以下文章来源于远川研究所 ，作者黎铮 远川研究所 . 刻画这个时代 一个冬天的童话。 作者 | 黎铮 编辑 | 李墨天 来源 | 远川研究所 （ID：YuanChuanInstitution） 把胖东来当作榜样的永辉超市，曾经也是前者的老师。 早年于东来去福州进货，永辉创始人张松轩兄弟俩带于东来参观门店，毫无保留地分享 生鲜供应链的整套流程——那是永辉赖以生存的身家性命。 2022年一次讲课，于东来感慨当年峥嵘岁月："你看，原来永辉多好[1]。" 巅峰时期，永辉的门店数量是胖东来的75倍。命运用又一个十年将两者的身份对调，时 过境迁，胖东来飞升零售教父，永辉成了教父的门徒，步步高、中百等商超上市公司， 于东来近日公布的2024年营收数据 胖东来是一本被零售行业长时间忽略，短时间翻烂的教材，但它的内核其实不复杂， 只 是反常识： 一不靠低价，二不做巨头，三不要增长。 不靠低价 线下消费至暗的2022年，想破脑袋的零售同行和深感赚钱毫无乐趣的于东来把酒言欢， 一场全国巡回帮扶之旅就此展开。 最先尝到甜头的是头戴ST帽子的步步高，梅溪湖店调改三天后，日均客流与销售额就分 别比改造前翻了6.5倍和6.7倍[3]。永辉 ...

证券代码：601933 证券简称：永辉超市 公告编号： 2025-003 永辉超市股份有限公司 关于董事长增持公司股份计划实施完成暨增持结 果的公告 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。 重要内容提示： 增持计划基本情况： 永辉超市股份有限公司（以下简称"公司"）董事长张轩松先生为了维护公司 股价稳定，维护公司全体股东合法权益，也基于对公司未来持续发展的信心和对 公司长期投资价值的认可，拟自被动处置结束之日起 6 个月之后的 3 个月内通 过上海证券交易所集中竞价交易的方式增持公司股份，增持金额不低于人民币 2.5 亿元。本次增持不设定价格区间，将根据对公司股票价值判断及二级市场波 动情况实施增持计划。 增持计划实施结果： （一）增持主体的名称：公司董事长张轩松先生及其一致行动人 （二）增持主体本次增持计划实施前持股情况：本次增持计划实施前，张轩 1 / 3 松先生及其一致行动人共持有公司股份1,231,064,706股，占公司总股份的 13.57%。 （三）除本次增持计划外，张轩松先生及其一致行动人在过去12个月内 ...

证券代码：601933 证券简称：永辉超市 公告编号：2025-004 永辉超市股份有限公司 关于 5%以上股东权益变动触及 1%的提示性公告 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。 重要内容提示： 二、 本次权益变动前后，上述股东及其一致行动人股份变动情况 | 股东名称 | 股份性质 | 本次权益变动前 | | 本次权益变动后 | | | --- | --- | --- | --- | --- | --- | | | | 股数（股） | 占总股本比例 | 股数（股） | 占总股本比例 | | | | | （%） | | （%） | | 张轩松 | 人民币普通股 | 791,242,298 | 8.72 | 791,242,298 | 8.72 | | 喜世润合润 6 号私募 证券投资基金 | 人民币普通股 | 169,638,486 | 1.87 | 169,638,486 | 1.87 | | 喜世润合润 7 号私募 证券投资基金 | 人民币普通股 | 71,486,200 | 0.79 | 76,986,200 ...

Summary of Conference Call Notes Company and Industry Involved - The discussion primarily revolves around the retail industry in Shanghai, focusing on the performance and strategies of Jinshan Wanda, a retail company operating in the region [1][2][17]. Core Points and Arguments 1. **Market Competition in Shanghai** - Shanghai is a highly competitive market for retail, with many leading companies vying for consumer attention. The supply of retail options is abundant, making it a critical battleground for quality retail companies [1]. 2. **Performance Metrics** - Jinshan Wanda's daily sales are reported to be significantly higher than the average, with figures around 200,000 to 300,000, compared to the general range of 100,000 to 200,000 for other retailers [1][2]. 3. **Government Support** - Local government support includes rent reductions, which help offset rising labor costs, thereby benefiting Jinshan Wanda's operations [2]. 4. **Profit Margins** - The profit margin for stores is around 25%, with potential increases post-adjustments. The company has managed to reduce backend costs, positively impacting overall profitability [3][4]. 5. **Product Mix and Gross Margin** - The introduction of baked goods has improved gross margins significantly, with some categories reaching 30-40%. This shift is part of a broader strategy to enhance product offerings and profitability [5][6]. 6. **Customer Spending Trends** - There is an expectation that average customer spending will decrease post-holiday season, but it is currently elevated due to seasonal purchases [6]. 7. **Store Adjustments and Layout** - Adjustments in store layout and product offerings have been made to enhance customer experience and operational efficiency. This includes expanding sales areas and introducing new service features [8][9]. 8. **Employee Compensation** - Employee salaries have increased, with average wages for regular staff rising to 5,500-6,000, and store managers earning 7,000-8,000. This is part of a strategy to attract and retain talent [9][10]. 9. **Competitive Landscape** - The competitive environment includes new entrants like Aoleqi, which has seen lower daily sales figures. The market dynamics are shifting, with a focus on quality and customer experience rather than just price competition [12][13]. 10. **Industry Evolution** - The retail industry has undergone significant changes, particularly with the rise of e-commerce and changing consumer preferences. Companies are adapting by focusing on quality and unique product offerings [17][18]. 11. **Future Outlook** - The company anticipates continued improvements in sales and profitability, with a focus on maintaining high standards in product selection and customer service. The ongoing adjustments are expected to yield positive results in the coming quarters [27][28]. Other Important but Possibly Overlooked Content - The discussion highlights the importance of adapting to market changes and consumer preferences, emphasizing that retail strategies must evolve to remain competitive in a rapidly changing environment [19][20]. - There is a recognition of the challenges faced by traditional retail in competing with online platforms, suggesting a need for differentiation in service and product quality [19][22]. - The call concludes with an invitation for further questions, indicating an openness to dialogue and continued engagement with stakeholders [29].

Investment Rating - Maintain "Overweight" rating [1][6] Core Views - The company is undergoing strategic and operational transformation, which is expected to bring long-term performance improvement despite short-term challenges [6] - Store optimization and transformation are progressing rapidly, with significant improvements in customer traffic and sales in optimized stores [6] - The company plans to continue store optimization and strategic transformation in 2025, aiming to optimize over 100 stores and enhance commercial cooperation with MINISO [6] - Despite short-term pressure on performance, the long-term outlook is positive due to improved customer traffic, sales, and supply chain efficiency [6] Financial Summary - 2024 estimated operating revenue: 67,308 million RMB, a year-on-year decrease of 14.4% [5][6] - 2025 estimated operating revenue: 74,922 million RMB, a year-on-year increase of 11.3% [5][6] - 2026 estimated operating revenue: 84,645 million RMB, a year-on-year increase of 13.0% [5][6] - 2024 estimated net profit attributable to the parent company: -1,404 million RMB [5][6] - 2025 estimated net profit attributable to the parent company: 84 million RMB [5][6] - 2026 estimated net profit attributable to the parent company: 582 million RMB [5][6] Store Optimization Progress - Closed over 200 underperforming stores in 2024, reducing the total number of stores from 1,000 at the end of 2023 to 773 by January 15, 2025 [6] - Completed optimization of 31 stores, with 39 optimized stores operating nationwide by January 15, 2025 [6] - Optimized stores have shown significant improvements, with daily sales exceeding 1 million RMB in the first 1-3 days after opening [6] - Plans to optimize over 100 stores in 2025, with further optimization plans to be announced in the first half of the year [6] Market Performance - Closing price on January 16, 2025: 5.80 RMB [1] - Price-to-book ratio: 9.1 [1] - Market capitalization: 52,635 million RMB [1] - Stock performance over the past year: -50% to 150% compared to the CSI 300 index [3]

Financial Performance - The company expects a net profit of -1.4 billion yuan for 2024, indicating a decline compared to the previous year[2] - The net profit attributable to shareholders, excluding non-recurring gains and losses, is projected to be -2.21 billion yuan for 2024[4] - In the same period last year, the net profit attributable to shareholders was -1.33 billion yuan, and the net profit excluding non-recurring items was -1.98 billion yuan[6] - The company reported a total profit of -1.36 billion yuan for the previous year[6] Strategic Transformation - The decline in performance is attributed to challenges in the retail industry and a strategic transformation that began in the second half of 2024[8] - The company plans to continue store renovations and strategic transformations in 2025, while also closing underperforming stores[8] Store Renovations - The company has completed the renovation of 31 stores, which has led to increased customer traffic and sales, but requires significant upfront investment[8] - The gross profit margin has declined due to the optimization of product structure and procurement strategies during store renovations[8] Asset Impairment - An impairment test on long-term assets is expected to result in a provision of approximately 200 million yuan for the year[8] Investor Caution - Investors are advised to be cautious due to uncertainties regarding the fair value of certain equity holdings that have not been externally assessed[9]

证券代码：601933 证券简称：永辉超市 公告编号： 2025-001 永辉超市股份有限公司 第五届董事会第十九次会议决议公告 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。 永辉超市股份有限公司（下称"公司"）第五届董事会第十九次会议于 2025 年 1 月 10 日在公司左海总部六楼会议室以现场结合通讯方式召开。会议应出席 董事 9 人，实际出席会议董事 9 人。公司监事和高级管理人员列席本次会议。 会议的通知、召开符合《中华人民共和国公司法》及其他相关规定。经全体董事 审议和表决，会议通过如下决议： 一、关于设立浙江辉联供应链有限公司的议案 公司为了加快自有品牌的发展步伐，不断挖掘有竞争力的商品，拟申请设立 一家专注于永辉超市自有品牌供应链的全资子公司。 （一）全资子公司主体信息 1、公司名称：浙江辉联供应链有限公司（以市场监督管理部门登记为准） （以上议案同意票 9 票、反对票 0 票、弃权票 0 票） 特此公告 永辉超市股份有限公司董事会 二〇二五年一月十一日 2、企业类型：有限责任公司 3、法定代表人：庞小伟 4 ...

Investment Rating - The report initiates coverage of Yonghui Supermarket with a "Buy" rating [6]. Core Views - Yonghui Supermarket is a leading fresh food supermarket in China, gradually achieving an online and offline integrated channel layout [3][14]. - The company is undergoing strategic transformation and has made significant progress in store adjustments and supply chain optimization to enhance operational efficiency and product offerings [4][5][62]. - The partnership with Miniso, which plans to acquire a 29.4% stake in Yonghui for 6.27 billion yuan, is expected to improve management efficiency and operational performance [4][29]. Summary by Sections Company Overview - Yonghui Supermarket, established in 2001 and listed in 2010, focuses on selling fresh and processed food through both physical stores and online platforms [3][14]. - As of June 30, 2024, Yonghui has opened 943 stores across 29 provinces, with an additional 86 stores signed but not yet opened, covering a total area of 655,300 square meters [3][22]. Strategic Transformation - In 2024, Yonghui faced operational challenges but has implemented store adjustments inspired by the successful model of Pang Donglai, resulting in improved quality, sales, and customer traffic [4][28]. - The company has optimized its supply chain and product structure, introducing 20,276 new products while eliminating 22,480, achieving a new product introduction rate of 22.5% [5][62]. Financial Performance and Forecast - Revenue projections for 2024-2026 are 68.887 billion, 76.860 billion, and 83.766 billion yuan, with growth rates of -12%, 12%, and 9% respectively. Net profit is forecasted at -247 million, 358 million, and 687 million yuan, with growth rates of 81%, 245%, and 92% [6][80]. - The report highlights that Yonghui's self-owned brand sales reached 1.28 billion yuan in the first half of 2024, accounting for 3.4% of total revenue [6][68]. Supply Chain and Product Strategy - Yonghui is enhancing its supply chain efficiency and product quality through direct sourcing and establishing a vertical supply relationship, which allows for better pricing competitiveness of its private label products [5][64][68]. - The company is also focusing on digital transformation through its YHDOS system, which integrates various operational modules to improve efficiency and support its omnichannel strategy [72][76]. Market Position and Competitiveness - Yonghui's business model emphasizes fresh food, which is crucial for attracting customers, as it has a strong draw for foot traffic in supermarkets [40][64]. - The company is leveraging its extensive store network and partnerships to enhance its competitive position in the retail market [4][29].

Group 1 - The core message highlights the successful opening of Yonghui Supermarket's first "Learning from Pang Donglai" self-reformed store in Nansha Wanda Plaza, Guangzhou, which achieved a total sales of 6.5 million yuan over three days from December 27 to 29 [1][3] - The store experienced an explosive customer traffic rate of 316%, with an average daily sales exceeding 2.1 million yuan, which is six times the average daily sales prior to the adjustments [1] - Following this successful opening, more Yonghui self-reformed stores inspired by the "Learning from Pang Donglai" model are set to open in Guangzhou [2]