另外，8月28日，永辉超市燕郊上上城店也将焕新开业，大兴康庄天键广场店也将在9月完成调改。 "胖改店"亏钱还是挣钱？永辉超市给出了一份解答。8月25日，北京商报记者从永辉超市媒体开放日上 了解到，永辉超市在京第12家"胖改店"将于明日开业。区别于其他北京永辉"胖改店"，该店增加了老北 京小吃、现制卤水豆腐等。该门店恢复营业后，永辉超市全国调改店总数近170家。 中国城市专家智库委员会常务副秘书长林先平表示，调改需要企业投入大量的资金和资源，全国范围 内"爆改"会提升企业在零售行业中的竞争地位和影响力。 不仅是门店，永辉自有品牌也在经历"胖改"。永辉超市北京大区调改总负责人杨子亮表示，永辉自有品 牌也根据胖东来供应链经验进行升级。永辉超市"胖改店"将商品汰换率提升至半数以上，目前商品结构 中超80%实现与胖东来对标。永辉自有品牌与反向定制商品成为"优质平价"的破局点。据悉，其中一款 售价19.8元的微胶囊香氛酵素洗衣液商品升级了除菌除螨、成分安全、持久留香等功能。 自有品牌商品也受到了消费者关注。永辉超市销售的伊利定制款鲜牛奶上线4天全国销量破百万件。 零售业的终极竞争，从来不是模式的简单复制，而是资金耐力、商 ...

Core Viewpoint - The acquisition of Hong Kong's Jia Bao Supermarket by JD.com aligns with both companies' supply chain philosophies, aiming to revitalize the retail landscape in Hong Kong through advanced supply chain innovations [3][9][16]. Group 1: Market Context - JD.com reported a revenue of 356.7 billion yuan in Q2, marking a 22.4% year-on-year growth, the highest in nearly three years [3]. - Hong Kong's retail market is dominated by two major supermarket chains, ParknShop and Wellcome, which together hold nearly 70% market share [5]. - The retail market in Hong Kong is heavily reliant on imports, particularly for daily necessities and fresh produce, leading to supplier monopolies [6]. Group 2: Jia Bao Supermarket Overview - Jia Bao, established in 1991, operates 90 stores and employs over a thousand staff, focusing on affordable quality products [7]. - The founder, Lin Xiaoyi, emphasizes a direct sourcing model, bypassing middlemen to reduce costs and increase turnover [7][9]. - Approximately 80% of Jia Bao's products are sourced directly from manufacturers [10]. Group 3: Supply Chain Innovations - JD.com's supply chain model, characterized by direct sourcing and efficient logistics, is expected to enhance Jia Bao's operations and customer experience [10][17]. - The partnership aims to introduce nearly 100 JD-owned brand products and fresh items to Jia Bao by the end of the year, leveraging cost savings to benefit consumers [10][16]. - JD.com plans to transform Jia Bao's stores into "smart front warehouses" to optimize inventory management and improve delivery efficiency [16]. Group 4: Future Outlook - The collaboration is anticipated to drive a significant transformation in Hong Kong's retail sector, addressing the challenges of traditional retail and enhancing customer experience [17]. - JD.com aims to replicate its supply chain success in Hong Kong to other international markets, supporting its global expansion strategy [16].

Group 1 - JD has completed the acquisition of Hong Kong-based supermarket chain Jia Bao, marking its entry into the Hong Kong physical retail market [1] - The acquisition aims to leverage JD's supply chain advantages to enhance Jia Bao's omnichannel business and expand JD's fresh supply chain in the Guangdong-Hong Kong-Macao Greater Bay Area [1] - JD has established an Innovation Retail-Jia Bao business unit, appointing Jia Bao's founder, Lin Xiaoyi, as the head of this unit [1] Group 2 - Other e-commerce giants like Alibaba and Pinduoduo are also targeting the Hong Kong market, with Alibaba investing 1 billion yuan to make Hong Kong a free shipping zone [2] - Pinduoduo has introduced a "one item free shipping" policy in Hong Kong to attract price-sensitive consumers [2] - Pinduoduo has partnered with SF Express Hong Kong to provide local logistics services, maintaining its "one item free shipping" offer [2]

Group 1 - Hema plans to open nearly 100 new stores within the fiscal year, expanding into over 50 new cities, which will bring the total number of Hema Fresh stores to over 500 [1][2] - Hema has refuted rumors of store closures, stating that only 10 exploratory X member stores were closed, accounting for less than 2% of total stores [1][2] - Since the appointment of CEO Yan Xiaolei, Hema has focused on its core businesses, Hema Fresh and Hema NB, achieving significant growth with a projected GMV of over 75 billion yuan for the fiscal year 2025 [2] Group 2 - Hema has integrated its membership system with 88VIP, allowing all 88VIP members to receive a 90-day free Hema X membership, resulting in a doubling of membership numbers shortly after the launch [3] - Over the past decade, Hema has built a robust supply chain, establishing 8 supply chain centers and over 300 direct sourcing bases, making it one of the top three retail chains in China [4] - Hema has focused on product innovation, launching successful products like HPP juice, which has seen significant sales growth, and expanding its HPP product line with new offerings [4][5]

在业态探索方面，盒马经过十年的摸索，最终确定了以盒马鲜生和盒马NB为核心的两种业态模式，并主 动调整和优化了门店布局。严筱磊表示，这种战略聚焦使得盒马的发展更加迅速和稳健。在上个财年，盒 马首次实现了全年盈利。 从宏观经济角度看，过去四年间，中国经济保持了年均5.5%的增长速度，其中内需对经济增长的贡献率高 达86.4%。盒马等中国零售企业的快速发展，无疑成为了扩大内需的重要推动力。 盒马所到之处，无不掀起热潮。2024年12月，当盒马进驻江苏泰州时，开业当天的排队盛况成为了当地的 热门话题。同样，春节期间在吴江盛泽的盒马鲜生店内，高档海鲜如帝王蟹等供不应求，场面火爆。今年 以来，天津、菏泽、宜兴等地也频频上演类似的火爆场景。 盒马的火爆并非偶然，其背后是公司在商品和服务方面的独特优势。从平时难得一见的小众精品，到价格 亲民的进口三文鱼，再到与国外同步上市的进口水果，以及价格极具吸引力的网红美食，这些极具差异化 的全球好货吸引了大量顾客线上线下光顾。 为了保障商品的品质和供应，盒马在过去十年间投入巨资建设了8个供应链中心、超过300个直采基地和8 个物流中转仓，形成了一个覆盖全国乃至海外的庞大供应链网络。同时 ...

Core Viewpoint - Hema has rapidly transformed into a key player in China's retail industry since its inception in 2016, with plans to open nearly 100 new stores and enter over 50 new cities, reflecting strong confidence in the domestic consumption market [1][12]. Group 1: Hema's Growth and Market Position - Hema has grown to over 420 stores and ranks third in GMV among Chinese supermarkets, showcasing a remarkable development speed [3][5]. - The company's success is attributed to its "technology-driven" retail model and a strong focus on supply chain construction and private label development [3][6]. - Hema's stores are characterized by high customer traffic, indicating strong demand and popularity in various locations [5][6]. Group 2: Business Model and Strategy - Hema focuses on two main business models: Hema Fresh and Hema NB, which represent current market consumption trends and allow for efficient resource allocation [7][8]. - The strategic focus has led to Hema achieving profitability for the first time in the last fiscal year, marking a significant breakthrough in its business model [8]. Group 3: Technological Empowerment - Hema's success is heavily reliant on technology, with recent integration of the 88VIP and Hema membership systems enhancing customer engagement and service offerings [9][11]. - This integration has resulted in a rapid increase in Hema's membership numbers, demonstrating consumer recognition and potential for increased traffic [11]. Group 4: Insights on Domestic Consumption - Hema's CEO emphasizes a strong belief in the domestic consumption market, supported by China's average economic growth rate of 5.5% over the past four years and a high contribution rate of domestic demand to economic growth [12][13]. - The company aims to meet the growing consumer demand for quality products and services through continuous innovation and store expansion [12][13].

Core Insights - Hema has rapidly entered the top three of China's retail supermarket sector, achieving over 420 stores by March 31, 2025, and ranking third in the 2024 China Chain Top 100 list with a GMV of 75 billion [1] - The growth of Hema and similar retail enterprises has significantly contributed to domestic demand, which accounted for an average of 86.4% of economic growth over the past four years [1] Group 1 - Hema's opening in Jiangsu Taizhou attracted significant attention, with reports of long queues and high sales, such as over 500 king crabs sold in a single day [2] - The company has established a robust supply chain with eight supply chain centers and over 300 direct procurement bases, enhancing its ability to offer unique products and self-branded goods [2][3] - Hema's focus on differentiated global products, including affordable imported salmon and trendy items like durian layer cake, has driven customer traffic and consumption [2] Group 2 - Hema has refined its business model over ten years, focusing on two core formats: Hema Fresh and Hema NB, while strategically closing underperforming stores [4] - The company achieved its first annual profit in the last fiscal year, indicating a successful strategic focus [5] - Hema has integrated its membership system with Alibaba's 88VIP, resulting in a doubling of membership numbers and demonstrating consumer recognition of the brand [6]

Core Viewpoint - Jiajiayue Group has faced multiple food safety issues this year, leading to its inclusion on market regulatory blacklists, particularly due to incidents involving "ghost" suppliers [1][6]. Group 1: Food Safety Violations - Jiajiayue's Weihai store sold products that failed to meet national food safety standards, resulting in administrative penalties [4]. - The Lai Zhou store was found to have pesticide residues exceeding legal limits in vegetables sourced from unverified suppliers, leading to a fine of 10,000 yuan [6][8]. - The company has been reported for over a dozen food safety violations in Shandong province alone in 2024, with complaints about agricultural residue being particularly prevalent [8]. Group 2: Regulatory and Compliance Issues - The current supplier admission system at Jiajiayue has significant regulatory loopholes, as stores procured problematic products without verifying supplier qualifications [8]. - There are indications of the company providing false documentation to regulatory authorities, reflecting a disregard for the Food Safety Law [7][8]. - Consumer complaints have surged, highlighting issues such as spoiled fresh produce and expired packaged goods, which align with regulatory findings of safety violations [8][10]. Group 3: Company Background and Industry Context - Jiajiayue Group, established in 1981 and listed in 2016, operates over a thousand stores across several provinces in China [10]. - The rapid expansion of the retail network raises challenges in maintaining consistent quality control across logistics and terminal inspections, a critical issue for the company and the broader retail industry [10].

Group 1 - The core viewpoint of the articles highlights the trend of well-known listed companies facing delisting from the A-share market due to financial difficulties and inability to adapt to market changes [1][2][4] - Renrenle, a regional supermarket chain leader, received a notice of termination of listing due to a negative net asset of -404 million yuan and an audit report that could not express an opinion, leading to a proposed delisting by the Shenzhen Stock Exchange [1] - Renrenle's revenue has significantly declined from over 10 billion yuan in previous years to 1.43 billion yuan in 2024, marking a nearly 90% decrease from its peak [1][3] Group 2 - Peng Bo Shi, another A-share listed company, also received a notice of proposed termination of listing, having seen its market value shrink from over 60 billion yuan to approximately 1 billion yuan, a reduction of over 98% [2][3] - The decline of these companies reflects broader trends in the market where failure to adapt to economic changes and consumer preferences can lead to severe operational challenges and potential extinction [3][4] - Companies must continuously strengthen their core competitiveness and adapt their business models to meet evolving consumer demands and market conditions to avoid being eliminated from the capital market [4]

Core Viewpoint - The increase in self-owned products by leading retailers may not pose a problem, but if the entire industry follows suit in pursuit of maximum profits, it could create an unfavorable ecosystem for brand manufacturers [1][3]. Group 1: Retail Trends - Retailers are increasing the proportion of self-owned products, with Su Ning's 2024 report indicating that self-owned product sales accounted for 22.6% of total sales, boosting gross margin [5]. - The trend of retailers developing private brands is not new, having started in the late 1970s in Europe, where private brands accounted for about 20% of retail sales, rising to over 40% by 2000 [5]. - In contrast, the share of private brands in China's top 100 supermarket companies was only 5% in 2022, indicating a slower adoption compared to Western markets [5]. Group 2: Market Dynamics - The rise of self-owned brands in China is influenced by the lack of strong brand power among retailers, with the top 20 retailers in the U.S. holding 60% market share, while the top 100 in China hold less than 9% [6]. - The shift from a supply-driven market to a consumer-driven market in China means that retailers are now trying to capture differentiated consumer demands, which poses challenges for brand manufacturers [8]. Group 3: Brand Manufacturer Strategies - Brand manufacturers face limited choices: some hesitate to collaborate with retailers for fear of becoming mere OEMs, while others accept the partnership for stable orders [9]. - Key considerations for brand manufacturers when deciding to collaborate with retailers include excess production capacity, brand value protection, and potential competition with retailer's self-owned products [9]. - The actions of retailers in developing self-owned brands are not solely aimed at replacing brand manufacturers but are also driven by the pursuit of higher profits and market validation [10][11].