长江商报消息 ●长江商报记者 沈右荣 全面深度学习胖东来第二年，曾经的商超连锁巨头永辉超市（601933.SH）取得了什么样的成效？ 1月20日晚间，永辉超市发布年度业绩预告，公司预计2025年度归母净利润为-21.40亿元，较2024年多 亏6.70亿元。 2025年，永辉超市深度调改了315家门店，并关闭了381家与公司未来战略定位不相符的门店。 永辉超市称，资产报废损失、停业装修营业收入损失、一次性开办费投入等，是导致2025年亏损的主要 原因。 为了支撑"胖改"，永辉超市筹划通过定增募资不超过31.14亿元。目前，这一事项正在推进中。 根据公开信息，永辉超市的目标是，2—3年走出生死线。这意味着，2026年，永辉超市将面临大考。这 也让市场对永辉超市能否顺利"出师"充满疑虑。 永辉超市的"胖改"还在继续。作为改革领导小组组长，2024年9月，叶国富豪掷62.70亿元取得永辉超市 第一股东之位。时过16个月，虽然永辉超市亏损扩大，但叶国富已浮盈约62亿元。 调改315家关闭381家店 永辉超市学习胖东来的行动还在进行中，盈利承压加剧。 根据业绩预告，2025年度，永辉超市预计实现归母净利润为亏损21.4 ...

Core Viewpoint - The article discusses the challenges and complexities faced by traditional supermarkets in China, particularly in the context of learning from the successful model of "胖东来" (Pang Donglai), highlighting the difficulties in replicating its success and the inherent issues within the retail industry [1][3]. Group 1: Industry Challenges - The retail industry is undergoing significant changes, with major players like 永辉超市 (Yonghui Supermarket) facing substantial losses and operational difficulties, including a projected annual loss and a significant drop in revenue [5][6]. - The traditional supermarket model relies heavily on channel fees from suppliers, which has created a complex and often corrupt procurement system that hampers operational efficiency [10][11]. - The shift towards a new model, as exemplified by 胖东来, involves reducing reliance on key account (KA) fees and focusing on direct consumer sales, which requires a fundamental change in operational strategy [10][12]. Group 2: Learning from 胖东来 - Many supermarkets are attempting to emulate 胖东来’s success, but the process has proven difficult, with many struggling to understand and implement the necessary changes [5][6]. - 胖东来 has achieved remarkable sales growth, completing its 200 billion sales target ahead of schedule, which has drawn attention from competitors [5][6]. - The key to 胖东来’s success lies in its ability to redefine the relationship between supermarkets and suppliers, emphasizing product customization and direct consumer engagement [10][12]. Group 3: Management and Organizational Issues - The restructuring efforts at 永辉超市 have led to significant changes in management, including the departure of key executives, indicating the challenges of implementing a new operational model [11][12]. - The complexity of managing a large supermarket chain is exacerbated by the need to maintain effective procurement practices while also ensuring compliance with new operational standards [19][20]. - 胖东来’s approach to employee compensation and management practices, including high salaries and strict performance standards, is a critical aspect of its operational success, but poses challenges for scalability [13][19]. Group 4: Market Dynamics - The retail market in China is characterized by a large number of small companies operating within a vast market, making it difficult for traditional supermarkets to adapt to changing consumer preferences and competitive pressures [22][24]. - The historical context of retail in China shows that many once-dominant players have struggled to maintain their positions, highlighting the transient nature of success in the industry [23][24]. - The article emphasizes that successful business models are often context-specific and may not be easily replicated, as evidenced by the challenges faced by companies attempting to adopt 胖东来’s strategies [26][27].

"马年茅台"出现印刷错误，错版二手价格被炒至2800元 1月21日，53%vol500ml贵州茅台酒（丙午马年）经典版印刷错误的消息引发关注。有网友指出，马年 茅台外包装所印制的星宿图中，"昴宿"的"昴"字被错印成了形近字"昂"。目前，茅台已确认并修改，有 白酒专家称错版马茅因稀缺性或有升值空间。 1月22日，记者搜索发现，二手平台已有多个卖家出售2026年"错版马茅"。原价1899元一瓶的"错版马 茅"二手标价在2300元至2800元不等。还有加价500元卖2499元一瓶的商家称，已经接到茅台专卖店的召 回电话。"包装印刷错了很特别，很难抢。"另有以14998元出售6瓶整箱马茅、生产日期在20260116吉利 顺顺号的卖家称，错版茅台更有收藏价值。（江南都市报） 今日热点导览 TOP 3 大新闻 "黑白颠周媛"账号被封，此前付费课程收入已超过2400万元 近日"眼神给出去，我的身体形成X形"成为互联网热梗，网红周媛因为教女性向男性撒娇的片段引发争 议，骂声也随之而来。网友指责她发布擦边低俗视频。记者1月22日获悉，"黑白颠周媛"实名主账号已 被封。 然而在玩梗与热闹之外，周媛背后还隐藏着一个覆盖知识付费、情 ...

vivo叫停AI眼镜项目 今日热点导览 TOP 3 大新闻 "马年茅台"出现印刷错误，错版二手价格被炒至2800元 1月21日，53%vol500ml贵州茅台酒（丙午马年）经典版印刷错误的消息引发关注。有网友指出，马年 茅台外包装所印制的星宿图中，"昴宿"的"昴"字被错印成了形近字"昂"。目前，茅台已确认并修改，有 白酒专家称错版马茅因稀缺性或有升值空间。 1月22日，记者搜索发现，二手平台已有多个卖家出售2026年"错版马茅"。原价1899元一瓶的"错版马 茅"二手标价在2300元至2800元不等。还有加价500元卖2499元一瓶的商家称，已经接到茅台专卖店的召 回电话。"包装印刷错了很特别，很难抢。"另有以14998元出售6瓶整箱马茅、生产日期在20260116吉利 顺顺号的卖家称，错版茅台更有收藏价值。（江南都市报） 36氪独家获悉，手机厂商vivo近期叫停了AI眼镜项目，这一项目此前已秘密筹备半年时间，并已与歌 尔、中科创达在内的多家ODM厂商合作demo。一名知情人士称，音视频、带单绿显示的AI眼镜方案都 在vivo的讨论范围内，但最终尚未确定方向便被叫停。原因是，vivo执行副总裁胡柏山在内的多位 ...

2026年初，永辉超市的预亏公告砸向零售市场。 归母净亏损21.4亿元，连续第五年陷亏损泥潭。这个曾登顶"中国超市一哥"的企业，市值从千亿跌至四百 亿，如今仍在亏损的泥沼里挣扎。 图源：微博 永辉的崛起，曾是中国实体零售的传奇。 上世纪90年代，张氏兄弟在福建从啤酒批发起家，精准抓住"农改超"风口。2000年首家永辉 生鲜超市开业，把农贸市场搬进商超，用直采自营模式打破传统零售格局。 彼时沃尔玛、家乐福等外资巨头盘踞市场，永辉靠生鲜品类错位竞争，硬生生撕开一道口 子。 2010年上市后，永辉加速全国扩张，门店数飙升至千家规模，营收最高冲到932亿元，稳 坐"生鲜第一股"宝座。 图源：百度股市通 转折点定格在2020年下半年。社区团购"百团大战"进入白热化，多个平台携资本入场，以"预 售+零库存+次日自提"模式突袭市场，对永辉造成致命冲击。 这种模式靠预售按需备货，大幅降低库存积压，生鲜损耗率能控制在3%左右的低位（部分爆 品品类可达1%极端值），远优于传统商超。 更关键的是，平台靠资本补贴掀起价格战，商品售价普遍低于线下市场价20%-25%，精准抢 走永辉核心客群。 巅峰时期的永辉，手握两大王牌。一是极致的生 ...

Core Viewpoint - Yonghui Supermarket is undergoing a significant transformation process, referred to as "Pang Donglai" reform, which is expected to impact its financial performance negatively in the short term, leading to a projected net loss of 2.14 billion yuan for 2025, marking the fifth consecutive year of losses for the company [2][6]. Group 1: Financial Performance and Losses - The company reported a net loss of 2.14 billion yuan for 2025, compared to a loss of 1.47 billion yuan in the previous year [2][6]. - From 2021 to 2024, Yonghui Supermarket's net profits were -3.944 billion yuan, -2.763 billion yuan, -1.329 billion yuan, and -1.465 billion yuan respectively [2]. - The company closed 381 stores and underwent significant adjustments to 315 stores, incurring costs related to asset write-offs and renovation losses totaling approximately 910 million yuan [6][7]. Group 2: Store Adjustments and Performance - The adjustments made to the stores have shown initial positive results, with 31 reformed stores achieving sales of 4.662 billion yuan in the first nine months of 2025, a 71% increase year-on-year [7]. - Despite the improvements in adjusted stores, their overall contribution to the company's net profit remains limited due to their low proportion in total operations and high initial costs [7]. - The company plans to close about 25 stores and adjust around 50 stores in 2026, expecting a reduction in the negative impact on pre-tax profits to 170 million yuan [7]. Group 3: Fundraising and Shareholder Actions - To support the transformation, Yonghui Supermarket initiated a targeted fundraising plan, initially aiming to raise 3.992 billion yuan for upgrading 298 stores, later adjusted to 3.114 billion yuan for 216 stores [9][10]. - The company's financial pressure is evident, with cash reserves at 3.358 billion yuan as of September 30, 2025, the lowest in nearly a decade [10]. - In contrast to the fundraising efforts, significant shareholders, including the chairman, have been reducing their stakes, with plans to sell up to 90.75 million shares [11]. Group 4: Organizational and Supply Chain Adjustments - To address ongoing operational pressures, Yonghui Supermarket has implemented organizational changes, including a new management structure to enhance efficiency [13]. - The company is focusing on supply chain reforms, aiming to increase the sales of private label products to 40% of total sales over the next 3-5 years [13][14]. - A commitment to transparency in supplier relationships has been emphasized, with measures to combat corruption and ensure fair practices in supplier selection [14]. Group 5: Industry Context and Strategic Alignment - Yonghui Supermarket's adjustments align with broader industry trends, as highlighted by the China Chain Store & Franchise Association, which indicates a focus on optimizing procurement channels and enhancing online and offline integration [15].

Core Viewpoint - Yonghui Supermarket is selling a 28.095% stake in Yonghui Yunjin Technology Co., Ltd. at a significant discount of over 53% to quickly liquidate assets and focus on its core business [1][4][5]. Group 1: Asset Sale Details - The company has terminated the public transfer of its stake in Yunjin Technology through the Chongqing United Property Rights Exchange due to prolonged timelines and uncertainty [1][4]. - The stake will now be sold to Shanghai Paihui Technology Co., Ltd. for a total price of 80 million yuan, which is significantly lower than the book value of approximately 171 million yuan [4][5]. - The initial public offering price was adjusted from 153 million yuan to 120 million yuan, but no interested buyers were found at these levels [4][5]. Group 2: Financial Impact - The sale price represents a loss of approximately 90.88 million yuan, which will impact the company's net profit for the current period [5]. - Yonghui Supermarket is expected to report a net loss of 2.14 billion yuan for 2025, marking its fifth consecutive year of losses [5][6]. - The company has incurred significant costs related to store closures, asset write-offs, and supply chain reforms, which have further affected its financial performance [6]. Group 3: Future Plans - Yonghui Supermarket is planning a 3.114 billion yuan private placement to fund store upgrades, logistics improvements, and working capital [6]. - The allocation of funds includes 2.405 billion yuan for store upgrades, 309 million yuan for logistics enhancements, and 400 million yuan for working capital [6].

Core Viewpoint - Yonghui Supermarket is undergoing a significant transformation process, referred to as "Pang Donglai" reform, which has entered a critical phase after approximately 20 months. The company anticipates a net loss of 2.14 billion yuan for 2025, marking its fifth consecutive year of losses, while efforts to improve store performance are ongoing [1][2]. Group 1: Financial Performance - Yonghui Supermarket reported a projected net loss of 2.14 billion yuan for 2025, compared to a net loss of 1.47 billion yuan in the previous year [1]. - The company has experienced consecutive losses from 2021 to 2024, with net profits of -3.944 billion yuan, -2.763 billion yuan, -1.329 billion yuan, and -1.465 billion yuan respectively [1]. - The transformation efforts have led to a significant increase in sales and profits for the 31 stores that completed renovations in 2024, achieving a total sales of 4.662 billion yuan, a 71% increase year-on-year, and a profit of 104 million yuan, a 112% increase year-on-year [5]. Group 2: Store Adjustments - Yonghui Supermarket has closed 381 stores and deeply reformed 315 stores, with a total of nearly 60% of its stores closed over the past three years [4]. - The company plans to close approximately 25 stores and reform about 50 stores in 2026, with the impact on pre-tax profit expected to decrease to -170 million yuan [5]. - The adjustments have incurred significant costs, including asset write-offs and losses from store closures, totaling approximately 910 million yuan [4]. Group 3: Fundraising and Shareholder Actions - To support the transformation, Yonghui Supermarket initiated a targeted fundraising plan to raise 3.992 billion yuan for upgrading 298 stores, later adjusting the number to 216 stores with a total fundraising cap of 3.114 billion yuan [6]. - The company's financial pressure is evident, with cash reserves at 3.358 billion yuan as of September 30, 2025, the lowest in nearly a decade [7]. - In contrast to the fundraising efforts, significant share reductions by major shareholders, including the chairman and other stakeholders, have been noted, indicating a lack of confidence in the company's future [8]. Group 4: Organizational Changes - Yonghui Supermarket has implemented a series of organizational and management adjustments to enhance operational efficiency, including a new three-tier management structure [9]. - The founder of Miniso, Ye Guofu, has been appointed to lead the reform efforts, focusing on supply chain transformation and establishing long-term partnerships with core suppliers [9][10]. - The company has also appointed a new CEO, Wang Shoucheng, who is expected to integrate successful reform experiences into the overall corporate strategy [10]. Group 5: Industry Context - The adjustments made by Yonghui Supermarket align with broader industry trends, as highlighted by a survey from the China Chain Store & Franchise Association, which indicates a focus on optimizing procurement channels and enhancing online and offline integration [11].

Core Viewpoint - Yonghui Supermarket (601933.SH) has decided to terminate the public transfer of a 28.095% stake in its subsidiary, Yonghui Yunjin Technology Co., Ltd., due to prolonged uncertainty in the process of soliciting potential buyers through the Chongqing United Property Exchange [1] Group 1 - The company aims to revitalize its assets and focus on its core business by halting the public transfer of the stake [1] - Following the termination of the public transfer, the company plans to sell the 28.095% stake in Yunjin Technology to Shanghai Paihui Technology Co., Ltd. for a total price of 80 million yuan [1] - After the completion of this transaction, the company will no longer hold any equity in Yunjin Technology [1]

证券代码：601933 证券简称：永辉超市 公告编号：2026-008 永辉超市股份有限公司 关于出售参股子公司永辉云金科技有限公司剩余股 权的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 因通过产权交易所征集意向受让方的周期较长，继续实施将面临较大不 确定性，结合公司战略规划及实际情况，为尽快盘活资产、聚焦主业，永辉超市 股份有限公司（以下简称"公司"）已终止于重庆联合产权交易所以公开挂牌交 易方式转让参股子公司永辉云金科技有限公司（以下简称"云金科技"）28.095% 的股权，不再通过其征集意向受让方。 交易简要内容：本次公开挂牌转让事项终止后，公司拟自行向上海派慧 科技有限公司（以下简称"派慧科技"）出售公司持有的云金科技 28.095%的 股权，转让总价为 80,000,000 元。本次交易完成后，公司不再持有云金科技的 股权。 本次交易尚需提交公司董事会审议，并经有权监管机构批准后方可正式 实施，履行过程中存在受到不可预计情形或不可抗力因素影响的可能，最终能否 实施完成及具体完成时间尚存在 ...