这样的抢购热潮，同步在国内七座城市上演。 1月7日，宜家中国发布《关于调整门店布局的说明》，称评估之后决定关闭七家门店：宜家上海宝山商场、宜家广州番禺商场、宜家天津中北商场、宜 家南通商场、宜家徐州商场、宜家宁波商场、宜家哈尔滨商场，自2026年2月2日起停止运营。 "这辈子没见过宜家这么多人。" 清晨七点，上海宝山宜家商场清仓首日，门前排起百米长队。为抢购折扣商品，有顾客提前三小时等候，货架上3至7折的商品被迅速扫空，结账队伍在 楼层蜿蜒。 公告如一石激浪，把"宜家一口气关闭7家门店"等话题冲上热搜，也让这些人气滑落的卖场迎来最后的客流回春——有人来抢购商品，有人来缅怀青春， 一些顾客形容"清仓现场像过年"。 据宜家官网信息，目前宜家在中国有41个线下触点，此次七店同关，是其入华28年最大规模的一次门店收缩。 作为全球家居零售巨头，宜家曾启蒙一代都市中产的家居审美，以线下大卖场模式驰骋市场多年，而在剧变的行业中，它正在重新锚定自己的价值坐 标。 宜家时代并未终结，但在电商与国货成主流、消费日渐分化的新周期中，它亟待寻到一种新的途径"靠近"中国消费者，不只在物理距离上，更在心理距 离上。 前"亚洲最大宜家"谢 ...

【导读】中国本土比萨餐厅老大冲击港股IPO 中国基金报记者 郑俊婷 2026开年，餐饮企业赴港上市潮再添新势力。1月16日，深耕西式休闲餐饮市场二十余年的比格餐饮国际控股有限公司（以下简称比格餐饮）向港交所递 表，冲击"中国本土比萨第一股"。 从北京西直门的夫妻小店到全国387家门店的规模，比格餐饮的成长轨迹精准踩中了大众消费追求极致性价比的节奏。然而，在业绩高增的背后，区域布 局失衡、资产负债率高企等隐忧同样不容忽视。此次IPO既是其冲刺千店目标的资金助推器，也将其推向了更严苛的市场审视之下。 东北夫妇卖比萨 做到本土第一 比格餐饮的崛起，始于创始人赵志强、马继芳夫妇一次精准的赛道选择。 公开资料显示，1973年出生于黑龙江佳木斯的赵志强，早年凭借台球厅、汉堡店经营积累了原始资本与餐饮行业经验。2001年北京申奥成功后，他敏锐察 觉到西式餐饮市场的机遇，在考察中发现汉堡赛道已被麦当劳、肯德基等国际品牌垄断，转而切入竞争相对缓和的比萨品类。 2002年7月，赵志强夫妻在北京西直门外大街开出第一家比萨店，创立"比格比萨"品牌，并推出亲民定价策略及自助餐模式，填补了中国平价比萨的市场 空白。 经过二十余年发展，比 ...

Core Viewpoint - The article discusses the challenges faced by membership stores in China, particularly focusing on the struggles of local brands compared to established foreign players like Sam's Club and Costco. It highlights the need for these stores to adapt to changing consumer demands and improve their product offerings and brand trust. Group 1: Membership Store Challenges - Sam's Club China has faced consumer criticism regarding product quality after introducing brands like Holley and Wangwang, leading to the removal of controversial products from shelves [1] - Hema has closed its last X membership store in several cities, indicating a retreat from the membership model [2] - The rapid expansion of membership stores has not translated into sustainable success, with local brands like Fudi shifting focus to high-end organic supermarkets instead of warehouse membership models [3][4] Group 2: Market Dynamics - The membership store model in China is undergoing a transformation due to deep changes in retail structure and consumer demand, suggesting a potential "value reshaping" for membership stores [5] - The rise of middle-class consumers in China, with a significant increase in GDP and private car ownership, has created a favorable environment for membership stores [30] - However, a trend of consumer downgrading has emerged, with shoppers increasingly prioritizing price and quality, pushing retailers to adapt [31] Group 3: Competitive Landscape - Sam's Club and Costco have established a strong foothold in China, with Sam's Club planning to open 8-10 new stores annually starting in 2025, while Costco faces challenges due to its reliance on imported goods [25][23] - The competition is intensifying, with various retail formats emerging, such as discount community supermarkets and boutique supermarkets, which may replace traditional membership stores [32][35] - Despite challenges, the middle-income group in China remains a solid consumer base for membership stores, with a report indicating that the population of middle-income individuals has reached 109 million [36] Group 4: Operational Insights - Sam's Club has been criticized for quality control issues following rapid expansion, with multiple food safety incidents reported [26][27] - The operational differences between local and foreign membership stores are evident, with foreign brands benefiting from established supply chains and procurement strategies [12][18] - Local membership stores must focus on product quality, service, and brand trust to remain competitive in a rapidly evolving retail landscape [16][37]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 14.04 RMB [7][8]. Core Views - The company experienced a revenue decline of 11.0% year-on-year in 2024, with total revenue reaching 7.16 billion RMB. The net profit attributable to the parent company was -0.5 million RMB, a significant drop from 1.8 million RMB in 2023. The fourth quarter of 2024 saw a revenue of 1.68 billion RMB, down 18.0% year-on-year, and a net loss of 0.7 million RMB [1][4]. - The company's high-end product positioning is facing pressure from the trend towards cost-effective consumption, leading to a net reduction of 589 stores in 2024. The first quarter of 2025 also saw a decline in revenue of 29.3% year-on-year, indicating ongoing operational challenges [1][2]. - The company is expected to take time to adjust its operations effectively due to a weak recovery in the consumer environment and ongoing competition from bulk retail formats [4]. Summary by Sections Financial Performance - In 2024, the company's gross margin decreased by 1.6 percentage points to 26.1%, primarily due to price reductions impacting profitability. The sales expense ratio increased by 1.5 percentage points to 21.1% as scale effects weakened [3]. - The first quarter of 2025 saw a gross margin of 24.6%, with a net profit margin of -2.1%, reflecting the challenges posed by low pricing strategies and reduced scale effects [3]. Revenue and Store Count - Revenue by product category in 2024 showed declines across most segments, with dried fruits down 6.1%, nuts down 14.0%, and meat snacks down 23.6%. The company also faced a significant reduction in store count, with a net decrease of 123 stores in the first quarter of 2025 [2]. - The e-commerce channel experienced a decline of 30.0% year-on-year in the first quarter of 2025, indicating a shift in consumer purchasing behavior and increased competition [2]. Earnings Forecast - The earnings per share (EPS) forecast for 2025 has been adjusted down to 0.02 RMB, with expectations of a gradual recovery in 2026 to 0.26 RMB and 0.42 RMB in 2027. The target price reflects a price-to-earnings (PE) ratio of 54x for 2026 [4][6].