Core Viewpoint - Yonghui Supermarket (601933) confirmed that its store facilities comply with national safety standards and are regularly updated [1] Group 1 - The company responded to investor inquiries on October 28 regarding the safety of its store facilities [1] - The company emphasizes the importance of adhering to national safety standards for its equipment [1] - Regular updates and replacements of store facilities are part of the company's operational practices [1]

Core Insights - Yonghui Supermarket has successfully completed the transformation of 15 stores in the Beijing and surrounding areas, with plans to expand to 18 stores by the Spring Festival [1] Group 1: Store Transformation - The first "Learning from Pang Donglai" self-adjustment store, Xilongduo, opened on October 19, 2023, attracting over 50,000 visitors on its first day, with sales reaching 1.7 million yuan, six times the sales before the transformation [1] - The Lu Gu store in Shijingshan District opened on August 26, 2023, achieving first-day sales of over 1.7 million yuan and attracting 18,000 customers, setting a new record for Yonghui's transformed stores in Beijing [1] - The transformation network in Beijing will be further enhanced with the upcoming openings of the Wendu Water City store and the Xitieying Wanda Plaza store in November 2023 [1] Group 2: Product Strategy - Yonghui aims to create 100 billion-yuan-level flagship products within three years, as announced by the Vice President and Chief Product Officer [1] - The "product centralization" strategy has been validated in the Beijing market, with 15 selected popular products across various categories achieving cumulative sales of 100 million yuan nationwide by October 24, 2023 [1]

Investment Rating - The report maintains an investment rating of "A" for the textile and apparel industry [1] Core Views - The textile and apparel industry has shown a marginal improvement in retail sales growth, with a year-to-date increase of 3.1% as of September 2025, driven by strong performance in sports and entertainment products [9] - The report highlights the performance of specific companies, such as 361 Degrees and Bosideng, which are recommended for investment due to their competitive positioning and growth potential [9] Summary by Sections Company Performance - Tabo announced its FY2026H1 results, reporting a revenue decline of 5.8% to 12.299 billion yuan, with a net profit decrease of 9.7% to 789 million yuan [16] - The main brand's revenue fell by 4.8% to 10.812 billion yuan, accounting for 88% of total revenue, while other brands saw a 12.2% decline [3][16] - Retail business revenue decreased by 3.0% to 10.601 billion yuan, making up 86% of total revenue, while wholesale revenue dropped by 20.3% to 1.623 billion yuan [3][16] Market Dynamics - The SW textile and apparel sector rose by 0.37% during the week, lagging behind the broader market, which increased by 3.24% [18] - The PE-TTM for SW textile manufacturing is 22.38 times, while for SW apparel and home textiles, it is 30.72 times, indicating high valuation levels [22] Industry Data Tracking - In the first nine months of 2025, China's textile and apparel exports amounted to 106.477 billion and 115.209 billion USD, reflecting a growth of 2.1% and a decline of 2.5%, respectively [42] - Domestic retail sales reached 4.20 trillion yuan in September 2025, with a year-on-year growth of 3.0% [48] - The report notes that online retail channels continue to outperform traditional retail, with a 6.5% increase in online sales of physical goods [48] Industry News - Douyin e-commerce reported that over 41,000 merchants achieved a 500% year-on-year increase in sales through live streaming during the "Double 11" promotion [56] - Bosideng appointed designer Kim Jones as the creative director for its new AREAL high-end urban line, aiming to elevate its brand in the business fashion sector [57] - Yonghui Supermarket opened seven new stores across major cities, reflecting its commitment to quality retail strategies and achieving over 100% sales growth during the recent holiday period [59][60]

Group 1 - Yonghui Supermarket has completed the transformation of 15 stores in Beijing and surrounding areas, with plans to expand to 18 stores before the Spring Festival [1] - The first transformed store, Xilongduo, opened on October 19, 2024, attracting nearly 14,000 customers and achieving sales of 1.7 million yuan on its opening day, six times higher than before the transformation [5] - The second transformed store, Lugou, opened on August 26, 2024, with sales exceeding 1.7 million yuan and customer traffic reaching 18,000 on its first day [5] Group 2 - Yonghui is focusing on a "product-centered" transformation, aiming to create 100 billion-yuan-level products within three years [5] - As of October 24, selected popular products in the Beijing area have achieved cumulative sales of 100 million yuan, with standout items including imported blueberries and custom products [5] - Employee bonuses at transformed stores in Beijing have exceeded 3 million yuan, with individual store bonuses reaching over 300,000 yuan per month [6] Group 3 - The average Net Promoter Score (NPS) for Yonghui's transformed stores is over 40%, with the Xilongduo store achieving an NPS of 58.9% in September [6] - Yonghui's CEO emphasized the importance of focusing on "people" and "products" for future transformations, indicating a shift from horizontal expansion to in-depth breakthroughs [6] - The upcoming openings of Wendu Water City and Xitieying Wanda Plaza stores will further enhance Yonghui's transformation network in Beijing [6]

Core Insights - Community retail physical stores are essential in daily life, providing convenience and proximity to consumers, while listed companies lead the industry with strong capital, advanced management, and extensive market presence [2] Group 1: Empowerment by Listed Companies - Listed companies provide substantial capital, enabling rapid expansion of community retail stores, as exemplified by Yonghui Supermarket's nationwide opening of community stores [3] - Through mergers and acquisitions, listed companies can integrate smaller community retail stores, enhancing market competitiveness [3] - Advanced technology solutions from listed companies significantly improve consumer shopping experiences in community retail stores, as seen with Suning's smart retail model [4] Group 2: Brand Influence - The high brand recognition of listed companies offers strong backing for community retail stores, fostering consumer trust and loyalty [5] - Consumers prefer shopping at well-known brands, which enhances the frequency of visits and stabilizes customer bases for community retail stores [7] Group 3: Market Feedback and Profit Contribution - Community retail stores maintain close ties with consumers, providing timely market feedback to listed companies, which helps in adjusting product offerings and pricing strategies [6] - These stores generate stable customer traffic, contributing significantly to the profits of listed companies [7] Group 4: Brand Image and Consumer Experience - Community retail stores serve as vital platforms for showcasing the brand image of listed companies, influencing consumer perceptions through store aesthetics and service quality [10] - The shopping experience in community stores not only involves product consumption but also serves as a medium for brand culture dissemination, as demonstrated by Hema Fresh's appeal to younger consumers [12] Group 5: Collaborative Ecosystem - The relationship between community retail stores and listed companies is interdependent, with both parties supporting each other's growth and adapting to market changes [13] - Community retail stores are evolving into strategic assets for listed companies, contributing to sustainable growth through data accumulation and brand empowerment [13] - Future collaboration between community retail stores and listed companies is essential for navigating challenges and enhancing consumer shopping experiences [15]

Core Insights - The retail landscape in Fuzhou is undergoing significant changes, with the transition from Yonghui to Pupu being a focal point of this transformation [1][3][10] Group 1: Market Dynamics - Pupu has captured over 50% of the fresh e-commerce market share in Fuzhou, while Yonghui holds approximately 30%, together controlling nearly 80% of the market [4] - The shift in store branding from Yonghui to Pupu reflects the competitive pressures and market share erosion faced by Yonghui [4][5] Group 2: Pupu's Strategy - Pupu's growth strategy focuses on deep regional penetration, achieving a local market penetration rate of 70% in Fuzhou, which has significantly impacted Yonghui's previous dominance [5] - Pupu has expanded its operations to cover nine cities, establishing over 400 front warehouses to enhance service efficiency [5] Group 3: Yonghui's Response - In response to Pupu's market encroachment, Yonghui is adopting management philosophies from the successful retailer Pang Donglai, emphasizing a culture of sincerity and trust [6] - Yonghui's store transformation efforts have resulted in an average customer traffic increase of 80% in remodeled stores, with over 60% of these stores entering a stable profitability phase [6] Group 4: Competitive Landscape - New entrants like Meituan's Xiaoxiang Supermarket are planning to enter the Fuzhou market, leveraging a delivery network of over 7 million riders to offer 30-minute delivery services [7] - Pupu is also diversifying its offerings with the introduction of "Pupu Kitchen," aiming to capture core consumer scenarios and further solidify its market position [8]

Core Insights - Yonghui Supermarket's stock increased by 0.42% on October 23, with a trading volume of 432 million yuan [1] - The company experienced a net financing outflow of 1.51 million yuan on the same day, indicating a higher level of financing activity [1] Financing Summary - On October 23, Yonghui Supermarket had a financing buy amount of 28.43 million yuan and a financing repayment of 29.95 million yuan, resulting in a net financing buy of -1.51 million yuan [1] - The total financing and securities balance as of October 23 was 1.55 billion yuan, with the financing balance accounting for 3.57% of the circulating market value, which is above the 70th percentile of the past year [1] - The company had a securities lending repayment of 13,800 shares and a securities lending sell of 48,700 shares, with a total lending balance of 3.50 million shares, indicating a high level of short selling activity [1] Company Performance - As of June 30, Yonghui Supermarket reported a total of 359,800 shareholders, a decrease of 6.24% from the previous period [2] - The company achieved a revenue of 29.95 billion yuan for the first half of 2025, a year-on-year decrease of 20.73%, and a net profit attributable to shareholders of -241 million yuan, a decrease of 187.38% [2] - Since its A-share listing, Yonghui Supermarket has distributed a total of 7.10 billion yuan in dividends, with no dividends paid in the last three years [2] Shareholder Composition - As of June 30, 2025, Hong Kong Central Clearing Limited was the seventh largest circulating shareholder, holding 104 million shares, an increase of 11.89 million shares from the previous period [2] - The Southern CSI 500 ETF was the tenth largest circulating shareholder, holding 67.36 million shares as a new shareholder [2]

Core Viewpoint - Yonghui Supermarket's stock price has seen a continuous increase over three days, indicating positive market sentiment and potential investment opportunities [1][2]. Company Overview - Yonghui Supermarket Co., Ltd. is located in Fuzhou, Fujian Province, established on April 13, 2001, and listed on December 15, 2010. The company primarily operates in the retail sector [1]. - The revenue composition of Yonghui Supermarket includes: 56.78% from food and daily necessities, 38.42% from fresh and processed products, 3.30% from other sources, and 1.51% from rental income [1]. Stock Performance - As of October 23, Yonghui Supermarket's stock price is 4.75 CNY per share, with a trading volume of 4.32 billion CNY and a turnover rate of 1.00%. The total market capitalization is 431.06 billion CNY [1]. - The stock has experienced a cumulative increase of +Inf% over the past three days [1]. Fund Holdings - HSBC Jintrust Fund has a significant holding in Yonghui Supermarket, with its HSBC Jintrust Consumer Dividend Stock Fund (540009) holding 1.5339 million shares, accounting for 3.83% of the fund's net value, making it the eighth-largest holding [2]. - During the three-day increase, the fund has realized a floating profit of approximately 728.6 thousand CNY [2]. Fund Performance - The HSBC Jintrust Consumer Dividend Stock Fund was established on December 8, 2010, with a current size of 196 million CNY. Year-to-date returns are 4.27%, ranking 4038 out of 4218 in its category, while the one-year return is 6.05%, ranking 3534 out of 3875 [2]. - The fund has achieved a total return of 88.01% since its inception [2].

Group 1 - YH Supermarket's stock price increased by 0.42% to 4.75 CNY per share, with a trading volume of 4.32 billion CNY and a turnover rate of 1.00%, resulting in a total market capitalization of 431.06 billion CNY [1] - The stock has experienced a continuous rise for three days, with a cumulative increase of +Inf% during this period [1] - YH Supermarket, established on April 13, 2001, and listed on December 15, 2010, primarily operates in the retail sector, with revenue composition as follows: 56.78% from food products, 38.42% from fresh and processed goods, 3.30% from other sources, and 1.51% from rental income [1] Group 2 - According to data, one fund from Jiashi Fund holds a significant position in YH Supermarket, specifically Jiashi New Consumption Stock A (001044), which reduced its holdings by 218.43 million shares in Q2, retaining 20.91 million shares, accounting for 5.29% of the fund's net value, ranking as the eighth largest holding [2] - The fund has realized a floating profit of approximately 418,200 CNY today, and during the three-day increase, the floating profit reached 99.32 million CNY [2] - Jiashi New Consumption Stock A was established on March 23, 2015, with a current scale of 1.937 billion CNY, and has reported a loss of 4.31% year-to-date, ranking 4205 out of 4218 in its category [2]

Core Points - Yonghui Supermarket (601933) has announced the permanent closure of its Tai'an Wuyue store due to unresolved rental negotiations with Wuyue Plaza, despite multiple rounds of discussions [1][2] - The company has acknowledged shortcomings in its operational philosophy and management experience, which have not met customer expectations regarding product quality, store environment, and employee welfare [1] - Starting from November 14, 2025, the store will conduct clearance sales with discounts on various products, including food, daily necessities, and fresh produce, to reduce inventory before closing [2] Company Actions - Yonghui Supermarket will implement a nationwide adjustment starting in 2024, focusing on improvements in management standards, product structure, store layout, and employee care to better serve customers and society [1] - Employees affected by the closure will have two options: transfer to another Yonghui store in the Tai'an area or receive economic compensation according to labor contract terms [2] Customer Communication - Customers can continue to use their shopping cards and membership points at other Yonghui stores after the Tai'an Wuyue store closes, and a customer service hotline is available for inquiries [1]