（企业视频号） 1月29日，北京永辉超市（601933）于微信视频号发布公告称，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。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，永 辉超市将继续为社区居民提供日常所需的商品与服务。 ...

程 [Table_scodeMsg1] 公司研究丨深度报告丨永辉超市（601933.SH） [Table_Title] 永辉超市深度报告：回归产品本质，启航品质新 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 我们认为，永辉超市在行业波动期仍保持龙头地位，破局求变深入改革，商品力和服务力得到 大幅升级，以开放透明的合作型零供关系为基石，构筑长期竞争力。伴随闭店和调改逐步收尾， 公司已进入纵深精细化运营阶段，有望提振收入，释放利润弹性。 分析师及联系人 [Table_Author] SAC：S0490514080004 SAC：S0490520080019 SAC：S0490525080008 SFC：BUV258 李锦 罗祎 张彦淳 请阅读最后评级说明和重要声明 2 / 30 %% %% %% %% research.95579.com 2 [Table_scodeMsg2] 永辉超市（601933.SH） cjzqdt11111 [Table_Title 永辉超市深度报告：回归产品本质，启航品质新 2] 程 [Table_Sum ...

1月29日下午，永辉超市北京鸿坤广场店发布公告，称已正式恢复营业，商品供应充足。此前，因与鸿坤广场购物中心在租金等费用上未达成一致，永辉超 市北京鸿坤广场店停业近一周。双方曾先后发布公告对相关情况进行回应。对于区域型商业综合体，以及主要服务周围居民的社区商业，保持超市、影院等 主力店的长期稳定，是运营方与居民建立长期信任的关键。一位资深社区商业运营管理者指出："主力店的生命周期应以十年为计，稳定是项目赢得周边居 民情感依赖的基础。" 1月28日当天，距离永辉超市最近的鸿坤广场4号门关闭落锁，人员无法通行。4号门位于鸿坤广场一层外侧临街位置，门头带有永辉超市标识。该门是消费 者进入的主要入口，消费者可直接乘坐扶梯从一层前往位于B1层的永辉超市。当天，B1层货梯的电梯按钮也处于被拆除状态。 已有顾客前来买菜 永辉超市北京鸿坤广场店恢复营业。恢复营业公告显示，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，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。 此前，针对永辉超市停业一事，北京商报曾于1月28日下午进行了实地追踪，彼时永辉超市北京鸿坤广场店仍处于停业状态，门店所在的负一层（以 ...

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 ...