（文章来源：证券日报） 证券日报网讯 1月6日，创源股份在互动平台回答投资者提问时表示，公司国内市场专注打造自有品 牌，涵盖较为丰富的产品品类，公司将根据市场需求探索更多可能性。 ...

首要，中高收入群体人口增长刺激需求。普华永道预计，未来对高质量、差异化的食品及非食品产品和 服务的需求将会增加。同时，零售商亦迎来开发自有品牌的机遇，以提供负担得起且质量合理的产品。 第二，国际和本土龙头食品杂货零售商快速扩张，显示消费者对中国市场充满信心。根据普华永道报 告，这些龙头企业已经掌握了品类管理和自有品牌发展的重要性，为行业树立标杆，共同释放消费者的 消费潜力。 第三，普华永道《2025全球消费者之声中国报告——新时代中国消费者：聚焦食品、健康与可持续发 展》指出，中国消费者在健康、可持续发展和国际产品的接受度方面超越全球其他消费者，为新的品类 和产品创造了商机。 12月17日，普华永道发布了两份报告——《中国品类管理实践研究：品类管理与自有品牌的战略升级之 道》和《2025全球消费者之声中国报告——新时代中国消费者：聚焦食品、健康与可持续发展》，深入 剖析中国消费市场动态。 在两份报告中，普华永道提出四个关键因素，将正面影响中国消费市场未来。 《中国品类管理实践研究：品类管理与自有品牌的战略升级之道》指出，品类管理因其着重于在线上线 下（300959）以合适的价格提供合适的产品，并在品类层面提升 ...

Financial Data and Key Metrics Changes - Identical sales without fuel grew 2.6% year-over-year, with a two-year stack increase of 4.9% [13][20] - Adjusted EPS was $1.05, reflecting a 7% growth compared to last year [24] - FIFO gross margin rate, excluding rent, depreciation, and amortization, increased by 49 basis points year-over-year [22] Business Line Data and Key Metrics Changes - E-commerce sales grew 17%, driven by delivery, with significant improvements in profitability [15][25] - Pharmacy business continued strong growth, contributing positively to overall operating profit despite impacting margin rates [21] Market Data and Key Metrics Changes - Spending from higher-income households remained strong, while middle-income customers faced increased pressure, leading to smaller, more frequent shopping trips [11][12] - Food inflation increased moderately, particularly in beef, impacting overall sales dynamics [21] Company Strategy and Development Direction - The company is evolving its hybrid fulfillment model to improve operational efficiency and profitability, expecting $400 million in e-commerce profitability improvements in 2026 [10][26] - Plans to accelerate capital investment in new stores beyond 2025, focusing on high-potential geographies and improving return on invested capital [16][30] Management's Comments on Operating Environment and Future Outlook - Management noted macroeconomic uncertainty influencing customer behavior, with a focus on delivering value through lower prices and promotions [12][19] - The company expects to narrow its range for identical sales without fuel growth to 2.8%-3% and raise the lower end of adjusted EPS guidance to $4.75-$4.80 [31][32] Other Important Information - The company announced the closure of three automated fulfillment centers by January 2026, which are not meeting operational and financial expectations [8][26] - The CEO search is ongoing, with expectations to appoint a new CEO in the first quarter of 2026 [34][35] Q&A Session Summary Question: Can you talk about the accelerated sourcing program and potential store exits? - Management expressed excitement about new store investments, indicating plans to increase new store builds by 30% in 2026 and explore acquisition opportunities [39][40] Question: What are you looking for in the new CEO? - The board is seeking a candidate with a deep understanding of retail transformation, customer focus, and cultural fit with Kroger [42][43] Question: How do you feel about the current grocery ID trend and competition? - Management acknowledged increased caution among consumers and competitive pressures but emphasized ongoing price investments and promotional strategies [48][52] Question: Can you discuss the impact of pharmacy on the quarter? - Pharmacy performance remained stable, with slight market share improvements, while discretionary categories faced challenges due to inflation [70] Question: What are the expectations for e-commerce profitability next year? - E-commerce is expected to be profitable in 2026, driven by improved operational efficiency and new partnerships [80][81]

瑞银发布研报称，对高鑫零售(06808)转型计划持乐观态度，但由于外送平台的激烈市场竞争，线下食 品零售门市的转型升级，该行对短期前景仍持谨慎态度。维持该股目标价2.4港元，评级为"买入"。该 行相信，透过管理层减少SKU数量、缩小门市面积，加速新品上市的计划，大润发的产品实力有望提 升。管理层的目标是将自有品牌产品的销售占比从目前的3%提升至三年内的10%，并在长期内达到 20%。 ...

Company Overview - Long Fung Group Holdings Limited is a leading retail pharmacy operator based in Hong Kong, with a market share of 5.2% in retail sales of pharmaceuticals, making it the largest in the sector according to Frost & Sullivan [3] - The company operates 29 retail stores and various online sales platforms, offering a wide range of products across 11 categories, including traditional Chinese medicine, Western medicine, health supplements, skincare, cosmetics, and household goods [3][4] - The flagship store located in Mong Kok is the largest pharmacy retail store in Hong Kong by total floor area, measuring approximately 17,500 square feet [3] Product Offering - The company has sold over 46,000 product SKUs during the historical period, with an average of 8,000 SKUs stocked per store, and larger stores offering up to 13,000 SKUs [5][6] - The product range includes over 3,000 pharmaceutical items, more than 4,200 health products, over 6,800 beauty products, and over 14,000 other consumer products [5] Supplier Network - The company sources products from over 600 suppliers globally, including local distributors in Hong Kong and major suppliers from Japan, South Korea, Southeast Asia, Europe, and the United States [4] - It has established a supply chain office in Fukuoka, Japan, to procure local products that appeal to its target customers [4] Financial Performance - The company's revenue for the fiscal years 2023, 2024, 2025, and the first quarter of 2026 is approximately HKD 1.094 billion, HKD 2.021 billion, HKD 2.460 billion, and HKD 697 million respectively [7] - The profit figures for the same periods are approximately HKD -27.14 million, HKD 145.36 million, HKD 170.43 million, and HKD 47.76 million [8] - The gross profit margins for these fiscal years are 24.9%, 29.3%, 31.6%, and 31.9% respectively [9] Industry Overview - The total retail sales of consumer goods in Hong Kong are projected to grow from HKD 326.5 billion in 2020 to HKD 376.8 billion in 2024, with a compound annual growth rate (CAGR) of 3.6% [11] - The pharmaceutical market in Hong Kong is expected to grow from approximately HKD 5.8 billion in 2020 to HKD 8.5 billion in 2024, driven by an aging population and increased healthcare spending, with a CAGR of 10.1% [15]

近日，有网友发帖称，在入职三只松鼠（300783）后，员工会将自己的名字改为"鼠某某"。此事引发公众关注。11月24日，三只松鼠股份有限公司工作人 员回应记者称："公司确实有以"鼠"字作为名字前缀的文化。这是我们企业内部的一种文化，大家都用'鼠'字起名，感觉更亲切、可爱一些，也突出我们的 品牌特色。"对于网友质疑是否具有强制性，该工作人员解释道："并不是强制规定的。是在入职时有人告知我们有这样的习惯，我们接受了，也没有提出 异议。并没有说不同意就会有什么后果。" 知识产权信息显示，该公司已成功注册多枚"松鼠老爹"商标，国际分类涉及方便食品、日化用品、珠宝钟表等。 扬子晚报/紫牛新闻记者张冰晶 校对陶善工 | 司号企省 | 日报 下企业意闻中心 要业感会业就上爱企业 | 童企业 · 三只松鼠股份有限公司 × 香一下 供需集市 APP | A EVA ◎ 老户特惠 | HOLE | | | --- | --- | --- | --- | --- | --- | | 基本信息 323 | 上市信息 429 | 司法信息 981 经营诊断 998+ 知识产权 999+ 经营状况 698 | 企业发展 40 | | 历 ...

Core Insights - The company announced a 15% year-on-year revenue growth for the three months ending September 30, 2025, surpassing the revenue growth rate of the first half of 2025 compared to the first half of 2024 [1] - The group's flagship business, including its proprietary brand operations, saw a transaction volume increase of over 120% year-on-year, with proprietary brand transactions growing over 350% in the same period [1] - The flagship business is a key strategic initiative under the "Upward Mobility" plan, significantly contributing to profitability [1] - The company is strategically expanding its proprietary brand product offerings to meet diverse market demands and drive continuous business growth [1]

Core Viewpoint - The company reported a revenue growth of over 15% year-on-year for the three months ending September 30, 2025, surpassing the revenue growth rate for the first half of 2025 compared to the first half of 2024 [1] Group 1: Financial Performance - The total transaction volume for the company's flagship brand promotion business increased by over 120% year-on-year in October 2025 [1] - The transaction volume for the company's own brand business saw a significant increase of over 350% during the same period [1] Group 2: Strategic Initiatives - The flagship brand promotion business is a key strategy in the company's "upward movement" plan and is crucial for enhancing profitability [1] - The company is strategically advancing the expansion of its own brand products, aiming to launch a diverse range of high-quality products that closely align with market demands [1]

Core Viewpoint - The company reported a revenue growth of over 15% year-on-year for the three months ending September 30, 2025, surpassing the revenue growth rate for the first half of 2025 compared to the first half of 2024 [1] Group 1: Financial Performance - The total transaction volume for the company's flagship brand promotion business, including its own brand business, increased by over 120% year-on-year in October 2025 [1] - The transaction volume for the company's own brand business saw a year-on-year increase of over 350% during the same period [1] Group 2: Strategic Initiatives - The flagship brand promotion business is a key strategy in the company's "upward movement" plan and is crucial for enhancing profitability [1] - The company is strategically advancing the expansion of its own brand products, aiming to launch a diverse range of high-quality products that closely align with market demands to meet the varied needs of downstream users [1]

Core Viewpoint - The stock of Digital China has shown a significant increase in price and trading activity, indicating strong market interest and potential growth opportunities for investors [1][2]. Group 1: Stock Performance - As of November 14, Digital China’s stock price rose by 2.07% to 44.28 CNY per share, with a trading volume of 605 million CNY and a turnover rate of 2.29%, resulting in a total market capitalization of 32.034 billion CNY [1]. - Year-to-date, Digital China’s stock has increased by 27.30%, with a slight rise of 0.23% over the last five trading days, a 17.05% increase over the last 20 days, and a 6.70% increase over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Digital China reported a revenue of 102.365 billion CNY, reflecting a year-on-year growth of 11.79%. However, the net profit attributable to shareholders decreased by 25.01% to 670 million CNY [2]. - The company has distributed a total of 1.388 billion CNY in dividends since its A-share listing, with 771 million CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of October 31, the number of shareholders for Digital China was 148,500, a decrease of 4.87% from the previous period, while the average number of tradable shares per shareholder increased by 5.22% to 4,072 shares [2]. - Among the top ten circulating shareholders, the Southern CSI 500 ETF holds 8.2754 million shares, a decrease of 162,100 shares, while the Hong Kong Central Clearing Limited increased its holdings by 14.82% to 5.4654 million shares [3].