近日，"胖东来招聘"有"秋老虎"之势，一个字——热。今天的夜话关注胖东来调改概念股，相继浮出水 面的业绩背后的"胖"调如何？ 8月21日上午永辉超市2025年半年度业绩说明会上，永辉超市财务总监吴凯之称，由于2025年的闭店数 量较多，全年整体营收额将低于2024年。但剩余的持续经营门店由于调改工作的稳步推进，预计将在下 半年实现明显的销售同比增长。由于调改转型工作的短期阵痛，2025年的盈亏水平将继续承压，但预计 进入第四季度后会明显好转。 两个月前，6月24日，永辉超市宣布"每天开一家调改店"，预计在2025年9月30日前，完成全国200店的 调改目标；到2026年，完成全部门店的调改。也是在6月，商务部等5部门发布《关于公布第一批全国零 售业创新提升试点城市名单的通知》，其中，山东济南、威海两市入选首批试点。通知提出，要依靠市 场化力量，"一店一策"推动存量商业设施改造提升。 8月29日，永辉超市泰安爱琴海购物公园店将完成"学习胖东来"全面调改并正式开业，这将是永辉在山 东省开设的第二家、泰安市首家采用该模式升级的门店，据了解门店除了可买到多种"东来好物"，还将 结合泰安本地文旅特色，引入现做山东煎饼、 ...

齐鲁晚报·齐鲁壹点 王赟 近日，"胖东来招聘"有"秋老虎"之势，一个字——热。今天的夜话关注胖东来调改概念股，相继浮出水 面的业绩背后的"胖"调如何？ 时光入水流，一年很快过去，2024年9月，名创优品入股A股公司永辉超市（601933.SH），以持股 29.4%成为其单一大股东。 "学习胖东来"的时间还在继续，这个8月，永辉超市的半年报也备受关注，关注焦点离不开其"胖改"。 除了营收和利润数据，还有一个调改的数据值得关注：截至2025年6月30日，调改开业门店已达124家。 报告期内，公司推动全国门店网络优化工作，新增门店4家，面积1.9万平方米；已开业门店合计552 家，覆盖全国26个省和直辖市；已签约未开业门店达79 家，储备面积62.39万平方米。 两个月前，6月24日，永辉超市宣布"每天开一家调改店"，预计在2025年9月30日前，完成全国200店的 调改目标；到2026年，完成全部门店的调改。也是在6月，商务部等5部门发布《关于公布第一批全国零 售业创新提升试点城市名单的通知》，其中，山东济南、威海两市入选首批试点。通知提出，要依靠市 场化力量，"一店一策"推动存量商业设施改造提升。 8月29日， ...

在零售业持续探索"如何更懂消费者"的当下，扎根北京石景山鲁谷16年的永辉超市（601933）鲁谷店， 于8月26日完成为期两个多月的自主调改后重新开业，至此永辉全国调改店总数近170家。 记者在现场获悉，此次调改结合此前调改店经验、深度学习胖东来模式，从商品选品到场景体验，从员 工培养到社区互动，全方位践行"照顾好员工、服务好顾客"的理念。 走进调改后的鲁谷店，变化藏在货架深处：为了让商品更贴近胖东来的"质价比"标准，门店将商品汰换 率提升至半数以上，目前商品结构中超80%实现与胖东来对标。 永辉自有品牌与反向定制商品成为"优质平价"的破局点：19.8元/3kg的"微胶囊香氛酵素洗衣液"提高洁 净功效的同时，也升级了除菌除螨、成分安全性、持久留香，但通过严格核算和控制成本，实现了极致 性价比；甄选崀山脐橙、奉节脐橙、四川锦橙、桂夏橙等优质果源，由从原料到成品经过439道安全关 卡的橙汁，1L仅售13.5元…… 针对顾客本地口味需求突出的特点，门店特意扩充了老北京特色商品矩阵：平谷大桃从采摘到上架不超 过24小时，庞各庄西瓜甜度数值清晰可见；本地风味炸糕、驴打滚、艾窝窝每日新鲜现做，全聚德 （002186）、月 ...

加拿大小企业难支撑 加拿大取消上述对美报复性关税将影响美国对加拿大约210亿美元的出口，包括橙汁、花生酱、葡萄 酒、烈酒、啤酒、家电和摩托车等商品。卡尼称，目前加美贸易中超过85%的商品享受到了关税豁免的 待遇。 游说团体加拿大独立企业联合会（CFIB）的一项调查显示，38%的小企业表示，如果现行关税规则继 续实施，它们可能无法再撑一年。58%的小企业表示受到了报复性关税的影响，67%的小企业表示他们 自行支付了美国进口商品的全部关税。 美国国际贸易委员会的数据显示，今年1月，约有34%的加拿大输美商品符合《美墨加协议》，而该数 据6月上涨至近57%。尽管USMCA涵盖的商品在特朗普本月初宣布的35%关税中得到了豁免，但加拿大 中小企业则面临着调整生产计划以及文书申报工作所带来的额外成本。 加拿大将从9月1日起取消对符合《美墨加贸易协定》（USMCA）的美国商品征收的25%的报复性关 税。 加拿大总理卡尼近日表示，上述措施是与美国对加拿大商品降低关税的对应措施。加拿大目前将专注于 帮助那些面临高额关税的行业，如钢铁、铝、汽车和木材等，并为美国政府对USMCA的正式审查做准 备。 特朗普7月31日签署一项行政命 ...

根据耶鲁大学预算实验室测算，今年关税将使美国家庭平均支出增加2400美元。 面对已经升至数十年来最高水平的实际关税，美国食品行业正在争相争取特朗普政府的豁免。 据美国农业部数据，美国约有五分之一食品是进口食品。 此前，美国餐饮协会在致美国贸易代表格里尔的一封信中警告说，如果对在美国季节性种植的新鲜食材征收关税，菜单价格将会上涨。 该协会执行副总裁肖恩·肯尼迪在信中表示："我们同意，我们与其他国家的贸易逆差应该更加平衡，但由于食品和饮料产品对这些逆差的贡献并不大，我们 希望这些产品能够获得豁免。" 不过，符合美墨西加协定的产品目前处于暂时豁免之中，此外目前对巴西征收的50%关税也不包括橙汁和巴西坚果等产品，但咖啡豆不在豁免之列。 截至目前，耶鲁大学预算实验室测算结果显示，美国消费者面临的进口商品平均有效关税税率达18.6%，为1933年以来最高水平。关税将使2025年美国家庭 平均支出增加2400美元。 各食品行业协会纷纷发出警告 从鱼类到黄瓜等各种食品，由于在美国国内种植和养殖成本过高，多年来以进口为主。 美国食品行业协会最近的一项分析显示，黄瓜是美国蔬菜中进口量占比最高的品种，从1990年的35%上升到近9 ...

Core Viewpoint - Canada will eliminate the 25% retaliatory tariffs on U.S. goods that comply with the USMCA starting September 1, as a response to the U.S. reducing tariffs on Canadian products [3][7]. Group 1: Tariff Changes - The Canadian government has imposed retaliatory tariffs on U.S. goods worth CAD 60 billion since the trade war began, including additional tariffs on U.S. automobiles [3][7]. - Canadian Prime Minister Carney indicated that the focus will be on assisting industries facing high tariffs, such as steel, aluminum, automotive, and lumber [3][7]. - The U.S. has increased tariffs on certain Canadian goods to 35%, but products covered by the USMCA are exempt from this increase [3][7]. Group 2: Impact on Small Businesses - A survey by the Canadian Federation of Independent Business (CFIB) revealed that 38% of small businesses may not survive another year if current tariff rules persist, with 58% affected by retaliatory tariffs [7][8]. - Many small businesses are bearing the full cost of U.S. import tariffs, with 67% indicating they have paid these tariffs themselves [7][8]. - The cost of shifting to domestic manufacturing for some companies, like Starfield Optics, can be as high as CAD 12,000, while their profits were CAD 150,000 last year [7]. Group 3: Trade Statistics - As of January, approximately 34% of Canadian goods exported to the U.S. complied with the USMCA, which increased to nearly 57% by June [7]. - Over 85% of goods in Canada-U.S. trade currently enjoy tariff exemptions [7]. Group 4: Ongoing Tariffs and Future Concerns - Tariffs on U.S. automobiles, steel, and aluminum will remain in effect, with Canada being significantly impacted as a major supplier of these materials to the U.S. [10][11]. - In 2024, Canada is projected to export CAD 12.1 billion worth of steel, with 91% going to the U.S., and import CAD 15.5 billion worth of steel, with nearly 45% from the U.S. [11]. - The Canadian legal expert warned that maintaining retaliatory tariffs could jeopardize Canada's exemptions under the USMCA, especially as other countries have reached agreements with the U.S. [11].

上半年由盈转亏，在永辉超市（601933.SH）今日召开的公司业绩说明会上，公司全年业绩展望、门店 调改进度以及调改店经营情况成为投资者尤为关注的问题。 结合财报来看，上半年，公司一共关闭了227家亏损门店。截至报告期末，公司已开业门店合计552家， 调改开业门店124家。谈及调改门店的经营情况，吴凯之介绍，调改店完成后，销售相比调改前取得了 非常明显的增长。此外，进入稳定经营期的调改店，整体也已进入稳定盈利状态。 从调改节奏来看，据公司官微消息，截至本月15日，永辉超市全国自主调改门店总数达到160家。公司 并计划，到9月底，实现全国调改门店达到200家。 与此同时，闭店在下半年也还将继续。董事长张轩松介绍，公司的闭店工作正在按既定战略稳步推进， 今年下半年的闭店数量，会依据市场状况以及门店的综合经营情况来确定。 门店调改的同时，永辉超市还在推进自有品牌产品。张轩松介绍称，截至目前，公司自有品牌已上架橙 汁和洗衣液两款产品，市场反响不错。全年计划上新60支单品，覆盖日用、食用标品等。 考虑到上半年归母净利润亏损，有投资者担忧公司会有ST风险。对此，董秘黄晓枫回应称，公司目前 有可持续经营能力，没有ST风险。 ...

Core Viewpoint - The U.S. has imposed punitive tariffs of up to 50% on Brazilian goods since August 6, significantly impacting several key export industries in Brazil, prompting the government to adopt a dual strategy of domestic relief and international market expansion [1][3]. Impact on Export Industries - Over 3,000 trade items were exempted from tariffs, but 694 items were included, primarily consisting of aerospace parts (565 items) and energy derivatives (76 items), leaving many products related to daily consumption and agricultural manufacturing unprotected [3]. - Approximately 44.6% of Brazil's exports to the U.S. are exempt from tariffs, while 35.9% face a direct impact from the 50% tariff, and an additional 19.5% are subject to global tariffs ranging from 25% to 50% [3]. - The agriculture, chemicals, minerals (especially steel), and machinery sectors are the most severely affected, with coffee and beef exports facing significant losses due to the tariffs [3][4]. Specific Sector Analysis - Brazil's coffee exports to the U.S. are projected to reach nearly $2 billion in 2024, accounting for 34% of the U.S. market, while beef exports are expected to total 532,000 tons, generating $1.6 billion, with an estimated loss of $1 billion due to the tariffs [3]. - The northeastern region of Brazil, particularly Rio Grande do Norte, is heavily impacted, with 96% of its exports to the U.S. subject to the 50% tariff, leading to severe disruptions in the seafood industry [3][4]. Government Response - The Brazilian government, under President Lula, has initiated the "Brazil Sovereignty Plan" to provide financial relief, including approximately 30 billion reais in credit and 4.5 billion reais for small and medium enterprises, alongside tax relief and government purchases of unsold products [4]. - Brazil has also sought to engage with the World Trade Organization to initiate dispute resolution mechanisms and is actively pursuing new market opportunities, particularly in China and other regions [4][5]. Long-term Strategy - Analysts suggest that diversifying trade and reducing reliance on the U.S. market will be a long-term and challenging task for Brazil, requiring systematic planning in logistics, export financing, and health regulations rather than temporary measures [5].

Core Viewpoint - Tianye Co., Ltd. is embroiled in a financial fraud scandal involving inflated revenues, manipulated costs, and misrepresented asset values, leading to significant financial restatements and potential delisting risks [1][2][3] Financial Performance - In 2024, Tianye's total profit was revised down from 34.08 million to 14.21 million, a decrease of approximately 58.3%, while net profit attributable to shareholders fell by 66.2% from 28.59 million to 9.65 million [2] - Revenue increased slightly by 7.3% compared to 2023, but net profit saw a dramatic decline of 71.5%, marking the lowest point since 2012 [2] - The company's revenue from core juice products accounted for 74.3% and 90.9% of total revenue in 2023 and 2024, respectively, but faced significant price pressures and declining margins [4][5] Client Dependency and Market Challenges - Major clients in the new-style tea beverage sector, such as Nayuki Tea and Tea Baidao, accounted for 82.9% of procurement, contributing significantly to revenue [2] - The competitive landscape has intensified, with major clients experiencing substantial losses, leading to reduced orders from Tianye [3][4] - The average price of mango juice dropped from 10,200 CNY/ton to 8,800 CNY/ton, while unit costs increased by 2%, resulting in a significant decline in gross margins [4][5] Governance and Investment Issues - Tianye established a private equity fund with Fangfu Venture Capital, but the fund's investment progress has raised concerns, with no direct project investments reported [6][7] - The fund's intended investment projects have been delayed, and there are questions regarding the legitimacy of certain transactions, including a questionable acquisition of shares in an unrelated biotech company [8][9] - Tianye has urged Fangfu to fulfill its capital contribution obligations by August 31, 2025, or risk exiting the fund [9]

Group 1 - The core event involves Brazil and India leaders' urgent communication to unite against the U.S. unilateral tariff policies, marking a significant strategic action in response to the Trump administration's tariffs [1][4] - The U.S. government has raised tariffs on Brazilian and Indian goods to 50%, the highest level since World War II, severely impacting key exports such as meat, orange juice, and textiles [6][12] - Brazil and India aim to enhance bilateral cooperation by expanding trade agreements and reducing reliance on the U.S. dollar through local currency transactions [5][7] Group 2 - The leaders reaffirmed their commitment to defending multilateralism and expressed the necessity of joint action to mitigate risks posed by U.S. trade policies [4][9] - Brazil's economic stability has been partially supported by strong trade ties with China, while India maintains its strategic partnership with Russia despite U.S. pressures [9][10] - The collaboration between Brazil and India is seen as a response to the geopolitical isolation and the need for diversified alliances to counter U.S. unilateralism [10][11] Group 3 - The potential establishment of a "Southern Common Market - India Trade Zone" could challenge the effectiveness of U.S. tariff policies and contribute to the reconfiguration of global economic order [12][13] - The cooperation may lead to the emergence of a new geopolitical alliance that balances against traditional Western powers, especially with the inclusion of new BRICS members [13][14] - Brazil and India's actions could catalyze reforms in multilateral governance mechanisms, such as the WTO, and strengthen their commitments to a multipolar international order [14]