永辉超市日前发布公告称，预计2025年净亏损将达21.4亿元，这已经是其连续第5年亏损。亏损主因是 门店调改的资产报废、一次性投入及停业装修损失超12亿元。 《BUG》栏目实探一家永辉超市调改店后发现，相比调改开业之初，门店的客流量已经从高峰期回 落，一些顾客反馈调改后商品价格变贵。在引入的胖东来自有品牌商品专区，也未出现官方提示的哄抢 商品、代购等行为，客流量保持正常。 专家认为，永辉超市再次亏损，并非胖东来模式水土不服，而是"只学了皮毛，没学到精髓"。胖东来模 式核心是高薪酬、长期主义与区域深耕，永辉超市仅学装修、服务等表象，加之全国万店基数大，精细 化复制难度高、成本高。 "价格变贵了" 《BUG》栏目来到某地区一家永辉超市调改店实地探访。 文|《BUG》栏目 张俊 学习胖东来模式后，永辉超市内向胖东来致敬的标语"满天飞"，但其依然未能摆脱亏损的命运。 在胖东来自有品牌专区，永辉超市还专门树立了一个告知书，称永辉超市全国调改门店对胖东来商品实 行限购，以打击代购行为，发现有哄抢商品、利用商品牟利、加价转售等扰乱经营秩序的行为，将制止 并劝离。不过《BUG》栏目在现场观察到，该专区并未出现哄抢商品、代购等 ...

据海关总署广东分署统计，2025年，广东进口 集成电路1.3万亿元，增长15.5%，占进口总值的37.5%； 进口电脑及其零部件3519亿元，增长19.3%；进口 半导体制造设备736.8亿元，增长33.2%。同期，粮 食、乳品、 水产品、食用油等民生消费品进口均实现两位数增长。 ...

Company Overview - Grandpa's Farm International Holdings Limited is a leader in the Chinese infant and toddler complementary food industry and has expanded into the family food sector, focusing on high-quality, nutritious food with minimal additives [3] - The company launched its first infant complementary food product in 2018 and has grown to become a leading brand in the market within eight years [3] - In 2024, the company ranks second in the Chinese infant complementary food market by gross merchandise value (GMV), with a market share of approximately 3.3% [3][9] - The company achieved the highest compound annual growth rate (CAGR) of 42.6% among the top five companies in the market from 2022 to 2024 [3] Product Offerings - The company provides a range of products in the infant complementary food sector, including oils, seasonings, grain-based foods, juices, fruit purees, and snacks, as well as family food products like liquid milk, convenience foods, rice, seasonings, and oils [4] - The number of stock-keeping units (SKUs) increased from 158 in 2023 to 179 in 2024, and is projected to reach 269 by September 30, 2025, to meet changing consumer demands [4] Financial Performance - The company reported revenues of approximately RMB 622.39 million for 2023, RMB 875.35 million for 2024, RMB 633.19 million for the nine months ending September 30, 2024, and RMB 779.77 million for the nine months ending September 30, 2025 [6][8] - The profit for the same periods was RMB 75.46 million, approximately RMB 102.61 million, RMB 78.01 million, and RMB 87.42 million, respectively, with adjusted net profit margins of 12.2%, 11.8%, 12.4%, and 11.6% [7][8] Industry Insights - The infant complementary food market is highly fragmented, with the top five market participants accounting for approximately 14.2% of the market in 2024, with a total GMV of about RMB 6.53 billion [3][9] - The grain-based complementary food segment remains a core category, showing stable growth, while meal and seasoning segments are rapidly expanding, with projected CAGRs of 7.3% and 8.1% from 2020 to 2024, respectively [9] - The family food sector is broad, including fresh ingredients, seasonings, dairy products, and snacks, with a strategic decision to expand from infant complementary foods to family foods based on clear planning and core capabilities [12]