Group 1: WuXi AppTec - WuXi AppTec expects a revenue of approximately RMB 45.456 billion for 2025, representing a year-on-year growth of about 15.84%, with a 21.40% increase in revenue from continuing operations [1] - The adjusted net profit attributable to shareholders is projected to be around RMB 14.957 billion, reflecting a year-on-year growth of approximately 41.33% [1] - The net profit attributable to shareholders, excluding non-recurring gains and losses, is expected to be about RMB 13.241 billion, with a year-on-year increase of approximately 32.56% [1] Group 2: Shanghai Port Group - Shanghai Port Group reported a total revenue of RMB 39.44 billion for 2025, which is a year-on-year increase of 3.5% [2][3] - The net profit attributable to shareholders decreased by 10.4% to RMB 13.4 billion [2][3] - The net profit attributable to shareholders, excluding non-recurring gains and losses, fell by 8.1% to RMB 12.2 billion [2][3] Group 3: Zangge Mining - Zangge Mining forecasts a net profit attributable to shareholders between RMB 3.7 billion and RMB 3.95 billion for 2025, indicating a growth of 43.41% to 53.10% year-on-year [4] - The net profit, excluding non-recurring gains and losses, is expected to be between RMB 3.87 billion and RMB 4.12 billion, reflecting a growth of 51.95% to 61.76% [4] Group 4: Sanan Optoelectronics - Sanan Optoelectronics anticipates a net loss attributable to shareholders between RMB -200 million and RMB -400 million for 2025, compared to a profit of RMB 253 million in the previous year [5] - The net profit, excluding non-recurring gains and losses, is expected to be between RMB -750 million and RMB -850 million [5] Group 5: JA Solar Technology - JA Solar Technology projects a net loss attributable to shareholders between RMB -4.5 billion and RMB -4.8 billion for 2025 [12] - The company maintains a leading position in battery module shipments, but faces significant pressure on sales prices and profitability due to industry competition and supply-demand imbalances [12] Group 6: Rongbai Technology - Rongbai Technology expects a net loss attributable to the parent company between RMB -150 million and RMB -190 million for 2025 [18] - The company anticipates a turnaround in the fourth quarter with a projected net profit of approximately RMB 30 million [18] Group 7: Sanxiang New Materials - Sanxiang New Materials forecasts a net profit attributable to shareholders between RMB 100 million and RMB 130 million for 2025, representing a year-on-year growth of 31.99% to 71.58% [21] - The company is focusing on expanding its zirconium product chain and optimizing its customer structure to enhance profitability [21]

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].

Core Viewpoint - Yonghui Supermarket (601933.SH) expects a net profit attributable to shareholders to be negative in 2025, indicating an anticipated operational loss for the year [1] Group 1: Financial Performance - For the first three quarters of 2025, Yonghui Supermarket reported a revenue of 42.434 billion yuan, a year-on-year decline of 22.21% [1] - The net loss attributable to shareholders for the same period was approximately 710 million yuan, which is more than eight times larger than the loss of 77.87 million yuan in the same period of 2024 [1] - The decline in revenue and gross margin is attributed to the company's store optimization and transformation efforts, which have temporarily impacted performance [2] Group 2: Store Transformation and Strategy - Yonghui Supermarket has initiated a comprehensive restructuring based on the "Fat Donglai" model, focusing on supply chain changes, service upgrades, and employee welfare [1] - As of the end of Q3 2025, 222 stores have completed the transformation, covering various categories including fresh food, cooked food, baking, and daily necessities [1] - The company is actively optimizing its store portfolio, closing underperforming stores while renovating potential ones, which has contributed to a decline in same-store sales and total store count [2] Group 3: Shareholder Actions - On December 8, 2025, a significant shareholder, Shanghai Xishirun Investment Management Co., Ltd., completed a plan to reduce its holdings by 90.75 million shares, raising approximately 377 million yuan [2] - Following this reduction, the total shares held by the controlling shareholder and its concerted parties decreased to 1.184 billion shares, still representing 13.05% of the total share capital [2] Group 4: Stock Performance - On January 12, 2025, Yonghui Supermarket's stock closed at 5.36 yuan per share, up 3.88%, with a total market capitalization of 48.642 billion yuan [4] - The stock experienced a significant price fluctuation, with a cumulative increase of 20% over two consecutive trading days, prompting a risk warning announcement [3]

#永辉超市2025年预亏# 【永辉超市：预计2025年度归属于上市公司股东的净利润为负值】1月12日，永 辉超市公告，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。（每日 经济新闻，泽塔） ...

智通财经APP讯，永辉超市(601933.SH)发布公告，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。 ...

【#永辉超市预计2025年净利润为负值#】永辉超市1月12日公告，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。（界面） ...

证券代码：601933 证券简称：永辉超市 公告编号：2026-002 永辉超市股份有限公司 2025 年度业绩预亏的提示性公告 本公司及董事会全体成员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。 经永辉超市股份有限公司（以下简称"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。 敬请投资者理性投资，注意投资风险。 特此公告。 永辉超市股份有限公司董事会 二〇二六年一月十三日 1 ...

Core Viewpoint - Yonghui Supermarket announced that it expects a negative net profit attributable to shareholders for the fiscal year 2025, indicating an anticipated operational loss [2] Financial Performance - The company is currently conducting preliminary financial assessments and will expedite the financial accounting process to disclose the 2025 performance forecast as soon as possible [2] - The final financial data will be confirmed in the official 2025 annual report [2]

永辉超市公告，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。 ...

Core Viewpoint - The general retail sector experienced a significant increase of 2.46% on January 12, with Juran Zhijia leading the gains, reflecting positive market sentiment in the retail industry [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4165.29, up by 1.09% [1]. - The Shenzhen Component Index closed at 14366.91, up by 1.75% [1]. - Juran Zhijia's stock price rose to 3.28, marking a 10.07% increase, with a trading volume of 2.2853 million shares and a transaction value of 731 million yuan [1]. Group 2: Individual Stock Performance - Other notable performers included: - Maoye Commercial, closing at 7.69 with a 10.01% increase and a trading volume of 520,000 shares [1]. - Sanjiang Shopping, closing at 17.25 with a 10.01% increase and a transaction value of 1.16 billion yuan [1]. - Chongqing Department Store, closing at 29.01 with a 10.01% increase and a transaction value of 1.142 billion yuan [1]. - Dashang Co., closing at 20.05 with a 9.98% increase and a transaction value of 762 million yuan [1]. Group 3: Capital Flow - The general retail sector saw a net outflow of 257 million yuan from institutional investors, while retail investors contributed a net inflow of 299 million yuan [2]. - The capital flow for key stocks included: - Sanjiang Shopping had a net inflow of 277 million yuan from institutional investors, while retail investors had a net outflow of 130 million yuan [3]. - Juran Zhijia experienced a net inflow of 206 million yuan from institutional investors, with retail investors seeing a net outflow of 125 million yuan [3]. - Dashang Co. had a net inflow of 151 million yuan from institutional investors, with retail investors experiencing a net outflow of approximately 794 million yuan [3].