在服务与环境方面，门店优化了动线布局，增设了多项便民服务，如免费代烤、商品试吃、血压检测 等，并于各生鲜区域严格执行鲜度管理，承诺不售隔夜商品。此外，调改后门店员工总数实现翻倍，为 当地创造近百个就业岗位，并通过"工匠计划"及提升福利待遇，切实赋能员工。 此次仙游店的调改开业，是永辉深入学习胖东来模式，结合本地特色的一次重要实践，标志着其在莆田 地区的品质零售战略进一步深化，有望为仙游消费市场注入新活力。（张轩宇） 据悉，位于莆田仙游三凌广场的永辉超市，将于10月17日全面完成学习"胖东来模式"的调改并正式开 业。作为永辉在仙游的首家调改门店，此次焕新旨在为当地市民打造一个集品质、温度与烟火气于一体 的一站式家庭生活购物空间。 调改后的门店经营面积近2900平方米。核心变革体现在商品力的全面提升：门店对超60%的商品进行了 优化，调改后商品结构对标胖东来，进口商品占比达15%，现场制售的烘焙、熟食等鲜食比例大幅提升 至25%-30%，成功转型为"家庭厨房+美食体验中心"。同时，门店设立了胖东来自有品牌及永辉优选品 专区，强化高品质商品供给。 ...

Group 1: Industry Insights - The retail industry has significant growth opportunities due to the rigid and large demand for offline retail, which still accounts for 70% of consumption despite the rise of e-commerce [1] - In underdeveloped markets like Hunan, the online penetration rate is relatively low, indicating potential for growth in offline retail [1] - There is a scarcity of quality supply in traditional supermarkets, creating space for new retail formats to thrive [1] Group 2: Company Strategies - The company has implemented measures for transformation, including eliminating entry fees for procurement, restoring selection authority, and focusing on high-quality products, particularly processed foods to cater to aging and declining birth rates [2] - Targeting younger demographics has been a key strategy to increase average transaction value, alongside enhancing employee benefits to improve service quality [2] - The dual model of special supermarkets and department stores provides lower rental costs and stronger customer acquisition capabilities [2] Group 3: Financial Projections - The company is expected to turn profitable in 2024, with investment income reaching 2.9 billion yuan, while the main business will become the primary driver of performance in 2025 [3] - Revenue projections for 2025-2027 are 5.183 billion, 6.953 billion, and 8.034 billion yuan, reflecting year-on-year growth of 50.7%, 34.2%, and 15.5% respectively [3] - The forecasted net profit for the same period is 364 million, 337 million, and 505 million yuan, with significant growth in non-recurring net profit expected [3]

Core Insights - The article highlights the exceptional performance of the Yuancheng-based retail company, Pang Donglai, which has achieved record sales amidst a struggling traditional supermarket industry [2][3] - The "Pang Reform" initiative, inspired by Pang Donglai's business model, is being adopted by various traditional supermarkets to enhance their operations and customer experience [4][5] Industry Performance - Traditional supermarkets are facing significant challenges due to the rise of e-commerce, with major players like Yonghui Supermarket and High Xin Retail reporting substantial losses [3][6] - In contrast, Pang Donglai's sales for the fiscal year 2025 reached 17.129 billion yuan, surpassing the previous year's total sales of nearly 17 billion yuan [3] Competitive Advantage - Pang Donglai's success is attributed to its deep-rooted market presence and a differentiated strategy that focuses on enhancing customer experience rather than competing directly with e-commerce [4][8] - The company has built a strong reputation over nearly three decades, which has contributed to its competitive edge in the local market [4] Adoption of Pang Reform - Several traditional supermarkets, including Bubu Gao and Wumart, have initiated the "Pang Reform" to improve their product offerings and customer service [5][6] - Bubu Gao reported a revenue increase of 24.45% and a net profit growth of 357.71% after implementing the Pang model [5] Challenges in Implementation - Despite some positive outcomes, the overall performance of supermarkets adopting the Pang model remains mixed, with many still struggling to achieve sustainable profitability [6][7] - The need for a balanced approach between employee welfare and business sustainability is emphasized, as excessive investment without profitability can lead to adverse outcomes [8]

一方面，公司通过减持上市公司股票套现来补足现金流，但因未及时披露，连续受到监管警示，并被记 入证券期货市场诚信档案数据库； 另一方面，业绩持续承压，四年半亏损近100亿元，后高调邀请胖东来创始人于东来团队帮扶调改门 店，但被指未落实胖东来"高员工福利"核心理念，导致于东来公开质疑并撤回帮扶团队，改革受阻。 这家成立24年曾经有"超市茅"之称拥有超千家门店的永辉超市（601933）（601933.SH）能否跨越周 期，成功"自救"，牵动着整个线下商超零售业的"神经"…… 减持违规被连续警示 9月26日晚，永辉超市发布公告，公司于近日收到中国证券监督管理委员会四川监管局（下称"四川证监 局"）出具的《关于对永辉超市股份有限公司采取出具警示函措施的决定》（下称《警示函》）。 自2021年以来，永辉超市就开始陷入营收下跌并且录得亏损的局面。 《警示函》显示，2025年4月21日至2025年4月24日期间，公司通过证券交易所集中交易方式减持红旗连 锁（002697）（002697.SZ，下称"红旗连锁"）股票1360万股，持股比例由11%下降至10%。永辉超市在 持股比例触及5%整数倍时，未及时披露权益变动报告书和停止 ...

针对品质问题，调改后的永辉超市在食品安全方面也设立了新的规范要求。永辉广东大区调改总教练张 热新介绍，门店果切系列严格遵守468折价原则，即超四小时八折销售，超六小时六折销售，超八小时 直接下架报损；卖场叶菜、肉禽、水产等部分商品，也会根据当天实际情况坚持日清折价，保证商品的 新鲜度及口感，让顾客购物生活更加放心、安心、省心。 永辉和胖东来，在深圳碰撞出怎样的火花？自2024年11月，永辉超市华南首家"学习胖东来"自主调改门 店——卓悦汇购物中心店，正式开门迎客，备受关注。随后10个月时间里，永辉在深圳先后对7家门店 进行调改，卖场规划、管理模式、顾客体验等皆有了质的提升。据悉，第八家门店——调改后的深圳南 山区嘉乐道店将于9月26日正式开业，至此永辉"胖东来模式"实现深圳全城覆盖。 调改特色："胖改"与本地化融合 创新一直是深圳这座城市的名片，这离不开年轻人的付出。相关数据显示，深圳的常住人口平均年龄仅 32.5岁。针对日益年轻化的消费市场，深圳永辉调改下足功夫。以永辉卓悦汇店为例，门店周边多写字 楼，服务客群多为白领职工、年轻家庭群体。为满足年轻人的消费需求，门店从颜色搭配、堆叠排列等 多个方面调改布局， ...

Core Insights - Yonghui Supermarket has completed the transformation of its Daxing Kangzhuang Tianjian Plaza store, marking its 13th transformed store in Beijing and the 5th in Daxing District, indicating the completion of its store transformation efforts in the area [1][2] - The transformed store has achieved profitability within three months of opening, reflecting the success of the new operational model [1] Group 1 - The Daxing Kangzhuang Tianjian Plaza store has undergone a systematic restructuring of its product system, with over 50% of new products in the food and daily necessities category, achieving over 80% of the product structure of the "Fat Donglai" model [1] - The fresh food section features a live kitchen for on-site preparation, introducing popular products such as boneless pig trotters and sweet sausages, while retaining classic flavors like Peking duck and Korean fried chicken [1] - The bakery section collaborates with high-quality suppliers like COFCO and Anchor, and features a dedicated area for "Fat Donglai" branded products, showcasing dozens of items [1] Group 2 - All five transformed stores in Daxing District have been completed, each showcasing distinct regional characteristics in their product offerings [2] - The Hongkun Plaza store is community-oriented, with strong demand for cooked and noodle products; the Kaide Mall Daxing store focuses on Beijing specialty foods and convenient meals; the Yinghai Huanyu Fang store caters to young families with high-quality fruits and seafood; and the Jiugong store serves a mature community with a strong demand for seafood, Western cuisine, and high-quality eggs [2]

Core Insights - The first "Pang Donglai model" supermarket in Wuxi, Yonghui Supermarket (601933), will officially open on September 26, allowing local residents to purchase Pang Donglai's proprietary products without the need for a purchasing agent [1] Group 1: Store Transformation - The newly renovated Yonghui Supermarket is located in Wuxi Huishan Wanda Plaza B1, featuring a dedicated area for Pang Donglai's proprietary brand products [5] - The store has significantly restructured its product offerings, removing 8,089 of the original 12,826 items and adding 4,573 new products, resulting in a nearly 50% replacement rate [5] - 80% of the new product selection is based on Pang Donglai's standards, with imported products accounting for 13% of the total [5] Group 2: Product Categories - The proportion of fresh food categories, including baked goods and prepared foods, has increased from 5% to 20% [5] - The bakery section features popular items such as durian mille-feuille and matcha red bean soufflé, while the prepared food section offers items like Korean fried chicken and various sausages [5] Group 3: Customer Experience Enhancements - The store has improved the shopping environment by standardizing shelf heights to 1.6 meters and reducing the number of shelf layers to 5-6, creating a more spacious shopping experience [7] - New customer amenities include a rest area, free disposable tableware, drinking water, and microwave access, as well as convenience devices like height and blood pressure measurement tools [7] - The store implements a freshness standard labeled "468," offering discounts based on the time since product preparation [7] Group 4: Employee Welfare - The number of employees has increased from 110 to 222, with a significant rise in average salaries [7] - Employee benefits have improved, including 10 days of paid annual leave after one year of service, and the establishment of rest areas, training rooms, and changing rooms [7]

Core Viewpoint - The opening of the upgraded Yonghui Supermarket in Xiamen's Jimei District represents a significant enhancement in the retail landscape, aligning with local consumption promotion policies and aiming to provide a high-quality shopping experience for residents [1][25]. Store Upgrade Details - The new store, located in the basement of the Anxin Vanke Mall, covers an area of 1,758 square meters and targets nearby communities and young families, focusing on "quality living + convenient service" [3]. - The store features approximately 7,100 selected products, with nearly 3,600 from first and second-tier brands, and 14.8% of imported goods, closely mirroring the product structure of the "Fat Donglai" model [5][25]. - The product upgrade emphasizes higher quality, differentiation, and local relevance, catering to the dietary habits and quality demands of residents in Fujian [5]. Product Categories - The fruit and vegetable section introduces a three-dimensional matrix focusing on "livelihood attraction + quality differentiation + trendy new products," including both traditional and trendy items [6]. - The meat and poultry section highlights local freshness and quality upgrades, featuring a mix of international and domestic brands [8]. - The seafood area enhances the coastal theme by introducing a variety of imported seafood and offering live fish cutting services, enhancing customer experience [10]. - The bakery and deli sections have added popular items and diverse instant food options to attract younger customers [12]. Environmental and Service Enhancements - The store environment has been revamped for better visibility and comfort, with upgraded lighting and wider aisles to create a pleasant shopping atmosphere [13]. - New customer service facilities include health measurement tools and convenience items, enhancing the overall shopping experience [15]. - The store implements strict food safety measures, including a freshness management system to ensure product quality [17]. Employee Welfare Improvements - The number of employees has increased from 66 to 100, with salary and welfare enhancements to improve job satisfaction and service quality [19]. - The management emphasizes the importance of employee care, aiming to foster a respectful and warm service environment [21]. Market Impact and Future Plans - The store's opening coincides with the Mid-Autumn Festival and National Day, featuring seasonal products to meet diverse consumer needs [23]. - The successful performance of the first upgraded store in Xiamen, with over 800% sales growth in the first week, validates the effectiveness of the upgrade model [23]. - Yonghui plans to continue adopting the "Fat Donglai" model to enhance quality retail, aiming to better meet the needs of mainstream Chinese families and support high-quality market development in Xiamen [25].

9月19日，永辉超市发布公告称，聘任34岁的90后王守诚为公司新任CEO。此次任命引人瞩目之处在 于：王守诚是永辉"老人"，而非来自名创优品系的空降高管。一年前，叶国富豪掷62.7亿元，收购永辉 29.4%股权成为第一大股东，半年前，叶国富成立自己亲任组长的"改革领导小组"，全面接管永辉超 市。叶国富入主永辉后，展现出雷厉风行的作风。 《财经天下》曾在《叶国富给永辉超市下了一剂猛药》一文中提到，叶国富带来的名创优品团队，有不 少进入了永辉超市的供应链系统。他们力推"裸价直采"计划，强调高毛利率。这直接触动了永辉超市深 耕20年的采购体系。随着时间的推移，到目前为止，"名创优品团队已将永辉超市原有供应链团队全部 换掉了"。接近永辉超市的知情人士王路透露。 在如此铁腕行动下，叶国富却选择了一位在永辉工作8年的"老人"出任CEO，这一决定值得玩味。《商 业观察家》报道称，王守诚是永辉超市创始人之一的张轩宁招进来、带起来的。对于这一点，《财经天 下》从王路那里得到了佐证，"确实如此"。 从永辉超市发布的公告来看，王守诚从管培生做起，历任CEO业务助理、福建省区人力资源合伙人等职 位，熟悉公司的企业文化和运营模式。在王 ...

Core Viewpoint - Yonghui Supermarket has officially opened its first upgraded store in Hanzhong, marking a significant step in its expansion in the northwest market and aiming to enhance the local consumer experience through the "Pang Donglai" model [1][2] Group 1: Store Upgrade and Product Offering - The Hanzhong Wuyue Plaza store has undergone a comprehensive product restructuring, with over 56% of the products being newly added, aligning its product structure closely with that of Pang Donglai [1] - The store's imported product ratio has increased to 12%, with a significant expansion in fresh food categories such as baked goods and ready-to-eat items [1] - The fresh produce section emphasizes quality and traceability, featuring a variety of high-demand and premium organic products [1] Group 2: Store Environment and Employee Welfare - The store environment has been optimized with a unified shelf height of 1.6 meters and simplified product display layers, enhancing customer convenience [2] - Employee numbers have significantly increased, with improved overall compensation and benefits, including paid annual leave and enhanced facilities [2] - The store is offering free gift wrapping services for certain products and additional services for customers during the National Day holiday [2] Group 3: Strategic Goals and Market Impact - The opening of the Hanzhong store is part of Yonghui's strategy to deepen its presence in the northwest market, focusing on product upgrades and service optimization [2] - The company aims to provide a higher quality shopping experience, contributing to the development of Hanzhong as a regional consumption center [1][2]