永辉超市（601933）工作人员："之前是双方沟通有问题，现在已经解决了，总公司的公告已经发出来了"。 近日，#永辉一胖改门店暂停营业#冲上热搜。1月29日，北京商报小编向鸿坤广场核实得知，此前暂停营业的永辉超市已经恢复营业。 另外，永辉超市工作人员表示鸿坤广场店是长期开业："已经开始正常营业了。之前是双方沟通有问题，现在已经解决了，总公司的公告已经发出来了"。 1月29日下午3时左右，北京商报小编从附近居民提供的照片中获悉，永辉超市仍在暂停营业状态。 下午5时左右，超市内商家表示，好多顾客都坐电梯下来了。该商家提供的图片显示，已有消费者在超市内选购商品。 与此同时，北京永辉超市发布公告称，永辉超市北京鸿坤广场店于2026年1月29日（星期四）正式恢复营业。公告显示，目前，门店已全面做好运营准 备，商品供应充足，全体员工均已就位。 图片来源：北京永辉超市微信公众号截图 就在几天前，永辉超市北京大兴一调改门店突然停业一事引发关注。1月26日深夜，北京永辉超市就鸿坤广场店暂停营业一事发布声明称，该店此次暂停 营业，系因物业方在未与公司进行有效沟通及达成一致的情况下，自2026年1月15日起，物业方单方面多次采取断 ...

Core Insights - The recent executive changes at RT-Mart and Yonghui Supermarket reflect a strategic shift in the retail industry, highlighting differing approaches to transformation and supply chain management [4][10][21] Group 1: Executive Changes and Strategic Implications - The departure of Li Chunde from RT-Mart and the appointment of Huang Lin, a former executive at Yonghui, signifies a strategic realignment aimed at enhancing supply chain integration and product management [1][3] - The exchange of key personnel between RT-Mart and Yonghui illustrates a competitive talent acquisition strategy, with both companies seeking to leverage each other's strengths in product sourcing and retail operations [6][21] - Huang Lin's role will focus on consolidating procurement across various product categories, aiming to improve operational efficiency and cost-effectiveness for RT-Mart [9][11] Group 2: Financial Performance and Market Position - Yonghui Supermarket has faced significant financial challenges, with a projected net loss of 2.14 billion RMB for 2025, prompting a strategic overhaul to regain market share [6][7] - The transformation efforts at Yonghui include optimizing store layouts and enhancing the fresh food supply chain, resulting in an 80% increase in customer traffic at remodeled stores [7][8] - RT-Mart's parent company, Gao Xin Retail, reported a revenue of 71.55 billion RMB and a net profit of 386 million RMB for the 2025 fiscal year, indicating a successful turnaround through cost control measures [8][17] Group 3: Supply Chain and Retail Strategy - The integration of a national procurement system at RT-Mart aims to unify product quality and pricing across its extensive store network, enhancing competitiveness against online retailers [9][10] - RT-Mart's strategy includes the development of a multi-format retail matrix, combining large hypermarkets, supermarkets, and front warehouses to meet diverse consumer needs [17][20] - The front warehouse model is positioned as a response to the rise of instant retail, with projections indicating a market size of 227.7 billion RMB by 2025, growing at a CAGR of 49.2% [12][14] Group 4: Future Challenges and Industry Dynamics - The ongoing transformation in the retail sector emphasizes the need for companies to adapt to changing consumer behaviors and competitive pressures, moving beyond traditional growth strategies [23] - The success of RT-Mart's new initiatives, including the "cloud supermarket" concept, will depend on effective execution and the ability to navigate internal and external challenges [22][23] - The retail landscape is shifting towards a comprehensive competition model that prioritizes product quality, supply chain efficiency, and digital capabilities, marking the end of an era dominated by rapid expansion without strategic depth [23]

红旗连锁公告称，持股5%以上股东永辉超市于2026年1月23日至1月28日期间减持公司股份。其中，集 中竞价减持112.2万股，占总股本0.08%；大宗交易减持964.92万股，占总股本0.71%，合计减持1077.12 万股，占总股本0.79%。本次权益变动后，永辉超市持股降至9305.86万股，占比由7.63%降至6.84%。此 次减持系履行此前计划，且未超计划数量，不会导致公司控制权变更。 ...

Core Viewpoint - Yonghui Supermarket is facing significant challenges, including a wave of store closures due to operational losses and issues with property management, leading to a projected reduction in store count from 1,000 in 2023 to approximately 400 by the end of 2025 [2][3] Group 1: Store Closures - Yonghui Supermarket has announced the closure of 225 stores in 2024 and 381 stores in 2025, resulting in a total of about 400 stores remaining by the end of 2025, which is less than half of its peak number [2] - The closures are attributed to losses, poor management, and property issues, with the company rationalizing its operations by retaining profitable stores and eliminating underperforming ones [2] Group 2: Financial Performance - The company is expected to incur a net loss of 2.14 billion yuan in 2025, with a total loss exceeding 11.6 billion yuan over the past five years [3] - High costs, intense market competition, and significant operational pressure are identified as the main challenges affecting financial performance [3] Group 3: "Fat Reform" Initiative - In May 2024, Yonghui Supermarket initiated a "Fat Reform" to learn from the successful model of the regional retailer, Fat Donglai, which is known for its high-quality private label products and employee benefits [3][4] - The reform involves restructuring store layouts, introducing Fat Donglai's private label products, and retraining employees to enhance service quality [4] Group 4: Challenges of Implementation - The adaptation of Fat Donglai's model may face challenges due to differences in scale, as Fat Donglai operates only a few stores while Yonghui has hundreds, making nationwide implementation difficult [4] - Increasing employee compensation and benefits to match Fat Donglai's standards could lead to substantial costs for Yonghui, given its larger workforce [4] Group 5: Uncertain Outcomes - While some stores have seen improved foot traffic and revenue post-reform, the retail industry is characterized by low margins and long payback periods, leading to uncertainty about the long-term success of the initiative [6] - The push for "new concepts" in retail may drive companies to adopt reforms like "Fat Reform" to attract investor interest, despite the potential mismatch with their operational realities [6]

长远发展才是零售商们应该重视的。 永辉超市（601933.SH）近期有点头疼，正陷入关店风波。关于永辉超市北京鸿坤广场店的暂停营业，该公司给出最新说明称，此次暂停营业系因物业方 在未与公司进行有效沟通及达成一致的情况下，自2026年1月15日起，物业方单方面多次采取断水、断暖等措施，阻碍门店正常营业。物业方声称"擅自闭 店"的说法与事实严重不符。 或许这家门店的关闭有特殊性，但永辉超市这几年都在持续关店。根据公告和公开信息梳理，2023年底，永辉超市门店数为1000家，2024年净关闭225家 门店，2025年关闭381家门店，到2025年底，永辉超市门店数仅剩约400家，相当于鼎盛时期的一半数量都不到。 关店的原因很直接，因为亏损、经营不善等，当然也会出现上述物业问题，综合考量之下决定关店。其实，实体零售关店止损之举很容易理解，保留盈利 门店，去除不良门店以控制成本是理智的。 然而从财务数据来看，似乎并不算十分理想，永辉超市预计2025年归母净亏损21.4亿元，归母扣非净亏损29.4亿元，2025年调改停业带来的损失达11.74亿 元。根据财报数据计算，永辉超市连续5年的亏损超过116亿元。在业界看来，成本 ...

长远发展才是零售商们应该重视的。 永辉超市（601933.SH）近期有点头疼，正陷入关店风波。关于永辉超市北京鸿坤广场店的暂停营业，该公司给出最新说明称，此次暂停营业系因物业方 在未与公司进行有效沟通及达成一致的情况下，自2026年1月15日起，物业方单方面多次采取断水、断暖等措施，阻碍门店正常营业。物业方声称"擅自闭 店"的说法与事实严重不符。 或许这家门店的关闭有特殊性，但永辉超市这几年都在持续关店。根据公告和公开信息梳理，2023年底，永辉超市门店数为1000家，2024年净关闭225家 门店，2025年关闭381家门店，到2025年底，永辉超市门店数仅剩约400家，相当于鼎盛时期的一半数量都不到。 关店的原因很直接，因为亏损、经营不善等，当然也会出现上述物业问题，综合考量之下决定关店。其实，实体零售关店止损之举很容易理解，保留盈利 门店，去除不良门店以控制成本是理智的。 然而从财务数据来看，似乎并不算十分理想，永辉超市预计2025年归母净亏损21.4亿元，归母扣非净亏损29.4亿元，2025年调改停业带来的损失达11.74亿 元。根据财报数据计算，永辉超市连续5年的亏损超过116亿元。在业界看来，成本 ...

果然财经 | 欠房租关店？胖东来调改的永辉超市5年亏损破百亿 近日，永辉超市北京鸿坤广场门店突然停业引发关注。就在停业消息传出不久前，永辉超市刚刚宣布其 去年归母净利润预计亏损21.4亿元，同比扩大45.6%。算下来，最近5年永辉超市累计亏损已突破百亿 元。 果然财经 | 欠房租关店？胖东来调改的永辉超市5年亏损破百亿 大众报业·齐鲁壹点40分钟前 热门评论我要评论 微信扫码 移动端评论 暂无评论 鲁ICP备15022957号-13 鲁公网安备 37010202002220号 鲁新网备案号201000101 电信增值业务许可证： 鲁B2-20120085 齐鲁晚报·齐鲁壹点 版权所有(C) All Rights Reserved 联系电话：0531-82625462邮箱： 1790179766@qq.com ...

[Table_Page] 深度分析|商贸零售 证券研究报告 [Table_Title] 中国硬折扣零售的行业"奇点"已 至？ 中国零售渠道变革跟踪系列报告（一） [Table_Summary] 核心观点： | [Table_Gr ade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-01-28 | [Table_PicQuote] 相对市场表现 -10% -2% 6% 14% 22% 30% 02/25 04/25 06/25 09/25 11/25 01/26 商贸零售 沪深300 | [分析师： Table_Author]嵇文欣 | | --- | | SAC 执证号：S0260520050001 | | SFC CE No. BUA982 | | 021-38003653 | | jiwenxin@gf.com.cn | | 分析师： 曹敦鑫 | | SAC 执证号：S0260525080002 | | 021-38003743 | | caodunxin@gf.com.cn | | 请注意，曹敦鑫并非香港证券及期货事务监察委员会的注 | ...

Core Viewpoint - Yonghui Supermarket is projected to incur a net loss of 2.14 billion yuan in 2025, with a net loss of 2.94 billion yuan after deducting non-recurring items, raising concerns about its operational strategy and sustainability in the retail sector [2][4]. Group 1: Financial Performance and Store Closures - In 2025, Yonghui closed 381 stores, averaging one closure per day, resulting in a loss of 1.174 billion yuan from store adjustments and closures, accumulating over 11.6 billion yuan in losses over the past five years [4][12]. - The company reported a non-recurring net loss of 2.94 billion yuan, which has become a significant burden for its operations [5][12]. - Despite the challenges, 31 reformed stores completed in 2024 saw sales increase to 4.662 billion yuan in 2025, a 71% year-on-year growth, with profits rising by 112% [25][29]. Group 2: Strategic Challenges and Market Position - Yonghui's traditional expansion strategy has led to a decline in store profitability, with many locations operating at a loss due to high operational costs and ineffective supply chain management [11][12]. - The shift in consumer preferences towards convenience and quality has diminished the market share of traditional supermarkets, including Yonghui, which struggles to adapt to these changes [10][13]. - The company's attempts to emulate the successful model of "Fat Donglai" have faced difficulties due to structural differences, including its status as a publicly listed company, which complicates the implementation of flexible management practices [21][22]. Group 3: Competitive Landscape and Future Outlook - The retail landscape is evolving, with instant retail becoming mainstream, pushing traditional supermarkets to either adapt or face obsolescence [29]. - Yonghui's transformation is seen as a broader industry challenge, emphasizing the need for a comprehensive restructuring of strategy, supply chain, and organizational systems to regain consumer trust [29]. - The company faces skepticism from investors due to ongoing losses and management's stock sell-off, raising questions about its ability to stabilize and grow in the future [26][29].

今日多条要点，一起来看详情↓ ↓ ↓ 好利来因店员捡落地面包售卖致歉 2026年1月，有消费者反映好利来一门店店员将掉在地上的面包捡起继续售卖，引发关注。1月27日，好利来致歉称涉事批次产品已全部销毁，将加强员工 培训。据悉，当事员工为新员工，事件发生于1月25日。近年好利来多次曝出卫生问题，2024年12月曾被指面包上有苍蝇。作为直营连锁烘焙品牌，好利 来目前在营门店915家，而当下烘焙行业正处于结构性调整阶段。 星巴克CEO 2025年薪酬缩水6500万美元 星巴克当地时间1月26日提交的备案文件显示，公司CEO布莱恩·尼科尔2025财年总薪酬为3100万美元，包括500万美元奖金和近2000万美元股票奖励。 2024财年其薪酬为9600万美元，其中包括超9000万美元股票奖励。 安踏拟入股彪马成为其最大股东 1月27日消息，香港高等法院裁定蜜雪冰城起诉六家名称相似公司的商标侵权案胜诉，下令被告停止使用"蜜雪冰城"相关注册名称并承担诉讼费用。此前 蜜雪冰城曾胜诉"蜜念雪"侵权案，获赔94万元。作为2025年港交所上市企业，蜜雪冰城"蜜雪冰城"及"Mixue"商标知名度高，2025年上半年营收148.7亿 ...