证券代码：601933 证券简称：永辉超市 公告编号：2025-070 永辉超市股份有限公司 关于拟公开挂牌出售参股子公司永辉云金科技有限 公司剩余股权的公告 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： 交易简要内容：永辉超市股份有限公司（以下简称"公司"或"永辉超 市"）拟通过重庆联合产权交易所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。本次交易转让价格参照 云金科技 2025 年 11 月 30 日财务报表（未经审计，以下同）净资产 63,191.85 万元，按持股比例进行折算，以 17,753.75 万元为初始挂牌底价，最终转让价格 取决于受让方的受让价格，以公开挂牌成交结果为准。 本次交易尚未构成关联交易，公司未知公司关联人是否会作为本次交易 公开转让的受让方，若挂牌转让导致关联交易，公司将及时按照《上海证券交易 所股票上市规则》等相关规定履行关联交易的审议程序及信息披露义务。 本次交易不构成重大资产重组。 一、交易概述 （一）本次交易的基本情况 ...

Core Viewpoint - Yonghui Supermarket plans to publicly transfer 28.095% equity stake in its subsidiary YunJin Technology through Chongqing United Property Exchange, with an initial listing price of 178 million yuan based on the subsidiary's net assets of 632 million yuan as of November 30, 2025 [1] Group 1 - The equity stake being transferred is 28.095% of YunJin Technology [1] - The initial listing price for the stake is set at 178 million yuan [1] - The final transfer price will depend on the bidding results from potential buyers [1] Group 2 - The valuation of YunJin Technology is based on its net assets reported in the financial statements as of November 30, 2025, amounting to 632 million yuan [1] - The transaction will be conducted through a public listing process at the Chongqing United Property Exchange [1]

人民财讯12月29日电，永辉超市（601933）12月29日公告，公司拟通过重庆联合产权交易所公开挂牌交 易方式转让参股子公司永辉云金科技有限公司(简称"云金科技")28.095%的股权。本次交易转让价格参 照云金科技2025年11月30日财务报表(未经审计，以下同)净资产6.32以元，按持股比例进行折算，以 1.78亿元为初始挂牌底价，最终转让价格取决于受让方的受让价格，以公开挂牌成交结果为准。 ...

Core Viewpoint - Yonghui Supermarket has completed the renovation of two stores in Beijing's Tongzhou District, enhancing their product offerings and customer experience to better serve local communities [1] Group 1: Store Renovation Details - The Yonghui Beijing Tongzhou World Village store, operational for ten years, has undergone a renovation focusing on "quality enhancement" and "experience optimization" [1] - The Yonghui Banbi store, serving the Liyuan community for twelve years, emphasizes creating a "one-stop family living solution" with a focus on seasonal and festive products [1] Group 2: Product and Service Enhancements - The product structure of the renovated stores now aligns with 80% of the product structure of the well-regarded brand Pang Dong Lai, including the introduction of its own brand sections [1] - Both stores implement strict freshness management for perishable goods, adhering to the "468" freshness management and daily clearance system, while also publicly displaying food safety inspection data [1] Group 3: Customer-Centric Strategies - The World Village store enhances its offerings for stable family customers by improving the freshness management and quality control standards of fresh products, as well as expanding high-quality ready-to-eat meals [1] - The Banbi store focuses on providing convenient services such as free processing of meat and poultry and on-site cleaning of seafood, catering to the needs of families during winter and festive gatherings [1]

Core Viewpoint - The recent upgrades of two community stores by Yonghui Supermarket in Beijing's Tongzhou district reflect the company's commitment to enhancing consumer experience and supporting local consumption in response to government initiatives [1][3]. Group 1: Store Upgrades - Yonghui's Beijing Tongzhou World Village store has been operational for ten years and has recently undergone a significant upgrade, while the Banbi store will also reopen after renovations [1]. - The upgrades aim to strengthen the "quality and affordable" retail network in the area, providing essential goods at competitive prices [1][3]. Group 2: Product Offerings - The product structure of the two upgraded stores aligns with 80% of the offerings from the "Fat Donglai" brand, featuring a variety of freshly made items such as dumplings, wontons, and baked goods [3]. - The stores provide stable daily supplies, including cabbage at 0.99 yuan per jin, pork at 6.99 yuan per jin, and affordable sugar oranges at 4.99 yuan per jin, ensuring reliable access to essential goods for local families [3]. Group 3: Customer Experience - The World Village store focuses on enhancing quality and optimizing the shopping experience, particularly for family customers, by improving fresh produce management and offering high-quality ready-to-eat meals [5]. - The Banbi store emphasizes a "one-stop family living solution," catering to seasonal needs with a focus on hot pot ingredients and providing convenient services such as free meat processing and on-site seafood cleaning [5]. Group 4: Operational Standards - Both stores implement strict freshness management and daily clearance protocols for fresh products, with real-time public display of food safety inspection data [7]. - The renovations have improved employee working conditions and benefits, establishing a skills certification program to enhance employee engagement and service quality [7]. Group 5: Community Impact - Yonghui's initiatives are part of a broader strategy to promote community commerce and stimulate urban consumption, with plans for promotional activities leading up to the New Year [7].

Investment Rating - The industry investment rating is maintained as "Buy" [1] Core Insights - The Hainan Free Trade Port officially launched its full island customs closure on December 18, 2025, implementing a policy of "one line open, one line controlled, and free flow within the island" to facilitate trade and investment [2][13] - The zero-tariff policy has been upgraded, increasing the number of zero-tariff product categories from 1,900 to 6,600, covering 74% of production materials [3][14] - The launch of the Hainan Free Trade Port is expected to significantly impact both local and national duty-free businesses, with the fundamentals beginning to materialize [15] Industry Data Tracking - GMV performance shows that in the second week of November, the overall GMV for Tmall and JD.com decreased by 5.56% year-on-year [4][16] - The top five categories in terms of growth during the same period were toys, home furnishings, books and audio-visual products, clothing, and home appliances [4][16] Market Review - From December 22 to December 26, 2025, the Shanghai Composite Index, Shenzhen Component Index, CSI 300, Hang Seng Index, and Hang Seng Tech Index increased by 1.88%, 3.53%, 1.95%, 0.50%, and 0.37% respectively, with the retail trade sector rising by 0.16% [5][20] - Notable stock performances included Dongbai Group, Baida Group, China Duty Free, Yintai Group, and New Xunda, while Nanjing Shanglv, Central Mall, Dalian Friendship, Maoye Commercial, and Liren Liren experienced declines [5][20][27][28] Investment Recommendations - For offline retail, it is suggested to focus on Yonghui Supermarket, which is transforming its business model towards a curated retail approach, leveraging its strong fresh produce sales and scale advantages [28][29] - In the cross-border e-commerce sector, attention is drawn to leading brands like Anker Innovations and platforms like Xiaogongsi, which are expected to benefit from the Belt and Road Initiative [29] - In the gold and jewelry sector, companies like Laopuyin and Chaohongji are recommended due to their strong brand positioning and growth potential amid rising gold prices [29]

Core Insights - Yonghui Supermarket is undergoing a significant renovation of its stores in the Tongzhou District of Beijing, with the World Village store reopening on December 28 and the Banbi store set to reopen on December 30, marking a continued implementation of its self-reform model inspired by "Pang Donglai" [1] Group 1: Store Renovation and Upgrades - The renovations at the two stores have achieved a product structure that aligns with 80% of Pang Donglai's offerings, including the establishment of dedicated areas for Pang Donglai's private label products [1] - The stores are implementing a "naked price direct procurement" reform in their supply chain, aiming to provide high-quality products at affordable prices [1] Group 2: Product Offerings and Customer Experience - The World Village store focuses on enhancing quality and optimizing customer experience, with improved freshness management for perishable goods and a wider range of high-quality ready-to-eat meals [6] - The Banbi store emphasizes a "one-stop family life solution," featuring a matrix of scene-based products like hot pot ingredients and offering convenient services such as free processing of meat and live seafood cleaning [6] Group 3: Employee and Community Engagement - The renovations have improved the work environment and employee benefits, alongside the establishment of a skills certification and growth pathway through the "Craftsman Program" [7] - The initiative aligns with the ongoing support from the Ministry of Commerce and other departments to boost consumption, as well as the continuous development of the "15-minute convenient living circle" in Beijing [7] Group 4: Strategic Goals - Yonghui Supermarket aims to create a sustainable and replicable upgrade path for community stores, as demonstrated by the successful implementation of its model from the Wanda store to the World Village and Banbi stores [7]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The retail industry is experiencing a transformation with a focus on emotional consumption and innovative product offerings, particularly in the jewelry and cosmetics sectors [6][33] - Companies like潮宏基 and毛戈平 are leveraging multi-channel strategies to enhance brand visibility and product sales, indicating a strong market presence [26][31] Summary by Sections Retail Market Overview - The retail index closed at 2462.73 points, with a weekly increase of 0.16%, underperforming the Shanghai Composite Index, which rose by 1.88% [5][15] - The retail sector has seen a year-to-date increase of 10.00%, lagging behind the Shanghai Composite Index's 18.26% rise [15][19] Company Highlights - **潮宏基**: Achieved a revenue of 62.37 billion yuan in the first three quarters of 2025, up 28.4% year-on-year, with a net profit of 3.17 billion yuan, reflecting a 0.3% increase [42] - **毛戈平**: Launched the "琉光赋活" skincare series, set to debut on January 1, 2026, focusing on high-end skincare needs [31] - **周大福**: Reported a revenue of 389.86 billion HKD for FY2026H1, a slight decrease of 1.1%, but with a net profit increase of 0.1% [39] Investment Themes - **Gold and Jewelry**: Focus on brands with differentiated product offerings and consumer insights, recommending潮宏基 and老铺黄金 as key players [6][33] - **Offline Retail**: Emphasis on companies adapting to market changes, with recommendations for永辉超市 and爱婴室 [6][33] - **Cosmetics**: Highlighting brands that innovate with emotional value and safe ingredients, recommending毛戈平 and珀莱雅 [6][34] - **Medical Aesthetics**: Targeting differentiated product manufacturers and expanding medical aesthetic chains, with recommendations for爱美客 and科笛-B [6][34]

Core Insights - Yonghui Supermarket has opened its second "Learning from Pang Donglai" self-reformed store, the Maoye Tiandi store, in Qinhuangdao on December 26, following the successful opening of the Haigang Wanda Plaza store on August 15, indicating a nationwide quality transformation trend [1] - The Ministry of Commerce and other departments have issued a notice to boost consumer confidence, providing a positive outlook for the year-end consumption market [1] Store Transformation - The Maoye Tiandi store underwent a significant overhaul, optimizing its product structure by removing over 7,000 SKUs and increasing the proportion of new products by over 60%, achieving 80% alignment with Pang Donglai's product structure [1] - The share of imported products has risen to nearly 15%, while the proportion of fresh food items, including baked goods and ready-to-eat meals, has increased from 7% to 25% [1] Product Offerings - The store features a dedicated area for Pang Donglai-branded products, including popular items like DL fruit and vegetable utensils and DL natural mineral water, all maintaining the same source, quality, and pricing as those in Pang Donglai's stores [5] - Yonghui's own brand, "Quality Yonghui," has introduced high-frequency household items that have passed 439 safety checks, while "Yonghui Custom" includes products developed in collaboration with leading brands like Yili [5] Customer Experience and Local Adaptation - Enhanced customer service features include wet hand dispensers at the bagging area and free cutting services for whole fruits like watermelons and durians [5] - The store has localized its offerings to cater to the winter dietary preferences of Qinhuangdao residents, incorporating popular domestic flavors and international cuisines, particularly seafood [5] Employee Engagement - Post-transformation, the store has significantly increased its workforce and average salaries, offering 10 days of paid annual leave after one year of employment [5] - Yonghui's "Craftsman Program" aims to incentivize employee skill development [5] Market Performance - The first reformed store in Haigang Wanda Plaza has seen rising customer repurchase rates and satisfaction since its opening, validating the acceptance of the "Pang Yonghui" model in Qinhuangdao [6] - Other locations in Hebei, such as Zhangjiakou and Baoding, are also undergoing similar transformations, with new openings scheduled [7]

Core Viewpoint - Yonghui Supermarket is accelerating its retail network upgrade in Nanchang, responding to market demand and enhancing quality retail transformation with the opening of the new "Fat Yonghui" store, marking a new phase in its strategic layout in the region [1][19]. Product Structure Optimization - The store has undergone significant product restructuring, adding over 3,400 new items, achieving 80% of the product structure of the "Fat Donglai" model, with imported goods accounting for 12% [3][10]. - Fresh produce remains a traditional strength, with the introduction of differentiated selections and seasonal popular items like Chilean cherries and Dandong strawberries, while maintaining a commitment to quality and affordability [7][10]. In-Store Experience Enhancements - The store has increased the proportion of fresh food and bakery items from 5% to approximately 20%, introducing new ready-to-eat products and seasonal themed items [9][12]. - Customer experience improvements include a more flexible shopping layout, additional checkout counters, and lower shelf heights for better visibility and accessibility [12][13]. Service and Employee Welfare - The store has expanded its service offerings, including customer rest areas and various conveniences like medical supplies and pet storage [13][15]. - Employee numbers have increased from 85 to 150, with improved average salaries and benefits, including paid leave and enhanced working conditions [15][17]. Commitment to Quality and Local Needs - Yonghui aims to meet consumer demand for high-quality, cost-effective products by introducing a dedicated area for its private label and local specialties [10][19]. - The company emphasizes local characteristics and quality upgrades in its product offerings, aiming to create a community shopping space that is welcoming and trustworthy for Nanchang residents [19].