屈臣氏的转折出现在1981年，当时公司被李嘉诚买下，成为和记企业（长江和记实业有限公司前身）的 全资附属公司。 在李嘉诚的操刀下，屈臣氏开启扩张之路，陆续收购了英国保健美容产品连锁店Savers、荷兰Kruidvat 集团、英国药妆店Superdrug等多家零售企业。 "屈臣氏要IPO了"——这一消息正在资本市场激起涟漪。 据公开报道显示，长江和记正考虑推动旗下屈臣氏集团在中国香港和英国双重上市，最早可能于明年启 动上市计划。这一计划若顺利实施，公司估值有望突破300亿美元（约合人民币2132亿元），成为港股 近年来最大消费零售IPO之一。 曲折上市路 屈臣氏的上市计划并非新鲜事。这家已有约200年历史的企业，其发展历程本身就是一部零售业进化 史。 1828年，一名英国人在广州创办广东大药房，这就是屈臣氏的前身。1841年，一脉相承的香港大药房正 式成立，逐渐扩张至饮料、食品等零售领域，后来公司更名为"屈臣氏"。 2007年前后，屈臣氏将重心转入中国内地，此后经历长达10年的黄金发展期。其间，屈臣氏以平均每年 开店200家的速度跑马圈地，几乎没有任何竞争对手，一度成为全球第一大的化妆品零售商。 双重上市计划 ...

Core Viewpoint - Yonghui Supermarket is facing significant challenges, evidenced by the closure of 227 stores in the first half of 2025, nearly matching the total closures of 232 stores in the entire previous year, indicating a severe operational crisis [1] Financial Performance - Yonghui Supermarket reported a revenue of approximately 29.95 billion yuan in the first half of 2025, a year-on-year decline of 20.73% [3] - The company incurred a net loss attributable to shareholders of approximately 240.57 million yuan, a stark contrast to a profit of about 275.31 million yuan in the same period last year, marking an increase in losses by 516 million yuan [3] - The net cash flow from operating activities decreased by 58.92%, dropping to approximately 1.21 billion yuan [3] - The net assets attributable to shareholders decreased by 6.07% to approximately 4.17 billion yuan [3] Store Closures and Strategic Changes - The closure of 227 stores in the first half of 2025 is part of a broader strategic transformation initiated in the second half of 2024, focusing on shutting down long-term loss-making stores [4] - Factors contributing to store closures include ongoing operational losses, contract expirations, and equity transfers [4] Transformation Efforts - Since May 2024, Yonghui Supermarket has been implementing a transformation strategy inspired by the business model of "Pang Donglai," aiming to enhance competitiveness through store adjustments [4] - As of August 21, 2025, the company has completed adjustments in 162 stores, with a target of 200 adjusted stores by September 30, 2025, and full completion by 2026 [4] Online Business Performance - In the first half of 2025, Yonghui Supermarket's online business revenue was 5.49 billion yuan, reflecting a year-on-year decline of 29.97%, accounting for 18.33% of total revenue [6] - Despite a reduction in losses of 34.75 million yuan compared to the previous year, the decline in online business remains a significant pressure point for the company [6] Shareholder Changes - In September 2024, a subsidiary of Miniso, Jun Cai International, acquired 29.4% of Yonghui Supermarket's shares for 6.27 billion yuan, becoming the largest shareholder [6] - The company's founder, Zhang Xuansong, has resumed the role of chairman, while Miniso's founder, Ye Guofu, has taken on a non-independent director role, leading the reform group [6] Market Context - The large-scale store closures are attributed to both internal strategic adjustments and external pressures from market competition and the rise of e-commerce [6] - The future performance of Yonghui Supermarket hinges on its ability to successfully implement store adjustments and develop its online business to reverse current trends and regain its position in the retail industry [6]

Core Viewpoint - The long-standing equity dispute between Suning and Carrefour has been resolved, with Suning agreeing to pay 220 million yuan to settle all outstanding issues related to the acquisition of Carrefour's shares and associated debts [1][4]. Group 1: Settlement Details - Suning will pay a one-time cash settlement of 220 million yuan to Carrefour, which will waive all remaining equity payments, intellectual property fees, arbitration costs, and interest [1][4]. - Following the settlement, both parties will withdraw all lawsuits and terminate ongoing arbitration processes, and Carrefour must cease using its brand and related intellectual property in China within a month [4]. Group 2: Historical Context - The dispute originated from a 2019 agreement where Suning acquired 80% of Carrefour China for 4.8 billion yuan, with an option to purchase the remaining 20% two years later [6][8]. - Carrefour's operational decline in China, coupled with Suning's liquidity issues, led to the failure to complete the remaining equity transaction, resulting in escalating tensions and legal actions [8][9]. Group 3: Carrefour's Market Position - Carrefour was once a dominant player in the Chinese retail market, opening its first store in 1995 and rapidly expanding across major cities [9][11]. - However, Carrefour's market share declined significantly due to increased competition from local retailers and the rise of e-commerce, leading to its eventual sale to Suning in 2019 [11][12]. - The brand's presence in China has now officially ended, with remaining stores rebranding and Carrefour's operations in the country ceasing [5][12].