“有三分把握，我就敢去做”，“一有机会绝对要出击，我属于这一种”。

国美创始人黄光裕曾有不少经典发言。他说过，三分就是一种感觉，“并不是没想清楚、没看明白就去做，大意就是想、调整和做基本上同步进行，不要多谋少决。”

从前的黄光裕信奉的是“边做边修正”，现在亦如是。重返商界近4年，国美先后尝试了不同的赛道，比如直播电商、家装行业，他还注册过新能源汽车公司、区块链公司，甚至“元宇宙”公司。

今年4月底黄光裕突然亮相频繁了起来，为他的零售事业奔走。红星资本局在采访中发现，其新押注的国美超市目前与预期成绩还相差甚远，而曾经的砥柱国美电器已大幅收缩，门店与2021年巅峰相比仅剩四分之一。

门店急剧收缩，北京仅剩2家“真快乐”

过去两年，国美门店收缩了四分之三。

按照国美零售（0493.HK）财报披露，2021年是近五年的巅峰，门店数达4195家，2023年这一数字锐减至1073家，其中包括国美、大中、永乐在内的城市展厅、旗舰店、精品店，全国剩下36家。

截图自国美零售2023年财报

“真快乐”曾是黄光裕寄予厚望的一张牌。2020年12月，国美成立“真快乐（北京）科技有限公司”。“真快乐”APP上线，集合拼团、直播等流行玩法，强调娱乐和社交。许多国美店门头也相继改成了真快乐的体验中心。

“真快乐”并没有带来想象中的国美重生，而是黯然落幕。财报显示，2021年，真快乐APP年活跃买家1683万，远远落后京东的5.7亿和拼多多的8.69亿。

如今在北京，地图可查到的“真快乐APP体验中心”有2家，分别位于北三环的西坝河和南二环的牛街。红星资本局探访发现，两家门店均挂着“真快乐”的招牌，虽然在“正常经营”，但各品牌正有意识地割裂与国美的关系。

真快乐北京西坝河店

“现在店里你见到的都是各品牌厂家的人，都是厂家直接跟顾客对接，购物发票和钱款都不经过国美，也不会出现之前那种不发货的情况。”多名销售告诉红星资本局，目前北京还剩下营业的国美店面不超4家。国美和多个品牌仍有拖欠货款未结清的情况。一些销量不高的品牌索性撤店，留下各领域相对头部的品牌“借”国美门店这个场地继续卖货。

多名销售坦言，国美的一些消息对他们冲击太大，顾客骤减，信任也大打折扣。有人会再三询问能不能发货，钱会不会打水漂。

真快乐北京西坝河店内

曾经的砥柱，今日的“弃子”

国美电器已深陷泥潭挣扎数年。

天眼查信息显示，从4月28日到5月11日，国美电器有限公司共新增29条被执行人信息，执行标的合计5.78亿余元。风险信息还显示，国美电器有限公司现存260余条被执行人信息，被执行总金额超65亿元。此外，该公司还存在多条限制消费令、失信被执行人(老赖)和终本案件信息。

在二级市场上，国美上市主体国美零售近半年股价跌超60%。截至5月14日收盘，国美零售报0.032港元/股，下跌5.88%。今年以来，国美零售股价最低跌至0.017港元/股。

国美零售2023年财报显示，公司去年实现收入6.47亿元，下降96.29%；毛利率为26.89%，同比上升16.46个百分点；全年归母净利润-100.57亿元，同比收窄49.6%。

有国美电器前员工告诉红星资本局，仍有前员工的欠薪问题没有解决，黄光裕并非没钱，只是放弃了这个板块，钱投到别的项目里去了，零售就是其中一块重点。

“管理层没有躺平放弃。”国美零售在财报中表示，其正在通过开拓类加盟、平台直播等方式寻找新的增长点，将以低价为主导吸引加盟商和消费者。

据证券日报，3月29日，一位国美电器内部人士透露，公司正计划发展无人零售业务。据了解，在具体“自救”措施上，一方面，国美零售拟对存在债务问题的国美电器采取归集重整，同时设计并建立一套新的管理体系，成立新国美电器；另一方面，计划加快发展家居家装、国美汽车体验馆、租赁业务等新业务。

西坝河店内的直播间现在用来放杂物

密集亮相，黄光裕在忙什么

国美电器“风雨飘摇”，黄光裕在忙什么？

从官方渠道看，国美鲜少更新自己的动态。去年开始，国美的各个官方微博停止了更新。“Gome国美”上一次更新还是在去年5月，但在今年4月，却点赞了一条关于《国美零售已布局智能无人零售业务》的消息。

许久未公开露面的黄光裕，4月底行程也很密集。他先后到访了杭州和长沙，为了两件事：共域通兑和零售折扣。

今年初，国美首次发布了“共域通兑”平台，推动商家会员积分互通互兑。随后网上可查到的相关信息，是4月底与帅猫台球的合作。黄光裕也现身了在杭州的这场发布会。

几乎同一时间，国美还在杭州办了一场“即时零售发布会”，宣布入局即时零售赛道，并正式发布旗下“国美即时仓”及“国美便利店”。国美邻里CEO罗晶表示，通过搭建“一地一仓多店”，国美不仅要实现即时零售转折点的基础设施建设，也要完成“新经销体系”的搭建。

随后黄光裕又动身奔赴长沙，“夜访”了中国最大的硬折扣超市连锁企业乐尔乐。

据媒体报道，黄光裕和乐尔乐集团董事长陈正国从4月28日的23时左右夜谈到次日凌晨一点多。整个行程也是极为紧凑，从黄光裕到达长沙至会谈结束仅用7个小时。

据乐尔乐集团副总裁车海燕透露：“和国美处在双向熟悉的阶段，框架协议已经签订，落地的合作方案正在探讨中。”

入局即时零售、夜访零售企业，再一次引发了外界对国美的关注。同之前高调宣布入局超市、无人零售等领域情况类似，每次国美发布新动作，股价都会应声上涨，但“雷声大、雨点小”。

从4月底到5月初，国美零售又经历了一波短暂的股价上涨，但并未维持太久。

扑向零售

国美上一次股价大涨还是去年11月17日，受“国美超市目标三年一万家门店”消息影响，当日收盘国美零售报0.056港元/股，涨幅80.65%。

而国美零售马上就此事澄清，称其并非拟开展的超市业务的订约方，拟开展的超市业务将由黄光裕及其关联方与独立第三方合作经营。但这也表明，国美零售不排除未来探索零售新项目机会的可能性。

黄光裕对于零售的侧重从去年就显而易见。去年10月，黄光裕亲自领军搭建无人零售项目团队，并对业务做了定位，即补充满足介于电商和社区超市之间的购物需求，打造响应时间不超过5分钟的便捷零售生态。

同期，优客（广州）供应链有限公司下的Yuki全球优选惠购在广州开了一个新项目。红星资本局发现，该项目也与国美超市有关。值得注意的是，Yuki全球优选惠购也是做零售连锁、折扣商业。

同年11月，国美超市横空出世，从宣发视频信息来看，其经营模式类似于折扣店。据多家媒体报道，国美计划在三年中开出10000家国美超市。国美超市官方资料显示，其为国美控股集团旗下品牌。

据天眼查，国美超市（广东）有限公司2023年7月25日成立，注册资本500万元，由北京腾毅企业管理有限公司、广州蔻侈优选品牌服务有限公司（下称蔻侈优选）、北京美昊投资管理有限公司分别持股35%、33%和32%，其中腾毅、美昊均是国美的关联公司。也就是说，国美超市有超过60%的股份“把握”在黄光裕手中。

红星资本局注意到，今年2月黄光裕还考察过橙鹿控股。该公司称有自主研发的消费数据管控系统，可以帮助实体门店精准地了解消费者的购物需求和喜好。

国美重心“南迁”？

“国美超市自营商品就有12万个SKU（最小库存单位），现在的打法就是专门针对社区，设计30平方米到50平方米的场地，把店里面布满样品，主要面对的是周边社区人群，来到店内选品下单。”红星资本局从国美超市驻广东某位负责人处了解到，现在国美超市的线下店相当于“直播体验店”模式：白天做周边住户的生意，晚上则是“直播”面向整个互联网。此外这位负责人还提到了“国美宜家购”。

红星资本局注意到，“国美宜家购”这个概念早在2017年出现过，当时国美提出的是以电器为原点，延伸到“家生活”大品类。打造“国美＋宜家”的融合新物种，成为新国美。

上述负责人透露，黄光裕为国美超市的项目注资上千万。目前国美超市在广州有6个直营店，深圳一家直营店也将在6月上线，其他省市的店还在推进中。这也意味着，国美超市的总部和主战场目前都在广东。

这一数字，与此前提到的“战略目标230家店”或者“三年万店”都还有不少差距。

“现在的消费节奏，几万平的大卖场很难存活了。所以我们现在就要跑一个新的赛道，从超市和生活全品类这块。”上述国美超市相关负责人对红星资本局表示，并不担心国美电器会影响其他项目。

“黄老板去和哪个大咖或者企业合作，对国美整体是好事。国美招牌还在，好的方面我们要利用，有风险的我们会更谨慎规避。”

红星新闻记者 王田

编辑 余冬梅

责任编辑：朱鹏英 UN603

新闻译文：

"I dare to do it if I have three percent confidence," and "I will definitely take action whenever there is an opportunity, I belong to this kind.".

Huang Guangyu, the founder of Gome, has made many classic speeches. He once said, "Three points is a feeling," it's not about doing things without thinking clearly or seeing clearly. The main idea is that thinking, adjusting, and doing things are basically done synchronously, don't think too much and make too little decisions. "

In the past, Huang Guangyu believed in "making corrections while doing", and now it is also the same. In the past four years of returning to the business world, Gome has tried different tracks, such as live streaming e-commerce and home decoration industry. He has also registered new energy vehicle companies, blockchain companies, and even "metaverse" companies.

At the end of April this year, Huang Guangyu suddenly made frequent appearances, running for his retail business. Red Star Capital Bureau found in an interview that its new bet on Gome supermarkets is still far from expected results, while its former pillar Gome Electric has significantly shrunk, leaving only a quarter of its stores compared to its peak in 2021.

The stores are shrinking rapidly, leaving only two "really happy" stores in Beijing

In the past two years, Gome stores have shrunk by three-quarters.

According to the financial report of Gome Retail (0493. HK), 2021 was the peak of the past five years, with 4195 stores. In 2023, this number sharply decreased to 1073, including city showrooms, flagship stores, and boutique stores such as Gome, Dazhong, and Yongle, with 36 remaining nationwide.

Screenshot from Gome Retail's 2023 financial report

"True happiness" was once a card that Huang Guangyu had high hopes for. In December 2020, Gome established "True happiness (Beijing) Technology Co., Ltd.". The "True Happiness" app has been launched, combining popular gameplay such as group buying and live streaming, emphasizing entertainment and socializing. Many Gome stores have also transformed their storefronts into truly happy experience centers.

"True happiness" did not bring about the imagined rebirth of Gome, but rather a bleak conclusion. according to the financial report, in 2021, the annual active buyers of the True Happiness APP were 16.83 million, far behind JD's 570 million and Pinduoduo's 869 million.

Now in Beijing, there are two "True Happiness APP Experience Centers" that can be found on maps, located in Xibahe on the North Third Ring Road and Niujie on the South Second Ring Road. Red Star Capital Bureau investigation found that both stores are displaying signs of "true happiness". Although operating normally, each brand is consciously severing its relationship with Gome.

Happy Beijing Xibahe Branch

"What you see in the store now are people from various brand manufacturers, who directly communicate with customers. Shopping invoices and payments do not go through Gome, and there will be no situation of not delivering goods like before." Several salespeople told the Red Star Capital Bureau that there are currently no more than four Gome stores still operating in Beijing. Gome and multiple brands still have outstanding payments. Some brands with low sales have decided to withdraw their stores, leaving behind relatively top brands in various fields to continue selling on the site of Gome stores.

Several salespeople admitted that some news from Gome had a significant impact on them, causing a sharp decrease in customers and a significant decrease in trust. Someone will repeatedly inquire if it is possible to ship the goods and if the money will be wasted.

Happy Beijing Xibahe Store

The former pillar, today's abandoned son

Gome Electric has been struggling in the quagmire for several years.

According to Tianyancha information, from April 28th to May 11th, Gome Electric Appliances Co., Ltd. added a total of 29 new information on executed persons, with a total execution target of over 578 million yuan. The risk information also shows that Gome Electric Appliances Co., Ltd. currently has more than 260 executed person information, with a total executed amount exceeding 6.5 billion yuan. In addition, the company also has multiple consumer restriction orders, dishonest executed persons (deadbeats), and information on the final case.

In the secondary market, the stock price of Gome's listed entity, Gome Retail, has fallen by over 60% in the past six months. As of the close on May 14th, Gome Retail reported HKD 0.032 per share, a decrease of 5.88%. Since the beginning of this year, the retail stock price of Gome has dropped as low as HKD 0.017 per share.

According to the 2023 financial report of Gome Retail, the company achieved revenue of 647 million yuan last year, a decrease of 96.29%; The gross profit margin was 26.89%, a year-on-year increase of 16.46 percentage points; The net profit attributable to the parent company for the whole year was RMB 10.057 billion, a year-on-year decrease of 49.6%.

A former employee of Gome Electric told the Red Star Capital Bureau that there are still outstanding salary issues for former employees that have not been resolved. Huang Guangyu is not without money, but has abandoned this sector and invested money in other projects, with retail being one of the key areas.

"The management has not given up." Gome Retail stated in its financial report that it is seeking new growth points through franchise development and platform live streaming, and will attract franchisees and consumers with low prices as the main focus.

According to Securities Daily, on March 29th, an insider at Gome Electric revealed that the company is planning to develop unmanned retail business. It is understood that in terms of specific "self rescue" measures, on the one hand, Gome Retail plans to collect and restructure Gome Electric Appliances with debt problems, and at the same time design and establish a new management system to establish the new Gome Electric Appliances; On the other hand, we plan to accelerate the development of new businesses such as home decoration, Gome car experience centers, and leasing services.

The live broadcast room in the Xibahe store is now used to store miscellaneous items

Intensive appearance, what is Huang Guangyu busy with

What is Huang Guangyu busy with, despite the ups and downs of Gome Electric?

From official channels, Gome rarely updates its own updates. Since last year, various official Weibo accounts of Gome have stopped updating. The last update of "Gome" was in May last year, but in April this year, it liked a message about "Gome Retail has laid out intelligent unmanned retail business".

Huang Guangyu, who had not appeared publicly for a long time, also had a busy schedule at the end of April. He visited Hangzhou and Changsha successively for two things: mutual currency exchange and retail discounts.

At the beginning of this year, Gome launched the "Common Domain Redemption" platform for the first time, promoting the exchange of merchant member points. The relevant information that can be found online later is the cooperation with Shuai Cat Billiards at the end of April. Huang Guangyu also appeared at the press conference in Hangzhou.

Almost at the same time, Gome held a "real-time retail press conference" in Hangzhou, announcing its entry into the real-time retail market and officially launching its "Gome instant Warehouse" and "Gome convenience Store". Guomei Neighborhood CEO Luo Jing stated that by building "one location, one warehouse, and multiple stores", Guomei not only needs to achieve infrastructure construction at the turning point of instant retail, but also needs to complete the construction of a "new distribution system".

Later, Huang Guangyu set off for Changsha and made a night visit to China's largest chain of hard discount supermarkets, Leerle.

According to media reports, Huang Guangyu and Chen Zhengguo, Chairman of Le'er Le Group, had a night chat from around 23:00 on April 28th until after 1am the next day. The entire itinerary is also extremely tight, taking only 7 hours from Huang Guangyu's arrival in Changsha to the end of the talks.

According to Che Haiyan, Vice president of Leerle Group, "We are in a stage of mutual familiarity with Gome, and the framework agreement has been signed. The cooperation plan for implementation is currently being discussed."

Entering the real-time retail market and conducting night visits to retail companies has once again attracted attention from the outside world towards Gome. similar to the high-profile announcement of its entry into supermarkets, unmanned retail and other fields, every time Gome releases a new move, its stock price will rise in response, but with "big thunder and small raindrops".

From the end of April to early May, Gome Retail experienced another brief surge in stock prices, but it did not last long.

Rushing towards retail

The last time Gome's stock price surged was on November 17th last year, influenced by the news of "Gome Supermarket's target of 10000 stores in three years". On that day, Gome Retail closed at HKD 0.056 per share, an increase of 80.65%.

Gome Retail immediately clarified this matter, stating that it is not a contracting party for the proposed supermarket business, and that the proposed supermarket business will be operated by Huang Guangyu and his affiliates in cooperation with an independent third party. But this also indicates that Gome Retail does not rule out the possibility of exploring new retail project opportunities in the future.

Huang Guangyu's emphasis on retail has been evident since last year. Last October, Huang Guangyu personally led the construction of an unmanned retail project team and positioned the business to supplement and meet the shopping needs between e-commerce and community supermarkets, creating a convenient retail ecosystem with a response time of no more than 5 minutes.

At the same time, Yuki global Optimal Purchase, a subsidiary of Youke (Guangzhou) supply Chain Co., Ltd., opened a new project in Guangzhou. The Red Star Capital Bureau found that the project is also related to Gome supermarkets. It is worth noting that Yuki Global Preferred Shopping also operates as a retail chain and discount business.

In November of the same year, Gome Supermarket emerged, and according to its promotional video messages, its business model was similar to that of a discount store. According to multiple media reports, Gome plans to open 10000 Gome supermarkets within three years. According to official information from Gome Supermarket, it is a brand under the Gome Holding Group.

According to Tianyancha, Gome Supermarket (Guangdong) Co., Ltd. was established on July 25, 2023, with a registered capital of 5 million yuan. It is owned by Beijing Tengyi Enterprise Management Co., Ltd., Guangzhou Kouchi Optimal Brand Service Co., Ltd. (hereinafter referred to as Kouchi Optimal), and Beijing Meihao Investment Management Co., Ltd., which hold 35%, 33%, and 32% respectively. Tengyi and Meihao are affiliated companies of Gome. That is to say, over 60% of the shares in Gome Supermarket are "held" by Huang Guangyu.

Red Star Capital Bureau noticed that Huang Guangyu also inspected Orange Deer Holdings in February this year. The company claims to have a self-developed consumer data control system that can help physical stores accurately understand consumer shopping needs and preferences.

Is the focus of Gome shifting southward?

"Gome Supermarket has 120000 SKUs (minimum inventory units) for its own goods. The current approach is to design 30-50 square meters of space specifically for the community, and fill the store with samples, mainly facing the surrounding community crowd, coming to the store to choose and place orders." Red Star Capital Bureau learned from a person in charge of Gome Supermarket in Guangdong that the offline store of Gome Supermarket is now equivalent to the "live experience store" model: doing business with surrounding residents in the daytime, and "live" facing the entire Internet in the evening. In addition, the person in charge also mentioned "Gome IKEA".

Red Star Capital Bureau has noticed that the concept of "Gome IKEA" appeared as early as 2017. At that time, Gome proposed to extend from appliances to the "home life" category. Create a new fusion species of "Gome+IKEA" and become the new Gome.

The above person in charge revealed that Huang Guangyu has invested millions of dollars in the project of Gome Supermarket. At present, Gome Supermarket has 6 directly operated stores in Guangzhou, and a directly operated store in Shenzhen will also be launched in June. Stores in other provinces and cities are still being promoted. This also means that the headquarters and main battlefield of Gome Supermarket are currently in Guangdong.

This number still falls short of the previously mentioned "strategic goal of 230 stores" or "three years and ten thousand stores".

"At the current pace of consumption, it is difficult for large supermarkets with an area of tens of thousands of square meters to survive. Therefore, we need to run a new track now, from the supermarket and the entire life category." The relevant person in charge of Gome Supermarket mentioned above told Red Star Capital Bureau that they are not worried that Gome Electric will affect other projects.

"Which big shot or company Mr. Huang is going to collaborate with is a good thing for Gome as a whole. Gome's brand is still there, and we need to take advantage of the good aspects. We will be more cautious in avoiding risks."

Red Star News reporter Wang Tian

Editor Yu Dongmei returns to Sohu to view more

Editor in charge: Zhu Pengying UN603

重点词汇

• 有机会 have an opportunity ; have the opportunity to ; get ; have a chance ; on the first occasion

• 出击 sortie ; launch an attack ; sally ; hit out ; start off for attack ; make a sally

• 国美 gome ; gome.com.cn

• 大意 general idea ; main points ; gist ; tenor ; careless ; negligent ; inattentive

• 基本上 substantially ; basically ; essentially ; generally ; by and large ; in the main ; on the whole 

• 信奉 believe in ; embrace ; faith in ; profess

• 商界 business community ; business circles ; commercial world ; business interests ; commercial circles

• 赛道 track ; Race ; racetrack ; autodrome

• 新能源 new energy resources

• 区块 block

句子成分分析：

This number still falls short of the previously mentioned "strategic goal (of 230 stores" or "three years and ten 

thousand stores)".

句子语法结构详解：

* falls 为谓语，采用一般现在时。动词采用第三人称单数形式。
* mentioned 为过去分词作定语
* the 为定冠词。

句子相关词汇解释：

Phrase:

Vocabulary:

句子成分分析：

The above person (in charge) revealed | that Huang Guangyu has invested millions of dollars in the project 

(of Gome Supermarket).

句子语法结构详解：

* revealed 为谓语，采用一般过去时。
* that 为连词，引导宾语从句。
* invested 为谓语，采用现在完成时。
* has 为助动词。the 为定冠词。

句子相关词汇解释：

Phrase:

Vocabulary:

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