Core Insights - The opening of Hema's first store in Central Shandong marks the company's successful expansion into its seventh city in Shandong, highlighting the importance of "first store economy" in stimulating regional consumer activity [1] - The collaboration between Hema Fresh and Zhuhai Wanda Commercial Management Group in Jinan demonstrates the replicability of their commercial resource integration and consumption upgrade strategies [1][3] Group 1: Company Strategy - Zhuhai Wanda Commercial Management Group has been deeply rooted in Shandong for 15 years, operating 20 shopping centers across 11 cities, with plans for a new Wanda Plaza in Jinan by December 2025 [3] - The company is implementing a commercial ecosystem upgrade strategy, focusing on customer demand insights and tailored approaches for each store to enhance positioning and operational quality [3][6] - The restructuring strategy aims to activate existing commercial assets in response to consumption upgrade trends, emphasizing customer needs and precise market positioning [3][6] Group 2: Market Performance - The Jinan Weijiazhuang Wanda Plaza has successfully revitalized its offerings by introducing 48 new brands in the first half of 2025, including popular dining and tech brands, enhancing customer engagement [4] - The Dongying West City Wanda Plaza saw over 20% growth in both foot traffic and sales in the first half of 2025 after adjusting its positioning to cater to a younger demographic [6] Group 3: Customer Experience - Zhuhai Wanda Commercial Management Group is enhancing customer experience through comprehensive operational, marketing, and service innovations, focusing on creating immersive shopping environments [9] - The company has adopted a "one store, one color" principle to improve operational quality and customer perception, alongside significant upgrades to public facilities [9] Group 4: Marketing and Community Engagement - The marketing strategy has evolved from unified marketing to a multidimensional approach, integrating local cultural elements and hosting various events to enhance community engagement [10] - The upcoming Jinan Century Avenue Wanda Plaza aims to create a garden-style commercial space that combines cultural and natural elements, catering to diverse consumer lifestyles [11][13] Group 5: Future Outlook - The strategic framework of "first store economy explosion - existing structure adjustment - incremental benchmark creation" is guiding the regional commercial upgrade efforts of Zhuhai Wanda Commercial Management Group [16] - The company plans to expand its presence in more cities across Shandong, aiming to activate regional consumption potential and evolve commercial spaces into platforms for lifestyle value creation [16]

Core Insights - Hema Fresh opened its first store in Zibo, Shandong, attracting long queues before opening, highlighting strong local demand for its products [1][3] - The CEO of Hema announced plans to open nearly 100 new stores within the fiscal year, expanding into over 50 new cities, aiming to exceed 500 total stores [3] - The Zibo store covers 4,000 square meters and offers a wide range of products, including fresh produce, baked goods, organic vegetables, seasonal fruits, and flowers [3] Group 1 - Zibo is a key economic hub in Shandong, enhancing its consumer capacity due to the popularity of local attractions like "Zibo Barbecue" and the presence of international commercial complexes [3] - The store's opening coincided with summer vacation, attracting families and increasing foot traffic, with local consumers showing a preference for imported fruits and seafood [5][7] - Hema has established a robust supply chain network with 8 supply chain centers, over 300 direct sourcing bases, and 8 logistics hubs, ensuring timely delivery of products from various regions [5] Group 2 - Local products, such as "live shiitake mushrooms," were featured at the opening, showcasing Hema's commitment to sourcing quality agricultural products from Zibo [5][9] - The store introduced popular items like a 9.9 yuan/500ml green bean-flavored wheat beer and a 19.9 yuan/liter hazy IPA, appealing to younger consumers [7] - Hema aims to enhance the shopping experience for Zibo customers by providing a diverse selection of global products and improving service convenience [9]

Core Viewpoint - Hema has decided not to renew its partnership with Sanjiang Shopping, which will end on March 31, 2026, due to changes in the market environment and Hema's overall strategic development plan [4][6]. Group 1: Partnership Details - Sanjiang Shopping's partnership with Hema began in November 2016, with Hema becoming a significant shareholder in Sanjiang Shopping [6]. - The partnership allowed Sanjiang Shopping to operate Hema stores in designated areas, with the first store opening in January 2017 [6]. - Hema has already reclaimed operational rights in Fuzhou and Guiyang, and now plans to end its collaboration with Sanjiang Shopping [4][12]. Group 2: Financial Impact - Following the announcement, Sanjiang Shopping's stock price fell by 5.61% to 10.76 yuan, with a market capitalization of 5.893 billion yuan [3]. - Hema stores contributed approximately 14% to Sanjiang Shopping's overall revenue, with the revenue from Hema stores showing growth over the past three years [8][11]. - Sanjiang Shopping's revenue for 2024 is projected to be 3.875 billion yuan, a slight decrease of 0.53% year-on-year, while net profit is expected to increase by 3.51% to 143 million yuan [11]. Group 3: Future Considerations - The future of the seven Hema stores operated by Sanjiang Shopping in Ningbo remains uncertain, pending further negotiations between the two companies [7][8]. - Sanjiang Shopping plans to discuss transitional arrangements to minimize the impact on employees and customers [6][8]. - Analysts suggest that the end of this partnership may reflect broader challenges in the new retail concept, which has seen diminishing returns [14].