Core Insights - Hema plans to open nearly 100 new stores nationwide this fiscal year, expanding its presence to over 50 new cities and bringing the total number of stores to over 500, solidifying its position among the top three in China's retail chain industry [1][10] - The company achieved its first full-year adjusted EBITDA profitability with a GMV exceeding 75 billion yuan, ranking third in the retail chain sector, only behind Walmart China and RT-Mart [5] Expansion Strategy - Hema will focus on fresh produce and community discount store formats starting in 2024, accelerating its expansion efforts [3] - The company opened nearly 70 new stores in the previous fiscal year, covering 27 cities, with several cities set to welcome their first stores in the first half of 2025 [3][10] Membership Growth - Hema's membership system was integrated with Alibaba's 88VIP, resulting in a doubling of Hema's membership numbers within three days, exceeding expectations [6] - 88VIP users can receive a 90-day free Hema X membership card, which offers various benefits, including discounts and free delivery [6] Supply Chain and Product Innovation - Hema has built a robust global supply chain over the past ten years, featuring eight supply chain centers and over 300 direct sourcing bases, enabling the direct procurement of high-quality products [8][9] - The company emphasizes product innovation, with a range of self-owned brands and differentiated products that attract customers both online and offline [9] Market Positioning - Hema is committed to deepening its market presence, with a dual strategy focusing on broad expansion and enhanced service through technology [10] - The company recognizes the significant contribution of domestic consumption to economic growth, with a contribution rate of 86.4% over the past four years [10]