结构优化与品质跃升：商品力革新重塑"圣地"生活样本 此前，延安首家"胖改店"万达广场店开业取得的亮眼成绩，为此次调改提供了有力注脚：首月销售额同 比增长近220%，客流同比增长超170%。其中，车厘子、草莓、南美对虾、鲜猪肉及胖东来特色商品、 永辉自有品牌销售表现尤为突出，充分印证了"优质平价"理念与本地消费升级需求的深度契合，也展现 了"胖改"模式强大的市场号召力与增长潜力。 本次调改的核心动作，是对商品池进行了一次"大刀阔斧"的重构。门店原有的9596支商品中，下架了 4299个单品，同时精心引入了4416支新品，新增商品比例高达45.5%。调整后，整体商品结构已达到胖 东来的80%，进口商品占比达到10%，实现了在"优质平价"总纲下的品质跃升与体验扩容。 在生鲜板块，革新尤为显著。蔬菜区采用"散标结合"的精细化运营，结构上不仅围绕"民生引流"和"本 地鲜"，更引入了"霜打菜"概念，并打造了多个亮点系列：引入"芸岭鲜生"品牌有机菜，满足高端需 求；"地标好物"呈现安丘大葱、阳雀湖辣椒等风味特产。水果区则强化了即时消费体验，增加了果切、 果汁、冷泡茶及甘蔗果切系列，开业期间，双J级车厘子、新鲜草莓、砂糖桔、 ...

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Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 100 yuan [1][6]. Core Views - The company achieved a revenue of 15.127 billion yuan in 2024, representing a year-on-year increase of 7.7%. The net profit attributable to shareholders was 1.485 billion yuan, up 0.5% year-on-year. In Q4 2024, revenue reached 4.050 billion yuan, a 7.3% increase year-on-year, while net profit for the same quarter was 438 million yuan, showing a significant year-on-year growth of 22.8% [6][7]. - For Q1 2025, the company reported a revenue of 3.600 billion yuan, down 4.1% year-on-year, and a net profit of 395 million yuan, down 10.01% year-on-year. The company plans to distribute a cash dividend of 10.15 yuan per 10 shares, totaling 297 million yuan, resulting in a dividend yield of 4.1% for 2024 [6][7]. - The company is focusing on practical adjustments and actively building momentum, with expectations for revenue recovery driven by new products and channels despite external demand pressures [6][7]. Financial Summary - The company’s total revenue for 2024 was 15.127 billion yuan, with a projected growth of 8.2% for 2025, reaching 16.368 billion yuan. The net profit for 2025 is expected to be 1.522 billion yuan, reflecting a growth of 2.5% [7]. - The earnings per share (EPS) for 2024 was 5.06 yuan, with projections of 5.19 yuan for 2025, 5.71 yuan for 2026, and 6.39 yuan for 2027. The corresponding price-to-earnings (PE) ratios are 15, 14, 13, and 12 respectively [7][8]. - The company’s gross margin for 2024 was 23.3%, with a slight year-on-year increase of 0.1 percentage points. The net profit margin was recorded at 9.8%, down 0.7 percentage points year-on-year [6][8]. Product and Market Performance - The company’s revenue from various product categories showed mixed results in 2024, with the rice and flour segment declining by 3.1%, while frozen prepared foods and dishes grew by 11.4% and 10.7% respectively. The company’s hot pot ingredients experienced significant growth, particularly in vacuum-sealed packaging [6][7]. - The company’s sales channels also demonstrated varied performance, with distribution channels increasing by 8.9%, while supermarkets and e-commerce channels saw declines of 2.4% and 2.3% respectively. The new retail channel showed a remarkable growth of 33% [6][7]. Regional Performance - Revenue growth varied across regions, with Northeast China growing by 7.0%, North China by 5.4%, East China by 6.4%, South China by 9.1%, Central China by 7.4%, Northwest by 13.5%, and Southwest by 14.4% [6][7].