Core Viewpoint - Yonghui Supermarket is projected to incur a net loss of 2.14 billion yuan in 2025, marking the sixth consecutive year of losses since 2021, with a cumulative loss of approximately 11.641 billion yuan [1][4]. Group 1: Financial Performance - The net profit attributable to shareholders for 2025 is estimated at -2.14 billion yuan, while the net profit after excluding non-recurring gains and losses is projected at -2.94 billion yuan [1]. - The cumulative loss since 2021 amounts to approximately 11.641 billion yuan, with the 2025 loss expected to exceed that of 2023 and 2024 [1]. Group 2: Strategic Adjustments - In 2025, the company is shifting its operational strategy from "scale expansion" to "quality growth," rebranding as "New Yonghui, New Quality" [4]. - The company plans to significantly adjust its store layout, with 315 stores undergoing deep modifications and 381 stores being closed due to misalignment with future strategic positioning [4]. Group 3: Impact of Store Adjustments - The adjustments to stores will incur substantial costs, including asset write-off losses and one-time setup costs totaling approximately 910 million yuan, alongside an estimated gross profit loss of about 300 million yuan due to store closures [4]. - The closure of 381 stores will lead to significant losses, including asset write-off losses, employee severance compensation, and lease-related penalties [4]. Group 4: Supply Chain and Investment Challenges - Yonghui is reforming its supply chain with a focus on transparency, quality, and efficiency, which has led to short-term challenges such as stock shortages and declining gross margins [5]. - The company has recognized a fair value loss of 236 million yuan on its overseas equity investment in Advantage Solutions due to a continuous decline in stock prices, and it anticipates a long-term asset impairment of 162 million yuan [5]. Group 5: Store Count and Future Outlook - As of the end of 2024, Yonghui had 775 stores, with 381 closures planned for 2025, leaving at least 400 stores operational, of which 315 have already been modified [7]. - The performance of the modified stores will be crucial in determining whether the company will continue to close a significant number of stores in 2026 [7]. Group 6: Management's Vision - The new CEO has indicated that Yonghui aims to recover customer trust over the next 2 to 3 years and to become a supermarket that customers feel proud of within 5 to 10 years [8]. - Data from the company's recent adjustments show an average customer traffic increase of 80% in modified stores, with over 60% of these stores achieving profitability levels surpassing their highest in the past five years [8].

Core Insights - Yonghui Supermarket has developed a gift box matrix covering three core scenarios: health nourishment, social gatherings, and home cooking, based on in-depth insights into Spring Festival consumption [1] - The product lineup includes approximately 150 items, with over 70% being new products, primarily consisting of fruits, nuts, candies, and pastries [1] - Yonghui's customized gift boxes account for 40% of the total offerings, aligning well with consumers' diverse needs for gifting and personal use during the Spring Festival [1]

2. 归属于上市公司股东扣除非经常性损益后的净利润-29.4亿元。 此前，永辉超市2025年三季报显示，公司前三季度实现营业收入424.34亿元，同比下降22.21%；归母净 亏损7.1亿元，较上年同期下降6.32亿元；扣非后归母净亏损15.02亿元，较上年同期下降8.4亿元。公司 称，利润总额、归母净利润及扣非归母净利润下降，主要是受到营收和毛利率下滑的影响，三季度毛利 率下滑主要是公司在门店调改过程中主动优化商品结构和采购模式，在淘汰旧品，引入新品的过程中主 动推动裸价和控后台的策略，属于转型过程中的短期影响。 虽深度调改了315家门店，并关闭了381家与公司未来战略定位不相符的门店，但也难以起到"立竿见 影"的效果。1月20日晚间，永辉超市（601933）发布2025年年度业绩预亏公告，公司预计2025年净亏损 21.4亿元，较去年同期14.65亿元的亏损额有所扩大。这意味着，公司在年度净利上将迎来"五连亏"。 具体情况看，经公司财务部门初步测算，公司2025年年度业绩预告情况如下： 1. 归属于上市公司股东的净利润-21.4亿元。 上年同期，公司实现利润总额-16.4亿元，实现归属于上市公司股东的净利 ...

Group 1 - The core point of the article is that Yonghui Supermarket Co., Ltd. has applied for multiple trademarks, including "Fat Xiao Hui" and "Fat Yonghui," indicating potential expansion into various sectors such as tobacco, food, and hospitality [1] Group 2 - The "Fat Xiao Hui" trademarks were applied for in June 2025, covering international classifications related to tobacco products, food services, and beverages, with the current status being pending [1] - In November 2024, Yonghui Supermarket successfully registered multiple "Fat Yonghui" trademarks, which include classifications for textiles, chemical materials, and transportation storage [1]

Core Viewpoint - The data indicates significant outflows of capital from various stocks, with notable declines in share prices across multiple sectors, suggesting a bearish sentiment in the market. Group 1: Major Stocks with Capital Outflows - Xinyi Communication experienced a capital outflow of 1.23 billion, with a price drop of 7.98% [1][2] - Tebian Electric witnessed a capital outflow of 671 million, with a price decline of 2.5% [1][2] - Shanzi Gaoke had a capital outflow of 636 million, with a decrease of 4.8% [1][2] - Tianyin Electromechanical saw an outflow of 501 million, with a drop of 2.34% [1][2] - Kweichow Moutai experienced a capital outflow of 431 million, with a decline of 0.84% [1][2] Group 2: Additional Stocks with Notable Outflows - Baiwei Storage had a capital outflow of 388 million, with a price drop of 1.55% [1][2] - Fenghuo Communication saw an outflow of 363 million, with a slight increase of 0.19% [1][2] - Goldwind Technology experienced a capital outflow of 357 million, with a price increase of 0.54% [1][2] - Shannon Chip Creation had an outflow of 337 million, with a decline of 1.36% [1][2] - Agricultural Bank saw a capital outflow of 333 million, with a drop of 1.67% [1][2] Group 3: Further Stocks with Capital Outflows - China Satellite Communications experienced a capital outflow of 332 million, with a decline of 1.3% [3] - Shanghai Electric saw an outflow of 326 million, with a price drop of 2.7% [3] - Wuliangye experienced a capital outflow of 324 million, with a decline of 1.52% [3] - Shanghai Hanxun had an outflow of 303 million, with a drop of 2.15% [3] - Jiuding New Materials saw a capital outflow of 297 million, with a significant decline of 6.03% [3]

1月20日，永辉超市（601933）发布业绩预告称，经公司财务部门初步测算，2025年，其归属于上市公司股东的净利润为-21.4亿元，归属于上市公司股东 扣除非经常性损益后的净利润为-29.4亿元。自2021年以来，永辉超市连续5年亏损，累计亏损约116.41亿元，其2025年的亏损金额也超过了2023年和2024 年。 永辉超市自2024年5月6日启动胖东来模式调改，采取的策略是调改和关店并行。2025年10月，在永辉超市举办的发布会上，永辉超市新任CEO、全国调改 组负责人王守诚表示，"永辉现在是胖东来十年前的水平"。他称，从2024年5月6日算起，永辉要用2到3年时间走出生死线，3到5年时间把顾客的信任赢回 来，5到10年时间成为一个国民提到永辉就很骄傲和幸福的超市。根据发布会上披露的数据，永辉超市调改店的客流平均增长80%，60%以上进入稳定期 的调改门店盈利水平超越过去5年最高值。 针对2025年亏损原因，永辉超市在公告中指出，2025年，其进行了重大的经营战略调整，从"规模扩张"转向"质量增长"，重新定位了"新永辉、新品质"的 战略发展。在门店布局方面，2025年，其深度调改了315家门店，并关闭 ...

Core Viewpoint - Yonghui Supermarket (SH601933) is expected to report a significant net loss of 2.14 billion yuan for 2025, driven by strategic adjustments and store closures aimed at future growth [1][5][6]. Financial Performance - The projected net loss of 2.14 billion yuan for 2025 represents an increase from the previous year's loss of 1.47 billion yuan, while the adjusted net loss is expected to reach 2.94 billion yuan, up from 2.41 billion yuan [5][6]. - The company anticipates a total loss exceeding 1.2 billion yuan due to its transformation efforts, which include asset write-offs and renovation costs [9][10]. Strategic Adjustments - In 2025, Yonghui Supermarket closed 381 stores that did not align with its new strategic direction, resulting in substantial one-time expenses [3][7]. - The company is shifting its focus from "scale expansion" to "quality growth," rebranding itself as "New Yonghui, New Quality" [6]. Fundraising and Investment Plans - Yonghui Supermarket is planning a private placement to raise up to 3.114 billion yuan, with approximately 2.4 billion yuan earmarked for store upgrades [4][12]. - The fundraising will be allocated to three main areas: store upgrades (2.4 billion yuan), logistics improvements (309 million yuan), and working capital (400 million yuan) [13][14]. Store Upgrade Initiatives - The store upgrade project aims to enhance 216 locations, focusing on improving product offerings and customer experience [14]. - The company projects an internal rate of return of 21.57% for the upgrade project, with a payback period of approximately 4.84 years [15]. Performance Metrics - Stores that underwent renovations in the first nine months of 2025 achieved an average monthly sales per square meter of 3,295 yuan, significantly above the benchmark of 2,800 yuan [15].

Core Viewpoint - Yonghui Supermarket (SH601933) announced a projected net loss of 2.14 billion yuan for 2025, indicating a significant strategic shift towards quality growth and store upgrades [1][2][6]. Financial Performance - The expected net loss for 2025 is 2.14 billion yuan, an increase from the previous year's loss of 1.47 billion yuan [5]. - The projected non-recurring net loss is 2.94 billion yuan, up from 2.41 billion yuan in the prior year, reflecting a worsening operational situation [5]. Strategic Adjustments - Yonghui Supermarket closed 381 stores that did not align with its future strategic direction, resulting in substantial one-time expenses [4][7]. - The company is transitioning from a "scale expansion" strategy to a "quality growth" strategy, rebranding itself as "New Yonghui, New Quality" [6]. Reform Costs - The total reform costs associated with the strategic changes exceed 1.2 billion yuan, including asset write-offs and losses from store closures [8][9]. - Specific losses include approximately 910 million yuan from asset write-offs and one-time expenditures, and an estimated 300 million yuan in gross profit losses due to store renovations [7][10]. Fundraising Plans - Yonghui Supermarket plans to raise up to 3.114 billion yuan through a private placement, with around 2.4 billion yuan earmarked for store upgrades [4][11]. - The fundraising will focus on three main areas: store upgrades (2.4 billion yuan), logistics improvements (309 million yuan), and working capital (400 million yuan) [12]. Projected Returns - The company anticipates an internal rate of return of 21.57% on the store upgrade project, with a payback period of approximately 4.84 years [12][13]. - Successful pilot projects have shown that upgraded stores achieved an average monthly sales per square meter of 3,295 yuan, significantly above the benchmark of 2,800 yuan [13].

1月21日，永辉超市跌5.11%，截至发稿，报4.64元/股，成交3.47亿元，换手率0.81%，总市值421.08亿 元。 汇丰晋信消费红利股票（540009）基金经理为费馨涵、周宗舟。 截至发稿，费馨涵累计任职时间2年290天，现任基金资产总规模1.86亿元，任职期间最佳基金回 报-6.97%， 任职期间最差基金回报-6.97%。 周宗舟累计任职时间2年255天，现任基金资产总规模2.52亿元，任职期间最佳基金回报58.49%， 任职 期间最差基金回报-1.85%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，永辉超市股份有限公司位于福建省福州市鼓楼区湖头街120号，成立日期2001年4月13日，上 市日期2010年12月15日，公司主营业务涉及商品零售业连锁经营。主营业务收入构成为：食品用品 56.78%，生鲜及加工38.42%，其他3.30%，租赁收入1.51%。 从基金十大重仓股角度 数据显示，汇丰晋信基金旗下1只基金重仓永辉超 ...

2、财政金融促内需一揽子政策落地，更大力度促进民间投资等关键领域发展 盘前要闻 1、日债风暴叠加格陵兰危机，"抛售美国"重现，美股债汇三杀 类型：市场 情绪影响：负面 日本长期国债市场遭遇"疯狂"抛售，同时特朗普声称必须拥有格陵兰岛。市场重现"卖出美国"交易模 式，美股、美债和美元日内均下挫。标普500录得10月以来的最大跌幅，热门中概股普跌。10年期美债 收益率上行至4.29%上方。美元一度跌破98，日内跌近0.5%，人民币盘中短线升破6.95。 2026年开年以来，沪指连续突破重要整数关口，但近期，两融市场迎来降温信号。高盛称，维持对A股 将继续演绎"慢牛"行情的预判。国内资产再配置的资金流或加速，或为股市带来约人民币3万亿的资 金，包含约2万亿个人投资者配置、逾1万亿机构资金。同时，2026年南向资金净买盘有望再创历史新 高。 类型：宏观 情绪影响：正面 1月20日，国新办举行两场重磅发布会，财政金融促内需一揽子政策公布。发改委表示，正研究制定出 台2026～2030年扩大内需战略实施方案。财政部发布优化实施个人消费贷款财政贴息政策等五项政策。 专家表示，一揽子政策通过系统性设计撬动各类资源支持，更大力 ...