Speaking of Hema, our principle has always been to dig deep into those companies that are the most advanced in the industry and represent the future. This does not mean that they have succeeded. They also have many problems, but they dare to make pitfalls for the industry in the change cycle, and insist on being "extremely successful". The hard special database and long-term right thing . " Whether it is practitioners, partners or investors, it is worth having a deep understanding of what they are doing and why. Discussion points covered in this article. How about Hema's supply chain and warehousing? How does the membership store drive Hema's growth? What is the difference between Hema Neighborhood and Community Group Buying? Hema operates as an independent company, what are the pros and cons? What kind of retail model does Hema want to create? How do you view the current valuation level of special database Hema? How much will the economic downturn affect high-quality retail? 1. Deepening the supply chain is not the best path When it comes to the commodity supply chain, especially non-standard products such as fresh, fruit, milk and eggs, meat, fresh food, etc., Yonghui is often mentioned. Recently, many investors have asked, how does Yonghui's supply chain advantage compare to Hema? Before answering, let’s quickly sort out the operation logic of the domestic non-standard commodity supply chain. There are generally three types of special database sources: direct mining at the place of origin, direct mining in (surrounding) areas, and wholesale market procurement (Figure 1). SKUs with daily warranty, such as leaf vegetables, are mostly purchased from wholesale markets, including large retailers, because the loss is too high.