Core Viewpoint - Yonghui Supermarket is undergoing significant internal changes, with a shift in leadership and strategy aimed at addressing substantial financial losses and operational inefficiencies [1][5][6]. Group 1: Leadership Changes - The Shanghai Stock Exchange issued a regulatory letter to Yonghui Supermarket regarding internal governance issues, leading to the board's decision to authorize a reform leadership group to act in place of the CEO [1][3]. - The new leadership group is led by Ye Guofu, the chairman and CEO of Miniso, who has taken control of the company's management, sidelining the original "Yonghui faction" [3][4]. - Former CEO Li Songfeng's absence from the new executive list and his failure to secure a board position highlight the internal power struggle and the shift in control to the "Miniso faction" [4][5]. Group 2: Strategic Reforms - Yonghui plans to close 250-350 underperforming stores by 2025, with an aggressive strategy to revamp its operations and focus on smaller, quality community supermarkets [9][12]. - The company is expected to incur a net loss of 1.4 billion yuan in 2024, contributing to a total loss exceeding 10 billion yuan over four years [9][12]. - Ye Guofu aims to combine the successful elements of the "Pang Donglai" model with the Sam's Club approach, indicating a strategic pivot towards enhancing customer experience and operational efficiency [9][12]. Group 3: Market Reactions and Challenges - Analysts express mixed views on Yonghui's leadership changes, suggesting that a more centralized decision-making process could benefit the company [7]. - The initial success of the store revamps is questioned, with concerns about the sustainability of customer interest and sales performance in the long term [11][12]. - The reform leadership group is focusing on organizational, operational, and supply chain transformations, with a goal of increasing the sales contribution from private label products to 40% [12].

以下文章来源于字母榜 ，作者张琳 字母榜 . 让未来不止于大 来源|字母榜 作者|张琳 编辑|谭宵寒 斥资62.7亿元，成为永辉超市第一大股东半年后，叶国富曲线接手永辉。 3月17日，永辉超市换届选举董事会非独立董事，叶国富被提名进入董事会。永辉超市原董事、CEO李松峰却从永辉这轮斗争中出局。 有趣的是，叶国富并未直接接任或任命新的CEO，而是另起炉灶——永辉超市新成立了改革领导小组，叶国富担任组长，领导永辉改革的叶国富，成了正 在全球招募CEO的永辉的"事实CEO"。 对于叶国富的这一系列操作，永辉超市董事张轩宁投出了反对票，"当前高级管理议案中未涉及CEO安排，这令人深感忧虑。" 如果分析下永辉超市的股权结构，便可以理解叶国富为何要曲线接手永辉了。 "永辉超市目前是一家没有实际控制人的公司，未来会不会有，现在还没有办法准确回答"。永辉超市创始人张轩松在会上的回应，多少透露出永辉内部正 在进行的管理权争夺战。 叶国富虽是永辉超市最大股东，持股比例为 29.4%，但并非实际控制人。创始人张轩松和张轩宁两兄弟股份之和不及叶国富，另外两人也并非一致行动 人。 这种分散的股权结构使得公司在决策权力上缺乏单一主导力量 ...

文/梧桐兄弟 3月20日，上交所发布关于永辉超市（601933）内部治理事项的监管工作函，涉及对象为上市公司、董事、监事、高级管理人员、一般股东、中介机构及其相关人 员，但具体内容并未披露。 | 证券代码 | 证券简称 | 监管类型 处理事由 | 涉及对象 | 处理日期 | | --- | --- | --- | --- | --- | | 601933 | 永辉超市 | 监管工作函 关于永辉超市股份有限公司内部治 | 上市公司,董事,监 | 2025-03-20 | | | | 理事项的监管工作函 | 事,高级管理人员,一 | | | | | | 般股东,中介机构及 | | | | | | 其相关人员 | | 此前，3月17日，永辉超市召开2025年第一次临时股东大会并决议公告，永辉超市董事会完成换届，名创优品创始人叶国富当选新任董事，但原CEO李松峰落选董 事会。 | 议 案 议案名称 | | 得票数 | 得票数占出席会议有 是否当选 | | | --- | --- | --- | --- | --- | | 序号 | | | 效表决权的比例(%) | | | 2.01 | 张轩松 | 6,974,516 ...

Core Viewpoint - The article discusses the ongoing power struggle and management changes at Yonghui Supermarket, particularly focusing on Ye Guofu's acquisition and reform plans after becoming the largest shareholder, while highlighting the challenges faced by both Yonghui and Miniso in the retail sector [1][6][28]. Group 1: Management Changes and Power Struggle - Ye Guofu was nominated to the board of Yonghui Supermarket, while former CEO Li Songfeng was ousted, leading to concerns about the lack of a clear CEO arrangement [2][3][15]. - Yonghui's ownership structure lacks a single controlling entity, which has contributed to the internal power struggle [4][5][10]. - The board's composition has shifted, with Miniso's influence growing, as they now hold three out of six non-independent director seats [14][21]. Group 2: Financial Performance and Challenges - Yonghui Supermarket is facing significant financial difficulties, with an expected loss of 1.4 billion yuan for 2024 and a high debt ratio of 87.06% [6][24]. - Despite the implementation of the "Fat Donglai model" and store renovations, the financial results have not yet reflected the improvements, as the company continues to close underperforming stores [7][25][28]. - Miniso's acquisition of a 29.4% stake in Yonghui for 6.27 billion yuan was the largest single acquisition in China's retail sector in recent years, but it has led to cash flow concerns for Miniso [6][26][28]. Group 3: Reform Plans and Future Strategies - Ye Guofu has proposed a significant reform plan for Yonghui, including the renovation of approximately 200 stores and the closure of 250-350 stores by 2026 [7][23]. - The reform strategy aims to enhance efficiency and reduce costs through a "three increases and two decreases" approach, focusing on improving employee productivity, performance, and gross profit while lowering costs and expenses [23][25]. - Collaboration between Miniso and Yonghui is expected in areas such as private label development and supply chain design, although specific measures have yet to be disclosed [25][26].

本公司及董事会全体成员保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 鉴于永辉超市股份有限公司（以下简称"公司"）第六届董事会暂未聘任公 司 CEO，为确保公司规范运作、保障公司日常经营管理事项顺利开展，董事会 授权公司改革领导小组代行 CEO 职责，公司将按照《中华人民共和国公司法》 《公司章程》等相关规定，尽快完成 CEO 的选聘工作。 证券代码：601933 证券简称：永辉超市 公告编号：2025-014 永辉超市股份有限公司 关于改革领导小组代行 CEO 职责的公告 永辉超市股份有限公司董事会 二〇二五年三月二一日 特此公告 ...

永辉超市最近被人熟知的就是其学习胖东来模式，这是原CEO李松峰一手主导的。在公告中，永辉超市 的创始人之一、董事张轩宁特别提到，在董事兼CEO李松峰任职期间，他带领团队深入学习胖东来模 式，并成功在全国推广永辉品质零售店，还积极推动公司进行组织重塑。 永辉超市（601933.SH）最近新闻不断。 一方面，北京京东世纪贸易有限公司计划减持其持有的永辉超市2.66亿股股份，占总股本2.94%，这标 志着京东将彻底退出永辉超市股东行列。另一方面，永辉超市董事会换届中，原CEO李松峰落选，新 CEO还未有人选。同时，公司成立改革领导小组统领公司改革转型工作，改革领导小组组长为叶国富。 京东退出股东行列，管理层面临不确定性，叠加财务压力，曾经的区域老大永辉超市正在这个新消费时 代被来回撕扯。 胖东来模式能执行到底吗？ 在全面学习胖东来之前，永辉超市身背负债陷入谷底。 永辉超市的负债扩张可分为两个阶段。第一阶段是2016-2019年的门店扩张期，期间永辉超市通过密集 开店和多元化业态（如超级物种、永辉超市mini店），负债率从2016年的34.6%升至2019年的60.9%；第 二阶段则是2021年至今的转型阵痛期，这一 ...

Core Viewpoint - The article discusses the significant personnel changes at Yonghui Supermarket, including the departure of former CEO Li Songfeng and the entry of new leadership led by Ye Guofu from Miniso, indicating a major transformation within the company [1][4]. Personnel Changes - Yonghui Supermarket's board of directors was restructured on March 17, with Ye Guofu leading the reform team [1][4]. - Li Songfeng, the former CEO, was not included in the new board or executive team, marking a significant shift in leadership [1][4][9]. - The company is currently in search of a new CEO, leaving the position vacant as it seeks global candidates [4][5]. Shareholder Dynamics - Last year, major supporters of Yonghui, including Milk International and JD.com, lost patience and began to divest, leading to Miniso's acquisition of a significant stake in Yonghui [3][12]. - Miniso's subsidiary, Jun Cai International, acquired approximately 29.40% of Yonghui's shares for nearly 6.3 billion yuan, becoming the largest shareholder without seeking control [3][12]. Financial Performance - Yonghui Supermarket has faced substantial financial challenges, with cumulative losses exceeding 8 billion yuan from 2021 to 2023, and an expected loss of 1.4 billion yuan in 2024 [9][12]. - Despite these losses, the stock price has shown resilience, with a notable increase of nearly 130% from the acquisition price by Miniso [12]. Future Outlook - Ye Guofu expresses confidence in Yonghui's future, citing the success of Miniso and the potential for transformation within the retail sector [11]. - Plans for 2025 include the renovation of around 200 stores and the closure of 250-350 stores, with a goal to complete renovations of all existing stores by 2026 [12].

Summary of Yonghui Supermarket Conference Call Company Overview - **Company**: Yonghui Supermarket - **Date of Conference Call**: March 18, 2025 Key Adjustments and Plans - **Store Closures**: Yonghui plans to close 250 to 300 underperforming stores by the end of 2025, aiming to retain 300 to 400 core stores by 2026 [3][5][6] - **Store Format**: New stores will focus on medium-sized formats of 2,500 to 3,000 square meters, with a streamlined SKU count of 8,000 to 10,000 [3][4][7] - **Product Focus**: Emphasis on fresh produce, cooked food, baked goods, and private label products, with the latter expected to reach a 40% share [4][8] Recent Progress - **Store Count Reduction**: As of the end of 2023, Yonghui had approximately 1,000 stores, which decreased to over 940 by mid-2024. The goal is to reduce the total to 450-500 stores by the end of 2025 [4][5] - **Sales Performance**: If the average daily sales per store reach 60-70 million yuan, annual sales per store could reach 250 million yuan, targeting total revenue of 85-90 billion yuan with a net profit margin of 3%, equating to approximately 2.7 billion yuan in net profit [4][13] Supply Chain and Operational Efficiency - **Direct Sourcing**: Yonghui is implementing a naked price direct sourcing strategy to reduce costs and improve profit margins, enhancing consumer trust and market competitiveness [9] - **Cost Management**: The backend fee rebate for the Fuzhou Olympic store is only 3%, which is considered low in the industry, contributing to the company's competitive edge [10] Market Position and Financial Outlook - **Market Sentiment**: The management team faces challenges but has received positive feedback from the capital market regarding their strategic adjustments [11] - **Revenue Growth**: The company anticipates rapid revenue expansion, with a potential target of 55 to 60 billion yuan in revenue if private label product share increases significantly [14] Historical Context - **Past Challenges**: In 2018, Yonghui faced significant challenges due to competition from e-commerce and operational losses, leading to strategic shifts that improved financial health [12] Recommendations - **Focus on Timelines**: It is recommended to closely monitor the company's progress in implementing its strategic adjustments throughout 2025 [15]

大动作！一个月后 永辉超市将退出这两个省 接盘方 是…… 片来源：比优特商业集团公众号 值得一提的是，前一天永辉超市召开了2025年第一次临时股东大会，其中核心内容是选举第六届董事会 董事。 永辉超市的第六届董事会有6位非独立董事候选人，其中，张轩松、张轩宁和李松峰为永辉超市第五届 董事会成员，而叶国富、张靖京和王永平三人来自名创优品集团控股有限公司。但最终仅李松峰落选。 此外，永辉超市新一届董事会未聘任CEO（首席执行官），而是成立了改革领导小组，名创优品创始人 兼CEO叶国富担任组长，对此董事张轩宁投出反对票。 3月18日，东北永辉超市公众号发布《永辉超市关于黑龙江、吉林地区门店闭店的说明与致歉》一文 称，永辉黑龙江、吉林共12家门店预计在今年4月18日停止经营，与此同时，黑龙江当地零售企业比优 特在其集团官方微信号发布了同一信息，称比优特与永辉达成协议，承接永辉黑龙江、吉林共12家门 店。 图片来 源：东北 公众号 比优特在黑龙江和吉林拥有85家门店，其称，交割期间，比优特将根据自身经营管理标准快速对所承接 的永辉12家门店进行人员接收、布局调改等相关事宜。根据规划，交割后新的" 比优特超市 "门店大约 ...

大动作！一个月后，永辉超市将退出这两个省，接盘方是…… 每经编辑 金冥羽 3月18日，东北永辉超市公众号发布《永辉超市关于黑龙江、吉林地区门店闭店的说明与致歉》一文称，永辉黑龙江、吉林共12家门店预计在今年4月18日 停止经营，与此同时，黑龙江当地零售企业比优特在其集团官方微信号发布了同一信息，称比优特与永辉达成协议，承接永辉黑龙江、吉林共12家门店。 图片来源：东北永辉超市公众号 校对|陈柯名 永辉超市的第六届董事会有6位非独立董事候选人，其中，张轩松、张轩宁和李松峰为永辉超市第五届董事会成员，而叶国富、张靖京和王永平三人来自 名创优品集团控股有限公司。但最终仅李松峰落选。 此外，永辉超市新一届董事会未聘任CEO（首席执行官），而是成立了改革领导小组，名创优品创始人兼CEO叶国富担任组长，对此董事张轩宁投出反对 票。 截至3月18日收盘，永辉超市A股报5.40元/股，市值490.05亿元。 （声明：文章内容和数据仅供参考，不构成投资建议。投资者据此操作，风险自担。） 编辑|金冥羽 杜波 比优特在黑龙江和吉林拥有85家门店，其称，交割期间，比优特将根据自身经营管理标准快速对所承接的永辉12家门店进行人员接收、 ...