2025 年 07 月 13 日 业态调改稳步推进，降本增效净利提升 买入(维持) 事件 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：张倩 | S1050124070037 | | zhangqian@cfsc.com.cn | | | 基本数据 | 2025-07-11 | | --- | --- | | 当前股价（元） | 28.28 | | 总市值（亿元） | 125 | | 总股本（百万股） | 440 | | 流通股本（百万股） | 191 | | 52 周价格范围（元） | 17.13-34.24 | | 日均成交额（百万元） | 154.19 | 市场表现 -20 0 20 40 60 80 100 (%) 重庆百货 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《重庆百货（600729）：营收承 压结构优化，业态焕新韧性增强》 2025-05-27 —重庆百货（600729.SH）公司事件点评报告 2025 年 7 月 10 日，重庆百货发布 2025 年半年度业绩预告。 公司总 ...

这是半佛仙人的第1834篇原创 1 周末不卷，随便写点。 这两天外卖吃的爽么？ 反正我家冰箱已经堆满了。 到现在为止，还有很多人不理解为啥外卖这个本身已经没啥花头的业务还能卷起来，各路 电商平台都这么积极进攻美团干嘛？ 错了，朋友。 美 团 ， 才 是 进 攻 的 一 方 ， 他 们 在 单 挑 所 有 传 统 电 商 平 台 ， 传 统 电 商 平 台 是 不 是 得 加 入 进 来。 各路【电商平台】在防守美团【即时零售】的冲击，防止自己的基本盘被即时零售给打断 腿，进而导致崩盘。 这不是普通商战，是【传统电商】和【即时零售】的模式之争。 不是争个输赢，而是生死之争。 本次导火索也不是京东进入战场，而是美团这去年开始大力推小象超市，以及非外卖的外 送单，导致电商平台压力巨大。 我在年初补贴还没影儿的时候就写过必然会战，注意看发布时间，我不玩儿马后炮。 再说一遍，美团从来不是防守方，美团一直是进攻方和点火方。 其他电商平台都敏锐意识到【即时零售】会动摇自己的根基，所以必须迎战。 这场战争中，美团是被严重低估的，大家打的不止是钱，而是如何定义未来1 0年消费者的 【时间】以及【空间】问题，电商一不小心，就容易 ...

| 主要会计数据 | 2024年 | 2023年 | 本期比上年 同期增减(%) | 2022年 | | --- | --- | --- | --- | --- | | 营业收入 | 2, 687, 732, 970, 50 | 2, 411, 943, 335, 67 | | 11. 43 2, 249, 947, 030, 06 | | 扣除与主营业务无关的业务收 | | | | | | 入和不具备商业实质的收入后 | 2, 682, 421, 848, 88 | 2, 407, 093, 316. 90 | 11.44 | 2, 244, 813, 776. 62 | | 的营业收入 | | | | | | 归属于上市公司股东的净利润 | 2, 670, 183, 78 | 14, 523, 895, 23 | -81. 62 | 18, 809, 520. 30 | | 归属于上市公司股东的扣除非 | -10, 530, 643. 22 | 631, 279. 76 | -1,768.14 | 7,043, 435. 73 | | --- | --- | --- | --- | --- | | 经常性 ...

外卖大战步入下半场 今年盛夏，外卖大战在千亿级资本的碰撞中，迎来了历史性变革，而外卖大战也开始进入下半场，开启 新一轮的竞争。 日前，美团官方宣布，美团即时零售日订单量已突破1.2亿单，其中，餐饮订单量超1亿单。此后不久， 淘宝闪购也传来捷报，日订单量超8000万，非餐饮订单超1300万。同时，淘宝闪购日活跃用户超过2 亿，平台活跃度和用户粘性得到了极大提升。 具体来看，盒马作为新零售的领军者，扩张极为迅猛。截至目前，盒马鲜生已经开设超430家门店，而 盒马NB的门店数量也超300家。同时，盒马CEO严筱磊表示，盒马新财年还将持续狂奔，计划在2025年 开近100家门店，进驻几十个新城市。 京东七鲜在京津地区也实现了快速扩张。公开信息显示，京东七鲜在北京的线下门店已有28家，在天津 有10家。而且，京东七鲜计划在今年年底前在北京实现100个店仓全覆盖。近期，京东七鲜还与天津嘉 里汇签约，将在天津再添一家商场门店。 小象超市作为美团的自营零售业务，目前已经在全国范围内开设了18座城，总计开仓数量已超过800 个。在此基础上，小象超市还将继续扩大覆盖范围，逐步拓展到所有一二线城市，进一步提升自己的市 场影响力。 ...

Core Insights - Major internet companies are rapidly entering new business areas, particularly in the community discount supermarket sector, with Meituan's "Happy Monkey" supermarket set to open soon, despite the company denying the reports [1][4] - The community discount supermarket model, exemplified by Hema NB, is gaining traction, with Hema NB's store count reaching 303 in just two years, indicating a successful expansion strategy [5][7] Community Store Acceleration - The community store model has become a hot investment area in the retail market, with companies like Walmart and JD also exploring similar formats [4] - Despite the buzz, the expansion of community discount stores has been slow historically, with examples like Aoleqi taking four years to grow its store count significantly [4][5] Hema NB's Rapid Growth - Hema NB has successfully expanded through a "1+N" model, focusing on densely populated areas and offering self-pickup points for online orders, which has contributed to its rapid growth [5][7] - Hema NB aims to achieve a profitable model with a target of 150,000 RMB in monthly sales and a 15% gross margin, which, if successful, will lead to nationwide expansion [5][7] Discount Store Model Evolution - The community discount store model is characterized by hard discount strategies, which have become increasingly popular among consumers in China [8][9] - The global discount retail market shows that China has significant room for growth, with only 3.8% of retail sales currently coming from discount retail [8] Supply Chain and Pricing Strategy - Hema NB's pricing strategy includes significant discounts on everyday items, leveraging a streamlined supply chain and a focus on self-branded products to maintain low prices [18][19] - The model emphasizes the importance of supply chain efficiency, allowing for competitive pricing and improved inventory turnover [18][19] Challenges and Market Dynamics - The community supermarket sector is becoming increasingly competitive, with new entrants and established players like Lianhua and Aoleqi intensifying the price competition [21][22] - The franchise model adopted by Hema NB, while enabling rapid expansion, poses risks as profitability heavily relies on consistent sales performance at individual stores [21][22]

成都市跨境电子商务平台协会围绕出海趋势、路径、服务及保障进行了系统推介，为企业"走出去"提供 方向指引；京东集团、淘天集团分别就京东超市业务、"国货严选"项目进行了详细宣讲，介绍了入驻流 程与合作模式，为企业对接头部平台搭建了直接通道。 此次活动成功搭建起工业企业与电商平台的面对面交流平台，进一步畅通了供给端、流通端与消费端的 衔接渠道。活动呼吁企业家主动拥抱数字变革，将电商从"可选渠道"转变为"必争阵地"，让更多"成都 造"在各大平台绽放光彩，助力优质本土产品加速出川、扬帆出海。(舒文) 当前，数字经济正加速重构产业生态，电商平台作为连接生产与消费的关键枢纽，已成为激活市场活 力、拓宽销售渠道的核心载体。成都市经信局(市新经济委)经济合作处相关负责人表示，成都作为全国 重要的先进制造业基地，已构建起涵盖38个工业大类、184个小类的现代工业体系，拥有5000余家规模 以上工业企业，制造业综合实力稳居全国第八。举办此次交流会，正是为了让优质工业产品插上电 商"翅膀"，让电商平台扎根实体经济"沃土"，以响应国家"数字经济赋能实体经济"战略，为成都工业高 质量发展注入新动能。 会上，成都市商务局外贸运行处相关负责 ...

继去年亚马逊海外购进驻京东、海内外两大巨头深化供应链合作后，这个七月亚马逊在进口电商板块的 业务更进一步。7月8日至12日，亚马逊上线专为中国消费者打造的首个年度级夏日大促"海折节"。 除了赋能更多中国卖家走上跨境电商的出海之路，亚马逊的海外购则瞄准中国消费者。年中大促，亚马 逊不想错过。据悉，亚马逊"海折节"期间，将有超过30000个国际品牌、200多万件海外商品上线，消费 者不仅可享受全球零门槛包邮、海外好物最快2日达等多种购物体验，还有全新"进口超市"满足一站式 日用品购物需求。 缘何加码进口电商？亚马逊中国副总裁、亚马逊海外购中国及亚马逊新加坡电商负责人李岩川告诉南都 ·湾财社记者，除了国内政策驱动、中国消费市场改善外，"海折节"本身也是亚马逊探索更好服务本地 消费者的重要一步。在本土化上，亚马逊关注视频号、直播电商等新机遇，加速布局内容电商。 入局年中促销 亚马逊海外购"零门槛"全球包邮 无凑单、无复杂计算以及大促全周期无预售，亚马逊"海折节"有国内大促消费里熟悉的配方。海淘 的"高成本"在物流，如何打出差异化？ 据麦肯锡2025年中国消费报告，中国消费者信心已趋于稳定，当前消费者更加倾向于购买有助 ...

"哇，这还是我们认识的清美吗？" 今天（7月9日） 清美集团全新打造的 自营超市"品上生活"上海首店 在长宁区百联西郊购物中心B2层 开门迎客 这家占地约5000平方米的超市，不仅是清美集团的全新业态，更依托集团多年的全产业链和本地供应链优势，为上海市民带来 一场聚焦家庭消费的生鲜消费新体验，标志着这一有着27年历史的上海本土品牌迈出高质量发展的关键一步。 昨天是超市探营日，新民晚报记者走进"品上生活"，丰富的商品品类与清晰的区域划分让人眼前一亮。超市涵盖蔬菜、肉品、 水产、豆坊、烘焙、炒货、熟食、零食、果切、鲜花等多个区域，商品数量超6000种。同时，12大明厨档口提供800余种现制商 品。 作为主打生鲜产品的超市，"品上生活"以"自种、自养、自产、自销"为显著特色，80%的生鲜商品实现自营，既保证了产品品 质的稳定，又以亲民价格回馈消费者。这背后，是清美强大的供应链体系在支撑。集团上海数字化高标准绿色农业基地已达 11000亩，定向种植农业基地更是扩展至50万亩，日产各类绿色蔬菜300多吨。超市所售蔬菜在基地完成包装和分拣后，通过自 营冷链车直送，从农田到货架最快仅需2小时，最大程度锁住新鲜。 肉品区的热 ...

Group 1 - The "Happiness Neighborhood Flea Market" in Kangmin Community has become a popular event, featuring over 100 stalls selling various second-hand items, fostering community interaction and relationships [1] - The flea market was initiated to address residents' needs for a larger space to sell idle household items, following the success of the "Red Little Two Grocery Store" which allowed sharing of tools and selling of unused goods [1] - The initiative is part of a broader "Happy New Community" project in Huludao City, focusing on the needs of the elderly and children, and promoting community governance and shared responsibilities [1] Group 2 - The "Embroidery Workshop" in Fumin Community has trained over 300 residents in handcrafting skills, creating a supportive and engaging environment for participants [2] - The workshop has also developed a "small repair" service, providing free clothing repair services over 200 times, enhancing community support and resource sharing [2] - Community engagement is further encouraged through a points system, where residents earn points for participating in community activities, which can be exchanged for essential goods [3] Group 3 - The "Community Points Exchange Supermarket" has increased resident participation in community governance tasks from 32% to 78%, demonstrating its effectiveness in mobilizing community involvement [3]

Group 1 - The A-share market experienced a steady upward trend in the first week of July, with major indices generally rising and the banking sector reaching new highs [1] - The People's Bank of China issued new anti-money laundering regulations for precious metals and gemstones, requiring institutions to fulfill obligations for cash transactions over 100,000 yuan, which has limited impact on ordinary consumers [1] - Taobao launched a 500 billion yuan subsidy plan to stimulate consumer and merchant spending, resulting in significant increases in business for restaurant chains and small merchants [1] Group 2 - The consumption sector is currently at a historical low in valuation, with government reports emphasizing consumption and plans for long-term special bonds to support consumption upgrades [1] - The domestic consumption theme index rose by 1.15%, slightly outperforming the CSI All Share Index, with significant gains in agriculture, home appliances, and food and beverage sectors [1] - The consumption sector's trading volume decreased, with a year-on-year drop of 14.29%, and the domestic consumption theme index's price-to-book ratio is at 3.4 times, indicating a slight valuation increase [1]