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Core Viewpoint - Yonghui Supermarket is facing significant financial challenges as it transitions from "scale expansion" to "quality growth," with projected net losses for 2025 expected to reach -2.14 billion yuan, a 45.58% increase in losses compared to the previous year [1] Financial Performance - Yonghui Supermarket announced a projected net profit loss of -2.14 billion yuan for 2025, worsening from a loss of 1.47 billion yuan in the previous year [1] - The company plans to close 381 stores that do not align with its future strategic positioning, while also undergoing deep adjustments to 315 stores [1] - The financial impact of store adjustments includes approximately 910 million yuan in asset write-offs and one-time costs, along with an estimated 300 million yuan in gross profit losses due to store closures [3] Strategic Adjustments - In response to its financial crisis, Yonghui Supermarket has initiated a supply chain reform focused on transparency, quality, and efficiency, aiming to address traditional supply chain pain points [6] - The company is undergoing a significant restructuring, which includes closing underperforming stores and implementing a "surgical" approach to clear risks and prepare for future profitability [7][10] - The leadership changes, including the appointment of a new CEO, signal a shift towards a more youthful and dynamic management style, with a focus on product quality and customer experience [18][20] Market Position and Challenges - Yonghui Supermarket's traditional advantages in fresh produce supply chains have been diluted by competitors like Hema and Sam's Club, leading to a decline in store productivity [1] - The company is experiencing a structural decline in its large supermarket model due to competition from e-commerce and community group buying, which has eroded its market share in lower-tier cities [11][15] - The ongoing adjustments and reforms are seen as necessary but may not be sufficient to address deeper systemic issues such as low traffic, inefficient supply chains, and lagging digital transformation [16] Future Outlook - Analysts suggest that Yonghui Supermarket's ability to focus on core areas and develop a high-density, efficient store network could lead to regional profitability [10] - The company is expected to face a challenging 2026, with potential for a "loss reduction year" before possibly achieving profitability in 2027, contingent on stabilizing gross margins and reducing debt levels [10][20]

(文/解红娟 编辑/张广凯) 1月20日晚间，永辉超市发布2025年业绩预亏公告，经财务部门初步测算，公司2025年归属于上市公司股东的净利润-21.4亿元，归属于上市公司股东扣除非 经常性损益后的净利润-29.4亿元。 可对比的是，上年同期永辉超市实现利润总额-16.4亿元，归属于上市公司股东的净利润-14.7亿元，归属于上市公司股东扣除非经常性损益后的净利润-24.1 亿元，亏损幅度的持续扩大，无疑印证了这场转型的艰巨性。 值得警惕的是，这已是永辉超市连续第五年陷入业绩下滑与亏损的泥潭。同花顺iFinD数据显示，2021年至2024年，永辉超市归属于母公司股东的净利润分 别为-39.44亿元、-27.63亿元、-13.29亿元、-14.65亿元，叠加2025年亏损额，永辉超市五年亏损超百亿元。 对于业绩预亏的核心原因，永辉超市明确指向了2025年启动的重大经营战略转型。从过往的"规模扩张"全面转向"质量增长"中，门店端的深度调整成为此次 转型的核心抓手，报告期内公司累计深度调改门店315家，同时关闭381家与新战略定位不符的低效门店。这一系列调整直接加剧了短期利润压力，成为业绩 预亏的主要诱因。 具体来看 ...

36氪获悉，联想集团与英伟达近日共同宣布，两家公司将进一步深化在人工智能基础设施领域的合作， 联合推出"联想人工智能云超级工厂"。同时，联想中国正式发布了"联想AI工厂"整体解决方案，旨在帮 助企业数据中心从传统"算力中心"向高效"AI工厂"的智能化转型，助力其全栈AI技术在中国的应用实践 与全面落地。 OpenAI：推出用户年龄预测功能，以保护未成年用户 美东时间周二，OpenAI表示，已在其ChatGPT消费者计划中推出一款年龄预测模型，以帮助该公司识别 属于18岁以下用户的账户。近几个月来，OpenAI已推出多项新的安全功能，以应对有关其如何保护用 户（尤其是未成年人用户）的日益严格的审查。OpenAI表示，如果其年龄预测模型显示用户未满18 岁，ChatGPT将自动启用保护措施，减少展示"敏感内容"。如果已成年用户的年龄被错误判定为未满18 岁，他们将能够使用身份验证服务Persona来恢复完全访问权限。（智通财经） 大公司： 日本最大核电站重启 当地时间1月21日，日本东京电力公司重启柏崎刈羽核电站6号机组。日本最大核电站——柏崎刈羽核电 站由东京电力公司运营，2011年"3·11"东日本大地震后一 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源 | 野马财经 作者 |方璐 大调整后，再度亏损。 永辉超市（601933.SH）从"规模扩张"向"质量增长"转型的叙事，正被持续恶化的财务数据挑战。 1月21日，永辉超市发公告称，预计2025年归母净利润为-21.4亿元，比上年同期亏损14.7亿元，亏损规 模同比扩大约45.58%。 在门店布局方面，永辉超市2025年深度调改315家门店，关闭381家与公司未来战略定位不符的门店。 永辉超市连亏数年的症结是什么？盘古智库高级研究员江瀚认为，永辉超市陷入"规模不经济"陷阱，早 期高速扩张导致固定成本高企，而单店产出持续下滑。其传统生鲜供应链优势被盒马、山姆等新锐模式 稀释，未能有效转化为数字化时代的用户粘性。此外，永辉超市组织机制僵化，对消费分层和渠道变革 反应迟缓，导致在社区团购、即时零售等新场景中错失先机。 江瀚进一步分析称，大规模闭店确属战略收缩，意在止血求生。剩余门店若能聚焦高线城市高势能商 圈，并嫁接即时零售能力，或可构建新模型。但若资本消耗过快、融资渠道受限，则可能滑向流动性危 机。目前处于"疗伤"关键窗口期，成败在此一 ...

Core Viewpoint - Yonghui Supermarket has reported a projected net loss of 2.14 billion yuan for 2025, marking its fifth consecutive year of losses [1] Group 1: Financial Performance - Yonghui Supermarket's cumulative losses since 2021 have approached 10 billion yuan [2] - The company expects a net profit loss of 2.14 billion yuan and a non-recurring net profit loss of 2.94 billion yuan for 2025 [1] - The financial impact of the reform efforts, termed "learning from Pang Donglai," has resulted in over 1.2 billion yuan in losses due to store closures and renovations [11][12] Group 2: Strategic Changes - Yonghui initiated a reform plan in May 2024, aiming to emulate the successful strategies of Pang Donglai, including store renovations and employee salary increases [5][7] - The company has closed 381 stores that do not align with its new strategic direction while renovating 315 others [11] - Despite these efforts, the company has struggled to achieve profitability, with its strategic direction remaining inconsistent [10][20] Group 3: Comparison with Competitors - Pang Donglai has achieved significant success, with revenues exceeding 18 billion yuan and high customer demand, contrasting sharply with Yonghui's ongoing losses [2][12] - The success of Pang Donglai is attributed to its founder's long-term operational philosophy and focus on employee welfare, which Yonghui has failed to replicate effectively [8][13] Group 4: Operational Challenges - Yonghui's overexpansion in the 2010s has led to inefficiencies and a loss of management control, resulting in a shift to a "store closure for survival" strategy [14][15] - The company's supply chain capabilities are weak, relying heavily on third-party logistics, leading to higher costs and waste [17] - Yonghui's frequent shifts in strategic focus over the past five years have hindered its ability to establish a stable market position [18] Group 5: Future Outlook - Yonghui is planning a 3.114 billion yuan capital increase, with 77% allocated for store upgrades and further alignment with Pang Donglai's model [22] - The company is advised to focus on consolidating its strengths in traditional markets rather than pursuing widespread changes [24] - A more targeted approach in developing high-efficiency stores could be essential for reversing its financial decline [24]

哪些上市公司年报业绩预计大幅亏损？ 黄金概念股大涨 今日（1月21日），A股市场维持窄幅震荡，上证指数收盘微涨0.08%。全天A股成交2.62万亿元，降至1月以来次低水平。黄金概念、玻璃基板、锂矿、先 进封装、CPO概念等涨幅居前。 黄金概念近日持续火爆，最新指数已创历史新高。盘面上，概念股招金黄金、白银有色（维权）、四川黄金、西部黄金、国城矿业（维权）等均录得涨停 板。 招金黄金（000506）目前已连续收获3个涨停板，拉长时间来看，该股近两年来涨幅惊人，以最新收盘价与近两年来的低点相比，招金黄金最大涨幅已达 到20.72倍，是同期黄金概念及有色金属行业涨幅最高的股票。 公开资料显示，招金黄金营业收入主要为黄金产品销售和房屋租赁收入，其中黄金销售业务占比达到98%以上。2025年前三季度，公司实现净利润0.82亿 元，同比扭亏为盈。 公司近日接受机构调研时表示，瓦图科拉金矿尾矿约1800万吨，品位约1g/t—1.5g/t，回收率约40%。目前瓦图科拉金矿排水工作已基本完成，正在进行采 场作业面恢复工作。 国晟科技（维权）遭遇5个跌停 1月21日早盘，国晟科技（603778）开盘跌停，收盘时跌停板封单达94. ...

针对2025年亏损原因，永辉超市在公告中指出，2025年，其进行了重大的经营战略调整，从"规模扩张"转向"质量增长"，重新定位了"新永辉、新品质"的 战略发展。在门店布局方面，2025年，其深度调改了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。 门店调改对公司利润的影响主要包含调改相关的资产报废损失、停业装修营业收入损失、一次性开办费投入等，其中资产报废及一次性投入合计约9.1亿 元。此外，门店因停业装修产生的毛利额损失预估约3亿元。关闭381家门店也产生了较大损失，主要包含资产报废损失、人员优化离职补偿、租赁相关的 违约赔偿等。 昨天（1月20日），永辉超市发布业绩预告称，经公司财务部门初步测算，2025年，其归属于上市公司股东的净利润为-21.4亿元，归属于上市公司股东扣 除非经常性损益后的净利润为-29.4亿元。自2021年以来，永辉超市连续5年亏损，累计亏损约116.41亿元，其2025年的亏损金额也超过了2023年和2024 年。 针对2026年是否会继续大幅关店，昨晚（1月20日），记者向永辉超市相关负责人了解情况，截至发稿，尚未收到回复。 永辉超市自2024年5月6日启动胖东来 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600785 | 新华百货 | 22.44 | 3.41% | 44.64万 | | 10.01亿 | | 000007 | 全新好 | 11.28 | 2.73% | 7.15万 | | 7971.94万 | | 000058 | 深塞格 | 9.68 | 1.89% | 17.60万 | | 1.70亿 | | 601116 | 三江购物 | 16.52 | 1.04% | 45.63万 | | 7.57亿 | | 603123 | 翠微股份 | 13.45 | 0.90% | 26.52万 | | 3.55 Z | | 300947 | 德必集团 | 21.91 | 0.69% | 9.71万 | | 2.10亿 | | 002344 | 海宁皮城 | 4.96 | 0.40% | 16.42万 | | 8142.60万 | | 000419 | 通程控股 | 6.60 | 0.15% | 11.52万 | | 7530.08 ...

盘面上，现货黄金首次突破4880美元，贵金属、黄金概念大涨，招金黄金、赤峰黄金(600988)等多股涨 停；CPO概念走高，华天科技、通富微电(002156)等多股涨停；锂矿概念活跃，盛新锂能等多股涨停； PCB板块拉升，大族数控20CM涨停；玻璃基板、半导体及电机等板块涨幅居前。另外，免税概念、商 业百货板块走低，广百股份(002187)、永辉超市(601933)领跌；电网设备板块走弱，三变科技(002112)跌 逾8%；煤炭股走低，大有能源(600403)跌逾8%；银河、保险及旅游酒店等板块跌幅居前。(格隆汇) 格隆汇1月21日｜A股三大指数今日集体上涨，截至收盘，沪指涨0.08%报4116点，深证成指涨0.7%，创 业板指涨0.54%盘中一度涨超1.5%。全市场成交额2.61万亿元，较前一交易日缩量1805亿元，近3100股 上涨。 | 上证指数 深证成指 | 北证50 | | --- | --- | | 4116.94 14255.13 1519.75 | | | +3.29 +0.08% +99.50 +0.70% +2.15 +0.14% | | | 科创50 创业板指 | 万得全A | | 15 ...