▲这是灵兽第1757篇原创文章 2026年很可能会成为硬折扣集中爆发的一年，硬折扣正在进入深水区。 作者/十里 ID/lingshouke 1 盒马和奥乐齐离开舒适区，沃尔玛迎战 2026年开年，硬折扣间竞争的火药味逐渐浓了起来。 盒马在内部信中刚透露完，将大肆扩张超盒算NB后就连开三家。1月23日，东莞、深圳两地接连开业门店。这仅仅距离开放华东四个城市的加盟，刚刚过 去2个月。 在盒马插旗时，沃尔玛也在加速防守。 据悉，在深圳下沙地区有沃尔玛社区店即将在2月开业，此前这一选址是盒马。而沃尔玛中国总裁朱晓静在近日到访苏州时表示，将持续扩大在苏州投资 布局。这一举动被市场猜测，社区店走出深圳的第一站有可能是苏州。 与此同时，提速的不只是超盒算NB当天，奥乐齐在南京四店同开，门店数也迈过100家。它虽不在深圳，但释放的信号无非是硬折扣的扩张开始了，不是 个别玩家试水，而是全国性的加速。 美团的快乐猴也在向多个城市进军，继在杭州、廊坊、北京落地之后，再下一城，绍兴首店将开业。 此外，避开小业态硬折扣、选择更大面积门店的京东折扣店，也在多个城市落子。 截止到2025年底，超盒算NB全国门店数量已突破400家。 此次超 ...

Group 1 - The core viewpoint of the article highlights the entry of a new player, "超盒算NB," into the South China retail market, with plans to open three new stores in Dongguan and Shenzhen before the 2026 Spring Festival [1][3] - "超盒算NB" is an upgraded version of "盒马NB," focusing on affordable community supermarkets aimed at practical family consumers, with over 60% of products being private labels and a selection of approximately 1,500 essential items in stores sized between 600 to 800 square meters [3] - The hard discount market in China is projected to reach a trillion yuan scale, with a current penetration rate of only 8%, significantly lower than Germany's 42% and Japan's 31% [3][4] Group 2 - Recent trends show that e-commerce giants are rapidly entering the hard discount sector, with JD's discount supermarket and Meituan's "快乐猴" both launching in 2025, alongside traditional retailers like Zhongbai Group and Wumart expanding in various cities [4] - Shenzhen is identified as having unique advantages in the hard discount sector due to its high penetration of instant retail, which can enhance customer flow and store efficiency through online ordering and in-store pickup or delivery [4]

Summary of Key Points from Conference Call Industry Overview - **Industry Focus**: The conference call primarily discusses the retail and food delivery sectors in China, highlighting key players such as JD.com, Meituan, and Douyin (TikTok). - **Market Growth**: The food delivery market is projected to reach a GMV of approximately 1.17 to 1.18 trillion yuan in 2025, with a year-on-year growth of 3-4% and an expected increase in order volume by 13-14% to around 256 billion orders [1][6]. Company-Specific Insights JD.com - **Acquisition Strategy**: JD.com plans to acquire Dingdong Maicai to leverage its existing infrastructure and operational experience to expand into the offline retail market, addressing its funding and traffic limitations [1][4]. - **Synergy Potential**: The acquisition aims to create synergies between online and offline operations, enhancing overall business efficiency [1][5]. Meituan - **Business Exit**: Meituan's "Meituan Youxuan" will cease operations by December 2025 due to limited profitability and intense competition, particularly from the ongoing food delivery price wars [3]. - **"Happy Monkey" Project**: The "Happy Monkey" initiative focuses on discount products, currently operating 66 stores with daily sales of 300,000 to 500,000 yuan, but requires more private label products to adapt to a deflationary environment [9][10]. Douyin - **Market Performance**: Douyin is expected to achieve a GMV of 8.4 trillion yuan in the dine-in market for 2025, reflecting a 48% year-on-year growth, although the online penetration rate remains low [7]. - **New App Launch**: Douyin plans to launch a dedicated local life app in 2026, integrating video advantages and AI-driven recommendations to enhance user experience and conversion rates [8]. Xiaoxiang Supermarket - **Sales Performance**: Xiaoxiang Supermarket reported an average daily sales of 1.5 to 1.6 million yuan in its first week of operation, with plans to expand its SKU offerings to 10,000 categories [11][12]. - **Market Strategy**: The supermarket aims to attract customers through high cost-performance products and self-owned brands, targeting first and second-tier cities [12]. Financial Performance and Projections - **Sales Growth**: The company's supermarket business is projected to grow from 30 billion yuan in 2024 to over 45 billion yuan in 2025, driven by competitive pricing and a diverse range of private label products [2][13]. - **Profitability**: The online supermarket business has been profitable since the second half of 2023, with an average profit margin of 2.6% to 3% [15]. Competitive Landscape - **Comparison with Competitors**: The company has a competitive edge over Alibaba's Hema and RT-Mart due to better pricing strategies and a robust supply chain management system [13]. - **Operational Efficiency**: Meituan's food delivery service has reduced its loss per order significantly, aiming for breakeven by Q2 2026, while maintaining a competitive advantage through its dual service model [16][17]. Additional Insights - **Discount Strategies**: The current subsidy rate for food delivery is around 6.5% to 6.8%, with a peak order volume of 82 million in September, which has since declined [18]. - **Category Performance**: In November, the distribution of food delivery orders by category shows a significant share for Chinese fast food (24.8%) and Western fast food (17%) [19]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future outlook of the retail and food delivery industries in China.

Core Viewpoint - Meituan is undergoing significant restructuring in its grocery and snack business, focusing on expanding its successful offline stores while shutting down underperforming segments like Meituan E-commerce and Meituan Youxuan [1][2][7] Group 1: Business Adjustments - Meituan is closing its e-commerce operations and Meituan Youxuan, while expanding its successful Xiaoxiang supermarket chain, which has opened its first large offline store in Beijing [1] - The decision to halt the Tuanhaohuo business reflects a shift towards exploring new retail formats, as the existing B2C e-commerce model has not gained significant traction among users [2][6] - Meituan Youxuan, a major loss-making segment, is being scaled back, with reports indicating its closure in most regions, which could help reduce overall losses in Meituan's new business sector [7][9] Group 2: Performance and Strategy - The Xiaoxiang supermarket, which evolved from Meituan's previous grocery initiatives, has expanded to over 30 cities and is now positioned as a comprehensive instant retail platform [1][10] - Meituan's new business losses narrowed to 7.3 billion yuan in 2024, a 63.9% reduction year-on-year, indicating a positive trend following the adjustments made to underperforming segments [9] - The new Xiaoxiang store features a diverse product range and aims to enhance customer experience, positioning itself similarly to high-end competitors like Sam's Club and Hema [10][11]

Core Insights - Meituan's Xiaoxiang Supermarket aims to compete with Hema Fresh, Wumart's Pangu Store, and JD's Seven Fresh by targeting consumers with certain purchasing power and a demand for quality and shopping experience [1][15] - The offline store of Xiaoxiang Supermarket complements Meituan's existing online infrastructure, creating a competitive landscape against Hema [1][15] - The supermarket's strategy focuses on enhancing the shopping experience and leveraging supply chain advantages in fresh produce, alcohol, and prepared foods [1][6][12] Store Experience and Layout - Xiaoxiang Supermarket's layout and style are similar to Wumart's Pangu Store, emphasizing service details and cleanliness [1][2] - The store features a mix of standardized pre-packaged products and a rich variety of live seafood, along with a dining area and a bakery section [2][12] - The supermarket enhances customer service by providing tips on product selection and offering free services like steak cooking and melon peeling [4][12] Product Strategy - Xiaoxiang Supermarket emphasizes high-quality self-operated products, including strawberries, juices, and rice, while ensuring safety and quality through direct sourcing [6][8] - The product range is more extensive than Wumart's Pangu Store but still lags behind Hema in novelty and variety [8][10] - The introduction of third-party brands in the prepared food section creates a mini food market atmosphere [10][12] Competitive Landscape - Meituan's Xiaoxiang Supermarket and Happy Monkey discount stores form a three-tier structure in the fresh produce market, competing directly with Alibaba's Hema and its associated logistics [15][18] - The competition is framed within the broader trend of integrating online and offline retail, with fresh produce becoming a focal point for consumer demand [15][16] - The market is characterized by a shift towards medium-sized supermarkets replacing large hypermarkets, with a focus on unique experiences and high-quality offerings [21][23] Future Outlook - Meituan plans to expand Xiaoxiang Supermarket to all first- and second-tier cities, indicating a significant growth strategy [15][25] - The company aims to enhance its supply chain capabilities and product innovation to compete effectively against established players like Hema [25] - The ongoing competition in the fresh produce sector is expected to accelerate as consumer preferences evolve towards integrated shopping experiences [25]

Core Viewpoint - Meituan has quietly shut down its "Tuan Hao Huo" business, indicating a strategic shift in response to the rapidly evolving grocery retail industry and the limitations of its existing e-commerce model [2][4]. Group 1: Business Closure and Market Reaction - The decision to pause "Tuan Hao Huo" has been met with a calm reaction from the market, with industry insiders viewing it as a recognition of Meituan's operational boundaries [4]. - Consumers largely remained unaware of the service, with some stating they only realized its existence after its closure [4]. Group 2: Historical Context and Growth Aspirations - Meituan's venture into e-commerce began in 2020, following a period of profitability in its food delivery business, which saw a gross margin increase to 18.7% [5]. - The COVID-19 pandemic introduced significant uncertainty, impacting Meituan's core businesses and leading to the launch of "Tuan Hao Huo" as a B2C platform [5][6]. Group 3: Business Model Challenges - "Tuan Hao Huo" initially thrived with substantial user growth, achieving over 10 million users and a GMV exceeding 600 million yuan in its first year [5][6]. - However, the business faced internal challenges with fluctuating positioning and a lack of clear strategy, leading to a decline in daily order volume to 48,000 by the end of 2022 [9]. Group 4: Shift to Instant Retail - Meituan is now refocusing on instant retail, emphasizing its strengths in rapid delivery and local market penetration [12][18]. - The company has announced the opening of physical stores and is expanding its logistics network to enhance its competitive edge in the instant retail sector [18][20]. Group 5: Competitive Landscape - The instant retail market is becoming increasingly competitive, with major players like Alibaba and JD.com posing significant threats [20]. - Meituan's core advantage lies in its established delivery infrastructure and user base, but it faces challenges in maintaining profitability while expanding its market share [20][21].

Core Insights - Meituan's offline retail platform, Xiaoxiang Supermarket, opened its first physical store in Beijing, marking a significant step in the transition of online retail platforms to offline operations [2][6] - The store emphasizes fresh and ready-to-eat products, differentiating itself from Meituan's discount community store, "Happy Monkey" [2][5] Group 1: Store Features and Offerings - The Xiaoxiang Supermarket store covers approximately 4,500 square meters and focuses on fresh produce, with a larger proportion of ready-to-eat items compared to traditional supermarkets [3][5] - Unique offerings include self-made cooked foods not available online, such as fried chicken and various ready-to-eat meals, enhancing the in-store experience [3][5] - Pricing strategies show that some products are cheaper in-store than online, such as a 30-pack of fresh eggs priced at 16.9 yuan in-store compared to 19.9 yuan online [3][5] Group 2: Marketing and Customer Engagement - Prior to the opening, Xiaoxiang Supermarket deployed a large number of promotional staff in green uniforms to attract customers, offering gifts and discount coupons [4] - The store's operational hours are from 7:30 AM to 10:00 PM, aligning with community store hours and aiming to capture a mid-to-high-end customer base [5][6] Group 3: Industry Trends and Competitive Landscape - The opening of Xiaoxiang Supermarket reflects a broader trend of online retail platforms establishing physical stores, with competitors like Pupu Supermarket and Dongfang Zhenxuan also planning offline expansions [2][7] - The shift to offline retail is seen as a response to consumer demand for experiential shopping, as well as a strategy to optimize cost structures in a changing retail environment [8][9]

Core Viewpoint - Hema's discount brand "Chao He Suan NB" has opened its franchise channel for the first time, marking a new phase of scaled expansion in the hard discount sector [1][2] Group 1: Expansion Strategy - "Chao He Suan NB" is expanding at a rate of over 20 stores per month, with the current store count exceeding 350 [2] - The franchise model aims to quickly capture market share and share supply chain costs, leveraging economies of scale as a competitive advantage [2][3] - The brand's expansion is based on a successful operational model from over 300 direct stores, allowing for rapid scaling through franchising [2][3] Group 2: Market Competition - The hard discount retail sector is experiencing intensified competition, with major players like JD and Meituan also entering the market [1][7] - The overall penetration rate of hard discount stores in China is only 8%, indicating significant growth potential compared to mature markets like Germany and Japan [7] - Hema's "Chao He Suan NB" focuses on community fresh produce and benefits from Alibaba's ecosystem for online traffic [8][9] Group 3: Franchise Model and Costs - Franchisees are required to invest approximately 2.65 million yuan for a standard 600 square meter store, which includes various upfront costs [3][4] - The expected payback period for franchisees is around three years, assuming a gross margin of 15% and annual sales of 30 million yuan [3] - The brand emphasizes the importance of site selection, requiring stores to be located in large residential communities or mature business districts [3] Group 4: Operational Strategy - "Chao He Suan NB" operates with a strategy focused on high efficiency and low costs, utilizing a simplified operational model with pre-packaged goods [5] - The brand's private label products account for 60% of its offerings, allowing for cost reductions through direct factory connections and self-pricing [5] - The brand has integrated digital tools for demand forecasting and inventory management, enhancing its operational efficiency [5] Group 5: Challenges and Risks - The franchise model presents challenges in maintaining product quality and operational standards, especially in lower-tier cities with varying cold chain logistics [6] - Ensuring consistent quality across franchise locations is critical, as the brand must balance rapid expansion with maintaining control over product offerings [6][4] - The complexity of managing a franchise system requires standardized processes across various operational aspects, which poses a significant challenge [6]

Core Viewpoint - The competition among Alibaba, Meituan, and JD.com in the discount supermarket sector is intensifying, with Hema's "Super Box" launching a franchise model to accelerate expansion, indicating a shift from online food delivery battles to offline discount wars [1][4][10]. Group 1: Market Dynamics - Hema's "Super Box" has opened franchise opportunities, with initial fees around 2.65 million yuan, including various costs for branding, deposits, renovations, and equipment [1]. - The discount supermarket model focuses on "extreme cost compression and constant low prices," with a significant emphasis on price sensitivity among consumers [3][6]. - The competition is not just about pricing but also involves product quality and freshness, with a notable focus on private label products to differentiate offerings [5][6]. Group 2: Expansion Strategies - Hema's "Super Box" has rapidly expanded to over 350 stores in the Yangtze River Delta region, while Meituan's "Happy Monkey" and JD's discount supermarkets are also entering the market with their own expansion plans [3][4]. - Meituan is adopting a gradual expansion strategy without opening franchise opportunities, while Hema's franchise model aims for quick scale [4][10]. - The competition is characterized by a race for speed and scale, with all three companies leveraging their existing ecosystems to capture market share [8][9]. Group 3: Pricing and Product Strategy - Hema's "Super Box" emphasizes private label products, with nearly 60% of its offerings being self-branded, which helps in maintaining lower prices [6][7]. - The pricing strategy involves a cost-backward approach, where the actual costs of production and logistics are analyzed to set competitive prices [7]. - The average gross margin for discount supermarkets is around 15%, highlighting the importance of a simplified supply chain and lower margins for operational success [7]. Group 4: Challenges and Risks - The rapid expansion through franchising presents challenges in supply chain management and maintaining product quality and service standards across different locations [10]. - Hema must implement strict franchisee selection and training processes to ensure consistent operational standards and mitigate brand reputation risks [10].

Core Insights - Hema's budget community supermarket brand "Chao He Suan NB" has officially opened its franchise application channel, marking its first foray into franchising [2] - The initial cities for franchise openings are Shanghai, Hangzhou, Jiaxing, and Huzhou, with an annual franchise fee of 50,000 yuan, excluding store renovation, equipment, and deposit costs [2][4] - The overall cost for operating a Chao He Suan NB store is estimated to be between 1.5 million to 2 million yuan, which includes various operational expenses [2][4] Franchise Model - The brand offers two types of franchise models: individual and corporate [2] - Franchisees are required to select locations in large residential communities or mature business districts, with store sizes ranging from 500 to 650 square meters [2] Brand Development - Chao He Suan NB, previously known as Hema NB, has evolved since its inception in July 2021, initially focusing on selling discounted perishable goods and inventory clearance [4] - The brand has accelerated its expansion, opening over 20 new stores monthly, with a total of more than 350 stores and a private label product share of nearly 60% [5] Market Context - The timing of the franchise launch coincides with a significant growth opportunity in China's hard discount market, projected to exceed 200 billion yuan by 2024 [7] - Compared to international markets, China's hard discount retail sector has substantial room for growth, with a current penetration rate of only 8% [7] Competitive Landscape - The hard discount sector is becoming increasingly competitive, with new entrants like JD.com and Meituan launching their discount supermarket projects [7][8] - JD.com has opened its first discount supermarket in Hebei and plans further expansions, while Meituan's "Happy Monkey" project aims to establish a significant presence in major cities [8]