来源|21世纪经济报道 作者| 赖镇桃 编辑|和佳 美国零售巨头正不得不吃下关税的"苦果"。 以下文章来源于21世纪经济报道 ，作者21记者 21世纪经济报道 . 权威、专业、深度、有趣！用经济思维看世界。 据央视新闻报道，当地时间5月21日，知情人士称，美国零售巨头沃尔玛公司计划裁员约1500人， 作为其重组计划的一部分，以降低开支。 据悉，沃尔玛是美国最大的私营雇主，在美国拥有约160万名员工，在全球拥有约210万名员工。 上周，该公司首席执行官 Doug McMillon在公司的财报电话会议上直言，美国对哥斯达黎加、秘鲁 和哥伦比亚等国的关税，给香蕉、鳄梨、咖啡和玫瑰的价格带来了压力。尤其是对中国的关税，造 成了最大的成本压力。 不过此言一出，却招致美国总统特朗普的炮轰。据央视新闻，他指责"沃尔玛应该停止将全面涨价归 咎于关税，去年沃尔玛利润丰厚，应该自己'吃下'这些关税，而不是向尊贵的顾客收费"。 面对白宫的施压，美国不少大型零售商只能硬着头皮走钢丝——默默消化关税成本的同时，努力维 持价格不变。但是全面涨价还未付诸现实，美国的消费者信心已经跌至2022年6月以来的最低，在 一些分析师看来，情绪的拐点 ...

"我们第一时间对超市销售的内外贸一体化商品进行梳理，并在专区陈列。"永辉商品中心负责人赖淑珍说，目前企业旗下的700多家门店均对外贸商品开 放，永辉福州奥体店、大儒店、公园道店已经设置了外贸产品专区。 近日，永辉超市在"中国制造 点亮内需——外贸优品进永辉"活动上宣布，首批2个品牌的9个商品通过针对外贸受阻企业开设的绿色通道成功在北京喜隆多 店、福州奥体店、杭州滨江宝龙店、临平万达店4家门店上架售卖，后续将陆续扩大外贸商品及售卖门店数量。 超300家进入采购洽谈阶段 15天跑出"永辉速度" 面对国际经济格局振荡和贸易形势变化，永辉超市积极响应并率先行动，发布《致中国优质供应链的一封信》，开通绿色通道，提出15天极速上架、品牌推 广扶持、联合开发新品三大措施，为出口受阻企业搭建内销桥梁。 专项邮箱收到超500封合作邮件，并与超300家优质供应链企业进入洽谈阶段，品类覆盖范围广泛，主要集中在冷冻食品、休闲零食、家居用品等，其中包括 长期为山姆、开市客供货的中国制造企业。 走进位于福州海峡奥体中心商业广场的永辉超市，外贸产品专区设在大门入口处。货架上，各类食品、电器、日用百货等摆得满满当当，吸引不少顾客驻足 选购。 ...

21世纪经济报道记者赖镇桃 广州报道 美国零售巨头正不得不吃下关税的"苦果"。 据央视新闻报道，当地时间5月21日，知情人士称，美国零售巨头沃尔玛公司计划裁员约1500人，作为 其重组计划的一部分，以降低开支。 据悉，沃尔玛是美国最大的私营雇主，在美国拥有约160万名员工，在全球拥有约210万名员工。 上周，该公司首席执行官 Doug McMillon在公司的财报电话会议上直言，美国对哥斯达黎加、秘鲁和哥 伦比亚等国的关税，给香蕉、鳄梨、咖啡和玫瑰的价格带来了压力。尤其是对中国的关税，造成了最大 的成本压力。 不过此言一出，却招致美国总统特朗普的炮轰。据央视新闻，他指责"沃尔玛应该停止将全面涨价归咎 于关税，去年沃尔玛利润丰厚，应该自己'吃下'这些关税，而不是向尊贵的顾客收费"。 面对白宫的施压，美国不少大型零售商只能硬着头皮走钢丝——默默消化关税成本的同时，努力维持价 格不变。但是全面涨价还未付诸现实，美国的消费者信心已经跌至2022年6月以来的最低，在一些分析 师看来，情绪的拐点也容易成为经济衰退的转折点。 硬扛还是涨价？ 据沃尔玛企业备忘录显示，沃尔玛计划裁员约1500人，以重组架构、简化运营，从而降低 ...

Core Viewpoint - The company reported better-than-expected financial performance for FY2025, with a revenue of 71.55 billion, a slight decline of 1.4%, but a 1.6% increase when excluding the impact of supply chain business contraction and store closures [1] Financial Performance - Revenue for FY2025 was 71.55 billion, down 1.4%, but up 1.6% when excluding supply chain impacts [1] - Operating profit reached 1.425 billion, compared to a net loss of 1.009 billion in the previous year [1] - Net profit was 0.405 billion, recovering from a net loss of 1.605 billion last year, exceeding expectations due to ongoing store optimization and significant cost reduction efforts [1] - The interim dividend announced was 0.17 HKD per share, yielding approximately 17.5% based on the closing price, surpassing market expectations [1] Development Trends - Same-store sales improved by 0.6%, driven by enhanced price competitiveness and stable growth in customer spending across channels [1] - Online B2C revenue increased by 6%, contributing to higher average transaction values [1] - Membership fee revenue surged by 125% to 0.36 billion, indicating strong growth in membership-related income [1] - The company closed 7 hypermarket stores, reducing the total to 465, while increasing the number of convenience stores by 1 to 33, with same-store sales growth of 5.9% [1] Cost Management and Profitability - Gross margin slightly decreased by 0.6 percentage points to 24.1%, with product gross margin also down by 0.6 percentage points to 20.7% [2] - The company focused on cost reduction through optimizing personnel costs, reducing headquarters expenses, and lowering rental costs, leading to a decrease in selling and administrative expense ratios [2] - Net profit margin improved by 2.8 percentage points to 0.6% due to these cost management efforts [2] Strategic Focus - The company is advancing a low-price, high-quality strategy, enhancing operational efficiency and competitiveness through better pricing strategies and product quality [2] - Efforts are being made to improve supply chain efficiency and digitalization to enhance overall operational effectiveness [2] Earnings Forecast and Valuation - The earnings forecast for FY2026 was raised from 0.38 billion to 0.67 billion, with a new forecast for FY2027 at 0.94 billion [2] - The current stock price corresponds to a price-to-earnings ratio of 29/21 for FY2026/FY2027, with a target price increase of 22% to 2.8 HKD, indicating a potential upside of 27% [2]

Core Viewpoint - High-end retail company Gao Xin Retail reported a revenue of 71.55 billion (down 1.4% year-on-year) and a net profit of 410 million, marking a turnaround from a loss of 1.605 billion in the same period last year, aligning with expectations [1] Group 1: Financial Performance - Revenue for FY25 was 71.55 billion, a decrease of 1.4% year-on-year, primarily due to a contraction in supply chain business and closure of underperforming stores [1] - The company declared a total dividend of 0.34 HKD per share, resulting in a dividend yield of approximately 16.6% [1] - Gross margin slightly declined by 0.6 percentage points to 24.1%, attributed to enhanced cost-effective strategies [2] Group 2: Operational Adjustments - The company implemented refined management strategies under new leadership, focusing on detailed adjustments in frontline stores and more efficient cost control, leading to a return to profitability [1] - Same-store sales saw a slight increase of 0.6%, driven by higher average transaction values due to a focus on high-cost performance products and improved quality control [1] - Membership fees generated revenue of 40 million, reflecting a year-on-year increase of 125% [1] Group 3: Future Outlook - The company plans to continue its "one store, one policy" transformation strategy, aiming for steady improvement in profitability through refined operations [1] - The operational focus will be on enhancing efficiency, reducing costs, and expanding new revenue sources, particularly through the development of membership stores [2] - The forecast for net profit for FY26 and FY27 is set at 500 million and 660 million respectively, with an introduction of an 850 million forecast for FY28 [2] Group 4: Valuation and Market Position - The average PE ratio for comparable companies in FY25 is 43x, down from 74x, primarily due to a valuation adjustment for Yonghui Supermarket [3] - The target price for FY26 has been adjusted down by 9.6% to 2.35 HKD, maintaining a "buy" rating [3]

Core Viewpoint - Yonghui Supermarket has adopted the "Fat Donglai" model for its transformation, focusing on quality retailing, with the newly renovated store in Nanjing reopening after 31 days of adjustments [1]. Product Structure Changes - The store has undergone a significant product overhaul, achieving a 55% product replacement rate, with 4010 new items added [10]. - The fresh food ratio has increased from 5% to over 20%, aligning the product structure closer to that of Fat Donglai, with imported goods now making up nearly 20% of the offerings [10]. - The bakery section features a variety of products, including the main product "Harvest Joy" European bread, made with various fruits and vegetables, and all items are free from certain additives [5][10]. Store Layout and Customer Experience - The store layout has been redesigned for better accessibility, allowing customers to move freely between sections without a forced path from entrance to checkout [11]. - New amenities include a convenience service area with health measurement tools, a pet storage area, and complimentary beverages [13][16]. - Additional customer-friendly features include magnifying glasses for older customers, gloves in the durian selection area, and seafood oxygenation services [16]. Employee Welfare and Service Quality - The number of employees has increased from around 100 to 165, with a 20% rise in overall employee compensation [17]. - Employee benefits have been enhanced, including paid vacation and improved working conditions, to ensure staff satisfaction translates into better customer service [17].

5月22日，江西南昌市民徐女士介绍，5月19日，她老公吃山姆会员店买的鲜肉包子时，吃到了疑似玻璃的透明 异物。 据江南都市报报道，记者了解到，该产品为"鲜美肉包"，售价为48.9元/袋，共有20个。生产日期为2025年3月 13日，保质期为12个月。 还有多名消费者在社交媒体上称，"山姆有机高钙鲜牛奶"在保质期内疑似变质，牛奶变成絮状并且伴有发酸发 苦。 还有重庆一名消费者曾发帖称，其在山姆会员商店购买的一箱牛奶，塑封内发现多只活的黑色小飞虫，引发广 泛关注。 2024年9月，江苏常州一位女子在社交媒体上发布视频，称在山姆会员店购买的鲜肉月饼中吃出了一颗疑似牙 齿的异物。 来源：深圳商报，综合自：江南都市报、九派新闻 该产品包装显示，"馅料饱满，纯手工包制"，此外，产品说明提到，"本产品由山姆会员店及沃尔玛（中国） 投资有限公司认可的经销商专卖"。 徐女士还表示，发现异物后立即拍照并联系山姆客服进行投诉，客服表示赔一张300元的优惠券。对此徐女士 并不满意。 另据九派财经报道，针对此事，沃尔玛方面相关人士回应称，"了解到相关情况后，我们高度重视，立即展开 了自查。经初步调查，同批次产品中未发现异常，近期门店也 ...

Group 1 - Meituan's Xiaoxiang Supermarket has officially launched its overseas version, Keemart, in Riyadh, Saudi Arabia, with plans for significant recruitment in procurement and operations [4][11] - Walmart plans to lay off approximately 1,500 employees as part of its restructuring efforts to reduce costs, with a total workforce of about 2.1 million globally [5][12] - Three squirrels have announced their entry into offline retail with the launch of a full-category lifestyle store and a "Yifenli" convenience store, targeting community family consumption [6][14] Group 2 - The "Yifenli" convenience store operates on a light asset franchise model, with an investment of about 200,000 to 250,000 yuan per store, and aims to open over 500 stores by the end of the year [7][14] - Xiaoguan Tea has launched a new line of sugar-free bottled teas, with plans to expand its retail presence from 2,105 to 5,000 stores by 2025 [16] - The Sam's Club store in Tianjin's Dongli District is set to open in 2026, covering an area of approximately 25,000 square meters, making it the largest in North China [17] Group 3 - The "Global Brand China Online Top 500" list has been released, highlighting the strong purchasing power of Chinese consumers [18] - Tencent, along with Yili and Lenovo, has initiated a "Sustainable Social Value Ecosystem" to promote sustainable practices and social value creation [21] - JD.com has launched a new service for purchasing medicinal products, allowing users to customize their orders with options for processing and delivery [22][23] Group 4 - Yonghui Supermarket has completed the upgrade of its Tongzhou Wanda store, marking its first self-adjusted store in the urban sub-center [25] - Meituan is actively recruiting partners for its lower-tier market initiatives in universities, aiming to expand its presence in the campus market [27] - Ele.me has launched a national subsidy campaign in Shanghai and Hangzhou, with over 100 brand stores participating [28] Group 5 - Taobao's "Global Free Shipping Plan" has been expanded to 12 countries and regions, including Kazakhstan and Mongolia, for the 618 shopping festival [29] - JD.com has partnered with Beijing Postal Service to provide support stations for delivery riders, enhancing their working conditions [30] - Cainiao has upgraded its local express delivery network in Spain and Portugal, expanding its service coverage [31] Group 6 - The national average spending on express delivery is projected to be 996.5 yuan per person in 2024, with a total revenue of 1.4 trillion yuan for the express delivery industry [32] - McDonald's China plans to recruit approximately 15,000 positions as part of its digital transformation strategy [33] - Alibaba has invested 1.8 billion yuan in Meitu through a convertible bond agreement, aiming to strengthen business collaboration [34]

Group 1 - The core viewpoint of the articles is the implementation of a regulatory action by the Zhenyuan County Market Supervision Administration to combat excessive packaging and high-priced zongzi during the upcoming Dragon Boat Festival, aiming to protect consumer rights and promote fair market practices [1][2] Group 2 - The regulatory action includes a three-tiered screening mechanism: pre-screening, on-site checks, and follow-up inspections to control the sale of "sky-high" zongzi priced over 500 yuan [1] - The administration has conducted inspections on 42 market entities and sampled 23 batches of gift boxes, finding no violations of excessive packaging or pricing regulations so far [1] Group 3 - The initiative emphasizes the promotion of national standards regarding excessive packaging, specifically highlighting that packaging layers should not exceed three and packaging costs should not surpass 20% of the product's selling price [2] - The campaign encourages a shift in consumer focus from appearance to quality, advocating for "green packaging" and a return to traditional values [2] Group 4 - Consumers are advised to follow a set of guidelines when purchasing zongzi, including checking for SC certification, observing the shape and quality of the product, and being cautious of excessive packaging [2] - The administration has set up consumer advisory signs in 12 crowded locations and distributed over 2,000 educational pamphlets to raise awareness [2] Group 5 - Future actions will include a dual-track monitoring system combining online surveillance and offline inspections, encouraging public reporting of violations through the 12315 platform [2]

刘强东与于东来，两位最近站在舆论风口浪尖的企业家，正式"联手"。 据河南省许昌市东城区管委会官网消息，今年6月，胖东来商贸集团与京东物流集团联合打造的首个河南供应链产业基地——京东物流（许昌）供应链产 业基地项目将正式投入运营，该项目投产后可实现年产值约25亿元，利税5000万元。 图：京东物流（许昌）供应链产业基地 具体而言，胖东来与京东打造的供应链产业基地计划总投资12.5亿元，总建筑面积约18.5万平方米，涵盖2栋集拣货车暂存区、拆零补货区、爆品补货区， 还有9栋胖东来产业链产品加工车间。 官宣消息中有一个细节值得关注，该基地运营后，胖东来100多款自有品牌商品将借助京东物流的仓储服务，满足全国消费者的多渠道购物需求。 这意味着，胖东来自营商品将打开全国销路，并且提供更好的物流服务体验，而依托京东的电商供应链能力，胖东来也有望解决爆款自营商品供不应求的 问题。 供应链基地模式或许只是第一步，未来京东不仅有望提升胖东来线上购物体验，也可能从供应链层面缓解商品产能与物流履约对消费体验的影 响。对京东而言，也需要胖东来这样有实力的实体伙伴企业。 在新零售时代的商超数字化转型大退潮之后，胖东来与京东的这次合作， ...