在圆桌对话环节，永辉超市北京大区副总经理、调改总负责人杨子亮表示，永辉超市于2024至2025年间系统性推进"向东来学习"调改，这一动作本身成为一 项"爆品级"体验。调改并非局限于单品，而是围绕商品结构、卖场环境与人文服务展开全方位重塑，实现了从商品到服务、再到顾客认知的整体升级。 杨子亮介绍，调改后，永辉超市门店商品SKU更换率达80%，并保持月均7%的动态调整；同时新增30余项便民服务，覆盖休息区、加工服务等场景。这些 举措精准回应了年轻家庭客群对质价比与情绪价值的双重需求，使门店从传统采购点转型为品质生活社区。 北京商报讯（记者 王维祎）1月16日上午，由北京市商务局指导，北京市商业联合会和北京商报社联合主办的2025年度（第十九届）北京商业论坛在北京国 际饭店成功举办。本届论坛以"潮尚聚变·新需求与新供给"为主题，汇聚政、产、学、研、媒各界代表，围绕时尚消费与潮流趋势展开深度对话，为消费扩 容、商业提质与品牌破局贡献智慧。 截至今年1月，北京区域门店已完成调改。杨子亮透露，2026年，永辉将围绕"新品质"持续深耕，发力自有品牌开发，一方面对标全球顶尖供应链与零售标 杆，提升选品能力；另一方面扎实提升区 ...

Core Viewpoint - Yonghui Supermarket is facing significant challenges with continuous losses over five years, but it is pursuing a transformation strategy that includes a major fundraising effort of over 3 billion yuan to upgrade its stores and logistics, aiming for a new lifecycle post-restructuring [2][3]. Group 1: Financial Performance and Store Closures - Yonghui Supermarket announced a pre-loss for 2025, continuing its trend of losses with a projected revenue of 424.34 billion yuan, a 22.21% decrease year-on-year, and a net loss of 15.02 billion yuan [4]. - The company has closed over 325 stores, reducing its total from a peak of 1,000 to 450, focusing on eliminating inefficient locations [4]. - The closures have resulted in significant costs, with the closure of 104 stores in Q3 2025 leading to a loss of 6.12 billion yuan, averaging nearly 600,000 yuan per store [4]. Group 2: Transformation Initiatives - Yonghui has initiated a "Pang Reform" movement, aiming to revamp its stores by eliminating 70% of low-efficiency products and introducing high-potential new items [5]. - The reform has led to an average customer traffic increase of over 80% in remodeled stores, with over 60% of these stores achieving profitability exceeding their five-year peak [6]. - Despite these improvements, the overall financial performance remains under pressure, with a significant decline in revenue and a net loss of 2.41 billion yuan in the first half of 2025 [6]. Group 3: Fundraising and Financial Strategy - Yonghui announced a 31.14 billion yuan fundraising plan, reduced from an initial 39.92 billion yuan, to finance store upgrades, logistics improvements, and to address liquidity needs [8][11]. - The fundraising will focus on upgrading stores in high-potential areas and enhancing logistics capabilities, including the construction of cold storage facilities [8][11]. - The company faces severe financial pressure, with a debt ratio of 88.96%, indicating a critical need for effective use of the raised funds to stabilize its financial situation [11]. Group 4: Competitive Landscape and Industry Trends - The retail industry is experiencing a structural adjustment, with stronger players like Pang Donglai setting benchmarks for success, while weaker competitors struggle [14]. - Yonghui's transformation is seen as a gamble to escape ongoing losses, positioning it as a key player to watch in the retail sector [3][16]. - The success of Yonghui's transformation will depend on the efficiency of its remodeled stores, the effective deployment of its fundraising, and the execution of its new strategic initiatives [16].

ab Global Research owered by UBS Evidence Lab YES P 10 January 2026 China Consumer Sector 2026 Outlook: are we at the beginning of consumer confidence recovery? Green shoots, but bumpy road: multi-year consumption recovery underway With MSCI China Consumer Discretionary/Staples trading at 17x/15x 12-month forward PE, c1SD below the 10-year averages, we believe the depressed valuations do not price in a consumption recovery. With consumer confidence trending up since Q324, we turned positive on the consumer ...

Core Viewpoint - Yonghui Supermarket is not merely aiming to learn from Pang Donglai but is pursuing a more ambitious transformation strategy amidst ongoing financial losses and operational restructuring [2][3]. Group 1: Financial Performance and Losses - Yonghui Supermarket has announced a pre-loss for the fifth consecutive year, with a projected loss of 15.02 billion yuan for 2025, following a revenue decline of 22.21% to 42.43 billion yuan in the first three quarters [5]. - The company has accumulated losses of 9.5 billion yuan from 2021 to 2024, with a revenue drop from a peak of 93.2 billion yuan in 2020 to 67.57 billion yuan in 2024 [5]. - In 2025, Yonghui closed over 325 stores, reducing its total from a peak of 1,000 to 450, focusing on eliminating inefficient locations [5][6]. Group 2: Operational Restructuring and "Fat Transformation" - The "Fat Transformation" initiative, which began in June 2024, aims to optimize store operations by eliminating nearly 70% of low-efficiency products and introducing high-potential new items [6][7]. - The transformation has led to an average customer traffic increase of over 80% in remodeled stores, with over 60% of these stores achieving profitability exceeding their five-year peak [7][21]. - Despite these improvements, the overall financial performance remains under pressure, with a significant net loss reported in the first half of 2025 [7][21]. Group 3: Financing and Debt Management - Yonghui has proposed a 31.14 billion yuan private placement to fund store upgrades, logistics improvements, and to alleviate liquidity pressures [10][13]. - The financing plan has been adjusted from an initial target of 39.92 billion yuan, with a focus on upgrading 216 stores instead of 298 [10]. - The company's financial situation is precarious, with a debt ratio of 88.96%, significantly higher than its competitors, indicating substantial short-term repayment pressures [13][14]. Group 4: Strategic Changes and Leadership - In 2025, Yonghui initiated a major organizational restructuring led by Ye Guofu, focusing on a "433" reform plan aimed at enhancing operational efficiency and modernizing management [16][17]. - The company has adopted a "naked price direct procurement" model to improve supply chain efficiency, with a goal of increasing the proportion of self-branded products [17][21]. - The success of Yonghui's transformation strategy will depend on the effective execution of these changes and the ability to maintain service quality during rapid expansion [21].

永辉学到了把货架调低、增加试吃台、优化动线设计，甚至直接模仿胖东来的明星商品包装。这些改变 初期确实吸引了不少好奇的顾客，部分调改门店客流增长超过80%。 但顾客很快发现差异：价格涨了，服务却没跟上。熟食区依然无人接待，退换货体验依旧繁琐，员工笑 容勉强。社交媒体上，"买错商品""下头体验"的吐槽不断。 根本差距在于：胖东来将90%以上的利润分给员工，店长年薪可达百万，保洁员月薪也能超过6000元。 而永辉在员工激励上始终小心翼翼，8个月仅拿出3100万分给3万员工，人均不足千元，被员工吐槽"加 活不加钱"。全国扩张vs区域深耕 明明抄了胖东来的作业，永辉超市为何还是深陷亏损泥潭？ 近两年，永辉超市高调宣布学习"胖东来模式"，从门店改造到服务流程全面复制，试图扭转业绩颓势。 然而数据冰冷：1月12日晚间，永辉超市公告称，初步测算预计2025年度归母净利润为负值，也就是 说，2025年度经营业绩仍将出现亏损。 为什么"抄作业"反而越抄越亏？永辉到底算漏了什么？只抄形式，未得精髓 胖东来的成功，表面看是门店设计、商品陈列和服务标准，内核却是独特的价值分配体系和区域深耕逻 辑。 这种冒进的改革牺牲了短期毛利，综合毛 ...

Core Viewpoint - Yonghui Supermarket is experiencing significant financial challenges, with a notable decline in revenue and net profit due to extensive store adjustments and external risks affecting its stock price [2][11][12]. Financial Performance - In the first three quarters of 2025, Yonghui Supermarket reported revenue of 42.434 billion yuan, a year-on-year decrease of 22.21%, and a net profit loss of 1.502 billion yuan after excluding non-recurring items [11][12]. - The decline in revenue and profit is primarily attributed to the closure of over 325 stores, reducing the total number of operating stores from a peak of 1,000 to 450 [11][12]. Market Reaction - Investors anticipated continued losses for Yonghui Supermarket in 2025, viewing the situation as expected given the significant losses reported in the third quarter [12]. - The company's stock price has fallen from nearly 7 yuan at the end of 2024 to around 5 yuan, influenced by concerns over cash flow and a contract dispute involving the chairman [12] . Store Adjustment and Improvement - As of the end of the third quarter of 2025, Yonghui has completed approximately 50% of its store adjustments, with adjusted stores showing an average customer traffic increase of over 80% and some stores returning to profitability [2][13]. - The company aims to complete adjustments for all stores by June 2026, with a target of over 300 adjusted stores before the 2026 Spring Festival [13]. Strategic Initiatives - Yonghui Supermarket has been implementing the "Fat Donglai" model since May 2024, focusing on supply chain transformation, customer experience enhancement, and organizational culture restructuring [13][14]. - The first store adopting this model opened in Chengdu in October 2024, emphasizing employee and customer happiness [14].

来源：@智通财经APP微博 来源：@智通财经APP微博 【#投资者称永辉超市亏损在预期内##永辉超市发预亏公告#】 1月12日晚间，永辉超市发布公告称，经公司财务部门初步测算，预计2025年度归母净利润为负值， 2025年度经营业绩将出现亏损。永辉表示，最终财务数据以正式披露的2025年年度报告为准。#永辉超 市2025净利润为负# 有投资者告诉蓝鲸记者，"永辉超市预亏是预期内的事情，只是亏多少的问题。"然而，永辉超市并未在 今日的公告中，发布具体的亏损数据。 永辉超市自2024年5月启动"胖改"，至今已有1年半时间，从公司2026年1月9日公布情况看，全国调改门 店已经突破300家。2025年10月，永辉CEO王守诚曾公开表示，学习胖东来模式仍处于初级阶段，坚持 长期主义，希望用2到3年走出生死线，5到10年真正成为一个国民超市品牌。@蓝鲸新闻 有投资者告诉蓝鲸记者，"永辉超市预亏是预期内的事情，只是亏多少的问题。"然而，永辉超市并未在 今日的公告中，发布具体的亏损数据。 永辉超市自2024年5月启动"胖改"，至今已有1年半时间，从公司2026年1月9日公布情况看，全国调改门 店已经突破300家。2025年 ...

以2025年1月1日至13日的数据为例，期间仅有63家A股上市公司披露业绩预告，其中续亏、首亏类公司 仅7家，占同期披露总数的11.11%。但2026年1月这一惯例被打破，预亏公司与预增公司同步集中披 露。 预亏潮集中爆发： 传统行业成重灾区 从已披露数据看，本轮预亏潮呈现"规模不均、行业集中"的特征。 A股年报业绩预告季，正以一种显著区别于往年的节奏拉开序幕。传统上，业绩向好的公司往往更乐于 率先"报喜"，而业绩不佳者则倾向于延迟披露。然而，本轮预告潮初期，预亏、续亏公告却呈现密 集"抢跑"态势，与预增公告同步甚至更早地涌入市场，引发了市场各方的密切关注。 21快讯记者查询同花顺（300033）数据显示，截至2026年1月13日上午，当月已有105家上市公司发布 2025年度业绩预告，占近期披露总数的70.9%。其中，续亏公司42家、首亏公司15家，合计57家预亏相 关企业，占当月披露总数的54.29%. 事实上，根据相关安排，无特殊情况，上市应当在会计年度结束后1个月内完成年度业绩预告。但长期 以来，A股市场存在业绩预告"报喜不报忧"的披露特征：通常业绩增长的公司会较早披露预告，业绩亏 损或下滑的公司则倾 ...

Core Viewpoint - The A-share annual report performance forecast season is witnessing an unusual trend where companies announcing losses are doing so simultaneously with those reporting gains, breaking the traditional pattern of early positive disclosures and delayed negative ones [1][2]. Group 1: Pre-Loss Companies - As of January 13, 2026, 105 companies have released performance forecasts for 2025, with 57 companies (54.29%) announcing losses, including 42 continuing losses and 15 first-time losses [1][3]. - The losses are concentrated in traditional cyclical industries, particularly real estate, where all six companies that disclosed forecasts reported losses, resulting in a 100% loss rate [3]. - Leading real estate company Greenland Holdings is projected to incur a net loss of 16 billion to 19 billion yuan for 2025, marking its third consecutive year of losses due to declining asset prices and insufficient market demand [3][4]. Group 2: Pre-Gain Companies - In contrast, companies reporting gains are primarily from resource and technology sectors, benefiting from rising commodity prices and technological innovations [8]. - The non-ferrous metals industry is a key driver of profit growth, with Zijin Mining expected to achieve a net profit of 51 billion to 52 billion yuan, a year-on-year increase of 59% to 62% [9]. - Technology firms like Sanhua Intelligent Control are also expected to see significant profit increases, with projected growth of 25% to 50% due to advancements in automotive components for new energy vehicles [9][10]. Group 3: Market Dynamics - The unusual disclosure pattern is attributed to increased regulatory pressure and a push for greater market transparency, encouraging companies to disclose negative information earlier to mitigate stock price volatility [14]. - Economic factors and industry cycles are contributing to a widening loss landscape, with demand falling short of expectations, particularly in traditional consumer sectors [14]. - Market sentiment is improving, with expectations for a recovery in corporate earnings in 2026, driven by increased investor confidence and capital inflows [15].

21财经1月13日电，A股年报业绩预告季，正以一种显著区别于往年的节奏拉开序幕。传统上，业绩向 好的公司往往更乐于率先"报喜"，而业绩不佳者则倾向于延迟披露。然而，本轮预告潮初期，预亏、续 亏公告却呈现密集"抢跑"态势，21快讯记者查询同花顺数据显示，截至2026年1月13日上午，当月已有 105家上市公司发布2025年度业绩预告，占近期披露总数的70.9%。其中，续亏公司42家、首亏公司15 家，合计57家预亏相关企业，占当月披露总数的54.29%.消费零售行业的永辉超市也于1月12日晚间披露 预亏公告，预计2025年度归母净利润为负值，将是公司连续第5年亏损。同行业的中央商场在续亏预告 中提及，亏损受行业周期波动、资产减值、门店暂停营业等因素影响。查看原文：预告季"画风突变"！ 亏损公告罕见"抢跑"，永辉超市陷5年连亏困局刚刚 ...