永辉超市股份有限公司 关联交易管理办法 《上海证 （2025年8月修订） 第一章 总则 《中华人民共和国证券法》 第二章 关联人和关联交易 券交易所上市公司自律监管指引第5号——交易与关联交易》 第四条 具有下列情形之一的法人（或者其他组织）, 视为本公司的关联法人（或 者其他组织）: 《上海证券 第一条 为规范永辉超市股份有限公司(以下简称"公司")的关联交易行为, 保护 公司、股东和债权人的合法权益, 保证本公司关联交易决策行为的公允 性, 根据《中华人民共和国公司法》 交易所股票上市规则》 (以下简称"《上市规则》")等法律法规和本公 司《公司章程》的有关规定, 制定本办法。 第二条 关联交易的定义: 关联交易是指本公司或者本公司的控股子公司及控 制的其他主体与关联人发生的转移资源或者义务的事项, 具体包括: (一) 购买或出售资产; (二) 对外投资(含委托理财、对子公司投资等); (三) 提供财物资助（含有息或者无息借款、委托贷款等）; (四) 提供担保（含对控股子公司担保等）; (五) 租入或租出资产; (六) 委托或者受托管理资产和业务; (七) 赠与或受赠资产; (八) 债权、债务重组; (九 ...

Core Viewpoint - The investment management system of Yonghui Supermarket Co., Ltd. is designed to establish a scientific, standardized, and effective investment decision-making framework to avoid investment errors, mitigate risks, and enhance economic benefits while ensuring asset preservation and appreciation [1][3][9]. Investment Principles - Investment activities must comply with national and local industrial policies, align with the company's strategic planning, and demonstrate good economic benefits to optimize the industrial structure and cultivate core competitiveness [2][3]. - The investment scale should be appropriate to the asset structure, and decisions must be based on scientific analysis and reasoning [2]. Authorization and Approval Process - The board of directors authorizes the chairman to approve external investments, acquisitions, mergers, or reorganizations up to 5% of the audited net assets [2][3]. - The strategic committee is authorized to approve investments exceeding 5% but not exceeding 10% of the audited net assets within a year, with timely reporting to the board [2][3]. Investment Reporting and Evaluation - Investment department staff must notify the chairman or strategic committee members five days prior to meetings and submit a written investment report that includes legal structure, business model, valuation analysis, financial impact, and other relevant factors [3][4]. - The investment department is required to report the progress of significant investment projects to the board monthly [6][9]. Annual Investment Planning - The chairman and strategic development committee draft an annual investment plan at the beginning of each year, outlining store openings and external investments, which is then submitted for board approval [8]. - Adjustments to the annual investment plan or individual project budgets must be justified by the investment, finance, and internal audit departments before following the approval process [6][8]. Audit and Accountability - The internal audit department is responsible for supervising investment projects, ensuring compliance with regulations, and addressing any issues that arise [8][9]. - If an investment project fails to meet planned investments or expected returns, the strategic committee is responsible for investigating the causes and reporting to the board [9].

永辉超市股份有限公司章程 永辉超市股份有限公司 章 程 第五条 公司住所:福州市西二环中路436号（经营场所：福州市鼓楼区湖头街120 号）。 邮政编码:350002。 第六条 公司注册资本为9,075,036,993元人民币。 公司因增加或者减少注册资本而导致注册资本总额变更的,在股东会通过 同意增加或减少注册资本决议后,可以通过决议授权董事会具体办理注册 资本的变更登记手续。 永辉超市股份有限公司章程 二〇二五年八月 永辉超市股份有限公司章程 目 录 永辉超市股份有限公司章程 第一章 总则 英文名称: Yonghui Superstores Co., Ltd.。 第一条 为维护永辉超市股份有限公司(以下简称"公司"或"本公司")、股东和 债权人的合法权益, 规范公司的组织和行为,根据《中华人民共和国公司法》 (以下简称"《公司法》")、《中华人民共和国证券法》《上市公司治理 准则》《上海证券交易所股票上市规则》(以下简称"《股票上市规则》") 和其他有关法律、法规及规范性文件, 制订本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司。 公司经中华人民共和国商务部商资批(2009)170 ...

永辉超市股份有限公司 股东会议事规则 （2025 年 8 月修订） 目 录 第二章 股东会的性质和职权………………………………………………………...…….1 永辉超市股份有限公司 股东会议事规则 第一章 总则 第二章 股东会的性质和职权 第三章 独立董事、审计委员会或者股东提议召开临时股东会 第十条 经全体独立董事过半数同意，独立董事有权向董事会提议召开临时股东会。 对独立董事要求召开临时股东会的提议, 董事会应当根据法律、行政法规 和《公司章程》的规定, 在收到提议后10日内提出同意或者不同意召开临 时股东会的书面反馈意见。 第一条 为维护永辉超市股份有限公司(以下简称"公司")及公司股东的合法权益, 明确股东会的职责权限, 提高股东会议事效率, 保证股东会依法行使职权, 根据《中华人民共和国公司法》(以下简称"《公司法》")、《中华人民 共和国证券法》(以下简称"《证券法》")、《上市公司股东会规则》《上 市公司治理准则》《上海证券交易所股票上市规则》《永辉超市股份有限 公司章程》(以下简称"《公司章程》")以及其他的有关法律、法规规定, 制定本规则。 第二条 本规则适用于公司股东会，对公司、全体股东、 ...

（2025年8月修订） 第一章 总则 第一条 为了保护投资者的合法权益, 规范永辉超市股份有限公司(下称"公司") 的对外担保行为, 有效防范公司对外担保风险, 确保公司资产安全, 根据 《中华人民共和国公司法》、 《中华人民共和国民法典》 、中国证监会的有关 规定、 永辉超市股份有限公司 对外担保管理制度 (一) 企业基本资料, 包括营业执照、企业章程复印件、法定代表人份 证明、反映与本公司关联关系及其他关系的相关资料等; 明; 第二条 本制度所称对外担保是指公司以第三人身份以自有资产或信誉为他人提供 的保证、资产抵押、质押以及其他担保事宜。具体种类包括但不限于借款 担保、银行开立信用证和银行承兑汇票担保、开具保函的担保等。为免疑 义，公司对控股子公司的担保属于本制度所称之对外担保，但公司为自身 债务提供担保的不属于本制度所称之对外担保。 第三条 公司对外担保实行统一管理, 非经公司董事会或股东会批准, 任何人无权 以公司名义签署对外担保的合同、协议或其他类似的法律文件。 第四条 公司董事和高级管理人员应审慎对待和严格控制担保产生的债务风险, 并 对违规或失当的对外担保产生的损失依法承担连带责任。 第五条 ...

为了进一步规范本公司董事会的议事方式和决策程序, 促使董事和董事会有 效地履行其职责, 提高董事会规范运作和科学决策水平, 根据《中华人民共和 国公司法》《中华人民共和国证券法》《上市公司治理准则》《上市公司独立 董事管理办法》《上海证券交易所股票上市规则》(以下简称"《股票上市规 则》")《永辉超市股份有限公司章程》(以下简称"《公司章程》")等有关规 定, 制订本规则。 第二条 董事会办公室 董事会下设董事会办公室, 处理董事会日常事务。 永辉超市股份有限公司 董事会议事规则 （2025 年 8 月修订） 第一条 宗旨 董事会秘书或者证券事务代表兼任董事会办公室负责人, 保管董事会和董事 会办公室印章。 第三条 公司董事会设立战略发展、审计、提名、薪酬与考核专门委员会, 公司董事会 还可根据需要设立其他委员会。专门委员会由公司董事组成, 审计、提名、薪 酬与考核委员会中独立董事应占多数并担任召集人, 且审计委员会中审计委 员会成员应当为不在公司担任高级管理人员的董事，其中独立董事应当过半数， 并由独立董事中会计专业人士担任召集人。 各专门委员会对董事会负责, 其提案应提交董事会审查决定 董事会会议分为定期 ...

Core Viewpoint - Yonghui Supermarket reported a net loss of 241 million yuan in the first half of the year, a significant decline from a profit of 275 million yuan in the same period last year, indicating severe operational challenges and a need for strategic restructuring [1][2]. Financial Performance - Revenue for the first half of the year was 29.95 billion yuan, down 20.73% year-on-year from 37.78 billion yuan [2]. - The net profit attributable to shareholders was -240.57 million yuan, compared to a profit of 275.31 million yuan in the previous year [2]. - The core business loss, excluding non-recurring items, reached 802 million yuan, a stark contrast to a profit of 29.86 million yuan last year [2]. - Operating cash flow decreased by 58.92% to 1.21 billion yuan from 2.94 billion yuan year-on-year [2]. - Total assets fell by 20.55% to approximately 33.96 billion yuan, while net assets decreased by 6.07% to about 4.17 billion yuan [2]. Store Operations and Strategy - The company closed 227 unprofitable stores in the first half and plans to close an additional 186 stores, incurring a one-time loss of 827 million yuan [1][3]. - 124 stores have undergone a "Fat Donglai" style transformation, reportedly increasing revenue significantly, with transformed stores performing at the capacity of two untransformed stores [3]. - The average inventory turnover days remained stable at 42.47 days, raising concerns about potential unsold inventory despite the transformation efforts [3]. Online Business and Supply Chain - Online sales reached 5.49 billion yuan, accounting for 18.33% of total revenue, with a reduction in losses by 34.75 million yuan [4]. - The "online store warehouse" model achieved profitability, although concerns about the sustainability of online operations persist [4]. - The company has significantly reduced its supplier base by half and increased direct sourcing for fresh products to over 60% [5]. Legal and Financial Risks - Yonghui faces potential asset risks, including a pending arbitration case and a lawsuit involving 500 million yuan that has not been accounted for [6]. - The company's valuation metrics indicate a price-to-earnings ratio of approximately -21.96 and a price-to-book ratio of about 9.89, reflecting investor skepticism [6]. Investor Sentiment - Investor opinions are divided, with some viewing the current challenges as a necessary phase before recovery, while others express caution regarding the company's future revenue projections [6][7]. - The company has reduced operational costs by 900 million yuan compared to the previous year, suggesting some effectiveness in its reform efforts [7].

爱企查APP显示，永辉超市成立于2001年4月，法定代表人为张轩松，注册资本90.75亿元，现由广东骏 才国际商贸有限公司、张轩松等共同持股。目前，该公司共对外投资83家企业，存续、在业66家，包括 红旗连锁（002697）、永辉云创科技有限公司等，其间接对外投资276家。 【#永辉超市调改门店未能弥补收入下降#，上半年共有124家门店参与调改】 据新浪财经报道，永辉超市公告，2025年上半年营业收入299.48亿元，同比下降20.73%。归属于上市公 司股东的净亏损2.41亿元，上年同期净利润2.75亿元。据其半年报显示，永辉收入下滑主要是由于公司 2024年下半年开启整体战略与经营的深度转型工作，关闭长期经营亏损门店以及门店调改期歇业等因素 所致。虽然调改门店收入较同期有大幅度增加，但无法弥补因关店产生的收入下降。半年报显示，报告 期内永辉关闭227家亏损门店，调改开业门店共计124家。#永辉超市上半年净亏损2.41亿元# ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a net loss attributable to shareholders of 240 million yuan for the first half of 2025, with revenue declining by 20.7% year-on-year [7] - The company is undergoing rapid adjustments, with progress in supply chain and private label development [7] - The closure of unprofitable stores is expected to lead to a quicker path to sustained profitability [7] Financial Performance Summary - For the first half of 2025, total revenue was 29.95 billion yuan, down 20.7% year-on-year, and the net profit attributable to shareholders was a loss of 240 million yuan, compared to a profit of 275 million yuan in the same period last year [7] - The company closed 227 unprofitable stores, reducing the total number of stores from 775 to 552 [7] - The gross margin for the first half of 2025 was 20.8%, a decrease of 0.77 percentage points year-on-year, while the net profit margin was -1.0%, down 1.55 percentage points year-on-year [7] Future Projections - The company expects to reduce net losses to 870 million yuan in 2025, achieve profitability in 2026 with a net profit of 439 million yuan, and further increase to 1.04 billion yuan in 2027 [7] - The projected earnings per share (EPS) for 2025 is -0.10 yuan, with expectations of positive EPS of 0.05 yuan in 2026 and 0.11 yuan in 2027 [1][8] Strategic Initiatives - The company has accelerated the transformation of its stores, with 162 remodeled stores opened as of August 21, 2025 [7] - The company has signed contracts for direct procurement with 2,860 suppliers, reducing the number of suppliers by approximately 50% [7] - The proportion of direct sourcing for fresh products has increased to over 60%, and the self-operated product ratio has risen from 40.2% to 78% [7]

北京商报讯(记者王维祎)近日，永辉超市（601933）发布公告称，今年上半年，公司实现营业总收入 299.48亿元，同比下跌20.73%；归属于上市公司股东的净利润为-2.41亿元，同比亏损增加5.16亿元，去 年同期净利润为2.75亿元。 永辉超市称，公司营业收入下滑，主要是由于报告期内关闭了227家亏损门店。虽然调改门店收入较同 期有大幅度增加，但无法弥补因关店产生的收入下降。 净利润亏损，主要是因为公司整体销售规模减少，公司商品供应链改革，完成了大量供应商及商品的升 级、淘汰和更换，因此短期内承受了一定的毛利下降。报告期内综合毛利率为20.80%，较上年同期下 降0.78%。 此外，永辉超市在关闭227家亏损门店过程中，产生了一定的租赁及人员赔偿、商品出清和资产报废等 成本费用。 ...