北京商报讯（记者 赵述评 实习记者 毛思怡）1月31日，永辉超市北京龙湖长楹天街店经一个多月闭店调改后重新开业，该店也是永辉在北京的最后一家调 改门店。至此，永辉在北京及环京区域的21家门店全部完成自主调改。接下来，永辉将进入下一阶段的精细化运营，对现有门店启动"二改"计划，主要围绕 人员培训、商品优化、服务提质等方面。 "当前阶段的调改更像是'打好基础'，后续将重点围绕员工技能培训、商品体系研发等方面，开展更为精细化的运营改造。"永辉超市北京大区副总经理、调 改总负责人杨子亮在接受北京商报记者采访时，给出了2026年永辉学习胖东来模式后的调改效果与下一步规划。 此前，在北京市商业联合会和北京商报社联合主办的2025年度（第十九届）北京商业论坛上，杨子亮表示，永辉超市于2024至2025年间系统性推进"向东来 学习"调改，这一动作本身成为一项"爆品级"体验。调改并非局限于单品，而是围绕商品结构、卖场环境与人文服务展开全方位重塑，实现了从商品到服 务、再到顾客认知的整体升级。 作为永辉北京最后一家调改门店，龙湖长楹天街店将商品作为调改核心，对原有商品进行大幅汰换，整体汰换率超70%，其中生鲜品汰换率高达76%。 ...

2025 年末，我们预计行业的这个门店数，是超过 5.5 万家。那对应市场的零售额，是超 过了 2500 亿元。那零食量贩品类，相比于奶茶，其实更为必选。并且受众也更为的广泛。 那另外，它的主力的市场其实是在下沉的这个市场。我们认为未来的这个空间，可以达到 8~10 万家的这个门店。另外，零食量贩的龙头，也在尝试新的单店模型。那主要是包括 折扣超市的这个业态和便利店的这个店型。那如果未来的这个店型能够进一步跑通，我们 认为量贩业态的这个渗透率，就是在线下传统渠道的这个渗透率的话，有望进一步的提振。 第二个方面就是格局。在 2025 年，我们认为行业进入到了 3.0 的阶段，竞争格局已经非 常明晰。那根据高德地图统计，2025 年末，鸣鸣很忙集团和万辰集团的门店数量分别是 超过 2.2 万和 1.9 万加。那第三名是零食很，零食有鸣，整体的门店数是在 6000 家左右， 但其实和前面两家龙头的这个数量级并不是在一个体量。那其余超过 2000 家以上的这个 门店的数量，基本上就只这个品牌数量的话，基本上只有两到三三家。我们认为整个龙头 的这个竞争的壁垒其实很难被颠覆的。 那同时，零食量贩龙头的这个规模，以及这个品 ...

Core Viewpoint - Luckin Coffee has re-entered the US stock market and is implementing AI surveillance in its stores, raising concerns about employee privacy and operational efficiency [5][9][19]. Group 1: AI Surveillance Implementation - Luckin Coffee is installing AI cameras in its stores, which has caused unease among consumers regarding privacy and the potential disappearance of non-standard orders [6][7]. - The AI surveillance aims to enhance hygiene standards, operational processes, and employee management, reflecting a shift towards stricter oversight of staff [8][22]. - The cameras are designed to monitor employee actions closely, with the potential to automatically flag any irregularities, thus increasing pressure on employees [14][25]. Group 2: Competitive Landscape - The coffee industry is experiencing intense price competition, with rivals like Kudi and Lucky Coffee offering lower prices and faster expansion, which is impacting Luckin's market share [9][30]. - Kudi recently launched a promotional campaign offering classic American coffee for 5.9 yuan, while Lucky Coffee has an average price of 6.9 yuan in first-tier cities, further challenging Luckin's pricing strategy [30][32]. - Luckin's current pricing strategy, often pegged at 9.9 yuan, is becoming less competitive as many of its products exceed this price point [33]. Group 3: Employee Impact and Operational Efficiency - The introduction of AI surveillance is seen as a method to reduce costs and improve efficiency by increasing employee productivity, although it has led to dissatisfaction among staff [28][38]. - Reports indicate that employees are feeling the strain from increased monitoring and stricter operational standards, leading to a negative work environment [23][25]. - Incidents such as the introduction of ovens in stores have resulted in mixed reactions, with customers pleased but employees expressing concerns about increased workload and stress [38].

Core Viewpoint - The company's performance in the first half of 2025 exceeded expectations, driven by strong same-store sales growth and an increase in the number of stores, leading to a revenue increase of 41.2% year-on-year to 5.66 billion yuan [1]. Group 1: Financial Performance - The company's adjusted core profit for 1H25 was 1.136 billion yuan, reflecting a year-on-year increase of 49%, which was better than anticipated [1]. - The gross margin for the first half of the year was stable at 31.5%, with sales expense ratio remaining at 5.5%, indicating effective cost management despite increased brand investments [2]. - The adjusted core net profit margin improved by 1.1 percentage points year-on-year, attributed to a decrease in management and R&D expense ratios [2]. Group 2: Growth Drivers - Same-store sales growth was robust, with a 20.6% increase in GMV per store, reaching 1.37 million yuan in 1H25, and a 17.4% increase in cups sold per store [1]. - The number of operational stores increased by 1,265 to 11,179, with a year-on-year growth of 13.9% in average operational stores [1]. - The company expanded its coffee product offerings, with over 8,000 stores equipped with coffee machines and the launch of 16 new coffee products [1]. Group 3: Market Strategy - The company is focusing on enhancing customer retention and expanding its consumer base by promoting coffee and baked goods, with a double-digit growth in dine-in same-store sales [2]. - Despite the impact of delivery subsidies, the company maintained over 20% same-store GMV growth in July and August, indicating strong underlying demand [2]. - The company anticipates a better-than-expected store opening count for the year, with over 2,100 net new stores opened by the end of August [2]. Group 4: Future Outlook - The company expects continued improvement in gross margin due to economies of scale and a downward trend in management and R&D expense ratios [3]. - Adjusted net profit forecasts for 2025 and 2026 have been raised by 6.9% and 6.5%, respectively, to 2.3 billion and 2.7 billion yuan [3]. - The company is currently trading at 23/20 times the 2025/2026 P/E ratio based on adjusted net profit, with a target price of 28 HKD, indicating a 24% upside potential [3].