Core Insights - The company aims for over 40% year-on-year revenue growth by 2025, with over 1 billion consumers served through its dual business models, Hema Fresh and Super Hema [1][3] - Hema Fresh plans to enter 40 new cities and open over 200 new stores by 2025, with a total store count exceeding 500 by March 2026 [1][3] - The establishment of 50 large warehouses and rapid testing laboratories will enhance quality and safety measures [1][3] Business Expansion - Hema Fresh will expand into 40 new cities and Super Hema will open over 200 new stores [1][3] - The company plans to open nearly 100 new stores in the upcoming fiscal year, with over 50 new city entries [1][3] Quality and Innovation - The company has built 50 large warehouses for rapid quality testing, focusing on health foods and innovative fresh solutions [1][3] - 80% of new product development will focus on core consumer needs, aiming to lead industry trends [1][3] Talent Development - The company has provided competitive job opportunities for young people, with over half of store managers promoted from within [1][4] - Continuous reforms in frontline compensation are being implemented [1][4] Strategic Focus - The company will enhance supply chain resilience, improve user experience, and stimulate organizational efficiency to meet evolving consumer demands [1][4][5] - Emphasis will be placed on quality and freshness as key brand attributes [4][5] Commitment to Values - The company aims to fulfill its mission of meeting consumer aspirations for a better life, focusing on customer satisfaction, product quality, and innovation [5] - The commitment to a culture of confidence, openness, professionalism, and pragmatism will guide the company towards future goals [5]

▲这是灵兽第1741篇原创文章 过去太多公司证明过我能很快、我能很大、我能很热闹，但很少有人证明我能持续。 作者/李又寻欢 ID/lingshouke 在零售行业，这两年大家最怕看到两种内容：一种是"我们增长很快"，另一种是"我们找到了未来方 向"。 因为太多公司，在这两句话后面，往往接着的是关店、裁员，或者悄无声息地退场。 所以，当盒马CEO严筱磊在2026年第一天发出全员信时，真正值得看的，并不是"营收同比增长超 40%"这句话本身，而是这40%到底是怎么来的，它靠的是什么，以及它刻意没说什么。 另外，盒马的GMV从750亿冲到1000亿只是时间问题，但"赚钱"这件事在中国新零售史上一直是稀缺 品。过去太多公司证明过我能很快、我能很大、我能很热闹，但很少有人证明我能持续。 所以，如果一定要给这封全员信一个更大的意义，那不是"盒马赢了"，而是中国零售终于出现了一种可 能性——不靠概念，不靠补贴，靠业态模型和深度执行，把增长和利润重新绑在一起。 穿越周期,赢得未来,2026启航 亲爱的盒马同学们, 新年的钟声敲响,我谨代表公司向每一位伙伴致以最诚挚的问候! 2025年是零售行业深刻变革的一年,也是盒马人用行动 ...

Core Insights - The CEO of Hema, Yan Xiaolei, announced a target for overall revenue growth exceeding 40% year-on-year by 2025, with Hema Fresh and Super Hema serving over 100 million consumers [1] - Hema Fresh plans to enter 40 new cities by 2025, while Super Hema aims to open over 200 new stores [1] - The company will focus on enhancing supply chain resilience, creating an exceptional user experience, and boosting organizational efficiency to meet consumer upgrade demands [1] Financial Performance - Hema's overall GMV exceeded 75 billion yuan last year, and it achieved positive adjusted EBITA for the first time [1] - It is estimated that Hema's GMV could surpass 100 billion yuan by the end of the 2026 fiscal year [1] Strategic Focus - The strategic focus will be on Hema Fresh and Super Hema, with the former replicating successful models and the latter refining quality models [1] - Currently, Hema operates nearly 500 Hema Fresh stores and 400 Super Hema stores nationwide [1]

Core Insights - The CEO of Hema, Yan Xiaolei, announced that the company's overall revenue is expected to grow by over 40% year-on-year by 2025 [1][4] - Hema Fresh and Super Hema have served over 100 million consumers [1][4] - By 2025, Hema Fresh plans to enter 40 new cities, and Super Hema will open over 200 new stores [1][4] - The company aims to enhance supply chain resilience, create an exceptional user experience, and stimulate organizational efficiency to better meet consumer demand for upgraded consumption [1][4]

Core Insights - The company reported a revenue of 1.58 billion yuan for Q3 2025, representing a year-on-year growth of 30.7% [1] - Adjusted operating loss and adjusted net loss narrowed by 64.6% and 69.9% respectively [1] - The education industry is undergoing a redefinition of market valuation, focusing on structural quality rather than just scale or growth [1][2] Revenue Growth - The revenue for the first three quarters of FY 2025 reached 4.46 billion yuan, a year-on-year increase of 41.0% [2] - The company’s revenue growth is characterized by structural signals, indicating stability within the inherent seasonal rhythm of the education industry [2][3] - Deferred revenue reached 1.77 billion yuan, up 23.2% year-on-year, indicating higher user retention and course fulfillment capabilities [3] Organizational Efficiency - Operating expenses decreased by 3.7% year-on-year, with a significant reduction in the ratio to revenue by 27.6 percentage points [4] - Marketing expenses fell by 1.4%, leading to a 12.8% improvement in customer acquisition ROI [4] - The company’s CFO highlighted that operational efficiency is improving due to resource optimization and AI integration [6][7] Profitability and Cash Flow - Gross profit increased by 34.0% to approximately 1.04 billion yuan, with a gross margin of 66.1% [7] - The company’s cash and cash equivalents, along with restricted funds and short-term investments, exceeded 3.04 billion yuan, indicating a robust financial position [7] - The company has initiated a new stock repurchase plan, signaling management's confidence in future cash flow and business visibility [8] Future Growth Strategy - The company aims to enhance user lifecycle value through improved teaching quality and operational efficiency [3][9] - The revenue growth guidance for Q4 is projected to slow to a range of 17.2% to 18.7%, reflecting a shift from scale expansion to quality management [8][10] - The focus is on sustainable structural improvements in organizational efficiency, which will determine the company's future market valuation [10]

Core Insights - The article emphasizes the importance of strong internal connections within teams to alleviate the pressure on leaders and enhance overall team efficiency [1][2][5] - It highlights that when team members establish trust and understanding, they are more likely to communicate directly and support each other, reducing reliance on leadership for information flow [3][4][11] Group 1: Team Dynamics - Many leaders feel overwhelmed as they become the sole communication channel within their teams, indicating a lack of direct interaction among team members [2][5] - Stronger team connections lead to a culture where members are more willing to take responsibility and assist one another, allowing leaders to focus on strategic initiatives rather than day-to-day issues [1][4][11] Group 2: Building Connections - Genuine team connections are built through understanding each other's work styles and personal stories, rather than superficial team-building activities [3][7] - Practical methods to enhance team connections include light ice-breaking activities, pairing team members for small tasks, and changing seating arrangements to encourage interaction [8][9][10] Group 3: Leadership Impact - When team members communicate effectively and support one another, leaders can step back from being a "transmission point" and concentrate on higher-level organizational goals [5][11] - A well-connected team not only improves operational efficiency but also fosters a supportive environment where members care for each other's thoughts and feelings [11][12]