传统商超的压力仍然显著。 在截至9月30日的六个月内，大润发母公司高鑫零售实现营业收入305.02亿元，同比下滑12.1%；其中销 售货品收入同比下降12.4%。 期内通过优化用工节省人事开支1.86亿元。但因营收收缩，销售费用率仍上升1.8个百分点至23.9%。 受此影响，在2025财年实现短暂盈利后，高鑫零售于2026上半财年再次录得1.27亿元亏损。 尽管尚未走出调整阵痛，但在德弘资本入主后的首份中期财报中，大润发首次提出了未来发展的"三年 战略"。 一方面聚焦商品力、差异化能力提升，依托全国联采与自有品牌升级构造成本优势与价格竞争力。 大润发已围绕自有产品确立了"1+1"双品牌矩阵，通过主打性价比的"超省"系列和定位品质生活的"RT- Mart润发甄选"覆盖主力客群。 另一方面围绕"好逛"推动空间布局调整优化。 例如将长节货架改为短节货架，取消主通道、弱化强制动线；降低货架高度、增加视觉通透性；打造季 推区域现制现售场景等。 高鑫零售透露，新一代大超样板店中，生鲜及加工课销售占比已超过30%。 业绩下滑主要受两方面因素影响：市场竞争加剧与消费疲软导致客单价下降，以及中秋、国庆双节重叠 分散了部分消费需 ...

新华财经上海11月12日电（记者 魏雨田）11月11日晚，大润发母公司高鑫零售有限公司（以下简称"高鑫零售"）披露了截至2025年9月30日的六个月中期业 绩。报告期内，公司实现收入人民币305.02亿元，毛利率25.3%，同比提升0.7个百分点；截至期末，高鑫零售共运营462家大卖场、32家中型超市及7家M会 员店。 转自：新华财经 业务层面，线上B2C（即企业对消费者的电子商务模式）业务表现稳健，成为重要增长支撑。报告期内，其线上B2C订单量同店增长约7.4%，直接推动同店 销售额增长约2.1%，线上渠道的运营效能持续释放。 财报同时显示，高鑫零售在报告期内正式启动前置仓专案，探索线上业务新增长点。该专案以低成本建仓为核心优势，复用大卖场"一盘货"资源与线上运营 能力，实现高效就近配送，成功触达更多线上增量用户。截至2025年9月，公司已在上海、江阴、洛阳、济南、清远五地完成前置仓布局。 此外，高鑫零售的自有品牌战略在报告期内完成升级，"1+1双品牌矩阵"正式落地。9月，"超省"系列与"润发甄选"系列双品牌合计贡献逾2%的业绩占比。 展望未来，高鑫零售将聚焦三大核心方向：一是推进商品精简与差异化，淘汰同质 ...

Core Insights - Gao Xin Retail Co., Ltd. reported a revenue of RMB 30.502 billion for the six months ending September 30, 2025, with a gross margin of 25.3%, an increase of 0.7 percentage points year-on-year, and a net cash position of RMB 11.958 billion [1] Group 1: Financial Performance - The company's revenue reached RMB 30.502 billion, reflecting a solid financial performance [1] - The gross margin improved to 25.3%, indicating enhanced profitability [1] - The net cash position stood at RMB 11.958 billion, showcasing strong liquidity [1] Group 2: Business Operations - Online B2C business showed robust performance with a same-store order growth of approximately 7.4%, contributing to a same-store sales increase of about 2.1% [3] - The company initiated a front warehouse project to achieve efficient local delivery and attract online users, with warehouses established in five locations [3] - Significant advancements were made in national procurement to reduce costs and enhance efficiency, alongside an upgrade of the private label strategy [3] Group 3: Private Label and Logistics - The company leveraged national supply chain resources to build a comprehensive quality control system and pricing advantages for its private label products [5] - The "Chao Sheng" series focuses on direct factory connections to eliminate intermediaries, while the "Run Fa Zhen Xuan" series emphasizes health trends and local flavors [5] - The logistics chain was optimized by reducing external warehouse numbers and introducing competitive bidding for storage services, expected to save over RMB 100 million in costs over the next few years [5] Group 4: Store Development - The company is focusing on store renovations as a key development direction, with new stores in Jiangsu and Anhui serving as models for the next generation of hypermarkets [5] - The sales proportion of fresh and processed goods in the new stores exceeded 30%, significantly higher than the overall average [5] - Plans are in place to complete over 30 store renovations or regional adjustments within the current fiscal year, with an expectation to finish over 200 renovations before the next fiscal year [5]

Core Insights - Gao Xin Retail reported a revenue of 30.502 billion yuan for the six months ending September 30, 2025, with a gross margin of 25.3%, an increase of 0.7 percentage points year-on-year, and a net cash position of 11.958 billion yuan [1] - The company's online B2C business showed robust performance, with same-store order volume growing approximately 7.4%, leading to a same-store sales increase of about 2.1% [1] - The group initiated a front warehouse project to achieve efficient local delivery and acquire online incremental users, establishing front warehouses in five locations by September 2025 [1] Business Developments - The "Chao Sheng" private label series aims to connect directly with factories, eliminating intermediaries and brand premiums, while "Run Fa Zhen Xuan" promotes healthy eating from conceptualization to practical application [1] - The company plans to accelerate store renovations, with over 30 stores targeted for complete or regional renovations in the current fiscal year, and over 200 stores expected to be renovated before the next fiscal year [2] - New stores in Jiangsu and Anhui have adopted a comprehensive store renovation approach, with fresh and processed goods sales accounting for over 30% of total sales [2]

【环球网财经报道 记者 李文瑶】11月11日，高鑫零售有限公司（股份代号：6808）在香港发布截至2025年9月30日止六个月的2026财年中期 业绩。报告显示，集团期内实现收入305.02亿元人民币，毛利率为25.3%，同比提升0.7个百分点。值得关注的是，其净现金规模达119.58亿 元，为业务运营与战略推进提供了有力支撑。 在业务层面，线上B2C业务表现稳健，订单量实现同店增长约7.4%，带动同店销售额提升约2.1%。与此同时，集团启动前置仓专案，以低成 本模式在上海、江阴、洛阳、济南、清远等城市完成布局，复用大超"一盘货"资源与线上运营能力，实现高效履约与用户增量获取。 报告期内，高鑫零售持续推进全国联采模式，依托四位一体管理体系降低采购成本，并推动商品层级优化与陈列标准化，提升全链路运营效 率。自有品牌方面，集团构建"1+1双品牌矩阵"，其中"超省"系列直连工厂、压缩中间环节，"润发甄选"则聚焦健康与地方特色，9月双品牌 销售贡献已突破2%。 物流环节也迎来重要优化。通过整合仓储资源、引入市场化竞标机制，集团预计未来几年累计节约费用将超1亿元，进一步增强供应链韧 性。 门店调改成为高鑫零售当前发展的 ...

10月13日上午消息，大润发在全国门店同步启动"自有品牌节"。这是继昆山大润发"爆改"刷新行业纪录 后，大润发以"自有品牌"掀起的新一轮民生消费热潮。 当日凌晨，正值大润发28周年之际，全国近500家门店、大润发优鲜App等线上线下平台同步开启"自有 品牌节"，上架包括超级性价比的"超省"系列和关注品质生活的"润发甄选"系列。 大润发相关负责人表示，未来大润发将持续推进自有品牌1+1双品牌战略，"超省"系列通过直连工厂， 去中间商环节，去品牌溢价，聚焦价格竞争力，坚持国标及以上商品品质，打造"民生基础""市场爆 款""极致性价比"三大维度； "润发甄选"系列则直击消费者"既要高品质，又要市井价格"、"既要健康， 又要口感"的需求，重点关注"健康趋势""地方风味""权威认证"三大维度，将健康饮食从"概念化"变 为"可落地"，致力于成为消费者生活解决方案的信任共同体。截至2025年9月底，两大品牌共计推出商 品SKU数近500个，覆盖休闲食品、酒饮、五谷、调味、面点、水产、家庭清洁、百货等50余个品类。 责任编辑：屠欣怡 ...

Core Viewpoint - The article discusses the recent issues faced by RT-Mart, particularly regarding the use of a banned food additive in mooncakes, highlighting systemic problems in supplier management and internal quality control following a management overhaul by Dehong Capital [3][9][10]. Group 1: Food Safety and Regulatory Compliance - A consumer reported that a mooncake purchased from RT-Mart contained the banned additive sodium dehydroacetate, which is prohibited in mooncakes and baked goods as per the new food safety standards effective from February 2025 [4][6]. - RT-Mart's response to the issue was that it was an operational error, as the product label was copied from the previous year without removing the banned additive, although they claimed the product did not contain it [7][8]. - The incident raises concerns about RT-Mart's compliance with food labeling regulations, which could lead to penalties under the Food Safety Law if deemed a labeling defect [8]. Group 2: Management Changes and Corporate Governance - Following Dehong Capital's acquisition in February, RT-Mart underwent significant management changes, including the resignation of its founder and the appointment of new executives, indicating a shift in corporate governance [10]. - The investigation of a senior executive related to supply chain issues has drawn industry attention, suggesting potential corruption linked to the traditional supermarket's reliance on various fees from suppliers [10][11]. - The management changes are seen as part of Dehong Capital's efforts to address historical issues and reform RT-Mart's outdated profit model [11]. Group 3: Financial Performance and Strategic Adjustments - RT-Mart reported a revenue decline of 1.4% year-on-year, with a net profit of 405 million RMB, marking a significant turnaround from a loss the previous year, primarily due to cost-cutting measures [16][17]. - The company has closed underperforming stores and restructured its operations, focusing on smaller store formats like RT-Mart Super and M Membership stores to adapt to changing consumer preferences [11][13]. - Despite the financial recovery, the article emphasizes that the improvements are largely due to cost control rather than revenue growth, posing challenges for sustainable long-term success [18][19].

"月饼节"将至，昔日的零售巨头大润发却因月饼配料问题引发关注。 近日，据智通财经报道，8月底，消费者李先生在大润发沈阳和平店购买的"鑫思琪五仁小月饼"配料表中，赫然标注着食品添加剂"脱氢乙酸钠"。 根据2024年2月发布、2025年2月8日实施的《食品安全国家标准 食品添加剂使用标准》（GB 2760-2024），脱氢乙酸钠已被禁止在月饼、糕点等焙烤食品中 使用。此项禁令有长达一年的缓冲期，意在给足企业调整配方的时间。 李先生将情况反馈给大润发后，超市迟迟未作回复。 直到9月16日市场监管部门介入，大润发工作人员才回应称，问题系员工操作失误所致：今年上架新品时直接复制了去年的产品档案信息，未及时删除已禁 用的添加剂名称，并强调厂家检测报告显示产品中并未添加脱氢乙酸钠。 对于这一解释，李先生仍存疑虑。他当即提出希望对留存的月饼进行检测，但大润发方面后续未再跟进处理。 脱氢乙酸钠作为一种广谱性食品防腐剂，对霉菌和酵母菌有较强抑制作用。但脱氢乙酸及其钠盐会抑制人体内多种氧化酶活性，长期过量摄入可能危害健 康。 《食品标识监督管理办法》第十六条规定，预包装食品标签应当标注反映食品真实属性的名称，不得欺骗、误导消费者。 ...

Core Insights - The article discusses the significant management changes and restructuring at RT-Mart following its acquisition by DeHeng Capital, highlighting the intertwining of anti-corruption efforts and organizational overhaul [1][6][10] Management Changes - The departure of key executive Guan Mingwu, who was referred to as the "operational director," has raised speculation about the internal shake-up related to anti-corruption measures [1][3] - Following the acquisition, the management structure has undergone multiple adjustments, with new appointments and promotions, including Shen Hui becoming CEO and Guan Mingwu taking on the role of operational director [3][6] - The retirement of veteran executive Lv Guoming marks a significant transition in the management team, allowing for new leadership and ideas to emerge [5][10] Financial Performance - RT-Mart reported a revenue of 71.552 billion yuan for the fiscal year ending March 31, 2025, a slight decrease of approximately 1.4% year-on-year, but managed to achieve a net profit of 386 million yuan, reversing a previous loss of 1.6 billion yuan [10][11] - The profit was largely attributed to cost-cutting measures, including a reduction in sales and operational expenses by 2.95 billion yuan, which is a 16.2% decrease [11][12] Strategic Adjustments - The company is focusing on regaining its price advantage through a "Everyday Low Price" strategy and launching its private label "Super Savings Series" with competitively priced products [12][14] - RT-Mart is also restructuring its business model by emphasizing new retail formats, such as medium-sized community supermarkets and warehouse membership stores, while phasing out less profitable formats [14][15] Organizational Restructuring - The organizational structure has been streamlined, reducing the number of operational regions from five to four, aiming for improved efficiency [8][9] - The board of directors has seen a complete overhaul, with new members appointed by DeHeng Capital, indicating a strong commitment to reshaping the governance structure [6][7] Future Outlook - The management is exploring innovative retail strategies, including learning from successful models in the industry, to adapt to the competitive landscape and consumer preferences [15]