很多人都在问，胖东来这么牛，为什么不全国开店？为什么不去北上广深挑战那些巨头？ 答案很简单：胖东来的模式太"重"了。它的服务、品质、管理，每一项都需要极高的投入和精细化运营。许昌这个地方，消费水平适中，竞争压力相对较 小，胖东来可以慢慢打磨自己的模式。但如果放到一线城市，面对更高的成本和更激烈的竞争，这套模式还能跑得通吗？ 更胖东来的成功，很大程度上依赖于老板于东来的个人魅力和管理哲学。他是一个理想主义者，一个愿意为了服务和品质牺牲利润的人。但这样的老板，在 商业世界里是稀缺的。换句话说，胖东来的模式很难被复制。 胖东来，这家扎根许昌的地方超市，最近又火了。这次不是因为它的服务好到让人想磕头，而是因为央视《经济半小时》给了它一个大篇幅报道，直接把它 捧成了"新零售的破局之道"。央视的态度很明显：对人好、服务好、货真价实，这才是商业的正道。 但问题来了，胖东来真的能成为全国零售业的灯塔吗？还是说，它只是一个特例，一个在特定环境下才能存活的商业乌托邦？ 先说服务。胖东来的服务有多夸张？举个例子，你在店里买了个苹果，回家发现有点磕碰，拿回去退，店员不仅会给你换，还可能再送你几个当补偿。有人 说，胖东来的服务不像在逛 ...

Core Viewpoint - Dashiang Co., Ltd. reported a decline in revenue for 2024 but achieved significant profit growth, indicating effective cost control and strategic market positioning [1][2]. Financial Performance - The company achieved a revenue of 6.949 billion yuan in 2024, a decrease of 5.2% year-on-year [1]. - Net profit reached 586 million yuan, an increase of 16.05% compared to the previous year [1]. - Basic earnings per share were 1.87 yuan [1]. - The company plans to distribute a stock dividend of 1 share for every 10 shares held and a cash dividend of 10 yuan (including tax) [1][2]. Operational Strategy - Dashiang Co., Ltd. emphasized its ability to maintain profit growth despite revenue decline through precise market positioning and effective cost control [1]. - The company optimized procurement processes and adjusted product structures to increase the sales proportion of high-margin products, ensuring stable gross margins [1]. - Future plans include enhancing existing store sales and expanding new store openings, leveraging the opportunity presented by the Ministry of Commerce designating Dalian as a pilot city for retail innovation [1]. Business Segments - In 2024, the department store segment generated 1.624 billion yuan, accounting for 32.71% of total revenue [2]. - The supermarket segment achieved 1.699 billion yuan, representing 34.22% of total revenue [2]. - The appliance segment reported 1.071 billion yuan, making up 21.58% of total revenue [2]. Future Growth Plans - The company plans to deepen its market presence in Northeast China, penetrate Central China, and selectively expand southward [3]. - New business initiatives include trialing "International Food City Showrooms" and community mini-stores, as well as enhancing appliance sales through "smart experience centers" [3]. - Dashiang Co., Ltd. aims to optimize its main store layouts and introduce over 100 new brands while launching the "Dashiang Source Selection" international food platform [3]. Strategic Focus - Over the next three years, the company will focus on "platform upgrades, product breakthroughs, regional deepening, and management efficiency" as key strategies for growth [4]. - The company will continue to enhance its online and offline platforms, strengthen high-margin product capabilities, and optimize inventory turnover through digitalization [4].

北京商报讯（记者 刘卓澜）5月6日，凯德MALL·大兴公布假期消费数据显示，今年"五一"小长假，凯 德MALL·大兴客流同比增长20%，销售额同比2024年提升30%、同比2023年提升40%。据了解，2025 年，凯德MALL·大兴将引入多家区域内首店，持续升级餐饮体验及零售空间。 为"五一"消费增长做铺垫，节前一周，永辉超市凯德MALL·大兴店经过37天系统性改造，完成调改开 业。作为永辉超市学习胖东来2025年北京首批自主调改店以及凯德系合作首店，今年"五一"小长假期 间，永辉超市凯德MALL·大兴店相比调改前，超市开业首日客流同比增长270%，销售同比增长330%。 相比去年同期，今年"五一"小长假超市销售额提升240%。 据介绍，今年一季度，凯德MALL·大兴全场品牌焕新率达到10%，已引入多家区域内首店。2025年，凯 德MALL·大兴将继续加码首发、首店等商业生态，打造"京津冀短途消费圈" ，满足大兴区及周边居民 的多元生活需求。 凯德MALL·大兴相关人员表示，随着永辉超市完成"胖改"完成、区域首店矩阵初步成型，凯德MALL· 大兴将接住京津冀半小时交通圈的流量合力，持续开放场内外多个免费社交 ...

Core Viewpoint - The article presents Shijingshan as an underrated area in Beijing, characterized by a slower pace of life, affordable living costs, and a unique blend of urban and natural environments, making it an attractive option for residents seeking a more relaxed lifestyle in the city [1][2][3]. Summary by Sections Urban Characteristics - Shijingshan is often overlooked, with many mistaking it for a suburban area rather than a part of the city, despite its proximity to central Beijing [2][3]. - The district has a low population density, with a projected 2024 resident count of 561,000, accounting for only 2.5% of Beijing's total population [6]. - It boasts the highest coverage rate of urban park green space within a 500-meter radius at 99.32% and the highest forest coverage rate among the six urban districts [6]. Economic Context - Shijingshan's GDP for 2024 is estimated at 130 billion, placing it at the bottom among Beijing's six urban districts, with neighboring districts like Haidian and Chaoyang having GDPs 9.9 times and 7.1 times higher, respectively [6]. Lifestyle and Community - Residents enjoy a more relaxed lifestyle, with less congestion and a sense of community that contrasts sharply with the hustle of other districts like Chaoyang [4][10]. - The area is described as having a "county-like" feel, with local businesses and eateries that cater to the community's preferences rather than trendy chains [14][18]. - The cost of living is significantly lower, with food prices comparable to those in second- and third-tier cities, making it appealing for young professionals and families [10][18]. Real Estate Trends - Shijingshan has become a popular choice for young migrants seeking affordable housing, with many purchasing older properties at lower prices compared to other districts [27][29]. - The article highlights a specific case where a resident bought a 30-square-meter apartment for 1.05 million, showcasing the affordability relative to other areas in Beijing [29]. Social Dynamics - The community atmosphere is described as friendly and informal, with residents often engaging in neighborly exchanges and a sense of belonging that fosters a relaxed lifestyle [21][26]. - The presence of unique local businesses, such as the first Sam's Club in Beijing, indicates a blend of modern retail with traditional community values [19][23]. Conclusion - Shijingshan is portrayed as a hidden gem within Beijing, offering a unique lifestyle that combines urban convenience with a laid-back atmosphere, making it an attractive option for those looking to settle in the city without the pressures of more commercialized districts [27][29].

Core Viewpoint - Iceland, a leading frozen food supermarket from the UK, is entering the Chinese market with its first physical store, emphasizing its commitment to maintaining high cost-performance and affordability despite previous challenges in the market [2][4][12]. Group 1: Store Launch and Strategy - Iceland's first store in China, named "Iceland lab," spans 6,800 square meters and combines retail, e-commerce, and dining services, aiming to create a comprehensive shopping experience [2][4]. - The store will feature 3,200 SKUs, primarily consisting of frozen food products sourced globally, including ready meals and some daily necessities [3][4]. - Iceland plans to leverage live streaming as a key sales channel, with the first store expected to host over 100 live broadcasts daily [8][9]. Group 2: Market Positioning and Challenges - Iceland is known for its low-cost offerings in the UK, with products like frozen pizzas priced around £1, but faces challenges in maintaining this pricing strategy in China due to higher import costs [4][9]. - The company has previously attempted to enter the Chinese market through e-commerce but faced limited success, leading to the current focus on physical stores [5][9]. - There is skepticism regarding Chinese consumers' acceptance of frozen foods, which have historically been viewed as less fresh or healthy [12][13]. Group 3: Supply Chain and Localization - Iceland has partnered with local company Shoulv Huike to enhance its supply chain and adapt to local tastes, integrating local products alongside its international offerings [10][11]. - The company aims to introduce a variety of products from different countries while also focusing on local sourcing to improve cost-effectiveness and appeal [10][11]. - The frozen food market in China is projected to grow significantly, with a forecasted market size of approximately 213 billion yuan by 2025, indicating potential for Iceland's offerings [12].

Core Viewpoint - The article discusses the compliance and operational status of Pang Dong Lai Yu Shi Company following a routine inspection by the market supervision department in Xuchang, addressing recent allegations of price gouging and product quality issues raised by a social media influencer [1][4]. Group 1: Compliance and Sales Data - Pang Dong Lai Yu Shi Company sold a total of 4,177 pieces of Hetian jade from January to April 2025, generating sales revenue of 29.592175 million yuan, with an average gross profit margin not exceeding 20% [4]. - All currently sold Hetian jade products are clearly priced as per regulations, and the randomly checked 13 items had complete procurement documentation and valid certification from accredited institutions [4]. Group 2: Response to Allegations - The founder of Pang Dong Lai, Yu Dong Lai, publicly responded to allegations made by the influencer "Chai Dui Dui," stating that if such defamatory actions are not penalized, he would consider shutting down the business [4]. - Following the complaints, Douyin (TikTok) took down 29 videos from "Chai Dui Dui" for suspected infringement, and the account was restricted for one month [5]. Group 3: Business Performance - In April 2025, Pang Dong Lai reported a sales figure of 1.749 billion yuan, with a cumulative annual sales exceeding 8 billion yuan, reaching 8.027 billion yuan [6]. - The main business segments contributing to sales include supermarkets (944.7 million yuan), jewelry (185 million yuan), and department stores (176 million yuan), collectively accounting for over 70% of total sales for the month [6].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The retail sector is experiencing continuous operational pressure, with a focus on high-prosperity quality companies [4][24] - The overall revenue for the retail industry in 2024 and Q1 2025 decreased by 1.8% and 13.3% year-on-year, respectively, while the net profit attributable to the parent company decreased by 20.6% and 21.3% [4][24] - The report highlights the performance of various segments, including jewelry, beauty care, and cross-border e-commerce, with specific recommendations for investment opportunities [7][43] Summary by Relevant Sections Retail Market Overview - The retail industry index fell by 1.72% in the week of April 28 to April 30, 2025, underperforming the Shanghai Composite Index [6][15] - The beauty products segment showed the highest increase, with a weekly rise of 7.49% and a year-to-date increase of 12.66% [15][19] Industry Dynamics - The retail sector's financial reports indicate ongoing operational challenges, with a focus on high-prosperity segments [4][24] - The jewelry segment's revenue decreased by 4.9% in 2024 and 25.9% in Q1 2025, while the beauty care segment saw a revenue increase of 5.3% in 2024 but a slight decline of 1.7% in Q1 2025 [4][33][28] Investment Recommendations - Investment focus areas include traditional retail, jewelry, cosmetics, and medical aesthetics, with specific companies recommended for their growth potential [7][43] - Key recommended companies include Yonghui Supermarket, Aiyingshi, and various beauty brands such as Maogeping and Pulaia [7][46][44] Segment Performance - Cross-border e-commerce showed strong growth with a revenue increase of 31.9% in 2024 and 28.8% in Q1 2025, indicating a robust operational environment [4][38] - The beauty care segment is expected to maintain growth through differentiated products and strong brand positioning [28][44]

Core Viewpoint - The article discusses the phenomenon of "picking a fight" marketing, where brands leverage the popularity of stronger competitors to gain exposure and create social discussions, highlighting recent examples from various industries [1][9]. Group 1: Examples of "Picking a Fight" Marketing - Recent examples include brands like Aoleqi subtly referencing Sam's Club, Sgatu featuring Yang Mi in an Adidas context, and JD.com creatively associating with fast food brands [1][3]. - Sgatu's advertisement cleverly uses humor and wordplay to attract Adidas consumers, showcasing effective outdoor advertising strategies [3][9]. - The ongoing rivalry between McDonald's and KFC exemplifies how brands can engage in mutual "picking a fight" marketing, generating significant public interest [4][7]. Group 2: Mechanisms and Benefits - "Picking a fight" marketing allows weaker brands to create topics and gain exposure by associating with well-known brands, thus tapping into existing consumer interest [9][10]. - Successful campaigns encourage consumer interaction and sharing on social media, enhancing brand visibility and engagement [9][12]. - The strategy relies on the connection between brands, where shared characteristics or industry relevance can amplify the marketing impact [10][14]. Group 3: Best Practices for Effective Marketing - Effective "picking a fight" marketing should focus on consumer interaction rather than direct competition, using humor to engage audiences [12][15]. - Brands should aim to create memorable differentiators that highlight their unique selling points while addressing competitors' weaknesses [14][15]. - Continuous and innovative marketing efforts are necessary to transition from mere visibility to lasting brand recognition [14][15].

Investment Rating - The industry investment rating is optimistic (maintained) [1] Core Insights - Retail enterprises are under continuous operational pressure, with a focus on high-prosperity quality companies [4][24] - The overall revenue of the retail industry decreased by 1.8% in 2024 and 13.3% in Q1 2025, while the net profit attributable to the parent company decreased by 20.6% and 21.3% respectively [4][24] - The jewelry sector faced revenue declines of 4.9% in 2024 and 25.9% in Q1 2025, with net profit declines of 17.7% and 18.8% respectively [4][33] - The beauty care sector showed a revenue increase of 5.3% in 2024 but a slight decline of 1.7% in Q1 2025, with net profit declines of 17.5% and 21.7% respectively [4][28] - The cross-border e-commerce sector experienced significant growth, with revenue increases of 31.9% in 2024 and 28.8% in Q1 2025, while net profit showed a decline of 4.6% and an increase of 4.9% respectively [4][38] Summary by Sections Retail Market Overview - The retail industry index decreased by 1.72% in the week of April 28 to April 30, 2025, underperforming the Shanghai Composite Index [6][15] - The beauty products sector had the highest growth, with a weekly increase of 7.49% and a year-to-date increase of 12.66% [15][19] Industry Dynamics - The financial reports for 2024 and Q1 2025 indicate that retail enterprises are facing operational challenges, with a focus on high-prosperity sectors [4][24] - The jewelry sector is under pressure due to rising gold prices affecting consumer demand and operational challenges for weaker franchisees [4][33] - The beauty care sector remains relatively stable, with strong performance from differentiated beauty brands [4][28] Investment Recommendations - Focus on traditional retail companies that adapt to consumer trends, such as Yonghui Supermarket and Aiyingshi [7][43] - Highlight jewelry brands with differentiated product offerings, recommending brands like Laopu Gold and Chaohongji [7][43] - Emphasize domestic beauty brands that are expanding into high-prosperity segments, recommending brands like Maogeping and Shangmei [7][44] - Target upstream medical beauty product manufacturers with strong profitability, recommending companies like Aimeike and Kedi [7][44]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人张同祥先生（代行董事长职责）、主管会计工作负责人刘华生先生及会计机构负责人(会 计主管人员)岳晓阳女士声明：保证季度报告中财务信息的真实、准确、完整。 3.第一季度报告是否经审计 □是 √否 一、主要财务数据 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000417 证券简称：合百集团 公告编号：2025-15 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ 公司净利润下降主要系：报告期内国内有效需求增长动力仍显不足，公司虽积极应对行业环境变化，加 强零售主业调改转型，但需要一定过渡周期，当前百货、超市业态承压仍较为明显，毛利额较同期减少 较大，同时肥西农产品物流园仍处于培育期，盈利水平较低；此外，报告期内公允价值变动收益较上年 同期有所减少。 （二） 非经常性损益项目和金额 √适用 ...