文 |零售圈 导语： 回顾刚过去的2025年，零售行业的大规模并购交易，几乎从未停歇。这一系列并购事件不仅改变了零售 行业的格局，也揭示了行业内部的深刻变革——零售行业正在经历新一轮"资本大洗牌"。 在这一年里，我们看到头部企业纷纷"做减法"，剥离非核心资产以聚焦主业，如阿里巴巴彻底退出银泰 百货与高鑫零售，同时也见证了不少巨头"做加法"，通过并购扩充品牌矩阵、切入新赛道，如普拉达收 购范思哲构建奢牌三角，玛氏以超350亿美元吞下品客母公司，组建零食帝国。 私募资本成为了关键推手，KKR、博裕、CPE源峰等机构频繁出手，以资本赋能实体，推动品牌转型与 扩张。而本土消费品牌如大窑汽水、蜜雪冰城，则通过引入资本或收购细分赛道玩家，加速全国化与生 态化布局。 从国际食品巨头的强强联合，到本土品牌的资本化转身；从互联网巨头实体布局的深化，到私募基金对 传统业态的焕新改造，这些交易背后，是零售业面对渠道变迁、消费分级与竞争全球化所做出的集体回 应。 无论是德弘资本对高鑫零售的"买手制"改造，还是京东跨洲收购德国Ceconomy的出海雄心，都标志着 行业正从规模扩张走向精益运营，从流量争夺转向供应链与品牌价值的深耕，他们 ...

转自：成都日报锦观 如今，成都200余家1919门店中，已有60余家完成咖啡业态植入。诉求落地的底气，化作企业发展的动力。2025年，杨陵江顺利完成1919的股 权回购与债务清零，实现了发展的逆袭——集团负债率从峰值的92%压降至20%以下。资本端的跨越，同样离不开政策护航。在成都市民营经 济发展促进中心，一系列的政策辅导，帮企业理清合规路径。最终，杨陵江顺利叩响港股大门。一年时间，仅仅在这里就已开展了各类活动超 700场、服务企业2.7万余家，帮助2800余家企业实现供需产销对接、1700余家企业实现出川出海…… 全域赋能：民促中心成立一年惠及万企发展 成都企业家的年度逆袭： 中午提问题 下午有回应 成都效率给了我前行的底气 12月15日，港交所一纸公告，让扎根成都的企业家杨陵江迎来年度高光——以1.59亿港元拿下怡园酒业73.63%控股权，这场"抄底式"收购不仅 让成都再添一家港股上市企业，更成为2025年成都民营经济"敢闯敢试、动能澎湃"的生动注脚。 当前，白酒行业正面临深度的转型，多家白酒公司开始主动寻求变革。在行业的低谷，杨陵江何以逆势而上，上演这场惊艳的资本跨越？ 答案，藏在民企的敢闯敢试里，更藏 ...

今日，A股三大指数集体回调，上证指数跌0.7%，深证成指跌1.27%，创业板指跌1.41%，北证50涨3.84%。全市场成交额约1.88万亿元。 风电设备、非金属材料板块逆势上涨，可控核聚变、超导概念、商业航天板块个股表现活跃。福建板块、房地产、大消费赛道等方向回调。 零售板块部分个股尾盘异动。14:09，此前走出3连板的永辉超市（601933）直线拉升，盘中大涨近9%，收盘涨超6%，最新市值为503.66亿元；茂业商业 （600828）盘中上演"地天板"，百大集团（600865）直线拉升涨停。 收盘集合竞价阶段，多只权重股放量异动，竞价涨超1%，农业银行、中国人寿（601628）、工商银行、中国银行、中国石油等不同程度冲高。 今日午后，摩尔线程继续大涨，股价突破900元，收盘涨超28%报941.08元/股，最新市值达到4423.3亿元，总市值一日内陆续超过新易盛（300502）、立 讯精密（002475）等科技股龙头。 C 摩尔-U 688795新成 LT 科 941.08 市值 4423.3亿 量比 1.01 島 941.08 701.33 流通 276.51亿 换 51.44% (H 206.08 28 ...

2025.12. 10 本文字数：1268，阅读时长大约3分钟 作者 | 第一财经 陆涵之 收购佳宝超市后，京东继续在香港扩张。 12月9日，丽新国际发布公告称，公司旗下实际控制的主体TIL出售了其100%持股的Surearn Profits Limited的股权，协定物业价值为34.98亿港元。 上述股权对应的底层资产为位于香港中环的中国建设银行大厦部分办公楼层，面积约11202平方 米，交易还需获得相关审批。据了解，收购方为京东控股的投资主体。对于本次收购，京东对第一财 经记者表示，京东始终看好在香港的发展，将围绕供应链持续投资推动零售、物流、技术研发等业务 融入香港，服务香港。 近两年来，京东加大了在香港的投资，范围包括零售、物流等。今年8月，京东官宣完成了对香港佳 宝食品超级市场的收购。佳宝是香港本地连锁商超，以"价廉物美"为标签，在香港拥有超过90家门 店。京东表示，收购佳宝将促进京东在粤港澳大湾区的生鲜供应链布局，加速拓展香港本地零售市 场。 除了收购，京东今年在全球多地布局了业务。4月9日，京东宣布其欧洲线上零售业务启动母婴和玩 具品类国际品牌和出海品牌招商。同时，京东已在伦敦地区测试运营欧洲线 ...

在商家侧，今年3月京东面向香港本地商家，京东推出零佣金、免年费招商政策，降低商家入驻门槛和 运营成本。 艾媒咨询CEO张毅对第一财经记者表示，京东布局香港市场，一方面是因为国内电商用户增量见顶，需 要挖掘新的市场，而香港本地市场具有挖掘价值；另一方面，京东以香港为跳板逐步辐射东南亚的供应 链和市场，是一个不错的发展路径。京东通过收购切入当地实体零售布局，构建零售、物流、技术和金 融的多元化业务生态，从而扩大影响力为后续海外发展铺垫。从京东近期的表现看，在香港市场的落地 推进较快，当然也需要考虑成本和风险。 除了香港，京东也在积极发展国际业务。12月2日，京东宣布在额外要约接受期结束后，已收购德国零 售集团CECONOMY约59.8%的股本和表决权。若满足批准，预计将于 26 年上半年完成。据了解，这笔 交易价值180亿元人民币。CECONOMY是欧洲消费电子产品零售商，其主要品牌MediaMarkt及Saturn经 营全渠道零售业务，电商业务覆盖11个国家，拥有1000家零售门店。 除了收购，京东今年在全球多地布局了业务。4月9日，京东宣布其欧洲线上零售业务启动母婴和玩具品 类国际品牌和出海品牌招商。同时，京 ...

Core Viewpoint - The transition of leadership at Gao Xin Retail, following Alibaba's divestment, marks a significant shift in strategy towards efficiency and product development, with a focus on transforming into a brand with research and development capabilities similar to Hema and Costco [1][2][3] Group 1: Leadership Changes - Gao Xin Retail announced the resignation of its CEO Shen Hui, effective December 1, with Li Weiping, former Chief Merchandise Officer at Hema, taking over [1][10] - Li Weiping has a strong background in retail management, having previously held key positions at Hema and other major retailers, indicating a strategic shift towards efficiency [1][10] Group 2: Alibaba's Investment and Divestment - Alibaba initially acquired a 36.16% stake in Gao Xin Retail for approximately HKD 224.25 billion, marking a high point for the company with revenues exceeding HKD 100 billion for three consecutive years [2][11] - Following a decline in performance, Alibaba announced the divestment of its stake in Gao Xin Retail, selling approximately 78.7% of its shares for up to HKD 131.38 billion, resulting in a significant financial loss for Alibaba [3][12] Group 3: Performance Decline - Gao Xin Retail's revenue fell to HKD 725.67 billion with a cumulative net loss of HKD 22.35 billion from FY2022 to FY2024, and the company's stock price dropped by 77.8% from its peak [3][12] - The company reported a revenue of HKD 715.52 billion for FY2025, a slight decrease of 1.4%, but managed to achieve a net profit of HKD 4.05 billion, primarily through cost-cutting measures [6][15] Group 4: Strategic Changes Under Dehong Capital - Dehong Capital has implemented significant changes in Gao Xin Retail's management and operational structure, aiming to enhance asset value and transform the company into a more competitive retail platform [4][13] - The restructuring includes reducing the number of operational zones and focusing on developing private label products, indicating a shift towards a more innovative retail model [5][14] Group 5: Financial Challenges and Future Outlook - Despite a temporary profit, Gao Xin Retail faces ongoing challenges with declining same-store sales and customer spending, leading to concerns about long-term sustainability [6][16] - The company’s cash flow situation remains precarious, with a downward trend in cash reserves, highlighting the need for continued financial support from Dehong Capital [7][17] - New business initiatives, such as membership programs and private label products, are still in their infancy, contributing minimally to overall revenue [8][17]

来源：四川在线-华西都市报 杨陵江所在企业的门店增加了咖啡业务。 听到企业呼声，成都市民营经济发展促进中心立即牵头，联合成都市市场监管局餐饮服务监管处、法规 处、行政审批处、食品流通处等有关业务处室组建临时专班，找到问题症结——按原有审批政策，增加 冲调咖啡等简易加工食品经营业务，需要改造排水系统、增设消毒设施等，企业在短时间内难以达到。 成都市市场监管局相关负责人介绍，据研判，简易食品加工因不用明火，在不违反相关法律法规的基础 上，可以进行"破格"处理，国内也有其他城市有此先例。 成都市市场监管局相关负责人告诉记者，他们在企业经营许可证上增加了许可范围，增设简单加工餐饮 服务项目，突破了原有审批政策瓶颈。 搭建起高效畅通的政企"连心桥"，"成都政企交流微信群"成员超过350名，包括全市党政相关领导、几 十个部门负责人及近200名企业负责人，大家线上"面对面"，企业诉求跟踪办理直接点对点"一键直 达"。 从问题提出到解决，整个过程不到24小时。这背后是多部门为企业争分夺秒服务的缩影。 原来，杨陵江所在企业的商超门店想跨界卖咖啡，这事看起来简单，但实际操作时却遭遇经营许可的政 策瓶颈，怎么办？ 一筹莫展之际，在 ...

搭建起高效畅通的政企"连心桥"，"成都政企交流微信群"成员超过350名，包括全市党政相关领导、几十个部门负责人及近200名企业负责 人，大家线上"面对面"，企业诉求跟踪办理直接点对点"一键直达"。 从问题提出到解决，整个过程不到24小时。这背后是多部门为企业争分夺秒服务的缩影。 原来，杨陵江所在企业的商超门店想跨界卖咖啡，这事看起来简单，但实际操作时却遭遇经营许可的政策瓶颈，怎么办？ 一筹莫展之际，在成都市民营经济发展促进中心举办的民企座谈会上，杨陵江提出了这一问题。 "中午提出问题，下午得到解决，效率太高了！"——在"成都政企交流微信群"里，成都壹玖壹玖酒类平台科技股份有限公司董事长杨陵江的 一条点赞信息引发大家关注。群内后续回复中，相关部门的一句"有需必应、无事不扰"更是成都持续优化营商环境的生动注脚。 杨陵江所在企业的门店增加了咖啡业务。（受访者供图） 一个问题得到解决，带动一批企业获益。这种快速反应机制，不仅体现在个案处理上，更转化为系统性的服务提升。 针对企业新业态、新需求，成都市市场监管局出台并完善了"简易食品加工许可"指导意见，让连锁企业在店内增加蒸煮类轻食加工项目变得 更便捷。 2025年9月 ...

Core Insights - Sam's Club in China has achieved record sales of over 120 billion yuan, marking a 20% year-on-year increase, with expectations to exceed 130 billion yuan for the year [1] Group 1: Sales Growth Factors - The significant sales growth is attributed to three main factors: strong performance in online-to-home services, with online sales expected to reach 65 to 70 billion yuan, accounting for over 50% of total sales [2] - Rapid expansion of physical stores, with plans to open approximately 11 new stores in 2025, driven by the demand for high-quality products from the growing middle class in China [2][3] - Same-store sales growth, with projections indicating an increase in the number of stores generating over 500 million yuan in annual sales from 2 to 8 by 2025 [3] Group 2: Trust and Quality Issues - Despite record financial performance, member trust in Sam's Club has reached a historical low, with over 13,000 complaints reported on consumer platforms, highlighting issues with product quality and discrepancies between advertised and actual products [4][6] - The decline in trust is exacerbated by the removal of approximately 200 exclusive products and a decrease in the proportion of private label goods from 38% to 30% [7] - Specific complaints include quality issues with various products, leading to dissatisfaction among long-term members, who express concerns over the value of their membership fees [6][7] Group 3: Competitive Landscape - The retail landscape in China is evolving, with domestic players like Yonghui gaining competitive advantages through localized supply chains and optimized product offerings, posing challenges to foreign giants like Sam's Club [8][9] - Sam's Club is expanding into high-potential county markets, but faces competition from new retail formats such as Hema and JD Fresh, which leverage supply chain upgrades to offer high-quality alternatives [9]

Core Viewpoint - Yonghui Supermarket is undergoing significant changes, including a new financing plan and a major share reduction by its founder, which raises concerns among investors about the company's future direction and stability [1][3][17]. Group 1: Company Actions - Yonghui Supermarket plans to raise 3.1 billion yuan through a private placement to upgrade stores, improve logistics, and supplement working capital [11][13]. - The company has initiated a "fat reform" strategy, inspired by the successful model of another retailer, which has already seen significant sales increases in pilot stores [12][13]. - As of September, Yonghui has completed the transformation of 124 stores and aims to reach 150 by the end of July, with a long-term goal of 300 stores by early 2026 [13]. Group 2: Leadership Changes - The leadership of Yonghui has shifted, with the new CEO Wang Shoucheng, a 34-year-old with experience in the company, taking charge of the reform efforts [16]. - The founder, Zhang Xuansong, remains a significant shareholder but has reduced his direct influence over the company's operations [5][17]. - The board has seen changes, with new non-independent directors from the Miniso group, indicating a shift in strategic direction [15][16]. Group 3: Financial Performance - Yonghui Supermarket has faced significant financial challenges, with revenues dropping from 91.06 billion yuan in 2021 to 67.57 billion yuan in 2024, and cumulative losses of 9.5 billion yuan during this period [15]. - The company reported a revenue of 42.43 billion yuan and a net loss of 710 million yuan in the first three quarters of the current year, marking a year-on-year decline of 22.21% and 811.60%, respectively [15]. Group 4: Market Reaction - Following the announcement of the share reduction by the founder, Yonghui's stock price fell by 2.74%, leading the decline in the A-share retail sector [18].