作者丨孟繁中 整理丨新经销 "希望一、二线品牌商，重新定位连锁超市，这是我们共同的未来。" 8月19日，在上海举办的第七届中国快消品大会主论坛上，比优特商业集团董事长孟繁中先生，以《一二线品牌商该觉醒了！》为主题，做了重磅演讲。 比优特"换经销商"的实践 只有销售规模大、渠道能力强的品牌，才能称为一、二线品牌，才有在各地市县合作的经销商。 规模较小的企业，基本没有在各地市县找经销商的，一些新兴的品牌现在也都是直接跟线上合作，或者跟某些企业合作，不再找经销商了。所以现在各地 市县经销商活得也艰难。 今天我从超市的角度，给大家分享一下，中国超市到底为什么出现了目前的情况？ 一、二线品牌商对连锁超市的角色定位，是这些年连锁超市的衰败的根源。 他从零售商的视角出发，结合比优特超市、真市美供应链的实践，对中国当下零售环境、商超处境、品牌商角色站位进行了深度剖析，并直言品牌商亟需 改变对超市的认知与合作方式。 以下为他的现场演讲内容（部分有删减），「新经销」特此整理，以飨读者。 超市衰败的根源& 作为头部品牌，我们不难发现，他们在连锁超市中并没做起销量的担当，而是将超市作为展示厅、陈列柜、广告位、新品推广地、高价形象墙， ...

Group 1 - The core viewpoint of the news highlights the recent stock performance and financial metrics of the company, Bubu Gao, indicating a mixed trading activity with a notable increase in stock price year-to-date [1][2] - As of September 16, Bubu Gao's stock price decreased by 2.07% to 6.63 CNY per share, with a total market capitalization of 17.826 billion CNY [1] - The company has seen a year-to-date stock price increase of 67.85%, with a 0.60% decline over the last five trading days, and a 38.12% increase over the last 20 days [1] Group 2 - Bubu Gao operates primarily in the retail sector, with its main business revenue composition being 64.34% from supermarkets, 27.44% from other sources, 6.01% from department stores, and 2.21% from logistics and advertising [1] - For the first half of 2025, Bubu Gao reported a revenue of 2.133 billion CNY, reflecting a year-on-year growth of 24.39%, and a net profit of 201 million CNY, which is a significant increase of 357.71% [2] - The company has a total of 88,500 shareholders as of June 30, with an increase of 96.50% compared to the previous period, while the average circulating shares per person decreased by 49.11% [2][3]

Core Viewpoint - Yonghui Supermarket's stock has shown a recent upward trend despite a year-to-date decline, indicating potential recovery signals in the retail sector [1][2]. Stock Performance - As of September 15, Yonghui Supermarket's stock price increased by 2.11% to 5.33 CNY per share, with a trading volume of 1.022 billion CNY and a turnover rate of 2.14%, resulting in a total market capitalization of 48.37 billion CNY [1]. - Year-to-date, Yonghui Supermarket's stock has decreased by 15.93%, but it has gained 2.50% over the last five trading days, 10.81% over the last 20 days, and 11.97% over the last 60 days [2]. Financial Performance - For the first half of 2025, Yonghui Supermarket reported a revenue of 29.948 billion CNY, a year-on-year decrease of 20.73%, and a net profit attributable to shareholders of -241 million CNY, a year-on-year decrease of 187.38% [2]. - The company has cumulatively distributed 7.101 billion CNY in dividends since its A-share listing, with no dividends paid in the last three years [3]. Shareholder Information - As of June 30, 2025, Yonghui Supermarket had 359,800 shareholders, a decrease of 6.24% from the previous period, with an average of 25,220 circulating shares per shareholder, an increase of 6.66% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 104 million shares, an increase of 11.8954 million shares from the previous period, and Southern CSI 500 ETF, which is a new shareholder holding 67.3567 million shares [3]. Business Overview - Yonghui Supermarket, established on April 13, 2001, and listed on December 15, 2010, operates in the retail sector with a primary focus on chain operations [2]. - The company's revenue composition includes 56.78% from food and supplies, 38.42% from fresh and processed goods, 3.30% from other sources, and 1.51% from rental income [2]. - Yonghui Supermarket is categorized under the general retail supermarket sector and is associated with concepts such as community group buying, share buybacks, mergers and acquisitions, Tencent concepts, and margin financing [2].

Core Insights - Sanjiang Shopping has experienced a significant stock performance, achieving four limit-up days within five trading days, resulting in a cumulative increase of 49.10% and a turnover rate of 58.51% [2] - The latest total market capitalization of the stock reached 9.962 billion yuan [2] Trading Activity - On September 12, the stock recorded a trading volume of 74.7765 million shares and a transaction amount of 1.273 billion yuan, with a turnover rate of 13.65% [2] - The stock has been featured on the Dragon and Tiger list twice due to a cumulative deviation in price increase of 20% over three consecutive trading days and a daily deviation of 7% [2] Margin Trading Data - As of September 12, the margin trading balance for the stock was 162 million yuan, with a financing balance of 161 million yuan, reflecting a decrease of 14.229 million yuan or 8.11% from the previous trading day [2] - Over the past five days, the margin trading balance has decreased by 19.4098 million yuan, representing a decline of 10.74% [2] Financial Performance - In the first half of the year, the company reported a total operating income of 1.988 billion yuan, marking a year-on-year growth of 1.30% [2] - The net profit for the same period was 91.3758 million yuan, showing a year-on-year increase of 17.55% [2] - The basic earnings per share were reported at 0.1668 yuan, with a weighted average return on equity of 2.82% [2]

Core Viewpoint - The article discusses the ongoing issue of price discrepancies between dine-in and takeout orders in the food delivery industry, highlighting the challenges faced by consumers and businesses amid stricter regulations [1][2][3]. Pricing Discrepancies - Consumers in Zhengzhou report significant price differences between dine-in and takeout meals, with examples showing a 30% increase in takeout prices compared to in-store prices [1]. - The average markup for takeout in the restaurant industry is around 30%, with delivery platforms taking a commission of 20% to 25% [1][2]. - Some restaurants choose to maintain consistent pricing between dine-in and takeout, focusing on quality to attract customers [2]. Business Challenges - Restaurant owners face high costs associated with participating in delivery platform promotions, which can reduce their profit margins significantly [2]. - The cost structure for takeout includes platform commissions, delivery fees, and operational costs, leading to higher prices for consumers [2][3]. Legal Perspective - According to legal experts, the dual pricing strategy does not constitute consumer rights infringement as businesses have the right to set prices based on their costs [3]. - However, if businesses misrepresent the quality or quantity of food, it could lead to consumer rights violations [3]. Delivery Thresholds - Some businesses set minimum order thresholds for delivery to ensure profitability, as low-value orders do not cover operational costs [3][4]. - Analysts argue that these thresholds are a logical business strategy to maximize efficiency and reduce resource waste [4]. Regulatory Response - The market regulatory authority has engaged with food delivery platforms to ensure compliance with laws and to promote fair competition within the industry [4][5]. - There is optimism that regulatory measures will help address various issues in the food delivery sector, leading to a more orderly market environment [5].

Core Insights - Yunnan's "first store economy" is expanding rapidly, with 104 new first stores introduced in the first half of 2025, showing strong growth momentum [1][3] - The majority of new stores are at the provincial and city levels, indicating Yunnan's increasing attractiveness for brand expansion in the Southwest market [3] - Kunming remains the dominant city for first stores, attracting 82.7% of the total, while other cities like Yuxi and Zhaotong are emerging as new players in this economy [6] Store Level Insights - Provincial-level and city-level first stores account for over 90% of the total, with 49.0% and 41.3% respectively, highlighting the growing appeal of Yunnan for brand launches [3] - High-tier first stores (A级) are limited, making up only 3.8% of the total, while C and D level stores dominate with 49% and 28.8% respectively, indicating a shift towards brand quality over scale [3] City Distribution Insights - Kunming is the "strongest magnet" for first stores, with 86 stores, while cities like Yuxi, Zhaotong, and Baoshan are beginning to show potential in the first store economy [6] - The trend of "first store + first launch" is becoming a new growth driver in Yunnan's market, moving beyond mere brand penetration [6] Project Insights - Eleven shopping centers in Yunnan introduced more than five first store brands in the first half of the year, with Kunming's Shuncheng Shopping Center leading by introducing over ten first stores [7] - Shuncheng Shopping Center is focusing on a clear positioning of light luxury and fashion, achieving a brand turnover rate of over 26.1%, significantly higher than the industry average [10] Brand Insights - The food and beverage sector leads with 42.3% of new first stores, followed by retail at 37.5%, indicating a vibrant market with diverse consumer needs [13] - Popular categories include beverages, baked goods, and women's fashion, with notable brands entering the market, enhancing consumer choice and brand diversity [15] Specific Brand Launches - Notable first store launches include the "胖东来" concept at Yonghui Supermarket, which saw a 69% increase in foot traffic and a 168% increase in sales after renovation [17] - The "小大董" restaurant and "MASOOMARK" fashion brand have also opened their first stores in Yunnan, targeting younger consumers with unique dining and fashion experiences [19][21]

Core Viewpoint - The current retail adjustment has entered a critical phase, with several private retail enterprises completing management reforms to drive business transformation more thoroughly [1] Group 1: Retail Transformation - Many private retail companies have successfully implemented management reforms to promote business transformation [1] - The "fat reform" supermarket adjustment model has achieved success and may serve as a reference for regional adjustments [1] Group 2: Challenges in Traditional Retail - Traditional department stores face challenges from nationwide chain shopping centers, with no standard answer for adjustments [1] - The focus for traditional retail is on improving efficiency and reducing losses while leveraging relative advantages [1] Group 3: Long-term Outlook - In the medium to long term, companies are expected to rely on their channel brand extension capabilities to expand in areas such as proprietary products and supply chains [1] Group 4: Investment Opportunities - Companies with flexible mechanisms and proactive adjustments may have a higher success rate [1] - Attention should be paid to regional leading "fat reform" supermarkets, as they may offer higher certainty in data realization [1] - The upcoming store adjustments and offline promotional sales during September and the "Eleventh" holiday season are crucial to monitor [1]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights the launch of the "Gaode Street Ranking," which aims to reconstruct the trust framework in offline services through real navigation and travel behavior data [23][27] - The report emphasizes the importance of emotional consumption themes and suggests focusing on high-quality companies in high-growth sectors [6][29] Summary by Sections Retail Market Review - The retail industry index closed at 2396.85 points, up 0.85% for the week, underperforming the Shanghai Composite Index, which rose by 1.52% [12][20] - Among retail sub-sectors, the supermarket sector had the highest weekly increase of 4.78%, while the watch and jewelry sector led with a year-to-date increase of 35.68% [14][18] Industry Dynamics - The launch of the "Gaode Street Ranking" is positioned as a significant step for Alibaba to transition from a navigation platform to a comprehensive local service platform, enhancing user experience and trust [23][27] - The ranking system incorporates real user behavior and credit filtering to provide authentic feedback, potentially disrupting the existing "to-store" business landscape dominated by Meituan and Dianping [27][29] Investment Recommendations - Investment Theme 1: Focus on differentiated gold and jewelry brands with deep consumer insights, recommending companies like Laopu Gold and Chaohongji [6][31] - Investment Theme 2: Highlight retail enterprises that adapt to trends and actively explore changes, recommending Yonghui Supermarket and Aiyingshi [6][29] - Investment Theme 3: Emphasize high-quality domestic beauty brands with differentiated capabilities, recommending brands like Maogeping and Pola [6][30] - Investment Theme 4: Focus on differentiated medical beauty product manufacturers, recommending Aimeike and Kedi-B [6][30] Company Performance Highlights - Laopu Gold reported a revenue of 12.354 billion yuan in H1 2025, a year-on-year increase of 250.9%, with a net profit of 2.268 billion yuan, up 285.8% [38][39] - Chaohongji achieved a revenue of 4.102 billion yuan in H1 2025, a 19.5% increase, with a net profit of 331 million yuan, up 44.3% [41][42] - Maogeping reported a revenue of 2.588 billion yuan in H1 2025, a 31.3% increase, with a net profit of 670 million yuan, up 36.1% [31][34]

Investment Rating - The report maintains a "Positive" investment rating for the supermarket and department store industry [4]. Core Insights - The overall retail sector is showing signs of stabilization and recovery, with essential and national subsidized categories performing well. In the first seven months of 2025, the retail sales growth rate was 4.8%, with July's growth at 3.7% [14]. - Supermarkets are undergoing store closures and adjustments, leading to an optimization of profit margins. In the first half of 2025, major supermarket chains closed a total of 223 stores, with ongoing adjustments expected to enhance profitability [15][19]. - The department store sector is experiencing a short-term decline in performance, with a focus on maintaining operational stability and gradually improving brand matrices [35]. Summary by Sections Overall Retail Sector - Retail sales growth is stabilizing, with essential goods showing strong growth. For instance, the retail sales growth for essential food categories was 12.2% in Q2 2025 [14]. - The performance of optional categories is recovering, with notable growth in national subsidized products like home appliances and furniture, which saw growth rates of 40.4% and 27.2% respectively in Q2 2025 [14]. Supermarkets - Supermarkets are optimizing their store networks, with significant closures and adjustments. For example, Yonghui Supermarket closed 223 stores, reducing its total to 552 [15]. - The average revenue for representative supermarket enterprises in Q2 2025 was 3.8 billion yuan, a decrease of 15% year-on-year, primarily due to the closure of underperforming stores [19]. - The average gross margin for supermarkets improved by 0.84 percentage points to 22.82% in Q2 2025, despite a net loss of 160 million yuan [19][25]. Department Stores - The average revenue for representative department store enterprises in Q2 2025 was 1.28 billion yuan, down 11% year-on-year, attributed to weak consumer demand [35]. - The average gross margin for department stores increased by 1.83 percentage points to 36.25% in Q2 2025, while average sales and management expenses decreased by 3% and 2% respectively [35]. Investment Recommendations - The report suggests continuous monitoring of supermarket adjustments and improvements in operational efficiency. Key companies to watch include Yonghui Supermarket, Jiajiayue, Wushang Group, Chongqing Department Store, and Tianhong [42][43].

Core Insights - Uruguay's commercial sector has experienced growth for six consecutive quarters, with a 2.2% year-on-year increase in sales for Q2 this year [1] Summary by Category Sales Performance - The best-performing sectors include hotels, real estate, and supermarkets, while restaurants, convenience stores, and personal care services have seen declines [1] Regional Growth - Montevideo's commercial activity grew by 2.4%, whereas inland regions only saw a growth of 1.1% [1] Business Impact - 70% of businesses reported a decline or stagnation, with small and medium-sized enterprises being the most affected; only large enterprises maintained moderate growth [1]