Core Viewpoint - Ito-Yokado is restructuring its operations in China, focusing on divesting from underperforming stores and shifting its strategy to enhance profitability in remaining locations, particularly in Chengdu [2][4][7]. Group 1: Business Operations and Performance - Ito-Yokado has sold 90% of its shares in the Beijing store operations to a local retailer, Beijing Xincheng Supermarket Development, and will only retain brand licensing rights [4]. - The sales revenue of Huatang Ito-Yokado for the fiscal year 2024 decreased by 24% year-on-year, dropping to 1.7 billion yen, which is less than one-tenth of the 24 billion yen recorded in 2015 [4]. - The company is closing three stores in Chengdu by September 2025 as part of its restructuring efforts, aiming to focus on improving the profitability of the remaining six stores [4][7]. Group 2: Market Conditions and Challenges - The slowdown in personal consumption in China and the rise of online supermarkets have contributed to declining sales for Ito-Yokado [2][4]. - China is experiencing deflationary pressures, with the Consumer Price Index (CPI) projected to grow by 0.0% in 2025, the lowest level since 2009, leading to intensified price competition [4]. - The company is facing challenges in adapting to local consumer demands, which is critical for success in the Chinese market [7]. Group 3: Strategic Focus and Future Plans - Following the divestment in Beijing, Ito-Yokado plans to concentrate on enhancing the performance of its remaining stores in Chengdu [2][4]. - The company is undergoing a transformation from traditional supermarket operations to focusing on food supermarkets in Japan, indicating a broader strategic shift [7]. - The establishment of York Holdings, which includes Ito-Yokado's non-convenience store businesses, is part of a larger restructuring strategy under Bain Capital's ownership [7].

Core Insights - The essence of retail lies in meticulous control over inventory, logistics, and cash flow, emphasizing the importance of turnover rates in driving profitability [2][3] - Retailers can achieve profitability through three main paths: high margin and high turnover, high margin with slower turnover, and high turnover with lower margins, the latter being crucial for mass-market retailers [3][4] Group 1: Importance of High Turnover - High turnover is essential for creating competitive advantages in retail, particularly for mass-market players who rely on rapid inventory turnover to generate profits [3][4] - The evolution of retail formats has consistently focused on improving turnover efficiency, with significant advancements seen from grocery stores to supermarkets and now to warehouse-style retailers like Costco [5][6] - The latest trend in retail is represented by bulk snack stores, which have significantly reduced inventory turnover days to 13.4 days, indicating a shift towards community-based retailing [7][29] Group 2: Cash Flow and Risk Management - High turnover creates an internal cash flow engine, allowing companies to minimize the capital required for operations by shortening inventory turnover days [8][30] - Companies like Costco and the newly listed Mingming Busy have demonstrated extremely short cash conversion cycles, enhancing their resilience and ability to return value to shareholders [9][31] - Sustained high turnover rates validate the effectiveness of a business model, indicating consumer acceptance and repeat purchases, which are essential for sustainable growth [10][32] Group 3: Supply Chain Efficiency - Retailers must optimize their supply chain relationships to achieve low prices, with a significant portion of costs attributed to product expenses [11][33] - Direct sourcing and data-driven consumer-to-manufacturer (C2M) models are becoming prevalent, allowing retailers to respond quickly to consumer preferences and reduce inefficiencies in traditional supply chains [12][34] - Shorter payment cycles enhance supplier relationships, enabling retailers to secure better terms and support for customized production and delivery [13][35] Group 4: Store Network Optimization - Retailers must maintain low costs and prices while ensuring product quality, often resulting in lower profit margins as a strategic choice [14][36] - The density of store locations creates a competitive advantage, allowing for better logistics and reduced fulfillment costs, as seen in Mingming Busy’s operations [15][39] - Rapid expansion of store networks, as demonstrated by Mingming Busy, is crucial for capturing market share and achieving operational efficiencies [16][40] Group 5: Operational Excellence - A streamlined and unified store design, combined with digital systems, allows retailers to manage large networks efficiently, reducing reliance on labor and enhancing operational consistency [17][41] - The integration of advanced management systems ensures that retailers can maintain high turnover rates while scaling operations effectively [18][42] - This operational model fosters a cycle of growth, where efficient store operations lead to stronger supplier relationships and better consumer perceptions of value [19][42]

Core Viewpoint - The article outlines the "2026 'Le Gou New Spring' Spring Festival Special Activity Plan" aimed at stimulating consumer spending during the Spring Festival by promoting various activities and incentives across multiple sectors [1][2][3]. Group 1: Activity Overview - The Spring Festival will have a 9-day holiday from February 15 to 23, 2026, with a focus on enhancing market vitality and enriching cultural life [5]. - The plan emphasizes government guidance, market leadership, and public participation, targeting core consumer needs related to family reunions and shopping [4]. Group 2: Activity Content - Culinary activities will include the "Chinese Food Fair" and "Old Brand Carnival," promoting local delicacies and festive meals, with events like food competitions and community food markets [6]. - Housing and accommodation sectors will offer promotions such as "New Spring Home Renewal" and discounts for extended stays in hotels and resorts [7]. - Transportation sectors will enhance capacity and offer special promotions for travel, including ticket discounts and improved services for travelers [8]. - Retail activities will focus on promoting local products and organizing shopping festivals, encouraging participation from various merchants and communities [9]. - Cultural and entertainment events will include film promotions, public performances, and extended hours for museums and sports venues [10]. Group 3: Support Measures - The plan encourages the implementation of reward invoices and shopping lotteries to attract consumer participation [9]. - Financial institutions are urged to collaborate with merchants to offer special promotions, including consumption red envelopes and discounts [10]. - Cross-industry collaborations are promoted, linking dining, accommodation, and entertainment sectors to enhance consumer experiences [10].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the emergence of HBN, a leading domestic skincare brand, which has submitted its prospectus to the Hong Kong Stock Exchange, indicating strong growth potential in the efficacy skincare market [3][24] - The report emphasizes the importance of emotional consumption themes and recommends high-quality companies in high-growth sectors, including gold and jewelry, offline retail, cosmetics, and medical aesthetics [6][49] Summary by Sections Retail and Social Services Market Review - For the week of January 26 to January 30, the retail and social services indices closed at 2435.34 points and 9283.84 points, respectively, with declines of 4.18% and 3.45% [5][14] - The jewelry sector showed the highest growth, with a weekly increase of 7.07% and a year-to-date increase of 19.39% [15][18] Industry Dynamics: HBN and Efficacy Skincare - HBN, established in 2019, is the largest domestic skincare brand in the efficacy segment, focusing on visible results and innovative product strategies [24][25] - The brand's core products, including the "A Retinol" series, have achieved significant sales milestones, with a strong emphasis on scientific validation and consumer trust [29][33] Investment Recommendations - Investment focus areas include: - Gold and jewelry brands with differentiated product offerings, recommending companies like Laopuhuang and Chaohongji [6][49] - Offline retail companies adapting to market changes, with recommendations for Yonghui Supermarket and Aiyingshi [6][49] - Domestic cosmetics brands that emphasize emotional value and safety, recommending brands like Maogeping and Proya [6][50] - Medical aesthetics firms with unique product lines, recommending Meilitiantian Medical Health and Aimeike [6][51]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the emergence of HBN, a leading domestic skincare brand, which has submitted its prospectus to the Hong Kong Stock Exchange, indicating strong growth potential in the efficacy skincare market [3][24] - The report emphasizes the importance of emotional consumption themes and suggests focusing on high-quality companies in high-growth sectors [6][49] Summary by Sections Industry Performance Overview - The commercial retail and social services indices reported declines of 4.18% and 3.45% respectively during the week of January 26 to January 30, 2026, ranking 26th and 23rd among 31 primary industries [5][14] - The jewelry sector showed the highest growth, with a weekly increase of 7.07% and a year-to-date increase of 19.39% [15][18] Key Industry Developments - HBN, established in 2019, is recognized as the largest domestic skincare brand in the efficacy skincare segment, with a market share of 0.8% in the Chinese improvement skincare market as of 2024 [24][25] - HBN's revenue for the first three quarters of 2025 reached 1.51 billion yuan, a year-on-year increase of 10.2%, with high-efficacy skincare products accounting for 78.6% of total revenue [29] Investment Recommendations - Investment Theme 1: Focus on high-end gold and fashion jewelry brands, recommending companies like Laopuhuangjin and Chaohongji [6][49] - Investment Theme 2: Highlighting retail companies that adapt to emotional value and intelligent trends, with recommendations for Yonghui Supermarket and Aiyingshi [6][49] - Investment Theme 3: Emphasizing beauty and personal care brands that innovate with emotional value and safe ingredients, recommending brands like Maogeping and Pola [6][50] - Investment Theme 4: Targeting differentiated medical beauty product manufacturers and leading medical beauty institutions, recommending companies like Aimeike and Meilitiantian [6][51]

Investment Rating - The report assigns an "Accumulate" rating for the industry [4]. Core Insights - The upcoming Spring Festival is expected to see record-high passenger transport volumes in civil aviation [2]. - The report highlights optimism for travel-related sectors, including hotels, duty-free shops, and scenic spots, due to improved vacation policies and anti-monopoly measures in online travel agencies (OTAs) [4]. - The report suggests selecting short-term outperformers in the gold market, as the recent surge in gold prices may be ending [4]. - AI applications and undervalued new consumption sectors are also recommended for investment [4]. Industry Updates - The State Council issued a plan to accelerate the cultivation of new growth points in service consumption, urging local governments to enhance policy design and support measures [4]. - As of January 29, 2026, domestic flight ticket bookings for the Spring Festival exceeded 7.16 million, with a daily average increase of approximately 16% year-on-year [4]. - Retail sector insights indicate a 3% to 5% contraction in China's personal luxury goods market in 2025, showing signs of recovery compared to a significant decline in 2024 [4]. Company Performance Forecasts - Cai Bai Co. expects a net profit of 1.06 billion to 1.23 billion RMB for 2025, representing a year-on-year increase of 47.43% to 71.07% [4]. - Lai Shen Tong Ling anticipates a turnaround with a projected net profit of 58 million RMB for 2025, compared to a loss of 184 million RMB in the previous year [4]. - Yu Garden Co. forecasts a net loss of approximately 4.8 billion RMB for 2025, a significant decline from a profit of 125 million RMB in the previous year [4]. - The report includes various companies with "Accumulate" ratings, such as Zhou Dafu, Cai Bai Co., and others, with detailed profit forecasts and valuation metrics [5].

智通财经注意到，在从重处罚案例中，"某制药公司商业贿赂从重处罚案"入选。 据介绍，某制药公司为涉案药品地氯雷他定胶囊的生产厂家，为了维持涉案药品在杭州桐庐县某医院的 销量，委托庄某进行推广，与该医院工作人员王某约定：由王某负责涉案药品在医院的持续采购，并向 王某支付回扣。 2017年6月20日至2019年6月14日期间，通过王某运作，该医院共计采购涉案药品2万余盒，采购金额120 余万元。王某收到涉案药品回扣款共计58万余元。该公司的行为违反《中华人民共和国反不正当竞争 法》相关规定，构成商业贿赂违法行为。 案件调查过程中，杭州市市场监管局先后四次向当事人送达《限期提供材料通知书》，要求提供涉案药 品的成本核算表、利润统计表等相关财务数据材料，并派专人赴广东省当面与当事人进行沟通，但其均 不予提供，导致其违法所得无法计算，严重阻碍行政执法人员依法执行职务。 近日，长三角三省一市市场监管部门围绕不予处罚、减轻处罚、从轻处罚、一般处罚和从重处罚五个裁 量阶次，联合发布一批规范涉企执法裁量权行使典型案例。 该批案例共12个，涵盖反不正当竞争、价格、食品安全、广告、特种设备安全、商标侵权等执法领域， 旨在推动长三角地 ...

Core Viewpoint - Yonghui Supermarket has successfully completed the upgrade of 20 stores in the Beijing and surrounding areas, marking the end of a year-long self-adjustment process in the region [1] Group 1: Store Renovation - The Yonghui Supermarket located in the Longhu Changying Shopping Street in Beijing has reopened after more than a month of renovation [1] - The reopening adds a new shopping destination for local communities, enhancing the festive atmosphere for the New Year [1] Group 2: Market Impact - The completion of the store upgrades demonstrates the scale adjustment effect of Yonghui's strategy across seven districts in Beijing [1]

北京商报讯（记者 赵述评 实习记者 毛思怡）1月31日，永辉超市北京龙湖长楹天街店经一个多月闭店调改后重新开业，该店也是永辉在北京的最后一家调 改门店。至此，永辉在北京及环京区域的21家门店全部完成自主调改。接下来，永辉将进入下一阶段的精细化运营，对现有门店启动"二改"计划，主要围绕 人员培训、商品优化、服务提质等方面。 "当前阶段的调改更像是'打好基础'，后续将重点围绕员工技能培训、商品体系研发等方面，开展更为精细化的运营改造。"永辉超市北京大区副总经理、调 改总负责人杨子亮在接受北京商报记者采访时，给出了2026年永辉学习胖东来模式后的调改效果与下一步规划。 此前，在北京市商业联合会和北京商报社联合主办的2025年度（第十九届）北京商业论坛上，杨子亮表示，永辉超市于2024至2025年间系统性推进"向东来 学习"调改，这一动作本身成为一项"爆品级"体验。调改并非局限于单品，而是围绕商品结构、卖场环境与人文服务展开全方位重塑，实现了从商品到服 务、再到顾客认知的整体升级。 作为永辉北京最后一家调改门店，龙湖长楹天街店将商品作为调改核心，对原有商品进行大幅汰换，整体汰换率超70%，其中生鲜品汰换率高达76%。 ...

调改后的商品结构，达到胖东来商品结构的80%以上。 经过51天的闭店整改，北京长楹天街购物中心永辉超市（601933）于1月31日开业。北京商报小编咨询 客服了解到，这也是北京第20家"学习胖东来"模式的调改店。 调改后，上述门店对商品结构进行优化，引入了更多的熟食和烘焙商品，并提升了卖场现制现售的能 力。 食用百货类商品重新规划后，单品数达到7685支，新引入单品占比54.4%，引入56支胖东来自有品牌商 品。调改后的商品结构，达到胖东来商品结构的80%以上。 除此之外，还打造了顾客休息区，完善洗手台、免费茶饮等30项便民服务；湿手器、保温袋等20项细节 服务。 北京商报小编发现，上周末，永辉超市长楹天街店举办了美食品鉴会，提前邀请老顾客试吃并打分提出 整改意见。美食品鉴会是在上周六、日的15:00-16:00举行，但不少顾客提前2小时就来排队。 感受一下美食品鉴会的长队↓↓ 小编14:00到达，尝试从队尾走到队首，用了1分32秒。 住在附近的网友在社交媒体上表达了对长楹天街永辉超市开业的期待，也有不少参与美食品鉴会的网友 分享了自己的体验。 截至2025年年末，永辉门店总数精简至403家，其中315家已完 ...