天眼查工商信息显示，永辉超市股份有限公司成立于2001年4月，法定代表人为张轩松，注册资本约 90.75亿人民币，经营范围含农副产品、水产品、粮油及制品、食品饮料、酒及其他副食品等的零售和 批发，以及提供相关的配套服务，零售和批发预包装食品、散装食品、保健食品等。股东信息显示，该 公司由广东骏才国际商贸有限公司、张轩松、张轩宁、林芝腾讯科技有限公司等共同持股。对外投资信 息显示，该公司直接持股80余家企业，其中65家为存续或开业状态，包括福建华通银行股份有限公司、 永辉云创科技有限公司、永辉彩食鲜发展有限公司等。值得一提的是，该公司已申请注册多枚"胖永 辉"、"胖小辉"商标，当前多枚"胖永辉"商标已注册成功。 据媒体报道，1月12日盘后，永辉超市（601933）发布2025年度业绩预亏公告，预计归属于上市公司股 东的净利润为负。至此，公司将连续第五个财年出现亏损。此时距离其全面启动学习"胖东来"模式已过 去约20个月。 ...

消费日报-今朝新闻讯 1月13日，永辉超市（601933）公告，经公司财务部门初步测算，预计2025年度 归属于上市公司股东的净利润为负值，2025年度经营业绩将出现亏损。公司将严格遵循《上海证券交易 所股票上市规则》等相关规定，加快推进财务核算工作，尽快披露2025年度业绩预告。最终财务数据请 以公司正式披露的2025年年度报告为准。 来源：消费日报-今朝新闻 图片：北京丰台官方发布、永辉超市 ...

1月12日晚间，永辉超市股份有限公司（以下简称"永辉超市"）发布公告称，经财务部门初步测算，预计2025年度归属于上市公司股东的净利润为负值， 2025年度经营业绩将出现亏损。 永辉超市表示，将加快推进财务核算工作，并尽快披露2025年度业绩预告。最终财务数据以正式披露的2025年年度报告为准，敬请投资者理性投资，注意投 资风险。 值得关注的是，2025年永辉超市对红旗连锁进行了多次减持，其中4月至10月期间完成3次减持。12月22日，红旗连锁再次披露，永辉超市拟通过集中竞价减 持不超过1360万股，这一消息迅速引发市场的强烈反应。公告次日，红旗连锁股价收报6.15元/股，单日大跌8.07%。 永辉超市官司缠身。2025年12月6日，永辉超市发布公告称，自前次公告至今，其与下属公司新增的诉讼及仲裁涉案总金额高达4.95亿元，相当于永辉超市 2024年经审计净资产绝对值的11.14%。 在总计近5亿元的涉案金额中，永辉超市作为原告主动发起的案件仅占约3812万元，作为被告被动应对的金额则超4.57亿元，占比超过九成。这些纠纷主要 集中爆发于与房地产开发商的租赁合同纠纷以及与供应商之间的供零纠纷。 业绩方面，20 ...

来源：钛媒体 永辉 1月9日下午，永辉超市在天津空港经济区SM广场店（下称"SM广场店"）正式发布了2026年货节战略。新年和春节的两节期间，是线下超市一年的销售高 峰。发布年货节也可以说是规定动作。不过，年货节战略选择在SM广场店这家门店发布，却颇有深意。根据永辉方面的介绍。当永辉整体的调改门店已经 超过300家的时候，这家年销售额超过4亿元的SM广场店，是目前永辉的"店王"。 因此，通过走访SM广场店，不仅仅是看永辉调改店的尖子生能够做到什么水平。更重要的是，可以据此观察线下超市的调改方向有哪些新的动向。 水产区是调改后的核心亮点，彻底颠覆了传统超市 "脏乱差、鱼腥重" 的刻板印象。通过专人实时清洁、设备全面汰换，来保证环境的干净整齐，比如周边 几乎没有水渍。产品层面则覆盖了从平价民生到高端宴请的全品类海鲜：有9.8 元 / 斤的鲜活草鱼性价比突出，而750—900g 的波士顿龙虾售价 399 元，2— 2.5kg 的帝王蟹仅售 998 元，这个价格实现了亲民的质价比。而且所有海鲜均支持现场加工，从鲜活捕捞到现烹出锅仅需一小时，实现 "生鲜即食" 的便捷体 验。 烟火气怎么来 走进SM广场店，可以发现，这 ...

Group 1 - US stock market showed slight gains with the Dow Jones up 0.17%, Nasdaq up 0.26%, and S&P 500 up 0.16%, with both Dow and S&P reaching new closing highs [3] - Major tech stocks had mixed performance, with Oracle up 3.1%, Google up 1.1%, and Tesla up 0.9%, while Meta and Intel saw declines of 1.7% and 3.1% respectively [3] - Financial sector declined over 1%, led by a drop in major banks following President Trump's announcement of a 10% cap on credit card interest rates starting January 20 [3] Group 2 - Precious metal prices surged due to risk aversion, with COMEX gold futures rising 2.54% to $4604.30 per ounce and silver futures up 7.26% to $84.61 per ounce [4] - Industrial metals also saw a rebound, with copper prices returning to $6 per pound and other metals like aluminum and nickel increasing by over 1% [4] Group 3 - Guizhou Moutai has set contract prices for some products for 2026, with significant price reductions for various types of Moutai liquor, including a drop from 2969 yuan to 1859 yuan per bottle for premium Moutai [8] - The company is adjusting its pricing strategy in response to market conditions, which may impact its revenue and profitability [8] Group 4 - The commercial aerospace sector remains active, with multiple stocks experiencing significant movements, although some companies clarified they are not involved in commercial aerospace [9] - Companies like North Navigation and Aerospace Changfeng have issued announcements regarding their business layouts in response to market interest [9] Group 5 - The market liquidity is currently abundant, and thematic trading is expected to continue, indicating a positive outlook for certain sectors [11] - Analysts suggest that the cross-year market trend may continue, although there is an increased risk of short-term technical corrections [10]

Group 1 - The Trump administration's pressure on the Federal Reserve to lower interest rates raises concerns about the central bank's independence, potentially leading to higher long-term interest rates and borrowing costs [1] - Ctrip's mass sending of "layoff notices" to employees was clarified as a system testing error, not an actual layoff, following strong performance in revenue and net profit growth [1] - Planet Labs achieved a historic high in stock price after signing a multi-year contract worth "low nine figures" with the Swedish Armed Forces, highlighting the value of its satellite data services in defense and intelligence [1] Group 2 - The Adriatic oil pipeline will resume oil supply to Serbia's Pančevo refinery after a nearly 100-day interruption, with the first batch of approximately 85,000 tons expected to arrive soon [2] - Many regions in China are increasing the upper limit for farmers' pension contributions, but this alone will not resolve the low pension issue, which requires coordinated efforts from personal income and fiscal subsidies [3] - Surgical robot company Precision Medicine saw a stock price increase of over 30% on its first day of trading on the Hong Kong Stock Exchange, despite facing challenges such as ongoing losses and high R&D costs [3] Group 3 - Yonghui Supermarket expects a net profit loss for 2025, accumulating over 8 billion yuan in losses over three years due to intense industry competition and costs from store adjustments [4] - The Chinese restaurant and bar brand "Huan Shi" is facing negative same-store sales growth and has declared an 80 million yuan special dividend before its IPO, despite a significant reduction in cash reserves [5] - Kweichow Moutai has reduced the ex-factory prices of several core products, with the highest drop being 1,990 yuan, aiming to expand consumer base and transition products from luxury to high-frequency consumption [5] Group 4 - Reliance Industries in India has suspended its local lithium-ion battery cell manufacturing plan due to the lack of technical support from Chinese battery companies, highlighting challenges in building a self-sufficient clean energy supply chain [6]

Core Viewpoint - Yonghui Supermarket Co., Ltd. is expected to report a net loss attributable to shareholders for the fiscal year 2025, indicating a decline in operational performance [1] Financial Performance - The company’s financial department has conducted preliminary calculations, forecasting a negative net profit for the year 2025 [1] - The final financial data will be disclosed in the official 2025 annual report, adhering to the regulations of the Shanghai Stock Exchange [1]

重点要闻 药明康德预计2025年经调整归母净利润增41.33% 药明康德(603259.SH)发布2025年度业绩预告，预计预计2025年度实现营业收入约人民币454.56亿元，同 比增长约15.84%，其中持续经营业务收入同比增长约21.40%；期实现经调整非《国际财务报告准则》 下归属于本公司股东的净利润约人民币149.57亿元，同比增长约41.33%；归属于本公司股东的扣除非经 常性损益的净利润约人民币132.41亿元，同比增长约32.56%，与经调整归母净利润增速相比主要受到汇 率波动的影响；实现归属于本公司股东的净利润约人民币191.51亿元，同比增长约102.65%，其中包含 了出售联营公司部分股权以及剥离部分业务所获得的投资收益；本期基本每股收益预计约人民币6.7元/ 股，同比增长约104.27%。 业绩变动主要由于公司出售持有的WuXiXDCCaymanInc.部分股权的净收益，预计约人民币41.61亿元； 以及出售所持有的上海康德弘翼医学临床研究有限公司和上海药明津石医药科技有限公司100%股权的 净收益，预计约人民币14.34亿元。 上港集团2025年净利同比降10.4% 上港集团(600 ...

Investment Rating - The report maintains an "Outperform" rating for the retail sector [3][56]. Core Insights - The retail sector is expected to benefit from increased policy support, with leading companies poised for growth [1][3]. - The overall consumption environment in 2025 is projected to be stable, with structural highlights emerging, particularly as consumption policies become clearer [1][12]. - The report identifies two main trends for 2026: the continuation of new consumption trends and the anticipated reversal of challenges faced by traditional consumption [2][20]. Summary by Sections Market Performance Review - In 2025, the SW retail index increased by 11.6%, underperforming the CSI 300 index by 6.1 percentage points, while the beauty care index rose by only 0.4%, lagging behind the CSI 300 by 17.35 percentage points [1][16]. - The retail sector's performance was initially strong in the first half of 2025 but faced a decline in the second half due to a shift in market focus towards technology [1][16]. Investment Recommendations - The report suggests several sectors for investment: 1. **Gold and Jewelry**: The sector is entering a consumption peak, with low valuations and expected growth in same-store sales and channel expansion. Recommended companies include潮宏基, 菜百股份, and 周大福 [3][56]. 2. **Beauty and Personal Care**: The sector is returning to low valuations, with traditional leaders showing signs of recovery. Recommended companies include 上美股份 and 珀莱雅 [3][56]. 3. **Offline Retail**: The end of the year is a peak sales period, with potential positive impacts from CPI recovery. Recommended companies include 名创优品 and 永辉超市 [3][56]. 4. **Cross-border E-commerce**: Companies are expected to benefit from reduced external tariff impacts, with recommendations including 小商品城 and 安克创新 [3][56]. Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for key companies, all rated "Outperform" for 2025 and 2026, including 潮宏基, 上美股份, and 珀莱雅, with respective PE ratios indicating growth potential [5][59]. Recent Industry Data Tracking - As of November 2025, the total retail sales of consumer goods reached 43,898 billion yuan, with a year-on-year growth of 1.3%. The growth was influenced by high base effects and the timing of promotional events [26][30]. - Online retail sales for the first 11 months of 2025 reached 144,582 billion yuan, growing by 9.1%, with physical goods online retail accounting for 25.9% of total retail sales [28][30]. Policy Support and Future Outlook - Recent policy initiatives emphasize the importance of boosting consumer spending, with a focus on increasing the consumption rate and stabilizing demand through various measures [13][24]. - The report anticipates that traditional consumption leaders will gradually improve their performance as they adapt to new market conditions and innovate their product offerings [24][20].

针对营收同比下降，永辉超市表示，一方面零售行业竞争激烈，部分消费者消费习惯的改变以及消费者 对购物体验、商品品质等要求更高，公司客流、客单均出现一定程度下滑；另一方面，公司主动进行门 店优化调改，在对潜力门店进行关店改造的同时淘汰关闭了部分尾部门店，以上两方面因素共同影响， 使得公司同店销售及门店数量均有所下滑。 针对归母净亏损扩大，永辉超市解释称，这主要是受到营收和毛利率下滑的影响。三季度毛利率下滑主 要是公司在门店调改过程中优化商品结构和采购模式，在淘汰旧品、引入新品的过程中，主动推动裸价 和控后台的策略，属于转型过程中的短期影响。 2025年12月8日，永辉超市发布关于持股5%以上股东的一致行动人集中竞价减持股份结果。公告显示， 公司控股股东、董事长张轩松的一致行动人——上海喜世润投资管理有限公司－喜世润合润6号私募证 券投资基金已完成此前披露的集中竞价减持计划，合计减持公司股份9075万股，套现金额约3.77亿元。 本次减持后，张轩松及其一致行动人合计持股数量降至11.84亿股（减持前12.75亿股减去本次减持的 9075万股），仍占公司总股本的13.05%，维持对公司的重要持股地位。 1月12日晚， ...