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。 ...

Core Insights - The retail industry is undergoing a transformation towards "food-focused" supermarkets, emphasizing fresh, prepared, and semi-prepared food items to meet changing consumer demands [5][7][12] - The shift in consumer behavior, particularly among younger demographics, is driving supermarkets to adapt their offerings and shopping experiences [7][23] Industry Trends - The proportion of food sales in supermarkets is projected to reach 68.2% by 2024, up from 59.4% in 2019, with fresh food and prepared meals seeing significant increases in market share [5] - Major retailers like Metro and Yonghui are actively remodeling stores to enhance food offerings, with Metro's first remodeled store opening in August 2023 [5][8] Company Challenges - Yonghui Supermarket has faced continuous losses over four years, totaling over 9.5 billion yuan, prompting a need for significant restructuring [8][10] - The traditional retail sector is struggling against e-commerce and changing consumer preferences, leading to a need for self-reform and innovation [10][12] Operational Difficulties - The transition to food-focused supermarkets presents challenges such as high operational costs, staffing issues, and the need for supply chain restructuring [15][17] - Many supermarkets are experiencing difficulties in achieving profitability in their food processing areas, with daily sales often insufficient to cover labor costs [15][18] Consumer Behavior - Consumers are increasingly favoring convenience and are willing to pay more for ready-to-eat and semi-prepared meals, impacting traditional grocery sales [7][12] - Feedback from consumers indicates that while the remodeled stores are cleaner and more organized, there is a perceived loss of value in fresh produce offerings [21][23]

Group 1 - The core point of the article highlights that Yonghui Supermarket reported a net loss of 241 million yuan in the first half of 2025, compared to a net profit of 275 million yuan in the same period last year [1] - The company's operating revenue for the second quarter was 29.948 billion yuan, reflecting a year-on-year decline of 20.73% [1] - In a significant operational move, Yonghui Supermarket closed 186 stores in the second quarter [1]

2025年8月21日，永辉超市(601933.SH)发布2025年半年度报告。截至2025年8月20日，共有37个机构投 资者披露持有永辉超市A股股份，合计持股量达38.88亿股，占永辉超市总股本的42.85%。其中，前十 大机构投资者包括广东骏才国际商贸有限公司、林芝腾讯科技有限公司、上海喜世润投资管理有限公 司-喜世润合润6号私募证券投资基金、北京京东世纪贸易有限公司、香港中央结算有限公司、上海喜世 润投资管理有限公司-喜世润合润7号私募证券投资基金、上海喜世润投资管理有限公司-喜世润经世57 号私募证券投资基金、中国农业银行股份有限公司-中证500交易型开放式指数证券投资基金、嘉实新消 费股票A、大成消费主题混合A，前十大机构投资者合计持股比例达42.12%。相较于上一季度，前十大 机构持股比例合计下跌了1.18个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计5个，包括大成消费精选股票A、建信智能生活 混合、大成悦享生活混合A、大成至诚鑫选混合A、山证资管精选行业混合发起式A，持股增加占比小 幅上涨。本期较上一季度持股减少的公募基金共计13个，主要包括大成蓝筹稳健混合A、建信中小盘先 锋股票 ...