调改热潮持续升温 "现在我们家附近的那个超市，熟食区确实比生鲜区热闹了一些。"生活在北京的白领张雯对《灵兽》说道。 32岁的张雯目前是一名互联网公司的产品经理，平时工作节奏较快、加班频繁，对于吃饭这件事，她的需求很明确——方便、健康、口感好。"以前下班 路过家门口的超市，主要是买点蔬菜、水果之类的，自从今年年初家附近的超市重新升级装修后，现在我发现它们的熟食和半成品样式多了好多，可选择 的余地也多了，口味谈不上特别出众，但也能解决一顿饭的问题，有些直接买回家就能吃了。" 她称，以前一周去超市1-2次，主要买蔬菜、水果、零食。但现在工作日下班后几乎都会进去买点吃的东西带回家，"每次买的东西不一样——今天买个酱 鸭腿，明天买份宫保鸡丁半成品，后天买点新鲜出炉的面包之类的。像其他生活用品比如洗发水、纸巾等等，基本都选择了网购，省时又省力。但像这种 熟食、蛋糕之类的商品，就图个现做的新鲜，肯定会到店买。"张雯对《灵兽》说。 张雯购物习惯的变化——偏向高频次、小批量的购买模式，正在重塑超市的商业逻辑，这也正是当前超市转型的一个趋势缩影——传统综合性超市正在 向"食品加强型"超市转型。 所谓食品加强型超市，是指在保持传统 ...

Group 1 - The core point of the article highlights that Yonghui Supermarket reported a net loss of 241 million yuan in the first half of 2025, compared to a net profit of 275 million yuan in the same period last year [1] - The company's operating revenue for the second quarter was 29.948 billion yuan, reflecting a year-on-year decline of 20.73% [1] - In a significant operational move, Yonghui Supermarket closed 186 stores in the second quarter [1]

2025年8月21日，永辉超市(601933.SH)发布2025年半年度报告。截至2025年8月20日，共有37个机构投 资者披露持有永辉超市A股股份，合计持股量达38.88亿股，占永辉超市总股本的42.85%。其中，前十 大机构投资者包括广东骏才国际商贸有限公司、林芝腾讯科技有限公司、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、北京京东世纪贸易有限公司、香港中央结算有限公司、上海喜世 润投资管理有限公司-喜世润合润7号私募证券投资基金、上海喜世润投资管理有限公司-喜世润经世57 号私募证券投资基金、中国农业银行股份有限公司-中证500交易型开放式指数证券投资基金、嘉实新消 费股票A、大成消费主题混合A，前十大机构投资者合计持股比例达42.12%。相较于上一季度，前十大 机构持股比例合计下跌了1.18个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计5个，包括大成消费精选股票A、建信智能生活 混合、大成悦享生活混合A、大成至诚鑫选混合A、山证资管精选行业混合发起式A，持股增加占比小 幅上涨。本期较上一季度持股减少的公募基金共计13个，主要包括大成蓝筹稳健混合A、建信中小盘先 锋股票 ...

Market Performance - On August 20, 2025, A-shares saw all three major indices rise, with the Shanghai Composite Index increasing by 1.04%, the Shenzhen Component Index rising by 0.89%, and the ChiNext Index up by 0.23% [1] - The total trading volume in the Shanghai and Shenzhen markets was approximately 24082.34 billion yuan, a decrease of about 1801.35 billion yuan compared to the previous trading day [1] - Hong Kong stocks opened lower but turned positive in the afternoon, with the Hang Seng Index closing up 0.17% or 43.04 points at 25165.94 points, and a total trading volume of 2852.86 billion HKD [1] - The Hang Seng China Enterprises Index rose by 0.08% to 9013.27 points, while the Hang Seng Tech Index fell by 0.01% to 5541.27 points [1] - In the US market, the Dow Jones Industrial Average increased by 16.04 points to 44938.31 points, a rise of 0.04%, while the S&P 500 fell by 15.59 points to 6395.78 points, a decline of 0.24%, and the Nasdaq Composite dropped by 142.09 points to 21172.86 points, a decrease of 0.67% [1] Important News - On August 20, 2025, the Ministry of Finance and the State Taxation Administration announced that child-rearing subsidies issued according to the child-rearing subsidy system will be exempt from personal income tax [2] - The announcement aims to implement the "Implementation Plan for Child-Rearing Subsidy System" issued by the Central Office and the State Council [2] - An information-sharing mechanism will be established between health, finance, and taxation departments to facilitate tax exemption applications for eligible individuals starting from January 1, 2025 [2]

Core Viewpoint - Yonghui Supermarket reported a significant decline in revenue and a net loss in the first half of 2025, primarily due to strategic transformations and the closure of unprofitable stores [1][11]. Financial Performance - The company achieved an operating income of 29.95 billion yuan, a year-on-year decrease of 20.73% [2]. - The net profit attributable to shareholders was a loss of 240.57 million yuan, compared to a profit of 275.31 million yuan in the same period last year [2][3]. - The total profit was reported as a loss of 207.06 million yuan, with a comprehensive gross margin of 20.80%, down 0.78 percentage points from the previous year [3]. Strategic Changes - The revenue decline is attributed to the company's deep strategic transformation initiated in the second half of 2024, which included closing long-term loss-making stores and undergoing store renovations [2][3]. - During the reporting period, the company closed 227 loss-making stores, incurring costs related to lease and personnel compensation, as well as asset write-offs [3]. Online Business Development - In the first half of 2025, online business revenue reached 5.49 billion yuan, accounting for 18.33% of total revenue, with a reduction in losses by 34.75 million yuan compared to the previous year [4]. - The self-operated home delivery service achieved sales of 3.14 billion yuan, with an average daily order volume of 216,000 [4]. Store Network Optimization - The company added 4 new stores during the reporting period, bringing the total number of operating stores to 552 across 26 provinces and municipalities [4]. - As of June 30, 2025, a total of 124 renovated stores were operational [4]. Future Plans - The company plans to further enhance its transformation efforts, focusing on core suppliers and key products, with a goal of incubating 100 billion-yuan level products over the next three years [9]. - Yonghui aims to close 200 stores as part of its ongoing transformation strategy [9].

Company News - Hengdian East Magnetic achieved a net profit of 1.02 billion yuan in the first half of the year, a year-on-year increase of 58.94%, and plans to distribute a cash dividend of 3.8 yuan per 10 shares (tax included) [10] - Muyuan Foods reported a revenue of 76.463 billion yuan, a year-on-year increase of 34.46%, and a net profit of 10.53 billion yuan, a year-on-year increase of 1169.77%. The company plans to distribute a cash dividend of 9.32 yuan per 10 shares (tax included), totaling 5 billion yuan [10] - *ST Yazhen announced that its stock will resume trading on August 21 after completing a trading suspension review. The company expects a net profit of -39.5 million to -33 million yuan for the first half of 2025 [10][12] - Heng Rui Medicine achieved a revenue of 15.761 billion yuan, a year-on-year increase of 15.88%, and a net profit of 4.45 billion yuan, a year-on-year increase of 29.67%. The company plans to repurchase shares worth 1 to 2 billion yuan [10] - Yonghui Supermarket reported a revenue of 29.948 billion yuan, a year-on-year decrease of 20.73%, and a net loss of 241 million yuan [11] Industry News - The People's Bank of China announced that the loan market quotation rate (LPR) for one year is 3.0% and for five years or more is 3.5%, unchanged from the previous period [6] - The National Financial Supervision Administration is revising the "Commercial Bank M&A Loan Risk Management Guidelines" to broaden the scope of M&A loans and optimize loan conditions [6] - The Ministry of Finance announced that starting January 1, 2025, childcare subsidies will be exempt from personal income tax [7] - The China Securities Regulatory Commission plans to enhance product supply in the futures market, focusing on important energy varieties like liquefied natural gas [8]

Core Viewpoint - Yonghui Supermarket reported a significant decline in revenue and a net loss for the first half of 2025, primarily due to strategic transformations and store closures [1][3]. Financial Performance - The company achieved a revenue of 29.948 billion yuan in the first half of 2025, a decrease of 20.73% compared to the same period last year [2]. - The net profit attributable to shareholders was a loss of 240.57 million yuan, compared to a profit of 275.31 million yuan in the previous year [2]. - The total profit for the period was -207.06 million yuan, indicating a substantial decline in overall profitability [2]. - The net cash flow from operating activities was 1.21 billion yuan, down 58.92% year-on-year [2]. Strategic Changes - The revenue decline is attributed to the company's deep strategic transformation initiated in the second half of 2024, which included closing long-term loss-making stores and undergoing store renovations [2][3]. - During the reporting period, the company closed 227 loss-making stores, incurring costs related to lease and personnel compensation, as well as asset write-offs [3]. - The company is focusing on upgrading its supply chain, which has led to a temporary decrease in gross profit margin, reported at 20.80%, down 0.78 percentage points from the previous year [3]. Online Business Development - Online business revenue reached 5.49 billion yuan, accounting for 18.33% of total revenue, with a year-on-year reduction in losses of 34.75 million yuan [4]. - The self-operated home delivery service generated sales of 3.14 billion yuan, with an average daily order volume of 216,000 and a monthly repurchase rate of 56.3% [4]. Store Network Expansion - The company opened 4 new stores during the reporting period, increasing total store count to 552 across 26 provinces and municipalities [4]. - As of June 30, 2025, a total of 124 renovated stores were operational [5]. Future Plans - The company plans to further enhance its transformation efforts in 2025, with a goal to incubate 100 billion-yuan level products and establish annual dialogue mechanisms with core suppliers [9]. - The CEO emphasized the importance of focusing on core suppliers and long-term strategies to drive the company's transformation [8].

Core Viewpoint - Yonghui Supermarket reported a significant decline in revenue and a net loss for the first half of 2025, primarily due to strategic transformations and store closures [2][4]. Financial Performance - The company achieved a revenue of 29.95 billion yuan in the first half of 2025, a decrease of 20.73% compared to the same period last year [3]. - The net profit attributable to shareholders was a loss of 240.57 million yuan, compared to a profit of 275.31 million yuan in the previous year [3][4]. - The net cash flow from operating activities was 1.21 billion yuan, down 58.92% year-on-year [3]. - The total assets decreased by 20.55% to 33.96 billion yuan, and the net assets attributable to shareholders fell by 6.07% to 4.17 billion yuan [3]. Strategic Changes - The revenue decline is attributed to the company's deep strategic transformation initiated in the second half of 2024, which included closing long-term loss-making stores and undergoing store renovations [2][4]. - During the reporting period, the company closed 227 loss-making stores, incurring costs related to leases, employee compensation, and asset write-offs [5]. Supply Chain and Profitability - The company is undergoing a reform of its supply chain, which has led to a temporary decline in gross profit margins, with a reported gross margin of 20.80%, down 0.78 percentage points from the previous year [4]. - The company reported a fair value loss of 184 million yuan on its holdings of Advantage Solutions stock [6]. Online Business and Store Network - Online business revenue reached 5.49 billion yuan, accounting for 18.33% of total revenue, with a year-on-year reduction in losses of 34.75 million yuan [6]. - The self-operated home delivery business generated sales of 3.14 billion yuan, with a daily average order volume of 216,000 and a monthly repeat purchase rate of 56.3% [6]. - The company opened 4 new stores during the reporting period, bringing the total number of operating stores to 552 across 26 provinces and municipalities [6]. Future Plans - The company plans to further enhance its transformation efforts, focusing on core suppliers and key products, with a goal of incubating 100 billion-yuan level products over the next three years [9][10]. - The company aims to increase the number of renovated stores to 200 by the end of 2025 [10].

Core Viewpoint - Yonghui Supermarket reported a significant decline in revenue and a net loss for the first half of 2025, primarily due to strategic transformations and store closures [1][3]. Financial Performance - The company achieved a revenue of 29.948 billion yuan in the first half of 2025, a decrease of 20.73% compared to the same period last year [2]. - The net profit attributable to shareholders was a loss of 240.57 million yuan, compared to a profit of 275.31 million yuan in the previous year [2]. - The total profit was reported as a loss of 207.06 million yuan, with a significant drop in cash flow from operating activities, down 58.92% to 1.208 billion yuan [2][3]. - The company's total assets decreased by 20.55% to 33.963 billion yuan, and net assets fell by 6.07% to 4.170 billion yuan [2]. Strategic Changes - The revenue decline is attributed to the company's deep strategic transformation initiated in the second half of 2024, which included closing long-term loss-making stores and undergoing store renovations [2][3]. - During the reporting period, 227 loss-making stores were closed, incurring costs related to leases, employee compensation, and asset write-offs [3]. - The company is focusing on a comprehensive restructuring of its supply chain and customer experience, inspired by the "Fat Donglai model" [3][10]. Online Business Development - Online business revenue reached 5.49 billion yuan, accounting for 18.33% of total revenue, with a reduction in losses compared to the previous year [4]. - The self-operated home delivery service generated sales of 3.14 billion yuan, with a daily average of 216,000 orders and a monthly repurchase rate of 56.3% [4]. Store Network Expansion - The company opened 4 new stores during the reporting period, increasing its total to 552 stores across 26 provinces and municipalities [4]. - As of June 30, 2025, 124 stores had undergone renovations, with plans to further enhance the store network [4][10]. Future Plans - Yonghui Supermarket aims to incubate 100 billion-level products over the next three years and will focus on selecting 200 core suppliers [10]. - The company plans to continue its transformation efforts, with an expected 200 renovated stores by the end of 2025 [10].

Core Viewpoint - Yonghui Supermarket reported a significant decline in revenue and a net loss for the first half of 2025, primarily due to strategic transformations and store closures [1][2]. Financial Performance - The company's revenue for the first half of 2025 was 29.948 billion yuan, a decrease of 20.73% compared to the same period last year [1]. - The net loss for the period was 241 million yuan, marking a shift from profit to loss year-on-year [1]. - The overall gross margin was 20.80%, down 0.78% from the previous year [1]. Store Operations - During the reporting period, the company closed 227 loss-making stores, incurring costs related to lease and personnel compensation, as well as asset write-offs [1]. - An additional announcement indicated plans to close 186 more stores in the second quarter of 2025, with an expected loss of 827 million yuan from these closures [3]. Online Business Development - Online business revenue reached 5.49 billion yuan, accounting for 18.33% of total revenue, with a year-on-year reduction in losses of 34.75 million yuan [2]. - The self-operated home delivery service achieved sales of 3.14 billion yuan, with an average daily order volume of 216,000 and a monthly repurchase rate of 56.3% [2]. - The company is focusing on expanding its online business in lower-tier cities and has achieved profitability in its online store warehouse model [2]. Supply Chain and Product Management - The company signed contracts for bare procurement with 2,860 standard product suppliers during the reporting period, optimizing supplier management by reducing the number of suppliers by approximately 50% [2].