Core Insights - Hema achieved a significant milestone in 2025 by surpassing a GMV of 75 billion yuan and turning its adjusted EBITA positive for the first time, ending a seven-year loss streak and becoming the first self-operated instant retail platform to achieve scalable profitability [1][13][17] - The company's transformation from "trial and error" to "strategic focus" is evident in its dual business model of "Hema Fresh" and "Super Box" combined with a multi-layered retail network [1][2] Business Model and Strategy - Hema's dual business strategy allows for comprehensive coverage of "all customer groups + all scenarios," with Hema Fresh targeting the mid-to-high-end market and Super Box focusing on community discount retail [3][8] - The company opened 72 new stores in 2025, bringing the total to over 420 across more than 50 cities, with membership exceeding 40 million [1][3] Operational Efficiency - The reintroduction of the front warehouse business is integrated into a "1 store + N warehouses" ecosystem, enhancing delivery efficiency with 89% of orders delivered within 30 minutes [4][5] - Hema's operational costs have decreased by 18%, and inventory turnover days have been reduced to 28 days, laying a solid foundation for profitability [4][13] Product Innovation - Hema's self-owned brand accounted for 35% of sales in 2025, with the "Hema MAX" brand achieving a gross margin exceeding 40%, driving profit growth [8][9] - The company has successfully launched products tailored to consumer needs, such as "30-minute ready-to-cook meals" and "low-calorie light meals," which have seen high sales and repeat purchase rates [9][10] Market Position and Growth Potential - Hema's market value has doubled from 40 billion yuan in 2024 to 80 billion yuan in 2025, with a PE ratio of 35 times, indicating strong market recognition [14][18] - The company plans to open nearly 100 new Hema Fresh stores in 2026, expanding into over 50 new cities, and aims to invest 2 billion yuan in developing retail AI models [17][18]

在杭州，一个个"新"品牌、一家家新门店，如雨后春笋般涌现。它们有的带来了国际前沿的时尚潮 流，有的呈现出本土创新的独特业态，但无一例外都成为拉动消费升级、激发市场活力的新力量。 故事 世界旗舰店开在了杭州 作为源自日本的全球知名生活方式品牌，MUJI在中国大陆开了400多家店，遍布80多个城市。 "杭州对我们来说意义非凡。"MUJI無印良品品牌沟通部高级部长刘璟文感慨道，"2009年MUJI第一 次开到杭州，16年来我们见证了这座城市商业生态的蓬勃发展。这次世界旗舰店的打造，是基于对杭州 消费者需求的深入理解做出的战略调整。"在他看来，想抓住年轻消费者，得拿出实打实的新鲜内容。 而这家焕新升级的工联CC店，就是最好的"品牌名片"。 "老粉"徐沈佳第一时间就捕捉到了变化。"最扎眼的是多了Gelato意式冰淇淋店，店员说这是全国第 一家Gelato概念店，好几款都是用本地食材做的。"在店员推荐下，徐沈佳尝试了专为杭州市场研发的 龙井桑叶口味，"二楼新增了杭州限定商品区，有西湖龙井茶香香氛系列、城市主题马克杯，我直接all in（全部收进）！" 消费金额满300元，徐沈佳用小票兑换了一枚游戏币。凭着这枚币，她钻进了 ...