资料来源：山姆会员商 出品 | 搜狐财经 参考上交所《上市公司治理准则》、港交所《环境、社会及管治守则》等文件，搜狐财经迭代完善各行 业ESG测评体系标准，并以最新标准为依托，以2024年公司ESG报告为主要数据来源，对公司环境资 源、社会责任及公司管治进行了评价。 本文为"山姆商店"篇。 研究员 | 张子豪 山姆频上热搜，选品争议与食品安全问题齐爆发 近期，山姆会员上点频频登上"热搜"。 7月15日，山姆陷入"选品风波"。货架新增好丽友派、卫龙魔芋爽、溜溜梅、徐福记等普通商超常见品 牌，被会员讽刺"花260元年费买便利店同款"。 店官网 编者按：ESG年报解读为搜狐财经及价值公司100联合发起的针对各公司ESG报告披露情况的解读专 栏。 | Q 山姆线上已下架好丽友 | | | --- | --- | | Q 山姆下架多款口碑商品上新好丽友 | | | Q 山姆回应一女子脚踩取冰机内取冰 | | | Q 山姆越来越像沃尔玛了 | | | Q 山姆让会员破防的岂止性价比 | | | Q 山姆拿什么留住百万会员 | | | Q 山姆回应被质疑选品质量下滑 | 答题: | 资料来源：互联网 其中，争议焦点商品"低 ...

Core Viewpoint - The article discusses consumer dissatisfaction with Sam's Club regarding the lack of transparency in product labeling, particularly concerning genetically modified ingredients and the perceived decline in product quality [2][8][9]. Group 1: Product Labeling Issues - Consumers have reported that the packaging of the MM Mustard Seed Meat Floss Bread no longer includes a clear ingredient list, which raises concerns about transparency [2][6]. - The new formulation of the product includes controversial ingredients such as genetically modified soybean oil, which has not been prominently labeled, leading to accusations of consumer deception [4][9]. - Experts emphasize that consumers have the right to know about the ingredients in their food, and failure to disclose such information may violate food safety laws [8][9]. Group 2: Consumer Reactions - There is a growing backlash from Sam's Club members, with some expressing intentions to cancel their memberships due to dissatisfaction with the product offerings and perceived quality decline [10][18]. - Members have criticized the introduction of common snacks like Holi Friend cakes, which they feel do not align with Sam's Club's previous premium product strategy [11][13]. - The controversy surrounding the low-sugar Holi Friend cake, which has a similar carbohydrate content to the regular version but higher calories, has further fueled consumer frustration [10][14]. Group 3: Internal Adjustments and Strategy - Reports suggest that Sam's Club is undergoing internal changes, requiring products to meet specific criteria such as low purchase prices and high profit margins before being stocked [15][18]. - The company is focusing on collaborating with local brands that can meet their standards and financial requirements, which may limit the variety of products available to consumers [15].

Core Insights - Meituan, China's largest food delivery and instant retail platform, is facing competition from Alibaba, which plans to invest 50 billion yuan in subsidies to challenge Meituan directly [1] - Meituan announced that its daily orders for food delivery and flash purchase services have surpassed 150 million, indicating strong performance [1] - The company is set to open its first physical store, "Happy Monkey Supermarket," in Hangzhou, which is positioned as a hard discount store similar to Alibaba's Hema [1][2] Group 1: Business Expansion - Meituan plans to open 1,000 Happy Monkey Supermarket locations despite not having opened a single store yet, indicating a serious commitment to physical retail [2] - The company is actively recruiting for various positions in cities like Beijing, Hangzhou, Guangzhou, and Shenzhen, further supporting its expansion plans [2] - The Happy Monkey Supermarket is expected to open in mid to late September, aligning with the upcoming National Day sales peak [1] Group 2: Retail Strategy - The Happy Monkey Supermarket will focus on fresh produce and household goods, utilizing a self-operated model and hard discount pricing strategy [4] - Meituan's previous retail ventures, such as the "Zhangyu Fresh Supermarket," have faced challenges, leading to a rebranding and shift in strategy [3][4] - The company aims to enhance its supply chain and procurement capabilities to improve its competitive edge in the retail sector [4][5] Group 3: Market Positioning - Meituan's retail strategy includes a focus on low-margin, high-turnover sales, with an emphasis on private label products [6][7] - The company is leveraging its experience in managing offline fulfillment to establish a strong presence in the instant retail market [5][8] - Meituan's future plans include the establishment of 1,200 "Raccoon Canteens," which will serve as centralized locations for food delivery, enhancing operational efficiency [9]

Group 1 - The core viewpoint of the article is that Iceland, a UK-based frozen food supermarket, has opened its first store in Beijing, but it struggles to resonate with the local market due to its pricing and product offerings [1][2][7] - The store's opening attracted long queues, indicating initial interest, but the reality of the product selection led to disappointment among consumers [3][17] - Iceland's product mix is heavily skewed towards domestic items, with 70% being similar to local supermarket offerings, and the remaining 30% being overpriced private label products [4][19] Group 2 - Iceland positions itself as a "frozen food expert," but the popularity of frozen foods in China is not as high as in Western markets, leading to challenges in consumer acceptance [20][21] - The store's limited SKU count of around 600 is significantly lower than typical supermarkets, which usually offer between 10,000 to 15,000 SKUs, making the shopping experience less engaging [29] - Iceland's pricing strategy does not provide a competitive advantage, as some products are priced higher than similar offerings from competitors like Sam's Club [52][54] Group 3 - The store operates as a "live streaming base," focusing on creating a lively atmosphere for online sales rather than traditional retail [39][41] - The collaboration between Iceland, the Shouqi Group, and the local government indicates a strategic push to attract tourism and investment rather than solely focusing on retail sales [44][45] - Despite the marketing efforts, initial sales figures have been disappointing, with low online engagement and sales numbers [49][50] Group 4 - The article highlights the broader context of the middle-class consumer market in China, which is increasingly sensitive to pricing and value, making it difficult for Iceland to establish a foothold [60][62] - The competitive landscape includes other international supermarket chains that are better positioned to meet the evolving demands of middle-class consumers [55][57] - The concept of "middle-class supermarkets" is becoming more prevalent, with various brands targeting this demographic through unique product offerings and pricing strategies [58][66]

Core Viewpoint - Sam's Club is facing criticism over its product selection strategy, with concerns about the introduction of mass-market brands and the removal of high-repurchase-rate items, leading to questions about the perceived decline in quality [1] Group 1: Product Selection and Supply Chain Logic - Sam's Club's product selection is based on a differentiated value creation logic centered around member needs, rather than a simple evaluation of brand prestige [1][4] - The company has a stringent supplier admission system, requiring products to meet high-quality sourcing standards, such as specific beef cuts and traceable cold-chain logistics [2] - Sam's Club emphasizes understanding member needs and trends, often leading the demand by half a step, which translates into high standards for brands regarding product quality and innovation [4][7] Group 2: Customization and Brand Collaboration - The customization process at Sam's Club involves deep supply chain engagement, where products are developed based on member insights and data analysis, pushing suppliers to upgrade their production systems [4][10] - Brands entering Sam's Club must maintain their identity and innovation capabilities, creating a mutually beneficial relationship rather than merely acting as private label producers [7][10] - The successful collaboration with brands like Wei Long demonstrates that market acceptance is driven by the combination of "Sam's standards + brand characteristics," rather than just brand recognition [10][12] Group 3: Consumer Perception and Quality Consensus - The controversy surrounding Sam's Club reflects a shift in consumer understanding of the relationship between customization and quality, indicating that true customized supply chains enhance standards through precise demand matching and rigorous process control [12] - The ability of domestic brands like Wei Long to maintain independence and achieve value output in international retail systems showcases the evolution of Chinese supply chains from scale advantages to standard outputs [12]

为了筹备这个项目，Mandy夫妇前期投入资金达八位数人民币。目前，超市每个月都有几百万流水，总营收已达 千万，初步实现了盈利。 为什么选择马来西亚 在分析马来西亚的营商环境时，Mandy谈道："如果说国内的商超进入了4.0时代，那么马来西亚的商超还处在1.5- 2.0时代。" Mandy与马来西亚的机缘起始自一场演唱会。2023年初，Mandy去吉隆坡看周杰伦的演唱会。那次线下体验让她 觉得马来西亚是个非常宜居的国家，但美中不足的是，吉隆坡有大型韩国超市和日本超市，唯独没有大型中国超 市。 于是，Mandy夫妇抓住这一商机，在甲洞8trium Sri Damansara开设了一家占地3000平方米的中国超市，取名为"河 马生鲜"，主要面向来到马来西亚的中国人和当地华人群体。 Mandy曾自嘲自家超市是山寨版"盒马鲜生"。原本她以"开山河"为名想要打造全新品牌，但马来西亚的合作方要 求经营者必须提供已有成功案例的商业模式证明。 "他们不相信你讲的'故事'，只信任已存在的成熟品牌。"Mandy对此感到无奈。 为获得经营资质和资源，她借鉴了中国盒马鲜生的新零售概念，同时，她的超市也确实成功引进了盒马的实体商 品。 ...

Core Viewpoint - Meituan is re-entering the offline retail market with its new hard discount supermarket project "Happy Monkey," aiming to leverage synergies with its existing businesses and align with its long-term strategy in grocery retail [3][4][6]. Group 1: Project Launch and Strategy - The "Happy Monkey" supermarket is set to officially open by the end of August this year, with a target of 20 stores in 2023 and 200 stores in 2024, starting in Beijing and Hangzhou [4]. - The store size will range from 800 to 1000 square meters, with over 50% of the space dedicated to fresh produce and a total of 1200 SKUs [4][12]. - The project is positioned to compete with Hema NB, focusing on high-quality products at competitive prices through optimized supply chains and reduced operational costs [12][16]. Group 2: Market Context and Consumer Trends - The discount retail market in China is rapidly growing, with an estimated market size of approximately 1.79 trillion yuan in 2023, accounting for about 3.8% of total social retail sales [15]. - A significant portion of consumers (33%) are concerned about rising food prices, indicating a demand for high-quality yet affordable products [15]. - The hard discount model is particularly appealing in the context of consumer trends towards quality and value amidst economic pressures [13][15]. Group 3: Competitive Landscape and Supply Chain - Competitors like Aldi and Hema NB have successfully established themselves in the hard discount sector, with Aldi reporting over 500 low-priced products and Hema NB undergoing a brand upgrade [12][13]. - Meituan's strategy includes leveraging its existing supply chain from previous projects like Meituan Preferred and integrating suppliers from its past ventures [18][20]. - The focus on self-operated products will be crucial for maintaining competitive pricing and quality, with Meituan already having a significant number of self-branded products [20][21]. Group 4: Synergies with Existing Operations - The "Happy Monkey" project is expected to enhance Meituan's existing instant retail operations, which currently boast a peak daily order volume of 150 million [23]. - The integration of offline stores will provide a more comprehensive local retail experience, addressing the limitations of purely online models [27][28]. - Meituan aims to create a "big supermarket" model by connecting local demand, supply, and logistics, thereby enhancing its market presence and consumer engagement [27][28].

Core Insights - Meituan is making a significant return to offline retail with the launch of its new discount supermarket chain "Happy Monkey," marking its third attempt in this sector [1][2][3] - The Chinese retail market is currently experiencing intense competition, with major players like Alibaba, Meituan, and JD.com investing over 100 billion yuan in subsidies [1][4][6] Group 1: Meituan's Retail Strategy - Meituan's previous venture, "Little Elephant Fresh," faced challenges leading to its closure, but the company has pivoted to new strategies, including the launch of "Meituan Grocery" and "Meituan Preferred" [2][3] - The new "Happy Monkey" stores aim to leverage insights from past failures and are designed to operate with high efficiency, utilizing direct supplier connections and automated processes [7][8] - The company plans to open approximately 1,000 "Happy Monkey" stores, with several already under construction in key markets like Hangzhou and Beijing [6][10] Group 2: Competitive Landscape - The hard discount supermarket sector is highly competitive, with established players like Hema and Aldi dominating the market, necessitating a focus on low margins and high turnover [8][9] - Meituan's "Happy Monkey" will compete directly with Hema's existing stores in Hangzhou, which already has a significant presence [9][10] - The company is also developing a network of over 5,500 satellite stores to enhance its delivery capabilities, with plans to expand this to 10,000 by the end of 2025 [10][11] Group 3: Market Dynamics - The instant retail market is evolving, with Meituan capturing over 70% of the market share in daily orders, while competitors like Alibaba and JD.com are also ramping up their efforts [12][13] - The shift in consumer behavior towards non-food categories is evident, with non-food orders increasing from 28% in 2023 to 41% in the first half of 2025 [12][13] - Meituan's strategy includes integrating its membership system across various services to enhance customer retention and engagement [12][13] Group 4: Future Outlook - The success of "Happy Monkey" will depend on Meituan's ability to optimize its supply chain and establish strong partnerships with suppliers, as well as its capacity to adapt to the complexities of offline retail [14][15] - The competitive landscape will continue to evolve, with Meituan needing to differentiate itself through unique value propositions and operational efficiencies [14][15] - The upcoming launch of "Happy Monkey" is seen as a critical move for Meituan's long-term strategy in reshaping its retail presence and addressing market challenges [15][16]

Core Viewpoint - The article discusses the recent backlash from Sam's Club members regarding changes in product selection, which has led to concerns about quality and brand trust among its members [2][4][9]. Group 1: Membership and Sales Performance - Sam's Club has over 5 million active members in China, generating annual membership revenue exceeding 1.3 billion yuan, with a high renewal rate of 92% for premium members [6][8]. - Walmart's Q1 report indicated that Sam's Club and e-commerce are significant growth drivers, contributing two-thirds of Walmart China's performance, with net sales reaching $6.7 billion, a 22.5% year-on-year increase [6][9]. Group 2: Product Selection Controversy - Members have expressed dissatisfaction over the replacement of popular products with mainstream brands, perceiving it as a decline in quality [4][12]. - The introduction of products like "减糖·好丽友派" faced criticism for not meeting quality expectations, leading to its temporary removal from shelves [14][20]. - Consumers feel that the new product offerings do not align with their expectations of premium quality, leading to a loss of trust in the brand [18][39]. Group 3: Management and Strategic Changes - The article highlights a management transition at Walmart China, with Jane Ewing taking over as acting president of Sam's Club, emphasizing supply chain efficiency [27][31]. - The rapid expansion of Sam's Club, with plans to open 6 new stores in 2024, has raised concerns about maintaining product quality and supply chain management [35][37]. - Analysts suggest that the quality issues may be linked to the accelerated growth and the need for a more robust logistics and quality control system [37][46]. Group 4: Consumer Sentiment and Future Outlook - Long-time members are reconsidering their membership due to perceived declines in product quality and benefits, with some opting to downgrade their membership [18][21]. - The article concludes that while Sam's Club has made adjustments in response to member feedback, the long-term impact on brand perception and member loyalty remains uncertain [47][48].

Core Insights - Walmart emphasizes the importance of sustainable agriculture and green supply chains, highlighting its commitment to working closely with suppliers to provide quality products at reasonable prices [2] - Sam's Club, a high-end membership retail brand under Walmart, has set annual membership fees of 260 yuan for regular members and 680 yuan for premium members in the Chinese market [2] Group 1: Sustainable Practices - Walmart has established strict "zero deforestation" standards for key commodities such as palm oil, beef, soybeans, and timber, promoting sustainable practices in various regions [3] - The company has protected and restored over 33 million acres of land and marine ecosystems through its sustainability initiatives, contributing to the recovery and management of these ecosystems [3] Group 2: Environmental Management - Walmart has implemented smart energy management systems in its stores, optimizing the efficiency of lighting, air conditioning, and refrigeration to enhance environmental performance [3] - The company is accelerating the adoption of rooftop solar systems in its distribution centers to produce clean energy and reduce carbon emissions [3] Group 3: Food Waste Reduction - Walmart China has established a regular food donation network to effectively reduce food waste in the retail sector, contributing to green consumption and social welfare [3]