Core Viewpoint - The article discusses the evolution of Hema, a key player in China's retail sector, highlighting its transition from rapid expansion to a focus on profitability, organizational strength, and sustainable growth. The company aims to redefine retail dynamics in the next decade by leveraging its supply chain and product capabilities [2][27]. Group 1: Hema's Growth and Strategy - Hema has transitioned from a phase of aggressive expansion to a more stable growth model, focusing on profitability and organizational efficiency [2][6]. - The company plans to open 100 new Hema Fresh stores by the fiscal year 2025, indicating a strategic shift towards core business operations [4][6]. - Hema's CEO, Yan Xiaolei, has set a target for the company to achieve a GMV of over 100 billion yuan within three years, emphasizing a streamlined organizational structure [6][20]. Group 2: Product Strategy and Consumer Insights - Hema has adapted its product offerings to meet changing consumer preferences, such as introducing smaller cake sizes to cater to single-person households [9][11]. - The company has focused on health and quality, with plans to reduce sugar in its products and enhance nutritional transparency [12][13]. - Hema's self-branded products have gained significant traction, with a 60% sales share in its community supermarket segment, showcasing its competitive edge in product development [15][16]. Group 3: Market Position and Competitive Landscape - Hema is positioned as a key player in the hard discount market, with its new brand "Chao He Suan NB" rapidly expanding its footprint [22][24]. - The hard discount market in China is still in its early stages, with a penetration rate of only 8%, presenting significant growth opportunities [24][25]. - Hema's collaboration with Alibaba enhances its operational capabilities, making it a crucial component of Alibaba's local life services strategy [20][21]. Group 4: Future Outlook and Challenges - The retail landscape is becoming increasingly competitive, with various business models vying for market share, including Sam's Club and Aldi [28]. - Hema's focus on core competencies and supply chain efficiency will be critical in navigating the complexities of the evolving retail environment [27][28]. - The company must continue to innovate and adapt to consumer demands to maintain its competitive advantage in a diverse market [28].

Core Insights - Hema has achieved its first annual profit by March 2025, marking a significant milestone in its operational journey [4] - The new CEO, Yan Xiaolei, has implemented a series of reforms focusing on core business strategies, particularly Hema Fresh and Hema NB supermarkets [5][6] - Hema aims to expand aggressively, planning to open nearly 100 new stores in the upcoming fiscal year, with a focus on second and third-tier cities [6][7] Business Strategy - The restructuring of Hema's operations includes four main divisions: operations, online operations, procurement, and logistics, all reporting directly to the CEO [4] - The focus on Hema Fresh and Hema NB is intended to create complementary advantages, while the Hema X membership stores are being reduced [5] - Hema has opened 72 new stores in the past year, surpassing Walmart China in total store count, with plans for further expansion [5][6] Market Expansion - Hema's new store openings are strategically targeting lower-tier cities, with one-third of new locations in second and third-tier cities and counties [6] - The company is also making inroads into northern cities, with a new store opening in Tianjin as a key expansion point [6] - Hema has revamped nearly half of its Hema Fresh stores to enhance user experience and has reintroduced front warehouses to improve delivery efficiency [6] Product Development - Hema is developing differentiated product lines for its various business models, with a significant focus on private label brands, particularly in the health sector [6] - The proportion of Hema's private label products has reached approximately 35% [6] Competitive Landscape - Despite being a pioneer in instant retail, Hema faces intense competition from both domestic and international players, including Sam's Club and Yonghui [8] - The successful achievement of its first annual profit may bolster Alibaba Group's confidence in Hema's future growth potential [8]

作者 | 彭倩 编辑 | 乔芊 杨轩 36氪独家获悉，至2025年3月，盒马首次实现全年盈利（2024年4月至2025年3月）。 同时，盒马旗下最重要的业务「盒马鲜生」也进行了高层更替。据36氪了解 ， 盒马鲜生目前的业务架构分为4条，分别为营运（各地线下门店）、线上 运营、采购和物流供应链，负责人均直接向盒马 CEO 严筱磊（花名：百合）汇报。 盒马实现盈利，离不开新任 CEO 一系列的改革。 成立9年，盒马终于实现全年盈利。 为了提升用户体验，盒马对全国近一半的盒马鲜生门店进行了调改，并通过算法进行升级；自去年起，盒马还重启了前置仓，与盒马鲜生大店组 成"1+N"的模式。当时盒马方面透露，试点使用前置仓，是为了加密服务半径，为更多用户提供3公里30分钟内送达服务。前置仓模式也是带动山姆在中 国高速发展的重要布局。 在供应链和商品方面，盒马针对不同的业态，进行差异化的商品开发，盒马鲜生和盒马 NB 如今已经完全不同的商品体系。盒马也在加大对自有品牌的 建设，尤其是健康赛道品牌"盒补补"。如今盒马整体的自有品牌比例在35%左右。 各项数据向好，重启扩张之路的盒马设下了更大的增长目标。去年底的内部信中，严筱磊立 ...