本文转自【中国经济网】； 11月5日，胖东来创始人于东来在社交平台发布图文明确回应市场关切：胖东来没有规模发展规划，更没有上市规划。 于东来称，胖东来未来会成为一个专注于文化交流研究和商业交流研究的学校式企业，做个商业样板供行业参考交流学习。 10月14日，于东来分享了其在2025中国超市调改大会上的演讲内容。在谈到企业价值与规模时，于东来表示，做企业是社会责任、社会价值，不只是为了 满足家族的私利和体现出自己的身价，企业的价值就是员工的幸福。目前胖东来账上有41亿元资金且无贷款，财务状况稳健。 胖东来网站数据显示，截至11月3日，胖东来今年合计销售额已达197.64亿元。 来源：中国经济网微信综合智通财经、大河报、封面新闻、胖东来商贸集团等 ...

Core Viewpoint - The founder of Pang Dong Lai, Yu Dong Lai, stated that the company has no plans for large-scale development or an IPO, emphasizing a focus on cultural and business research instead of expansion for profit [2][5]. Group 1: Company Strategy - Pang Dong Lai aims to become an exemplary enterprise focused on cultural and business research, serving as a model for industry reference and learning [5]. - The company prioritizes social responsibility and employee happiness over blind expansion, with Yu Dong Lai highlighting that the business should not only serve family interests [5]. Group 2: Financial Performance - As of this year, Pang Dong Lai's total sales have exceeded 19.786 billion yuan, surpassing last year's total sales of 16.9 billion yuan [6]. - The company currently holds 4.1 billion yuan in cash and has no loans, indicating a strong financial position [5].

Core Insights - The company aims to become a school-like enterprise focused on cultural and business exchange research, serving as a model for the industry [2] - The founder emphasizes that the value of a business lies in social responsibility and employee happiness, rather than personal gain [2] - The company currently holds 4.1 billion yuan in cash with no loans, indicating a strong financial position [2] Financial Performance - As of November 3, the company's total sales for the year have reached 19.764 billion yuan [4]

Investment Rating - The investment rating for the company is "Accumulate-A" [1][11]. Core Views - The company has experienced a decline in revenue, with a reported revenue of 42.434 billion yuan for the first three quarters of 2025, a year-on-year decrease of 22.21%. The net loss attributable to shareholders was 710 million yuan, with a non-recurring net loss of 1.502 billion yuan [2][4]. - The company is accelerating the opening of remodeled stores and focusing on the continuous launch of private label products, with a new positioning of "National Supermarket Quality Yonghui" announced [5][11]. - The company is undergoing a supply chain restructuring, achieving a supplier elimination rate of 40.4% [5]. Financial Performance - For the first three quarters of 2025, the company's gross profit margin was 20.52%, a year-on-year decrease of 0.32 percentage points. In Q3 2025, the gross profit margin was 19.84%, showing a year-on-year increase of 0.65 percentage points [6]. - The company reported a net cash flow from operating activities of 1.14 billion yuan for the first three quarters of 2025, a year-on-year decrease of 69.82% [6]. - The company had a total of 450 stores open by the end of Q3 2025, a net decrease of 102 stores compared to the previous quarter [5]. Future Projections - The company is projected to have net profits of -730 million yuan, 567 million yuan, and 743 million yuan for the years 2025, 2026, and 2027, respectively [11]. - Revenue is expected to decline to 56.424 billion yuan in 2025, with a year-on-year decrease of 16.5%, before recovering in subsequent years [13][15].

10月14日，于东来分享了其在2025中国超市调改大会上的演讲内容。在谈到企业价值与规模时，于东来 表示，做企业是社会责任、社会价值，不只是为了满足家族的私利和体现出自己的身价，企业的价值就 是员工的幸福。于东来还提到，企业不要去做盲目的扩张，并透露胖东来账上的资金是41个亿，而且没 有贷款。 胖东来网站数据显示，截至11月3日，胖东来今年合计销售额已达197.64亿元。 0:00 11月5日，于东来在社交平台发布图文称，胖东来没有规模发展规划、更没有上市规划。于东来称，胖 东来未来会成为一个专注于文化交流研究和商业交流研究的学校式企业，做个商业样板供行业参考交流 学习。 ...

Core Viewpoint - The stock of Bubugao has shown a significant increase of 34.94% year-to-date, despite recent fluctuations in the short term, indicating potential investor interest and market volatility [1][2]. Group 1: Stock Performance - As of November 5, Bubugao's stock price rose by 2.11% to 5.33 CNY per share, with a trading volume of 2.75 billion CNY and a market capitalization of 143.31 billion CNY [1]. - Year-to-date, the stock has experienced a 34.94% increase, with a slight decline of 0.56% over the last five trading days and a 6.82% drop over the last 20 days [1]. - The stock has appeared on the "龙虎榜" (top trading list) 10 times this year, with the most recent appearance on September 9, where it recorded a net buy of -51.15 million CNY [1]. Group 2: Financial Performance - For the period from January to September 2025, Bubugao reported a revenue of 3.201 billion CNY, reflecting a year-on-year growth of 26.45%, while the net profit attributable to shareholders decreased by 88.83% to 226 million CNY [2]. - The company has cumulatively distributed 1.677 billion CNY in dividends since its A-share listing, with no dividends paid in the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders increased to 172,500, marking a 95% rise, while the average circulating shares per person decreased by 27.06% to 12,476 shares [2]. - The top ten circulating shareholders saw a change, with Hong Kong Central Clearing Limited exiting the list [3].

Core Viewpoint - Yonghui Supermarket is closing two stores in Shenzhen due to poor performance and is undergoing a significant reduction in its total number of stores, which is expected to decrease by half over the next two years [1][4]. Group 1: Store Closures - Yonghui Supermarket announced the closure of its Luohu Sun Plaza and Nanshan Raffles City stores, effective November 16 [1]. - As of the end of Q3 2023, Yonghui has closed a total of 325 stores, with 102 closures in Q3 alone, and only 2 new openings [1][4]. - The company plans to reduce its store count from 1,000 by the end of 2023 to 775 by the end of 2024, and further to 450 by Q3 2025 [1]. Group 2: Financial Performance - For the first three quarters of 2023, Yonghui reported a revenue of 42.434 billion yuan, a year-on-year decline of 22.21% [2]. - The net loss attributable to shareholders reached approximately 710 million yuan, an increase of over 8 times compared to the same period last year [2]. - The decline in revenue and gross margin is attributed to increased competition in the retail sector and changes in consumer behavior, leading to reduced foot traffic and average transaction values [4]. Group 3: Strategic Adjustments - Yonghui is actively optimizing its store portfolio, closing underperforming stores while focusing on potential ones [4]. - The company is undergoing a transformation process that includes adjusting product structures and procurement strategies, which has temporarily impacted gross margins [4]. - Despite the challenges, the same-store sales have shown signs of recovery, indicating a positive trend in the performance of the remaining stores [4].

Group 1 - Hema has accelerated its expansion by opening 14 new stores of its discount supermarket brand, Super Box, in key cities of the Yangtze River Delta on the same day, indicating a strong push in the retail sector [2][5] - Hema has also been rapidly expanding its Hema Fresh business, opening 72 new stores in 2024, with plans to open nearly 100 more in the 2025 fiscal year [4][5] - The total number of Super Box stores has exceeded 350 as of October 31, with expectations for rapid growth in the future [5] Group 2 - Hema's strategic focus on Super Box is driven by its successful business model and the need to capture the growing demand for community discount supermarkets [6][8] - The Yangtze River Delta is a competitive retail market, and Hema aims to establish a strong presence there before expanding to other regions [7][8] - The hard discount market in China is projected to exceed 200 billion yuan in 2024, with significant growth potential as the penetration rate is only 8% [7][8] Group 3 - The discount supermarket sector is experiencing intense competition, with major players like Meituan and JD.com also entering the market [9][10] - Traditional supermarket brands are adapting by launching their own discount store formats to remain competitive [11] - The competition in the discount supermarket space is not just about speed but also about product differentiation and supply chain capabilities [12]

Core Insights - The supermarket industry is experiencing revenue growth pressure and a divergence in profitability among listed companies, with a need for refined operations and differentiated competition to find breakthroughs [1][3] Revenue Performance - Supermarkets are entering a "stock competition" phase, facing stagnant or declining revenue growth, with significant divergence in net profit performance among companies [3] - Yonghui Supermarket reported a cumulative revenue of 42.434 billion yuan for the first three quarters, a year-on-year decline of 22.21%, with Q3 revenue at 12.486 billion yuan, down 25.55%, and a net loss of 469 million yuan [3] - Zhongbai Group also saw revenue decline, with 6.552 billion yuan for the first three quarters, down 19.41%, and a net loss of 580 million yuan [3] - Hongqi Lianchained reported revenue of 7.108 billion yuan, down 8.48%, but achieved a net profit of 383 million yuan, with a net profit margin increase of 7.21% [3] - Bubu Gao's revenue was 3.194 billion yuan, ranking fifth in the industry with a net profit of 238 million yuan [3] - Sanjiang Shopping reported revenue of 2.988 billion yuan and a net profit of 114 million yuan [3] Industry Transformation - The industry is undergoing a collective transformation with various new models emerging, such as "Fat Donglai model adjustment" and "24-hour cloud service" by Hongqi Lianchained, indicating a shift towards differentiated products and innovative business formats [4][5] - Yonghui Supermarket has completed adjustments in 222 stores, resulting in an average customer flow increase of 80% and over 60% of stores surpassing their highest profitability in the past five years [4] - Bubu Gao's store adjustments have led to increased sales and improved employee benefits, achieving a 90% alignment with the Fat Donglai model [4] E-commerce and Digitalization - Walmart China reported a significant 96% increase in e-commerce net sales in Q3, with Sam's Club membership exceeding 4 million [5] - The transformation in the supermarket industry is systemic, with major players like Wumart also advancing deep transformations [5] - The focus on self-owned brand development, fresh direct sourcing, and regional specialty products is emphasized as a strategy for profit growth [6] Market Demand Response - The core of the transformation lies in enhancing product strength and optimizing supply chains, with companies increasingly relying on operational efficiency and innovative business models [6] - The emergence of membership stores, hard discount stores, and community stores reflects a response to market demand for segmentation [6] - Digital channels such as e-commerce, live streaming, and instant delivery are becoming standard configurations for supermarket operations, with examples from Walmart China and Hongqi Lianchained [6]

Group 1 - The core viewpoint of the article highlights the significant challenges faced by Yonghui Supermarket, including declining revenue, continuous store closures, and tightening cash flow, as the company undergoes a deep transformation [2][3][5] - Yonghui Supermarket reported a third-quarter revenue of 12.486 billion yuan, a year-on-year decline of 25.55%, with a net loss attributable to shareholders of 469 million yuan, an increase of over 30% year-on-year [3][5] - The total number of stores has decreased to 450 from a peak of 1,057, indicating a substantial reduction in operational scale [3][5] Group 2 - The company attributes its performance issues to intense competition in the retail sector and changing consumer habits, which have led to declines in both foot traffic and average transaction value [5][12] - The cost of closing stores has increased, with the closure of 104 stores in the third quarter resulting in a loss of 612 million yuan, averaging nearly 6 million yuan per store [5][6] - As of September 2025, Yonghui's cash flow from operating activities turned negative, indicating a situation of cash outflow [6][8] Group 3 - To alleviate financial pressure, Yonghui plans to raise 3.114 billion yuan through a private placement to fund store upgrades, logistics improvements, and repay bank loans [8][20] - The company has undergone a significant transformation under the leadership of new CEO Wang Shoucheng, who aims to balance the interests of various stakeholders while implementing the "Fat Reform" strategy [20][21] - The ongoing transformation process has seen improvements in service quality and customer traffic in reformed stores, but the challenge of closing unprofitable locations remains a core task [15][17] Group 4 - The article discusses the historical context of Yonghui's expansion, noting that the company grew rapidly during the e-commerce boom but faced challenges as online shopping gained market share [12][14] - The company is now focusing on enhancing its online business, with online revenue accounting for 18.33% of total revenue, although this figure has not increased in recent reports [22][23] - Yonghui's future success will depend on its ability to innovate while maintaining its unique identity in the competitive retail landscape [22][23]