以下文章来源于灵兽 ，作者十里 灵兽 . 专注零售，聚焦消费。商业改变世界。你们负责改变世界，我们带你们改造商业。灵兽，零售消费行业 头部新媒体平台，为商业原创报道而生。投稿及合作：lingshouke@126.com 一、禁酒令后的生意 "白酒销售额同比下滑普遍超过80%，九成以上的门店都受到了重创。"李丽 （化名） 这样概括了"禁 酒令"下发后烟酒零售终端的现状。作为某一线城市的一名烟酒店主，她也正在经历这一轮行业危 机。 此次危机的核心在于， 政策直接击穿了烟酒店赖以生存的商业模式。 "烟酒店的生意从来不仅仅是做零售。"一位资深行业观察人士对"灵兽"分析道，"实际上，一家烟酒 店的销售结构中，来自企事业单位的团购订单通常占比高达50%至70%，而真正面向个人消费者的零 售业务反而只占两到三成。" 这种"关系型"商业的本质在于客户资源，而不是传统零售所强调的坪效和日常经营能力。 政策出台后，这一业态的根基被彻底打破。当占比高达七成的核心业务一夜之间消失，剩下的零售业 务很难支撑租金和库存等成本。城市"毛细血管"末端的烟酒店，被迫从"服务商"转变为单纯的"零售 店"。 "禁令对高端和次高端白酒的影响尤其大， ...

人人乐退市，反映了传统零售行业面临的严峻挑战和新业态崛起带来的竞争压力。 曾经被誉为"民营超市第一股"的人人乐（002336.SZ）退市了。日前，人人乐公告称，公司股票已被深 交所决定终止上市，在7月4日摘牌。 人人乐的退市并不让人意外，多年连续亏损，已经让人人乐关店止损，但显然此举也并未使得人人乐的 业绩有明显改善，最终只得退市。而人人乐的退市也让更多投资者的目光聚焦到了零售企业，第一财经 记者采访了解到，这几年整体零售市场承压，不少零售商都在缩水或转型，即时零售、会员店、折扣店 等新业态的崛起更是分流了传统实体零售商的生意，有不少业者估测，明年应该会有更多传统零售商关 店或转型新业态。 果不其然，近几年，人人乐持续亏损。财报数据显示，2021年～2023年，人人乐连续3个会计年度扣除 非经常性损益后净利润均为负值，2023年财务报告被出具了带有"与持续性经营相关的重大不确定性段 落"的无保留意见审计报告，被深交所实施退市风险警示和其他风险警示。人人乐2024年营业收入14.3 亿元，同比下降49.86%；归属于上市公司股东的净利润为亏损0.17亿元。 无奈之下，人人乐只能关店止损。公告显示，截至2024年 ...

Core Viewpoint - The article emphasizes that Kuka Home is transforming from a real estate supplier to a lifestyle leader, focusing on user value and retail transformation to drive sustainable growth [1][7]. Group 1: Historical Context and Market Dynamics - Kuka Home originated from a small furniture company established in the 1990s, which has now become a leading player in the home furnishing industry [2]. - The home furnishing market in China has seen a significant decline, with new home sales dropping by 40% compared to peak levels, leading to a cautious consumer approach towards home purchases [2][3]. - The top five home furnishing companies in China hold less than 15% market share, indicating a fragmented market with structural opportunities for growth [3]. Group 2: User-Centric Approach and Business Transformation - Kuka Home is shifting its focus to user value, aiming to redefine its role from a real estate supplier to a lifestyle leader, emphasizing long-term value creation [7][8]. - The company is undergoing a transformation that includes digital capabilities enhancement and a new business paradigm centered around user insights [4][8]. - Kuka Home's strategy involves a comprehensive capability building and organizational change to align with user needs, including digital marketing, product design, and supply chain management [8][9]. Group 3: Product Innovation and Market Adaptation - Kuka Home has successfully transitioned from fixed sofas to functional sofas, overcoming significant industry barriers and establishing a unique technological advantage in the functional sofa category [12][15]. - The company has invested heavily in R&D, drawing inspiration from the automotive industry to innovate its product offerings [14][15]. - The growth of functional sofas has been promising, with continuous investment expected to enhance future development prospects [16]. Group 4: Integrated Value Chain and User Experience - Kuka Home is implementing a value chain integration strategy to enhance user experience across different product lines, focusing on holistic home solutions [24][25]. - The company aims to provide deep service through its integrated approach, enhancing customer relationships and overall user value [29][30]. - The establishment of a comprehensive infrastructure, including AI design platforms and efficient delivery systems, is crucial for maintaining high service quality [31][33]. Group 5: Retail Transformation and Operational Efficiency - Kuka Home is transitioning from a wholesale model to a retail-oriented approach, emphasizing end-user sales performance as a key metric [39][50]. - The company has developed several foundational systems to support its retail transformation, including a user marketing system and a retail distribution system [41][43]. - The integration of data-driven decision-making processes is expected to enhance operational efficiency and improve customer engagement [48][49]. Group 6: Global Expansion and Strategic Partnerships - In 2024, Kuka Home's revenue from domestic and international markets was 9.4 billion and 8.4 billion respectively, with international revenue showing an 11% increase [53]. - The company has established production bases in Vietnam, Mexico, and the United States, aiming to leverage local manufacturing capabilities for global expansion [55][56]. - Kuka Home is shifting from OEM/ODM to OBM strategies, targeting higher-end markets and enhancing brand influence in emerging markets [58][59]. Group 7: Governance and Long-Term Strategy - The governance structure of Kuka Home allows for significant autonomy for the management team to drive transformation, with a focus on strategic clarity and long-term goals [60][63]. - The company is committed to a long-term investment strategy in infrastructure and technology, which may not yield immediate profits but is essential for industry restructuring [63][64]. - Kuka Home's approach emphasizes user demand as a guiding principle for its strategic decisions, aiming to build a sustainable and resilient business model [66].

Core Viewpoint - The future sustainable growth of the home furnishing industry must focus on creating long-term value centered around users, moving away from short-term strategies like expanding product categories and aggressive promotions [1][11]. Group 1: Industry Context - The home furnishing industry is undergoing significant changes due to the deep restructuring of the real estate sector, which has heavily impacted related industries [2]. - The industry has transitioned from a "parasitic" model reliant on real estate to a more independent approach, especially as new housing transactions have plummeted [8][9]. Group 2: Company Strategy - Gujia Home (603816.SH) is positioned as a stable player in the home furnishing sector, with consistent revenue growth and a solid cash flow, indicating potential for transformative changes [3]. - The company is moving away from traditional wholesale models to a retail transformation that directly addresses user value, which involves a comprehensive restructuring of its dealer and supplier systems [3][15]. Group 3: Market Dynamics - The home furnishing industry is characterized by a fragmented market with increasing competition and a shift in consumer demand towards more personalized and diverse needs [9][10]. - The past reliance on promotional strategies is no longer effective; understanding and addressing the real needs of consumers has become crucial [9][10]. Group 4: Consumer Behavior - Recent consumer trends indicate a slowdown in transactions, with buyers seeking better quality products at lower prices, reflecting a shift in purchasing behavior [34]. - The increase in product factory prices over the past two years suggests an improvement in supply quality, despite a decrease in overall demand [35]. Group 5: Retail Transformation - Gujia's retail transformation has been ongoing for seven years, focusing on building a user-centered approach rather than a factory-centered one [15][46]. - The company is implementing a digital platform, iKUKA, to enhance retail operations and improve efficiency by connecting directly with consumers [48]. Group 6: Strategic Focus - Gujia aims to redefine itself from merely selling furniture to becoming a brand that leads lifestyle choices, emphasizing a gradual approach from single products to comprehensive lifestyle solutions [19][20]. - The company is focusing on three strategic categories: sofas, mattresses, and customization, which are expected to drive significant revenue growth [26][27]. Group 7: International Expansion - Gujia's overseas business is projected to contribute nearly half of its revenue by 2024, with a focus on developing markets in Southeast Asia and Central Asia [55]. - The company is adopting a focused approach to international expansion, ensuring that resources are aligned to support marketing and sales efforts in strategic countries [56][57]. Group 8: Long-term Value Creation - The company emphasizes the importance of strategic assets and contributions that create long-term value, rather than short-term financial metrics [60][62]. - Gujia's management is committed to maintaining a balance between immediate business performance and long-term capability building, ensuring that strategic initiatives are not compromised during challenging times [63][64].

Core Insights - Zhongbai Group has launched two new store formats: the FOODMART supermarket and the Xiaobaihui discount store, aiming to explore new retail models [1] - The FOODMART format focuses on a wide variety of food products, with over 65% of its product categories being food-related, while the Xiaobaihui store emphasizes hard discounts on daily necessities, offering prices 20% to 30% lower than market rates [1][5] - The company plans to open around five similar stores by the end of the year, using these locations as experimental grounds for operational experience [1] Store Formats - FOODMART supermarkets are designed to cater to local residents' daily meal needs, featuring a 1,500 square meter layout with a 300 square meter prepared food section [1] - Xiaobaihui discount stores offer a comprehensive range of products at competitive prices, with examples including fresh fish priced 25% lower than market rates and various snacks and beverages at significant discounts [5][9] Strategic Direction - Zhongbai Group is focusing on multi-format innovation, having already transformed over ten large warehouse stores since last year, resulting in overall sales and customer growth [9][10] - The company is implementing a "one store, one strategy" approach to enhance profitability and is actively closing underperforming stores while expanding its online business [10] - Future plans include a concentrated procurement strategy and regional adaptation to penetrate the Wuhan and surrounding markets, aiming to provide consumers with cost-effective shopping options [10]

证券研究报告 点评报告 2025 年 6 月 17 日 从服务业生产指数看，2025 年 5 月当月同比为 6.2%，较 4 月回升 0.2 个百分点； 1-5 月累计同比增速为 5.9%，与上月持平，较去年高 0.7 个百分点。从工业企业 产销率看，5 月为 95.9%，较 4 月回落 1.3 个百分点，而 1-5 月累计值为 95.4%， 较去年全年低 1.3 个百分点；5 月出口交货值同比增速为 0.6%，较 4 月回落 0.3 个百分点，而 1-5 月累计同比为 4.1%，较去年全年回落 1 个百分点。 晨会纪要 核[心Ta观bl点e_：Summary] 一、宏观经济组： 事件： 6 月 16 日 10 点国家统计局公布 5 月中国宏观经济数据。 评论： 5 月工业增加值同比实际增长 5.8%，高于预期 5.7%，较 4 月回落 0.3 个百分点， 但 1-5 月累计值仍较去年全年高 0.5 个百分点；5 月社会消费品零售总额同比名 义增长 5.1%，高于预期 4.9%，较 4 月回升 1.3 个百分点，1-5 月累计值较去年全 年高 1.5 个百分点；1-5 月固定资产投资累计同比增速为 3.7%， ...

6月7日，银座集团股份有限公司发布的董事长更迭公告，宣布因马云鹏先生工作变动，其不再担任公司董事、董事长及专门委员会相关职务 。经流程， 选举徐峰先生为公司第十三届董事会董事，后在董事会临时会议中，徐峰当选董事长，这一人事变动迅速引发零售行业关注，成为近期银座发展历程中的 关键节点。 这家拥有120家门店、2024年净利润暴跌近70%的山东零售巨头，在业绩连续两期下滑的严峻形势下换帅，让行业目光聚焦于其未来走向：新任管理层能 否力挽狂澜，带领银座突破困局？ 业绩重压下的换帅抉择 银座股份的经营困境，从财报数据中可清晰洞察。 在此背景下，马云鹏因工作变动卸任公司董事、董事长及专门委员会相关职务，选举徐峰接棒，成为银座谋求变革的关键一步。 银座与鲁商集团：根基与使命 银座股份作为山东省商业集团有限公司（鲁商集团）旗下上市公司，背后有着深厚的国企根基。 鲁商集团1992年底由山东省商业厅整建制转体组建，如今已发展为庞大的商业帝国，手握3家上市公司（"银座股份""福瑞达""鲁商服务" ），还有4所高 校、9个国家级研发平台等优质资源，资产总额达1331亿元 。 2024年，公司实现营业收入54.19亿元，较2023年 ...

2024年以来，零售药店行业在医药改革深化和消费低迷的双重压力下，进入深度调整期。行业整体增速 跌至五年低点，零售药房普遍普遍面临利润压力。近期，多家头部连锁药房透露，未来将从规模扩张转 向精细化运营，通过布局"多元化"、"新零售"、"专业化"打造差异化竞争力。政策与市场的双重压力， 促使零售药店业态加速升级。 瞄准药店业态升级趋势，院外医药数字化龙头药师帮(09885)近期也有布局动作。6月3日，药师帮宣布 与全球协作机器人头部企业越疆科技(02432)达成战略合作，以医药协作机器人、AI大模型、药品物联 网三大技术切入新零售场景，为零售药店转型提供新动能。其中，医药协作机器人应用于药品仓储、分 拣及配送环节，医药AI大模型应用于提升处方审核与用药服务效率，药品物联网技术则聚焦实现全流 程药品追溯管理。上述技术的应用，将进一步赋能零售药店，实现降本增效、服务延伸，以及药事服务 的安全性提升。 有机构观点指出，随着医药零售转型加速，自动化技术将成为药店新零售转型的核心基础设施，医药零 售行业从人力密集型向技术驱动型转变，药店服务边界与运营模式将迎来根本性变革。药师帮的数字化 优势和提前布局，将有望在行业变革中 ...

据齐鲁银行股份有限公司（以下简称"齐鲁银行"，601665.SH）昨日披露的信息显示，华夏基金、华创证券2家机构于5月21日对该行进行了现场调研。 该日下午2点至3点半，齐鲁银行的公司银行部、风险管理部、计财部、董事会办公室相关人员，在总行大厦会议室接待了华夏基金的卢少强、何东良、周念 欣、肖惠黎，以及华创证券的张文清、贾靖、郝少桦、顾翎蓝等调研人员。 尽管在业界似乎略显"低调"，但齐鲁银行近年来业绩颇佳。2024年度，该行实现营业收入124.96亿元、同比增速4.55%，但归母净利润为49.86亿元、同比增 速高达17.77%，利润增速在42家A股上市行中高居第4位。而今年1季度，该行的利润增速仍然高达16.47%、在上市行中的排名又攀升至第2位。 只要是金子早晚都会"发光"、引人关注，齐鲁银行的这份"成绩单"还是逐渐引起了场中投资者的追捧。今年截至5月23日收盘，据鑫网通达信口径该行股价 收于6.55元/股、前复权涨幅已高达19.96%，远超银行板块（880471）的7.26%。 齐鲁银行业绩出众，年内股价表现"抢眼" 齐鲁银行原名济南市商业银行，该行成立于1996年，是全国首批、山东省首家设立并引进境外 ...

"管理层对于公司发展很有信心。" 昨日（5月23日），平安银行召开了2024年年度股东大会，该行党委书记、行长冀光恒、监事长叶望春、副行长兼首席财务官项有志、行长助理兼首席风险官吴雷 鸣、独立董事艾春荣、董事会秘书周强出席。 "我们要争取维持一个健康的息差，其实我们从去年开始就一直在控制付息成本。今年我给零售行长的任务是一定要将零售付息成本变得很低。另外，我们对公付息 成本已经在下降。" 冀光恒透露。 事实上，在3月份举办的平安银行2024年度业绩发布会上，冀光恒也曾数次着重强调付息成本的问题，表示平安银行今年零售负债端必须退出高成本行列，同时， 还需要在人力成本管控等方面做一些科技替代工作，比如对网点的一些功能进行机器替代等。 财报显示，2025年一季度，平安银行吸收存款平均付息率为1.81%，较去年同期下降41个基点，较去年全年下降26个基点，存款成本持续优化。 除了推动付息率下行，汇总冀光恒、项有志、吴雷鸣在本次股东大会上的相关回答，还有另外两重因素对平安银行稳住息差有所助力：一是平安银行一季度降本效 果明显，业务及管理费90.55亿元，同比下降13.2%；二是该行加大了不良资产清收处置力度，信用及其他 ...