以下文章来源于图数室 ，作者图数室 图数室 . 新浪新闻出品《图数室》栏目。 关注我们，用数据读懂热点。 本文来自微信公众号： 图数室 ，作者：图数室，题图来自：视觉中国 2024年，多达62个头部超市企业缩减门店3037家。 这不是零星企业的经营不善，而是卜蜂莲花、永 辉、大润发等巨头共同面临的行业寒冬。五年间，传统商超的市场份额被电商生生啃下了一大块，消 费者的购物车早已悄然转向。 曾几何时，全家周末去超市大采购是一周的重要仪式；如今，早餐的牛奶用手机APP半小时送到，囤 货的牛排由会员店次日达直达门口，连零食饮料都能在下班路上顺手从便利店带走。 减少了493家门店的华润万家，尽管旗下除了华润万家这样的大型商超，还拥有Ole等高端新业态， 店面数量仍处于缩减趋势。 此外，永辉在2024年门店收缩约四分之一，对，就是那个"爆改胖东来"的永辉，门店数减少234家。 | 门店缩减数量 | | | 新浪飘闻 出品 冒险后 | | --- | --- | --- | --- | | 最多的超市 | | | 来源:中国连锁经营协会 《2024年中国超市Top100》 | | DATA 企业名称 | 超市品牌 | | ...

Core Viewpoint - Sanjiang Shopping has shown a significant increase in stock price and trading activity, indicating positive market sentiment despite some net outflows of capital [1][2]. Group 1: Stock Performance - As of November 25, Sanjiang Shopping's stock price increased by 2.03%, reaching 16.06 CNY per share, with a trading volume of 5.50 billion CNY and a turnover rate of 6.32%, resulting in a total market capitalization of 87.96 billion CNY [1]. - Year-to-date, the stock price has risen by 50.37%, with a slight increase of 0.12% over the last five trading days, a 13.34% increase over the last 20 days, and a 45.08% increase over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Sanjiang Shopping reported a revenue of 2.988 billion CNY, reflecting a year-on-year growth of 0.59%, while the net profit attributable to shareholders decreased by 5.42% to 114 million CNY [2]. - The company has distributed a total of 1.362 billion CNY in dividends since its A-share listing, with 329 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Sanjiang Shopping increased to 48,400, a rise of 61.74%, while the average circulating shares per person decreased by 38.17% to 11,311 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 3.8167 million shares, a decrease of 878,200 shares compared to the previous period [3].

文丨零售氪星球 方圆 这几年，国内上万平米大超市的主旋律是"收缩"和"变小"。行业共识是，大卖场模式结束了。但，东北 沈阳市场却冒出一家反其道而行的区域"黑马"。 2024年底，开心农场首家A 会员店开出来，一上来就是2 万平米大体量；一年后，这家超市在沈阳建筑 大学附近开出第二家同体量大店。开业当天，人潮蜂拥而至，停车位很快饱和，不少人干脆把车停到外 场，再坐摆渡车进店。小红书上，一些人抱怨，开业几天后，门店里依然很挤。 图源@网络 同行们做减法，甚至一窝蜂开"小店"，开心农场A 会员店却敢逆势"放大招"。一位知情人士告诉「零售 氪星球」，除了开出第2店，开心农场A 会员店在沈阳第3家店也在筹备中。甚至，他们还有了到华东上 海开店的想法。 在沈阳，这家店也是同行效仿的对象。有消息称，当地很快将有另外2-3家类似门店开出。 如其店名，生鲜超市起家的开心农场A会员店，本意是跳脱传统超市只能卷价格的压力，效仿近年风靡 一时的 "山姆会员商店"。但现在的它，显然，更像一个将传统货架式生鲜超市推倒重来，全方位重 构，充满浓郁本地特色、满足消费升级的新业态。 二层，承接一日三餐。蔬菜和肉类是基本盘，搭配熟食、休闲食品和 ...

Core Insights - The article discusses the transformation of RT-Mart, highlighting its position as the second-largest supermarket in China, facing challenges in adapting to market changes and consumer preferences [1][2] - Despite efforts to showcase confidence in its transformation, RT-Mart's financial performance remains under pressure, indicating a need for strategic adjustments [2][14] Group 1: Transformation Strategy - RT-Mart plans to accelerate the renovation of 500 stores over the next three years, focusing on a model that combines health products, enjoyable experiences, and attentive service [3][4] - The company aims to shift from a "destination hypermarket" to a "community center" model, requiring a complete restructuring of its product offerings and operational logic [3][11] - A key strategy involves reducing the size of stores from over 10,000 square meters to between 6,000 and 7,500 square meters, and halving the number of SKUs from 16,000-20,000 to streamline product offerings [8][9] Group 2: Financial Performance and Challenges - In the latest financial report, RT-Mart's parent company, Gao Xin Retail, reported a revenue of 30.502 billion yuan, a year-on-year decline of 12.1%, and a net loss of 127 million yuan [1][14] - The B2C business saw a same-store order growth of 7.4% and a sales increase of 2.1%, but a decline in average transaction value poses a challenge to profitability [14] - The company has a cash reserve of 11.958 billion yuan, providing a buffer for operational and strategic initiatives [13] Group 3: Innovations and Opportunities - RT-Mart has initiated a nationwide joint procurement project for pork, which has led to a nearly 20% increase in sales volume and a 4 percentage point rise in gross margin [10][11] - The company is also expanding its private label strategy, with nearly 500 SKUs across over 50 categories, although this currently represents less than 3% of total sales [17][18] - The establishment of front warehouses aims to enhance online sales, with plans to increase the proportion of online sales to 40%-50% over the next three years [14][15] Group 4: Market Position and Future Outlook - RT-Mart's strategic focus on low-tier cities, where 75.8% of its stores are located, provides a favorable environment for its transformation efforts [11][12] - The company faces significant challenges in overcoming the inertia of traditional hypermarket operations while addressing declining revenues and weak core product offerings [18] - The transformation journey is expected to be long and arduous, with the next three years serving as a critical starting point for RT-Mart's revival [18]

Core Insights - Zhengzhou Airport is increasingly recognized as a vital logistics hub, facilitating international cargo flights and enhancing cross-border e-commerce activities [2][3] - The "14th Five-Year Plan" aims to systematically reshape and reform Zhengzhou Airport, injecting new momentum and driving high-quality development [2][3] - The airport has established a comprehensive port system, significantly contributing to the province's import and export trade [3][4] Group 1: Development and Growth - Zhengzhou Airport has opened 45 international cargo routes, connecting to 48 international cities and covering over 30 countries and regions globally [3] - The GDP growth rate for the first four years of the "14th Five-Year Plan" is 10.4% annually, outperforming the national average by 4.9 percentage points [3] - In the first three quarters of this year, the GDP growth rate reached 11.1%, exceeding the national growth rate by 5.9 percentage points [3] Group 2: Strategic Initiatives - The airport is positioned as a highland for inland openness, integrating into global industrial divisions and fostering international industrial clusters [3][4] - National strategies such as the "Air Silk Road" initiative and ecological protection efforts in the Yellow River basin are providing new momentum for the region [3] - The provincial government has granted Zhengzhou Airport municipal management authority, enhancing its role as a "testbed" for institutional reforms and innovation [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Insights - The company reported a slight decline in revenue for Q3 2025, achieving 4.58 billion yuan, a year-on-year decrease of 3.9%, while the net profit attributable to shareholders was 22.77 million yuan, an increase of 24.3% [2][4] - For the first three quarters of 2025, total revenue was 13.59 billion yuan, down 3.8% year-on-year, with a net profit of 210 million yuan, up 9.4% [2][4] - The company continues to optimize its traditional supermarket operations while expanding its new business formats, with a total of 1,090 stores as of the end of Q3, netting an increase of 6 stores during the quarter [11] Financial Performance - The gross profit margin for Q3 was 23.8%, an increase of 1.1 percentage points year-on-year, reflecting improved operational efficiency and cost management [11] - The company’s operating profit for Q3 was 59.03 million yuan, significantly improved from 5.63 million yuan in the same period last year [11] - The company expects EPS to reach 0.31, 0.38, and 0.45 yuan for 2025, 2026, and 2027 respectively, indicating a positive growth outlook [11] Business Strategy - The company is actively upgrading its supermarket formats and enhancing supply chain capabilities, including increasing the proportion of direct sourcing and developing private label products [11] - The performance in provinces outside the home region showed a 2% year-on-year revenue growth, indicating strong regional expansion [11] - The company is focusing on improving store quality and customer experience through ongoing renovations and adjustments to its existing store formats [11]

Core Viewpoint - Sanjiang Shopping experienced a 2.12% increase in stock price on November 14, with a trading volume of 1.248 billion yuan, indicating strong market interest and activity [1]. Financing Summary - On November 14, Sanjiang Shopping had a financing buy-in amount of 122 million yuan, with a net financing purchase of 25.57 million yuan after repaying 96.51 million yuan [1]. - The total financing and margin trading balance reached 196 million yuan, accounting for 2.39% of the circulating market value, which is above the 90th percentile of the past year, indicating a high level of financing activity [1]. - In terms of securities lending, there were no shares sold or repaid on November 14, with a remaining margin balance of 599,500 yuan and a remaining quantity of 40,100 shares, also above the 90th percentile of the past year [1]. Company Performance - As of September 30, the number of shareholders for Sanjiang Shopping increased to 48,400, a rise of 61.74%, while the average circulating shares per person decreased by 38.17% to 11,311 shares [2]. - For the period from January to September 2025, Sanjiang Shopping reported a revenue of 2.988 billion yuan, reflecting a year-on-year growth of 0.59%, while the net profit attributable to shareholders decreased by 5.42% to 114 million yuan [2]. - Since its A-share listing, Sanjiang Shopping has distributed a total of 1.362 billion yuan in dividends, with 329 million yuan distributed over the past three years [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fifth largest, holding 3.8167 million shares, a decrease of 878,200 shares compared to the previous period [2].

Core Insights - The opening of two new Wumart Supermarkets in Beijing's Chaoyang and Fengtai districts marks a strategic expansion, enhancing the company's presence in high-quality retail services in these areas [1] Group 1: Store Details - The new stores, located in the core areas of Yangqiao and Dongba, have adopted a product structure similar to that of "Fat Dong Lai," with 80% of their offerings aligned with this model [1] - Both stores have introduced direct-sourcing winter storage vegetables, catering to seasonal consumer needs [1] Group 2: Market Positioning - The Yangqiao store is strategically positioned near established commercial entities like Yintai Department Store, serving densely populated communities in Fengtai District [1] - The Dongba store complements nearby facilities such as Evergrande City Plaza, enhancing the retail ecosystem with family-friendly, fitness, and dining options [1] Group 3: Product Strategy - The new stores have implemented Wumart's AI-driven retail model, introducing 70% new products and optimizing categories such as prepared foods, baked goods, and fresh produce to meet winter consumption demands [1]

Core Insights - The article discusses the potential profitability of small businesses, particularly food stalls, highlighting that they can generate significant income compared to traditional corporate jobs [1][10]. Group 1: Business Viability - A food stall can sell several hundred bowls of soup daily, with a profit margin of approximately 7 yuan per bowl, leading to a daily profit of around 700 yuan, translating to an annual income of 70,000 to 80,000 yuan [1]. - The importance of location is emphasized, as many businesses fail due to poor site selection, similar to real estate [3]. - The article suggests that small businesses, such as food stalls, can be more profitable than gig economy jobs like ride-sharing [8]. Group 2: Entrepreneurial Challenges - Running a food stall requires hard work and long hours, often leading to physical exhaustion if operating multiple meal services [5]. - The article notes that many entrepreneurs struggle with the demands of small business operations, especially when transitioning from easier online business models to more labor-intensive ones [5][10]. - It highlights the need for adaptability and understanding of market dynamics, as opportunities shift over time, with new trends emerging in technology and consumer preferences [5][10]. Group 3: Business Strategy - Success in small business relies on finding the right position and rhythm, as well as understanding the nuances of the trade [6]. - The article points out that even small ventures can be lucrative if managed well, with examples of successful local businesses that thrive despite high turnover among owners [9]. - It stresses the importance of calculating input-output ratios and customer demand to optimize profitability [11]. Group 4: Personal Aspirations - The article acknowledges that not everyone is inclined or capable of running a small business, suggesting that some may prefer traditional employment or other opportunities [13]. - It concludes that the scale of business is relative, and with the right management, small businesses can grow into larger enterprises [13].

Core Viewpoint - The stock price of Jiajiayue has shown significant growth this year, with a notable increase in recent trading days, indicating positive market sentiment towards the company [2]. Group 1: Stock Performance - As of November 13, Jiajiayue's stock price increased by 2.32%, reaching 12.37 CNY per share, with a trading volume of 114 million CNY and a turnover rate of 1.47%, resulting in a total market capitalization of 7.896 billion CNY [1]. - Year-to-date, Jiajiayue's stock price has risen by 10.94%, with a 10.45% increase over the last five trading days, 19.52% over the last 20 days, and 16.70% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Jiajiayue reported a revenue of 13.588 billion CNY, reflecting a year-on-year decrease of 3.81%, while the net profit attributable to shareholders increased by 9.43% to 206 million CNY [2]. - Since its A-share listing, Jiajiayue has distributed a total of 1.587 billion CNY in dividends, with 402 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders in Jiajiayue decreased by 10.62% to 21,800, with an average of 29,305 circulating shares per shareholder, which is an increase of 11.89% [2]. - The top ten circulating shareholders include Huaxia Large Cap Select Mixed Fund, which holds 3.7126 million shares, a decrease of 2.1379 million shares from the previous period [3].