Core Viewpoint - Yonghui Supermarket Co., Ltd. is expected to report a net loss attributable to shareholders for the fiscal year 2025, indicating a decline in operational performance [1] Financial Performance - The company’s financial department has conducted preliminary calculations, forecasting a negative net profit for the year 2025 [1] - The final financial data will be disclosed in the official 2025 annual report, adhering to the regulations of the Shanghai Stock Exchange [1]

Group 1: WuXi AppTec - WuXi AppTec expects a revenue of approximately RMB 45.456 billion for 2025, representing a year-on-year growth of about 15.84%, with a 21.40% increase in revenue from continuing operations [1] - The adjusted net profit attributable to shareholders is projected to be around RMB 14.957 billion, reflecting a year-on-year growth of approximately 41.33% [1] - The net profit attributable to shareholders, excluding non-recurring gains and losses, is expected to be about RMB 13.241 billion, with a year-on-year increase of approximately 32.56% [1] Group 2: Shanghai Port Group - Shanghai Port Group reported a total revenue of RMB 39.44 billion for 2025, which is a year-on-year increase of 3.5% [2][3] - The net profit attributable to shareholders decreased by 10.4% to RMB 13.4 billion [2][3] - The net profit attributable to shareholders, excluding non-recurring gains and losses, fell by 8.1% to RMB 12.2 billion [2][3] Group 3: Zangge Mining - Zangge Mining forecasts a net profit attributable to shareholders between RMB 3.7 billion and RMB 3.95 billion for 2025, indicating a growth of 43.41% to 53.10% year-on-year [4] - The net profit, excluding non-recurring gains and losses, is expected to be between RMB 3.87 billion and RMB 4.12 billion, reflecting a growth of 51.95% to 61.76% [4] Group 4: Sanan Optoelectronics - Sanan Optoelectronics anticipates a net loss attributable to shareholders between RMB -200 million and RMB -400 million for 2025, compared to a profit of RMB 253 million in the previous year [5] - The net profit, excluding non-recurring gains and losses, is expected to be between RMB -750 million and RMB -850 million [5] Group 5: JA Solar Technology - JA Solar Technology projects a net loss attributable to shareholders between RMB -4.5 billion and RMB -4.8 billion for 2025 [12] - The company maintains a leading position in battery module shipments, but faces significant pressure on sales prices and profitability due to industry competition and supply-demand imbalances [12] Group 6: Rongbai Technology - Rongbai Technology expects a net loss attributable to the parent company between RMB -150 million and RMB -190 million for 2025 [18] - The company anticipates a turnaround in the fourth quarter with a projected net profit of approximately RMB 30 million [18] Group 7: Sanxiang New Materials - Sanxiang New Materials forecasts a net profit attributable to shareholders between RMB 100 million and RMB 130 million for 2025, representing a year-on-year growth of 31.99% to 71.58% [21] - The company is focusing on expanding its zirconium product chain and optimizing its customer structure to enhance profitability [21]

Investment Rating - The report maintains an "Outperform" rating for the retail sector [3][56]. Core Insights - The retail sector is expected to benefit from increased policy support, with leading companies poised for growth [1][3]. - The overall consumption environment in 2025 is projected to be stable, with structural highlights emerging, particularly as consumption policies become clearer [1][12]. - The report identifies two main trends for 2026: the continuation of new consumption trends and the anticipated reversal of challenges faced by traditional consumption [2][20]. Summary by Sections Market Performance Review - In 2025, the SW retail index increased by 11.6%, underperforming the CSI 300 index by 6.1 percentage points, while the beauty care index rose by only 0.4%, lagging behind the CSI 300 by 17.35 percentage points [1][16]. - The retail sector's performance was initially strong in the first half of 2025 but faced a decline in the second half due to a shift in market focus towards technology [1][16]. Investment Recommendations - The report suggests several sectors for investment: 1. **Gold and Jewelry**: The sector is entering a consumption peak, with low valuations and expected growth in same-store sales and channel expansion. Recommended companies include潮宏基, 菜百股份, and 周大福 [3][56]. 2. **Beauty and Personal Care**: The sector is returning to low valuations, with traditional leaders showing signs of recovery. Recommended companies include 上美股份 and 珀莱雅 [3][56]. 3. **Offline Retail**: The end of the year is a peak sales period, with potential positive impacts from CPI recovery. Recommended companies include 名创优品 and 永辉超市 [3][56]. 4. **Cross-border E-commerce**: Companies are expected to benefit from reduced external tariff impacts, with recommendations including 小商品城 and 安克创新 [3][56]. Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for key companies, all rated "Outperform" for 2025 and 2026, including 潮宏基, 上美股份, and 珀莱雅, with respective PE ratios indicating growth potential [5][59]. Recent Industry Data Tracking - As of November 2025, the total retail sales of consumer goods reached 43,898 billion yuan, with a year-on-year growth of 1.3%. The growth was influenced by high base effects and the timing of promotional events [26][30]. - Online retail sales for the first 11 months of 2025 reached 144,582 billion yuan, growing by 9.1%, with physical goods online retail accounting for 25.9% of total retail sales [28][30]. Policy Support and Future Outlook - Recent policy initiatives emphasize the importance of boosting consumer spending, with a focus on increasing the consumption rate and stabilizing demand through various measures [13][24]. - The report anticipates that traditional consumption leaders will gradually improve their performance as they adapt to new market conditions and innovate their product offerings [24][20].

针对营收同比下降，永辉超市表示，一方面零售行业竞争激烈，部分消费者消费习惯的改变以及消费者 对购物体验、商品品质等要求更高，公司客流、客单均出现一定程度下滑；另一方面，公司主动进行门 店优化调改，在对潜力门店进行关店改造的同时淘汰关闭了部分尾部门店，以上两方面因素共同影响， 使得公司同店销售及门店数量均有所下滑。 针对归母净亏损扩大，永辉超市解释称，这主要是受到营收和毛利率下滑的影响。三季度毛利率下滑主 要是公司在门店调改过程中优化商品结构和采购模式，在淘汰旧品、引入新品的过程中，主动推动裸价 和控后台的策略，属于转型过程中的短期影响。 2025年12月8日，永辉超市发布关于持股5%以上股东的一致行动人集中竞价减持股份结果。公告显示， 公司控股股东、董事长张轩松的一致行动人——上海喜世润投资管理有限公司－喜世润合润6号私募证 券投资基金已完成此前披露的集中竞价减持计划，合计减持公司股份9075万股，套现金额约3.77亿元。 本次减持后，张轩松及其一致行动人合计持股数量降至11.84亿股（减持前12.75亿股减去本次减持的 9075万股），仍占公司总股本的13.05%，维持对公司的重要持股地位。 1月12日晚， ...

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永辉超市公告，经公司财务部门初步测算，预计2025年度归属于上市公司股东的净利润为负值，2025年 度经营业绩将出现亏损。公司将严格遵循《上海证券交易所股票上市规则》等相关规定，加快推进财务 核算工作，尽快披露2025年度业绩预告。最终财务数据请以公司正式披露的2025年年度报告为准。 ...