Core Viewpoint - Hema is shifting its focus to its main business formats, Hema Fresh and Hema Neighbor Business, while closing its membership stores, which were previously seen as a second growth curve. The company aims to open nearly 100 new Hema Fresh stores in the upcoming fiscal year and is optimistic about the domestic consumption market [2][3][5]. Group 1: Business Strategy - Hema Fresh has over 420 stores as of March 31, 2025, and ranks third in China's supermarket sector with a GMV of 75 billion yuan, following Walmart China and RT-Mart [5]. - The company has achieved its first annual profit in the last fiscal year, indicating a more stable and rapid development due to strategic focus [5][6]. - Hema's CEO, Yan Xiaolei, has set a target for the company to reach a GMV of 100 billion yuan within three years [6]. Group 2: Store Operations - Hema is closing its X membership stores, which were intended to compete with Costco, as part of a strategic adjustment to concentrate on its core business formats [3][5]. - The closure of membership stores is a proactive business adjustment that began earlier in the year, with the company emphasizing that Hema Fresh stores will continue to operate [5][6]. Group 3: Market Expansion - Hema is leveraging Alibaba's consumer platform to expand its customer base, including a recent collaboration with Taobao 88VIP to offer Hema X membership experience cards [7]. - Hema has also appeared prominently on Taobao's homepage, enhancing its visibility and driving more traffic to its stores [8].

Core Insights - Hema X membership stores, once seen as a key growth initiative, are set to close all locations by the end of the month after less than five years of operation [1][3] Group 1: Business Performance - Hema X membership stores aimed to emulate Costco and rapidly expanded, opening ten stores across major cities like Shanghai and Beijing by October last year [3] - Despite rapid expansion, Hema X membership stores failed to establish a competitive advantage in supply chain and product selection, leading to a lack of differentiation [3] - The pricing strategy of Hema X membership stores has been criticized, with some products priced higher than those in Hema Fresh, contradicting the value proposition of membership stores [3][5] Group 2: Market Position and Strategy - Hema X membership stores have not built a substantial user base, with their contribution to overall sales remaining below 10% [5] - In contrast, Sam's Club has seen significant success in China, growing its membership from 2 million in 2019 to nearly 9 million by 2024, generating annual membership revenue of 2.3 billion yuan [5] - Following the closure of Hema X membership stores, Hema is shifting focus to expanding Hema Fresh and Hema NB formats, planning to open nearly 100 new Hema Fresh stores by 2025 and aiming for 300 Hema NB stores in three years [6] Group 3: Customer Engagement - To retain customer loyalty, Hema is collaborating with Taobao 88VIP to offer a limited-time promotion for 90 days of free X membership rights [6] - The upgraded "Cloud Enjoyment Club" will continue to offer over 800 MAX products and exclusive member prices, providing consumers with more choices and discounts [6]

8月4日消息，盒马将陆续关闭线下会员店。对于会员店的停业，据经济观察报信息，盒马方面解释，通 过供应链升级，盒马鲜生店和盒马NB社区店的自营产品无论质量还是价格，都已向会员店看齐，且门 店靠近生活区，消费者随时都能逛一逛、尝一尝，更符合中国消费者"逛"的习惯。 今年4月，盒马将原有的"盒马云超"调整为"云享会"，消费者可在线上购买超过800款盒马MAX自有品 牌商品，相较于普通用户，盒马X会员用户可享受会员价及全年无限次满49元免邮到家的服务。目前， 这些权益仍然保留。 ...

点击图片▲立即收听 美国GDP预测增速跌到五年最低 3月4日消息，美国亚特兰大联储于美东时间本周一实时发布GDPNow模型，敲响了一场"特朗普衰退（Trumpcession）"的警钟。该模型显 示，美国GDP增速将跌至2020年初新冠疫情暴发以来新低。上周五，这一模型对美国当前季度年化增长率的预测下调到了惊人的-1.5%，一 度引起市场哗然。 据悉，在一个月前，该模型对于美国当前季度的年化增长率预期还接近4%，而就在上周一，其增长预期还在+2.3%。另据商务部网站消息， 美方宣布自3月4日起对中国输美产品再次加征10%关税。中方对此强烈不满，坚决反对，将采取反制措施坚定维护自身权益。（财联社） ｜点评 ｜ 特朗普上台后动作不断，将全球经济卷入旋风。在多到让人怀疑执行不过来的政策中，"关税大棒"对美国经济的影响已经显现。 压力下，企业"抢跑"囤货需求推动美国1月贸易逆差创下新高。同时，特朗普挥起的削减政府开支的"大刀"，更将美国经济推向不确定的边 缘。反复横跳中，不仅是模型的预测数据强烈震荡，美国多项信心指数也都已降至冰点。 GDPNow的预测基于数据与计算，而特朗普作为其中最紧要变量，已经成为超越模型预测的一 ...