Group 1: Core Insights - The retail industry is experiencing a slow recovery in social consumption, with overall business pressure on retail enterprises [27][28] - The report emphasizes the importance of emotional consumption, suggesting that companies should focus on enhancing consumer service experiences and emotional satisfaction to drive positive accumulation [28][32] - The investment strategy highlights four main themes: gold and jewelry, offline retail, cosmetics, and medical aesthetics, each with specific recommendations for companies to watch [4][7][49] Group 2: Industry Dynamics - Traditional retail is facing challenges as online traffic growth approaches its peak, and issues like e-commerce tax audits arise, making offline experiences more valuable [4][28] - The gold and jewelry sector is shifting from supply-driven to demand-driven, with emotional needs like self-appreciation and national pride becoming significant [4][36] - The cosmetics industry is witnessing a rise in domestic brands, with emotional consumption trends spreading to various segments, including functional skincare and home fragrances [41][49] Group 3: Company Recommendations - For gold and jewelry, companies like Lao Pu Gold, Chao Hong Ji, and Zhou Da Sheng are recommended for their differentiated product offerings and consumer insights [7][48] - In offline retail, companies such as Yonghui Supermarket and Ai Ying Shi are highlighted for their proactive transformation and exploration of new business models [7][48] - In the cosmetics sector, brands like Pechoin, Mao Ge Ping, and Juzi Biological are noted for their strong performance and ability to adapt to market trends [7][49] Group 4: Market Performance - The retail industry index rose by 0.88% in the week of May 6-9, 2025, but has decreased by 5.81% since the beginning of the year, underperforming the broader market [6][15] - The brand cosmetics sector showed the highest growth, with a weekly increase of 2.89% and a year-to-date increase of 15.91% [18][21] - Individual stocks such as Huazhi Wine and New Xunda saw significant weekly gains of 13.4% and 12.2%, respectively [24][25]

Core Viewpoint - The article explores the unique characteristics and lifestyle of Shijingshan District in Beijing, highlighting its appeal as a less recognized yet attractive living area for young professionals and migrants seeking a more relaxed lifestyle in the city [3][36]. Summary by Sections Lifestyle and Atmosphere - Shijingshan is characterized by a slower pace of life compared to other districts in Beijing, with a notable absence of congestion and a more laid-back environment [5][6]. - The district boasts a high coverage rate of urban park green space, reaching 99.32%, and the highest forest coverage among the six central districts of Beijing [7][8]. - Residents enjoy a cost-effective lifestyle, with prices for food and daily necessities comparable to those in second and third-tier cities, making it an attractive option for young professionals [13][21]. Economic Context - Shijingshan's GDP for 2024 is projected to be 130 billion, placing it at the bottom among Beijing's central districts, with higher GDPs in suburban areas like Changping and Shunyi [7][8]. - The district has seen a recent surge in consumer interest, particularly with the opening of the "Fat Yonghui" supermarket, which quickly became a local hotspot, achieving sales of 77 million within five days of opening [23][25]. Community and Social Dynamics - The article describes a sense of community among residents, with informal exchanges and a relaxed social atmosphere, contrasting sharply with the competitive nature of other districts like Chaoyang [26][31]. - Many young migrants, referred to as "Beijing drifters," find a sense of belonging in Shijingshan, appreciating its balance of urban living and a more tranquil lifestyle [32][36]. - The district is increasingly viewed as a "hidden gem" or "retirement paradise" for those seeking a more laid-back existence in Beijing, with social media users expressing a desire to keep its appeal under wraps [36].

Core Viewpoint - The emergence of similar store names like "胖都来" and "胖东莱" highlights the ongoing issues in China's intellectual property protection and the challenges faced by established brands in maintaining their identity and reputation [2][5]. Group 1: Brand Imitation and Legal Implications - The store "胖都来" in Jiaxing has drawn attention for its name's similarity to "胖东来," raising concerns about brand imitation and legal boundaries [1][2]. - Multiple trademark applications for "胖东来" have been rejected, indicating a struggle in protecting established brands from imitation [1]. - The actions of "胖都来" and similar entities may violate the "Anti-Unfair Competition Law" by using names that are confusingly similar to well-known brands, which can mislead consumers [3][5]. Group 2: Regulatory and Market Response - The local market regulatory authority is monitoring the situation and has initiated investigations into the legitimacy of the registered names [6]. - There is a call for local authorities to take proactive measures against such imitations to ensure fair competition and protect legitimate businesses [6][7]. - The prevalence of imitation brands in lower-tier cities reflects a broader issue of regulatory enforcement and consumer awareness [6][7]. Group 3: The Importance of Brand Integrity - The case illustrates the critical need for brands to maintain their unique identity and the challenges posed by imitators who focus on superficial aspects rather than genuine brand values [2][5]. - The concept of "brand soul" is emphasized, where successful brands like "胖东来" offer unique services and employee benefits that cannot be easily replicated [2][5]. - The ongoing situation serves as a reminder of the importance of robust legal frameworks and consumer education to combat brand imitation [7].

一般零售 | | | 执业证书编号：S0740524040004 Email：zhengch@zts.com.cn 执业证书编号：S0740523060001 Email：zhangji01@zts.com.cn 基本状况 | 总股本(百万股) | 638.34 | | --- | --- | | 流通股本(百万股) | 638.34 | | 市价(元) | 10.85 | | 市值(百万元) | 6,925.97 | | 流通市值(百万元) | 6,925.97 | 家家悦（603708.SH） 证券研究报告/公司深度报告 2025 年 05 月 08 日 | 评级： | 增持（首次） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 指标 | | | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：郑澄怀 | | 营业收入（百万元） | | 17,763 | 18,256 | 18,566 | 19,258 | 20,066 | | 增长率 ...

一般零售 | | | 执业证书编号：S0740524040004 Email：zhengch@zts.com.cn 执业证书编号：S0740523060001 Email：zhangji01@zts.com.cn 基本状况 | 总股本(百万股) | 638.34 | | --- | --- | | 流通股本(百万股) | 638.34 | | 市价(元) | 10.85 | | 市值(百万元) | 6,925.97 | | 流通市值(百万元) | 6,925.97 | 核心观点：本报告主要强调家悦烘焙逻辑，结合公司基本面改善的确定性较高，若家 悦烘焙出现较好的品牌势能，则家家悦有望成为较好赔率的投资标的。 请务必阅读正文之后的重要声明部分 新烘焙，新家悦 ——家家悦首次覆盖报告 股价与行业-市场走势对比 首次覆盖，给予"增持"评级。因公司在现制烘焙领域的尝试仍处于早期，本报告在 盈利预测时暂不考虑家悦烘焙远期成为独立品牌以及独立门店扩张带来的收入和利 润 增 量 。 预 计 公 司 25/26/27 年 收 入 分 别 为 185.66/192.58/200.66 亿 元 ， yoy+2%/+4%/+4% 。 ...

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].