Industry News - The Ministry of Finance and five other departments announced the continuation of tax and fee preferential policies for community family services such as elderly care, childcare, and housekeeping, effective from January 1, 2026, to December 31, 2027. Income from these services will be exempt from VAT and calculated at 90% for taxable income [24][26] - Recently, a surge in commercial space activities has prompted banks to participate actively. Several banks, including SPDB and CMB, successfully launched satellites aimed at enhancing their risk control capabilities. Satellite remote sensing technology will allow banks to monitor loan project progress and collateral status in real-time, addressing the limitations of traditional inspections [24][26] - Starting from January 20, 2026, domestic gasoline and diesel prices will increase by 85 yuan per ton, marking the first price hike for refined oil in 2026. The average increase for 92-octane gasoline, 95-octane gasoline, and 0-octane diesel will be 0.07 yuan per liter [24][26] - Japan plans to invest over $330 billion in artificial intelligence and semiconductor sectors [25] - A recent report indicates that the shipment share of ASIC AI servers is expected to rise to 27.8% in 2026, the highest since 2023, with growth rates surpassing those of GPU AI servers [25] - Shanghai has released an action plan to enhance the linkage between futures and spot markets for non-ferrous metals, aiming to improve resource allocation and global pricing influence [25] Company News - Hikvision reported a net profit of 14.188 billion yuan for 2025, representing a year-on-year increase of 18.46% [26][34] - Hu Silicon Industry announced that its second-largest shareholder, the National Integrated Circuit Industry Investment Fund, reduced its stake by 2% between January 7 and January 19, completing the reduction plan [26] - Liou Co. announced the completion of its suspension review and will resume trading [29] - Kailong High-Tech is planning to acquire control of Jinwangda, leading to a suspension of its stock [29] - Yifan Transmission intends to purchase 87.07% of Beijing Helish's shares, which is expected to constitute a major asset restructuring [29] - Tonghu Microelectronics forecasts a net profit of 1.1 billion to 1.35 billion yuan for 2025, representing a year-on-year increase of 62.34% to 99.24% [29] - Baile Tianheng's application for the listing of iza-bren for the treatment of recurrent or metastatic esophageal squamous cell carcinoma has been accepted and included in the priority review list [29] - Guosheng Technology expects a net loss of 325 million to 650 million yuan for 2025 due to low component prices affecting revenue [29] - Kangxin New Materials plans to acquire 51% of Yubang Semiconductor for 392 million yuan, marking a strategic shift towards the semiconductor industry [29]

Core Viewpoint - Yonghui Supermarket Co., Ltd. has announced its 2025 annual performance forecast, expecting a net loss of 2.14 billion yuan and a net loss of 2.94 billion yuan after deducting non-recurring gains and losses, primarily due to strategic adjustments and store closures [25][26][28]. Group 1: Board Meeting Resolutions - The 10th meeting of the 6th Board of Directors was held on January 19, 2026, with all 9 directors present, and resolutions were passed regarding the execution of related party transactions for 2025 and the plan for 2026 [1][4]. - The independent directors approved the related party transaction proposal [2]. - A proposal to hold the first extraordinary general meeting of shareholders in 2026 was made, scheduled for February 6, 2026 [3][4]. Group 2: Shareholder Meeting Details - The first extraordinary general meeting of shareholders will take place on February 6, 2026, at 1:30 PM at the company's headquarters in Fuzhou [6][7]. - Voting will be conducted through a combination of on-site and online methods, utilizing the Shanghai Stock Exchange's online voting system [8][9]. Group 3: 2025 Annual Performance Forecast - The company anticipates a net loss of 2.14 billion yuan for 2025, compared to a net loss of 1.47 billion yuan in the previous year [25][26]. - The expected net loss after deducting non-recurring gains and losses is projected at 2.94 billion yuan, with significant losses attributed to store closures and strategic adjustments [26][27]. - The company has closed 381 stores and restructured 315 stores, incurring substantial costs related to asset write-offs and renovation losses [27]. Group 4: Related Party Transactions - The company plans to engage in related party transactions with a projected amount of 2.9942 billion yuan for 2026, which is deemed necessary for daily operations and will not adversely affect the company's financial status [31][34]. - The board has confirmed that the pricing of related party transactions is fair and based on market conditions, ensuring no harm to the interests of the company or minority shareholders [61][62].

Core Viewpoint - Yonghui Supermarket is expected to report a significant net loss of 2.14 billion yuan for 2025, driven by strategic adjustments and store closures as part of its transformation efforts [2][3] 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 [3] - The adjusted net profit loss (扣非净利润) is expected to reach 2.94 billion yuan, up from 2.41 billion yuan in the prior year, indicating a worsening operational performance [3] - The total losses attributed to the transformation efforts exceed 1.2 billion yuan, including asset write-offs and renovation costs [3][4] Strategic Adjustments - Yonghui Supermarket is shifting its strategy from "scale expansion" to "quality growth," rebranding itself as "New Yonghui, New Quality" [3] - The company closed 381 stores that did not align with its future strategic positioning and restructured 315 stores [3][4] Capital Raising Plans - The company plans to raise up to 3.114 billion yuan through a private placement, with approximately 2.4 billion yuan earmarked for store upgrades [5][6] - The funds will be allocated to three main areas: store upgrades (2.4 billion yuan), logistics and warehousing improvements (309 million yuan), and working capital (400 million yuan) [5][6] Store Upgrade Project - The store upgrade project aims to enhance 216 stores across various aspects, including product structure and shopping experience [6] - The internal rate of return for the store upgrade project is estimated at 21.57%, with a payback period of approximately 4.84 years [8] - Successful pilot projects have shown improved monthly sales per square meter and increased gross margins, indicating potential for future profitability [8]

Mergers and Acquisitions - CNOOC Services plans to convert its $746 million debt (approximately RMB 5.242 billion) owed by its wholly-owned subsidiary COSL Norwegian AS into equity investment, resulting in ownership stakes of 83.02% and 16.98% respectively [1] - Placo New Materials intends to acquire a 20% stake in Huizhou Placo New Sensation Technology Co., Ltd. for RMB 20 million, increasing its ownership from 80% to 100% [2] - Kailong High-Tech is planning a major asset restructuring to acquire control of Shenzhen Jinwangda Electromechanical Co., Ltd. through a combination of share issuance and cash payment, while also raising supporting funds [3] - Kangxin New Materials aims to acquire a 51% stake in Yubang Semiconductor for RMB 392 million through a combination of share transfer and capital increase, making it a subsidiary [4] Earnings Disclosure - Yonghui Supermarket expects a net loss of RMB 2.14 billion for 2025, compared to a loss of RMB 1.47 billion in the previous year, with a projected adjusted net loss of RMB 2.94 billion [5] - Longzi Co., Ltd. anticipates a net profit of RMB 900 million to RMB 1.05 billion for 2025, representing a year-on-year increase of 245.25% to 302.80% [6] - Hikvision reports a net profit of RMB 14.188 billion for 2025, reflecting an 18.46% year-on-year growth, with total revenue of RMB 92.518 billion, a slight increase of 0.02% [7] - Tonghuashun expects a net profit of RMB 2.735 billion to RMB 3.282 billion for 2025, indicating a growth of 50% to 80% year-on-year [8] Shareholding Changes - Aolian Electronics' shareholder Liu Junsheng plans to reduce his stake by up to 3%, with the reduction price not lower than the initial public offering price, for personal financial planning [9] - Bluefeng Biochemical's shareholder Hainan Wenqin intends to reduce his stake by up to 3%, equating to a maximum of 11.2678 million shares [10] - Zhixin Precision's shareholder Zhou Xin plans to reduce his stake by up to 3%, not exceeding 1.6 million shares, with a minimum price set at the issuance price [11] - Hoshine Silicon Industry's controlling shareholder Hoshine Group plans to reduce its stake by up to 3%, equating to a maximum of 35.4662 million shares, with the reduction price determined by market conditions [12] Risk Matters - ST Saiwei anticipates a negative net asset value by the end of 2025, which may lead to a risk warning for delisting after the annual report is disclosed [13]

Core Viewpoint - The company, Yonghui Supermarket, anticipates a net loss of 2.14 billion yuan for the year 2025 due to significant strategic adjustments in its operations, shifting from "scale expansion" to "quality growth" [1] Group 1: Strategic Adjustments - In 2025, the company undertook major operational strategic adjustments, rebranding as "New Yonghui, New Quality" [1] - The company modified 315 stores and closed 381 stores that did not align with its future strategic positioning, leading to substantial losses [1] - The impact of store modifications includes asset write-off losses, loss of revenue from store closures, and one-time setup costs totaling approximately 910 million yuan [1] Group 2: Financial Impact - The estimated gross profit loss from store closures due to renovations is around 300 million yuan [1] - The closure of 381 stores resulted in significant losses, including asset write-off losses, employee severance compensation, and lease-related penalties [1] Group 3: Supply Chain Strategy - The company is reforming its supply chain with a focus on "sunshine transparency, quality-driven, and efficiency improvement," addressing traditional supply chain pain points [1] - Short-term challenges include stock shortages and declining gross margins, which have impacted revenue; however, these effects are gradually being mitigated as supply chain reforms progress [1] Group 4: Investment and Asset Impairment - The company recognized a fair value loss of 236 million yuan on its overseas equity investment in Advantage Solutions due to a continuous decline in stock price [2] - A preliminary assessment indicates that the company will recognize a long-term asset impairment of 162 million yuan for its underperforming store assets, subject to final audit results [2]

Group 1 - Liou Co., Ltd. announced that its stock price fluctuations have been investigated, confirming normal operations and no undisclosed significant information [1] - Tongfu Microelectronics expects a net profit of 1.1 billion to 1.35 billion yuan for 2025, representing a year-on-year growth of 62.34% to 99.24% [17][18] Group 2 - Zhongtung High-tech reported an increase of 91,700 tons in tungsten metal resources, which will not directly impact its current operations or financial situation [2] - Aibo Medical plans to acquire at least 51% of Demai Medical to gain control, aiming to cultivate new profit growth points in the sports medicine sector [2] Group 3 - Zhaojin Gold confirmed normal operations and no undisclosed significant matters after its stock price experienced abnormal fluctuations [3] - Riying Electronics stated that it has no revenue from humanoid robot-related businesses and emphasized the need for rational investment decisions [4] Group 4 - Yifan Transmission intends to purchase 87.07% of Beijing Helishi Electric Technology Co., Ltd., which is expected to constitute a major asset restructuring [5] - China Merchants Industry plans to build four 3000TEU traditional fuel container ships with a total investment of no more than 1.324 billion yuan [6] Group 5 - Jiangtian Chemical plans to invest 49.8 million yuan in a project to produce 60,000 tons of acrylic acid annually [7] - *ST Xinyan has received approval to lift its delisting risk warning after completing its restructuring plan [7] Group 6 - Kangxin New Materials intends to acquire 51% of Wuxi Yubang Semiconductor for 392 million yuan, marking its expansion into the semiconductor field [8] - Guoshun Quantum signed a technology implementation license contract with the University of Science and Technology of China [8] Group 7 - Zhenyu Technology reported a significant increase in orders from the robotics sector for Q4 2025, although these orders represent a small portion of its overall revenue [9] - Yongxing Materials announced that its lithium extraction project has reached full production capacity [9] Group 8 - Nanjing Julong plans to invest 110 million yuan in a production line for modified plastics with an annual capacity of 60,000 tons [9] - Guodian Nanzi signed a strategic cooperation agreement with Huawei to establish an AI technology innovation center [10][11] Group 9 - He Sheng New Materials plans to sell idle factory assets for no less than 80 million yuan [13] - He Sheng New Materials expects a net profit increase of 55% to 75% for 2025, driven by improved supply chain management [14] Group 10 - Kangda New Materials forecasts a net profit of 125 million to 135 million yuan for 2025, marking a turnaround from a loss in the previous year [15] - Yanjing Beer anticipates a net profit increase of 50% to 65% for 2025, supported by its large product strategy [16] Group 11 - Jinfang Energy expects a net profit of 109 million to 143 million yuan for 2025, reflecting a year-on-year growth of 123.97% to 193.7% [19] - Yandong Microelectronics predicts a net loss of 340 million to 425 million yuan for 2025 due to market changes and increased R&D costs [20] Group 12 - Taishan Petroleum forecasts a net profit increase of 30.88% to 66.11% for 2025, benefiting from reduced expenses [21] - Huayuan Holdings expects a net profit increase of 50.98% to 66.82% for 2025, driven by lower raw material prices [22] Group 13 - Huajin Co. anticipates a net loss of 1.6 billion to 1.9 billion yuan for 2025, although the loss is expected to be less than the previous year [23] - Zhongyuan Neipei expects a net profit increase of 80.47% to 109.9% for 2025, supported by steady growth in core business [24] Group 14 - Dongfang Tower expects a net profit of 1.08 billion to 1.27 billion yuan for 2025, reflecting a year-on-year growth of 91.4% to 125.07% [34] - Dali Long anticipates a net profit increase of 51.88% to 86.27% for 2025, driven by market expansion and operational efficiency [35] Group 15 - Hikvision reported a net profit increase of 18.46% for 2025, with total revenue reaching 925.18 billion yuan [44] - Zhongfu Industrial expects a net profit increase of 120.27% to 141.59% for 2025, primarily due to lower costs in the electrolytic aluminum business [45]

Core Viewpoint - Yonghui Supermarket (601933.SH) announced a projected net loss of 2.14 billion yuan for the year 2025, with a net loss of 2.94 billion yuan after excluding non-recurring gains and losses [1] Group 1: Strategic Adjustments - In 2025, the company shifted its operational strategy from "scale expansion" to "quality growth," rebranding its strategy as "New Yonghui, New Quality" [1] - The company made significant adjustments to its store layout, deeply modifying 315 stores and closing 381 stores that did not align with its future strategic positioning [1] - The adjustments to the stores resulted in substantial losses, including asset write-off losses and one-time setup costs totaling approximately 910 million yuan, along with an estimated gross profit loss of about 300 million yuan due to store closures [1] Group 2: Supply Chain Strategy - The company reformed its supply chain based on the principles of "transparency, quality-driven, and efficiency improvement," focusing on five key areas: "sunshine supply chain, direct procurement at bare prices, core focus, cold chain upgrades, and store collaboration" [1] - The short-term impact of the supply chain reform included pressures from stock shortages and declining gross margins, which affected the company's revenue; however, these impacts are gradually being alleviated as the reforms progress [1] Group 3: Investment and Asset Impairment - The company recognized a fair value change loss of 236 million yuan for its overseas equity investment in Advantage Solutions due to a continuous decline in stock price [2] - The company conducted impairment testing on its long-term assets, primarily related to continuously loss-making store assets, and is expected to recognize an impairment provision of 162 million yuan, subject to final audit results [2]

Macro Dynamics - The Ministry of Natural Resources and the Ministry of Housing and Urban-Rural Development have issued a notice to further support urban renewal actions, allowing for a transitional policy period of up to 5 years for the development of state-supported industries on existing land and property resources [2] - Guangzhou is actively promoting legislation for the renewal of buildings on state-owned land, aiming to address core obstacles and implementation challenges in urban renewal, including improving top-level design and enhancing public welfare [5] Oil Price Adjustment - Domestic gasoline and diesel prices will increase by 85 yuan per ton starting January 20, marking the first price hike since 2026, with an average increase of 0.07 yuan per liter for 92 and 95 gasoline and 0 diesel [3] Financial Institutions - Guiyang Bank announced that its shareholder, Guiyang State-owned Assets, has pledged approximately 280 million shares, accounting for 7.65% of the bank's total share capital [9] - The Shaanxi Financial Regulatory Bureau has approved the dissolution of Anse Agricultural Bank, with all its business and assets to be inherited by the Agricultural Bank of China [10] - Northeast Securities expects a 69.06% year-on-year increase in net profit for 2025, driven by improved investment business returns and wealth management income [11] Market Data - The ChiNext Index fell by 1.79%, while the real estate and chemical sectors showed strength, with several stocks reaching their daily limit [12] - The total margin balance in the two markets decreased by 8.632 billion yuan as of January 19 [13] - The Hang Seng Index closed down 0.29%, with notable declines in technology stocks [14] Company Dynamics - Hikvision reported a 18.46% year-on-year increase in net profit for 2025, with total revenue reaching 92.518 billion yuan [16] - Yonghui Supermarket expects a net loss of 2.14 billion yuan for 2025 due to significant operational adjustments and asset impairments [18] - Longzi Co. anticipates a net profit increase of 245.25% to 302.8% for 2025, largely due to the disposal of certain stocks [19] - Gree Electric plans to mass-produce silicon carbide chips for automotive applications, aiming to supply half of the chips for GAC Group vehicles [20] - Tongfu Microelectronics expects a net profit increase of 62.34% to 99.24% for 2025, benefiting from structural growth in the semiconductor industry [24] - iFinD anticipates a net profit increase of 50% to 80% for 2025, driven by advancements in AI and increased market activity [25]

Investment Rating - The industry investment rating is "Buy" [3] Core Insights - In December 2025, the year-on-year growth of social retail sales was 0.9%, with a total of 4.5 trillion yuan, indicating a decline of 0.4 percentage points compared to November 2025. Excluding automobiles, the total was 4.0 trillion yuan, growing by 1.7% year-on-year [5] - The report emphasizes the importance of service consumption sectors for the upcoming Spring Festival opportunities [5] - The report suggests a shift in retail industry logic from "adjusting input" to "adjusting output," with a focus on improving same-store sales and customer flow, which will enhance profit elasticity as the share of high-margin private brands increases [5] Summary by Sections Retail Sector Performance - In December 2025, retail sales of goods reached 3.9 trillion yuan, growing by 0.7% year-on-year, while catering revenue was 0.6 trillion yuan, with a year-on-year growth of 2.2% [5] - The growth rates for various categories in December included: - Grain and oil food retail sales grew by 3.9% - Beverage retail sales grew by 1.7% - Tobacco and alcohol retail sales declined by 2.9% [5] - In the optional consumer goods category, cosmetics and gold and silver jewelry retail sales grew by 8.8% and 5.9%, respectively [5] E-commerce Insights - The e-commerce penetration rate slightly decreased, with online retail sales of physical goods reaching 13.1 trillion yuan in 2025, a year-on-year increase of 5.2%. The penetration rate was 26.1%, a decrease of 0.7 percentage points year-on-year [5] - For the year, the growth rates for e-commerce categories were: food (14.5%), clothing (1.9%), and daily necessities (4.1%) [5] Investment Recommendations - Retail: Focus on companies like Bubugao, Huijia Times, Yonghui Supermarket, and Chongqing Department Store [5] - Cosmetics: Prefer high-end brand assets and consider low-positioned stocks like Maogeping and Yixian E-commerce [5] - Jewelry: Anticipate strong sales during the traditional gold sales peak in Q1, with recommendations for Laopu Gold and Mankalon [5] - Tourism: Focus on winter sports themes and the Spring Festival market, with recommendations for Changbai Mountain and Huangshan Tourism [5] - Education: Highlight opportunities in undervalued vocational education stocks like China Oriental Education and Action Education [5]

对于业绩预亏的主要原因，永辉超市表示，2025年，公司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。门店布局方面，公司报告期内深度调改了 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。门店调改对公司利润的影响主要包含 调改相关的资产报废损失、停业装修营业收入损失、一次性开办费投入等，其中资产报废及一次性投入 合计约9.1亿元。此外，门店因停业装修产生的毛利额损失预估约3亿元。与此同时，关闭381家门店也 产生了较大损失，主要包含资产报废损失、人员优化离职补偿、租赁相关的违约赔偿等。 商品策略方面，永辉超市首先改革了供应链，秉承"阳光透明、品质驱动、效率提升" 的理念， 围绕 "阳光供应链、 裸价直采、核心聚焦、冷链升级、门店协同"五大方向展开，通过系统性举措破解传统 供应链痛点。为此，公司短期面临缺货及毛利率下滑的压力，对公司营业收入造成了一定的影响，随着 供应链改革的深入，上述影响已逐步消除。 对外投资及资产减值方面，永辉超市持有的境外股权投资 Advantage Solutions股票因股价持续下跌本年 确认公允价值变动损益-2.36 ...