当人们提起北京商业，往往首先会想到极具历史底蕴的王府井步行街、国际化的CBD商圈，以及好逛又好吃的大悦城、合生汇、太古里等热门商业。 但在大型商圈和大体量商业之外，还有更多小而美的商业担负起丰富区域商业生态的作用，重构商业与生活的边界，同时惠及周边居民和办公客群，让人 们愿意留在"附近"，也能够回归"附近"。 01. 有"社区感"的商业 应该什么样？ 在北京，这个问题还没有标准答案，但或许有参考答案：比较固定的辐射半径、相对稳定的核心客群、高频的到访消费和熟人社交的运行逻辑。 在"空间"层面，把商业公共空间做成"共享客厅"，做好生鲜超市、亲子乐园、露天座椅、室内外绿化、宠物友好设施，让附近居民先"进来坐坐"，下一步 才是买东西。 在"业态"层面，把优质内容嵌入一整天的生活流程，比如周末早上买早餐、喝咖啡，上午遛娃或遛宠，中午吃一顿丰盛的午餐，下午做个spa顺手买菜， 晚上健身或喝点小酒，让商业成为时间方案策划者而非商品集合地。 在"文化"层面，让居民或办公客群成为"共创者"，在招商阶段深度调研区域客群消费特点、听取居民意见，在开业后把快闪、市集、分享会做起来，拉着 本地老字号、主理人品牌、社区KOL一起"整活 ...

2025年的上海超市业态，以一场酣畅淋漓的"内卷"书写转型篇章：永辉金山万达店1月携"胖改"模式惊艳亮相，"硬折扣鼻祖"奥 乐齐以"长期降价"抢占市场，清美品上生活首秀即引发关注，大润发平型关路店承接汹涌"韩流"。这些各具亮点的商超接连成 为消费热点，用调改升级与密集开店的动作，勾勒出上海零售市场的活力图景。 然而，网红热度褪去之后，如何"长红"才是真正的考验。连日以来，记者回访多家网红超市，不仅观察泼天流量之后的真实现 状，更要探寻行业发展的关键密码。作为服务民生、拉动内消的重要载体，中国超市行业正处于新旧动能转换期，如何在调改 深水区中平衡业态创新与民生底色，以可持续增长模式走好高质量发展之路，成为全行业共同求解的时代命题。 永辉超市（金山万达店） "胖改"近一年之后，哪些留得住、哪些没跟上？ 新民晚报记者 张钰芸 摄（下同） 历经近一年运营，永辉"胖改"店如今表现如何？商品、服务、环境的水准是否持续在线？日前，记者再次探访永辉超市（金山 万达店）。当天正值工作日中午，超市客流不算密集，与开业初期的火爆人气形成明显落差。顾客多集中在烘焙、熟食、蔬菜 等区域，以周边居民和附近上班族为主，采购的多是日常食材， ...

Group 1: Supermarket Transformation - In 2024, the company actively innovated and transformed its supermarket format, launching nine lifestyle theme pavilions and one full warehouse fulfillment center, with the first SP@CE3.0 located in Shenzhen Baoan Tianhong Shopping Center [2] - The company standardized the transformation of six stores based on size and physical structure, including locations in Shenzhen, Xiamen, Nanchang, and Beijing, and partially transformed 18 additional stores [2] - The company deepened end-to-end management of the vertical supply chain to enhance product quality and promote superior products across national stores to better meet customer needs [2] Group 2: Dividend Policy - The company has consistently implemented an active cash dividend policy, focusing on reasonable returns for investors, especially long-term investors [2] - Prior to 2020, the annual cash dividend amount accounted for approximately 50% of the net profit attributable to ordinary shareholders in the consolidated financial statements [2] - In 2024, the cash dividend distribution amount accounted for 91.41% of the net profit attributable to the parent company's shareholders [2] - The company plans to propose dividend schemes based on profit distribution policies and operational needs in the future [2] Group 3: Compliance and Transparency - During the reception process, the company strictly adhered to relevant regulations, ensuring no leakage of undisclosed significant information occurred [3] - The company signed a research commitment letter as required by the Shenzhen Stock Exchange [3]

Core Insights - The supermarket industry is experiencing revenue growth pressure and a divergence in profitability among listed companies, with a need for refined operations and differentiated competition to find breakthroughs [1][3] Revenue Performance - Supermarkets are entering a "stock competition" phase, facing stagnant or declining revenue growth, with significant divergence in net profit performance among companies [3] - Yonghui Supermarket reported a cumulative revenue of 42.434 billion yuan for the first three quarters, a year-on-year decline of 22.21%, with Q3 revenue at 12.486 billion yuan, down 25.55%, and a net loss of 469 million yuan [3] - Zhongbai Group also saw revenue decline, with 6.552 billion yuan for the first three quarters, down 19.41%, and a net loss of 580 million yuan [3] - Hongqi Lianchained reported revenue of 7.108 billion yuan, down 8.48%, but achieved a net profit of 383 million yuan, with a net profit margin increase of 7.21% [3] - Bubu Gao's revenue was 3.194 billion yuan, ranking fifth in the industry with a net profit of 238 million yuan [3] - Sanjiang Shopping reported revenue of 2.988 billion yuan and a net profit of 114 million yuan [3] Industry Transformation - The industry is undergoing a collective transformation with various new models emerging, such as "Fat Donglai model adjustment" and "24-hour cloud service" by Hongqi Lianchained, indicating a shift towards differentiated products and innovative business formats [4][5] - Yonghui Supermarket has completed adjustments in 222 stores, resulting in an average customer flow increase of 80% and over 60% of stores surpassing their highest profitability in the past five years [4] - Bubu Gao's store adjustments have led to increased sales and improved employee benefits, achieving a 90% alignment with the Fat Donglai model [4] E-commerce and Digitalization - Walmart China reported a significant 96% increase in e-commerce net sales in Q3, with Sam's Club membership exceeding 4 million [5] - The transformation in the supermarket industry is systemic, with major players like Wumart also advancing deep transformations [5] - The focus on self-owned brand development, fresh direct sourcing, and regional specialty products is emphasized as a strategy for profit growth [6] Market Demand Response - The core of the transformation lies in enhancing product strength and optimizing supply chains, with companies increasingly relying on operational efficiency and innovative business models [6] - The emergence of membership stores, hard discount stores, and community stores reflects a response to market demand for segmentation [6] - Digital channels such as e-commerce, live streaming, and instant delivery are becoming standard configurations for supermarket operations, with examples from Walmart China and Hongqi Lianchained [6]

Core Insights - The article highlights the investment strategies of Chen Bo, a fund manager at Shangyin Fund, who successfully manages both dividend and technology-focused funds, demonstrating a unique ability to navigate different asset classes [1][2]. Group 1: Investment Strategy - Chen Bo employs a "barbell strategy" that combines dividend and technology assets, allowing investors to switch between aggressive and defensive positions based on market conditions [2][17]. - The strategy has performed well during market fluctuations in 2023 and 2024, showcasing its adaptability [2]. - Key investment principles include "small but beautiful Alpha," high Return on Equity (ROE), and a focus on dynamic portfolio rebalancing to optimize risk-reward ratios [3][11][26]. Group 2: Performance Metrics - Chen Bo's fund, Shangyin Future Life Flexible Allocation A, has received a dual five-star rating for its performance over three and five years, ranking in the top 10% of its peers [1]. - The fund's performance metrics include a three-year ranking of 101 out of 1718 and a five-year ranking of 249 out of 1488 [1]. Group 3: Investment Philosophy - The investment philosophy emphasizes the importance of high ROE as a criterion for selecting quality companies, with a long-term view on maintaining above-average returns [3][19]. - Chen Bo believes that both dividend and technology assets benefit from a low-interest-rate environment, which supports their growth potential [2][18]. - The focus on identifying companies with clean balance sheets and high growth potential is central to the investment approach [11][12]. Group 4: Market Outlook - Chen Bo expresses optimism about the Chinese equity market, anticipating a systemic revaluation of risk assets, which could lead to significant wealth transfer as market conditions improve [27]. - The article suggests that various asset styles, including both dividend and growth stocks, will perform well in a true bull market [27].

Core Viewpoint - Yonghui Supermarket is facing significant operational challenges, including regulatory warnings for stock reduction practices and ongoing financial losses, raising concerns about its ability to successfully navigate the retail sector's difficulties and implement effective reforms [1][2][4]. Regulatory Issues - Yonghui Supermarket received a warning from the Sichuan Securities Regulatory Bureau for failing to timely disclose a reduction in its stake in Hongqi Chain, which decreased from 11% to 10% [1][2]. - The company had previously faced similar warnings for early reduction activities, indicating a pattern of regulatory non-compliance [3]. Financial Performance - Since 2021, Yonghui Supermarket has experienced a decline in revenue and has recorded substantial losses, with a cumulative net loss of approximately 97.42 billion yuan over four and a half years [4][6]. - In the first half of 2025, the company reported a revenue of 29.948 billion yuan, a decrease of 20.73% year-on-year, and a net loss of 2.41 billion yuan, which is an increase in losses compared to the previous year [4][6]. Operational Challenges - The company has been closing underperforming stores, with 227 stores shut down in the first half of 2025 alone, contributing to its financial struggles [5][6]. - Yonghui Supermarket's revenue has consistently declined over the past few years, with significant drops in 2024 and 2025 due to strategic shifts and operational challenges in the retail sector [6][8]. Reform Efforts - In response to its financial difficulties, Yonghui Supermarket initiated a comprehensive reform strategy, including inviting the founder of Pinduoduo, Yu Donglai, to assist in store renovations [7][8]. - Initial results from the reform efforts showed promising increases in customer traffic and sales at newly renovated stores, but the implementation of employee welfare standards has faced criticism [7][8]. Industry Context - The retail sector is undergoing significant changes, with many traditional supermarket brands, including Yonghui, initiating their own reform strategies to adapt to market pressures [9]. - A survey indicated that 75% of surveyed supermarket companies have attempted reforms, with many reporting varying degrees of sales growth [9].

Core Viewpoint - The retail industry in China is transitioning from aggressive expansion to a buyer's market, making store adjustments a critical survival strategy for companies like Yonghui Supermarket [2][6]. Company Updates - Yonghui Supermarket appointed Wang Shoucheng, a post-90s executive, as the new CEO after a six-month vacancy [3]. - The company plans to raise up to 3.11 billion yuan through a private placement of A-shares, with a significant portion allocated for store upgrades [6]. Performance and Strategy - Yonghui has faced continuous losses for four years, with a total loss of 9.5 billion yuan, and reported a revenue decline of 20.73% year-on-year in the first half of 2025 [4][5]. - The company is implementing a store closure strategy, shutting down 232 stores in 2024 and an additional 227 in the first half of 2025, reducing its total operational stores from 1,000 to 552 [4]. Market Trends - The retail sector is witnessing a shift towards quality retail, hard discount, and membership store models, with many companies, including Yonghui, focusing on quality upgrades [8][9]. - The competition is intensifying, with new entrants in the hard discount space and established players like Yonghui adapting their strategies to enhance customer experience and operational efficiency [7][9]. Future Outlook - Yonghui's focus on quality retail aims to consolidate resources and avoid the pitfalls of previous strategies that lacked a clear direction [5][10]. - The company is expected to continue its store adjustments in 2024, aligning with industry trends as the era of rapid expansion comes to an end [6][8].

Group 1 - YH Supermarket appointed Wang Shoucheng as the new CEO after a six-month vacancy following the departure of the previous CEO, Li Songfeng [1] - Wang Shoucheng has been with YH Supermarket since 2017, rising through various roles to become CEO, and he holds a master's degree from Peking University [2] - Wang's annual salary for 2024 is reported to be 1.1608 million yuan, and he currently does not hold any shares in the company [2] Group 2 - YH Supermarket closed 227 loss-making stores in the first half of the year, contributing to a revenue decline of 20.73% to 29.948 billion yuan and a net loss of 241 million yuan [3][4] - The company cited four main reasons for the losses, including reduced overall sales, supply chain reforms leading to a temporary decline in gross margin, costs associated with store closures, and a loss from the fair value change of Advantage Solutions stock [4][5] - Despite the challenges, YH Supermarket opened four new stores and has a total of 552 operating stores across 26 provinces and municipalities, with 79 signed but not yet opened [5] Group 3 - On September 19, YH Supermarket's stock fell by 1.19%, closing at 4.99 yuan per share, with a total market capitalization of 45.3 billion yuan [6]

Group 1 - The core point of the article is the appointment of Wang Shoucheng as the new CEO of Yonghui Supermarket, who is tasked with leading the company's transformation efforts amid ongoing financial challenges [2][16]. - Wang Shoucheng, born in 1991, has been recognized for his role in the "Fat Reform" project and has been instrumental in establishing operational standards within the company [2][3]. - Under Wang's leadership, Yonghui has initiated a nationwide reform program, with 124 stores undergoing transformation as of June this year, and an expectation to reach 200 by the end of the year [5][19]. Group 2 - Wang's rapid rise within the company is notable, having joined as a management trainee in 2017 and quickly advancing through various roles, culminating in his appointment as CEO [8][12]. - The company reported a revenue of approximately 30 billion yuan in the first half of the year, reflecting a 20% decline, with ongoing losses of around 800 million yuan [17]. - Wang emphasizes the importance of transforming the retail experience, focusing on upgrading service quality and creating a "quality lifestyle center" for consumers [19][20].

Investment Rating - The report maintains a "Positive" investment rating for the supermarket and department store industry [4]. Core Insights - The overall retail sector is showing signs of stabilization and recovery, with essential and national subsidized categories performing well. In the first seven months of 2025, the retail sales growth rate was 4.8%, with July's growth at 3.7% [14]. - Supermarkets are undergoing store closures and adjustments, leading to an optimization of profit margins. In the first half of 2025, major supermarket chains closed a total of 223 stores, with ongoing adjustments expected to enhance profitability [15][19]. - The department store sector is experiencing a short-term decline in performance, with a focus on maintaining operational stability and gradually improving brand matrices [35]. Summary by Sections Overall Retail Sector - Retail sales growth is stabilizing, with essential goods showing strong growth. For instance, the retail sales growth for essential food categories was 12.2% in Q2 2025 [14]. - The performance of optional categories is recovering, with notable growth in national subsidized products like home appliances and furniture, which saw growth rates of 40.4% and 27.2% respectively in Q2 2025 [14]. Supermarkets - Supermarkets are optimizing their store networks, with significant closures and adjustments. For example, Yonghui Supermarket closed 223 stores, reducing its total to 552 [15]. - The average revenue for representative supermarket enterprises in Q2 2025 was 3.8 billion yuan, a decrease of 15% year-on-year, primarily due to the closure of underperforming stores [19]. - The average gross margin for supermarkets improved by 0.84 percentage points to 22.82% in Q2 2025, despite a net loss of 160 million yuan [19][25]. Department Stores - The average revenue for representative department store enterprises in Q2 2025 was 1.28 billion yuan, down 11% year-on-year, attributed to weak consumer demand [35]. - The average gross margin for department stores increased by 1.83 percentage points to 36.25% in Q2 2025, while average sales and management expenses decreased by 3% and 2% respectively [35]. Investment Recommendations - The report suggests continuous monitoring of supermarket adjustments and improvements in operational efficiency. Key companies to watch include Yonghui Supermarket, Jiajiayue, Wushang Group, Chongqing Department Store, and Tianhong [42][43].