（来源：中华工商时报） 转自：中华工商时报 全球性咨询公司贝恩公司与Worldpanel消费者指数最新联合发布的《2025年中国购物者报告（系列 二）》显示，零售商自有品牌在过去两年间年均增长44%。报告指出，零售商自有品牌不仅在抢占增量 需求，而且将加剧品牌商面临的竞争压力。 零售业态不断演变，零售商从"卖货架"转型为"做商品"，开始"干品牌商的活"，他们以第一手消费者市 场需求洞察以及供应链整合优势，发展自有品牌。 今年10月，永辉超市宣布将在5年内打造500支自有品牌商品。合百集团旗下合家福超市自去年发力自有 品牌，截至今年11月，自有品牌单品数达到476个，销售超4000万元，同比增长92%。沃尔玛等超市门 店入口等醒目处也陈列着各种自有品牌商品。大润发除推出低价"超省"系列外，还推出"润发甄选"系 列。 自有品牌火热，原因在于当前消费潮流趋于务实，人们寻求优质性价比，加之消费市场下沉，自有品牌 的相对优势迎合了这些需求。Worldpanel消费者指数显示，2025年前三季度有超过48%的中国城镇家庭 购买过自有品牌，较去年同期提升10个百分点；此外，自有品牌在地级市的渗透率增长超过12个百分 点，显 ...

Core Viewpoint - The ongoing transformation of Gao Xin Retail, the parent company of RT-Mart, is marked by significant leadership changes and strategic shifts aimed at revitalizing the business and addressing declining performance metrics [3][4][9]. Leadership Changes - On November 30, Gao Xin Retail announced the resignation of CEO Shen Hui due to personal reasons, with Li Weiping appointed as the new CEO effective December 1, 2025. Li brings over 20 years of retail management experience, having previously held key positions at Hema and Lotte Supermarket [3][4]. - Li Weiping's appointment is seen as a strategic move, with a three-year service agreement and a fixed annual salary of 3.36 million yuan, reflecting the company's trust in her capabilities [3][4]. Organizational Restructuring - Since the acquisition by Dehong Capital in February 2025, Gao Xin Retail has undergone significant organizational changes, including a reduction in operational divisions from five to four and a focus on anti-corruption measures within the company [4][5]. - The company has initiated a product system overhaul, eliminating homogenized products and accelerating the development of private labels [4][5]. Strategic Initiatives - Gao Xin Retail has launched a "three-year strategy" aimed at enhancing product differentiation, improving supply chain efficiency, and transforming store formats to better serve community needs [5][6]. - The company has begun establishing front warehouses in several cities to improve logistics efficiency and reduce delivery times, while also closing underperforming stores and converting some into membership-based formats [5][6]. Financial Performance - Gao Xin Retail has faced declining revenues, with a reported 12.4% decrease in product sales revenue for the first half of the 2026 fiscal year compared to the previous year, attributed to increased market competition and consumer fatigue [14]. - The company has also seen a drop in same-store sales growth, with a reported decline of 11.7%, although online B2C sales have shown some growth [14][15]. Challenges Ahead - The company must navigate internal resistance to change and the competitive landscape, particularly in the areas of private label development and supply chain management, to achieve its strategic goals [7][16]. - Li Weiping's leadership will be critical in addressing these challenges and ensuring the successful execution of the company's transformation strategy [8][16].

Core Insights - Walmart is developing its private label "Wojixian" as a response to the declining image of its high-end membership store Sam's Club, indicating a strategic shift in its retail approach [1][2] - The competition in the retail market is intensifying, with traditional retailers like Walmart and RT-Mart facing pressure from e-commerce and emerging players [1][4] Group 1: Walmart's Strategy - Walmart's "Wojixian" brand focuses on affordability and health, with products prominently displayed at low price points [2][3] - The company is adopting a strategy similar to RT-Mart, which is also enhancing its private label offerings, emphasizing low prices and health attributes [2][3] - The shift towards private labels is seen as a necessary response to market competition and performance pressures, as evidenced by declining revenues and profits reported by RT-Mart's parent company [3][4] Group 2: Market Competition - New retail players like Hema and Dingdong Maicai have established their private labels as core competitive advantages, launching various products since 2017 [4][5] - The self-owned brand strategy is crucial for retailers to attract customers and improve profit margins by defining product standards and reducing intermediary costs [4][5] - The competition for quality suppliers is intensifying as traditional retailers ramp up their private label initiatives, with companies like Dingdong Maicai investing in direct sourcing and partnerships [5][6] Group 3: Supply Chain and Brand Development - The success of private labels relies heavily on effective supply chain management and the ability to create strong brand value [5][6] - Walmart is currently focusing on supplier selection and has a rigorous evaluation process for potential suppliers, which limits the number of partnerships [6] - The retail landscape is evolving, with established players like Walmart actively learning from newer competitors to enhance their product offerings and market positioning [6]

Core Viewpoint - High Xin Retail reported a revenue of 30.5 billion yuan for 1HFY26, a year-on-year decrease of 12.1%, and a net loss of 120 million yuan, aligning with profit warning expectations. The performance was pressured by intensified market competition and a weak overall consumption environment. The new management outlined a three-year reform plan focusing on supply chain, store, and organizational changes, with a commitment from major shareholder Dehong Capital regarding cash flow and shareholder returns. The company declared an interim dividend of 0.085 HKD per share, with an expected annual dividend yield of approximately 9%, highlighting its defensive positioning in the consumer sector while awaiting the impact of reform measures on profitability [1][2][3]. Revenue and Sales Performance - The merchandise sales revenue was 29.08 billion yuan, down 12.4% year-on-year, primarily due to increased market competition and weak consumer spending leading to lower average transaction values. Same-store sales declined by 11.7%. Online channels showed resilience, with online order volume increasing by 7.4%, contributing to a 2.1% rise in online same-store sales. Rental income was 1.4 billion yuan, down 7.0% year-on-year, affected by rent reductions and ongoing tenant structure optimization. Membership fees generated 20 million yuan in revenue, up 28.6% year-on-year. The total number of hypermarket stores decreased by 3 to 462, while medium-sized supermarkets decreased by 1 to 32, with M membership stores remaining at 7. The company plans to actively seek new store openings while maintaining a stable total store count [1][2]. Profitability and Cost Management - The gross margin for 1HFY26 increased by 0.7 percentage points to 25.3%, attributed to the gradual elimination of long-tail SKUs, product mix optimization, and enhanced private label penetration. The sales expense ratio rose by 1.9 percentage points to 23.9%, while the management expense ratio decreased by 0.1 percentage points to 2.3%. The increase in sales expense ratio was due to operational leverage from declining revenue, while management expenses remained stable due to regional structure optimization and strict personnel cost control. Adjusted EBITDA margin decreased by 0.4 percentage points to 5.2%, and net profit margin decreased by 1.0 percentage points to -1.0% [2]. Strategic Initiatives - The company announced a three-year strategic plan aimed at driving transformation. Key initiatives include: 1. Product optimization through national procurement to reduce costs, with a focus on private labels that have seen over 50% sales growth in more than 50 categories. The goal is for private label contributions to reach 10% in three years. 2. Store transformation towards community life centers, with plans to complete over 30 store renovations in FY26 and over 200 by the end of the next fiscal year. 3. Enhancing online and offline synergy through the establishment of front warehouses, with plans to increase online sales contribution to 40-50% over the next three years [2]. Profit Forecast and Valuation - Given the ongoing intense market competition and the transitional phase involving short-term investments, the recovery of profitability may be delayed. The projected net profit for FY26-28 is 40 million, 440 million, and 710 million yuan, respectively. The target price is set at 2.18 HKD, based on a 45x PE for FY27E, reflecting a premium for the company's high dividend yield [3].

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of HKD 2.18 [1][10]. Core Insights - The company reported a revenue of RMB 30.5 billion for the first half of FY26, a year-on-year decrease of 12.1%, and a net loss attributable to shareholders of RMB 1.2 billion, which aligns with the profit warning range [6][10]. - The new management has outlined a three-year transformation plan focusing on supply chain, store, and organizational structure reforms, with a commitment to high dividend payouts [6][9]. - The company declared an interim dividend of HKD 0.085 per share, with an expected annual dividend yield of approximately 9% [6]. Financial Performance - Revenue for FY26 is projected to be RMB 64.755 billion, reflecting a decline of 9.5% compared to the previous year [5][12]. - The net profit attributable to shareholders is expected to be RMB 38.85 million for FY26, a significant drop of 90.41% year-on-year [5][12]. - The company’s gross margin improved by 0.7 percentage points to 25.3% due to product mix optimization and increased private label penetration [8][9]. Strategic Initiatives - The company is implementing a nationwide procurement model to enhance pricing power, with a goal of achieving a 10% contribution from private label sales over the next three years [9]. - Store renovations are underway to transform locations into community lifestyle centers, with plans to complete over 200 store renovations within three years [9]. - The company aims to increase online sales contribution to 40-50% over the next three years, supported by the establishment of front warehouses [9]. Market Conditions - The competitive landscape has intensified, leading to a decrease in average transaction value, with same-store sales declining by 11.7% [7][9]. - Online sales showed resilience with a 7.4% increase in order volume, contributing to a 2.1% growth in online same-store sales [7][9]. - Rental income decreased by 7.0% year-on-year due to ongoing tenant restructuring and temporary impacts from store renovations [7].

Core Insights - The founder of Pang Donglai, Yu Donglai, emphasizes the importance of understanding his retail business model, suggesting that even a partial understanding can help others escape the "death zone" of retail [1] - Yu Donglai is increasingly positioning himself as a mentor, launching high-priced educational programs for entrepreneurs, reflecting his confidence in the value of his insights [2][3] Educational Initiatives - Yu Donglai announced plans to charge 1 million yuan for a two-day entrepreneur exchange program and 50,000 yuan for a three-hour personal sharing session [2][3] - The Pang Donglai Open Day will start on November 1, allowing limited groups to visit and learn about the business for a fee of 20,000 yuan per person [4] - The Pang Donglai Commercial Research Institute offers various paid courses, including a "Seed Class" with fees of 50,000 yuan for the first year, and 30,000 yuan for the subsequent years [5][6] Business Performance - As of October 21, 2023, Pang Donglai Group reported a total sales revenue of 18.95 billion yuan, with an expected annual revenue of 22 billion yuan, up from approximately 17 billion yuan the previous year [7] - The success of Pang Donglai is attributed to its strong brand loyalty and efficient supply chain, which are difficult for other retailers to replicate [13] Industry Context - The retail industry is facing significant challenges, with major players like Yonghui Supermarket and Bubu Gao experiencing substantial losses and store closures [9][12] - Despite the struggles of other retailers, Pang Donglai's growth has made it a beacon of hope in the industry, leading to a growing admiration for Yu Donglai among other entrepreneurs [10] Limitations of the Model - The unique success of Pang Donglai is closely tied to its regional identity and consumer loyalty, which may not be applicable to other retailers operating in different markets [13] - While many retailers are attempting to adopt Pang Donglai's model, they often lack the core competitive advantages that drive its profitability [13][14] - The sustainability of the profitability of these adapted models remains uncertain, especially given the high costs associated with store renovations and the need for genuine consumer trust in new private label products [16]

Core Insights - The article discusses the strategic shift of RT-Mart towards private label brands in response to the challenges faced in the retail industry, particularly during a downturn in consumer spending [1][5][6] Group 1: Company Strategy - RT-Mart is launching a "Private Label Festival" in October 2025, featuring nearly 500 private label products across various categories, aiming to balance cost control and quality experience [5][10] - The private label strategy includes two main series: "Super Savings," which focuses on cost-effective products, and "RT-Mart Selection," which emphasizes quality and local specialties [5][10] - The company aims to leverage its supply chain to ensure quality control and competitive pricing, moving away from traditional brand partnerships [10][11] Group 2: Market Context - The traditional supermarket model is under pressure from online platforms and new retail formats, leading to a significant decline in the number of physical stores and sales [6][11] - Consumer behavior has shifted towards value-driven purchasing, with a growing demand for high-quality, cost-effective products [6][11] - The retail industry is transitioning from a "channel dividend" to a "supply chain dividend," necessitating a focus on supply chain integration and brand storytelling [11][16] Group 3: Financial Performance - Financial data indicates a decline in revenue for RT-Mart's parent company, with a drop from approximately 83.66 billion yuan to 71.55 billion yuan between 2023 and 2025 [7][10] - The gross profit also decreased slightly, from 20.58 billion yuan to 17.24 billion yuan during the same period [7] Group 4: Competitive Landscape - RT-Mart faces competition from established private label brands like Walmart's "Great Value" and Sam's Club's "Member's Mark," which have already gained market recognition [13][14] - The rise of hard discount chains and online platforms offering low-priced products poses additional challenges to RT-Mart's market position [14][15] - The company must quickly innovate and adapt to consumer preferences to remain competitive in a crowded market [15][16]

Core Insights - Dazhonghua has launched a "Private Brand Festival" across nearly 500 stores and online platforms, focusing on two core brands: "Chao Sheng" and "Runfa Selection," aimed at addressing the current trend of consumer segmentation with a strategy of "low price without low quality, high price without high coldness" [1][3] Group 1: Brand Strategy - The "Chao Sheng" series emphasizes extreme cost performance by directly connecting with factories and reducing intermediaries, offering high-repurchase rate products like 11.8 yuan/bag shredded pork jerky and 4.9 yuan/package of fresh-keeping film, directly competing with e-commerce prices [1][3] - The "Runfa Selection" series focuses on quality upgrades, introducing over 20 regional products such as organic milk from Inner Mongolia and rice from Panjin, aiming to meet consumer demands for "quality-price ratio" across health, flavor, and certification dimensions [3] Group 2: Future Plans - Dazhonghua plans to continue its 1+1 dual brand strategy, with "Chao Sheng" focusing on price competitiveness and maintaining product quality at or above national standards, while "Runfa Selection" targets consumers' needs for high quality at market prices, emphasizing health trends, local flavors, and authoritative certifications [3] - By September 2025, the two brands aim to launch nearly 500 SKUs covering over 50 categories, including snacks, beverages, grains, condiments, and household cleaning products [3] Group 3: Strategic Adjustments - Since acquiring Gaoxin Retail from Alibaba Group in February 2025, the company has been undergoing strategic adjustments, with plans to transform hypermarkets into community lifestyle centers [4]

Core Viewpoint - Gao Xin Retail, the parent company of RT-Mart, reported impressive financial results for the fiscal year 2025, with revenue of 71.5 billion and a net profit of 386 million, marking a turnaround from losses [2] Group 1: Online Business Performance - The online business, particularly instant retail, has been a key pillar in Gao Xin Retail's turnaround, with B2C revenue growing by 6% year-on-year and online business accounting for 36.5% of total revenue [4][5] - The self-owned app "RT-Mart Youxian" significantly contributed to this growth, offering a "1-hour home delivery service" within a 5-kilometer radius of stores, catering to consumer demand for instant shopping [4] - The integration with multiple platforms like TaoXianDa and Ele.me has expanded online order sources, attracting diverse consumer shopping habits [4] - The intelligent "warehouse picking and distribution" system improved order picking efficiency by 30% and reduced costs by 15% [4] Group 2: Store Format and Community Engagement - The "RT-Mart Super" format has become a highlight, with 4 new stores opened in fiscal year 2025, totaling 33 stores, and same-store sales growth of 5.9% [6] - The community can enjoy affordable meals at the community canteen, addressing dining needs for busy residents, thus increasing in-store dwell time and purchase frequency [6] - The self-owned brands "Chao Sheng" and "Run Fa Zhen Xuan" have increased their share to 15%, with a 10% reduction in procurement costs through direct sourcing [7] Group 3: Capital Changes and Strategic Challenges - Alibaba's exit from Gao Xin Retail, selling a 78.7% stake for 12.3 billion, marks the beginning of a "post-Alibaba" era, introducing uncertainties and testing strategic continuity [9][10] - The company has taken decisive actions, such as closing unprofitable stores and laying off 16,000 employees, resulting in a 12.06% reduction in sales expenses to 7.667 billion [10] - Future strategies include optimizing product structure, focusing on major products, enhancing self-owned brand capabilities, and improving customer experience [10] Group 4: Conclusion - Gao Xin Retail's fiscal year 2025 report demonstrates the feasibility of traditional supermarket transformation, yet raises concerns about sustainable growth amid market challenges [12] - The CEO emphasizes that the essence of retail is customer value creation, suggesting that a return to this principle is crucial for navigating future changes [12]