Core Viewpoint - Zhongbai Group is actively exploring innovative retail formats to drive transformation amid operational pressures, launching new store formats including FOODMART supermarkets and discount stores to adapt to changing consumer demands [1][4]. Group 1: New Store Formats - The first FOODMART supermarket opened on June 28, 2024, covering 1,500 square meters with a 300 square meter prepared food area, featuring local snacks and a variety of food offerings [2]. - The supermarket increased the food category's operational area from 60% to 80%, introducing local specialties and organic products to meet consumer needs [2]. - The company plans to open 3-5 additional FOODMART supermarkets in the second half of the year based on feedback from the first store [2]. Group 2: Discount Store Strategy - The newly opened Lido International Xiaobaihui discount store focuses on hard discounts across all categories, targeting community, family, and young consumer groups [3]. - Prices for daily necessities in the discount store are set 20%-30% lower than market prices, aiming to address consumer pain points with a "true low price" strategy [3]. - The discount store will serve as a testing ground for the company, with plans to establish 5 similar stores by the end of the year [3]. Group 3: Financial Performance and Operational Challenges - Zhongbai Group has faced operational pressures, with revenues declining from approximately 12.2 billion yuan in 2022 to 10.4 billion yuan in 2024, and net losses accumulating to over 1.2 billion yuan [4]. - The rise of e-commerce and changing consumer preferences have negatively impacted traditional retail formats, prompting the company to accelerate its transformation efforts [4]. - The company has implemented over ten warehouse-style store modifications, achieving growth in sales and customer traffic, and has also revamped over 40 community supermarkets [4]. Group 4: Future Strategic Directions - Zhongbai Group aims to enhance community service projects and improve service quality to meet the "quarter-hour convenience living circle" demand [5]. - The company is focusing on strategic expansion in lower-tier markets and plans to enhance its presence in the Wuhan metropolitan area [5]. - Future strategies include a "centralized procurement + regional adaptation" approach to penetrate the Wuhan market and offer consumers better value shopping options [5].

Core Insights - Zhongbai Group has launched two new store formats: the FOODMART supermarket and the Xiaobaihui discount store, aiming to explore new retail models [1] - The FOODMART format focuses on a wide variety of food products, with over 65% of its product categories being food-related, while the Xiaobaihui store emphasizes hard discounts on daily necessities, offering prices 20% to 30% lower than market rates [1][5] - The company plans to open around five similar stores by the end of the year, using these locations as experimental grounds for operational experience [1] Store Formats - FOODMART supermarkets are designed to cater to local residents' daily meal needs, featuring a 1,500 square meter layout with a 300 square meter prepared food section [1] - Xiaobaihui discount stores offer a comprehensive range of products at competitive prices, with examples including fresh fish priced 25% lower than market rates and various snacks and beverages at significant discounts [5][9] Strategic Direction - Zhongbai Group is focusing on multi-format innovation, having already transformed over ten large warehouse stores since last year, resulting in overall sales and customer growth [9][10] - The company is implementing a "one store, one strategy" approach to enhance profitability and is actively closing underperforming stores while expanding its online business [10] - Future plans include a concentrated procurement strategy and regional adaptation to penetrate the Wuhan and surrounding markets, aiming to provide consumers with cost-effective shopping options [10]

5月17日，恒宝广场（下称"恒宝"）迎来亚洲零售巨头永旺的盛大开业，这是广东永旺以"食品超市"业 态进驻荔湾区的首家店铺，也是恒基兆业地产集团与永旺集团强强联手之重要里程碑。 据介绍，深化品质生活体验打造的同时，会员服务体系亦是恒宝多年来深受消费者欢迎的重要原因。 其"恒有会"会员平台通过尤为实在的"着数"福利，提供实打实的回馈，实现高黏度的"街坊"链接。 采写：南都·湾财社记者 邱永芬 恒宝是广州最早的港商投资物业之一，同时也是恒基兆业地产集团将当时创新的港式地铁商业模式首度 引入广州的商业项目。项目位处长寿路地铁站上盖、"大西关商圈"核心位置，周边文化沉淀深厚。游客 从恒宝步行几分钟，就能穿梭于永庆坊的怀旧街巷中挑选非遗文创，到上下九买手信，泛舟荔枝湾涌感 受岭南水乡风情等，因此恒宝被不少游客视作链接各景点的"西关原点"。 作为寻味西关之旅的起点，恒宝汇聚了稻香酒家、炳爷·金牌啫啫煲、三代老广等地道经典粤菜。除了 拥有各类地道本土美食，也引入了优衣库、斯凯奇、骆驼等知名品牌与喜茶、茶月山、海底捞等年轻化 业态，原创"一窝蜂"趣味形象、"恒宝新时代"活动IP，打造粤式体验街区，将传统与潮流有机融合，为 广州 ...

Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, showing revenue growth but a decline in net profit, indicating a mixed performance in the current market environment [1] Group 1: Financial Performance - In 2024, the company achieved revenue of 18.256 billion yuan, a year-on-year increase of 2.77%, while net profit attributable to shareholders was 132 million yuan, a decrease of 3.26% [1] - In Q4 2024, revenue reached 4.129 billion yuan, up 6.31% year-on-year, with a net profit of -56 million yuan, an improvement from -72 million yuan in the same period last year [1] - For Q1 2025, revenue was 4.941 billion yuan, down 4.77% year-on-year, and net profit was 142 million yuan, a decrease of 3.59% [1] Group 2: Store Expansion and Efficiency - The company opened 140 new stores in 2024, bringing the total to 1,100, with 957 direct-operated and 143 franchised stores [2] - In Q1 2025, the company opened 8 direct-operated and 7 franchised stores while closing 20 underperforming stores, resulting in a total of 1,095 stores at the end of the quarter [2] - The company is focusing on optimizing store locations and improving operational efficiency by closing unprofitable stores [2] Group 3: Online Sales and Supply Chain - Online sales grew by 13.2% in 2024, with a total of 3.31 million customer visits to stores, achieving a conversion rate of 40% [3] - By the end of 2024, online sales accounted for 7.16% of total sales, reflecting the company's efforts to enhance its online presence [3] - The company is strengthening its supply chain strategy and increasing the proportion of private label and customized products to 13.63% [3] Group 4: Profitability and Cost Management - In Q1 2025, the gross profit margins for various store formats were 20.82% for comprehensive supermarkets, 19.41% for community fresh food supermarkets, 19.72% for rural supermarkets, and 22.62% for other formats, showing an increase compared to the previous year [4] - The company's expense ratio for the full year 2024 and Q1 2025 was 21.97% and 19.83%, respectively, indicating a slight decrease year-on-year [4] - The net profit margin for the full year 2024 and Q1 2025 was 2.87% and 0.72%, respectively, reflecting a stable performance despite challenges [4] Group 5: Future Outlook - The company aims to transition from scale retail to quality retail, focusing on product strength and enhancing supply chain efficiency [4] - The net profit forecasts for 2025 and 2026 have been adjusted to 201 million yuan and 243 million yuan, respectively, with a new forecast for 2027 set at 272 million yuan [4]