①According to a report by the China Chain Store & Franchise Association, in 2025, the overall operation of chain supermarkets showed steady growth with evident differentiation, and the proportion of enterprises achieving year-on-year growth in total annual sales increased to 50%; ②The positive changes in customer traffic and sales of adjusted stores boosted industry confidence. Leading enterprises, building on deepening adjustments, are investing resources in key areas such as supply chains and product competitiveness to build differentiated advantages.
Cailian Press reported on January 26 (by reporter Weiwei Wu) that after undergoing a wave of "adjustments and renovations," the chain supermarket industry delivered an annual performance characterized by steady growth and significant differentiation. Interviews conducted by Cailian Press journalists revealed that improvements in customer traffic and sales at renovated stores have injected confidence into the industry, with refining store operations becoming the core strategy for supermarkets seeking growth.
The China Chain Store & Franchise Association recently released the "Overview of the Development of China's Chain Supermarkets in 2025," conducting a baseline survey of 68 sample supermarket enterprises involving over 30,000 stores with total annual sales exceeding 400 billion yuan.
The report shows that in 2025, the overall operation of chain supermarkets exhibited steady growth with evident differentiation. Among the sample enterprises, more than 80% of supermarkets underwent adjustments and renovations, with over 90% of these enterprises achieving growth in performance. Driven by these adjustments, the proportion of enterprises achieving year-on-year growth in total annual sales rose to 50%, showing a noticeable rebound from 38% in 2024; the proportion of enterprises with year-on-year growth in net profit increased from 25% in 2024 to 46%, with growth mainly stemming from optimizing existing stores rather than expansion.
Performance differentiation was particularly evident among listed companies. Recently, Yonghui Superstores (601933.SH) and Jiayouyue (603708.SH) respectively issued their 2025 earnings forecasts. Yonghui Superstores expects a net loss attributable to shareholders of 2.14 billion yuan for the full year, while Jiayouyue anticipates a net profit attributable to shareholders of between 198 million yuan and 228 million yuan, representing a year-on-year increase of 50.06% to 72.79%.
Jiayouyue stated that through adjustments and store closures, its stores achieved significant quality and efficiency improvements, enhancing the company’s profitability. Meanwhile, the company strengthened its product competitiveness by intensifying the development of private-label and customized products. In 2025, comparable store customer traffic grew approximately 2% year-on-year, while the overall gross margin remained relatively stable with slight improvement.
Yonghui Superstores mentioned that asset write-offs resulting from store adjustments, revenue losses due to temporary closures for renovation, and expenses such as severance compensation for optimized staffing affected the company’s profits. Combined with short-term stock shortages and declining gross margins caused by supply chain reforms, this led to a forecasted net loss for 2025. The company also stated that the 315 stores completed under adjustment in 2025 will enter a stable operating state in 2026. As the negative impact of closures and store adjustments on operational performance diminishes, the risk of further declines in 2026 is minimal.
Although the industry has yet to fully recover, the positive changes in customer traffic and sales at adjusted stores have bolstered industry confidence. A supermarket practitioner told Cailian Press that adjusted stores have seen steady growth in sales volume and in-store customer traffic, and with ongoing optimization, profitability is expected to gradually improve.
In the aforementioned report, the China Chain Store & Franchise Association noted that overall, the industry is transitioning from a "scale-oriented" approach to one focused on "quality and efficiency." The foundation for growth is gradually solidifying, but a full recovery will still take time. In 2026, supermarket enterprises will adopt a strategy of steady progress, with only 12% of sampled companies choosing cross-regional expansion, as businesses focus more on strengthening core operations and system capabilities.
“It’s not about having more stores, but about making them excellent.” The aforementioned industry insider emphasized to Cailian Press.
Against this backdrop, leading enterprises are not only deepening the adjustment and renovation of their stores but also investing resources in key areas such as supply chains and product strength to build differentiated competitive advantages.
Bao Yuezhi, a new retail expert and chairman of Baum Enterprise Management Consulting Co., Ltd., told Caixin that at the current stage, the core of adjustment should focus on products. Product adjustment is not merely about tweaking the product mix but requires adjustments in product strength, especially through the development of private labels. By adjusting products, companies can leverage their product advantages and build differentiated competitive barriers.
Achieving differentiation through private labels has become a key development direction for supermarkets. Hebai Group (000417.SZ) revealed during an institutional investor briefing this month that its subsidiary supermarket, Hejiafu, introduced 5,630 new products and phased out 6,945 old ones in 2025. The four core private label brands added 80 SKUs, bringing the total to 480, covering categories such as household chemicals, beverages, juices, and fresh produce, with sales growing by 93.21% year-over-year.
The upgrade of consumption scenarios has also become a critical focal point. A senior executive from Sun Art Retail (06808.HK) told Caixin that the company's new CEO explicitly emphasized deepening supplier collaboration, improving product quality and differentiation, and enhancing consumer experience through humanistic care.
A representative of the company told Caixin, “The recent cross-sector collaboration with Egg Tart Party to launch the Lunar New Year Treasure Hunt event is a key step in materializing the ‘Experience Empowerment’ strategy. It transforms traditional retail scenarios through gamification, turning RT-Mart’s physical stores into an exploratory and engaging space. This builds unique emotional connections and offline experiential advantages beyond product strength.”
