每经编辑｜杜宇 据北京商报，近期，有网友称胖东来自营商品已进军澳洲，有澳洲华人超市上架了12款胖东来自营品牌DL的热门产品。 图片来源：蓝鲸新闻视频截图 5月27日，蓝鲸新闻致电胖东来时代广场超市部，工作人员回应称，"他不是我们胖东来，并没有合作，商品应该是其他渠道购买的，采购过去并在其店铺销 售。一款"自由爱"白酒胖东来售价75元，该小程序售价为61.55澳元（约286元）。胖东来目前只有许昌和新乡两个地区有店，未与任何海外渠道合作，会反 馈法务部门进行维权处理。" YaleMini 见人见世界 Costco代购 美部 山姆会员店 胖东来代购 胖东来工作人员 = 价格 = 5月27日,蓝鲸记者在Umall(今日优选)小程序中, 看到确有DL系列商品进行售卖。 记者致电胖东来时代广场超市部, 工作人员回应称,胖东来自营商品仅有许昌、 新乡门店及帮扶调改的企业有售, 未与任何海外渠道有商品合作。一 0%番茄复 ... 品牌 DL 小磨き 胖东来官方零售 我们这边没有合作 售价:$16.08 ... 图片来源：蓝鲸新闻视频截图 大河财立方梳理发现，4月份，胖东来超市、珠宝、百货三大业态领跑销售，分别贡献9.47亿 ...

Core Viewpoint - The article highlights a significant trend of store closures across various brands and industries, particularly in the food and beverage sector, indicating a potential shift in consumer behavior and market dynamics [4]. Group 1: Store Closures - A total of 13 brands closed at least 81 stores in the fourth week of May [4]. - Notable closures include 4 supermarkets, all belonging to Yonghui Supermarket, and 70 restaurants, with 66 of these in the tea and coffee sector [7]. - Seven Bus is undergoing a large-scale closure, with only 7 stores remaining operational nationwide [7]. Group 2: Industry Adjustments - Heytea is strategically adjusting its operations, having closed at least 3 stores recently, and has reduced its total store count from 4472 to 4371 within three months [7][8]. - The company aims to enhance store quality and customer experience, aligning with its decision to halt franchise expansions [8]. - The luxury market is also experiencing significant changes, with Bottega Veneta closing its store in Shanghai's Daimaru department store, marking a total of 5 closures in six months [8].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights a steady recovery in social consumption, with April 2025 retail sales showing a year-on-year increase of 5.1%, and a cumulative increase of 4.7% from January to April 2025. The expectation is for this recovery trend to continue throughout 2025 [4][25] - The report emphasizes the importance of emotional consumption themes, particularly in high-growth sectors such as gold jewelry and cosmetics, driven by consumer insights and product differentiation [4][39] Summary by Sections Retail Market Overview - The retail index for the week of May 19-23, 2025, closed at 2110.59 points, down 1.61%, underperforming the Shanghai Composite Index by 1.04 percentage points [6][15] - The jewelry sector showed the highest growth this week, with a weekly increase of 7.56% and a year-to-date increase of 18.83% [17][20] Social Consumption Trends - The total retail sales for April 2025 reached 37,174 billion yuan, reflecting a 5.1% year-on-year growth, slightly below the consensus expectation of 5.5% [25][28] - Online retail sales for the first four months of 2025 amounted to 47,419 billion yuan, growing by 7.7%, with physical goods online retail accounting for 24.3% of total retail sales [28][29] Investment Recommendations - Focus on high-quality companies in high-growth sectors driven by emotional consumption themes: - **Gold Jewelry**: Recommend brands with differentiated product offerings and deep consumer insights, such as Laopuhuangjin, Chaohongji, and Zhou Dasheng [7][41] - **Cosmetics**: Highlight domestic brands with strong growth potential, including Proya, Shangmei, and Juzi Biological [39][41] - **Retail**: Suggest retail companies that are actively transforming and exploring new opportunities, such as Yonghui Supermarket and Aiyingshi [7][39] - **Medical Aesthetics**: Recommend companies with differentiated product lines, such as Aimeike and Kedi-B [39][41]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights a steady recovery in social consumption, with April 2025 retail sales showing a year-on-year increase of 5.1%, and a total retail sales amount of 1618.45 billion yuan for the first four months of 2025, reflecting a 4.7% year-on-year growth [4][25] - The report suggests that the overall social consumption is expected to maintain stable growth due to effective policy measures aimed at boosting domestic demand, with a focus on the high-growth segments of gold jewelry and cosmetics [4][31] Summary by Sections Retail Market Overview - The retail industry index closed at 2110.59 points, down 1.61% for the week, underperforming the Shanghai Composite Index, which fell by 0.57% [6][15] - The jewelry sector showed the highest growth among retail segments, with a weekly increase of 7.56% and a year-to-date increase of 18.83% [17][20] Social Consumption Trends - In April 2025, the retail sales of consumer goods increased by 5.1%, driven by favorable consumption policies and the Qingming holiday effect [28][31] - Online retail sales for the first four months of 2025 reached 4741.9 billion yuan, growing by 7.7%, with physical goods online retail accounting for 24.3% of total retail sales [28][29] Investment Recommendations - Investment focus on high-growth segments under emotional consumption themes, particularly in gold jewelry and cosmetics [7][39] - Recommended companies in the gold jewelry sector include Laopuhuangjin, Chaohongji, and Zhou Dasheng, which are expected to benefit from differentiated product offerings and consumer insights [39][41] - In the cosmetics sector, recommended brands include Proya, Shangmei, and Juzi Biological, which are positioned to capitalize on the ongoing trend of domestic brand growth [39][41] Company Performance Highlights - Proya reported a 28.9% year-on-year increase in net profit for Q1 2025, driven by new product launches [40] - Chaohongji achieved a 25.4% year-on-year revenue growth in Q1 2025, indicating strong brand momentum [40] - Zhou Dasheng's revenue for Q1 2025 was down 47.3% year-on-year, highlighting challenges in the current market environment [40]

Core Viewpoint - The article discusses the Departure Tax Refund Policy in China, which allows overseas visitors to claim a refund on Value-Added Tax (VAT) for eligible goods purchased in tax refund stores when leaving the mainland [3][4]. Summary by Sections Eligibility for Tax Refund - Overseas visitors must meet specific conditions to apply for a departure tax refund, including a minimum purchase amount of 200 RMB at the same store on the same day [4]. - The goods must not have been used or consumed, and the departure date must be within 90 days of the purchase [4]. Tax Refund Rates - Goods purchased at a tax rate of 13% are eligible for a refund rate of 11%, while those at a 9% tax rate have a refund rate of 8% [5]. Calculation of Refundable VAT - The refundable VAT amount is calculated as the total sales invoice amount (including VAT) multiplied by the applicable tax refund rate [7]. - The actual VAT refunded is the refundable VAT amount minus any service fees charged by the tax refund agency [7]. Refund Process - The refund process involves several steps: purchasing tax-refundable goods, customs verification, and applying for the refund through a tax refund agency [9][8][14]. - For amounts up to 20,000 RMB, refunds can be received in cash or via bank transfer; amounts exceeding 20,000 RMB must be refunded through bank transfer only [7]. Instant Tax Refund Policy - The "Instant Tax Refund" policy allows overseas visitors to receive an advance payment equivalent to the tax refund amount on-site at designated stores after signing an agreement and completing credit card pre-authorization [10]. - Visitors must be verified by customs upon departure and comply with the departure tax refund policy [11]. Purchase Limits - The total amount of tax-refundable goods that the same overseas visitor can apply for at the same store on the same day is capped at 222,000 RMB [16]. Tax Refund Stores - The article lists various tax refund stores in Taizhou City, which are eligible for the departure tax refund policy [17][18][19][20][21][22][23].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [7][13]. Core Insights - The report highlights that the company has completed its restructuring, resulting in a healthier balance sheet. The company is expected to see significant profit growth as it completes its store renovations, with sales and customer traffic exceeding expectations [2][15]. - The restructuring has led to a reduction in debt levels, with the debt-to-asset ratio decreasing from 86.8% in 2023 to 62.1% by Q1 2025. The company is projected to have cash and equivalents exceeding 1 billion yuan by the end of 2024 [2][41]. - The report anticipates that the company will complete all supermarket renovations by 2025, with sales per store expected to increase significantly post-renovation [2][65]. Summary by Sections Restructuring and Financial Health - The company has successfully restructured, becoming a non-controlling entity with the introduction of industrial investors who enhance its supply chain and digital capabilities. The management team has also undergone changes to improve efficiency [2][32][33]. - The restructuring plan includes cash settlements for debts under 100,000 yuan and equity swaps for larger debts, extending remaining debts to a 10-year term [2][39]. - The company’s cash flow situation has improved significantly, with cash and equivalents projected to return to pre-2018 levels by the end of 2024 [2][36]. Supermarket Renovation Success - The report notes that the company has already renovated 17 out of 27 supermarkets, with sales and customer traffic increasing dramatically post-renovation. The average daily sales have reportedly increased sixfold, and customer traffic has tripled [2][65]. - The renovation strategy has led to a significant change in product offerings and store environments, enhancing customer experience and employee satisfaction [2][14]. Department Store Transformation - The company is set to initiate a comprehensive renovation of its department stores in May 2024, focusing on improving employee experience and customer service [3][15]. - The department store segment is expected to contribute significantly to the company's revenue, with a projected recovery in gross margins [3][12]. Profit Forecast and Valuation - The company is expected to achieve net profits of 184 million yuan in 2025, with projections of 402 million yuan and 674 million yuan in the following years, reflecting a rapid profit release phase [4][12]. - The report provides a valuation based on comparable companies, indicating that the company is currently undervalued relative to its peers in the supermarket sector [4][12].

Group 1 - The core strategy of the company is to establish a strong presence in the Jinan market by investing 350 million yuan to open 200 convenience stores, 200 community life chain supermarkets, and 20 high-end boutique supermarkets within two years [1] - The company has relocated its headquarters to Jinan and opened its first flagship boutique supermarket with over 30% of imported goods, indicating a focus on the high-end market [1] - The company has a history of expansion, starting with community supermarkets and moving into real estate, with a total of 35 community supermarkets and over 700 employees by the end of 2023 [1] Group 2 - The company has faced financial challenges due to its aggressive expansion, including pledging 60 million shares for loans with a 100% pledge rate [2] - The sale of 90% of the equity in its subsidiary, Tengzhou Zhongjia Hui Real Estate Co., Ltd., has raised concerns about the company's financial stability [2] - The competitive landscape in the Jinan supermarket market is characterized by high operational costs and strong competition, making it difficult for the company to achieve desired customer traffic and revenue returns [2]

Group 1: Economic Transformation in Henan - Henan is evolving from a "grain warehouse" to an "economic province," leveraging its real economy and technological innovation to cultivate new productive forces [1][18] - The development of the cultural and tourism economy is enhancing Henan's economic landscape, with initiatives like the Hanfu industry chain in Luoyang and immersive experiences in Wuxia City [18][21][22] Group 2: Key Retail Players in Henan - "Three Elephants of Henan" refers to the retail giants: Pang Donglai, Mixue Ice City, and Pop Mart, which are setting new benchmarks in China's retail industry [3][4] - Pang Donglai has transformed supermarkets into "lifestyle utopias," emphasizing customer satisfaction with policies like "satisfaction guaranteed or your money back" and high employee welfare [5] - Mixue Ice City has rapidly expanded to over 20,000 stores globally, focusing on affordability and a strong supply chain, with a goal of reaching 46,479 stores by the end of 2024 [7][8] - Pop Mart, founded by a Henan native, targets the Z generation with emotionally resonant products, achieving a revenue of 13.04 billion yuan in 2024, a 106.9% year-on-year increase [8] Group 3: Entrepreneurial Spirit in Henan - Entrepreneurs in Henan often come from humble beginnings, reflecting a unique commercial ecosystem that thrives on low-barrier industries and meticulous market exploration [10][12] - The entrepreneurial journey of Henan's business leaders showcases a commitment to excellence in small-scale operations, with a focus on essential consumer goods [13][24] Group 4: Cultural and Tourism Integration - Henan's cultural tourism is becoming a new highlight, with initiatives that blend traditional culture with modern experiences, driving economic growth [17][22] - Programs like "Chinese Festivals" by Henan TV have gained significant online traction, achieving over 2 billion views and facilitating cultural export [20]

Core Insights - Yonghui Supermarket has officially opened its first self-reformed store in the city's sub-center, marking a significant expansion in its store format [1] - The number of reformed stores nationwide has reached 81, with a target of 150 by the end of July and 300 before the Lunar New Year in 2026 [1] Store Features - The new store includes a dining area with offerings such as soda, ice cream, and hot dogs, along with facilities for on-site dining [1] - Customer convenience features include disposable utensils at checkout, a health service area with blood pressure and height measurement tools, seasonal tea drinks, and free charging stations [1] - Store layout improvements include wider aisles of 4 meters, uniform shelf heights of 1.6 meters, and the removal of mandatory traffic flow [1] Product Offerings - The store combines direct supply from Yonghui farms with seasonal products, enhancing customer choices [2] - A dedicated brand area showcases products like craft beer, yogurt, and laundry pods, catering to upcoming holidays with specially selected items [2] Employee Welfare - The store has improved employee conditions by providing dedicated seating for cashiers and weighers, as well as new rest and changing rooms [2] - Employee compensation has increased by approximately 30%, with average working hours capped at 8 hours per day and 10 days of paid annual leave after one year of service [2]

Investment Rating - The industry maintains a rating of "Increase" [5] Core Viewpoints - The retail sector shows a stable recovery in 2025, with some sub-sectors improving marginally, supported by policy stimuli, indicating positive future expectations [4][31] - In April 2025, the total retail sales of consumer goods reached 37,174 billion yuan, with a year-on-year growth of 5.1%, aligning with expectations [1][8] - The consumer price index (CPI) in April 2025 was -0.1% year-on-year, indicating deflationary pressures [2][11] Summary by Sections Retail Sales Performance - In April 2025, retail sales excluding automobiles reached 33,548 billion yuan, with a year-on-year increase of 5.6% [1][8] - The total retail sales from January to April 2025 amounted to 161,845 billion yuan, reflecting a year-on-year growth of 4.7% [1][8] Category Analysis - Essential categories showed positive growth in April 2025, with food and oil products increasing by 14.0% and 2.9% respectively [2][13] - Optional categories saw varied performance, with home appliances growing by 38.8% and cultural office supplies by 33.5% [2][13] Regional and Channel Insights - Urban retail sales in April 2025 were 32,376 billion yuan, up 5.2% year-on-year, while rural retail sales were 4,798 billion yuan, up 4.7% [3][25] - Online retail sales for physical goods reached 39,265 billion yuan from January to April 2025, representing a year-on-year increase of 5.8% and accounting for 24.3% of total retail sales [3][25] Investment Recommendations - The report suggests potential investment opportunities in hospitality and tourism sectors, highlighting companies such as Huazhu Group and Xiangyuan Cultural Tourism [4][31] - The ongoing adjustment in retail strategies is expected to benefit companies like Yonghui Supermarket and Chongqing Department Store [4][31]