王思薇 伏天虽过，多地高温仍"赖着不走"。人们躲热的模样，倒催出热闹的"清凉经济"——防空洞变纳凉乐 园、宠物冰垫卖脱销、浙江冰品、福建空调成了海外"降温密码"。这波"热"起来的生意，表面是高温应 激，实则是场"温度感知"的经济大考。 高温像一面镜子，照见了民生需求的千姿百态。当浙江嘉兴的防空洞飘起童声笑语，四川达州的洞穴里 腾起火锅香气，曾经的"战时屏障"正变身"民生暖巢"；当年轻人点着半成品果切刷手机，养宠人给毛孩 子备上自动制冷窝，宅家消暑和"它经济"的火爆，哪一样不是把"怕热"的小心思摸了个透？最妙的是出 口数据——浙江的冰品、福建的空调在海外卖得火热，原来"中国制造"早把"中国式清凉"变成了世界通 用的"降温密码"。这些场景里，没有生硬的"推销"，只有精准的"对接"；没有一窝蜂的"复制"，只有差 异化的"破题"。 本报专栏文章仅代表作者个人观点，特此说明。 责任编辑：屠欣怡 那怎么把"凉资源"真正变成"热钱流"？关键要练好"感知力"和"智慧力"这两门功夫。所谓感知力，是 把"热需求"读成"热信号"。上海有商场把顶楼改造成"星空泳池"，既利用了闲置空间，又满足了年轻人 拍照打卡的需求；长沙有社区在公交 ...

Core Insights - The "cooling economy" is thriving in response to high temperatures, showcasing diverse consumer needs and innovative business solutions [1][3][4] - The success of this economy relies on understanding consumer demands and providing tailored services rather than merely following trends [2][3] Group 1: Market Trends - High temperatures have led to increased sales of cooling products such as ice products from Zhejiang and air conditioners from Fujian, indicating a strong export market for "Chinese cooling" solutions [1] - Unique adaptations, like transforming air raid shelters into leisure spaces and offering pet cooling mats, reflect a shift towards personalized consumer experiences [1][3] Group 2: Challenges and Opportunities - Some businesses fail to capitalize on the "cooling economy" by merely replicating popular trends without understanding customer needs, leading to short-lived success [2] - The importance of "perception" and "wisdom" in transforming cooling resources into profitable ventures is emphasized, highlighting the need for innovative approaches [3] Group 3: Economic Implications - The "cooling economy" serves as a reflection of China's economic resilience, demonstrating the ability to quickly respond to short-term demands while focusing on long-term quality improvements [3] - Consumer expectations are evolving from mere availability to quality, driving continuous upgrades in various industries [3][4]

Core Insights - The opening of Yonghui's Wuqing Zhuzong Daguangming Center store marks a significant addition to the new business district in Wuqing, Tianjin, showcasing the effectiveness of the store's transformation model and responding to the region's strategy for internationalization, high-end development, and smart consumption [1] Sales Performance - The store experienced a remarkable sales increase of over 400% year-on-year within the first week, with customer traffic surging by more than 200% [3] - Popular fresh food items such as shrimp, cucumbers, and dragon fruit have gained high popularity, alongside summer favorites like juices and ice products [3] Best-Selling Products - The newly added baking and prepared food sections have been particularly well-received, with the fresh food area becoming a key traffic driver [5] - Top-selling items include a variety of baked goods, seasonal fruits, and customized dairy products, all praised for their quality [5] Employee Focus - The transformation emphasizes the importance of employees, with a significant increase in frontline staff and salary improvements [7] - Employee benefits include paid annual leave after one year of service, dedicated rest areas, training rooms, and a free cafeteria [7] Skills Development - Yonghui's "Craftsman Plan" has successfully certified over 50 skilled workers in the Tianjin area, promoting a collaborative training system between stores [9] - The plan aims to enhance service quality and customer experience through technical standards and professional recognition [9] Future Plans - The Wuqing New Business District's task force will continue to develop diverse consumption scenarios and foster new business formats to contribute to Tianjin's goal of becoming an international consumption center [11]

Core Insights - Yonghui Supermarket has officially opened its first store in Beijing Economic and Technological Development Area after a self-adjustment inspired by "learning from Pang Donglai" [1] - The store aims to cater to family consumption characteristics and seasonal demands by increasing the proportion of ready-to-eat meals and optimizing cold chain delivery [1][2] - Yonghui has a strategic goal to complete the renovation of 200 stores nationwide by September 30, 2025, with a current total of 143 adjusted stores [2] Group 1 - The newly opened Yonghui store in Yinhai Huanyu Fang focuses on fresh produce management and ready-to-eat food to meet the convenience needs of families [1] - The store has enhanced its fresh produce section, featuring seasonal bestsellers like watermelons and peaches, and implements a "468 freshness management" principle for cut fruit [1] - The store layout has been redesigned to improve visibility and customer flow by removing mandatory traffic lines and lowering shelf heights [1][2] Group 2 - Service adjustments include free slicing and grinding services in the meat and poultry section, and a "drain and weigh, oxygenation for freshness" standard in the seafood section [2] - The store includes a temporary pet area and facilities such as drinking water and microwaves in the resting area [2] - Upcoming renovations are planned for several other Yonghui locations, with openings scheduled between July and September [2]

Core Insights - Yonghui Supermarket has officially opened its newly renovated store at Yinghai Huanyu Fang, marking its first deep renovation in the Beijing Economic and Technological Development Zone and the third in Daxing District [1][2] - The renovation aligns with the family-oriented customer base in the Yinghai area and the consumption characteristics during the high-temperature season, focusing on fresh produce and convenient ready-to-eat meals [1] Group 1 - The fresh produce section has been significantly enhanced to improve freshness management, catering to summer demands for convenient meal options [1] - The ready-to-eat food section has expanded to include popular items such as spicy beef strips, small sausages, fried chicken, and various cold dishes, along with a focus on ice cream and cold beverages [1] - A dedicated section featuring products from the "Fat Donglai" brand has been introduced alongside Yonghui's own core products [1] Group 2 - The store's online business has launched simultaneously, allowing local residents to order through various platforms, maintaining a consistent product offering with the physical store [2] - Yonghui has reached a total of 143 stores undergoing the "Learning from Fat Donglai" renovation, with plans to complete 200 stores by September 30, 2025, at an average pace of one store per day [2] - Additional stores in the Beijing area are also entering renovation phases, with several set to reopen between July and September [2]

Core Viewpoint - The company is expected to continue expanding its profitability in FY24, driven by internal organizational reforms and strong momentum in emerging channels and overseas markets [1] Financial Performance - For FY24, the company's revenue decreased by 0.32% year-on-year, primarily due to the underperformance of ice cream and rice snacks [2] - Gross margin increased by 0.99 percentage points year-on-year, mainly due to lower costs of raw materials and packaging [2] - The net profit margin improved by 1.52 percentage points to 18.41%, with net profit increasing by 8.67% year-on-year [2] - The dividend payout ratio for FY24 was 39.8%, significantly lower than the average level from FY21 to FY23 [2] Product Performance - Dairy beverages saw a revenue increase of 1.3% year-on-year, with a gross margin improvement of 1.2 percentage points, showing a clear recovery in the second half of the fiscal year [2] - Rice snacks experienced a revenue decline of 1.2% year-on-year, with a gross margin decrease of 1.9 percentage points, mainly due to the impact of gift packages and changes in product structure [2] - Snack food revenue decreased by 2.6% year-on-year, but gross margin increased by 0.5 percentage points, with ice cream showing a decline in the first half but achieving rapid growth in the second half [2] Organizational Changes and Market Strategy - In the second half of FY24, the company initiated internal organizational reforms, establishing product-specific divisions to enhance channel collaboration and manage domestic and international operations [3] - The company deepened cooperation with leading snack retailers, with revenue from snack retailers accounting for about 10% [3] - Emerging channels experienced double-digit growth year-on-year, with revenue contribution approaching 10% [3] - Overseas revenue grew by double digits year-on-year, with significant growth in markets such as Japan, North America, and parts of Southeast Asia [3]

Investment Rating - The report maintains a "Buy" rating for China Wangwang (0151) [2][6] Core Views - The company's FY24 profitability continues to expand, with internal organizational reforms initiated in the second half of the fiscal year to enhance channel development, particularly in emerging and overseas markets [2][6] - The revenue for FY24 is projected to decrease by 1.7% year-on-year, primarily due to declines in ice cream and rice snacks, while gross profit margin is expected to increase by 0.99 percentage points due to lower costs of raw materials and packaging [6][5] - The net profit for FY24 is forecasted to grow by 8.6% year-on-year, with a net profit margin increase of 1.52 percentage points to 18.41% [6][5] Financial Summary - Revenue (in million RMB): FY2022: 23,327.17, FY2023: 23,924.37, FY2024: 23,510.74 [5] - Gross Profit (in million RMB): FY2022: 10,071.03, FY2023: 10,990.92, FY2024: 11,189.20 [5] - Net Profit (in million RMB): FY2022: 3,371.58, FY2023: 3,990.47, FY2024: 4,335.57 [5] - The company’s PE ratio is projected to be 13.35 for FY2024 and decrease to 12.08 by FY2027 [5][6] - The target price is set at HKD 7.02 per share, equivalent to RMB 7.71 per share based on the exchange rate of 0.91 [6] Product Performance - Dairy beverage revenue is expected to grow by 1.3% year-on-year, with a gross margin increase of 1.2 percentage points [6] - Rice snacks revenue is projected to decline by 1.2% year-on-year, with a gross margin decrease of 1.9 percentage points [6] - Ice cream revenue showed a decline in the first half of FY24 but is expected to achieve rapid growth in the second half [6] Organizational Changes - The company has initiated internal organizational reforms in FY24, establishing product-based divisions to enhance channel collaboration and manage domestic and international operations [6] - Emerging channels are expected to grow at a double-digit rate, contributing significantly to revenue [6]

Summary of Key Points Core Viewpoint - China Wangwang (00151.HK) reported a slight decline in revenue for the fiscal year ending March 31, 2025, but showed growth in gross profit and net profit attributable to equity holders, indicating resilience in its operations despite challenging market conditions [1][2]. Financial Performance - Total revenue for the fiscal year 2024 was RMB 23.511 billion, a decrease of 0.3% year-on-year - Gross profit reached RMB 11.189 billion, an increase of 1.8% year-on-year - Operating profit was RMB 5.837 billion, reflecting a growth of 4.1% year-on-year - Net profit attributable to equity holders was RMB 4.336 billion, up 8.6% year-on-year, with basic earnings per share at RMB 0.3671 [1][2]. Product Performance - Revenue decline was primarily due to adverse weather and market conditions affecting the ice cream and rice snacks categories, which saw low double-digit and high single-digit declines respectively - The company implemented internal organizational changes in the second half of fiscal 2024, leading to a low single-digit revenue recovery compared to the previous year - Dairy and beverage categories achieved mid-single-digit growth, while the ice cream category experienced over 20% recovery growth [1]. Strategic Initiatives - The company is focusing on product innovation and expanding its market presence, with new products launched in the past five years contributing to double-digit revenue proportions in fiscal 2024 - Emerging channels such as OEM and overseas markets showed double-digit growth, continuing to be significant growth drivers for the company [1][2]. Cost Management - The gross margin increased by 1.0 percentage points to 47.6%, aided by a decrease in the unit costs of major raw materials and packaging - Effective control of overall operating expenses and a reduction in financing costs contributed to the profit growth, with the profit margin for equity holders rising by 1.5 percentage points to 18.4% [2].