熬过至暗时刻，这次盒马终于能松口气了。 过去十年，盒马大半时间都在创新与狂奔中度过，一度被贴上"网红新零售"的标签。今年二月，马云再度 现身时，盒马在新帅严筱磊的带领下，已步入更稳健的发展阶段。 这也意味着，它将彻底告别依靠扩张和增速掩盖问题的阶段，转而直面 盈利、组织力和可持续 的真正考 验。 十年前，盒马用帝王蟹掀起新零售浪潮；十年后，它用供应链与商品力重塑行业规则。当 750 亿 GMV 与全年盈利成为新起点，盒马新十年究竟会给中国零售带来哪些新变革？谁又能为盒马继续买单？ 01 从攻到守：趟过十年成长阵痛期 " 东风破，战鼓擂，中国零售业形成新一轮的竞争。 " 作者丨 王薇 编辑丨 董子博 2016 年，盒马以 "盒马鲜生" 开创新零售样本，首店低调落子上海金桥。 次年，马云到访该店，海鲜档口徒手拎起帝王蟹的画面刷爆全网，背后蓝色牌匾上的 "盒马鲜生"四字， 也就此进入大众视野。 盒马作为"阿里新零售一号工程"，在短短几年密集孵化了盒马mini、盒马里、盒马小站、盒马邻里等多种 业态，但随着时间推移，"如何盈利"成了它绕不开的现实难题。"盒马摸着石头过河，中国零售摸着盒马 过河"。有媒体曾经这样写到。 ...

Core Insights - The article discusses the strategic shift of Hema in enhancing its product offerings from a focus solely on "fresh" to a broader emphasis on "fresh, healthy, and self-indulgent" products as outlined in their "Ten-Year Consumer Trend Insight" report [1] Group 1: Consumer Trends - There has been a significant change in consumer demands and preferences over the past decade, particularly in the post-pandemic era, with a surge in demand for healthy food options that feature clean ingredient lists [3] - The trend of self-indulgent consumption is rising, especially among younger consumers who are increasingly willing to pay for emotional satisfaction, making emotional consumption a necessity [3] - Consumers are becoming more rational and cautious, demanding a balance between quality and cost-effectiveness [3] Group 2: Product Development Strategy - Hema has adjusted its product development strategy in response to changing consumer preferences, moving from a focus on fresh products to a more concentrated effort on product strength [3] - The company has streamlined its operations to focus on two main formats: Hema Fresh and Hema NB, which has led to improved efficiency and profitability while allowing for more targeted investment in product development [3] Group 3: New Product Categories - Hema is actively expanding into low glycemic index (GI) products, which have shown a 40% year-on-year sales increase due to energy certification and labeling initiatives for items like light salads and sandwiches [4] - The introduction of proprietary low GI product lines has resulted in significantly higher repurchase rates compared to standard products, with a 150% year-on-year increase in the number of traditional health water products [4] - The flower category has also seen rapid growth driven by self-indulgent consumption, with prices dropping nearly 30% since the introduction of flowers in 2021 and a 40% increase in product variety [6] Group 4: Future Outlook - Hema's Chief Product Officer emphasized that product strength is a key driver for the company, and they will continue to adopt a "zero-supply co-creation" approach to provide high-quality, unique, and diverse products [6] - The company aims to enhance its product development and innovation capabilities to better meet the needs of health-conscious consumers, with plans for accelerated expansion to serve a larger customer base [6]

Core Viewpoint - Alibaba's Hema Fresh plans to open nearly 100 new stores within the fiscal year, aiming to exceed 500 total stores, reflecting confidence in the domestic consumption market [1] Group 1: Expansion Plans - Hema Fresh will accelerate its expansion starting in 2024, having opened nearly 70 new stores in the previous fiscal year and added 27 new cities [1] - The rapid expansion has made Hema a popular destination, often seeing long queues even two weeks after opening [1] Group 2: Financial Performance - Hema's GMV for the fiscal year 2025 is projected to exceed 75 billion yuan, marking its first year of adjusted EBITDA profitability [1] - Hema ranked among the top three in the 2024 Chain Store Top 100 list, achieving double-digit growth in both sales and store count [1] Group 3: Product Strategy - Hema has consistently focused on enhancing product offerings, introducing various self-owned brands and a wide range of products to cater to daily needs [2] - The company has built a solid supply chain and continues to innovate with trendy food items that attract consumers [2] Group 4: Service Upgrades - Hema has upgraded its online shopping platform, "Hema Cloud Super," to "Cloud Enjoy Club," allowing non-members to purchase nearly 4,000 products [3] - The membership system has been integrated with Taobao's membership, allowing Taobao 88VIP members to access exclusive Hema benefits, resulting in a rapid increase in membership [3]

Core Insights - The opening of Hema Fresh's first store in Jurong marks a significant development in the retail sector, driven by government policies and market forces, leading to a new phase of deep integration between online and offline retail, improved service quality, and continuous release of consumer potential [1][2] Group 1: Company Developments - Hema Fresh, a leading new retail brand in China, has successfully opened a store in Jurong, covering an area of approximately 4,000 square meters, which has generated a consumer frenzy and filled a gap in high-quality new retail offerings in the local market [1] - The store's opening follows the successful launch of Hema Fresh's first store in Zhenjiang, which attracted over 150,000 visitors on its opening day, showcasing the brand's strong market appeal [1] Group 2: Industry Trends - The introduction and operational success of Hema Fresh validate the effectiveness of optimizing the business environment and attracting new retail brands, which invigorates the market's internal dynamics [2] - The local business department has implemented practical measures to enhance commercial layouts and elevate urban commercial capabilities, including the cultivation of high-quality creative consumer districts and the promotion of "night economy" initiatives [2] - From January to May, over 40 new brand stores were introduced in the Dashi Kou business district, indicating a robust trend in the "first store economy" [2]

Core Viewpoint - Yonghui Supermarket is undergoing significant organizational changes, including the appointment of a Chief Procurement Officer, to enhance its supply chain efficiency and adapt to the competitive retail environment in 2025 [1][4][20]. Group 1: Personnel Changes - Yonghui appointed She Xianping as the first Chief Procurement Officer, a newly created position aimed at centralizing procurement management [1][4]. - She Xianping has extensive experience in various retail formats, including Sam's Club, Hema, and RT-Mart, which aligns with Yonghui's strategy of integrating traditional supermarkets with quality retail and membership models [2][3]. Group 2: Organizational Restructuring - The restructuring involves moving the standard product procurement headquarters from Fuzhou to Guangzhou and eliminating redundant regional procurement departments to achieve centralized management [4][12]. - The new leadership aims to unify procurement processes, which were previously decentralized, to enhance resource integration and standardization [4][12]. Group 3: Supply Chain Strategy - Yonghui plans to implement a "naked price strategy + direct procurement model," eliminating middlemen to reduce costs and improve product quality [8][21]. - The company aims to increase its private label product share to 40% over the next 3-5 years, emulating the successful model of Sam's Club [9][21]. Group 4: Supplier Relationships - Yonghui is restructuring its supplier relationships by selecting 200 core suppliers and establishing a cooperative value creation model, moving away from traditional price negotiations [11][21]. - The company is focusing on long-term partnerships with suppliers to ensure product competitiveness and align with national policies on integrated trade [11][21]. Group 5: Financial Performance - In Q1 2025, Yonghui reported a 19.32% decline in revenue and a 79.96% drop in net profit, indicating the costs associated with the ongoing reforms [18][19]. - The company is facing challenges in balancing supply chain efficiency with localized operations while striving to enhance product offerings [20][21]. Group 6: Market Positioning - Yonghui aims to differentiate itself by focusing on a limited range of 500-800 core products to provide high cost-performance ratios, catering to evolving consumer preferences for quality and convenience [13][21]. - The company is positioning itself as a "national supermarket" with a unique Chinese identity, rather than merely replicating existing models from competitors [22][23].