Core Insights - The retail industry in China is experiencing a stark contrast, with Yonghui Supermarket forecasting a loss of 2.14 billion yuan for the year, marking five consecutive years of losses exceeding 10 billion yuan, while regional giant Pang Donglai reports impressive revenue of 23.5 billion yuan [1][8] - Yonghui's aggressive transformation attempt, which cost 1.8 billion yuan and involved 315 stores, has been deemed a complete failure, despite initial sales growth of 324% in the first month [1][8] Group 1: Transformation Challenges - Yonghui's transformation strategy, which aimed to replicate Pang Donglai's model, faced fundamental issues due to a conflict in business models, leading to a logistics cost that is 30% higher than regional competitors [3][10] - The company's high employee costs, ranging from 9 million to 18 million yuan per store annually, contributed to a "scale inefficiency" trap, making the national network a burden during the transformation [3][10] - The aggressive strategy resulted in direct losses of 1.8 billion yuan, including 910 million yuan in asset write-offs and 300 million yuan in lost operating profits from store closures [3][10] Group 2: Supply Chain and Operational Issues - Yonghui's shift to a "bare price direct procurement" model, after eliminating supplier backend fees, led to a decline in gross margin to 20.52% and an increase in stockout rates [4][11] - The company's revenue for Q3 2025 was 42.434 billion yuan, a year-on-year decline of 22.21%, indicating a disparity between rising costs and falling revenues [4][11] - Compared to competitors like Bubu Gao and Jiajiayue, which adopted a more cautious approach, Yonghui's rapid transformation exacerbated supply chain disruptions [4][11] Group 3: Employee and Consumer Trust Issues - Yonghui's strategy of high salaries combined with strict performance evaluations resulted in high employee turnover and a decline in service quality, with customers reporting a lack of patience from staff [5][12] - The company's pricing strategy, which raised prices without improving quality, led to a loss of consumer trust, with the repurchase rate dropping below 30% after an initial spike [5][12] - The essence of retail being human-centric was overlooked by Yonghui, which failed to adopt Pang Donglai's employee satisfaction-driven customer service model [5][12] Group 4: Recommendations for Recovery - Yonghui needs to abandon a one-size-fits-all approach and implement regional adaptations, maintaining high-end stores in core cities while focusing on value for money in lower-tier markets [6][13] - The company should establish a "joint procurement alliance" based on regional needs, aiming to reduce fresh produce loss rates from the industry average of 3.5% to below 1.5% within three years [6][13] - Rebuilding consumer trust through profit-sharing models and transparent pricing strategies is essential, with a goal to increase the share of essential goods to over 50% [6][13] Conclusion - Yonghui's 2.1 billion yuan loss serves as a warning to the retail industry that transformation must align with the company's inherent capabilities rather than superficial imitation [7][14] - The future of retail lies not with quick imitators but with those who respect industry dynamics and focus on value creation [7][14]

Core Viewpoint - Yonghui Supermarket's store at Hongkun Plaza in Beijing has suspended operations due to issues with the property management, including the inability to access the main entrance and interruptions in water and heating supply. The store had recently undergone renovations and reopened in March 2025, but it is now facing significant operational challenges and financial disputes with the property management [1][4][10]. Group 1: Store Operations and Financial Issues - The Yonghui Supermarket at Hongkun Plaza has been closed since January 23, with customers reporting blocked entrances and locked escalators [3][4]. - The shopping center claims Yonghui has not paid over 16 million yuan in rent and other fees since the store's renovation completion [10][11]. - Yonghui's official response indicates that they are in discussions to resolve the issues and aim to reopen the store soon [10][11]. Group 2: Financial Performance and Strategic Adjustments - Yonghui Supermarket is projected to incur a net loss of 2.14 billion yuan for 2025, marking a 45.6% increase in losses compared to the previous year [14]. - The company has been in a continuous loss situation for five years, with total losses exceeding 10 billion yuan during this period [15]. - In 2025, Yonghui closed 381 stores that did not align with its strategic direction, leading to significant one-time costs related to asset write-offs and operational disruptions [19][22]. Group 3: Market Position and Competitive Strategy - Yonghui has completed renovations on 315 stores, making it the supermarket brand with the most "Pang Donglai-style" adjustments in China [24]. - The company is shifting its strategy from "scale expansion" to "quality growth," aiming to redefine its market positioning [18]. - The challenges faced by Yonghui in adopting the Pang Donglai model reflect broader industry difficulties, as other retailers also struggle with similar transformations [25][27].

Core Viewpoint - Yonghui Supermarket's store at Hongkun Plaza in Beijing has suspended operations due to issues with the property management, including the inability to access the main entrance and interruptions in water and heating supply. The store had recently undergone renovations and reopened in March 2025, but has now been closed for several days without a clear timeline for reopening [1][2][4]. Group 1: Store Operations and Financial Issues - The Hongkun Plaza shopping center claims that Yonghui Supermarket has not paid over 16 million yuan in rent and other fees since the store's renovation was completed [5][8]. - Yonghui Supermarket confirmed the store is not permanently closed but is in a state of suspension due to the ongoing issues with the property management [2][6]. - The shopping center has expressed its intention to pursue legal action if the situation is not resolved and has apologized to customers for the inconvenience caused by the store's closure [8]. Group 2: Financial Performance and Strategic Adjustments - Yonghui Supermarket is expected to report a net loss of 2.14 billion yuan for 2025, marking a 45.6% increase in losses compared to the previous year, continuing a trend of losses for five consecutive years [9][11]. - The company has closed 381 stores that do not align with its future strategic direction, while also undergoing significant operational adjustments, including the renovation of 315 stores [11][12]. - The financial impact of these adjustments includes asset write-offs and losses from store closures, totaling over 1.2 billion yuan due to the "Pang Donglai" reform strategy [11][12].

1月26日，就永辉北京一调改门店突然停业一事，北京鸿坤广场购物中心发布声明称，"1月23日，永辉 超市未经我方了解情况下擅自关闭超市正门及主要出入口。事件发生后我方始终与永辉方面保持沟通督 促永辉方面尽快恢复营业。"该购物中心表示，自永辉超市鸿坤广场店改造完毕以来，永辉方面未缴纳 任何房租、物业费、水电费、广告位使用费及其它费用。永辉超市欠缴各项费用期间，购物中心持续正 常供水、供电。 1. 自3月28日永辉超市鸿坤广场店改造完毕以来, 永辉方面 未缴纳任何房租、物业费、水电费、广告位使用费及其它费用 2. 永辉超市欠缴各项费用期间,我方持续正常供水、供电 3. 截至声明发布时,永辉方未主动与我方沟通,我方将持续 关注此事,推动永辉方面自行开业,并保留法律追究的权利 对此为各位顾客造成不便 。 我们代替永辉方面向各位顾客深表歉意 鸿坤广场永辉超市自行闭店及不实言论的声明... 展开 17 t田鸦坤宁场购物中心 � 6 +关注 26. 126 注 32 352 31 9 此前，智通财经走访发现，永辉超市北京鸿坤广场门店突然停业。一名现场工作人员告诉记者，停业的 主要原因是停水，但何时恢复营业他无法给出具体时间。 ...

IP赋能是今年永辉"喜市"的亮点之一。永辉重点引进了三丽鸥和小马宝莉两大IP的系列年饰产品。三丽 鸥家族系列小对联、冰箱贴、磁吸对联套装，融合了卡通形象的可爱特质与中国传统吉祥元素。小马宝 莉系列则推出了春节卡通创意红包、如意门贴、挂挥春等产品。 除了IP联名，永辉"喜市"在传统品类的开发与创意设计上也下足了功夫。对联既有马年立体卡通套装、 新新文创立体生肖对联，也有百福绒布对联、创意生肖绒布对联。磁吸设计解决了传统胶贴难清理、易 破损的痛点。此外，"喜市"专区还有仿羊皮纸制作的古风灯笼，立体财神挂饰、醒狮红果挂饰、线编中 国结等。 "过了腊八就是年"。为延续这份节日温情，永辉在全国门店同步推出为期三天(1月24日-26日)的腊八主 题活动，暖心腊八粥试吃、腊八蒜满减促销以及部分门店设置烤羊肉串搭配腊八蒜的创新体验。同时， 永辉还挑选30支千万级爆品、时令生鲜及民生必备品，推出专项优惠，为消费者提供一站式年货采购方 案。 北京商报讯(记者赵述评)近日，永辉超市（601933）正式发布"新永辉新年味"新年货战略，在店内设置 汇集众多年货的"喜市"专区，例如春联、福字、灯笼、中国结、创意摆件等年节装饰品。 ...

作者 I 李东阳 报道 I 李东阳朋友圈 2024年9月，叶国富大手一挥拿下永辉超市，亲自担任起改革领导小组组长，他的自救策略总结起来就一句话：像素级模仿胖东来。 这位胖东来的忠实学徒，将胖东来的网红大月饼、DL系列自有品、自由·爱白酒一股脑搬上货架，部分门店商品结构查重率甚至超过90%。 但为师一拳200年的功力，岂能一朝一夕习得，2025年度，永辉超市归母净利润预计再亏21.4亿元，连续5年累计亏损达116亿元。 图 直到2024年，永辉超市看到了胖东来这个零售业的新神话，决定摸着石头过河，核心是从"人、货、场"三方面优化：给员工涨薪并严格执行8小时工作 制；大幅汰换商品，提升品质；优化购物环境。 照搬作业的确有效，永辉用时两个月触底反弹、股价翻番，但之后恶补功课与基本功不扎实的矛盾开始显现，永辉半年时间关店近两成，部分调改门店里 的商品汰换率超过八成。 不过永辉对师门的教导仍旧是坚信不疑的，在公告中，永辉表示业绩亏损是因为重大经营战略调整所致。 注：永辉超市内部标语 要说永辉不努力实在冤枉他，胖东来的另一位学徒山西美特好超市，去年10月集中关闭超市门店的行为引发市场恐慌，时至今日，倒闭传言在市场上持续 ...

ab 20 January 2026 Global Research China Consumer Sector 2026 GCC takeaways: Sector valuation remains attractive with signs of consumption recovery Green shoots in consumer confidence with increasing divergence in preferences We hosted ~35 consumer companies (listed and private), one expert panel on shopping malls and new consumption trends, and a tour in Shanghai and Hangzhou. Despite the near-term property market downturn, we have seen green shoots in consumer confidence and think improving stock market r ...

Core Viewpoint - Yonghui Supermarket (601933.SH) has decided to terminate the public transfer of its 28.095% stake in Yonghui Yunjin Technology Co., Ltd. due to prolonged timelines and unsuccessful attempts to find qualified buyers, opting instead for a private transfer to existing shareholder Shanghai Paihui Technology Co., Ltd. for a total price of 80 million RMB [1] Group 1: Transaction Details - The decision to terminate the public transfer was influenced by the lengthy process of soliciting potential buyers and the failure to attract suitable offers despite two price reductions [1] - The final agreement price of 80 million RMB is significantly lower than the book net asset value of approximately 171 million RMB, resulting in an expected investment loss of about 90.88 million RMB [1] Group 2: Market Feedback and Pricing - The transaction price was determined based on market feedback received during the earlier public listing process, which included price adjustments to 153 million RMB and 120 million RMB [1] - The company will no longer hold any equity in Yunjin Technology following the completion of this transaction [1]

Core Viewpoint - Yonghui Supermarket has reported continuous losses for five consecutive years, with a total loss exceeding 11.6 billion yuan from 2021 to 2025, indicating a significant decline in its financial health and operational efficiency [4][5]. Financial Performance - In 2025, Yonghui is expected to report a net loss of 2.14 billion yuan, compared to a loss of 1.47 billion yuan in the previous year, reflecting an increase in daily losses to approximately 6 million yuan [4]. - Cumulative losses from 2021 to 2025 are as follows: 3.944 billion yuan in 2021, 2.763 billion yuan in 2022, 1.329 billion yuan in 2023, 1.465 billion yuan in 2024, and 2.14 billion yuan in 2025, totaling over 11.6 billion yuan [4]. Strategic Adjustments - Yonghui has attempted various strategies to reverse its declining performance, including launching "Super Species" for fresh food and dining, establishing Yonghui MINI community stores, and exploring warehouse stores and digital transformation, but these efforts have not yielded positive results [4]. - The company has faced increased costs due to store adjustments, supply chain reforms, and asset impairments, which have contributed to the widening losses [5]. Market Reaction - Following the announcement of a support plan from the management of "Fat Donglai," Yonghui's stock price rose over 20% in three consecutive trading days, indicating market optimism regarding the company's transformation efforts [5].

Group 1: Yonghui Supermarket - Yonghui Supermarket (601933.SH) forecasts a net loss of 2.14 billion yuan for 2025, compared to a loss of 1.47 billion yuan in the previous year, indicating a daily loss of nearly 6 million yuan [2][3] - This marks Yonghui's fifth consecutive year of losses, with cumulative losses exceeding 11.6 billion yuan from 2021 to 2025 [2] - The company has attempted various strategies for recovery, including launching "Super Species" and exploring community stores, but these efforts have not reversed the downward trend [2][3] Group 2: Apple - Apple has initiated a promotional campaign for the iPhone Air, reducing its price by 2,000 yuan, with potential total discounts reaching 2,500 yuan [3] - The promotion is limited to approximately 13,000 units available through direct sales channels [3] Group 3: Xiaomi - Xiaomi's founder Lei Jun announced that the new generation SU7 model is expected to have some sample cars available in stores before the Spring Festival [6] Group 4: BYD - BYD plans to export 1.3 million vehicles by 2026, aiming for a nearly 25% increase in deliveries to markets outside China [7] Group 5: NIO - NIO's subsidiary, Leidao, has achieved 91.36% progress towards its goal of doubling the number of battery swap stations, with over 7,309 new batteries invested as of January 24 [7] Group 6: Wuliangye - Wuliangye anticipates that the industry will gradually enter a recovery phase, supported by improving macroeconomic conditions and consumer demand [9] Group 7: Tesla - Tesla has introduced an 8,000 yuan subsidy for certain Model 3 variants, alongside financing options such as a 7-year low-interest plan [16] - The Model 3 rear-wheel drive version starts at 235,500 yuan, with various financing options available [16] Group 8: Leica Camera - Blackstone Group is considering selling its controlling stake in Leica Camera, with an estimated valuation of around 1 billion euros (approximately 8.21 billion yuan) [11] Group 9: Semiconductor Market - Samsung Electronics has raised NAND flash memory prices by over 100% in the first quarter, reflecting severe supply-demand imbalances in the semiconductor market [13]