"胖改店"开业将吸引之前数倍的消费者前往购物，物美超市黄村店外已经设置了有序排队的围栏。对于调改店的长久经营情况，物美集团副总裁许丽娜表 示，以学清路店为例，门店日均客流量在2万左右，较调改前有较大提升。 同时，调改店客群也实现较大变化。闫小岐表示，以调改后物美超市天津北辰店为例，40岁以下的顾客占比接近六成，较之前实现了翻倍的增长。 值得关注的是，"胖改店"从最初的首店落地，逐渐走向区域内的竞争。此前，大兴区已有"胖永辉"超市在营。对此，闫小岐表示，超市无论是经营模式还是 经营品类，在发展难免会出现同质化，而品牌会在学习中不断地进行升级。 在竞争中，超市们正在寻求转型升级的方法，在通过学习胖东来模式进行调整后都有着明显的提升。随着"调改"工作在连锁零售企业中展开，超市在恢复线 下竞争力。有业内人士指出，对"胖改店"超市来讲，它们需要尽快把自己的超市品牌价值与用户心智建立起来。北京社科院副研究员王鹏表示，当前零售行 业正处于一个变革时期，企业需要不断创新和提升服务质量，以满足消费者日益多样化的需求。同时，企业需要注重个性化服务，根据消费者的需求和偏好 提供定制化的产品和服务，加强品牌建设，提升企业的知名度和美 ...

每经编辑｜杜宇 据北京商报，近期，有网友称胖东来自营商品已进军澳洲，有澳洲华人超市上架了12款胖东来自营品牌DL的热门产品。 图片来源：蓝鲸新闻视频截图 5月27日，蓝鲸新闻致电胖东来时代广场超市部，工作人员回应称，"他不是我们胖东来，并没有合作，商品应该是其他渠道购买的，采购过去并在其店铺销 售。一款"自由爱"白酒胖东来售价75元，该小程序售价为61.55澳元（约286元）。胖东来目前只有许昌和新乡两个地区有店，未与任何海外渠道合作，会反 馈法务部门进行维权处理。" YaleMini 见人见世界 Costco代购 美部 山姆会员店 胖东来代购 胖东来工作人员 = 价格 = 5月27日,蓝鲸记者在Umall(今日优选)小程序中, 看到确有DL系列商品进行售卖。 记者致电胖东来时代广场超市部, 工作人员回应称,胖东来自营商品仅有许昌、 新乡门店及帮扶调改的企业有售, 未与任何海外渠道有商品合作。一 0%番茄复 ... 品牌 DL 小磨き 胖东来官方零售 我们这边没有合作 售价:$16.08 ... 图片来源：蓝鲸新闻视频截图 大河财立方梳理发现，4月份，胖东来超市、珠宝、百货三大业态领跑销售，分别贡献9.47亿 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [7][13]. Core Insights - The report highlights that the company has completed its restructuring, resulting in a healthier balance sheet. The company is expected to see significant profit growth as it completes its store renovations, with sales and customer traffic exceeding expectations [2][15]. - The restructuring has led to a reduction in debt levels, with the debt-to-asset ratio decreasing from 86.8% in 2023 to 62.1% by Q1 2025. The company is projected to have cash and equivalents exceeding 1 billion yuan by the end of 2024 [2][41]. - The report anticipates that the company will complete all supermarket renovations by 2025, with sales per store expected to increase significantly post-renovation [2][65]. Summary by Sections Restructuring and Financial Health - The company has successfully restructured, becoming a non-controlling entity with the introduction of industrial investors who enhance its supply chain and digital capabilities. The management team has also undergone changes to improve efficiency [2][32][33]. - The restructuring plan includes cash settlements for debts under 100,000 yuan and equity swaps for larger debts, extending remaining debts to a 10-year term [2][39]. - The company’s cash flow situation has improved significantly, with cash and equivalents projected to return to pre-2018 levels by the end of 2024 [2][36]. Supermarket Renovation Success - The report notes that the company has already renovated 17 out of 27 supermarkets, with sales and customer traffic increasing dramatically post-renovation. The average daily sales have reportedly increased sixfold, and customer traffic has tripled [2][65]. - The renovation strategy has led to a significant change in product offerings and store environments, enhancing customer experience and employee satisfaction [2][14]. Department Store Transformation - The company is set to initiate a comprehensive renovation of its department stores in May 2024, focusing on improving employee experience and customer service [3][15]. - The department store segment is expected to contribute significantly to the company's revenue, with a projected recovery in gross margins [3][12]. Profit Forecast and Valuation - The company is expected to achieve net profits of 184 million yuan in 2025, with projections of 402 million yuan and 674 million yuan in the following years, reflecting a rapid profit release phase [4][12]. - The report provides a valuation based on comparable companies, indicating that the company is currently undervalued relative to its peers in the supermarket sector [4][12].