继8月15日海港万达广场店成功调改开业后，永辉超市（601933）在秦皇岛布局的第二家"学习胖东来"自主调改门店——茂业天地店于12月26日开业。 这不仅标志着永辉在秦皇岛的两家门店均已融入全国性的品质变革浪潮，也意味着"胖东来式"的品质零售体验进一步覆盖港城核心区域，存量门店全部完成 调改。 近期，商务部等三部门联合发布《关于加强商务和金融协同更大力度提振消费的通知》，为年末消费市场注入强心剂。 位于海港区茂业中心B1层的永辉超市，此次全面调改，更像是一次深度"焕芯"。门店对原有商品结构进行了力度空前的优化，下架超七千个单品，同时新 增商品比例超过60%，整体商品结构达到胖东来商品结构的80%，进口商品占比提升至近15%，烘焙、熟食等鲜食比例更是从7%大幅增至25%。 本地化方面，结合秦皇岛冬季饮食特色与海边城市属性，永辉全国同步的"有料火锅局"主题活动在这里有了本地化演绎。除了提供藤椒、川香麻辣等国内热 门口味，以及日式寿喜烧、泰式冬阴功等国际风味，门店还特别考虑到本地居民对海鲜涮品的偏爱。 据悉，调改后，该门店员工人数大幅增加，平均薪资显著提升，入职满一年即可享受10天带薪年假。此外，永辉推行的"工匠计 ...

Core Viewpoint - Yonghui Supermarket is implementing the "Pang Donglai model" in its new store in Yancheng, focusing on high-quality retail and affordable pricing to enhance customer experience and drive sales growth [2][4]. Group 1: Store Opening and Performance - The new store at Baolong City Square in Yancheng opened for trial operation on December 11, following the successful launch of the first store on July 31, which saw sales increase by over 150% and customer traffic grow by over 100% in the first week [2]. - The dual-store strategy aims to cover the core business district of Yingbin South Road, providing residents with convenient and high-quality shopping options [2]. Group 2: Product Structure Optimization - The store has optimized its product structure by removing 6,919 items and adding 4,394 high-quality products, achieving a 48.3% increase in new offerings [4]. - The product mix now aligns with 80% of the Pang Donglai system, with imported goods increasing to 11% and fresh food items rising from 5% to 23% [4]. Group 3: Seasonal Promotions and Thematic Activities - The store launched a winter-themed "Yonghui Hot Pot" campaign, featuring a variety of hot pot bases and high-quality ingredients, enhancing the shopping experience through interactive displays [6]. - The bakery section offers popular items like durian mille-feuille and matcha red bean soufflé, with personalized services available [6]. Group 4: Environmental and Service Upgrades - The store layout has been optimized for a more comfortable shopping environment, with wider main aisles and reduced shelf heights [8]. - Over 40 customer-friendly services have been introduced, including rest areas and customized food processing options [10]. Group 5: Employee Welfare Improvements - The number of employees increased from 103 to 150, with average salaries rising and additional benefits such as paid leave and improved facilities being provided [12]. - The store's trial operation signifies the deepening of Yonghui's "quality retail" strategy in Yancheng, aiming to create a supermarket that enhances customer satisfaction [12].

Core Insights - Yonghui Supermarket has officially completed the transformation of its Beijing Chaoyang Baiziwan Road store, marking a significant breakthrough in its quality retail network in Beijing [2] - The Baiziwan Road store, originally opened in 2012, has undergone a transformation from a traditional supermarket to a quality retail benchmark, contributing to the enhancement of commercial quality in Chaoyang District [2] - The product structure of the Baiziwan Road store aligns with over 80% of the product structure of the benchmark store "Pang Dong Lai," featuring a dedicated brand area and introducing dozens of products at the same price as those in Pang Dong Lai stores [2] Product Offerings - The store has introduced a new product ratio exceeding 40%, with nearly 20% of the products being imported [2] - Yonghui's private label system is highlighted by the "Yonghui Custom" series, which includes fresh milk and yogurt that meet stricter standards than EU regulations, as well as high-quality salmon from Norway [2] - The "Quality Yonghui" series features products that have passed 439 safety checkpoints, including orange juice and various household items [2] Store Experience - The shelf height in the store has been standardized to 1.6 meters, creating an open and transparent shopping space [2] - The store has launched its online supermarket app and is available on platforms such as Meituan, Taobao, and JD.com, enhancing its online presence [2] Future Developments - Yonghui's transformation process in Beijing is ongoing, with the Banbi store in Tongzhou scheduled to undergo a similar transformation and open on December 23, further expanding its quality retail service radius [3]

Core Insights - The article highlights the expansion of Yonghui Supermarket's "Pang Yonghui" model in Beijing, emphasizing its commitment to quality retail and customer-centric approaches [1][3]. Group 1: Store Expansion and Model Implementation - Yonghui Supermarket's Beijing Chaoyang Baiziwan Road store has officially opened, marking the 18th store in the Beijing and surrounding areas to adopt the "Pang Yonghui" model [1]. - The company has successfully transitioned from its first store to a network of 18 stores in Beijing over the past year, indicating a robust growth strategy [1]. Group 2: Product Offering and Quality Focus - The new store features a product structure that aligns with 80% of the offerings found in Pang Donglai stores, including a dedicated area for Pang Donglai's private label products [1]. - The store boasts a new product ratio exceeding 40% and nearly 20% of imported goods, showcasing a diverse and high-quality product range [1][2]. Group 3: Brand Development and Customer Experience - Yonghui's private label system includes the "Yonghui Custom" series, which meets stringent EU standards, and the "Quality Yonghui" series, featuring products that pass 439 safety checkpoints [2]. - The store environment has been optimized with wider main aisles and standardized shelf heights, enhancing the shopping experience [2]. Group 4: Workforce Development and Future Plans - The company is implementing a craftsman plan that offers skill certification for technical positions, with senior technicians receiving monthly subsidies of up to 2,500 yuan [3]. - Yonghui's transformation in Beijing is moving from scale expansion to refined operations, with plans for further store openings, including a new location in Tongzhou on December 23 [3].

Core Insights - The opening of the first Yonghui Supermarket in Yan'an marks a significant step in enhancing the quality retail strategy in the region, driven by local policies aimed at boosting consumption [1] - The store's design focuses on quality upgrades and local specialties, with a substantial product optimization and introduction of new items to meet consumer demands [1][2] Group 1: Store Features - The Yan'an Wanda Plaza store covers approximately 2,600 square meters and aims to fill the gap in high-quality retail in the area, promoting a "15-minute convenient living circle" [1] - The product assortment has been significantly revamped, with 4,786 out of 10,225 items optimized and 4,963 new selected products added, achieving a 47% replacement rate [1] - The store's product structure now meets 80% of the standards set by the "Fat Donglai" model, with an increase in imported goods to 11% and a notable rise in fresh and cooked food offerings [1] Group 2: Pricing and Promotions - The store implements a "quality and affordable" strategy, ensuring that high-frequency daily goods are offered at reasonable prices, promoting the idea of "quality not expensive" [2] - Seasonal promotions, such as the "Yonghui Hot Pot" theme event, are designed to attract consumers by providing a one-stop shopping experience for hot pot ingredients [2] Group 3: Brand and Service Enhancements - The store features a dedicated area for "Fat Donglai" branded products, allowing local consumers to access these sought-after items conveniently [3] - Yonghui's own brands, including "Quality Yonghui" and "Yonghui Custom," are emphasized to meet quality living needs with competitive pricing [3] - Customer service enhancements include various facilities such as height measurement tools, blood pressure monitors, and custom processing services for meat and seafood, reflecting a commitment to detailed customer care [3]

Core Viewpoint - Yonghui Supermarket has launched a new store in Weinan, marking the 100th store to adopt the "Fat Donglai model," emphasizing quality retail and providing a fresh shopping experience during the "Double Eleven" shopping festival [1][16]. Group 1: Store Launch and Model Adoption - The new Yonghui store in Weinan is designed to offer a different shopping experience compared to online platforms, focusing on immediate satisfaction and quality lifestyle [1][3]. - The store's opening signifies the nationwide expansion of the "Fat Donglai model," which aims to enhance the quality of retail across 100 cities in China [1][4]. Group 2: Product and Service Innovations - The store has optimized its product structure by removing 4,744 items and adding 5,425 high-quality products, achieving a 47% increase in new offerings [4]. - Yonghui has committed to strict quality standards, including the "468 principle," which ensures that unsold fresh products are removed within eight hours, enhancing consumer trust in product freshness [3][13]. Group 3: Supply Chain and Pricing Strategy - Yonghui's supply chain capabilities allow for high-quality, affordable custom products, such as fresh milk priced at 7.9 yuan for 950ml, which meets stringent quality standards [8]. - The store emphasizes "quality and affordability," providing a shopping experience that is immediate and tangible, contrasting with the complexities of online shopping [8][13]. Group 4: Fresh Food and Culinary Offerings - The fresh food section has been highlighted as a key upgrade, featuring organic vegetables and a variety of ready-to-eat products, ensuring freshness for family meals [8][10]. - The prepared food area has been revamped to include diverse offerings, catering to various meal occasions and preferences, enhancing the overall dining experience [10][11]. Group 5: Customer Experience and Store Layout - The store layout has been redesigned for a more comfortable shopping experience, with wider aisles and lower shelving to improve visibility and accessibility [13]. - Over 40 customer service enhancements have been implemented, including rest areas and personalized services at meat and seafood counters, to create a welcoming environment [13][14]. Group 6: Employee Welfare and Service Quality - The store has increased its workforce from 99 to 145 employees, improving overall service quality through enhanced employee benefits and training [14]. - Employee welfare initiatives, such as paid leave and improved working conditions, contribute to a more professional and sincere customer service experience [14].

Investment Rating - The report maintains an investment rating of "A" for the textile and apparel industry [1] Core Views - The textile and apparel industry has shown a marginal improvement in retail sales growth, with a year-to-date increase of 3.1% as of September 2025, driven by strong performance in sports and entertainment products [9] - The report highlights the performance of specific companies, such as 361 Degrees and Bosideng, which are recommended for investment due to their competitive positioning and growth potential [9] Summary by Sections Company Performance - Tabo announced its FY2026H1 results, reporting a revenue decline of 5.8% to 12.299 billion yuan, with a net profit decrease of 9.7% to 789 million yuan [16] - The main brand's revenue fell by 4.8% to 10.812 billion yuan, accounting for 88% of total revenue, while other brands saw a 12.2% decline [3][16] - Retail business revenue decreased by 3.0% to 10.601 billion yuan, making up 86% of total revenue, while wholesale revenue dropped by 20.3% to 1.623 billion yuan [3][16] Market Dynamics - The SW textile and apparel sector rose by 0.37% during the week, lagging behind the broader market, which increased by 3.24% [18] - The PE-TTM for SW textile manufacturing is 22.38 times, while for SW apparel and home textiles, it is 30.72 times, indicating high valuation levels [22] Industry Data Tracking - In the first nine months of 2025, China's textile and apparel exports amounted to 106.477 billion and 115.209 billion USD, reflecting a growth of 2.1% and a decline of 2.5%, respectively [42] - Domestic retail sales reached 4.20 trillion yuan in September 2025, with a year-on-year growth of 3.0% [48] - The report notes that online retail channels continue to outperform traditional retail, with a 6.5% increase in online sales of physical goods [48] Industry News - Douyin e-commerce reported that over 41,000 merchants achieved a 500% year-on-year increase in sales through live streaming during the "Double 11" promotion [56] - Bosideng appointed designer Kim Jones as the creative director for its new AREAL high-end urban line, aiming to elevate its brand in the business fashion sector [57] - Yonghui Supermarket opened seven new stores across major cities, reflecting its commitment to quality retail strategies and achieving over 100% sales growth during the recent holiday period [59][60]

Core Insights - Yonghui Supermarket is undergoing a transformation by adopting the "Fat Donglai" retail model, focusing on enhancing service and experience across its seven stores in Zhengzhou [2][6] - The company aims to optimize its supply chain and develop a proprietary brand system to improve profitability and customer engagement [6][9] Store Transformation - Yonghui has completed adjustments in seven stores in Zhengzhou, aligning product structure, space layout, service capabilities, and employee benefits with the "Fat Donglai" model [2][6] - The stores have seen an average customer traffic increase of 80%, with over 60% of the adjusted stores achieving profitability levels surpassing the highest in the past five years [6][9] Product and Service Enhancements - The product range in stores has been optimized, with a 26.8% increase in new products, achieving 80% alignment with the "Fat Donglai" standards, and a rise in imported products to 15% [2][6] - The introduction of a "Fresh Kitchen" in the Yuhua Plaza store allows customers to have seafood and meat cooked on-site, catering to busy professionals [5] Employee Welfare - Average employee salaries have been raised to 5,000 yuan, reflecting the company's commitment to improving staff welfare [4] Proprietary Brand Development - Yonghui plans to focus on developing its proprietary brand system, with a goal of launching 500 proprietary products over the next five years [9][10] - The company aims to collaborate with suppliers to create 100 billion-level products within three years, enhancing its product ecosystem [8][9] Market Trends - The retail industry is witnessing a shift towards proprietary brands as companies seek to bypass traditional distribution channels and reduce costs [10][12] - The average number of proprietary products developed by retailers is increasing, indicating a growing trend in the market [11][12]

Core Insights - Yonghui Supermarket has completed the transformation of its Huai Fang Wanda Plaza store, adopting a "learning from Pang Donglai" strategy to enhance its offerings and customer experience [1][2] - The store's product structure integrates over 80% of Pang Donglai's selection logic, with more than 40% of new products in the food and daily necessities categories [1] - During the recent double holiday period, Yonghui's nationwide transformed stores saw sales increase by over 100% year-on-year, with customer transactions rising by over 80% [1] Product Strategy - The store focuses on high-quality, cost-effective products, enhancing the shopping experience by optimizing product structure and service flow [1] - Popular items include customized fresh milk, quality orange juice, and red heart pomelo, which have received positive customer feedback [1] - The prepared food section features popular items like boneless pig trotters and beef jerky, alongside traditional offerings such as Peking duck and Korean fried chicken [1] Store Environment and Service - Systematic optimizations have been made to the store's environment, including widening main aisles to 3 meters and standardizing shelf heights to 1.6 meters for improved visibility and flow [2] - Yonghui is accelerating its transformation efforts in Beijing, with new stores set to open in the coming weeks, expanding its service coverage [2]

Core Insights - YH Supermarket's scale has returned to 2016 levels after a year of restructuring, with a significant increase in customer traffic and profitability in remodeled stores [1] - The company reported over 100% year-on-year sales growth during the recent Mid-Autumn and National Day holidays, with a notable increase in customer footfall and sales of key products [2] Group 1: Store Performance and Customer Engagement - YH Supermarket has 102 remodeled stores with an average Net Promoter Score (NPS) exceeding 40, and 19 stores surpassing 50 [1] - Average customer traffic in remodeled stores has increased by 80%, with over 60% of these stores achieving profitability levels higher than the past five years [1] Group 2: Sales Growth and Product Performance - During the recent holiday period, overall sales in remodeled stores grew by over 100% year-on-year, with customer transactions increasing by over 80% [2] - Sales of 16 key products increased by over 10 times, with the "Ice Fresh Norwegian Salmon" alone selling over 1 million units in a single day [2] Group 3: Employee Incentives and Development - From January to August, YH Supermarket distributed over 31 million yuan in employee bonuses, benefiting 32,094 employees, with the highest monthly bonus exceeding 300,000 yuan [4] - As of August 31, 4,665 employees participated in technical certification programs, emphasizing the company's focus on human resources as a core value [4] Group 4: Product Strategy and Brand Development - YH Supermarket is advancing its "Quality YH" brand, aiming to enhance its proprietary product offerings, with plans to launch approximately 60 new products this year and expand to 500 by 2029 [9] - The company emphasizes quality over low cost, focusing on operational efficiency and supply chain optimization to provide consumers with value [9] Group 5: Regional Adaptation and Market Strategy - The newly opened YH store in Guangzhou integrates local culinary preferences, featuring regional specialties to cater to local tastes [9] - The company plans to challenge the "tree-ripened" model by leveraging local tropical fruit resources to enhance product quality [9] Group 6: Strategic Partnerships and Product Centralization - YH Supermarket is undergoing a transformation towards product centralization, with plans to establish 200 core strategic partnerships and develop 100 billion-yuan level products within three years [10]