Investment Rating - The investment rating for Yonghui Supermarket is "Accumulate" with a target price of 2.96 RMB, unchanged from the previous forecast [2]. Core Views - The acquisition by Miniso is expected to enhance Yonghui Supermarket's competitiveness through channel upgrades and supply chain integration, allowing for significant improvements in sales and customer traffic [4][6]. - The company is actively optimizing its underperforming stores and steadily advancing its transformation plan, maintaining an EPS forecast of 0.02 RMB for 2024, 2025, and 2026 [5]. Summary by Sections Company Events - The largest shareholder has changed to Jun Cai International, which will hold a total of 29.40% of the shares after the transfer of shares from other shareholders [5]. - Yonghui Supermarket operates approximately 850 stores across more than 25 provinces and municipalities in China [5]. Financial Performance - In the first half of 2024, Yonghui reported revenues of 37.8 billion RMB and a profit of 210 million RMB, with a net asset value of 6.15 billion RMB [5]. - The sales from its private label products reached 1.28 billion RMB, accounting for 3.4% of total revenue [5]. Store Performance - Recent store renovations have led to significant sales increases, with one store in Zhengzhou achieving sales of 58.35 million RMB in July, which is 13.9 times higher than before the renovation [7]. - Another store in Fuzhou saw a sales increase of approximately 5 times post-renovation, with daily customer traffic increasing by about 6.5 times [7].

今天两市成交5500亿，微微放量，中位数比较罕见的正好是0%，上涨和下跌的股票数量相当。早上开盘的时候给股民们发了15分钟牛市体验卡，然后就 没然后了，想体验一整天、一星期、一个月、一整年的牛市，还需要大家继续往里充钱。 黄金、煤炭、银行位居涨幅前三，前者是被不断上涨的国际金价助推，后两者则是a股指定防空洞，一旦场内资金觉察到空军即将来轰炸，就会抱头鼠窜 买入煤炭和银行，所以通常这两个板块涨的好的时候大盘都不太好，今天已经算是例外。 目前a股的情况是，2月份的底点确实有支撑作用，无论是主板还是双创，只要跌到2月5日低点附近就止跌了，主流指数里目前还没有一个创年内新低的， 但是...也就是横盘僵持着，或者象征性的，很微弱的反弹了一下，如果这就是对应连续4个月下跌的超跌反弹，那a股真是小刀喇屁股，开了眼了。 以a股目前的流动性，200亿已经会对市场形成很大的冲击，所以短期内主板很可能会强势一点，但等到这批etf上市了就不好说了，因为里面有很多是给好 处费拉来冲规模的短期资金，任务完成人家就退了。 3、江波龙公告第二大股东（国家集成电路基金）要减持149万股，大概占总股本的0.36%左右。我好奇去看了一下江波龙的股 ...

关于股东签署《股份转让协议》暨公司第一大股东变更的提示性公告 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。 证券代码：601933 证券简称：永辉超市 公告编号：2024-044 永辉超市股份有限公司 重要内容提示： 1、本次权益变动为公司股东牛奶有限公司（以下简称"牛奶公司"）、北 京京东世纪贸易有限公司（以下简称"京东世贸"）和宿迁涵邦投资管理有限公 司（以下简称"宿迁涵邦"，系京东世贸的一致行动人）拟通过协议转让的方式 向广东骏才国际商贸有限公司（以下简称"骏才国际"）分别转让其所持有的永 辉超市股份有限公司（以下简称"永辉超市"或"公司"）1,913,135,376 股股 份、367,227,196 股股份和 387,772,804 股股份，分别占公司总股本的 21.08%、 4.05%和 4.27%。 2、本次交易完成后，公司第一大股东将变更为骏才国际，合计持有公司股 份 29.40%。骏才国际及其实控方名创优品将与永辉超市携手向品质零售模式转 型。 3、本次权益变动不构成关联交易，不触及要约收购。 4、截至本公告 ...

Investment Rating - The report maintains a **"Buy"** rating for Yonghui Superstores (601933 SH) [1][2] Core Views - Yonghui Superstores achieved revenue of 37 78 billion yuan in H1 2024, a year-on-year increase of 10 11%, but net profit attributable to the parent company decreased by 26 34% to 275 million yuan [1] - The company's operating cash flow in H1 2024 reached 2 94 billion yuan, a year-on-year increase of 13 63% [1] - The company has made significant progress in store optimization, with two pilot stores achieving daily sales increases of 13 9x and 8 2x respectively after renovation [1] - Online business revenue remained stable at 7 84 billion yuan, accounting for 20 8% of total revenue, with a significant reduction in losses compared to the previous year [1] - The company's supply chain optimization efforts resulted in a new product introduction rate of 22 5% and a product elimination rate of 24 9% in H1 2024 [1] Financial Performance - In Q2 2024, the company's revenue decreased by 11 6% year-on-year to 16 11 billion yuan, with a net loss of 460 million yuan, compared to a loss of 330 million yuan in the same period last year [1] - The company's gross profit margin in Q2 2024 decreased by 0 97 percentage points year-on-year to 19 86% [1] - The overall expense ratio in Q2 2024 increased by 0 4 percentage points year-on-year to 24 6%, with sales and R&D expense ratios showing improvement due to cost reduction and efficiency enhancement measures [1] - The company's asset disposal income in Q2 2024 reached 167 million yuan, a year-on-year increase of 109%, while investment income increased by 32% to 130 million yuan [1] Store Optimization and Expansion - The company closed 62 stores and opened 5 new stores in H1 2024, bringing the total number of stores to 943, with 86 stores signed but not yet opened [1] - The company's self-operated platform for home delivery services covered 883 stores, achieving sales of 4 22 billion yuan, a year-on-year increase of 4%, with an on-time delivery rate of 93 1% [1] - The company has strengthened cooperation with third-party platforms and explored new channels such as Douyin and Kuaishou, ranking first in channel merchant rankings multiple times [1] Future Outlook - The report forecasts the company's revenue for 2024-2026 to be 73 9 billion yuan, 77 6 billion yuan, and 81 5 billion yuan respectively, with net profit expected to turn positive in 2026 at 390 million yuan [1] - The company's EPS for 2024-2026 is expected to be -0 04 yuan, -0 01 yuan, and 0 04 yuan per share respectively [1] - The company's ROE is expected to improve from -6 7% in 2024 to 7 4% in 2026 [1]

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 4.00, representing a 17% downside from the current price [5] Core Views - The company is undergoing a transformation with the help of Pang Donglai and self-adjustment, aiming to improve user experience through product quality, store environment, and service [5] - Despite industry challenges, the company retains advantages in fresh produce supply chain, with potential for profit recovery if supply chain reforms and management optimization prove effective [5] - Online business has shown improvement, with reduced losses and increased coverage, contributing 20.8% of total revenue in 1H24 [3][5] Financial Performance - 1H24 revenue was RMB 37.78 billion, down 10.11% YoY, with net profit attributable to shareholders at RMB 275 million, down 26.34% YoY [1][2] - Gross profit margin in 1H24 was 21.58%, down 0.41 pct YoY, with fresh and processed food margin at 12.45%, down 0.77 pct YoY [2] - Operating cash flow in 1H24 was RMB 2.94 billion, up 13.63% YoY [1] Store Operations - The company opened 5 new stores and closed 62 stores in 1H24, ending with 943 stores and 865,300 square meters of reserved space [2] - Pang Donglai-assisted stores showed significant improvement, with daily sales increasing 13.9x and 8.2x in two stores after adjustments [5] Supply Chain and Product Optimization - The company optimized its product structure, introducing 20,276 new products and eliminating 22,480 products in 1H24, with a new product introduction rate of 22.5% [3] - Own-brand sales reached RMB 1.28 billion, accounting for 3.4% of total revenue [3] Industry Context - The supermarket industry faces pressure from channel diversion, deflationary environment, and declining consumer spending power [5] - Leading companies with fresh supply chain advantages may see a turning point if reforms and optimizations translate into same-store growth and profit recovery [5]

Investment Rating - The report downgrades the investment rating to "Outperform" [5] Core Views - The company reported a 2024 H1 revenue of 37.779 billion yuan, a year-on-year decrease of 10.11%, with a net profit attributable to shareholders of 275 million yuan, down 26.34% [5] - The company is optimizing its store network and enhancing online efficiency, which has led to a significant reduction in losses [5] - The company is receiving external support from "胖东来" to improve store operations and product supply chain [5] - The company aims to enhance its brand competitiveness and consumer experience through ongoing store renovations and external assistance [5] Summary by Sections Market Data - Closing price as of August 26, 2024, is 2.22 yuan, with a one-year high/low of 3.44/2.08 yuan [2] - The market capitalization of circulating A shares is 20,147 million yuan [2] Financial Data - As of June 30, 2024, the company has a net asset per share of 0.68 yuan and a debt-to-asset ratio of 87.06% [3] - The total number of shares is 9,075 million [3] Performance Metrics - For 2024 H1, the company reported a gross margin of 21.58% and a net profit margin of 0.73% [5] - The company’s revenue for 2024 is projected to be 75.782 billion yuan, with a net profit of 121 million yuan [7] - The company’s gross margin is expected to stabilize around 21.2% for 2024E [7] Strategic Initiatives - The company has closed 62 stores and opened 5 new ones, resulting in a total of 943 operational stores across 29 provinces [5] - Online business revenue reached 7.84 billion yuan in H1 2024, accounting for 20.8% of total revenue [5] - The company has introduced 20,276 new products while eliminating 22,480, achieving a new product introduction rate of 22.5% [5]

Investment Rating - The report maintains an "Overweight" rating for the company, with a target price of 2.16 CNY [3][4] Core Views - The company's revenue for 1H2024 decreased by 10.11% YoY to 37.78 billion CNY, while net profit attributable to shareholders dropped by 26.34% YoY to 275 million CNY [1] - The company's gross margin for 1H2024 declined by 0.41 percentage points to 21.58%, with a further drop in 2Q2024 to 19.86%, down 0.97 percentage points YoY [1] - The company's operating expenses ratio for 1H2024 slightly decreased by 0.002 percentage points to 21.61%, with sales/management/financial/R&D expense ratios at 17.24%/2.35%/1.67%/0.35% respectively [1] - The company added 5 new stores and closed 62 stores in 1H2024, bringing the total number of stores to 943 by the end of June 2024 [2] - The company's self-operated platform "Yonghui Life" achieved sales of 4.22 billion CNY in 1H2024, a 4% YoY increase, with a monthly average repurchase rate of 47.3% [2] Financial Performance - The company's revenue for 2Q2024 was 16.11 billion CNY, a decrease of 11.58% YoY, with a net loss attributable to shareholders of 461 million CNY [1] - The company's non-GAAP net profit for 1H2024 was 30 million CNY, a significant decrease of 69.94% YoY [1] - The company's EPS for 1H2024 was 0.03 CNY, down 26.34% YoY [1] - The company's ROE (diluted) for 2024E is projected to be 2.33%, increasing to 5.42% by 2026E [4] - The company's P/E ratio for 2024E is 138, expected to decrease to 54 by 2026E [4] Operational Highlights - The company optimized its product structure in 1H2024, introducing 20,276 new products and phasing out 22,480 products, with a new product introduction rate of 22.5% and a phase-out rate of 24.9% [2] - The company's private label sales reached 1.28 billion CNY in 1H2024, accounting for 3.4% of total revenue [2] - The company's "Yonghui Life" platform covered 883 stores by the end of June 2024, with an average daily order volume of 306,000 [2] Market Data - The company's total market capitalization is 19.60 billion CNY, with a total share capital of 9.08 billion shares [5] - The company's stock price range over the past year was between 2.08 CNY and 3.44 CNY [5] - The company's 3-month turnover rate is 117.36% [5]

证券代码：601933 证券简称：永辉超市 公告编号：2024-043 永辉超市股份有限公司 关于调整 2024 年半年度业绩说明会召开时间的公告 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。 永辉超市股份有限公司（以下简称"公司"）于 2024 年 08 月 17 日在上海 证券交易所网站上披露了《永辉超市股份有限公司关于召开 2024 年半年度业绩 说明会的公告》（公告编号：2024-039）。公司原定于 2024 年 08 月 26 日（星期 一）9:00-10:00 在"上海证券交易所上证路演中心"举办 2024 年半年度业绩说 明会，现根据实际工作安排，将本次业绩说明会召开时间调整为 2024 年 08 月 28 日（星期三）13:00-14:00，其他会议内容不变，时间调整后业绩说明会具体 情况如下： 一、 说明会类型 三、 参加人员 | 董事长：张轩松 | 独立董事：刘琨 | | --- | --- | | CEO：李松峰 | 财务负责人：吴凯之 | 1 / 2 董事会秘书：黄晓枫 四、 投资者参加方式 （一） ...

根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所股 票上市规则》《上市公司独立董事管理办法》及永辉超市股份有限公司（以下简称"公 司"）《公司章程》等有关规定，我们作为公司的独立董事，于 2024 年 8 月 21 日召 开第五届董事会独立董事第二次专门会议，就审议事项发表如下审查意见： 本次补充关联交易事项审议程序符合有关法律法规和《公司章程》的规定，决 策程序合法有效。公司与关联方的日常关联交易是在公司经营过程中基于公司实际 情况而正常发生的，具有其必要性。发生的关联交易遵循了公开、公平、公正的原 则，关联交易价格公允合理，关联交易预计金额占同类型业务总额比例较小，不会 对公司独立性造成影响，不存在损害公司、股东利益的情形，我们同意本次关联交 易相关事项，并同意将该议案提交公司第五届董事会第十七次会议审议。 永辉超市股份有限公司第五届董事会独立董事第二次专门会议审查意见 永辉超市股份有限公司 第五届董事会独立董事第二次专门会议审查意见 因此，我们同意公司本次公司补充 2024 年关联交易计划。 独立董事： 孙宝文、李绪红、刘琨 二〇二四年八月二十四日 1 / 1 ...

[Company Profile and Key Financial Indicators](index=4&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Information](index=4&type=section&id=Company%20Information) Yonghui Superstores Co., Ltd. (Stock Code: 601933) is a retail company registered in China, with Zhang Xuansong as its legal representative, headquartered in Fuzhou, Fujian Province - Basic company information: Yonghui Superstores Co., Ltd., legal representative Zhang Xuansong[8](index=8&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2024, the company faced a severe retail competitive environment, with operating revenue decreasing by 10.11% to 37.779 billion yuan and net profit attributable to shareholders declining by 26.34% to 275 million yuan, primarily due to reduced customer traffic, lower average transaction value, and store closures H1 2024 Key Accounting Data | Key Accounting Data | This Reporting Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 37,779,186,915.06 Yuan | 42,027,399,571.78 Yuan | -10.11% | | Net Profit Attributable to Parent Company Shareholders | 275,314,748.17 Yuan | 373,773,322.41 Yuan | -26.34% | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-Recurring Items) | 29,862,483.55 Yuan | 99,330,362.85 Yuan | -69.94% | | Net Cash Flow from Operating Activities | 2,939,805,871.88 Yuan | 2,587,185,124.84 Yuan | 13.63% | | **Indicator** | **End of This Reporting Period** | **End of Prior Year** | **Change from Prior Year-End (%)** | | Net Assets Attributable to Parent Company Shareholders | 6,153,385,774.95 Yuan | 5,939,070,640.55 Yuan | 3.61% | | Total Assets | 47,525,361,897.19 Yuan | 52,052,037,800.14 Yuan | -8.70% | H1 2024 Key Financial Indicators | Key Financial Indicators | This Reporting Period (Jan-Jun) | Prior Period | Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/Share) | 0.03 | 0.04 | -25.00% | | Basic Earnings Per Share (Excluding Non-Recurring Items) (Yuan/Share) | 0.00 | 0.01 | -100.00% | | Weighted Average Return on Net Assets (%) | 4.53 | 4.92 | Decreased by 0.39 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Items) (%) | 0.49 | 1.31 | Decreased by 0.82 percentage points | - The company attributes performance decline to: 1) intensified retail competition and changing consumer habits leading to decreased customer traffic and average transaction value; 2) proactive closure of underperforming stores; 3) a **0.41 percentage point** year-on-year decrease in overall gross margin, resulting in a **1.09 billion yuan** reduction in gross profit, which exceeded the **919 million yuan** reduction in period expenses[16](index=16&type=chunk) H1 2024 Non-Recurring Gains and Losses | Non-Recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | 210,097,906.89 | | Government Grants | 49,296,614.54 | | Fair Value Changes and Disposal Gains/Losses of Financial Assets | 9,992,035.81 | | Other Non-Operating Income and Expenses | 10,041,045.43 | | **Total** | **245,452,264.62** | [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis) [Industry and Main Business Overview](index=7&type=section&id=Industry%20and%20Main%20Business%20Overview) The company operates in the retail sector, primarily selling selected goods through offline stores and online channels, and is accelerating transformation by deepening supply chain reform amidst a slowdown in H1 2024 social consumer goods retail growth - The company's main business is a combination of offline and online retail, serving consumers of all age groups[19](index=19&type=chunk) - Industry background: In H1 2024, total retail sales of consumer goods increased by **3.7%** year-on-year, while department store retail sales decreased by **3.0%**; the company is accelerating transformation and focusing on supply chain reform in this context[19](index=19&type=chunk) [Core Competitiveness Analysis](index=7&type=section&id=Core%20Competitiveness%20Analysis) The company is actively learning from industry leaders to enhance user experience across product, scenario, and service dimensions, while strengthening its fresh produce supply chain to provide superior shopping experiences - The company's core competitiveness development focuses on learning from excellent peers, enhancing user experience across product, scenario, and service dimensions, and continuously strengthening its fresh produce supply chain[20](index=20&type=chunk) [Discussion and Analysis of Operations](index=7&type=section&id=Discussion%20and%20Analysis%20of%20Operations) In H1 2024, the company optimized operations across multiple fronts, including online business revenue exceeding 20% with reduced losses, supply chain optimization, strategic store network adjustments (5 new, 62 closed), and continuous investment in organization, logistics, food safety, and digitalization [Overall Operating Performance](index=7&type=section&id=Overall%20Operating%20Performance) The company's overall operating performance in H1 2024 included total operating revenue of 37.79 billion yuan, net profit attributable to shareholders of 275 million yuan, and a comprehensive gross margin of 21.58% H1 2024 Overall Operating Performance | Indicator | Amount | | :--- | :--- | | Total Operating Revenue | 37.79 Billion Yuan | | Net Profit Attributable to Parent Company Shareholders | 275 Million Yuan | | Net Profit Excluding Non-Recurring Items | 29.8625 Million Yuan | | Comprehensive Gross Margin | 21.58% | [Online Business](index=7&type=section&id=Online%20Business) In H1 2024, online business revenue reached 7.84 billion yuan, accounting for 20.8% of total revenue, with significant year-on-year loss reduction and active expansion into new channels like Douyin and Kuaishou - In H1 2024, online business revenue reached **7.84 billion yuan**, accounting for **20.8% of total revenue**, with a significant year-on-year reduction in losses[22](index=22&type=chunk) - "Yonghui Life" self-operated home delivery business achieved sales of **4.22 billion yuan**, a **4% year-on-year increase**, with APP registered members exceeding **200.4 million** households[22](index=22&type=chunk) - The company actively expanded into new channels like Douyin and Kuaishou, with durian becoming a top-selling item in Douyin local group purchases, ranking first in both sales and redemption[22](index=22&type=chunk) [Supply Chain Development](index=8&type=section&id=Supply%20Chain%20Development) In H1 2024, the company optimized its product structure by introducing 20,276 new items and eliminating 22,480, while its private label sales reached 1.28 billion yuan, representing 3.4% of operating revenue - In the first half of the year, the company optimized its product structure, introducing **20,276 new items** and eliminating **22,480**, with a new product introduction rate of **22.5%** and an elimination rate of **24.9%**[23](index=23&type=chunk) - Private label sales reached **1.28 billion yuan**, accounting for **3.4%** of operating revenue[23](index=23&type=chunk) [Store Expansion and Optimization](index=8&type=section&id=Store%20Expansion%20and%20Optimization) During the reporting period, the company actively optimized its store network by opening 5 new stores and closing 62, resulting in a total of 943 operational stores across 29 provinces and municipalities, with 86 additional stores signed but not yet opened - During the reporting period, the company actively promoted store network optimization, opening **5 new stores** and closing **62 stores**[24](index=24&type=chunk) - As of the end of the reporting period, a total of **943 stores** were operational, covering **29 provinces and municipalities** nationwide, with **86 stores** signed but not yet opened[24](index=24&type=chunk) [Human Resources and Organizational Development](index=11&type=section&id=Human%20Resources%20and%20Organizational%20Development) The company is implementing organizational reforms to create a flatter structure, streamline configurations, and enhance employee belonging through benefits like a 92% discount on employee purchases, while also recruiting 817 university graduates through the "1933 Project" - The company is building a flatter organization through structural reforms, streamlining configurations, and enhancing employee belonging by offering benefits such as a **92% discount** on employee purchases[31](index=31&type=chunk) - To cultivate emerging talent, a total of **817 university students** have been recruited through the "1933 Project"[31](index=31&type=chunk) [Smart Logistics](index=11&type=section&id=Smart%20Logistics) In H1 2024, the company's national logistics operations totaled 25.25 billion yuan, supported by 29 logistics centers covering 800,000 square meters across 29 provinces and municipalities - In H1 2024, national logistics operations totaled **25.25 billion yuan**, with **29 logistics centers** nationwide covering a total operating area of **800,000 square meters** across **29 provinces and municipalities**[33](index=33&type=chunk) [Food Safety](index=12&type=section&id=Food%20Safety) The company continuously improves its food safety system, updating 33 related policies and conducting 631,000 self-inspections of agricultural products, with a 3% year-on-year increase in compliance rate, while also learning from peers to enhance overall supply chain food safety governance - The company continuously improves its food safety system, updating **33 related policy guidelines** during the reporting period and organizing **631,000 self-inspections** of agricultural products by its testing stations, with a **3% year-on-year increase** in compliance rate[34](index=34&type=chunk) - The company strengthened exchanges and learning with peers like Pang Donglai, drawing on advanced management experience to enhance overall supply chain food safety governance[34](index=34&type=chunk) [Digitalization Construction](index=12&type=section&id=Digitalization%20Construction) As of June 30, 2024, the Technology Department had 487 employees, collaborating with business units to implement digital tools, refine inventory management, and improve operational efficiency - As of June 30, 2024, the Technology Department had **487 employees**, collaborating with various business units to promote the application of digital tools, refine inventory management, and enhance operational efficiency[36](index=36&type=chunk) [Main Business Analysis](index=13&type=section&id=Main%20Business%20Analysis) During the reporting period, the company's main business experienced declines across all dimensions, with retail revenue decreasing by 9.45%, fresh produce and processing revenue by 20.44%, and all regional markets showing year-on-year revenue declines, most notably in East and Central China Changes in Key Financial Statement Items | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 37,779,186,915.06 | 42,027,399,571.78 | -10.11 | | Operating Cost | 29,628,245,252.09 | 32,786,165,503.87 | -9.63 | | Selling Expenses | 6,513,523,191.26 | 7,264,482,947.30 | -10.34 | | Research and Development Expenses | 133,685,051.80 | 207,361,419.05 | -35.53 | | Investment Income | 275,981,109.67 | 121,781,506.96 | 126.62 | | Net Cash Flow from Investing Activities | -1,602,807,066.72 | 339,673,519.25 | -571.87 | Main Business by Product Category (Unit: Ten Thousand Yuan) | By Product | Operating Revenue | Operating Cost | Gross Margin (%) | YoY Change in Operating Revenue (%) | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | | Fresh Produce and Processing | 1,359,688.60 | 1,190,343.29 | 12.45 | -20.44 | Decreased by 0.77 percentage points | | Food and General Merchandise | 2,176,690.69 | 1,757,301.45 | 19.27 | -0.90 | Increased by 0.18 percentage points | Main Business by Region (Unit: Ten Thousand Yuan) | By Region | Operating Revenue | YoY Change in Operating Revenue (%) | | :--- | :--- | :--- | | Southeast Region | 591,933.64 | -10.89 | | North China Region | 381,895.20 | -7.15 | | East China Region | 807,966.21 | -11.84 | | West China Region | 703,640.73 | -8.78 | | Southwest Region | 602,741.06 | -5.34 | | South China Region | 160,315.72 | -9.37 | | Central China Region | 287,886.73 | -12.36 | [Analysis of Assets and Liabilities](index=15&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets were 47.525 billion yuan, an 8.70% decrease from the prior year-end, primarily driven by a significant increase in financial assets held for trading, a decrease in inventory, and the reclassification of long-term borrowings Changes in Key Balance Sheet Items | Item Name | Current Period-End Amount (Yuan) | Prior Year-End Amount (Yuan) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 2,709,808,027.29 | 735,971,777.07 | 268.19 | Increase due to purchase of structured deposit wealth management products in current period | | Inventory | 5,700,299,097.82 | 8,268,982,538.27 | -31.06 | Inventory decreased due to optimization of stock at period-end, compared to Spring Festival stocking at year-start | | Loans and Advances | 0 | 557,908,591.96 | -100.00 | No related business after transferring equity in Yonghui Yunjin Technology during the reporting period | | Long-Term Borrowings | 0 | 349,889,789.58 | -100.00 | Reclassified to non-current liabilities due within one year | [Investment Analysis](index=17&type=section&id=Investment%20Analysis) During the reporting period, the company continued its strategy of activating assets, recouping funds, and focusing on its core business, with financial assets measured at fair value totaling approximately 6.012 billion yuan at period-end, including 348 million yuan in equities and 5.664 billion yuan in other financial products - The company's strategy focuses on its core business, continuously activating assets to recoup funds[46](index=46&type=chunk) Changes in Financial Assets Measured at Fair Value (Unit: Yuan) | Asset Category | Beginning Balance | Amount Purchased in Current Period | Amount Sold/Redeemed in Current Period | Ending Balance | | :--- | :--- | :--- | :--- | :--- | | Equities | 388,932,227.74 | 0 | 0 | 348,110,366.74 | | Other | 3,998,519,668.57 | 2,880,000,000.00 | 1,113,653,511.72 | 5,664,263,246.40 | | Total | 4,387,451,896.31 | 2,880,000,000.00 | 1,113,653,511.72 | 6,012,373,613.14 | [Significant Asset and Equity Disposals](index=19&type=section&id=Significant%20Asset%20and%20Equity%20Disposals) During the reporting period, the company proceeded with three significant asset and equity disposals: selling shares in Dalian Wanda Commercial Management Group, transferring 10% of Hongqi Chain's shares to Sichuan Business Investment, and selling 65% of Yonghui Yunjin Technology's equity to Shanghai Paihui Technology - Disposal of Dalian Wanda Commercial Management Group shares: Total price of **4.53 billion yuan**, with adjusted payment plan and introduction of a guarantor; as of the report disclosure date, **891 million yuan** has been received, with **3.639 billion yuan** remaining to be paid[49](index=49&type=chunk) - Transfer of **10%** of Hongqi Chain shares: **136 million shares** transferred to Sichuan Business Investment, with the transaction approved by SASAC and the State Administration for Market Regulation, the agreement effective, and transfer procedures underway[50](index=50&type=chunk) - Disposal of **65%** equity in Yonghui Yunjin Technology: Total transfer price of **378 million yuan**, with full payment received; the company retains a **35%** stake after the transaction[50](index=50&type=chunk) [Analysis of Major Holding and Participating Companies](index=19&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) During the reporting period, logistics and commercial retail were core segments among the company's major holding and participating companies, with logistics firms like Fujian Yuntong and Yonghui Logistics contributing significant net profits, and Sichuan Yonghui and Chongqing Yonghui being key revenue and profit sources among retail subsidiaries Financial Summary of Major Holding and Participating Companies (Unit: Ten Thousand Yuan) | Company Abbreviation | Industry | Total Assets | Net Assets | Net Profit | Operating Revenue | | :--- | :--- | :--- | :--- | :--- | :--- | | Fujian Yuntong | Logistics and Distribution | 186,235.34 | 41,770.79 | 14,601.70 | 647,844.10 | | Yonghui Logistics | Logistics and Distribution | 181,353.55 | 40,408.41 | 9,987.11 | 318,932.67 | | Sichuan Yonghui | Commercial Retail | 388,480.44 | 76,858.36 | 3,268.58 | 461,548.49 | | Chongqing Yonghui | Commercial Retail | 429,666.91 | 43,290.33 | 2,145.61 | 543,109.37 | [Corporate Governance](index=20&type=section&id=Corporate%20Governance) [Overview of Corporate Governance](index=20&type=section&id=Overview%20of%20Corporate%20Governance) During the reporting period, the company held its 2023 Annual General Meeting, approving various proposals including amendments to the Articles of Association, annual board reports, financial resolutions, profit distribution, related-party transactions, credit plans, auditor re-appointment, and supervisor elections, ensuring standardized corporate governance operations - The company held its 2023 Annual General Meeting on May 20, 2024, reviewing and approving multiple proposals concerning corporate governance, finance, related-party transactions, and personnel changes[53](index=53&type=chunk)[54](index=54&type=chunk) [Changes in Directors, Supervisors, and Senior Management](index=21&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, the company's senior management team underwent several changes, including Huang Mingyue's departure as CFO, succeeded by Wu Kaizhi, and Wu Lefeng's departure as Board Secretary, succeeded by Huang Xiaofeng, alongside other supervisor and vice president level changes Senior Management Changes | Name | Position Held | Change Type | | :--- | :--- | :--- | | Huang Mingyue | Chief Financial Officer | Resigned | | Wu Kaizhi | Chief Financial Officer | Appointed | | Wu Lefeng | Board Secretary | Resigned | | Huang Xiaofeng | Board Secretary | Appointed | | Wu Lefeng | Supervisor | Elected | | Xiong Houfu | Supervisor | Resigned | | Peng Huasheng | Vice President | Resigned | | Wu Guangwang | Vice President | Dismissed | | Lin Jianhua | Vice President | Dismissed | [Environmental and Social Responsibility](index=23&type=section&id=Environmental%20and%20Social%20Responsibility) [Environmental Information](index=23&type=section&id=Environmental%20Information) The company and its subsidiaries are not classified as key polluting entities by environmental protection authorities, and during the reporting period, they strictly complied with national environmental regulations, incurring no environmental violations or administrative penalties - The company and its subsidiaries are not classified as key polluting entities, with no environmental violations or penalties during the reporting period[60](index=60&type=chunk) [Significant Matters](index=24&type=section&id=Significant%20Matters) [Fulfillment of Commitments](index=24&type=section&id=Fulfillment%20of%20Commitments) During the reporting period, company shareholders Zhang Xuansong and Zhang Xuanning continued to strictly fulfill long-term commitments made since the 2010 IPO, including resolving horizontal competition, standardizing related-party transactions, addressing property defects, and implementing housing provident fund systems - Company shareholders Zhang Xuansong and Zhang Xuanning have strictly fulfilled long-term commitments made since the 2010 IPO, including avoiding horizontal competition and standardizing related-party transactions, during the reporting period[64](index=64&type=chunk)[65](index=65&type=chunk) [Significant Litigation and Arbitration Matters](index=27&type=section&id=Significant%20Litigation%20and%20Arbitration%20Matters) During the reporting period, the company was involved in multiple significant litigation and arbitration cases, primarily lease and sales contract disputes, with several cases exceeding ten million yuan and some in slow or stalled enforcement, potentially impacting operations - The company has multiple significant litigation and arbitration matters during this reporting period, with relevant information disclosed in interim announcements[68](index=68&type=chunk)[69](index=69&type=chunk) - Litigation and arbitration cases not disclosed in interim announcements or with subsequent progress primarily involve lease and sales contract disputes, with significant amounts, and some cases are in enforcement or trial procedures[70](index=70&type=chunk) [Significant Contracts and Their Performance](index=108&type=section&id=Significant%20Contracts%20and%20Their%20Performance) The company is performing a significant asset disposal contract to sell its shares in Dalian Wanda Commercial Management Group Co., Ltd. to Dalian Yujin Trading Co., Ltd. for approximately 4.53 billion yuan, with an adjusted payment plan and guarantor, having received 891 million yuan to date - The company signed a supplementary agreement with Dalian Yujin for the disposal of Wanda Commercial Management shares, adjusting the payment plan and adding a guarantor; as of the report disclosure date, a total of **891 million yuan** in share transfer payments has been received, with **3.639 billion yuan** remaining to be paid[161](index=161&type=chunk) [Share Changes and Shareholder Information](index=109&type=section&id=Share%20Changes%20and%20Shareholder%20Information) [Changes in Share Capital](index=109&type=section&id=Changes%20in%20Share%20Capital) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[163](index=163&type=chunk) [Shareholder Information](index=109&type=section&id=Shareholder%20Information) As of the end of the reporting period, the company had 222,927 common shareholders, with the top three being Dairy Farm International Holdings Limited (21.08%), Zhang Xuansong (8.72%), and Beijing Jingdong Century Trading Co., Ltd. (8.11%), while Mr. Zhang Xuansong and his concerted parties collectively held 13.57% - As of the end of the reporting period, the company had a total of **222,927 common shareholders**[163](index=163&type=chunk) Top Ten Shareholders' Holdings | Shareholder Name | Shares Held at Period-End | Percentage (%) | | :--- | :--- | :--- | | Dairy Farm International Holdings Limited | 1,913,135,376 | 21.08 | | Zhang Xuansong | 791,242,298 | 8.72 | | Beijing Jingdong Century Trading Co., Ltd. | 736,437,197 | 8.11 | | Zhang Xuanning | 634,969,840 | 7.00 | | Linzhi Tencent Technology Co., Ltd. | 478,523,106 | 5.27 | | Suqian Hanbang Investment Management Co., Ltd. | 391,402,804 | 4.31 | - Explanation of shareholder relationships: Mr. Zhang Xuansong signed concerted action agreements with several Xishirun private equity funds, holding a combined **13.57%**; Zhang Xuanning and Zhang Xuansong are brothers; Beijing Jingdong Century Trading Co., Ltd. and Suqian Hanbang Investment Management Co., Ltd. are concerted parties[166](index=166&type=chunk) [Financial Report](index=114&type=section&id=Financial%20Report) [Financial Statements](index=114&type=section&id=Financial%20Statements) As of June 30, 2024, the company's total assets were 47.525 billion yuan, total liabilities were 41.373 billion yuan, and equity attributable to parent company owners was 6.153 billion yuan, with H1 2024 operating revenue of 37.779 billion yuan and net cash flow from operating activities of 2.940 billion yuan [Consolidated Balance Sheet](index=114&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2024, the consolidated balance sheet shows total assets of 47.525 billion yuan, total liabilities of 41.373 billion yuan, and total owners' equity of 6.152 billion yuan Consolidated Balance Sheet Summary (June 30, 2024) | Item | Amount (Yuan) | | :--- | :--- | | **Assets** | | | Total Current Assets | 16,644,770,608.52 | | Total Non-Current Assets | 30,880,591,288.67 | | **Total Assets** | **47,525,361,897.19** | | **Liabilities and Owners' Equity** | | | Total Current Liabilities | 21,939,984,132.53 | | Total Non-Current Liabilities | 19,433,288,640.86 | | **Total Liabilities** | **41,373,272,773.39** | | Total Owners' Equity Attributable to Parent Company | 6,153,385,774.95 | | Non-controlling Interests | -1,296,651.15 | | **Total Owners' Equity** | **6,152,089,123.80** | | **Total Liabilities and Owners' Equity** | **47,525,361,897.19** | [Consolidated Income Statement](index=119&type=section&id=Consolidated%20Income%20Statement) For H1 2024, the consolidated income statement shows total operating revenue of 37.779 billion yuan, total operating costs of 37.901 billion yuan, and net profit attributable to parent company shareholders of 275 million yuan Consolidated Income Statement Summary (Jan-Jun 2024) | Item | Amount (Yuan) | | :--- | :--- | | I. Total Operating Revenue | 37,779,186,915.06 | | II. Total Operating Costs | 37,901,260,794.72 | | Including: Operating Costs | 29,628,245,252.09 | | Selling Expenses | 6,513,523,191.26 | | III. Operating Profit | 258,249,007.89 | | IV. Total Profit | 323,783,654.06 | | V. Net Profit | 210,827,566.08 | | Net Profit Attributable to Parent Company Shareholders | 275,314,748.17 | | Non-controlling Interests | -64,487,182.09 | [Consolidated Cash Flow Statement](index=123&type=section&id=Consolidated%20Cash%20Flow%20Statement) For H1 2024, the consolidated cash flow statement shows net cash flow from operating activities of 2.940 billion yuan, net cash used in investing activities of 1.603 billion yuan, and net cash used in financing activities of 2.148 billion yuan Consolidated Cash Flow Statement Summary (Jan-Jun 2024) | Item | Amount (Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 2,939,805,871.88 | | Net Cash Flow from Investing Activities | -1,602,807,066.72 | | Net Cash Flow from Financing Activities | -2,147,697,794.38 | | Net Increase in Cash and Cash Equivalents | -810,699,879.36 | | Cash and Cash Equivalents at Period-End | 4,885,936,321.31 | [Notes to Financial Statements (Selected)](index=135&type=section&id=Notes%20to%20Financial%20Statements%20%28Selected%29) The company's financial statements are prepared on a going concern basis, adhering to Chinese Enterprise Accounting Standards, with key policies including expected credit loss model for financial instruments, moving weighted average cost for inventory, and revenue recognition upon customer obtaining control of goods or services - The company's financial statements are prepared on a going concern basis, adhering to Enterprise Accounting Standards[201](index=201&type=chunk)[202](index=202&type=chunk) - Key accounting policies include: impairment of financial instruments using the expected credit loss model; inventory valuation using the moving weighted average method; and revenue recognition when the customer obtains control of goods[216](index=216&type=chunk)[225](index=225&type=chunk)[253](index=253&type=chunk)