刻的战略调整，明确将资源集中于盒马鲜生与超盒算NB两 大主力业态。 盒马鲜生聚焦中高端市场，以"品质生鲜和即时配送"为核心，门店主要布局在核心商圈，满足城市中产 家庭的品质需求。超盒算NB则以"社区折扣店"的定位，为周边社区居民提供便捷的购物体验和高质价 比的选择。在短短三年多的时间里突破400家门店，在社区折扣赛道 ...

Group 1 - The article discusses the launch of a new project "Lao Cai Rui Xuan" by Hou Yi, the former CEO of Hema, marking his third entrepreneurial attempt since leaving Hema in March 2024 [4][9] - The first live broadcast of "Lao Cai Rui Xuan" attracted significant attention despite technical issues, showcasing a variety of products including baked goods, fruits, and seafood [9][12] - Hou Yi's previous ventures, including "Jin Xiao Yi Ke" and "Pai Te Xian Sheng," faced challenges, with "Pai Te Xian Sheng" closing several stores shortly after opening due to poor performance [12][14] Group 2 - Hou Yi reflects on the difficulties faced by "Pai Te Xian Sheng," acknowledging the limited market size for pet food and the challenges of operating physical stores [14][16] - His extensive retail experience spans various sectors, including his time at JD.com, where he developed logistics systems and led O2O initiatives [15][16] - Despite setbacks, Hou Yi emphasizes the importance of product innovation in retail, asserting that the future will be defined by high-quality products rather than low prices [18][19]

Core Insights - Hema plans to open nearly 100 new stores nationwide this fiscal year, expanding its presence to over 50 new cities and bringing the total number of stores to over 500, solidifying its position among the top three in China's retail chain industry [1][10] - The company achieved its first full-year adjusted EBITDA profitability with a GMV exceeding 75 billion yuan, ranking third in the retail chain sector, only behind Walmart China and RT-Mart [5] Expansion Strategy - Hema will focus on fresh produce and community discount store formats starting in 2024, accelerating its expansion efforts [3] - The company opened nearly 70 new stores in the previous fiscal year, covering 27 cities, with several cities set to welcome their first stores in the first half of 2025 [3][10] Membership Growth - Hema's membership system was integrated with Alibaba's 88VIP, resulting in a doubling of Hema's membership numbers within three days, exceeding expectations [6] - 88VIP users can receive a 90-day free Hema X membership card, which offers various benefits, including discounts and free delivery [6] Supply Chain and Product Innovation - Hema has built a robust global supply chain over the past ten years, featuring eight supply chain centers and over 300 direct sourcing bases, enabling the direct procurement of high-quality products [8][9] - The company emphasizes product innovation, with a range of self-owned brands and differentiated products that attract customers both online and offline [9] Market Positioning - Hema is committed to deepening its market presence, with a dual strategy focusing on broad expansion and enhanced service through technology [10] - The company recognizes the significant contribution of domestic consumption to economic growth, with a contribution rate of 86.4% over the past four years [10]