当热度褪去，开业之初引发客流激增的学习胖东来自主调改店（以下简称"胖改店"）情况如何？近日，北京商报记者集中走访了北京市场已开业的3家永辉 调改店及1家物美调改店。无论在永辉还是物美，"胖改店"的客流已趋于平稳，难以再现开业时的拥挤及商品售罄状况。 "胖改店"更深层次的调整发生在供应链。采购环节去供应商化并不是简单地缩短流通环节，还意味着直接压缩品牌商利润空间，话语权也会被削弱。期间， 零供关系长久以来的平衡被打破，利润也将重新分配，这并非能一蹴而就。加之，胖东来高调透露帮扶给其带来了损失，学生们学成交卷的时候到了。 客流回落 开业即将半年，永辉在京首家"胖改店"已经逐渐趋于平静。北京商报记者于多个工作日走访永辉喜隆多店看到，目前，超市内的消费者相比开业之初明显减 少，消费者主要集中在熟食区、胖东来商品专区。而近6个月前的开业首日，进店的队伍在商场外绕了一圈又一圈，当天客流近5万人。 882 价格实在 4005 EGGVARIETIES A BO BADANGARIE SIEL- H IN THUNNER SARBORARED 最后在 SHARRE 8 1 p . 10 f 1441 119 ris CARD ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the ongoing impact of tariff shocks and suggests focusing on high-quality retail channels and differentiated consumer brands that cater to domestic demand [4][22] - The report highlights the transformation of traditional retail, with Yonghui Supermarket leading the way in adapting to a consumer-centric retail era [4][22] - The rise of domestic brands and the recovery of consumer demand are seen as inevitable trends, with recommendations to focus on quality retail channels and differentiated brands [4][22] Summary by Sections Retail Market Review - The retail industry index rose by 2.88% during the week of April 7 to April 11, outperforming the Shanghai Composite Index, which fell by 3.11% [6][13] - The supermarket sector showed the largest increase, with a weekly rise of 13.54% [14][17] - Notable individual stock performances included Guofang Group (+61.1%), Eurasia Group (+26.3%), and Nanning Department Store (+22.4%) [19][20] Industry Dynamics - Yonghui Supermarket has opened a "green channel" for domestic manufacturers affected by export restrictions, receiving over 100 cooperation requests from various sectors [4][22] - The report discusses the approval of a new collagen product by Jinbo Bio, which is expected to strengthen its leading position in the medical beauty sector [4][23] Investment Recommendations - Investment focus areas include: - Traditional retail: Highlighting companies like Yonghui Supermarket and Aiyingshi that are adapting to consumer trends [7][27] - Gold and jewelry: Recommendations for brands like Laopu Gold and Chaohongji that possess differentiated product capabilities [7][28] - Cosmetics: Emphasizing domestic brands such as Maogeping and Shangmei that are expanding into high-potential segments [7][28] - Medical aesthetics: Focusing on companies like Aimeike and Kedi that are positioned to benefit from the recovery in medical beauty consumption [7][28] Company-Specific Insights - Laopu Gold reported a revenue of 8.506 billion yuan (+167.5%) and a net profit of 1.473 billion yuan (+253.9%) for FY2024, indicating strong growth potential [29] - Yonghui Supermarket's revenue for the first three quarters of 2024 was 54.549 billion yuan (-12.1%), with a net loss of 78 million yuan, but it is undergoing significant transformation [32] - Jinbo Bio's new collagen product is expected to provide both immediate filling effects and stimulate collagen regeneration, enhancing its competitive edge in the market [23][24]

4月7日下午，永辉超市微信公众号发布了《致中国优质供应链的一封信》，其中那句"让中国制造的星光汇聚成照亮内需市场的银河"，被业内视为传统商 超转型的"破局宣言"。 背后也映射着永辉超市以"去中间商"为核心的供应链重构野心，以及对中国品质零售未来十年的战略押注。这场始于供应链端的变革，或将对零售业产生 更深远影响。 坚定走"品质零售"路线的永辉超市 永辉在公开信中提出，若因出口受阻而库存积压，永辉将开通"绿色通道"完成15天极速上架；针对苦恼于国内市场认知度的外贸商品，永辉将提供推广扶 持；对于渴望产品升级的供应链企业，永辉将作为"市场助手"共同开发新产品。 这也是永辉供应链改革与品质零售战略的率先鸣枪。 叶国富在此前的全球供应商大会上强调："未来零售行业就是两大趋势，品质零售和兴趣消费。名创优品代表兴趣消费，而我们希望通过永辉把握住品质 零售的机会。品质零售最核心的就是产品。只有好产品才有好品牌，只有好产品才有好渠道，只有好产品才有好业绩。" 这一观点与永辉的"三大聚焦一个反对"战略（聚焦核心供应商、核心大单品、长期主义；反对频繁更换供应商）形成呼应，将供应链从博弈转向共生。 2024年永辉亏损14亿元，而2 ...

Core Viewpoint - The article discusses a recent incident where Yu Donglai interrupted a speech by a senior executive of Yonghui Supermarket, emphasizing the need for clear boundaries between his brand, Pang Donglai, and Yonghui, highlighting the importance of employee treatment in business operations [2][3][9][11]. Group 1: Incident Overview - Yu Donglai's interruption was a direct response to Yonghui's claims about employee management, showcasing a clear stance on the differences between his approach and Yonghui's practices [2][3][9]. - The incident reflects ongoing tensions between Yonghui and Pang Donglai, with Yonghui frequently referencing Pang Donglai's model without fully adopting its principles, particularly regarding employee compensation [5][7][11]. Group 2: Implications for Business Practices - The interruption served as a public declaration that Yonghui's success should not be attributed solely to Pang Donglai's influence, especially when employee wages are not aligned with profitability [9][10][11]. - Yu Donglai's actions are seen as a protective measure to maintain the integrity of the Pang Donglai brand, preventing potential reputational damage from Yonghui's practices [11].

Group 1 - Recent reports indicate that consumers have found live worms in black diamond wax apples purchased from Sam's Club, raising concerns about product quality and safety [2] - Sam's Club's customer service stated that the presence of worms is considered a normal occurrence due to the lack of pesticides on fruit products, although they claim to conduct quality checks [2] - There have been previous complaints regarding the organic high-calcium fresh milk from Sam's Club, which reportedly turned lumpy and sour while still within its shelf life, leading to the product being removed from multiple sales channels [4] Group 2 - A consumer discovered that a cold dish labeled with a short shelf life was actually a frozen pre-prepared dish with a much longer shelf life, prompting regulatory scrutiny and a requirement for Sam's Club to rectify labeling issues [6] - The Wuhan market supervision authority has initiated quality inspections on the mislabeled cold dishes and mandated their removal from shelves to prevent consumer deception [6] - Sam's Club is a high-end membership store under Walmart, with over 30 years of operational history since its first store opened in 1983 [6]

Core Viewpoint - The listing of Jiangsu Hongxin Supermarket Chain Co., Ltd. on the Hong Kong Stock Exchange marks a potential revaluation of regional retail leaders under the dual pressures of consumer segmentation and channel restructuring [1][4]. Group 1: Company Overview - Jiangsu Hongxin Supermarket, known as "the first supermarket in Central Jiangsu," raised approximately HKD 150 million during its IPO [1]. - The company operates 52 supermarkets and 107 convenience stores, primarily concentrated in Yangzhou, Jiangsu Province [5][6]. - As of 2023, Hongxin Supermarket ranked second among supermarket operators in Yangzhou with a market share of 9.1% and fifth in Central Jiangsu with a market share of 2.3% [6]. Group 2: Financial Performance - The company's revenue for the past three years was RMB 1.43 billion, RMB 1.33 billion, and RMB 1.40 billion, with net profits of RMB 35.08 million, RMB 51.07 million, and RMB 51.60 million respectively [6][9]. - In the first nine months of 2024, revenue reached RMB 1.00 billion with a net profit of RMB 24.08 million [6][9]. - The net profit margin for 2023 was 3.66%, ranking second among listed peers [8]. Group 3: Business Structure and Strategy - Hongxin Supermarket is undergoing a significant business structure adjustment, shifting from a C-end retail focus to a B-end wholesale business, with wholesale revenue increasing from 36.7% in 2021 to 56.9% in the first nine months of 2024 [10][12]. - The company has also ventured into the prepared food sector, with a central kitchen capable of producing 20,000 meals daily [13][15]. - Despite its growth in wholesale and prepared food, the company has faced challenges with its franchise model, leading to the termination of its franchise program due to declining revenues [16]. Group 4: Market Position and Future Outlook - The successful IPO has enhanced the company's brand recognition and market visibility, transitioning from a regional player to a more nationally recognized entity [17]. - Hongxin Supermarket's approach of deepening its regional market presence and diversifying its business model serves as a reference for other companies in the industry [19]. - The company aims to expand its prepared food supply chain and infrastructure, indicating a commitment to growth in this segment [16].

| | | 【人】【得到了次盲游】口平以上贝 \六大一】【 | | | --- | --- | --- | --- | | 级别 | 2024年 | 2025年 (1-2月) | 现执行工资基贸 | | 医长 | 44193 | 78058 | 80000 | | 店助 | 31765 | 48787 | 50000 | | 处长 | 23868 | 31253 | 30000 | | 处助 | 19537 | 23537 | 22000 | | 播长 | 13678 | 19554 | 18000 | | 课助 | 11521 | 16570 | 15000 | | 班长 | 10140 | 12033 | 员工工资+岗补 | | 员工 | 8315 | 9886 | 各岗位工资薪酬 | 报道，3 月28日，胖东来创始人于东来在2025中国超市周上公开透露，2025年1至2月 份， 在交 完社保以后，胖东来员工工资是9886元，店长平均月薪78058元， 高管层工资普遍上调。 最近两天，胖东来的一份工资表刷屏了。 据大象新闻 此外，于东来还透露，2025年胖东来管理层的工资跟2024年相比也有很大的变化。" ...

Macro Dynamics - The Ministry of Commerce emphasizes the need to address bottlenecks in the circulation of new energy vehicles (NEVs) and increase support for trade-in programs. As of March 28, 2023, over 1.769 million applications for trade-in subsidies have been submitted, with NEV retail sales exceeding 2.05 million units, a year-on-year increase of approximately 34% [2] Healthcare Sector - The National Healthcare Security Administration (NHSA) is intensifying efforts to combat illegal activities related to "return drugs" in Hubei province. A comprehensive inspection is underway to address fraud and ensure the safety of the healthcare fund [3] - A hospital in Chengdu has been suspended from receiving healthcare payments due to allegations of "cash-out" practices. Investigations are ongoing regarding excessive prescriptions linked to the hospital [4] Financial Institutions - Wu Ruoman has resigned as the chairman of Xingyin Fund Management due to personal reasons, with the general manager, Yi Yong, temporarily assuming the role [7] Market Data - U.S. stock markets experienced significant declines on March 28, with the Nasdaq dropping 2.7%, the S&P 500 down 1.97%, and the Dow Jones falling 1.69%. Major tech stocks also saw substantial losses, with Netflix, Google, Amazon, and Meta each declining over 4% [8] - The Nasdaq Golden Dragon China Index fell by 3.11% on March 28, with notable declines in several Chinese concept stocks [10] Company Dynamics - Pang Donglai reported that the average monthly income for employees in January and February 2025 was 9,886 yuan, with sales reaching approximately 4.4 billion yuan [12] - Xpeng Motors' chairman, He Xiaopeng, announced that the company's flying car is preparing for large-scale production, with expected deliveries next year [15] - Sunac China Holdings reported a projected revenue of approximately 74.02 billion yuan for 2024, a year-on-year decrease of about 52%, with a significant increase in losses attributed to debt restructuring [16]

Core Viewpoint - Aldi is positioning itself as a cost-effective alternative in the retail market, focusing on self-owned brands and a simplified SKU strategy to attract price-sensitive consumers in Shanghai and surrounding areas [4][15][18]. Group 1: Aldi's Market Positioning - Aldi has opened its first store outside Shanghai in Wuxi, marking a significant step in its expansion strategy after six years in China [4][15]. - The store emphasizes low prices and quality, with a marketing slogan of "Good quality, low price" prominently displayed [15][18]. - Aldi's self-owned brand products account for over 80% of its offerings, allowing for better price control and consumer trust [8][10]. Group 2: Consumer Perception and Behavior - Consumers in Shanghai view Aldi as a convenient option for daily purchases, often choosing it over larger warehouse clubs like Sam's Club and Costco for regular shopping needs [7][12]. - The perception of Aldi's products is positive, with consumers noting the aesthetic appeal and cleanliness of the store layout, as well as the competitive pricing of self-owned brand items [7][11]. - Aldi's product selection includes unique items that cater to niche markets, such as specialty vegetables and international snacks, which are not commonly found in other supermarkets [11][12]. Group 3: Competitive Landscape - Aldi's strategy is influenced by competitors like Sam's Club and Costco, which have established a strong presence in the market with their bulk purchasing model [15][16]. - The company is seen as a potential rival to these established players, particularly in the daily replenishment segment, where convenience and price are key factors [15][16]. - Aldi's focus on a simplified shopping experience and lower price points positions it well against traditional supermarkets struggling to adapt to changing consumer preferences [16][18]. Group 4: Future Expansion and Challenges - Aldi plans to continue its expansion in the Yangtze River Delta region, with a goal of opening more stores in cities like Suzhou and Wuxi by the end of 2024 [18]. - Despite a growing sales trend, only a few stores are currently profitable, indicating challenges in achieving sustainable growth [18]. - The reliance on local supply chains in Jiangsu and Zhejiang poses a risk as Aldi seeks to expand into other regions, such as Beijing [16][18].

Core Viewpoint - Aldi's expansion into the Wuxi and Suzhou markets represents a strategic positioning in the Shanghai market, offering a budget-friendly alternative to existing membership stores like Sam's Club and Costco [2][4][15] Summary by Sections Aldi's Market Positioning - Aldi has opened its first store in Wuxi, marking its expansion beyond Shanghai, where it has operated 65 stores by the end of 2024 [4][16] - The brand is recognized for its low prices and self-owned brands, which dominate its product offerings, appealing to cost-conscious consumers [4][6] Consumer Perception - Consumers in Shanghai view Aldi as a convenient option for daily shopping, contrasting it with larger membership stores that cater to bulk purchases [5][10] - The perception of Aldi's products is positive, with customers noting the aesthetic appeal and cleanliness of the store layout [6][10] Product Offering and Pricing Strategy - Aldi maintains a simplified SKU count of around 2,000, significantly lower than Sam's Club, which has about 5,000, allowing for better price control and supply chain management [6][14] - The brand's self-owned products, which account for over 80% of its offerings, provide a competitive pricing advantage, with items like milk priced at 9.9 yuan compared to local brands [6][7] Competitive Landscape - Aldi's strategy is influenced by the competitive dynamics with Sam's Club and Costco, focusing on a different shopping experience that emphasizes convenience and affordability [10][14] - The brand's marketing approach includes unique recruitment advertisements that also serve as a quality assurance message to consumers [11][13] Future Expansion and Challenges - Aldi plans to continue its expansion, having opened 14 new stores in 2024, while also facing challenges related to profitability and reliance on local supply chains [16][18] - The company aims to penetrate broader markets beyond Shanghai, with potential future expansions into cities like Beijing [15][18]