行 业 研 究 / 行 业 点 评 证 券 相关研究 《内需崛起，挖掘新消费的情绪曲线—— 2025 夏季电商零售投资策略》 2025/06/10 《4 月社零同比+5.1%，政策支持下内需 展现强韧性——4 月社会零售品消费数据 点评》 2025/05/19 行 业 及 产 业 商贸零售 2025 年 06 月 15 日 年中大促临近尾声，多地国补转向 证券分析师 赵令伊 A0230518100003 zhaoly2@swsresearch.com 联系人 李秀琳 (8621)23297818× lixl2@swsresearch.com 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 研 究 | 2.本周休闲服务行业行情回顾 6 | | | --- | --- | | 2.1 本周市场行情回顾 | 6 | | 2.2 本周个股行情一览 | 7 | | 3.公司公告更新 9 | | | 3.1 | 商贸零售 9 | | 3.2 | 社会服务 9 | | 4.行业大事回顾 9 | | | 4.1 | 商贸零售行业 9 | | 4.2 | 社会服务行业 ...

Group 1: Pop Mart's Expansion - Pop Mart's independent jewelry brand popop opened its first global store in Shanghai, featuring popular IP jewelry priced between 319-2699 yuan [1] - The brand aims to capture a share of the global $50 billion fashion jewelry market, leveraging its existing 70-75% female user base and IP brand strength [1] - Pop Mart's market capitalization reached over 360 billion HKD as of June 13, with a target of achieving 20 billion yuan in total revenue by 2025, including 10 billion yuan from overseas markets [1] Group 2: Inditex's Underperformance - Inditex reported Q1 2025 revenue of 8.27 billion euros, below analyst expectations of 8.36 billion euros, with a net income increase of only 0.8% to 1.3 billion euros [2] - Summer sales growth has slowed, with a 6% increase from May 1 to June 9, compared to a 12% increase in the same period last year [2] - Inditex operates 5,562 stores globally and focuses on unique fashion propositions, customer experience, sustainability, and talent development [2] Group 3: H&M's Sales Decline - H&M experienced a sales increase of only 1% in March, down from 4% in the same month last year, with a 2% revenue growth from December 2024 to February 2025, below analyst expectations [3] Group 4: Yonghui Supermarket's Model Adjustment - Yonghui Supermarket completed the adjustment of the "Fat Donglai" model in 100 stores, focusing on upgrading "people, goods, and space" [4] - The company aims to enhance employee skills, transition from "cost performance" to "quality-price ratio," and upgrade retail spaces to quality life centers [4] Group 5: L'Oréal's Acquisition of Medik8 - L'Oréal announced the acquisition of a majority stake in UK skincare brand Medik8, pending regulatory approval, to strengthen its luxury product portfolio [5][6] - Medik8 is known for its effective skincare products and has established a strong brand image in clinical and scientific skincare [6] Group 6: Starbucks' Stake Sale Consideration - Starbucks is considering selling a portion of its Chinese business to attract external investors and restore growth in the region [7] - The CEO noted significant interest from potential investors, with plans to increase store numbers from 8,000 to 20,000 [7] Group 7: New Product Launches - "Let Tea" and JD.com launched a new product, "Orange C Oolong Tea," featuring a no-sugar formula with added vitamin C [8] - Lululemon introduced the second season of its SLNSH designer collaboration series, focusing on breathable and functional materials for summer [9] - Nongfu Spring launched a carbonated tea drink called "Ice Tea," emphasizing natural ingredients and health trends [10] Group 8: Dr. Martens' Revenue Decline - Dr. Martens reported a 10% decline in net revenue to 790 million pounds for FY2025, with net profit dropping significantly to 4.5 million pounds [14] - Direct sales revenue fell by 4.2%, while wholesale revenue decreased by 19.5%, with EMEA and Americas regions seeing declines of 11% and 11.4%, respectively [14] Group 9: Other Company Developments - Salia plans to establish its China headquarters in Guangdong to accelerate its business expansion [15] - Baifei Dairy's IPO application has been accepted, marking the first food consumption project in the Shanghai Stock Exchange for 2024 [16] - Fat Donglai estimates a net profit of 1.5 billion yuan for 2025, with an average monthly income of 9,000 yuan for employees [17] - Haidilao has introduced a self-service lunch priced at 22 yuan in some locations, reflecting a strategy to find new growth points [18] - Nissin Foods is shifting sales focus to inland markets in China, particularly in industrial towns [19] - General Mills is reportedly considering selling its Haagen-Dazs stores in China for several hundred million dollars [20] - Starbucks China announced a price reduction of 5 yuan on various iced and tea drinks to compete in the growing non-coffee market [21]

整理 ｜ 李小霞 #Big News# 泡泡玛特IP珠宝店首店开张 泡泡玛特的业务版图继续扩张。 6月13日，泡泡玛特旗下独立珠宝品牌popop全球首店在上海港汇恒隆广场开业。该店集结了泡泡玛 特旗下HIRONO、SKULLPANDA、MOLLY、CRYBABY、LABUBU等热门IP的珠宝，价格区间在 319-2699元。 泡泡玛特创始人王宁表示："我们其实一直也希望能够通过不同的品类去拓展更多的可能性，珠宝是 我们一直在尝试的非常重要的品类。" 据悉，popop瞄准的是全球500亿美元的时尚珠宝市场，凭借现有70-75%的女性用户基础和IP品牌 力，有望在欧美市场获得更大份额。 近日，凭借labubu等热门IP，泡泡玛特股价持续走高，截至6月13日收盘，市值高达3600多亿港元， 王宁更是一跃成为河南首富。 不久前召开的业绩说明会上，王宁公布了2025年核心业绩目标：在2024年的基础上增长50%以上， 实现总营收200亿元的目标；海外市场成为第二增长曲线，2025年海外收入目标100亿元。 6月13日，永辉超市胖东来模式调改完成全国100店，江苏南京江宁万达广场店正式开业。 Zara母公司Inditex ...

Group 1: Supply Chain Management - Major supermarkets and fresh e-commerce platforms have proactively prepared for flood conditions, ensuring normal operations and sufficient supply of essential goods [1] - Yonghui Supermarket has increased stock levels for essential items such as water, bread, instant noodles, and vegetables, while also conducting drainage inspections and reinforcing outdoor facilities [1] - Hema has arranged flood inspections for all stores and increased delivery vehicles and personnel to manage online order pressures during the rainy weather [1] Group 2: Transportation and Traffic Management - The city's traffic management department has developed preemptive plans to ensure safe and orderly traffic flow during the flood season, focusing on key areas such as major roads and bridges [2] - Comprehensive inspections of potential water accumulation points on major roads and highways have been conducted, with tailored emergency diversion plans established [2] - Enhanced communication mechanisms with emergency management and meteorological departments have been established to improve emergency response capabilities [2][3]

Group 1 - Major supermarkets and fresh e-commerce platforms have implemented flood prevention measures to ensure normal operations and sufficient supply of essential goods during heavy rain in Beijing [1][2][5] - Yonghui Supermarket has increased stock levels of essential items such as water, bread, instant noodles, and vegetables, and has conducted drainage checks to prevent accidents [1][2] - Hema has arranged flood inspections for all stores and increased delivery vehicles and personnel to alleviate pressure on online orders [2] Group 2 - Meituan has issued a weather warning and implemented a policy of exempting delivery riders from penalties for delays during the rain, ensuring that the delivery network operates normally [2] - Major wholesale markets like Xinfadi have organized merchants to prepare for vegetable procurement and transportation, ensuring a stable supply of goods [4] - The Beijing Municipal Bureau of Commerce has proactively prepared for the supply of essential goods, confirming that supplies of meat, eggs, and vegetables are stable and sufficient [5]

Core Viewpoint - Sam's Club, known for its appeal to the middle class, is facing a significant food safety crisis after a customer discovered live worms in a purchased nut product, raising concerns about product quality and customer trust [1][3][5]. Group 1: Customer Experience and Reactions - A customer named Ms. Pan reported finding live worms in a nut product purchased online for 99 yuan, leading to her disappointment and loss of trust in the brand [3][5]. - Ms. Pan expressed her dissatisfaction with Sam's Club's response, which included a series of inadequate compensation offers, ultimately leading her to decide not to shop there again [5][6]. - The incident sparked a debate online, with some users attributing the issue to quality control failures, while others downplayed the significance of finding worms in such products [6][7]. Group 2: Historical Context of Quality Issues - This incident is not isolated; Sam's Club has faced multiple food safety issues in the past, including reports of live worms in other products, which raises questions about the company's quality assurance processes [7][10]. - Previous incidents included a customer discovering foreign objects in food items and issues related to the company's return policy, which resulted in fines from regulatory authorities [10][11][15]. - Despite these challenges, Sam's Club remains a respected player in the retail industry, with competitors acknowledging its business model and quality offerings [16][18]. Group 3: Business Model and Market Position - Sam's Club operates on a membership model that differentiates it from other retailers, relying primarily on membership fees rather than supplier fees or high profit margins [19]. - The company emphasizes providing high-quality products at competitive prices, aiming to maintain customer loyalty despite ongoing quality concerns [19]. - The founder's philosophy highlights the importance of customer satisfaction, indicating that quality issues could jeopardize the company's standing in the market [19].

Core Insights - The first Yonghui Supermarket "Pang Dong Lai" remodeled store in Huizhou officially opened on June 13, enhancing the shopping experience through product upgrades, service optimization, and improved employee benefits [1][8] - The store features a total of 9,288 products, with over 67% being newly added items, marking the debut of Pang Dong Lai's proprietary brand in Huizhou [1][2] Store Transformation - The store underwent significant renovations, including a new layout with lower shelf heights (1.6 meters) and fewer layers (5-6 layers), creating a more comfortable shopping environment [5] - Customer convenience was prioritized with the removal of mandatory traffic lines and the addition of over 30 convenient services, such as a mother-baby room and direct drinking water [5] Product Quality and Offerings - New pricing strategies were introduced for the fruit-cut series, adhering to a discount principle based on the duration of product availability [5] - The vegetable section increased the proportion of pollution-free and local specialty products, including organic and certified vegetables [5] - A dedicated area for Pang Dong Lai's proprietary brand was established, featuring popular products like mango juice and craft beer [5] Employee Welfare - The employee count increased from 80 to 135, with an average salary increase of nearly 30% [8] - Enhanced employee benefits include 10 days of paid annual leave after one year of service, along with dedicated spaces for rest and training [8] Future Expansion Plans - Following the opening of the Daya Bay Wanda store, Yonghui Supermarket has remodeled a total of 103 stores nationwide, with plans to reach 150 by the end of July [8] - The company aims to deepen its presence in the South China market by providing high-quality products and services tailored to mainstream Chinese families [8]

Core Insights - The opening of the new Yonghui Supermarket in Datong marks a significant upgrade in consumer experience, integrating local cultural elements with modern retail practices [1][6] - The store aims to enhance customer satisfaction through improved product offerings, service experiences, and employee empowerment [1][5] Group 1: Store Upgrade and Performance - The newly renovated store features a complete overhaul of its product lineup, with nearly 70% of items replaced and around 5,000 new selected products added, including a 20% share of imported goods [1][4] - The first month sales of the newly opened Taiyuan Zhongzheng Tianjie store saw a year-on-year increase of over 300%, while overall sales for Yonghui's remodeled stores rose by 85% during the recent Dragon Boat Festival [1][2] - The store's design has been modernized with a simplified layout, wider aisles, and lower shelves to enhance the shopping experience [4] Group 2: Product Offerings - The fresh produce section includes a variety of locally sourced and specialty items, ensuring a rapid supply chain from farm to shelf [2][4] - The store features a diverse range of meats and seafood, including local specialties and seasonal products, enhancing the overall product variety [2][4] - A dedicated fruit section showcases exotic fruits and offers fresh juice and cut fruit options, emphasizing quality and freshness [2][4] Group 3: Customer Services and Amenities - The store has introduced various customer service amenities, including health measurement tools, free beverages, and luggage storage for tourists [5] - Enhanced services at the seafood and meat counters include cleaning and preparation options, ensuring convenience for customers [5] - The store aims to create a welcoming environment for families, with dedicated sections for children's products and convenient shopping experiences [4][5] Group 4: Employee Welfare and Corporate Strategy - The store has doubled its employee count post-renovation, with a nearly 30% increase in overall salaries and improved working conditions [5][6] - Employee happiness is emphasized as a core strategy, with benefits such as paid leave and free meals to enhance job satisfaction [5] - Yonghui plans to expand its remodeled store strategy across northern regions, aiming for a total of 300 remodeled stores by early 2026 [7]

盒马鲜生、京东七鲜要来石家庄开店了！连日来，这则消息广受市民关注，对即将落地的生鲜超市新首店充满好奇。 当下，首发经济正为经济发展注入新的活力，在活跃市场氛围、打造市场品牌、促进消费增长等方面发挥着重要作用。这些首店的进驻，引进 了一批零售业新模式新业态，展示了石家庄在首发经济方面的积极探索与创新，既顺应了消费品质提升的需求，也打造了消费新增长点，有力 提振消费市场。 图为顾客在位于石家庄勒泰中心的好想来品牌零食华北首家城市旗舰店选购商品。 生鲜超市又有"新面孔" 近期，盒马鲜生、京东七鲜等全国各地争相引进的"香饽饽"零售品牌，陆续接洽石家庄相关城市综合体，准备为本地消费者带来"新面孔""新 玩法"。 即将亮相勒泰商业中心负一层的盒马鲜生石家庄首店，主打鲜活水产和新鲜蔬菜，定位年轻消费群，其门店3公里范围内还有30分钟送达的配 送服务。门店承载超市、餐饮、物流与体验等多功能，不同场景与差异化零售业态的组合，可满足不同人群的消费需求。 这些生鲜超市的入驻将进一步优化高端生鲜消费供给，激活城市消费潜力。 业态革新重塑商业版图 首店不仅带来消费新鲜感，还推动了零售业态创新升级。 自去年以来，北国先天下广场陆续引入了 ...

Core Insights - The current trend in supermarkets is focused on "transformation," with many traditional supermarkets looking to the successful model of "Fat Donglai" to boost their sales [1][2] - The success of Fat Donglai has brought new vitality to traditional supermarkets, evidenced by increased foot traffic and sales performance [1] - However, simply replicating successful models is not a sustainable solution; supermarkets must adapt to local consumer needs for long-term success [1][2] Group 1 - Hardware upgrades are only the foundational work of transformation; understanding local consumer demands is crucial [1] - Many traditional supermarkets have entered the transformation trend with the mindset that change is necessary for survival, but some have faced challenges due to missteps in their strategies [1] - The root cause of these challenges often lies in blindly copying others and losing their unique operational characteristics [1] Group 2 - Transformation is a long-term endeavor, and the success of Fat Donglai is a result of years of dedication to service and quality [2] - Successful supermarket transformations, such as those by Aeon and Sam's Club, have taken years to evolve from large stores to community service providers, integrating deeply into consumers' lives [2] - The shift in traditional supermarkets from focusing on products to prioritizing consumers is becoming increasingly evident, highlighting the need for a balance between refined management and scaled operations [2]