编辑|李子 2025年以来，截至3月31日大润发2025财年收官，全国9家大润发门店陆续闭店，其中包含8家大卖场、1 家中型超市。 曾经收银台排起长队、生鲜区被大爷大妈争相抢购的热闹场景，如今换成部分老旧门店空荡荡的货架 和"清仓甩卖"的海报。 网上不乏"大润发不行了"的声音，但事实真的如此吗？ 它从不是躺平摆烂，而是主动"割肉瘦身"，清掉拖累业绩的"拖油瓶"，转头就靠新玩法实现利润翻盘。 若只看到闭店的冷清，你或许就错看了这家拥有28年历史的老商超。 回溯过往，大润发曾是妥妥的"线下零售天花板"。 1998年，大润发中国大陆首家门店落地上海。 2010年，它以404亿元销售额首次超越家乐福，登顶中国超市销量榜首。 2011年与欧尚合并组建高鑫零售上市后，市场占有率再超沃尔玛，成为中国最大的现代化超市集团。 巅峰时期，大润发门店覆盖29个省份，说它"承包了中国人的菜篮子"，一点不夸张。 可风光总有尽头，消费市场的变化，来得比想象中更快。 彼时沃尔玛、家乐福正砸重金抢占一线城市核心铺位，大润发却反其道而行之，专挑二三线城市的老居 民区、老街坊周边开店。 不搞花哨宣传，仅凭"品类全、价格实"的接地气打法，稳稳站稳 ...

阿里之后，谁能扶起这家曾经的超市之王？ 每日资本论（摄） 文/每日资本论 "超市之王"又要被卖了。 近日，多家媒体报道称，知名商超大润发的母公司高鑫零售有限公司（下称，高鑫零售）以执行董事兼CEO沈辉名义发出公告，表示9月27日上午起在港交 所短暂停牌，以待根据公司收购及合并守则发出载有本公司内幕消息之公告。 这意味着，潜在投资人或投资机构可能会向所有股东发出收购其股份的要约。 1、 关于大润发的"绯闻"近来不断。去年，大润发就开始传闻将被阿里巴巴出售，后被辟谣。今年3月，又传闻中粮集团将以100亿元收购大润发，后者辟谣。还 有传闻收购者是KKR集团，一家老牌的杠杆收购天王，擅长产业投资。高瓴资本被认为是目前最有可能收购大润发的潜在买家，而且有传言称，高瓴资本 可能会与润泰联手进行此次收购。 大润发的出售与业绩大幅下滑关系密切。2024财年（2023年4月1日至2024年3月31日），高鑫零售实现营收725.67亿元，同比减少13.3%；净利润巨亏16.68 亿元，同比下降1572.48%。 这是高鑫零售自2011年上市以来最大规模的亏损，主要受到负现金流门店和关闭门店及拟关闭门店的使用权资产及固定资产减值、 ...

Core Viewpoint - High-end retail company Gao Xin Retail has appointed its third CEO in 20 months, with Li Weiping taking over from Shen Hui due to personal reasons, effective December 1 [2][3] Company Overview - Gao Xin Retail operates several brands including RT-Mart and M Membership stores, with a total of 462 large stores, 32 medium-sized supermarkets, and 7 M Membership stores as of the end of September [2] Leadership Transition - Li Weiping, aged 47, has over 20 years of experience in the retail industry, having previously worked at China Resources and Lotte Supermarket before joining Hema in 2018 [2][3] - The company is currently undergoing a critical transformation period, with a shift in control from Alibaba to Dehong Capital, which has set a three-year strategic plan for Gao Xin [3][6] Financial Performance - For the period from April to September, Gao Xin reported revenues of approximately 30.5 billion yuan, with core sales declining by 12.4% to 29.08 billion yuan, and a net loss of 123 million yuan [6][11] Strategic Focus - Dehong Capital's strategy includes enhancing product differentiation and supply chain efficiency, particularly in fresh produce, and aims to increase online sales to 40%-50% within three years [6][7] - The company plans to remodel 200 stores before the next fiscal year and is focused on achieving quick results from these changes [11] Expectations for New CEO - Li Weiping's extensive background in procurement and supply chain management aligns well with the company's needs during this transformation phase [7][8] - The company has established a three-year service agreement with Li, offering a base salary of 3.36 million yuan and annual bonuses [9]

Core Viewpoint - The appointment of Li Weiping, a veteran from Alibaba's ecosystem, as the new CEO of Gao Xin Retail is seen as a strategic move to reverse the company's declining performance and accelerate its transformation into new retail [2][3][14]. Company Overview - Gao Xin Retail operates a retail business with large hypermarkets and multi-channel e-commerce, managing brands such as "RT-Mart," "RT-Mart Super," and "M Membership Store" [4]. - The company has faced significant challenges, including a 13.26% year-on-year revenue decline to 72.57 billion yuan for the fiscal year 2024, marking three consecutive years of revenue drop [7]. Leadership Change - Former CEO Shen Hui resigned due to family matters, and Li Weiping took over as CEO effective December 1 [2][3]. - Shen Hui's tenure lasted just over a year, during which he attempted to restore the company's retail fundamentals but faced declining revenues and profits [7][9]. Financial Performance - Under Shen Hui, Gao Xin Retail reported a net profit of 405 million yuan for the fiscal year 2025, recovering from a loss of 1.605 billion yuan the previous year, although revenue continued to decline by 1.4% to 71.55 billion yuan [7]. - The company's mid-term report for the period ending September 30, 2025, showed a further revenue decline of 12.12% to 30.5 billion yuan, with a net loss of 123 million yuan, indicating ongoing financial struggles [9][14]. New CEO Profile - Li Weiping, aged 47, has extensive experience in the retail sector, having previously served as the Chief Merchandise Officer at Hema, a subsidiary of Alibaba [11][14]. - His appointment comes at a time when Gao Xin Retail is under pressure to adapt to changing market conditions and improve its performance [14]. Strategic Context - The leadership change occurs after Gao Xin Retail's acquisition by DCP Capital, following Alibaba's divestment of its stake in the company [13][14]. - The company is currently facing challenges such as declining foot traffic in traditional hypermarkets and increased competition in the online retail space [14]. Compensation Structure - Li Weiping's compensation package is significantly lower than that of his predecessor, with a fixed annual salary of 3.36 million yuan and no director's fees, reflecting a shift in the company's approach to executive remuneration [15].

Core Viewpoint - Gao Xin Retail has appointed Li Weiping as the new Executive Director and CEO, effective December 1, 2025, following the resignation of Shen Hui due to family reasons. The company aims to leverage Li's extensive experience in retail to implement its three-year strategic plan and enhance its product differentiation and supply chain efficiency [1]. Group 1: Management Changes - Li Weiping has over 20 years of management experience in the retail industry, previously holding key positions at Hema and other retail companies [1]. - Li will not receive any director's fees but will have a fixed annual salary of 3.36 million RMB as CEO, along with performance-based bonuses [1]. - The company expects Li's professional background to align with its strategic goals, focusing on product and supply chain improvements [1]. Group 2: Performance and Challenges - Gao Xin Retail has faced significant challenges, including a decline in performance and difficulties in online transformation, with net profit turning to a loss in the 2022 fiscal year [3][4]. - For the half-year ending September 30, 2025, the company reported revenues of 30.502 billion RMB, a decrease of 12.1% year-on-year, and a loss attributable to equity shareholders of 123 million RMB, compared to a profit of 206 million RMB in the same period last year [4]. - The company plans to accelerate store renovations, aiming to complete over 30 store renovations within the fiscal year and over 200 by the next fiscal year [4]. Group 3: Strategic Initiatives - Gao Xin Retail operates 462 hypermarket stores under various brands, with revenue primarily from product sales, membership fees, and tenant rents [3]. - The company has seen a 7.4% increase in online B2C order volume, contributing to a 2.1% growth in same-store sales [4]. - The establishment of front warehouses in five locations aims to enhance logistics efficiency and meet local consumer demands [4].

Core Viewpoint - Gao Xin Retail, the parent company of RT-Mart, reported a significant loss for the first half of the fiscal year, indicating challenges in the retail sector due to increased competition and consumer fatigue [2][3]. Financial Performance - Gao Xin Retail's revenue for the six months ending September 30, 2025, was RMB 30.502 billion, a decrease of 12.12% year-on-year [2]. - The company reported a loss attributable to equity shareholders of RMB 123 million, compared to a profit of RMB 206 million in the same period last year [2]. - Revenue from merchandise sales was RMB 29.081 billion, down 12.4% from RMB 33.186 billion year-on-year, attributed to lower average transaction sizes and prices due to market competition and consumer behavior [2]. Revenue Breakdown - Membership fee income increased to RMB 18 million, up 28.6% from RMB 14 million year-on-year [3]. - Rental income decreased to RMB 1.403 billion, down 7.0% from RMB 1.508 billion year-on-year, primarily due to rental reductions and tenant restructuring [3]. Future Development Plans - Gao Xin Retail plans to focus on a retail model that emphasizes "healthy products + enjoyable experiences + attentive service" over the next three years, targeting family and young consumer needs [3].

Core Viewpoint - Gao Xin Retail, the parent company of RT-Mart, reported a significant loss for the first half of the fiscal year, indicating challenges in the retail sector due to increased competition and consumer fatigue [1][2] Financial Performance - Gao Xin Retail's revenue for the six months ending September 30, 2025, was RMB 30.502 billion, a decrease of 12.12% year-on-year [1] - The company reported a loss attributable to equity shareholders of RMB 123 million, compared to a profit of RMB 206 million in the same period last year [1] - Revenue from merchandise sales was RMB 29.081 billion, down 12.4% from RMB 33.186 billion in the previous year, reflecting a decline in average transaction size and product prices [1] Revenue Breakdown - Membership fee income increased to RMB 18 million, up 28.6% from RMB 14 million year-on-year [2] - Rental income decreased to RMB 1.403 billion, down 7.0% from RMB 1.508 billion, attributed to rent reductions and ongoing tenant structure optimization [2] Future Development Plans - Gao Xin Retail plans to focus on a retail model that emphasizes "healthy products + enjoyable experiences + attentive service" over the next three years, aiming to cater to families and younger consumers [2]

Core Viewpoint - The article discusses a controversy involving the sale of a mooncake product containing a banned additive, sodium dehydroacetate, at a RT-Mart store in Shenyang, which has raised consumer concerns about food safety and product labeling [2][5][8]. Group 1: Product Controversy - A consumer discovered that the ingredient list of the purchased Xin Siqi Five-Nut Mooncake included "sodium dehydroacetate," which is prohibited in certain food products [5][8]. - RT-Mart staff claimed that the presence of "sodium dehydroacetate" was due to an error in copying last year's information [5][8]. - Despite the controversy, five types of Xin Siqi mooncakes are still available for sale online at RT-Mart, with the Five-Nut Mooncake currently sold out [10][11]. Group 2: Regulatory Context - Sodium dehydroacetate is classified as a low-toxicity, high-efficiency broad-spectrum food preservative, effective against molds and yeasts, but long-term excessive intake can harm human health [7]. - The National Health Commission removed sodium dehydroacetate from the list of permitted additives in certain baked goods, including mooncakes, effective February 8, 2025 [8]. Group 3: Company Performance and Issues - RT-Mart's parent company, Gao Xin Retail, has faced declining performance, with total revenue of 88.13 billion yuan in the 2022 fiscal year, a 7.7% year-on-year decrease, and a net loss of 739 million yuan [16]. - In the 2024 fiscal year, revenue further declined to 72.57 billion yuan, a 13.26% drop, with losses reaching 1.605 billion yuan [17][18]. - The company has been criticized for product quality issues, with over 7,000 complaints on consumer platforms regarding expired or spoiled products [13][19]. Group 4: Management Changes and Strategic Shifts - In February 2025, Dehong Capital acquired a controlling stake in Gao Xin Retail, leading to significant management changes and restructuring efforts [18]. - RT-Mart has streamlined its operations by reducing its five operational regions to four and has been focusing on new store formats, such as the RT-Mart Super and M membership stores [21].

Core Viewpoint - The controversy surrounding the use of sodium dehydroacetate in Xinsiqi mooncakes sold at RT-Mart highlights issues of food safety and regulatory compliance, as well as ongoing challenges faced by the retailer in maintaining product quality and consumer trust [3][4][6]. Group 1: Product Controversy - A consumer discovered that the ingredient list of Xinsiqi five-nut mooncakes included "sodium dehydroacetate," which is banned in certain food products [3][4]. - RT-Mart staff claimed that the presence of "sodium dehydroacetate" was due to an outdated information copy from the previous year [4]. - Despite the controversy, the online listing for the mooncakes did not show "sodium dehydroacetate" as an ingredient, raising questions about discrepancies between online and offline product information [3][12]. Group 2: Regulatory Context - Sodium dehydroacetate is classified as a low-toxicity, high-efficiency food preservative, but long-term excessive intake can harm human health [6]. - The National Health Commission removed sodium dehydroacetate from the list of permitted additives in certain baked goods, including mooncakes, effective February 8, 2025 [6]. Group 3: Company Performance and Issues - RT-Mart's parent company, Gao Xin Retail, reported a revenue decline of 7.7% in the 2022 fiscal year, with a net loss of 739 million yuan [12]. - In the 2023 fiscal year, revenue continued to decline by 5.07%, and in 2024, it dropped to 725.7 billion yuan, a 13.26% decrease, with losses reaching 1.605 billion yuan [12]. - The company has faced over 7,000 complaints on consumer platforms regarding product quality, including issues with spoiled meat and eggs [11]. Group 4: Management Changes and Strategic Shifts - In February 2023, Dehong Capital acquired a controlling stake in Gao Xin Retail, leading to significant management changes and restructuring efforts [12][14]. - RT-Mart has streamlined its operations from five regions to four and is focusing on new store formats, such as RT-Mart Super and M membership stores, to adapt to market demands [16].

Core Viewpoint - The recent investigation of RT-Mart's COO, Guan Mingwu, highlights the internal management issues and the determination of its new owner, Dihon Capital, to implement significant reforms [2][3][6] Company Overview - Dihon Capital took control of Gao Xin Retail (RT-Mart's parent company) approximately seven months ago, initiating a series of reforms including management changes and organizational restructuring to revive the struggling retail giant [5][6] - RT-Mart has faced continuous losses, challenges with its traditional hypermarket model, and difficulties in integrating online and offline operations [5][11] Management Changes - The investigation into Guan Mingwu has caused significant internal upheaval, with multiple store managers being suspended, indicating a systemic anti-corruption effort by Dihon Capital [6][8] - Dihon Capital has replaced key management positions, including appointing new board members and a CEO, Shen Hui, who emphasizes a return to retail fundamentals [9][10] Financial Performance - Under Dihon Capital's management, RT-Mart's financial performance has shown signs of recovery, with a reported revenue of 715.52 billion RMB and a net profit of 3.86 billion RMB for the 2025 fiscal year [19][20] - Despite this improvement, the financial results are closely tied to cost-cutting measures, including the closure of underperforming stores [20][22] Industry Context - The challenges faced by RT-Mart reflect broader trends in the traditional retail sector, where many companies are struggling to adapt to changing consumer preferences and increased competition from e-commerce and new retail formats [17][18] - The retail landscape is shifting towards smaller, more agile formats, with RT-Mart focusing on mid-sized supermarkets and membership stores as part of its transformation strategy [18][19] Strategic Direction - Dihon Capital's strategy involves optimizing the supply chain and enhancing operational efficiency, with a focus on community-centric retail models [10][19] - The company aims to balance cost, efficiency, and service through modern technology and digital tools, while also fostering brand recognition for its new store formats [22]