Core Insights - The "2024 China Supermarket Top 100" report indicates that the total sales scale of the top 100 supermarket companies is approximately 900 billion yuan, reflecting a year-on-year growth of 0.3% [1][2] - The total number of stores has decreased to 25,200, representing a year-on-year decline of 9.8% [1][2] - Among the top 100 companies, 42 reported an increase in sales, while 25 saw an increase in the number of stores; 14 companies experienced growth in both sales and store numbers [1][2] Company Performance - Walmart (China) continues to lead the Top 100 with sales of 158.8 billion yuan [2] - Other top companies include: - C. P. Group (RT-Mart, Super RT-Mart, M Membership Store) - Hema (Hema Fresh) - Yonghui Superstores - Wumart [1] - Notable sales growth was observed in companies such as Costco, Chipotle Technology (Hotmaxx), Yao Di, and Aldi [2] Market Trends - Membership and discount stores continue to show significant growth in both sales and store numbers [2] - The overall number of stores in the Top 100 has decreased by 2,750, but sales have improved due to various corrective measures [2] - More than 60% of companies have improved their store performance, particularly those with sales between 3 billion and 10 billion yuan, which represent the highest proportion [2] - The share of online retail sales is increasing, with online sales accounting for 16.9% of total sales in 2024, highlighting the growing importance of front warehouses in boosting online sales [2]

这两年，一级市场上围绕 "找钱难" 的讨论层出不穷。尤其是那些不带招商诉求的市场化资金，更是成 为GP争相追逐的稀缺资源。 从上市公司出资数据来看，整体作为LP的出资数据未见太多起色，曾经活跃的互联网巨头们，近两年 在LP领域近乎销声匿迹。 而值得关注的是，近日，一则工商信息，打破了这份沉寂，一家互联网巨头又一次现身了，且是作为 LP的身份出手。 阿里巴巴又做LP 沉寂多年的互联网巨头回来了。 曾几何时，互联网与产业巨头的战略投资部收缩、战投基金解散、非核心资产剥离的消息不绝于耳。 但近日"阿里又出手了"，这一信息让创投圈的目光再次聚焦。 但近两年，阿里巴巴已鲜少直接以LP身份亮相。如今阿里在出售资产后选择以LP身份参股私募股权基 金，属实引人瞩目。这与其过去动辄数百亿、追求控股权的直接并购或战略投资形成鲜明反差。 对于阿里巴巴的"复出"，有IR认为这或许并非偶然。 它似乎传递出一个信息：产业巨头并未放弃对创新前沿的参与和对未来机会的把握，只是选择了更灵 活、更可持续、风险更可控的方式。 产业LP的热情回归 据企查查数据显示，日前，无限启航海河（天津）创业投资合伙企业（有限合伙）成立，出资额约1.4 亿元人民 ...

接连闭店 北京商报记者走访看到，位于西红门荟聚一层的大润发已经停止营业，原超市区域已被围挡起来，难以找到与大润发相关的信息。根据围挡信息，该位置将 由京东自营超市7FRESH七鲜"接棒"，具体的开业时间尚未公布。 此前，门店发布公告称，大润发西红门店所售出的购物卡可在6月30日前进行退费，未退费的购物卡仍可到邻近的大润发科兴店及其他任一门店使用。值得 关注的是，西红门店是大润发在北京市场的两家门店之一，该门店关闭后，大润发在京仅剩位于丰台区的科兴店。 大润发在北京市场的份额逐步缩小。近日，大润发西红门店正式停止营业，原址更换为7FRESH七鲜超市。该店关闭后，大润发在北京仅剩最后一家门店。 同时，大润发在不久前宣布裁撤华中区，五大营运区变更为四大营运区。根据大润发母公司高鑫零售财报，2025财年高鑫零售营收715.52亿元，净利润3.86 亿元，同比上财年扭亏为盈。其中，中超业态大润发Super表现亮眼，同店销售实现5.9%的增长，将成为未来集团新开店的主力业态。这表明，大润发内部 正在梳理营运与门店体系。分析指出，随着市场需求不断变化，大润发急需重新调整业态构成并找到独家优势。 对于闭店的消息，有消费者表示 ...

Core Insights - The decline of Hema X membership stores reflects broader challenges in the Chinese membership store industry, highlighting strategic missteps and operational inefficiencies [2][3][11] - Hema's overall business is thriving, with plans to open 100 new Hema Fresh stores in the upcoming fiscal year, contrasting sharply with the struggles of its membership store segment [3][10] - The membership store model requires a long-term commitment and a strong supply chain, which Hema has failed to establish effectively [14][15] Group 1: Membership Store Performance - Hema X membership stores have seen a rapid decline, with closures of multiple locations in a short period, indicating a failure to attract sufficient customer traffic [2][3] - Consumer dissatisfaction has grown due to perceived diminishing value of membership benefits, with over 60% of members feeling that their rights do not match the annual fee [4][5] - The membership store's operational model has been criticized for its lack of unique offerings compared to Hema Fresh, leading to confusion among consumers [6][8] Group 2: Competitive Landscape - Hema X membership stores face intense competition from established players like Sam's Club, which has a robust supply chain and a successful business model in China [10][11] - Sam's Club has achieved significant sales growth and high renewal rates, leveraging its extensive data and customer insights to enhance service offerings [10][11] - The competitive advantage of Sam's Club stems from its long-term investment in the Chinese market, contrasting with Hema's short-term focus [10][13] Group 3: Strategic Misalignment - Hema's management has exhibited inconsistent strategies regarding the membership store, oscillating between expansion and contraction, which reflects a lack of clear direction [6][7] - The company's attempt to replicate the rapid delivery model of Hema Fresh in the membership store context has proven ineffective, as the two business models have fundamentally different operational needs [13][14] - Hema's failure to cultivate a unique identity for its membership stores has resulted in a lack of differentiation in a crowded market [6][9] Group 4: Industry Challenges - The membership store model in China is facing collective challenges, with both foreign and domestic players struggling to adapt to local consumer preferences [11][12] - The rise of discount retail formats has further complicated the landscape for membership stores, as consumers gravitate towards lower-priced options [12] - The overall market for membership stores in China remains underdeveloped, with varying levels of consumer acceptance and understanding of the model [12][11]

线下起家的实体商超，如今正凭借"线上＋线下"两条腿跑得更快。当线上业务紧扣市场脉搏频率，即时零售、社交电 商等便成为超市抬高收入水平、完成流量转化的关键场所。但也有专家指出，欲通过线上业务真正增色并非易事，商 品体系、品牌力的构建，外加前置仓模式的跑通，均影响着效果半径。 转型节点不仅在线上投入有所体现，超市对线下革新的酝酿与发力也在去年过后继续开展。在传统超市战略收缩与调 改并进的当下，采购模式、组织架构也为与发展目标相称而同步进化。 高鑫零售2025财年线上营收中单位数成长，实体超市乘风即时零售 德弘资本接手后，大润发母公司高鑫零售在近日公布了股权交割后的首份全年财报。 财报披露，截至2025年3月31日止年度，高鑫零售年内溢利、公司拥有人应占溢利分别对应3.86亿、4.05亿元，与上一 财年相比，均实现大幅扭亏为盈。同期，高鑫零售收入达715.52亿元，较上年减幅为1.4%，剔除供应链服务业务收缩 对收入影响约1.4%，以及关店业绩损失对收入影响约1.6%后，公司收入同比增长1.6%。 此外，高鑫零售同店销售也持续增长，从上半财年0.3%的增幅提升至全年增长0.6%。关于同店销售表现，高鑫零售评 价道， ...

Group 1 - Dazhonghua has adjusted its operational regions from five to four, consolidating the Central China region into the East China region and reallocating stores accordingly [2] - The restructuring aims to enhance efficiency and better serve customers, with a focus on cost reduction [2][3] - Senior retail analyst Wang Guoping noted that the previous organizational structure was less compatible with the current defensive market stance, indicating a need for cost-cutting measures [2] Group 2 - Gao Xin Retail, Dazhonghua's parent company, reported a turnaround in its fiscal year 2025, achieving a net profit of 386 million yuan after a loss of 1.605 billion yuan in the previous fiscal year [3] - Despite a 1.4% decline in revenue to 71.552 billion yuan, significant reductions in sales and administrative expenses contributed to the profitability [3] - The company optimized its employee structure, leading to a decrease in personnel costs and other operational expenses [3] Group 3 - This fiscal report is Gao Xin Retail's first since its separation from Alibaba, which sold its 78.7% stake in the company [4] - Gao Xin Retail operates three store formats, including hypermarkets, and has closed several locations while opening new ones, resulting in a total of 465 hypermarkets as of March 31, 2025 [4][5] - The company has experienced a gradual decline in the number of hypermarkets over the past few fiscal years, indicating a strategic shift in its business model [5] Group 4 - The proportion of Gao Xin Retail's stores in first-tier cities has been decreasing, with only 6.4% of its total stores located in these areas as of March 31, 2025 [6] - The company aims to maintain its competitive edge through a "low price and good quality" strategy, while also adapting to market changes [6] - There is uncertainty regarding Dazhonghua's future direction, as it has not yet established a clear reform strategy [6]

华夏时报（www.chinatimes.net.cn）记者 周梦婷 北京报道 高鑫零售在经历阿里退出、管理层大更迭后，又开始了新的战略调整。近日，有消息称，旗下主力业务大卖场 ——大润发，拟裁掉华中大区总部、东北大区总部，所裁撤大区的现有业务及门店，将会并入到大润发的其他大 区。5月27日，高鑫零售相关工作人员对《华夏时报》记者辟谣称，大润发只是将五大营运区变更为四大营运区， 东北大区不存在撤掉的说法，也没有这个计划。 在传统商超行业整体遇冷的大环境下，高鑫零售持续探索转型路径——从中型超市、社区小店到大卖场改造乃至 会员店尝试，却始终未能突破经营困局。最新财报显示，2025财年（截至2025年3月31日止年度）该公司虽实现扭 亏为盈，但利润改善主要源于"关店止血"的收缩策略。面对零售业新变局，高鑫零售已明确将发展重心转向中型 超市业态，但这一战略能否带领高鑫零售突破行业困局，仍有待市场检验。 战略新调整 大润发裁撤了华中区。5月27日，本报记者从高鑫零售相关工作人员处了解到，即日起，大润发五大营运区变更为 四大营运区，即华东区，华南区，华北区与东北区，原华中区的湖北、江西16家门店划入华东区，川渝25家门店 ...

5月20日，大润发母公司高鑫零售发布截至3月31日的2025财年业绩报告。企业实现营收715.52亿元人民 币，同比减少1.4%；净利润3.86亿，同比上财年扭亏为盈。来自销售货品的收入为人民币684.82亿元， 同比减少1.4%。报告期内门店数量达到505家，覆盖207个城市。 高鑫零售是拥有大卖场及多渠道电商业务的中国领先零售商。集团以"大润发""大润发Super""M会员 店"品牌经营大卖场、中型超市以及会员店业务。今年1月份，阿里巴巴以每股1.38港元的价格向New Retail与德弘资本出售78.7%股权，就此退出了高鑫零售。 | 截至三月三十一日止年度 | | | | | | --- | --- | --- | --- | --- | | 二零二五年 二零二四年 | | | 爱唱 | 變幅自分比 | | 人民幣百萬元 | | | | | | 收入 71,552 | | 72.567 | (1.015) | (1.4)% | | 毛利 17,236 | | 17.958 | (722) | (4.0)% | | 學營浴利 /(虧損) 1.425 | | (1.009) | 2.434 | 不適用 | ...

本报记者 孙文青 5月20日晚间，大润发母公司高鑫零售有限公司（以下简称"高鑫零售"）发布了截至2025年3月31日的2025财年业绩报告。 报告期内，公司实现营收715.52亿元，同比微降；净利润达3.86亿元，同比扭亏为盈。 此外，受益于会员店的扩张以及会员数增长，截至2025年3月31日，高鑫零售会员费收入为0.36亿元，同比增加0.2亿元。 高鑫零售亦在费用控制方面采取多项举措。财报显示，2025财年，高鑫零售多维度推进降本增效，有效缓解了毛利空间收 窄带来的压力。叠加销售收入提振带动费用结构优化，高鑫零售费用率同比显著优化，进一步提升了经营效率。 这是德弘资本入主高鑫零售后交出的首份"成绩单"。今年1月份，根据阿里巴巴集团公告，其子公司及New Retail与德弘资 本订立协议，出售所持高鑫零售全部股权，合计占高鑫零售已发行股份总数约78.7%。该买卖协议交割已于2月27日完成。随 后，高鑫零售发生高管人事变动，德弘资本首席执行官华裕能出任高鑫零售董事会主席，沈辉任高鑫零售首席执行官。 对于2025财年的表现，沈辉评价称，高鑫零售线下来客企稳，线上顾客黏性持续提升，业绩温和回暖，整体呈向好趋势。 高 ...

5月20日晚间，大润发母公司高鑫零售发布截至3月31日的2025财年业绩报告，公司实现营收715.52亿 元，净利润3.86亿，同比上财年扭亏为盈。高鑫零售实现同店销售的持续增长，从上半财年0.3%的增幅 提升至全年增长0.6%。线上B2C业务表现强劲，自有APP"大润发优鲜"占比提升和新增即时零售渠道， 带动线上营收增长6%。报告期内门店数量达到505家，覆盖207个城市。（全天候科技） ...