商贸零售行业 增持 （首次） 轻装上阵，永辉焕新出发 永辉超市（601933）深度报告 2025 年 7 月 22 日 分析师：邓升亮 SAC 执业证书编号： S0340523050001 电话：0769-22119410 邮箱： dengshengliang@dgzq.com .cn | 主要数据 2025 | 年 7 月 21 | | --- | --- | | 日 | | | 收盘价(元) | 4.78 | | 总市值（亿 | 433.79 | | 元） | | | 总股本 ( 亿 | 90.75 | | 股) | | | 流 通 股 本 | 90.75 | | (亿股) | | | ROE（TTM） | -45.05% | | 12 月最高价 | 7.64 | | (元) | | | 12 月最低价 | 2.12 | | (元) | | 股价走势 资料来源：东莞证券研究所，Wind 相关报告 投资要点： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险 自担。 深 度 研 究 公 司 研 究 证 券 研 究 报 告 请务必阅读末页声 ...

Group 1 - In June 2025, the total retail sales of consumer goods reached 42,287 billion yuan, with a year-on-year growth of 4.8% [1] - Excluding automobiles, the retail sales of consumer goods amounted to 37,649 billion yuan, also growing by 4.8% [1] - From January to June, the total retail sales of consumer goods were 245,458 billion yuan, with a year-on-year increase of 5.0% [1] Group 2 - Urban retail sales in June were 36,559 billion yuan, reflecting a year-on-year growth of 4.8%, while rural retail sales reached 5,728 billion yuan, growing by 4.5% [3] - For the first half of the year, urban retail sales totaled 213,050 billion yuan, with a growth rate of 5.0%, and rural retail sales were 32,409 billion yuan, increasing by 4.9% [3] Group 3 - In June, the retail sales of goods were 37,580 billion yuan, with a year-on-year growth of 5.3%, while catering revenue was 4,708 billion yuan, growing by 0.9% [3] - For the first half of the year, the retail sales of goods reached 217,978 billion yuan, with a growth of 5.1%, and catering revenue was 27,480 billion yuan, increasing by 4.3% [3] Group 4 - From January to June, retail sales in convenience stores, supermarkets, department stores, specialty stores, and brand stores grew by 7.5%, 5.4%, 1.2%, 6.4%, and 2.4% respectively [5] - The online retail sales for the first half of the year were 74,295 billion yuan, with a year-on-year growth of 8.5%, and the physical goods online retail sales were 61,191 billion yuan, growing by 6.0% [5] Group 5 - The new flagship store of Xiaomi, located in Shenzhen, is the largest Xiaomi store globally, showcasing a wide range of products including Xiaomi cars [12] - Aveda's first concept flagship store in China opened in Shanghai, featuring a unique retail ecosystem with personalized care solutions [14][17] - BROMPTON opened its first store in Guangzhou, emphasizing high-end folding bicycles tailored for urban living [18] Group 6 - The Danish jewelry brand Pandora is rumored to exit the Chinese market, planning to close at least 50 stores this year [25] - The Italian sportswear brand Hydrogen is set to enter the Chinese market in 2026, focusing on high-end fashion and professional sports performance [26] Group 7 - Lucky Coffee aims to reach 10,000 stores by 2025, with a focus on expanding in first and second-tier cities [34] - The company has introduced attractive franchise policies to encourage new store openings [35] Group 8 - The supermarket chain ALDI has opened new stores in Jiangsu, continuing its expansion in the region [39] - Yonghui Supermarket has launched a new store model in Shenzhen, aiming to complete 200 store renovations by the third quarter [40] Group 9 - The discount store brand "Wumei Super Value" will open six stores in Beijing, focusing on high-quality products at low prices [41] - Meituan's discount supermarket "Happy Monkey" plans to open 1,000 stores, starting with 10 signed locations [42] Group 10 - Pop Mart expects a revenue increase of at least 200% in the first half of the year, with profits projected to grow by no less than 350% [43][44]

该基金属于标准股票型基金，长期投资于消费股票。截至7月18日，单位净值为0.798元。基金经理是费馨涵。 基金管理人在二季报中表示，二季度期间，我们延续前期的选股思路，以韧性个股布局为基础，同时持续挖掘弹性投资机会。结合对企业的中期成长空间和 成长确定性的判断，我们对部分消费品类或品牌进行了仓位调整。同时，依据对农业行业经营周期节奏的判断，二季度进行了一定的加仓。 AI基金汇丰晋信消费红利股票（540009）披露2025年二季报，第二季度基金利润208.89万元，加权平均基金份额本期利润0.0084元。报告期内，基金净值增 长率为0.97%，截至二季度末，基金规模为1.96亿元。 截至7月18日，汇丰晋信消费红利股票近三个月复权单位净值增长率为0.15%，位于同类可比基金23/41；近半年复权单位净值增长率为3.38%，位于同类可比 基金26/41；近一年复权单位净值增长率为18.72%，位于同类可比基金9/41；近三年复权单位净值增长率为-10.47%，位于同类可比基金11/37。 通过所选区间该基金净值增长率分位图，可以观察该基金与同类基金业绩比较情况。图为坐标原点到区间内某时点的净值增长率在同类基金中的 ...

以下文章来源于斑马消费 ，作者徐霁 去年9月，名创优品通过子公司出资63亿元，抄底永辉超市，成为公司第一大股东。今年3月以来，由名创优品创始人叶国富领衔的改革领导小组，主导着永 辉改革的方向。 未来，谁将在全球遴选中胜出担任永辉超市CEO，到现在仍然充满悬念。 业绩阵痛加剧 斑马消费 . 寻找泛消费领域的斑马企业 转型进入深水区。 文 ｜ 徐霁 来源｜ 斑马消费（ID：banmaxiaofei） 封面来源 ｜ 企业官网 2025年，永辉超市的转型进入深水区，由此产生的阵痛也在加剧。 上半年，受门店调改以及关店等多种因素影响，公司由盈转亏。 2024年下半年，面对持续恶化的经营状况，永辉超市（601933.SH）开启整体战略和经营的深度转型。今年，转型进入深水区，阵痛也更加明显。 昨日，公司披露2025年半年度业绩预亏公告， 预计当期实现归母净利润-2.4亿元；扣非净利润-8.3亿元。 与上年同期相比，由盈转亏。除了2021年和2022年 的特殊外部状况，永辉超市中期亏损极为罕见。 今年一季度，永辉超市实现营业收入174.8亿元，归母净利润和扣非净利润分别为1.48亿元和1.37亿元，由此不难推算出，二季度公司 ...

2025 年 07 月 20 日 批发和零售贸易行业研究 买入（维持评级） 行业周报 证券研究报告 分析师：赵中平（执业 S1130524050003） zhaozhongping＠gjzq.com.cn 联系人：王译 wangyi9@gjzq.com.cn 分析师：于健（执业 S016052206001） yu_j@gjzq.com.cn 分析师：许孟婕（执业 S1130522080003） xumengjie＠gjzq.com.cn 永辉发布中期预告，监管约谈即时零售巨头 核心观点 线下：公司发布业绩预告，预计 2025H1 归母净利润-2.4 亿元，扣非归母净利润为-8.3 亿，Q2 扣非归母净利润 为-9.67 亿，亏损扩大。由于 Q2 单季度关店数达到 179 家，剩余需关店数仅 50 家左右，预计关店对业绩冲击在 Q2 达到高点，Q3 开始随着关店数的大幅减少，以及调改店比例的持续提升，永辉超市将逐步迎来业绩盈利拐点。 线上：监管约谈饿了么、美团、京东，外卖战有望进入竞争拐点 7 月 18 日，根据央视新闻，市场监管总局约谈饿了么、美团、京东三家平台企业，号召理性参与竞争。现阶段 补贴战结束则好于 ...

酒业 水井坊预计上半年销售量增加14.54%，Q2商务宴请和宴席场景承压，致发货恢复节奏放缓 7月14日，水井坊发布2025年半年度业绩预告。披露预计 2025 年半年度公司实现归属净利润为1.05亿 元，与上年同期相比，预计下降 56.52%；预计上半年实现营业收入14.98亿元，预计下降 12.84%；预计 销售量与上年同期相比增加 543 千升，同比增加 14.54%。2025年上半年，白酒行业整体仍处于深度调 整阶段。尤其在第二季度，商务宴请和宴席等传统消费场景持续承压，市场恢复节奏放缓。在上述因素 影响下，公司上半年营业收入预计同比下降 12.84%。由于白酒产品毛利率较高，收入下滑对利润造成 的影响更为显著，预计归属于母公司股东的净利润同比下降56.52%。春节期间总体消费表现低于预 期，导致渠道库存水平高于预期，进而对春节过后几个月的发货量造成一些影响。疲软趋势在第二季度 进一步加剧，宴席和商务宴请等关键场景需求不振，进一步影响了去库存进程，放缓了发货恢复的节 奏。 食品饮料 百事Q2净销售收入227.26亿美元，桂格切入咸味轻食新赛道 7月17日，百事公司公布2025年第二季度业绩，期内净销售 ...

2025年上半年的巨亏，只是永辉超市股份有限公司(以下简称"永辉超市")"大手术"的开始。 7月中旬，永辉超市发布2025年上半年业绩预亏公告，归母净利润亏损2.4亿元，扣非净利润亏损高达8.3亿元。相比2024年同期的微 利，这一数据显然超出市场预期。 而亏损背后，是永辉正在进行的激进改革——关店、调改、供应链重构，每一步都伴随着高昂的成本和巨大的不确定性。 大象新闻记者 朱耒刚 关店+调改，壮士断腕，但阵痛期或远超预期 近日，永辉超市发布2025年半年度业绩预亏公告：预计2025年半年度归母净利润为-2.4亿元，上年同期为2.8亿元，同比转亏；预计 2025年半年度归母扣非净利润为-8.3亿元，上年同期为0.3亿元，同比转亏。 自去年起，永辉超市就一边"瘦身"，一边"换血"，学习胖东来模式，极为激进地进行调改。 天眼查App显示，近来永辉超市申请注册了多枚"胖小辉"商标，分类涉及啤酒饮料、餐饮住宿、食品、烟草烟具等，当前商标状态均 为等待实质审查。 2024年，永辉关闭232家门店 (占总数的23%)，淘汰低效、亏损门店；2025年上半年，再关闭低效、亏损或不符合新定位的227家"老 店"，未来门店总数可 ...

南都讯 光明区凭借科学城与产业新城双重定位，作为深圳北部中心和综合性国家科学中心集中承载 区，正成为区域消费升级的重要增长极。光明区依托大科学装置集群和新兴产业聚集，吸引了大量科研 人才和高新技术企业员工定居，形成了对高品质、便捷性、体验感消费的强劲需求。 在此背景下，7月18日，深圳第六家永辉超市胖东来模式调改店——光明大仟里店正式焕新开业，标志 着永辉在深圳探索品质零售标杆的版图上再落关键一子。目前，永辉已在深圳布局六家调改店，不仅展 现了其深耕深圳市场的决心，更强化了其服务并辐射整个粤港澳大湾区消费升级的战略布局。 重构商品结构，涵盖胖东来爆品 此次调改历时两个月，商品结构实现颠覆性重构，重新规划后的商品总数9772支，涵盖57款胖东来自有 品牌爆品及15.1%的进口精品。生鲜区域在夯实基础民生需求的同时，新增三文鱼鱼腩刺身、进口和牛 礼盒等中高端品类，调改后商品结构已达到胖东来商品结构的80%以上。 踏入焕新后的光明大仟里永辉超市，首先映入眼帘的便是生鲜区的全新气象。门店严选全国知名地标时 令鲜品，如阳山水蜜桃、福建兰竹荔枝、福安葡萄、炎陵黄桃、新疆无核白等，进一步丰富了顾客的果 篮子。从民生刚需到品 ...

Core Viewpoint - Yonghui Supermarket is undergoing a significant transformation, facing increasing operational challenges and financial losses as it adapts to new market conditions and strategies [1][3][6]. Financial Performance - In the first half of 2025, Yonghui Supermarket expects a net loss of 240 million yuan and a non-recurring net loss of 830 million yuan, marking a shift from profit to loss compared to the previous year [3]. - The company reported a revenue of 17.48 billion yuan in Q1 2025, with net profits of 148 million yuan and 137 million yuan for recurring profits, indicating a substantial decline in Q2 with losses of approximately 387 million yuan and 967 million yuan respectively [3]. Store Operations - During the transformation, Yonghui opened 93 stores while closing 227 underperforming locations, incurring costs related to lease compensation, personnel severance, and asset write-offs [4]. - The company is implementing a significant supply chain reform, upgrading suppliers and products to enhance operational efficiency [5]. Strategic Changes - Yonghui Supermarket is adopting a new operational model inspired by the successful "Fat Donglai" retail concept, which has gained popularity in lower-tier cities [7][10]. - The first "Fat Donglai" style store opened in Zhengzhou, achieving sales of 1.88 million yuan on its first day, significantly higher than previous daily averages [11]. Shareholder Dynamics - In September 2022, Miniso's subsidiary invested 6.3 billion yuan to become Yonghui's largest shareholder, holding 29.4% of the shares [15]. - The board of directors underwent a significant reshuffle, with Miniso's founder leading the reform efforts, while the previous CEO was not re-elected [16]. Leadership and Governance - The search for a new CEO is ongoing, with the company taking a cautious approach to leadership appointments during this transformative phase [18].

Group 1 - The core index of the CSI 500 Consumer Discretionary Index is reported at 3880.00 points, with a recent increase of 2.84% over the past month and a slight decrease of 0.47% year-to-date [1][2] - The CSI 500 Consumer Discretionary Index is composed of various sectors categorized into 11 primary industries, 35 secondary industries, and over 90 tertiary industries, providing a comprehensive analysis tool for investors [2] - The top ten weighted stocks in the CSI 500 Consumer Discretionary Index include Sichuan Changhong (6.97%), Ninebot (6.54%), Chuanfeng Power (4.85%), and others, indicating a diverse representation of companies [2] Group 2 - The market share of the CSI 500 Consumer Discretionary Index is primarily from the Shanghai Stock Exchange at 62.05%, while the Shenzhen Stock Exchange accounts for 37.95% [2] - The index's holdings are significantly concentrated in the passenger vehicles and parts sector (35.37%) and durable consumer goods (34.76%), highlighting the focus on these industries [2] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December, ensuring the index remains reflective of market conditions [3]