以下文章来源于灵兽 ，作者晴山 灵兽 . 专注零售，聚焦消费。商业改变世界。你们负责改变世界，我们带你们改造商业。灵兽，零售消费行业 头部新媒体平台，为商业原创报道而生。投稿及合作：lingshouke@126.com 将投中网设为"星标⭐"，第一时间收获最新推送 很多综超向"食品加强型超市"转型，在熟食和烘焙里寻找第二曲线。 作者丨 晴山 来源丨 灵兽 调改热潮持续升温 "现在我们家附近的那个超市，熟食区确实比生鲜区热闹了一些。"生活在北京的白领张雯对《灵 兽》说道。 32岁的张雯目前是一名互联网公司的产品经理，平时工作节奏较快、加班频繁，对于吃饭这件事， 她的需求很明确——方便、健康、口感好。"以前下班路过家门口的超市，主要是买点蔬菜、水果之 类的，自从今年年初家附近的超市重新升级装修后，现在我发现它们的熟食和半成品样式多了好多， 可选择的余地也多了，口味谈不上特别出众，但也能解决一顿饭的问题，有些直接买回家就能吃 了。" 她称，以前一周去超市1-2次，主要买蔬菜、水果、零食。但现在工作日下班后几乎都会进去买点吃 的东西带回家，"每次买的东西不一样——今天买个酱鸭腿，明天买份宫保鸡丁半成品，后天买点新 鲜 ...

服务体验方面，该门店在入口处设置一站式便民服务区，提供自助茶饮机、应急药箱、血压测量仪等10 余项基础服务，还推出宠物寄存等服务。 门店员工福利也同步提升。据悉，门店调改后，员工薪资普遍提升至原薪资的1.5倍以上，所有员工均 可参与门店利润分红。员工入职满一年即可享受10天年假，每日工作时长也相应缩短。 北京商报讯（记者 王维祎）8月25日，北京商报记者从物美了解到，物美超市新街口店作为西城区的首 家调改后"胖物美"，将于8月29日正式焕新开业。 该店在商品结构、服务体验、员工福利三个维度进行升级。调改后的物美超市新街口店商品结构将接近 胖东来商品结构的80%。门店大幅扩增烘焙和熟食现制加工区，每日供应数十款现做食品，并提供试吃 服务。同时，为贴合本地口味，门店还上架了多款北京传统小吃和特色食品。 ...

永安市的商业版图近日迎来了一次重要革新，随着永辉超市五四路店的全新亮相，这座闽西山城展现出了零售新风貌。8月22日，这家深度借鉴"胖东来模 式"的超市重装开业，不仅标志着三明地区零售服务的一次升级，也彰显了永安市推动消费升级、打造区域商贸中心的决心。 在商品层面，永辉超市五四路店进行了大刀阔斧的调整。基于对永安消费者既追求实惠又注重品质的深刻洞察，门店下架了近万支原有商品，同时引入了 超过3200支优质新品。调整后的商品结构接近胖东来标准的80%，进口商品比例提升至15%，更加贴合本地客群的消费习惯。走进卖场，烘焙区的香气扑 鼻而来，现场现烤成为主流，烘焙、熟食等鲜食占比从原来的5%提升至25%，为消费者提供了更多新鲜热食的选择。 在员工关怀方面，永辉超市五四路店同样下足了功夫。调改后的员工平均薪资大幅提升，福利体系也更为完善。工作满一年的员工即可享受长达10天的带 薪年休假，门店后场环境大幅优化，新增了舒适的员工休息室和更衣室，并对员工食堂进行了提升。这些举措有效提升了员工的工作满意度和归属感，为 向顾客提供优质服务奠定了坚实基础。 永辉超市五四路店的焕新开业，不仅为永安市带来了更优质的商品和服务，更标志着 ...

Core Viewpoint - In 2025, despite many large consumer companies facing profitability challenges, Shuanghui Development demonstrated resilience by reporting stable half-year results, showcasing its unique strength as a leading meat enterprise [1] Financial Performance - In the first half of 2025, Shuanghui Development achieved operating revenue of 28.414 billion yuan, a year-on-year increase of 2.97%, and a net profit attributable to shareholders of 2.323 billion yuan, up 1.17% year-on-year [1] - The company announced a cash dividend of 6.50 yuan per 10 shares (including tax), totaling 2.252 billion yuan, with a high dividend payout ratio of 97% [1] Channel Development - In Q2 2025, Shuanghui Development's packaged meat products segment showed significant improvement, with total revenue of 5.623 billion yuan, a year-on-year increase of 0.77%, and operating profit of 1.5 billion yuan, up 4.38% year-on-year [2] - The company increased investment in emerging channels (CVS, e-commerce, membership stores), leading to a 21% year-on-year increase in meat product sales in these channels, which accounted for 17.6% of total sales [2] - Shuanghui Development has established a comprehensive sales model covering both online and offline channels, with 21,415 distributors as of June 2025, an increase of 551 distributors (2.64%) since the beginning of the year [3] Brand Management - Shuanghui Development has a diverse product portfolio, including packaged meat products and fresh pork, and has implemented various marketing strategies to enhance its brand image [4] - The company launched multiple themed marketing campaigns in the first half of 2025 and engaged in sports events to strengthen brand visibility [5] - Shuanghui Development has been recognized in several prestigious rankings, with its brand value reaching 87.2 billion yuan, solidifying its leading position in the meat industry [6]

Core Viewpoint - The company has reported significant updates regarding its fundraising activities, including the issuance of convertible bonds and the allocation of raised funds for various projects, while also planning to adjust its credit limits with financial institutions to support operational needs [3][18][84]. Group 1: Company Overview - The company is named Wellhope Foods Co., Ltd., with the stock code 603609 and bond code 113647 [3][18]. - The company has a structured approach to managing its fundraising, adhering to regulations set by the China Securities Regulatory Commission and the Shanghai Stock Exchange [4][15]. Group 2: Fundraising and Financial Data - The company successfully raised a total of 150,000 million yuan through the issuance of 15 million convertible bonds at a price of 100 yuan each, with a net amount of 148,988.35 million yuan after deducting issuance costs [3][84]. - As of June 30, 2025, the balance in the special account for the raised funds was 33,092.6 million yuan, which includes interest income [4][89]. - The company has utilized 70,000 million yuan of idle funds to temporarily supplement working capital [7][89]. Group 3: Project Updates - The company has completed and terminated several fundraising projects, including the production of full-price feed and pig breeding projects, reallocating remaining funds to new projects such as chicken farming and processing [12][85]. - The new projects are expected to be operational by December 31, 2025, generating revenue thereafter [86]. Group 4: Credit and Guarantee Adjustments - The company plans to increase its comprehensive credit limit from 72 billion yuan to 82 billion yuan to meet operational and investment needs [18][56]. - An additional guarantee limit of 125,000 million yuan has been proposed, raising the total guarantee limit to 560,000 million yuan for its subsidiaries [21][24].

Summary of Conference Call on Yonghui Supermarket Industry Overview - The retail industry is undergoing a transformation during the economic adjustment period, with consumers increasingly focusing on cost-effectiveness. Retailers and distributors are showing higher growth potential compared to traditional food and beverage companies, as evidenced by the annualized returns of Japanese and American retail companies exceeding those of traditional firms during similar economic conditions [2][3]. Key Insights on Yonghui Supermarket - Yonghui Supermarket, as a major Chinese retail chain, is positioned to capitalize on the low online penetration rates in food and beverage sectors. The company aims to enhance its competitive edge through improved operational efficiency, optimized supply chain management, and innovative service models [2][8]. - The shift from deep distribution to large-scale, multi-category distribution in China is driven by declining terminal sales momentum and increasing consumer demand for high-cost performance products. This new distribution model enhances risk resistance by lowering markup rates and improving efficiency [2][7]. Consumer Behavior and Market Dynamics - Despite the rapid growth of e-commerce in China, offline supermarkets still have significant development potential. Online consumption has plateaued at over 30%, with substantial differences in online penetration rates across product categories. For instance, beverages and snacks have online penetration rates below 20%, particularly in lower-tier cities [2][5]. - Instant retail is expected to coexist with traditional supermarkets, primarily catering to convenience needs but often at higher prices. Price-sensitive consumers are likely to prefer large chain supermarkets that offer lower prices and guaranteed quality [2][6]. Yonghui's Strategic Initiatives - Yonghui's new model eliminates entry fees, leading to lower terminal prices and a more competitive product mix tailored to consumer preferences. The emphasis on baked goods and prepared foods aligns with the growing demand for convenience among aging and smaller households in China [4][14]. - The company is expanding its private label offerings to provide lower-priced products, thereby creating a price advantage and broadening its product range [4][17]. Financial Performance and Future Outlook - Yonghui's financial performance is influenced by high headquarters financial costs, projected to be around 1 billion to 1.1 billion yuan in 2024. However, these costs are expected to decrease as cash flow improves and new store openings generate positive cash flow [26]. - The forecast for Yonghui's store profitability indicates potential growth, with expectations of achieving profits of 1.815 billion yuan in 2026 and 2.38 billion yuan in 2027, assuming a stable sales performance across its stores [24][27]. Challenges and Competitive Landscape - The Yonghui model is not easily replicable by other supermarkets due to high capital requirements, scale advantages, and extensive experience in fresh produce management. These factors contribute to Yonghui's competitive edge in the market [22]. - The company faces uncertainties regarding individual store performance and the potential for exceeding expectations, particularly in lower-tier markets where e-commerce penetration is low [27]. Conclusion - Yonghui Supermarket is well-positioned to leverage its strengths in supply chain management and operational efficiency to navigate the current economic landscape. By focusing on enhancing its product offerings and optimizing its business model, Yonghui has the potential to emerge as a strong investment opportunity in the retail sector [28].

Group 1 - The article discusses the impact of the food delivery competition on consumer prices and the potential long-term risks for food quality and service efficiency [1] - It highlights the phenomenon of price discrepancies between online and offline dining, leading to a disruption in the pricing structure for restaurants [1] - The article emphasizes the importance of in-store dining experiences, which cannot be replaced by delivery services, and the need for restaurants to maintain stable pricing to cover operational costs [1] Group 2 - The article details the success of Xu Sheng Ji, a hot pot brand, which has rapidly expanded to over 310 locations since its inception in November 2022, achieving a 334% year-on-year increase in group buying sales from May to July [5][6] - It mentions the effective use of short videos and live streaming on platforms like Douyin to enhance brand visibility and attract customers within a specific geographic area [5][6] - The article also discusses the strategies employed by other local brands, such as Lu Wei Zhai and Lao Pan Chuan, to leverage live streaming and group buying to boost sales and expand their customer base [6][7] Group 3 - The article notes that many restaurants in Jinan are increasingly focusing on content marketing through live streaming and social media to attract customers, especially during peak seasons [7][11] - It highlights the shift in consumer behavior towards valuing quality and price-performance ratio, with a growing preference for in-store dining experiences despite the rise of delivery services [11][12] - The article points out that the restaurant industry in Jinan is experiencing significant growth, with a reported increase in orders exceeding 100% due to effective marketing strategies [11][12] Group 4 - The article predicts that by 2025, the share of restaurant consumption in second and third-tier cities will reach 40%-45%, indicating a core market for brand expansion [13] - It mentions that Xu Sheng Ji has established a strong presence in Shandong with 193 locations, while Lu Wei Zhai and Lao Pan Chuan are also expanding their reach in nearby cities [13][16] - The article concludes that the successful integration of content marketing and operational efficiency is crucial for restaurants to thrive in a competitive environment [16]

Core Insights - A new shopping trend called "off-peak shopping" is emerging in urban areas, reflecting a shift in consumer attitudes towards more practical and cost-effective purchasing behaviors [1][3] Group 1: Consumer Behavior - Increasing numbers of consumers are choosing to shop in the evening to take advantage of discounts on perishable goods, which are typically offered at 60-80% off starting at 7:30 PM [3] - The rise of "evening economy" indicates a more rational and pragmatic approach to consumption among citizens, as they seek to save money while reducing waste [3] Group 2: Retail Strategies - Supermarkets are implementing evening promotions on short-shelf-life products, which not only attract more customers but also help reduce food waste [3] - The popularity of freshly made bread during evening discount hours highlights a growing preference among younger consumers for affordable and fresh food options [3]

Core Viewpoint - Wumart Huamao Tiandi store has officially opened as the first "Fat Reform Store" in Chaoyang District, significantly optimizing its product offerings and layout to attract more customers [1][2][4] Group 1: Store Transformation - The store reduced its SKU from 10,000 to 7,000, with 70%-80% of the products being replaced, focusing on high-quality items [2][3] - Fresh food categories now account for 50% of the store's offerings, with nearly 3,000 SKUs dedicated to fresh produce [3] - The entrance has been redesigned to feature fresh and ready-to-eat food, which has become a key attraction for customers [2][3] Group 2: Customer Engagement and Traffic - On the opening day, the store recorded a customer flow of 9,900, significantly higher than the previous average of 1,000 daily visitors [1][3] - The store implemented a "while adjusting, still operating" model to ensure continuous service during renovations, coordinating over 100 security personnel to manage customer flow [2][3] Group 3: Community Focus - The transformation is based on the trust of local residents and their demand for higher quality products, emphasizing stability over trendy changes [4][5] - The store aims to meet the basic needs of the community while providing a sense of security through consistent service [4][5] - Future upgrades will also involve other main stores in the area, enhancing the overall shopping experience for families [5]

Core Insights - The opening of Yonghui's Wuqing Zhuzong Daguangming Center store marks a significant addition to the new business district in Wuqing, Tianjin, showcasing the effectiveness of the store's transformation model and responding to the region's strategy for internationalization, high-end development, and smart consumption [1] Sales Performance - The store experienced a remarkable sales increase of over 400% year-on-year within the first week, with customer traffic surging by more than 200% [3] - Popular fresh food items such as shrimp, cucumbers, and dragon fruit have gained high popularity, alongside summer favorites like juices and ice products [3] Best-Selling Products - The newly added baking and prepared food sections have been particularly well-received, with the fresh food area becoming a key traffic driver [5] - Top-selling items include a variety of baked goods, seasonal fruits, and customized dairy products, all praised for their quality [5] Employee Focus - The transformation emphasizes the importance of employees, with a significant increase in frontline staff and salary improvements [7] - Employee benefits include paid annual leave after one year of service, dedicated rest areas, training rooms, and a free cafeteria [7] Skills Development - Yonghui's "Craftsman Plan" has successfully certified over 50 skilled workers in the Tianjin area, promoting a collaborative training system between stores [9] - The plan aims to enhance service quality and customer experience through technical standards and professional recognition [9] Future Plans - The Wuqing New Business District's task force will continue to develop diverse consumption scenarios and foster new business formats to contribute to Tianjin's goal of becoming an international consumption center [11]