Every reporter Huang Bowen and every editor Dong Xingsheng

The brick-and-mortar retail industry is undergoing profound changes, and the transformation and adjustment of traditional supermarkets has become an industry consensus.

On April 2, Yonghui Supermarket Shanghai's second "Learning Fat Donglai" adjustment and reform store - Pujiang Wanda Plaza store was newly opened. The next day, Yonghui Xi'an's fifth adjustment store was located in Daming Palace Wanda Plaza, Weiyang District. So far, the scale of Yonghui supermarket stores nationwide has been expanded to 49.

It is reported that Ye Guofu, director of Yonghui Supermarket, recently said at the 2025 annual supplier conference that Yonghui Supermarket will adhere to the adjustment and reform in the future, and will complete the adjustment and reform of more than 200 stores this year.

It is worth noting that Yu Donglai, the founder of Fat Donglai, "interjected" at the "2025 China Supermarket Week" event, which is also like a wake-up call. When he asked the question as an example of Yonghui Xinwandian's monthly profit exceeding 2 million yuan after the adjustment and reform, but there was no salary adjustment, he actually touched on the core proposition of the transformation of the retail industry, that is, how to balance the investment of human capital when enterprises pursue more benefits?

Flush data shows that compared with ST BBK (SZ 002251), Jiajiayue (SH 603708) and other listed companies in the same industry, Yonghui Supermarket's per capita salary (including social security) is lower, about 81,000 yuan.

In fact, the maximization of benefits, the appeal of shareholders' interests and the protection of employees' rights and interests of listed companies are not a zero-sum game. When employees perceive the substantial care of the enterprise, their service effectiveness and customer stickiness will have a multiplier effect. In the restructuring of "people, goods, and yards" in the retail industry, the dimension of "people" should not become a victim of cost compression. When employees perceive the support of the organization, they will spontaneously become "brand ambassadors", and the peripheral nerves of the brand to reach consumers. In addition, when ESG (Environmental, Social and Governance) is gaining more attention, the capital market will also prefer companies and brands with humanistic care.

It is reassuring to note that Yonghui has begun to adjust employee compensation. According to the manager of Yonghui Supermarket's Pujiang Wanda store, after the store completed the adjustment, the average salary of front-line employees increased by more than 20%, the daily working hours were shortened to 8 hours, and front-line employees can also enjoy 10 days of paid annual leave for a year, and working meals are also provided by the company for free.

The transformation of the retail industry is not only the reorganization of shelves and scenes, but also the reshaping of business philosophy. The key to the success of Yonghui's restructuring depends on whether it can truly let employees share the fruits of development, which will determine whether it can win lasting competitiveness in the fierce industry changes.

Yonghui Supermarket (SH 601933): More than 200 stores will be adjusted this year

On March 29, Ye Guofu, director of Yonghui Supermarket, said at the 2025 annual supplier conference that Yonghui Supermarket will adhere to the adjustment and reform in the future, and will complete the adjustment and reform of more than 200 stores this year. He also said that the company will focus on core single products in the future, and the three-year goal is to incubate 100 billion yuan single products; Focus on long-termism, establish long-term and in-depth cooperation with core suppliers, and lock in the first batch of 200 core suppliers.

Comments: Yonghui Supermarket plans to complete the upgrade of more than 200 stores within the year, pointing to the pain point of low efficiency of traditional supermarkets. At the same time, the strategy focuses on long-termism, not only optimizing the experience with store transformation, but also increasing the unit price of customers with the strategy of explosive products, and building differentiated barriers in the stock competition of the retail industry.

Xiaomi Group-W (HK 01810): Responding to the Xiaomi SU7 high-speed accident

Recently, Xiaomi SU7 caught fire in an accident on the highway and killed 3 people in the car. On the evening of April 1, Xiaomi Auto released "Answers to Questions Everyone's Concerns". Lei Jun, founder, chairman and CEO of Xiaomi, also posted on his Weibo that the company's team set up a special team as soon as possible. Since the accident is still under investigation, it has not been in contact with the accident car, and many questions cannot be answered at the moment. "At this point, I feel that I should not wait any longer, I must stand up and promise on behalf of Xiaomi: no matter what happens, Xiaomi will not evade, we will continue to cooperate with the police investigation, follow up on the progress of the matter, and do our best to respond to the concerns of the family and society."

Comments: Xiaomi SU7 high-speed accident response, showing the timeliness of enterprise crisis response. At the same time, as an "Internet celebrity entrepreneur" who is deeply bound to the Xiaomi brand, Lei Jun's personal statement will also help maintain the brand image and reduce public doubt.

Kweichow Moutai (SH 600519): Operating income in 2024 will be about 170.9 billion yuan, a year-on-year increase of 15.71%.

On April 2, Kweichow Moutai announced its 2024 annual report. According to the report, the company's operating income in 2024 will be about 170.9 billion yuan, a year-on-year increase of 15.71%; The net profit attributable to the parent company was about 86.2 billion yuan, a year-on-year increase of 15.38%. Basic earnings per share was 68.64 yuan. In addition, the company intends to distribute a cash dividend of 276.24 yuan (tax included) for every 10 shares.

Comments: Kweichow Moutai's revenue in 2024 will break the 170 billion yuan mark, and the core driving force lies in core products such as Feitian Moutai. Although the growth rate of net profit was slightly lower than the growth rate of revenue, its return on equity still maintained an industry-leading level of 36.02%. There are two variables that need to be paid attention to in the future growth of Moutai, one is the elasticity of demand brought about by the continuous restoration of the business banquet scene, and the other is the cultivation effect of the i Moutai platform for young customers.

JD.com-SW (HK 09618): Dada employees will be upgraded to 20 salaries in 2026

On April 2, JD.com Group announced that Dada's employee salary will be upgraded to 19 salaries this year and 20 salaries next year. In addition, some outstanding Dada employees will be awarded JD Group shares. According to the company, this is the 8th salary increase given to employees by the JD system since 2024.

Comments: JD.com announced a gradual salary increase to 20 salaries for Dada employees and the granting of shares, which is obviously aimed at further stabilizing the team and improving service quality and market competitiveness. Combined with JD Group's recent multiple salary increases, it is not difficult to see its emphasis on talents and its firm determination for long-term stable development.

Trina Solar (SH 688599): Signed a clean energy power purchase agreement with Equinix, a global data center developer

Trina Solar's Overseas Power Plant Division ("Trina Solar ISBU") recently signed a 20-year power purchase agreement (PPA) with Equinix, a global digital infrastructure and data center developer, in Japan. Under the agreement, Trina Solar ISBU will provide renewable energy to Equinix through its in-house developed, constructed and operated 30-megawatt Yufutsu Abira PV project for the power supply of Equinix's data center in Japan. Trina Solar's ISBU plans to start supplying power from the third quarter of 2028.

Comments: Trina Solar's power purchase agreement with Equinix marks the next step in its industrial expansion in the field of clean energy. This agreement not only provides Trina Solar with a stable revenue stream, but also underscores its ability to develop, build and operate PV projects on a global scale.

Alibaba-W (HK 09988): The National Astronomical Observatories and Alibaba Cloud jointly released the world's first large-scale solar model "Golden Crow".

On April 3, Alibaba announced that the National Astronomical Observatories and Alibaba Cloud jointly released the world's first large solar model, the "Golden Crow". Based on the open-source model of Ali Tongyi Qianwen series, the "Golden Crow" is fine-tuned and trained with more than 900,000 solar satellite images as samples, which can predict flare eruptions in the next 24 hours, and currently has an accuracy rate of over 91% in M5 solar flare forecasting, which is the highest level of solar forecast at this level.

Comments: The accuracy rate of "Golden Crow" in the prediction of M5 solar flares exceeds 91%, reaching the highest level of forecasting at this level, highlighting the technological leadership. In commercial applications, this model can help to warn solar flares in advance, reduce potential hazards to aerospace, communications and other fields, and have high application value.

ZTE (SZ 000063): Fang Rong was elected chairman

On March 31, ZTE announced that Fang Rong was elected as the new chairman. It is reported that this is also the first female chairman in ZTE's 40-year history. According to public information, Fang Rong graduated from Nanjing University of Posts and Telecommunications majoring in communication engineering, worked in ZTE New Communications Co., Ltd., the controlling shareholder of ZTE from 1995 to 1997, joined ZTE in 1997, and served as senior vice president of ZTE from 1998 to 2009; Since 2009, he has been a director of Zhongxing Development Limited; Since 2021, he has served as the chairman of Xiazhi Technology Co., Ltd.; He has served as a non-executive director of ZTE since June 2018 and chairman of ZTE since March 2025.

Comments: Fang Rong is a senior expert in the information and communication industry, with rich experience in telecommunications, R&D and management, which is expected to bring new vitality to ZTE's management, which is conducive to promoting the company's continuous innovation and development in the communications industry and adapting to industry competition.

Great Wall Motor Co., Ltd. (SH 601633): It has signed a strategic agreement with Unitree Technology

On March 30, Wu Huixiao, chief technology officer (CTO) of Great Wall Motors, said in an interview with the media that Great Wall Motors has signed a strategic agreement with Unitree Technology. In this cooperation, Unitree Technology is responsible for motion control and ontology, and Great Wall Motors is responsible for upper-level application development, which is mainly used in factories and automobiles.

Comments: Unitree Technology focuses on robot research and development, and has technical expertise in motion control and ontology. The cooperation between Great Wall Motor and Unitree Technology has a clear division of labor between the two sides, and they work together based on their respective advantages, which can be regarded as a move of cross-border integration. This collaboration will be applied to factory automation and automotive manufacturing scenarios, and is expected to promote the advancement and application expansion of related technologies in these fields.

Disclaimer: The content and data in this article are for reference only and do not constitute investment advice. Do so at your own risk.

Cover image source: Photo by reporter Zhang Yun