Core Viewpoint - Traditional retail companies are facing significant pressure, leading to store closures, adjustments, and transformations as a strategic response [1][4]. Group 1: Store Closures - Zhongbai Group announced the closure of 30 warehouse hypermarkets, with an estimated loss of approximately 180 million yuan due to these closures [2][3]. - As of December 4, 2025, Zhongbai had closed 30 warehouse hypermarkets, with reasons including long-term operational losses and contract expirations [2][3]. - The closures are part of a strategy to optimize the company's layout and improve overall operational quality [2][3]. Group 2: Financial Performance - Zhongbai Group reported revenues of 12.197 billion yuan, 11.639 billion yuan, and 10.381 billion yuan from 2022 to 2024, with corresponding losses of 351 million yuan, 322 million yuan, and 528 million yuan [3]. - In the first three quarters of 2025, Zhongbai achieved a revenue of 1.934 billion yuan, a year-on-year decline of 19.41%, alongside a loss of 325 million yuan [3]. - Factors contributing to the losses include increased competition from online retail, rising operational costs, and the impact of closing unprofitable stores [3]. Group 3: Industry Context - The traditional retail sector is under pressure from the rise of e-commerce, which has fundamentally changed the competitive landscape for essential goods [4]. - Other traditional retailers, such as Yonghui Supermarket, are also experiencing ongoing losses, indicating a broader trend in the industry [4]. Group 4: Transformation Efforts - Zhongbai Group is actively pursuing a transformation towards hard discount formats, launching 51 hard discount stores with a focus on quality and low prices [5]. - The company has completed adjustments to 14 warehouse formats and 55 community supermarket formats, resulting in increased customer visits [4][5]. - Experts suggest that the transition to hard discount formats leverages existing resources and brand advantages, although challenges remain in managing traditional operations while developing new formats [5][6].

中经记者 阎娜 孙吉正 成都报道 近日，盒马旗下硬折扣品牌"超盒算NB"首次对外开放加盟通道，首批覆盖上海、杭州、嘉兴、湖州四 城。此举标志着盒马进入了硬折扣业态的规模化扩张的新阶段。 在业内看来，随着加盟模式的推进，"超盒算NB"有望快速抢占市场，但其面临的挑战在于如何平衡规 模扩张与品质管控，尤其是在加盟商筛选与管理体系输出方面，对企业的整体运营能力提出了更高要 求。 今年以来，京东折扣超市、美团旗下硬折扣超市"快乐猴"相继开设新店，传统商超也纷纷转型试水硬折 扣业态，硬折扣零售领域的竞争已悄然提速。受访专家普遍认为，这场竞争不仅是资本和规模的比拼， 更是对选品能力、供应链效率、成本控制及数字化运营的综合考验。 规模化扩张提速 对于"超盒算NB"未来的扩张计划等问题，截至发稿，盒马方面未予以回复。不过从资料可以看出，此 次开放加盟并非 "低门槛扩张"。据官网公示，以 600 平方米标准店为例，加盟商需承担的品牌使用 费、保证金、设备房等前期固定投入达 265 万元。在选址上，品牌要求门店位于大型居住社区或成熟商 圈，面积控制在 500—650 平方米。 一位商超从业者向《中国经营报》记者测算，加盟隐性成本 ...

Group 1 - The core viewpoint of the article emphasizes the competitive landscape of the food delivery and instant retail sectors, particularly focusing on Hema's strategic shifts and challenges in the context of Alibaba's broader market strategies [1][4][34] - Hema's GMV target of 100 billion yuan by 2025 may be achieved sooner than expected due to aggressive market strategies and integration within Alibaba's ecosystem [5][39] - Hema's recent performance includes a GMV exceeding 75 billion yuan and a positive adjusted EBITA for the first time, indicating a significant turnaround under new leadership [6][39] Group 2 - Hema faces intense competition from various players, including offline discount stores and established rivals like Sam's Club, while also needing to adapt to the integration with Taobao Flash Sale [7][10] - The rapid growth of Taobao Flash Sale has led to a significant increase in Hema's daily order volume, which reached 2 million orders in June, a 70% year-on-year increase [10][35] - Despite the increase in order volume, Hema's average transaction value has decreased from 90-100 yuan to 50-60 yuan after integrating with Taobao Flash Sale, raising questions about profitability [11][12] Group 3 - Hema's strategy includes a renewed focus on front warehouses, with plans to open 200-300 new locations by the end of the year, reversing a previous decision to halt this initiative [9][14] - The front warehouse model is seen as a way to enhance delivery efficiency and meet the growing demand for instant retail, with Hema's core offering being a 30-minute delivery service [13][15] - Competitors like Xiaoxiang Supermarket have a significantly higher number of front warehouses, which poses a challenge for Hema in terms of market penetration and delivery efficiency [15][18] Group 4 - Hema's other core business, Super Box NB, is expanding rapidly, with an average of 20 new stores opened per month since its brand upgrade in August [21][22] - The Super Box NB model focuses on high efficiency and profitability through a smaller store footprint and a streamlined product offering, which has proven to be successful in urban markets [24][27] - The shift towards discount retailing is driven by changing consumer preferences and a need for cost-effective shopping options, particularly in lower-tier cities [29][30] Group 5 - Hema's integration into Alibaba's ecosystem allows it to leverage resources and support, enhancing its competitive position in the instant retail market [34][35] - The collaboration with Taobao Flash Sale has resulted in a significant increase in user engagement and order volume, indicating a successful strategy shift [35][38] - Hema's future growth is expected to be supported by a focus on user experience and high-value customer engagement, which could lead to a revaluation of the company [39][40]

Core Insights - Hema's budget community supermarket brand "Chao He Suan NB" has officially opened its franchise application channel, marking its first foray into franchising [2] - The initial cities for franchise openings are Shanghai, Hangzhou, Jiaxing, and Huzhou, with an annual franchise fee of 50,000 yuan, excluding store renovation, equipment, and deposit costs [2][4] - The overall cost for operating a Chao He Suan NB store is estimated to be between 1.5 million to 2 million yuan, which includes various operational expenses [2][4] Franchise Model - The brand offers two types of franchise models: individual and corporate [2] - Franchisees are required to select locations in large residential communities or mature business districts, with store sizes ranging from 500 to 650 square meters [2] Brand Development - Chao He Suan NB, previously known as Hema NB, has evolved since its inception in July 2021, initially focusing on selling discounted perishable goods and inventory clearance [4] - The brand has accelerated its expansion, opening over 20 new stores monthly, with a total of more than 350 stores and a private label product share of nearly 60% [5] Market Context - The timing of the franchise launch coincides with a significant growth opportunity in China's hard discount market, projected to exceed 200 billion yuan by 2024 [7] - Compared to international markets, China's hard discount retail sector has substantial room for growth, with a current penetration rate of only 8% [7] Competitive Landscape - The hard discount sector is becoming increasingly competitive, with new entrants like JD.com and Meituan launching their discount supermarket projects [7][8] - JD.com has opened its first discount supermarket in Hebei and plans further expansions, while Meituan's "Happy Monkey" project aims to establish a significant presence in major cities [8]

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]