Core Viewpoint - The company is facing challenges in the retail sector due to economic slowdown, market decline, and industry transformation, but it aims to achieve stability and growth through transformation and efficiency improvements [1][2]. Group 1: Business Performance - The company achieved a total revenue of 13.15 billion yuan, a year-on-year increase of 0.46%, with earnings per share of 3.00 yuan, up 0.33% [1][16]. - The net asset return rate remained stable, reflecting the company's focus on maintaining operational quality amidst market challenges [1]. Group 2: Product and Supply Chain Strategy - The company emphasized enhancing product competitiveness by optimizing the supply chain and transforming business models, leading to significant growth in self-owned brands, with sales increasing over 50% [2]. - The company has successfully integrated its supply chain for the outlet model, resulting in strong customer traffic and sales trends [1][2]. Group 3: Store and Scene Development - The company accelerated the transformation of its physical stores, achieving a 26.4% adjustment rate in store formats and adding 33,700 square meters of non-purchase space [2]. - The company explored various store models, including fresh + discount and quality supermarkets, resulting in double-digit growth in multiple operational metrics [2]. Group 4: Multi-Channel Development - The company expanded its online sales to 2.415 billion yuan, with membership numbers surpassing 25 million [3]. - B-end business sales reached 2.08 billion yuan, reflecting a year-on-year growth of 20.1% [3]. Group 5: Cost Reduction and Efficiency Improvement - The company achieved a total of 2.4 billion yuan in cost reductions through various measures, including labor cost management and procurement optimization [4]. - The company implemented organizational optimization and introduced various incentive mechanisms to enhance employee engagement and performance [4]. Group 6: Corporate Governance - The company completed the restructuring of its board and management, enhancing governance and operational efficiency [5]. - The company established a risk management system to effectively mitigate operational risks [5][10]. Group 7: Financial Overview - The company's total assets reached 197.41 billion yuan, with current assets increasing by 5.91% to 79.41 billion yuan [14][15]. - The company reported a net profit attributable to shareholders of 6.107 billion yuan, with a proposed cash dividend distribution based on a total share capital of 440.48 million shares [18].

| | 比优特14家新店名单 | | | --- | --- | --- | | 城市 | 门店名称 | 预计开业时间 | | 黑龙江 | 哈尔滨学府凯德店(原北京华联超市) | 6月18日 | | 吉林 | 长春宽城万达店(原永辉超市) | | | 吉林 | 长春红旗街万达店(原永辉超市) | 6月28日 | | 吉林 | 长春车城万达店(原永辉超市) | | | 黑龙江 | 大庆萨尔图万达店(原永辉超市) | | | 黑龙江 | 大庆让胡路万达店(原永辉超市) | 7月2日 | | 黑龙江 | 大庆毅腾店(原永辉超市) | | | 黒龙江 | 哈尔滨融创茂店(原永辉超市) | 7月7日 | | 吉林 | 长春绿园吾悦广场(原永辉超市) | 7月9日 | | 吉林 | 长春北湖吾悦广场(原永辉超市) | | | 黑龙江 | 齐齐哈尔万达店(原永辉超市) | 7月10日 | | 辽宁 | 盘锦万达店(重装开业) | 7月11日 | | 黑龙江 | 哈尔滨哈西万达店(原永辉超市) | 7月16日 | | 辽宁 | 大连高新万达店(原华润万家) | 7月24日 | | | 来源：公开数据统计 制表:职业零售网 | ...

作 者丨杨坪 编 辑丨孙超逸 视频编辑丨柳润瑛 南方财经旗下 21 数字传媒、经视传媒组成联合报道组，采访观察传统商超企业何以转型发 展。 曾经，逛"人人乐"是众多80后、90后"老广"的童年回忆。 如今，这家成立近30年的老牌连锁超市，即将告别A股。 6月5日晚，人人乐连锁商业集团股份有限公司（简称人人乐，证券代码：002336.SZ）发布了 终止上市决定的公告，公司股票将于7月4日正式摘牌。 在公告退市后的第二个交易日——6月9日上午，21世纪经济报道记者来到了人人乐位于深圳 的总部办公地点。 图 / 21世纪经济报道，杨坪摄 身处退市旋涡中心的人人乐公司，仍在经营运行，两层办公楼内， 员工均在正常办公，但室 内有不少座位空缺。 【编者按】被称为 " 民营超市第一股 " 的人人乐宣布退市，这一 " 老广人 " 耳熟能详的品牌从能 与沃尔玛、家乐福 " 硬碰硬 " 到行至退市，不仅是一家上市公司告别 A 股的悲情故事，更是中国 商超格局变化的缩影。 图 / 21世纪经济报道，杨坪摄 公司前台告诉记者， 目前除了西安、深圳外，人人乐其他地区的运营主体均已转让。 作为曾经可以与沃尔玛、家乐福"硬碰硬"的民营超市 ...

Core Viewpoint - Walmart hosted its 2025 "Employee Week" event on June 5 and 6, with store tours and management meetings, leading Goldman Sachs to issue a "Buy" rating with a target price of $101 for Walmart (WMT.US) [1] Financial Summary - Current Price: $97.47, Target Price: $101.00, Upside: 3.6% [2] - Market Cap: $780.4 billion, Enterprise Value: $816.2 billion [2] - Revenue Forecasts: - 2025: $680.99 billion - 2026: $706.10 billion - 2027: $735.97 billion - 2028: $767.74 billion [2] - EBITDA Forecasts: - 2025: $42.48 billion - 2026: $44.79 billion - 2027: $49.07 billion - 2028: $53.83 billion [2] - EBIT Forecasts: - 2025: $29.50 billion - 2026: $30.71 billion - 2027: $34.49 billion - 2028: $38.63 billion [2] - Dividend Yield: 1.1% [2] Business Growth Drivers - The grocery segment has been a key growth driver, with a 70% increase over the past 9-10 years and a 50% increase since 2020 [3] - Walmart plans to add 150 new items to its Better Goods brand, focusing on high-quality products, with 70% priced below $5 [3] - The company is capturing market share from both retailers and restaurants [3] Digital Business Insights - One-third of Walmart's orders are for "fast delivery" within three hours, indicating a shift towards delivery services over in-store pickup [4] Consumer Impact of Tariffs - Consumers have not significantly felt the impact of tariffs, with no signs of supply chain congestion reported by Walmart [5] Product Variety Enhancement - Walmart is improving the quality of its everyday products and negotiating with higher-quality brands, despite challenges due to consumer spending constraints [6] - The company is enhancing its clothing and home goods categories, with notable changes including the introduction of domestic brands and a focus on a department store atmosphere [6][7] Advertising and Revenue Sources - Walmart's advertising revenue is still low compared to Amazon, with a focus on promoting unsold products through VIZlO [8] Digital Label Implementation - By 2026, Walmart plans to roll out digital labels to all stores, which will help improve inventory turnover and display both discount and regular prices [9] Pharmacy Business Performance - The pharmacy segment is performing well, with GLP-1 drugs contributing 100 basis points to overall performance, and the company has launched a pharmacy delivery service [10] Sam's Club Growth - Sam's Club has seen a 7% increase in membership fee income and a 160% growth in delivery services, with 35% of members using the "Scan & Go" service [11]

在社交媒体上，经常会看到一家名为"缺德舅"的美国超市，它以各种"破款"产品频频出现在帖子中，甚至有声音称它的赚钱能力超过了零售巨头沃尔玛。 这家被戏称为"缺德舅"的超市，指的是美国的社区连锁超市Trader Joe's。由于其英文发音与"缺德舅"相似，因此得此别名。 这些消费者群体多为艺术家、教师、博物馆馆长或记者等，他们的需求未被当时主流超市满足。因此，Joe决定开设一家专注于这些消费者的杂货店。首 家门店设在受过良好教育、拥有高文化素养的帕萨迪纳，这一精准的市场定位为Trader Joe's的成功奠定了基础。 根据彭博社的数据，截止到2022年，Trader Joe's在美国已有563家门店，年销售额约为165亿美元，虽然和沃尔玛这些零售巨头相比差距较大，但其门店的 平均面积只有巨头的十几分之一，然而其坪效却是沃尔玛和Target的四倍，接近每平方米200美元。自1994年以来，Trader Joe's还连续多年被评为美国最受 欢迎的超市品牌。这份成功与其精准的市场定位密不可分——它关注的市场是那些主流超市忽视的细分群体。 Trader Joe's主要面向年龄在25-45岁之间、年收入8万美元以上且受过良 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights the emergence of high-end Chinese gold brands, particularly "Lin Chao Jewelry," which has completed angel financing and is expected to reshape the high-end gold market with its unique craftsmanship and brand positioning [4][23][25] - The retail sector is experiencing a shift towards emotional consumption, with brands that possess differentiated product capabilities and deep consumer insights gaining traction [28] - The jewelry sector, particularly the watch and jewelry segment, has shown significant growth, outperforming other retail segments [6][15] Summary by Relevant Sections Retail Market Overview - The retail industry index rose by 1.29% during the week of June 2 to June 6, 2025, outperforming the Shanghai Composite Index by 0.16 percentage points [6][13] - The jewelry segment has been the best-performing sub-sector, with a weekly increase of 2.78% and a year-to-date increase of 30.59% [15][18] High-End Chinese Gold Brand "Lin Chao Jewelry" - Lin Chao Jewelry focuses on high-end handmade gold jewelry, integrating traditional cultural elements into its designs [4][23] - The brand has only one physical store in Lanzhou and emphasizes exclusivity, with a delivery period of at least one year for its products [25] - The company offers a "Heritage Series" for emotional customization, allowing customers to engrave family sayings or fingerprints, enhancing its luxury appeal [25] Investment Recommendations - Investment focus includes high-quality companies in high-growth sectors driven by emotional consumption themes, particularly in gold and jewelry [7] - Recommended brands include "Lao Pu Gold," "Chao Hong Ji," and "Zhou Da Sheng" for their differentiated product offerings and consumer insights [28][30] - The report also suggests monitoring retail companies that are actively transforming and exploring new strategies, such as "Yonghui Supermarket" and "Ai Ying Shi" [28] Company Performance Highlights - "Lao Pu Gold" reported a revenue of 8.506 billion yuan in FY2024, a 167.5% increase, and a net profit of 1.473 billion yuan, up 253.9% [30] - "Chao Hong Ji" achieved a revenue of 6.518 billion yuan in 2024, a 10.5% increase, with a significant growth in Q1 2025 [36] - "Zhou Da Sheng" faced challenges with a revenue drop of 14.7% in 2024, but future growth potential is anticipated through brand optimization [40]

Group 1 - The city is promoting commercial quality upgrades through smart consumption, with a significant rise in "contactless payment" innovations in urban supermarkets [1][3] - Self-service scanning payment is transitioning from a novelty to a regular practice among consumers, enhancing the shopping experience and optimizing the consumption environment [1][3] - In Yonghui Supermarket, self-service device coverage has reached 55%, with self-checkout accounting for 60% of transactions on weekdays, improving efficiency by 40% compared to manual checkout [1][3] Group 2 - In CR Vanguard Supermarket, self-service payment devices have a coverage rate of 68%, processing an average of 972 orders per day per device, significantly benefiting peak shopping hours [3] - The demographic using self-service devices is predominantly under 35 years old, making up 82% of users, and they complete transactions 3 minutes faster than at manual checkouts [3] - The shift towards self-service payment reflects a deeper change in consumer habits, aligning with the younger generation's demand for seamless service [3]

Core Viewpoint - The announcement of the termination of the listing of Renrenle Chain Commercial Group Co., Ltd. (*ST Renrenle) highlights the increasing challenges faced by traditional retail companies in the context of intensified competition and the impact of online shopping and the pandemic [1][4][6]. Group 1: Company Overview - Renrenle was established in April 1996 and went public in 2010, primarily operating hypermarkets, high-end supermarkets, and online shopping platforms [3]. - At its peak, Renrenle had nearly 150 stores and achieved over 10 billion yuan in revenue for seven consecutive years from 2010 to 2016, with a maximum revenue of 12.91 billion yuan [4]. Group 2: Financial Performance - The company has faced significant financial decline, with revenues dropping from 5.981 billion yuan in 2020 to 1.429 billion yuan in Q1 2025, a decrease of 77.81% year-on-year [5][6]. - Renrenle reported net profits of 0.035 billion yuan in 2020, followed by losses of 0.857 billion yuan, 0.507 billion yuan, 0.498 billion yuan, and 0.017 billion yuan from 2021 to 2024 [4][6]. Group 3: Reasons for Delisting - Renrenle has incurred losses for four consecutive years since 2021, totaling nearly 2 billion yuan, leading to a negative net asset of -0.387 billion yuan in 2023 [6][7]. - The company received a notice of termination of listing due to financial conditions, including a negative net asset of -0.404 billion yuan for the fiscal year 2024 [6][11]. Group 4: Market Context - In 2025, 13 companies have completed delisting from the A-share market, indicating a trend of increasing delistings due to various reasons, including financial distress and regulatory compliance [9][11]. - The new delisting regulations introduced in 2024 have intensified the scrutiny of companies, leading to a stricter enforcement of delisting criteria [12].

Group 1 - Wang Ziru, after leaving Gree, announced his return to Bilibili as an AI content creator, focusing on AI applications to help traditional industries accelerate digital transformation, citing quick financial returns as a motivation [1] - ByteDance's overseas employees experienced food poisoning, leading to a lawsuit against the restaurant Yunhaiyao for violating food sales laws and public health regulations [2] - Yonghui Supermarket is set to open its 100th store following the "Fat Donglai" model, indicating a shift towards quality retail and a systematic approach to store transformation [4] Group 2 - Reports indicate that some regions in China have paused or adjusted the national subsidy for home appliance replacements due to exhausted funds, with a total subsidy of approximately 1.2 billion [3] - The chairman of Xizi Elevator, Liu Wenchao, passed away at the age of 54, with the company being a significant player in the elevator manufacturing industry, investing over 810 million [4] - The company Renrenle, known as the "first private supermarket stock," is facing delisting due to negative net assets of -387 million as of 2023 [5] Group 3 - China successfully launched a low-orbit satellite for internet connectivity using a Long March 6 rocket, marking a significant achievement in satellite technology [6] - BYD publicly addressed the issue of "involution" in the automotive industry, proposing four initiatives focused on responsible marketing and technological innovation [6] - Meituan's drone service launched its first regular operational route in Hong Kong, enhancing delivery capabilities in the region [7] Group 4 - Lululemon reported a 7% year-on-year increase in global net revenue for Q1 2025, reaching $2.4 billion, with international business growing by 19% [15] - Ruixin Medical launched the AngioQFA 100 system, which integrates AI and 3D simulation technology for comprehensive coronary function assessment [16] - Times Angel introduced its first oral scanner, AngelScanner A8, featuring advanced technologies to improve scanning speed and accuracy [17] Group 5 - Northern Kangyuan Comprehensive Energy completed a 200 million RMB Series A financing round to support clean energy projects [18] - Guoao Technology announced the completion of several million RMB in Series A financing, aimed at expanding production capacity and accelerating R&D in high-end semiconductor and robotics sectors [20]

Group 1 - Wang Ziru announced his return to Bilibili as "Wang Ziru AI," focusing on AI content creation and helping traditional industries with digital transformation, citing quick financial returns as a motivation [1] - ByteDance's overseas employees experienced food poisoning, leading to a lawsuit against the restaurant Yunhaiyao for violating food sales laws and public health regulations [2] - Yonghui Supermarket is set to open its 100th store redesigned in the "Fat Donglai" model, indicating a shift towards quality retail and a systematic approach to this model [4] Group 2 - Reports indicate that some regions in China have paused the "national subsidy" for home appliance replacements due to exhausted funds, with a total subsidy of approximately 1.2 billion [3] - The chairman of Xizi Elevator, Liu Wenchao, passed away at the age of 54, as confirmed by the company [6] - The company *ST Renle, known as the "first private supermarket stock," is facing delisting due to negative net assets of -387 million yuan as of 2023 [5] Group 3 - Lululemon reported a 7% year-on-year increase in global net revenue for Q1 2025, reaching $2.4 billion, with international business growing by 19% [16] - The AI video software PixVerse launched its domestic version "Pai Wo AI," attracting over 60 million global users and 16 million monthly active users [14] - The company North China Kangyuan completed a 200 million yuan A-round financing to develop clean energy projects [20]