11月24日，有市场传闻称，盒马旗下平价社区超市品牌"超盒算NB"已在官网上线加盟通道，这也是其首次正式对外开放加盟。当日下午，盒马方面已向 《国际金融报》记者确认该消息属实。 根据官方介绍，超盒算NB第一批开放加盟的城市为上海、杭州、嘉兴和湖州四个城市，品牌加盟费为5万元每年（不含门店的装修、设备和保证金等费 用）。加盟选址要求在大型居住社区或者成熟商圈，面积为500平方米至650平米；加盟商需自行负责初步选址，品牌方将在此基础上协助进行评估把关。 《国际金融报》记者在官网查询发现，目前"超盒算NB"主要开放两种加盟模式，分别为个人加盟与企业加盟。一位接近盒马的相关人士向记者强调，品 牌加盟费的确是每年5万元，但该费用不包含门店装修、设备及保证金等支出。 据一位零售行业产业链人士向记者分析，要真正运营一家超盒算NB门店，加盟商还需承担多项费用，包括履约及货款保证金、装修费、设备费、门店租 金、转让费、员工工资、水电等运营支出，整体落地成本预计在150万元至200万元之间。不过，该数据目前尚未得到官方确认。 作为盒马重点孵化的硬折扣品牌，超盒算NB的发展可追溯至2021年7月。其前身为盒马NB，最初从上海起步 ...

Core Viewpoint - The competition between JD's discount supermarket and Meituan's "Happy Monkey" supermarket in Beijing's Mentougou district highlights the struggle of internet giants to penetrate the community retail market, aiming for both traffic and profit amidst rising online customer acquisition costs [4][9]. Group 1: Market Dynamics - JD's discount supermarket is strategically located in Mentougou, targeting the untapped consumer potential in suburban areas, where operational costs are lower compared to core urban areas [5][6]. - The proximity of JD and Meituan stores indicates a fierce competition for community retail, which is seen as a testing ground for business models due to its high-frequency and essential consumption characteristics [4][8]. Group 2: Business Models - JD adopts a "large store, multiple SKUs" strategy with its first store covering approximately 5000 square meters and offering over 5000 SKUs, aiming to create a "one-stop shopping" experience [11][16]. - In contrast, Meituan's "Happy Monkey" focuses on a smaller footprint of about 1000 square meters with around 1000 SKUs, emphasizing immediate access to high-frequency essential goods [12][14]. Group 3: Competitive Strategies - JD's model leverages its mature supply chain to achieve direct sourcing and lower costs, while Meituan capitalizes on its local life services and instant delivery capabilities [15][17]. - Both companies face the challenge of maintaining profitability in a low-margin environment, with industry average profit margins ranging from 1.5% to 5% [18][19]. Group 4: Challenges and Opportunities - The hard discount model, while promising, faces significant challenges such as low profit margins, high operational costs, and intense competition leading to homogenization in offerings [21][22]. - Companies must differentiate themselves through unique supply chain advantages, digital capabilities, and service quality to avoid being eliminated in the competitive landscape [23][24]. Group 5: Future Outlook - The ongoing competition between JD and Meituan in Mentougou is indicative of a broader trend in the retail industry, with both companies expanding their hard discount models across various regions [26][27]. - The hard discount model presents dual appeal for consumers and businesses, serving as a litmus test for the evolution of instant retail [27].

Core Insights - Meituan's self-operated supermarket "Happy Monkey" is set to open its first store in Northern China on October 24, 2023, in the Mentougou Shantou Plaza, covering an area of approximately 1,000 square meters, marking the fifth store opened by Meituan in two months [1][3] - The "hard discount" sector has become a competitive battleground this year, with major players like Hema, JD.com, and traditional supermarkets like Wumart and Yonghui firmly established in the Northern market, posing significant challenges for new entrants like Happy Monkey [1][3] Store Launch Details - The first store in Beijing will feature promotional activities on opening day, including a lottery with prizes such as electric vehicles and camping cars [3] - Happy Monkey's product offerings will focus on self-operated brands, with plans to gradually introduce online ordering and offline delivery services post-opening [3] Market Positioning - Happy Monkey aims to create a consumer memory point around "affordable prices," targeting price-sensitive customers, contrasting with the positioning of Meituan's other supermarket, "Little Elephant," which emphasizes online ordering and rapid delivery [4][8] - The store's location in a densely populated residential area is expected to ensure a sufficient order density, which is crucial for attracting foot traffic [6] Competitive Landscape - The discount supermarket model is increasingly reliant on self-owned brands to enhance price competitiveness and drive store traffic, with established players like Ole' and Hema already having significant self-owned brand market shares [8][9] - The market in Beijing exhibits a clear consumer segmentation, necessitating Happy Monkey's ability to develop localized products that cater to Northern tastes [6][10] Strategic Considerations - Meituan's cautious approach in opening stores outside the Fifth Ring Road in Beijing reflects a focus on cost considerations [5] - The integration of Happy Monkey's operations with Meituan's delivery network could meet modern consumer demands for high cost-performance and immediacy [9][10] Future Outlook - Happy Monkey is still in the early stages of demand cultivation, self-owned brand development, and offline operations, which will be critical for its competitive positioning in the hard discount sector [10][11] - The potential for success hinges on avoiding the pitfall of prioritizing scale over value, which could lead to losing competitive advantages in a crowded market [11]

Core Insights - Meituan's self-operated supermarket "Happy Monkey" will open its first store in Northern China on October 24, located in the Mentougou Commercial Plaza, covering an area of approximately 1,000 square meters. This marks the fifth store opened by Meituan in two months [1][5] - The "hard discount" sector has become a competitive battleground, with major players like Hema and JD.com, as well as traditional supermarkets like Wumart and Yonghui, firmly established in the Northern market. Supply chain efficiency is a critical challenge for Meituan to overcome in order to succeed [4][6] Company Expansion - After testing the waters in Hangzhou, Meituan is now focusing on Beijing, with promotional activities for the new store including giveaways of items like electric bikes and camping cars on opening day. The store will also gradually introduce online ordering and offline delivery services [5][6] - Another Happy Monkey store is set to open in Sanhe City, Langfang, Hebei Province, on October 17, indicating Meituan's accelerated expansion in the discount supermarket sector [6] Market Positioning - Happy Monkey aims to create a consumer memory of "affordable prices," with products like 23.9 yuan per box of pure milk and 5.9 yuan for four freshly baked egg tarts attracting attention. The store targets price-sensitive customers, contrasting with Meituan's other brand, Xiaoxiang Supermarket, which emphasizes online ordering and quick delivery [6][10] - The first store in Beijing is strategically located in a densely populated area, ensuring a sufficient order density. This location strategy is also applied to other Happy Monkey stores in Hangzhou and Langfang [7] Competitive Landscape - Major players in the discount supermarket sector have established significant advantages in private label products, with brands like Aoleqi and Hema NB having over 90% and 60% of their sales from private labels, respectively. This trend poses a challenge for Happy Monkey to develop localized private label products that cater to Northern tastes [8][12] - The competition in the hard discount sector is intensifying, with various companies racing to expand their market presence. Hema's recent rebranding and expansion of its community supermarket chain exemplify this trend [11][12] Operational Challenges - Meituan's entry into the discount supermarket space requires navigating different operational dynamics compared to its online business, including in-store layout and product display [11] - Happy Monkey's success will depend on its ability to respond to dynamic consumer demands, develop distinctive private label products, and implement refined operational strategies to build customer loyalty [12]

Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry [5] Core Viewpoints - The white liquor sector is experiencing a supply transformation and demand recovery, with optimistic valuations at the bottom. Key investment lines include focusing on leading brands, sustained dividends, and strong recovery [1][2] - The beverage sector is seeing intense competition during the peak season, with new product launches and cross-industry collaborations. Companies with strong channel networks and growth potential in flagship products are recommended [3] - The food sector is expanding into instant retail, with new product offerings for the Mid-Autumn Festival and the emergence of discount retail formats. The competition in this space is expected to intensify [4] Summary by Sections White Liquor - Demand is showing signs of recovery, supported by government policies that incentivize banquet consumption. The trend of white liquor sales and opening bottles has begun to improve since August, with expectations for continued support from family and wedding events [2] - Leading companies are enhancing their product lines, with Water Well's new product launch planned for September. The industry is undergoing inventory reduction, and the overall fundamentals are expected to stabilize [2] Beer and Beverage - The appointment of Zhao Chunwu as Chairman of China Resources Beer is noted, highlighting his management experience. The beer sector is in its peak season, with innovative products being introduced [3] - The beverage market is characterized by fierce competition, with major players expanding their distribution networks significantly. The report suggests focusing on companies with leading channel positions and strong single-product growth potential [3] Food - The food sector is preparing for the Mid-Autumn Festival with new product launches across various retail channels. The opening of the first "Happy Monkey" store signifies a shift towards community discount retailing [4] - The report emphasizes the importance of supply chain efficiency and product selection in the success of discount retail formats, with a notable shift towards online instant retail [4]

Group 1 - Liu Qiangdong, the founder of JD.com, made an appearance at the opening of four JD discount supermarkets in Suqian, which received over 300,000 customers on the first day [1][5] - The new discount supermarket format from JD.com focuses on large stores with over 5,000 square meters and more than 5,000 SKUs, covering a wide range of products [4][5] - The "超盒算NB" (Super Box Calculation NB) from Alibaba's Hema has also launched, emphasizing low prices and high cost-performance, with 60% of its products being private label [2][3] Group 2 - The competition among JD.com, Alibaba, and Meituan in the offline retail space is intensifying, with each company adopting hard discount strategies to attract consumers [1][6] - Hema's "超盒算NB" aims to maintain a high product turnover rate, with a quarterly new product introduction rate of about 15% [3] - The success of hard discount models relies heavily on supply chain management and the ability to control costs through direct sourcing and reduced intermediaries [8]

Group 1 - The retail sector is experiencing significant activity with multiple new store openings and brand upgrades, indicating a competitive landscape [1][15] - The brand "超盒算NB" (Chao He Suan NB) has been launched by Hema, marking a strategic shift towards independent development and targeting a sales goal of 100 billion yuan [3][5][7] - Hema's new brand aims to cater to price-sensitive consumers with a focus on high cost-performance products, differentiating itself from Hema Fresh [7][11] Group 2 - Meituan has launched its discount supermarket "快乐猴" (Happy Monkey) in Hangzhou, featuring a competitive pricing strategy that undercuts Hema NB by 10%-30% [9][10] - The competitive landscape for Meituan includes various players, with a focus on maximizing market share in the retail sector [10][11] - Meituan's strategy emphasizes food and grocery retail as a core business, with a focus on innovation and competition [11] Group 3 - JD.com has opened its discount supermarket in Hebei, featuring a large store format and a wide range of products, aiming to attract consumers with straightforward pricing [12][13] - The new JD discount supermarket model leverages the company's supply chain advantages to offer competitive pricing and a diverse product range [13][14] - JD's strategy includes opening multiple stores simultaneously in key locations, indicating a strong market entry approach [14]

Core Viewpoint - Hema's budget community supermarket, Hema NB, has undergone a brand upgrade to become "Chao He Suan NB," with a new slogan "Real Value, Reliable" [1][2] Group 1: Brand Upgrade and Market Position - The number of Chao He Suan NB stores has approached 300, indicating significant market penetration in various cities across Jiangsu, Zhejiang, and Shanghai [2] - The brand upgrade signifies confidence in its independent market presence after successfully navigating its incubation phase and establishing a mature operational system [2] - The upgrade marks a new development stage for hard discount retail, intensifying market competition [2] Group 2: Market Trends and Consumer Behavior - The discount retail market in China is rapidly growing, with a market size of approximately 1.79 trillion yuan in 2023, accounting for 3.8% of total social retail sales [5] - Consumer focus on "value for money" continues to drive the growth of the discount retail market, prompting both online and offline retailers to adopt discount strategies [5] Group 3: Store Format and Product Offering - Chao He Suan NB stores are designed as street-facing shops, with two formats of 600 square meters and 800 square meters [5] - The product selection is streamlined to around 1,500 SKUs, primarily catering to practical family needs, with over 60% of sales coming from private label products [5][7] Group 4: Competitive Advantages - Chao He Suan NB leverages Hema's extensive online and offline experience to establish a mature operational strategy, including an intelligent site selection system for rapid store openings [7] - The brand has developed an independent and efficient supply chain, ensuring product uniqueness and cost advantages, which enhances price competitiveness [7] - The high proportion of private label sales contributes to strong customer loyalty and rapid product development cycles [7] Group 5: Future Outlook - The brand upgrade indicates a shift in the hard discount sector towards a "refined cultivation" phase, where competition will focus on building robust supply chain barriers and efficiently serving consumers [7] - Hema's CEO has emphasized a dual-driven strategy centered on Hema Fresh and Chao He Suan NB, aiming for accelerated growth [8]

Core Insights - The rise of discount supermarkets in China is driven by changing consumer attitudes, a significant market gap, and the growth anxiety of internet giants like JD, Meituan, and Alibaba [4][5][8][10] Group 1: Market Dynamics - Discount supermarkets, characterized by "hard discount" models, are gaining popularity across China, with record foot traffic and sales [1][3] - The hard discount market in China has a penetration rate of only 8%, indicating substantial growth potential compared to 42% in Germany and 31% in Japan [6][10] - The Chinese discount retail market is projected to exceed 200 billion yuan by 2024, highlighting the opportunity for growth [6] Group 2: Consumer Behavior - Consumers are increasingly focused on value for money, with over 70% prioritizing "quality-price matching" in their purchasing decisions [5] - Economic factors such as slowing growth and rising living costs are prompting consumers to be more price-sensitive [5] Group 3: Competitive Landscape - Major players in the discount supermarket sector include JD, Meituan, and Hema, each with distinct operational strategies [12] - JD's discount stores leverage its supply chain and logistics to offer a wide range of products at lower prices, targeting price-sensitive customers [13] - Hema's discount brand focuses on fresh produce and direct sourcing, aiming to create a community-centric shopping experience [14] - Meituan's upcoming discount store will utilize its delivery network to enhance customer convenience through dynamic pricing and quick delivery options [15] Group 4: Challenges Ahead - The discount supermarket model faces challenges such as achieving sustainable profitability, with average profit margins between 1.5% and 5% [17][19] - Increasing competition may lead to homogenization in offerings, necessitating differentiation for long-term survival [20] - Success in the discount retail space will depend on robust supply chain management, digital capabilities, and customer service [21][22]

Core Viewpoint - The rise of hard discount retailing is driven by rational consumer behavior and intense competition in supply chain efficiency, with companies like Wumart entering the market alongside established players like Hema and Jiajiayue [1] Group 1: Company Developments - Wumart has launched its first six hard discount stores named "Wumart Super Value" in Beijing, marking its entry into the community hard discount market [1] - The new stores have significantly reduced their product offerings to under 1,300 items, which is only 15% of the typical Wumart hypermarket, focusing on fresh produce, meats, and baked goods [2] - Wumart's hard discount stores emphasize low pricing rather than promotional discounts, with notable price reductions on various products, such as a 120g facial cleanser reduced from 34.99 yuan to 29.8 yuan [2] - Over 60% of the products in Wumart's hard discount stores are private label items, which are priced competitively, such as 1-liter non-GMO soybean milk at 5.9 yuan [2][3] - Wumart plans to open 25 additional "Wumart Super Value" stores in Beijing within the year, aiming for higher turnover efficiency and reduced operational costs through streamlined supply chain processes [3] Group 2: Industry Trends - The hard discount format is not new, originating from international brands like Aldi, which has successfully expanded in China, achieving a sales growth of 100% to 2 billion yuan in 2024 [4] - Domestic competitors are also entering the hard discount space, with Hema and Jiajiayue launching their own discount formats to leverage their supply chains and reduce costs [4] - E-commerce platforms are also exploring the hard discount model, with Meituan planning to open its first hard discount store "Happy Monkey" in Beijing and Hangzhou [5] Group 3: Market Challenges - The rise of hard discount stores reflects a shift in consumer behavior towards value and quality over brand loyalty, necessitating improved supply chain management from retailers [6] - Maintaining high quality at low prices poses significant challenges for hard discount retailers, as any failure in product quality can quickly erode customer trust [7] - The market has seen failures, such as the abrupt closure of discount operator Biyide, which struggled with operational management and market demand despite initial funding [7]