调改与关店并行之下，永辉超市（601933）仍然没能走出谷底。 8月20日，永辉超市发布2025年中报。今年上半年，永辉超市实现营收299.48亿元，同比下降20.73%， 归母净亏损2.41亿元；扣非后归母净亏损8.02亿元。 在此之前，永辉超市已经连续亏损四年，总亏损额逾95亿元。虽然亏损额呈现收窄的趋势，但是这份业 绩报告仍让资本市场存在忧虑。 永辉超市给出的亏损理由是，由于关闭长期经营亏损门店，以及门店调改期歇业等因素，报告期营业收 入同比下滑。此外，整体销售规模减少、商品供应链改革带来的短期毛利率下降，叠加闭店过程中产生 的成本费用，以及Advantage Solutions股票本年公允价值变动损益，共同导致今年上半年业绩亏损。 永辉超市认为这是"短期"的影响，但这难以让投资者信服。 去年9月，永辉超市迎来名创优品的入主，后者以62.7亿元收购永辉超市29.4%的股权。迎来名创优品 后，永辉超市的"止损"路线是学习"胖东来模式"，继续调改，走品质零售路线。 可惜的是，在永辉超市最新的这份财报中，永辉超市对调改的详细数据以及具体进度着墨较少，在业绩 会上也并未过多回应调改的成果。这是永辉超市的"不确定 ...

Core Insights - The sales scale of China's top 100 supermarket companies reached approximately 900 billion yuan, with a year-on-year growth of 0.3%, while the total number of stores decreased by 9.8% to 25,200, indicating transformation challenges in the supermarket industry due to diversified consumer markets and e-commerce impacts [1][3] Group 1: Company Performance - Among the top 100 companies, 42 achieved positive sales growth, but only 25 increased their store numbers, with only 14 companies achieving both sales and store growth [1] - Walmart (China) led the list with a sales scale of 158.84 billion yuan and 334 stores, showcasing its strong supply chain and brand influence [5] - Hema (盒马) emerged as a strong competitor, achieving sales of approximately 75 billion yuan with 420 stores, demonstrating rapid growth and innovative strategies [6] Group 2: Operational Strategies - Some companies optimized resource allocation by closing underperforming stores and focusing on enhancing the service quality of core stores, such as Fat Donglai Supermarket, which is known for its exceptional service [3] - Companies like Jibai Holdings and Lihua Group displayed solid performance through stable operational strategies, with Jibai achieving a sales scale of approximately 12.06 billion yuan and 3,179 stores [3][5] Group 3: Market Trends - The overall decline in store numbers reflects the industry's adaptation to changing consumer preferences and the competitive landscape influenced by e-commerce [1] - The significant performance disparity among companies highlights the importance of precise market positioning, innovative business strategies, and superior service quality in navigating the competitive environment [1][3]

Group 1 - Xiamen Tungsten's revenue for the first half of 2025 reached 19.178 billion yuan, an increase of 11.75% year-on-year [1] - Xiamen Tungsten's net profit attributable to shareholders decreased by 4.37% year-on-year to 972 million yuan [1] - Xiamen Tungsten plans to distribute a cash dividend of 1.84 yuan per 10 shares [1] Group 2 - Sinopec's revenue for the first half of 2025 was 1.41 trillion yuan, a decrease of 10.6% year-on-year [1][2] - Sinopec's net profit attributable to shareholders fell by 39.8% year-on-year to 21.483 billion yuan [1][2] - Sinopec's basic earnings per share were 0.177 yuan [1] Group 3 - Xinhua Department Store's revenue for the first half of 2025 was 3.254 billion yuan, a decrease of 0.99% year-on-year [3][4] - Xinhua Department Store's net profit attributable to shareholders decreased by 2.52% year-on-year to 86.08 million yuan [3][4] - Xinhua Department Store plans to distribute a cash dividend of 1 yuan per 10 shares [3] Group 4 - Huaqin Technology's revenue for the first half of 2025 reached 516 million yuan, an increase of 6.44% year-on-year [5][6] - Huaqin Technology's net profit attributable to shareholders decreased by 32.45% year-on-year to 146 million yuan [5][6] - Huaqin Technology plans to distribute a cash dividend of 1.3 yuan per 10 shares [5] Group 5 - Tianhao Energy's revenue for the first half of 2025 was 1.372 billion yuan, a decrease of 32.15% year-on-year [7] - Tianhao Energy's net profit attributable to shareholders decreased by 32.08% year-on-year to 69.01 million yuan [7] - Tianhao Energy's basic earnings per share were 0.0798 yuan [7] Group 6 - Wanliyang's revenue for the first half of 2025 reached 2.812 billion yuan, an increase of 2.69% year-on-year [8][9] - Wanliyang's net profit attributable to shareholders increased by 50.24% year-on-year to 277 million yuan [8][9] - Wanliyang's basic earnings per share were 0.21 yuan [8] Group 7 - Kede CNC's revenue for the first half of 2025 was 295 million yuan, an increase of 15.24% year-on-year [10] - Kede CNC's net profit attributable to shareholders increased by 1.27% year-on-year to 49.06 million yuan [10] - Kede CNC's basic earnings per share were 0.4582 yuan [10] Group 8 - Saifutian's revenue for the first half of 2025 reached 1.06 billion yuan, an increase of 62.41% year-on-year [11] - Saifutian achieved a net profit of 3.08 million yuan, recovering from a loss of 12.49 million yuan in the previous year [11] - Saifutian's basic earnings per share were 0.01 yuan [11] Group 9 - Funeng's revenue for the first half of 2025 was 6.369 billion yuan, a decrease of 4.44% year-on-year [13][14] - Funeng's net profit attributable to shareholders increased by 12.48% year-on-year to 1.337 billion yuan [13][14] - Funeng plans to distribute a cash dividend of 0.73 yuan per 10 shares [13] Group 10 - Ningbo Shipping reported a net loss of 39.23 million yuan for the first half of 2025 [15][16] - Ningbo Shipping's revenue for the first half of 2025 was 1.157 billion yuan, an increase of 11.33% year-on-year [15][16] - Ningbo Shipping's basic earnings per share were a loss of 0.0325 yuan [15] Group 11 - Samsung Medical's revenue for the first half of 2025 reached 7.972 billion yuan, an increase of 13.93% year-on-year [17][18] - Samsung Medical's net profit attributable to shareholders increased by 6.93% year-on-year to 1.23 billion yuan [17][18] - Samsung Medical plans to distribute a cash dividend of 4.85 yuan per 10 shares [17] Group 12 - Huiding Technology's revenue for the first half of 2025 was 2.251 billion yuan, a decrease of 0.20% year-on-year [20] - Huiding Technology's net profit attributable to shareholders increased by 35.74% year-on-year to 431 million yuan [20] - Huiding Technology plans to distribute a cash dividend of 0.15 yuan per share [20] Group 13 - Baihua Pharmaceutical's revenue for the first half of 2025 reached 202 million yuan, an increase of 2.95% year-on-year [21] - Baihua Pharmaceutical's net profit attributable to shareholders increased by 12.45% year-on-year to 25.48 million yuan [21] - Baihua Pharmaceutical's basic earnings per share were 0.0663 yuan [21] Group 14 - Stanley's revenue for the first half of 2025 was 6.391 billion yuan, an increase of 12.66% year-on-year [22][23] - Stanley's net profit attributable to shareholders increased by 18.9% year-on-year to 607 million yuan [22][23] - Stanley plans to distribute a cash dividend of 0.45 yuan per 10 shares [22] Group 15 - Duoli Technology's revenue for the first half of 2025 reached 1.734 billion yuan, an increase of 13.15% year-on-year [24] - Duoli Technology's net profit attributable to shareholders decreased by 28.13% year-on-year to 157 million yuan [24] - Duoli Technology's basic earnings per share were 0.51 yuan [24] Group 16 - Datang Telecom reported a net loss of 81.17 million yuan for the first half of 2025 [25][26] - Datang Telecom's revenue for the first half of 2025 was 275 million yuan, a decrease of 3.32% year-on-year [25][26] - Datang Telecom's basic earnings per share were a loss of 0.0623 yuan [25] Group 17 - Niuwei Co.'s revenue for the first half of 2025 reached 3.404 billion yuan, an increase of 19.96% year-on-year [27][28] - Niuwei Co.'s net profit attributable to shareholders increased by 30.44% year-on-year to 637 million yuan [27][28] - Niuwei Co. plans to distribute a cash dividend of 5.8 yuan per 10 shares [27] Group 18 - ST Zhiyun reported a net loss of 106 million yuan for the first half of 2025 [29][30] - ST Zhiyun's revenue for the first half of 2025 was 89.13 million yuan, a decrease of 63.59% year-on-year [29][30] - ST Zhiyun's basic earnings per share were a loss of 0.37 yuan [29] Group 19 - Huace Testing's revenue for the first half of 2025 reached 2.96 billion yuan, an increase of 6.05% year-on-year [31] - Huace Testing's net profit attributable to shareholders increased by 7.03% year-on-year to 467 million yuan [31] - Huace Testing plans to distribute a cash dividend of 0.5 yuan per 10 shares [31] Group 20 - Taixiang's revenue for the first half of 2025 was 219 million yuan, an increase of 6.57% year-on-year [32] - Taixiang's net profit attributable to shareholders increased by 16.12% year-on-year to 25.30 million yuan [32] - Taixiang's basic earnings per share were 0.2533 yuan [32] Group 21 - Huayi Technology applied for a credit line of up to 165 million yuan from HSBC [33][34] - Huayi Technology will use real estate as collateral for the credit line [33][34] Group 22 - Hengong Precision plans to use up to 70 million yuan of idle raised funds for cash management [35][36] - Hengong Precision will invest in high-security, high-liquidity products with a term not exceeding 12 months [35][36] Group 23 - Tianhe's financial assistance to its associate company has not been repaid [37] - Tianhe provided 243,200 yuan in financial assistance to its associate company [37] Group 24 - Spring and Autumn Electronics' revenue for the first half of 2025 reached 1.926 billion yuan, an increase of 2.62% year-on-year [38] - Spring and Autumn Electronics' net profit attributable to shareholders increased by 248.44% year-on-year to 93.31 million yuan [38] - Spring and Autumn Electronics' basic earnings per share were 0.21 yuan [38] Group 25 - Kingsoft Office's revenue for the first half of 2025 was 2.657 billion yuan, an increase of 10.12% year-on-year [39][40] - Kingsoft Office's net profit attributable to shareholders increased by 3.57% year-on-year to 747 million yuan [39][40] Group 26 - Yanjinpuzi's revenue for the first half of 2025 reached 2.941 billion yuan, an increase of 19.58% year-on-year [41] - Yanjinpuzi's net profit attributable to shareholders increased by 16.70% year-on-year to 373 million yuan [41] Group 27 - Muyuan's revenue for the first half of 2025 was 76.463 billion yuan, an increase of 34.46% year-on-year [43][44] - Muyuan's net profit attributable to shareholders increased by 1169.77% year-on-year to 10.53 billion yuan [43][44] - Muyuan plans to distribute a cash dividend of 9.32 yuan per 10 shares [43][44] Group 28 - Tianwei Food is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange [45][46] Group 29 - Alloy Investment's shareholder plans to reduce their stake by no more than 3% [47] - Alloy Investment's shareholder plans to sell up to 11.5531 million shares [47] Group 30 - Rongzhi Rixin's controlling shareholder plans to reduce their stake by no more than 3% [48] - Rongzhi Rixin's controlling shareholder plans to sell up to 1.2318 million shares [48] Group 31 - Yijiahe's shareholders plan to reduce their stake by no more than 2% [49] - Yijiahe's shareholders plan to sell up to 409.72 million shares [49] Group 32 - Dongfeng Group adjusted the upper limit of its share repurchase price to 6.28 yuan per share [50] Group 33 - Jingu's revenue for the first half of 2025 reached 2.123 billion yuan, an increase of 10.04% year-on-year [51] - Jingu's net profit attributable to shareholders increased by 45.36% year-on-year to 30.27 million yuan [51] Group 34 - Yibai Pharmaceutical reported a net loss of 19.9 million yuan for the first half of 2025 [52] - Yibai Pharmaceutical's revenue for the first half of 2025 was 999 million yuan, a decrease of 14.99% year-on-year [52] Group 35 - Yonghui Supermarket reported a net loss of 241 million yuan for the first half of 2025 [53] - Yonghui Supermarket's revenue for the first half of 2025 was 29.948 billion yuan, a decrease of 20.73% year-on-year [53] Group 36 - Suotong Development's net profit increased by 1568.52% year-on-year to 523 million yuan [54] - Suotong Development's revenue for the first half of 2025 was 8.306 billion yuan, an increase of 28.28% year-on-year [54]

Core Insights - The Chinese supermarket industry is facing significant transformation pressures due to diverse consumer demands, e-commerce impacts, and a need for resource optimization [2] - Among the top 100 supermarkets in China, 42 companies experienced year-on-year sales growth, while only 14 achieved both sales and store count growth [2] - Walmart (China) leads the market with a sales scale of approximately 158.84 billion yuan, followed by RT-Mart and Hema [8][9] Industry Overview - The total sales scale of the top 100 supermarkets in China reached about 900 billion yuan, with a slight year-on-year growth of 0.3% [2] - The total number of stores decreased by 9.8% to 25,200 [2] - The industry is witnessing a clear differentiation among companies, with some closing underperforming stores to focus on core operations [2] Company Performance - Hema (China) ranked third with a sales figure of approximately 75 billion yuan and plans to open nearly 100 new stores [9] - Walmart (China) reported a year-on-year sales increase of 19.6% [8] - The top 5 supermarkets include Walmart (China), RT-Mart, Hema, Yonghui Superstores, and Wumart, with varying sales performances [8] Notable Companies - The 19th ranked company, Pang Donglai, emphasizes exceptional customer service, contributing to its sales of approximately 8.09 billion yuan [4] - Lianhua Supermarket, ranked 6th, has a sales scale of about 48.64 billion yuan and focuses on community convenience [6] - The 11th ranked Jibai Holdings experienced a significant sales decline of 40.3% [8]

文 | 《BUG》栏目 徐苑蕾 永辉超市2025年半年报昨日揭晓，尽管"胖东来模式"调改门店已超百家，但仍难抵消整体收缩带来的业 绩缺口。 财报显示，公司上半年营收299.48亿元，同比下滑20.73%；归母净利润由盈转亏，录得亏损2.41亿元。 收入骤降背后，是永辉超市自2024年下半年启动的深度转型：大规模关店227家、门店调改歇业及供应 链汰换导致阵痛。 除了表面上的业绩下滑，永辉超市还面临着更多深层弊病。有食品供应链人士透露，永辉超市此前采购 体系存在"卡要"乱象，腐败问题频发。 此外，财报显示，永辉超市第一大股东、法人为叶国富的广东骏才国际商贸有限公司已质押18.68亿股 公司股份，占其全部持股的70%，占总股本的20.58%，使得永辉超市的质押率逼近30%警戒线。 值得注意的是，随着名创优品和其创始人叶国富的入主，今年上半年，永辉超市董事会迎来重大调整。 永辉超市创始人之一张轩松继续担任董事长，此外叶国富等"名创系"高管进入董事会，而京东背景、原 永辉超市CEO李松峰则未再当选新一届董事。财报数据显示，2024年，张轩松获得税前报酬总额为 60.43万元。 由盈转亏，福州大本营大规模关店 2024 ...

（原标题：7.50亿元资金今日流入商贸零售股） 沪指8月21日上涨0.13%，申万所属行业中，今日上涨的有17个，涨幅居前的行业为农林牧渔、石油石 化，涨幅分别为1.50%、1.39%。商贸零售行业今日上涨0.70%。跌幅居前的行业为机械设备、电力设 备，跌幅分别为1.08%、0.98%。 商贸零售行业今日上涨0.70%，全天主力资金净流入7.50亿元，该行业所属的个股共97只，今日上涨的 有53只，涨停的有3只；下跌的有38只。以资金流向数据进行统计，该行业资金净流入的个股有37只， 其中，净流入资金超3000万元的有8只，净流入资金居首的是跨境通，今日净流入资金7.05亿元，紧随 其后的是翠微股份、国联股份，净流入资金分别为5.57亿元、9063.30万元。商贸零售行业资金净流出个 股中，资金净流出超5000万元的有5只，净流出资金居前的有武商集团、供销大集、永辉超市，净流出 资金分别为9480.70万元、6753.77万元、6715.47万元。（数据宝） | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | -- ...

Core Viewpoint - Yonghui Supermarket's performance has significantly declined in the first half of 2025, with a revenue drop of 20.73% year-on-year, leading to a net loss of 241 million yuan, attributed to a deep transformation strategy initiated in late 2024, including the closure of 227 stores and supply chain upgrades [2][6][15]. Financial Performance - In the first half of 2025, Yonghui Supermarket reported total revenue of 29.948 billion yuan, a decrease of 20.73% compared to the previous year [6]. - The company transitioned from profit to loss, recording a net loss of 241 million yuan, compared to a profit of 275 million yuan in the same period last year, marking an increase in loss of 516 million yuan [6][7]. - The company also reported a non-recurring net profit loss of 802 million yuan, compared to a profit of 29.86 million yuan in the previous year [6]. Strategic Transformation - Yonghui Supermarket has initiated a large-scale transformation, including the closure of 227 underperforming stores and a significant upgrade of suppliers and products, which has led to short-term gross margin declines [7][13]. - The company has adopted the "Fat Donglai model" and aims to complete the transformation of 300 stores by early 2026, with 112 stores already modified as of June 26, 2025 [6][15]. Shareholder Dynamics - The largest shareholder, Guangdong Jun Cai International Trade Co., owned by Ye Guofu, has pledged 1.868 billion shares, accounting for 70% of its holdings and 20.58% of the total share capital, bringing the company's pledge rate close to the 30% warning line [4][10]. - Following Ye Guofu's acquisition of a 29.4% stake in Yonghui Supermarket, significant changes occurred in the board of directors, with new members from the "Ming Chuang" system and the departure of the former CEO [10][15]. Supply Chain Issues - Yonghui Supermarket faces deep-rooted issues in its procurement system, which has been criticized for corruption and inefficiency. The company has announced plans to optimize its supply chain and improve transparency [12][13]. - Food safety has been a persistent problem, with incidents reported that have affected the company's reputation [12][13]. Future Outlook - Yonghui Supermarket has announced a major fundraising plan to raise 3.992 billion yuan, with over 3.2 billion yuan allocated for the transformation of 298 stores under the "Fat Donglai model," indicating a commitment to its strategic overhaul despite current losses [15].

Investment Rating - The report maintains a "Buy" rating for Yonghui Supermarket (601933.SH) [1] Core Views - The company is undergoing a painful reform period, with expectations for a turning point to come [1] - Revenue for H1 2025 was 29.95 billion RMB, a year-on-year decline of 20.73%, with a net loss attributable to shareholders of 240 million RMB, an increase in loss of 516 million RMB compared to the same period last year [1][2] - The decline in revenue is primarily due to store closures and the adjustment of stores, with a significant number of long-term loss-making stores being shut down [2][3] Summary by Sections Performance Analysis - The overall sales scale has decreased, and the company is experiencing short-term gross margin decline due to supply chain reforms [2] - The gross margin for the reporting period was 20.80%, down 0.78% year-on-year [2] - The company closed 227 loss-making stores during the reporting period, incurring costs related to leasing, personnel compensation, and asset write-offs [2] Operational Strategy - The company is accelerating its supply chain reform, having signed contracts for bare procurement with 2,860 standard product suppliers and reducing the number of suppliers by approximately 50% [2] - The fresh food segment has increased the proportion of source procurement to over 60% [2] - The self-operated sales ratio in the cooked food processing segment increased from 40.2% to 78.1% [2] Store Opening and Closing - The company opened 93 adjusted stores in H1 2025, with a total of 124 adjusted stores by the end of June 2025 [3] - The total number of stores decreased to 552, with adjusted stores accounting for 22% [3] - It is expected that by the end of the year, adjusted stores will account for over 50%, potentially leading to a performance turning point [3] Profit Forecast and Valuation - Revenue projections for 2025-2027 are 56.939 billion RMB, 97.996 billion RMB, and 111.198 billion RMB, with year-on-year changes of -15.74%, +72.11%, and +13.47% respectively [4] - The net profit attributable to shareholders is forecasted to be -426 million RMB, 1.291 billion RMB, and 1.805 billion RMB for the same period, with a significant recovery expected in 2026 [4] - The current stock price corresponds to a PE ratio of N/A for 2025, 35x for 2026, and 25x for 2027 [4]

消息面上，永辉超市（601933）发布2025年上半年业绩情况，今年上半年实现营业总收入299.48亿元， 同比下跌20.73%；净利润亏损2.41亿元，而上一年的净利润为2.75亿元，同比由盈转亏。针对今年上半 年收入下滑，永辉超市称，主要是因为其自去年下半年开启整体战略与经营的深度转型工作，关闭长期 经营亏损门店以及门店调改期歇业等因素所致。虽然调改门店收入较同期有大幅度增加，但无法弥补因 关店产生的收入下降。 值得注意的是，2024年9月，名创优品的子公司骏才国际以62.70亿元的价格收购永辉超市的29.4%股 份。据悉，名创优品拟于8月21日举行董事会会议批准中期业绩。野村表示，预计名创优品的二季度财 报将符合预期，当中，收入预计按年升19%至48亿元人民币；经营溢利料跌1%至7.44亿元人民币。 名创优品(09896)绩前跌超7%，截至发稿，跌4.75%，报38.94港元，成交额4.44亿港元。 ...

智通财经APP获悉，名创优品(09896)绩前跌超7%，截至发稿，跌4.75%，报38.94港元，成交额4.44亿港 元。 消息面上，永辉超市发布2025年上半年业绩情况，今年上半年实现营业总收入299.48亿元，同比下跌 20.73%；净利润亏损2.41亿元，而上一年的净利润为2.75亿元，同比由盈转亏。针对今年上半年收入下 滑，永辉超市称，主要是因为其自去年下半年开启整体战略与经营的深度转型工作，关闭长期经营亏损 门店以及门店调改期歇业等因素所致。虽然调改门店收入较同期有大幅度增加，但无法弥补因关店产生 的收入下降。 值得注意的是，2024年9月，名创优品的子公司骏才国际以62.70亿元的价格收购永辉超市的29.4%股 份。据悉，名创优品拟于8月21日举行董事会会议批准中期业绩。野村表示，预计名创优品的二季度财 报将符合预期，当中，收入预计按年升19%至48亿元人民币；经营溢利料跌1%至7.44亿元人民币。 ...