Investment Rating - The report maintains an "Accumulate" rating for the retail industry [1] Core Viewpoints - The offline retail industry is undergoing significant transformation opportunities, which are expected to enhance operational efficiency and improve customer experience, leading to a recovery in performance (profit margins) and a reassessment of self-owned property values [26] - The recent opening of the first "Fat Donglai" store in Xinjiang, operated by Huijia Times, achieved sales of 2.44 million yuan on its first day, a year-on-year increase of 386%, with foot traffic reaching 70,000, up 127% year-on-year [3][8] - Huijia Times reported a revenue of 1.271 billion yuan in H1 2025, a year-on-year increase of 2.29%, and a net profit attributable to shareholders of 67 million yuan, up 62.64% year-on-year, benefiting from store upgrades and supply chain improvements [19][23] Summary by Sections Weekly Industry Insights - The report highlights the successful renovation of Huijia Times' Beijing Road supermarket, which has seen significant improvements in product management and store environment, enhancing customer experience and employee satisfaction [3][13] - The store's product structure was optimized, with over 60% of third and fourth-tier products removed, achieving 90% alignment with the Fat Donglai product structure [13] - Employee benefits were enhanced, including salary increases, reduced working hours, and additional vacation time [13] Company Performance - Huijia Times has a substantial retail property portfolio in Xinjiang, with 6 department stores, 5 shopping centers, and 11 independent supermarkets, totaling 1.07 million square meters [23] - The company’s self-owned properties amounted to 323,300 square meters, with leased properties at 169,700 square meters as of the end of 2024 [23] Market Trends - The report suggests that the retail sector is poised for a recovery through renovations and new business models, recommending stocks such as Yonghui Supermarket and suggesting attention to Huijia Times, Wushang Group, and Bubugao [26] - The retail index saw a weekly increase of 0.98% from August 11 to August 17, 2025, while the overall market indices also showed positive trends [27][28]