大动作！一个月后 永辉超市将退出这两个省 接盘方 是…… 片来源：比优特商业集团公众号 值得一提的是，前一天永辉超市召开了2025年第一次临时股东大会，其中核心内容是选举第六届董事会 董事。 永辉超市的第六届董事会有6位非独立董事候选人，其中，张轩松、张轩宁和李松峰为永辉超市第五届 董事会成员，而叶国富、张靖京和王永平三人来自名创优品集团控股有限公司。但最终仅李松峰落选。 此外，永辉超市新一届董事会未聘任CEO（首席执行官），而是成立了改革领导小组，名创优品创始人 兼CEO叶国富担任组长，对此董事张轩宁投出反对票。 3月18日，东北永辉超市公众号发布《永辉超市关于黑龙江、吉林地区门店闭店的说明与致歉》一文 称，永辉黑龙江、吉林共12家门店预计在今年4月18日停止经营，与此同时，黑龙江当地零售企业比优 特在其集团官方微信号发布了同一信息，称比优特与永辉达成协议，承接永辉黑龙江、吉林共12家门 店。 图片来 源：东北 公众号 比优特在黑龙江和吉林拥有85家门店，其称，交割期间，比优特将根据自身经营管理标准快速对所承接 的永辉12家门店进行人员接收、布局调改等相关事宜。根据规划，交割后新的" 比优特超市 "门店大约 ...

Investment Rating - Maintain "Add" rating for the industry [5] Core Viewpoints - The retail channel transformation is accelerating, with significant potential in discount formats. The expansion of discount systems from snack categories to larger categories such as daily chemicals and grains is expected to cover more consumer groups and increase purchase frequency. The development of community multi-category discount formats is anticipated to further impact traditional supermarkets positively [4][28]. - The report highlights the emergence of new opportunities for brands as supermarkets optimize their supply chain and profit distribution mechanisms, benefiting upstream brand development while enhancing product iteration and quality focus from a consumer perspective [28][29]. Summary by Sections 1. Discount Supermarket Grassroots Research - The first "Lai You Pin" discount supermarket opened in Hefei on January 10, marking a shift from hard discount snacks to a multi-category discount supermarket format. The store includes snacks, daily chemicals, grains, frozen products, and more, with snack category share decreasing to approximately 45% [11][12]. - "Zhao Yi Ming" discount supermarket is expanding its product categories, primarily focusing on snacks while adding daily chemicals and baked goods. The price perception is strong, with items like freshly made sausages priced at 1.5 yuan each [19][22]. 2. Investment Recommendations - The report suggests that the discount format has ample room for growth, with the potential to cover a broader consumer base and increase purchase frequency. The ongoing evolution of retail channels is expected to accelerate, drawing parallels with market developments in the US and Japan [4][28]. - Supermarkets are optimizing their product selection and enhancing service quality, which presents new growth opportunities for quality-focused brands [28][29]. 3. Retail Channel Transformation - The report notes that the discount supermarket model is supported by mature supply chain operations and digital management systems, with leading systems already having a scale of over ten thousand stores [4][28]. - The expansion of private label brands by major retailers is expected to enhance cost advantages and create competitive pressure on upstream production brands [29].

本文转载自 21世纪经济报道 值班编辑｜ 江江 视觉 | 顾芗 近日，有多名消费者在社交媒体上称"山姆有机高钙鲜牛奶"在保质期内疑似变质，牛奶变成絮状并且伴 有发酸发苦。 有消费者表示买到有白色疙瘩的猪梅花肉↓ 外卖肥牛片到手变"肥油片"↓ 山姆对此回应是由于防疫打针处造成的药物挤压/ 图源：网友截图 3月13日，据@青蜂侠报道，产生变质的牛奶涉及多个生产批次，目前山姆多个购买渠道已下架该款产 品。 3月12日，据深圳新闻网报道，山姆客服回应，该情况属于正常现象。可能因牛奶中的蛋白质，经过碰 撞或颠簸或温度变化，导致出现结块、水乳分离、沉淀颗粒的现象。如遇到此类情况建议不要使用，可 以联系客服进行售后。 对此，网友们热议： 山姆超市多次被曝食安事件 据21世纪经济报道此前消息，2024年山姆曾在10天内被五次曝光翻车新闻，均涉及食品安全问题。 2024年，有消费者表示在山姆曾经买到发霉的有机香蕉↓ | 公司 | 应用數量 AI 应用名称 | 产品类型 | 所属行业 | MAU [2024.11】(万) | | | --- | --- | --- | --- | --- | --- | | | 6 豆包 | A ...

可能会有扛不住的供应商适度让利妥协、可能会有制造商向外转移、可能会有美国本土制造商依靠关税保护发展起来、也可能要靠涨价让美国老百姓承担 一部分，这是一个多角度的、综合的、动态的平衡调整，谁更弱势一点，谁就要多让一些。 之前还有传闻美国要取消对华最惠国待遇，这个短期内应该不会发生，因为我算过如果真取消了，对华关税就会从加权平均30%增加到68%，那样就疯 了，中美两边恐怕都承受不起。 沃尔玛被商务部约谈了，原因是沃尔玛之前要求中国供应商让利降价。 不用想，这肯定是美国关税带来的影响。沃尔玛的核心竞争力是低价商品，面对特朗普政府附加的关税，沃尔玛不愿意商品涨价，就想办法给供应商施 压。 沃尔玛是渠道巨头，绝大多数供应商在它们面前都很弱势，所以这个时候中国政府要站出来统一战线，维护国内供应商的利益。 其实这件事要按照网民们开心的剧本，最简单的处理办法就是严词拒绝，打回去，让沃尔玛把关税涨的那部分加到美国的零售价上，让美国老百姓承受代 价，让他们知道是因为特朗普才多花了这笔钱。 但现实中沃尔玛不可能这么处理，否则它们在美国也别混了。它们会综合多角度的化解关税代来的冲击，向中国供应商压价只是方案之一，接下来肯定还 会寻 ...

Core Viewpoint - The article emphasizes the ongoing efforts by regulatory bodies to stabilize and enhance the capital market, support technological innovation, and implement comprehensive reforms in the financial sector [2][3]. Group 1: Regulatory Developments - The China Securities Regulatory Commission (CSRC) is committed to consolidating the positive momentum in the capital market and will support the issuance and listing of quality unprofitable tech companies [2][3]. - A new round of capital market reforms will be fully initiated, focusing on deepening investment and financing reforms to achieve tangible results [3]. - The CSRC aims to enhance regulatory efficiency and strengthen the legal framework to combat severe violations effectively [3]. Group 2: Economic Indicators - Data from the State Taxation Administration indicates that from October 2024 to February 2025, the sales revenue growth rate of enterprises increased by 1.1 percentage points compared to Q3 2024, reflecting a recovering economy [4]. - Manufacturing sales revenue grew by 3.6% year-on-year during the same period, with high-tech industries seeing a 10.6% increase [5]. Group 3: Local Government Initiatives - The Ministry of Natural Resources and the Ministry of Finance have issued guidelines for the issuance and use of special bonds for land reserves, emphasizing strict project correspondence and financial balance [6]. - Shenzhen has launched a new policy to promote venture capital and private equity development, aiming for over 10,000 VC/PE funds by the end of 2026 [7]. Group 4: Market Movements and Company Announcements - The Social Security Fund has emerged as a significant shareholder in 12 companies, indicating a focus on firms with strong performance and high cash dividend ratios [8]. - Companies like Jinzi Tianzheng and Dawi Technology have clarified their business operations in response to market speculation, ensuring investors are informed about their actual business activities [10][12]. Group 5: Financial Performance Highlights - Baihua Pharmaceutical reported a net profit of 41.48 million yuan for 2024, a year-on-year increase of 219.75% [15]. - Jingfeng Mingyuan announced a revenue of 1.504 billion yuan for 2024, with a net loss of 33.05 million yuan, while planning to distribute dividends [16]. Group 6: Shareholder Actions - Huayi Brothers plans to transfer shares of Hero Mutual Entertainment for 336 million yuan, indicating strategic adjustments in their investment portfolio [17]. - Shaanxi Energy's major shareholder plans to increase their stake in the company by 250 million to 500 million yuan, reflecting confidence in the company's future [19].

300万消费品牌媒体，快消行业记录者与观察者！聚焦快消与新消费，关注消费趋势与变化 作者：王晖 来源： 首席品牌观察 （ID： pinpaigcbao ） 还记得《哪吒2》的片尾彩蛋吗？ 以下文章来源于首席品牌观察 ，作者王晖 首席品牌观察 . 败退的无量仙翁带着鹿童、鹤童去了一个关押着申公豹的神秘山洞，由于他用的是人脸识别的方式进 洞，进去时鼻青脸肿，出去时由于脸伤恢复，人脸识别失败，只能被两个徒弟一顿胖揍，才可能出 去，不然要被关在洞里十年。 这一充满黑色幽默的彩蛋告诉我们，当人类过于依赖高科技，很可能被高科技反噬。 不得不说，饺子导演是有点预见能力在身上的。 这不，最近山姆就遇到了和无量仙翁一样的窘境，因为"人脸识别"，被起诉立案了。 01 山姆又摊上事了 起诉山姆的是广西大学法学的研究生丁先生。 根据丁先生透露，他在前往南宁一山姆超市购物时，由于自己无法使用朋友的山姆超市会员码，被工 作人员拒之门外。 他被工作人员告知，山姆会员码必须"专人专用"，在扫会员码时，机器会弹出注册会员时上传的人脸 照片，工作人员根据人脸照片辨认是否为会员本人。若非本人，可以拒绝使用会员码。 ▶ 图源：极目新闻 他先是电话咨 ...

Core Viewpoint - The overall sentiment for 2025 is optimistic, with expectations of significant economic improvement compared to 2024, driven by clear policy shifts and a recovering real estate market [2][67]. Group 1: Economic Outlook - The economic "feel" in 2025 is expected to be better than in 2024, with a clear turning point in policies [67]. - The real estate sector is anticipated to stabilize, particularly in first-tier cities, which are closely tied to market confidence and asset values [16][69]. - The real estate market has seen a significant reduction in inventory, with over 7.5 billion square meters removed in the past three years [15][14]. Group 2: Market Trends - The investment landscape is shifting, with a focus on small-cap technology growth stocks, which are expected to gain traction as market conditions stabilize [18][22]. - Dividend investments are seen as having absolute returns but lacking relative returns in a more optimistic market environment [25]. - The semiconductor industry is viewed as a high-risk area due to high valuations and significant stock price volatility [82][83]. Group 3: Case Studies - The case of "胖东来" (Pang Dong Lai) illustrates a customer-centric business model that emphasizes trust and collaboration with suppliers and employees, which is seen as a sustainable competitive advantage [6][30]. - The analysis of the U.S. internet development provides insights into the current AI landscape, questioning whether companies like NVIDIA will face challenges similar to those experienced by Cisco in the past [8][46]. Group 4: Sector Analysis - The public utility sector is undergoing significant changes due to the rise of renewable energy, which is expected to alter profit models and market positions [91]. - The consumer sector remains challenging, with a need for substantial policy support to revitalize growth [93][95]. - The Hong Kong market is being approached with caution, focusing on high-quality growth stocks that can withstand international scrutiny [102][104].

中国企业家杂志 . 讲好企业家故事，弘扬企业家精神 需求多元的市场。 作者 | 闫俊文 来源 | 中国企业家杂志 （ID：iceo-com-cn） 湖北省监利市是这样一座普通的县级市：荆州市代管县级市，拥有104万的常住人口；2024年，它的 城镇人均每月可支配收入约为3300元；以稻米以及小龙虾闻名，还没建成一座通车的火车站或者高铁 站；居民早上有喝早酒的习惯，号称"全国喝早酒最凶猛之地"。 以下文章来源于中国企业家杂志 ，作者闫俊文 但监利有"山姆"，且监利的"山姆"也卖爆了。2024年11月16日，监利"山姆"正式开业，截至2024 年12月31日，其销售额超过58万元，客单数为6858单，平均毛利率接近20%。 监利的"山姆"，和其他在山姆官网上公布的门店有许多不同：它不在官网上，全名叫做"监利山姆严选 集合店"，而不是北京、上海、深圳、杭州、武汉、南京等地的"山姆xxx店"；面积300平米，大概相 当于山姆会员超市平均面积的1%。 这家店现在共有4个员工，创始人是汪振宇。95后的汪振宇，看到了这个机会，在第一家门店的试水 后，他已在筹备监利第二家山姆精选店了。 摄影：闫俊文 外界将汪振宇这类从业者称 ...

以下文章来源于中国企业家杂志 ，作者李欣 作者 | 李欣 来源 | 中国企业家杂志 （ID：iceo-com-cn） 叶国富终于见到了自己的"偶像"于东来。 11月27日，名创优品集团创始人叶国富与胖东来创始人、董事长于东来坐下来深谈了一 个下午。《中国企业家》了解到，这是两人第一次正式见面，叶国富选择独自前往河南 许昌会面。 中国企业家杂志 . 讲好企业家故事，弘扬企业家精神 达成了多个一致。 有接近名创优品的人士告诉《中国企业家》，此前他们两人更像在"神交"——都坚定看 好线下零售，都想在线下零售业开辟新天地，这是他们共同的理念，也是交往的底盘。 在企业家中，不乏于东来的追随者，但公开推崇并身体力行、大手笔开干的，叶国富算 其中特别耀眼的一个。 于东来今年5 8岁，比叶国富大11岁，两人都是草根出身的创业者。叶国富是湖北十堰 人，他于2 0 1 3年创立名创优品，在线下零售一干就是十几年。而于东来从1 9 9 5年开始， 一直做的也是线下零售的生意。 这次会面前，叶国富曾在多个场合公开表达过对胖东来模式，以及对于东来本人的认 可，甚至他直接买了个"高仿版的胖东来"——永辉超市。 三个月前，名创优品斥资6 ...

传统商超在中国独特的电商、同城配送环境下，还有生存空间吗？ 文丨 陈晶 编辑丨 管艺雯 六七年前，阿里、腾讯、京东先后砸下成千上百亿元冲进零售业。当时的平台巨头都相信 "线下有很多宝 藏"，传统行业也相信互联网行业有神奇的数字化能力，会给沉疴已久的商超业带来新的可能性，盒马被 奉为圭臬。 幻觉过去，盒马几次下调自己的估值，暂缓上市，过起了精打细算的日子， 并在最近几个月盈利 ；高鑫 零售始终找不到合适的买家，刚刚在 9 月 27 日起短暂停牌，将迎来新的投资方。 整个行业不再提 "新零售"，认真学起沃尔玛的山姆。零售业的比拼从流量回归产品和细节，而阿里和腾讯 都把资源集中在自己的核心业务，不再有多余的耐心留给零售业。 这也更显得名创优品投资永辉不同寻常 。 这个开加盟店卖日用百货、IP 周边的公司以 62.7 亿元人民币 现金买下永辉 29.4% 的股票，成为第一大股东。 上一次有公司如此大手笔投资，金额超过名创的，还是 七年前阿里 224 亿港币投资高鑫零售。 本轮交易中亏损最多的是原第三大股东京东。从 2015 年开始，京东先后向永辉共投资 64.3 亿元，持股 13.39%，按照 9 月 24 日收盘股 ...