9月5日，永辉超市唐山吾悦广场店完成"学习胖东来"自主调改正式开业。该店是永辉在唐山市开设的首 家调改门店，也是河北省内继石家庄、秦皇岛、廊坊之后第五家学习"胖东来模式"全面升级的"胖永 辉"门店。此次开业标志着永辉在京津冀区域的品质零售网络布局进一步完善。 调改后的唐山吾悦广场店对商品体系进行了系统性重构。门店在原有经营的一万余支商品中进行了大幅 优化，新增率接近60%。调整后整体商品结构接近胖东来商品结构的80%，其中烘焙、熟食等鲜食类商 品占比扩大到23%。 熟食区不仅引入了胖东来同款的去骨猪蹄、小甜肠、牛肉干等网红产品，还保留了北京烤鸭、韩式炸 鸡、土家鲜肉饼等风味美食。烘焙区与中粮、安佳等供应商达成战略合作，现烤现售产品涵盖"丰收的 喜悦"健康欧包、"核桃满满"乳酪面包和山茶花山泉吐司等。 同时，胖东来自有品牌专区首次亮相唐山，包括DL100%葡萄复合果汁、DL精酿小麦啤酒、DL宝丰自 由爱白酒、DL菜籽油等五十余款商品集中陈列。 永辉自有品牌同样表现突出：19.8元/3kg的"微胶囊香氛酵素洗衣液"；仅售13.5元的1L新鲜橙汁；7.9 元/950ml的伊利定制鲜牛奶上市4天全国销量即突破百万元。 ...

Core Insights - The acquisition of 29.4% stake in Yonghui Supermarket by Miniso's founder Ye Guofu for 6.27 billion yuan marks a significant shift in the retail landscape, positioning Miniso as the largest shareholder of a struggling supermarket giant [1] - Yonghui Supermarket has faced severe financial difficulties, reporting a cumulative loss of 9.5 billion yuan over four consecutive years, leading to a strategic overhaul termed "Fat Reform" [1][2] - The transformation strategy under Ye Guofu's leadership has resulted in a mixed performance, with a 20.73% decline in revenue to 29.948 billion yuan and a net loss of 241 million yuan in the first half of 2025 [1][2] Financial Performance - Yonghui's revenue dropped significantly due to the closure of underperforming stores and ongoing strategic adjustments, with 223 stores closed by mid-2025, nearly half of its peak count [2] - The company reported a non-recurring net loss of 802 million yuan, compared to a profit of 29.86 million yuan in the same period last year, indicating a deepening operational crisis [1][2] - The financial strain is exacerbated by the costs associated with store closures and the ongoing transformation efforts, with a total investment of 5.597 billion yuan planned for store upgrades [3][14] Strategic Challenges - The "Fat Reform" strategy, inspired by the "Fat Donglai model," has faced execution challenges, with superficial changes failing to address deeper operational and cultural issues within Yonghui [4][7] - Conflicts between Miniso's team and Yonghui's existing management have emerged, particularly regarding profit margin targets and operational philosophies, leading to management instability [8][9] - The integration of supply chain reforms has encountered significant hurdles, with the "naked price direct procurement" model leading to supply disruptions and increased stockouts [5][6] Cultural and Organizational Issues - The cultural clash between Miniso's team and Yonghui's legacy staff has created friction, complicating the implementation of new strategies and affecting team cohesion [8][10] - Organizational restructuring has resulted in significant personnel changes, with many employees feeling undervalued and leading to dissatisfaction within the workforce [9][10] - The lack of a cohesive corporate culture and management philosophy has hindered the successful adoption of the "Fat Reform" strategy, limiting its effectiveness [11][12] Market and Investment Implications - Miniso's investment in Yonghui has begun to impact its financial performance, with a reported loss of 119 million yuan attributed to Yonghui in the second quarter of 2025 [12][13] - The debt levels of Miniso have surged from 7.765 billion yuan to 15.749 billion yuan within six months, raising concerns about financial stability and future investment flexibility [13] - Market reactions to the acquisition have been cautious, with Miniso's stock price reflecting investor concerns over the long-term viability of the investment in Yonghui [13][14] Future Outlook - The success of Yonghui's transformation remains uncertain, with some positive signs emerging from specific stores, but overall performance still needs to improve significantly [16][17] - The retail environment is showing signs of recovery, which could provide a favorable backdrop for Yonghui's strategic initiatives, but challenges related to funding and cultural integration persist [17][18] - The balance between supporting Yonghui's transformation and maintaining Miniso's core business focus will be critical for future success [18]

知名连锁超市永辉超市（601993.SH）在2025年上半年遭遇业绩滑坡后，不得不调整其大规模门店改造 计划。 日前，永辉超市发布公告称，拟将募集资金用于调改的门店数量从原计划的298家减少至216家，募集资 金总额也从不超过约39.92亿元调整为不超过约31.14亿元。 永辉超市2025年上半年的经营状况确实不容乐观。财报数据显示，永辉超市上半年实现营业收入299.48 亿元，同比下降20.73%；归属于上市公司股东的净亏损达到2.41亿元，与去年同期盈利2.75亿元相比， 同比亏损增加5.16亿元。 收入下滑的主要原因与永辉超市2024年下半年开启的整体战略与经营深度转型密切相关。为了扭转经营 困境，永辉不得不关闭长期亏损的门店，并让部分门店在调改期歇业。虽然经过调改的门店收入较同期 有大幅度增加，但这些增长远远无法弥补因关店而产生的收入下降。截至2025年6月底，永辉在全国的 534家门店中，已完成调改的仅有124家，占比约23%。 利润亏损的原因有多个方面。除了整体销售规模减少外，永辉超市进行的商品供应链改革也带来了短期 阵痛。报告期内，永辉超市完成了大量供应商及商品的升级汰换，这导致短期内承受一定的 ...

Group 1 - Guoguang Chain experienced a limit down, while Sanjiang Shopping and Maoye Commercial fell over 7% [1] - Other companies such as Gongxiao Daji, Hualian Shares, Baida Group, Youa Shares, and Yonghui Supermarket also saw declines [1]

Group 1: Retail Developments - Zhongbai Group is accelerating its expansion into the hard discount sector with the opening of 51 new stores on September 26, covering Wuhan and Huangshi, emphasizing quality and low prices with private labels [1] - Huawei and Meiyijia have signed a strategic cooperation agreement to enhance the digital and intelligent transformation of the retail industry through smart convenience store development [3] - Yonghui Supermarket has opened its 13th "Fat Donglai" support store in Henan, focusing on improving product structure and shopping experience to cater to local consumer needs [6] Group 2: Product Innovations - Hema has launched a new "Sunshine Dried Fruit" series, which has seen a 110% increase in sales due to its innovative recipe that reduces sugar content [8] - Yonghui Supermarket has introduced a new bakery product, "Camellia Flower Spring Water Toast," made with high-quality imported ingredients and a low-sugar, low-oil formula [10] Group 3: Market Trends - The 18th Asia International Fruit and Vegetable Expo has opened in Hong Kong, with Baiguoyuan showcasing its supply chain and brand advantages to global partners [13] - The price of the mini version of Labubu blind boxes has decreased by 10%-30% within a week of online sales, indicating a shift in consumer demand and market pricing [20]

Core Insights - Yonghui Supermarket has officially opened its 11th store in Shanghai, marking the completion of its "Fat Donglai model" transformation in the city, which is the first in the nation to achieve this milestone [2] - The transformation considers local consumer characteristics, with imported goods now making up 20% of the product mix, aligning closely with the Fat Donglai standard of 80% [2] - The newly transformed stores in Shanghai have achieved initial profitability within three months of operation, and the model is being extended to surrounding areas [2][3] Financial Performance - Yonghui Supermarket reported a revenue of 29.948 billion yuan in the first half of 2025, a year-on-year decline of 20.73%, with a net loss of 800.2 million yuan compared to a profit of 29.86 million yuan in the same period last year [3] - A total of 93 stores underwent transformation in the first half of 2025, with 124 stores transformed by the end of June 2025 [3] Future Plans - The company aims to continue promoting the Fat Donglai model in Shanghai and nationwide, enhancing the shopping experience for consumers [3] - Yonghui plans to leverage the "Shanghai model" to expand into other regions in the Yangtze River Delta, creating a development pattern centered around Shanghai [2]

Core Insights - Yonghui Supermarket has launched a new bakery product "Camellia Flower Spring Water Toast" as part of its strategy to enhance product development and operational capabilities in stores [1] - The bakery category has increased its share from 5% to 20% in newly renovated stores, indicating a significant focus on this segment [1] - The self-owned brand YHBakery has introduced several popular products and is targeting younger consumers through a central factory model for quality control [1] Product Development - The new "Camellia Flower Spring Water Toast" uses high-quality ingredients such as Nishiki flour and Anchor butter, employing a long fermentation and scalding process to enhance flavor and texture [1] - The product features a proprietary low-sugar and low-oil formula, aimed at reducing sugar and fat content [1] Sales Performance - The renovated stores have become incubators for bakery bestsellers, with bakery sales experiencing year-on-year growth [1]

Core Viewpoint - Yonghui Supermarket has faced significant challenges after attempting to adopt the "Fat Donglai" model, resulting in a 20.73% decline in revenue and a net loss of 241 million yuan, marking a continuation of its four-year losing streak with total losses exceeding 9.5 billion yuan [9][11][17]. Group 1 - Yonghui Supermarket's stock price surged over 250% in late 2022 after announcing its intention to learn from Fat Donglai [6]. - The company has rapidly transformed its stores, with 162 locations undergoing modifications by August 21, 2023, and a goal of 200 stores for the year [13][15]. - Despite the initial excitement and high customer traffic, the transformation has not led to improved financial performance, as the company continues to struggle with losses [28]. Group 2 - The transformation process, referred to as "Fat Reform," has been costly, with each modified store requiring an average investment of approximately 8 million yuan [40]. - Yonghui's reliance on the "Fat Donglai" brand for customer attraction has proven unsustainable, as the novelty wore off quickly and customers found no compelling reason to choose Yonghui over competitors [35]. - The company has not developed a competitive self-owned brand, which has hindered its ability to recover financially [37]. Group 3 - Employee compensation at Yonghui is significantly lower than that at Fat Donglai, with store managers earning up to 22,000 yuan compared to Fat Donglai's 78,000 yuan [38]. - The high costs associated with the transformation and the company's existing debt level of 88.73% pose significant financial risks [42]. - The cultural and operational aspects of the transformation need to align more closely with the successful practices of Fat Donglai, focusing on employee welfare and customer service [61].

Core Insights - Yonghui Supermarket is adopting the "Fat Donglai model" in Shanghai, with the 11th store set to open on September 4, marking a significant step in its quality retail upgrade strategy [1] - The transformation has created over 900 jobs since January 10, with enhanced employee benefits including a 10-day paid annual leave after one year of service, free meals, and holiday shopping cards [1] - Stores that have been operational for three months have achieved initial profitability, with similar results reported in nearby regions such as Suzhou and Jiaxing [1] - The company aims to expand the successful "Shanghai model" to other areas in the Yangtze River Delta, establishing a regional development pattern centered around Shanghai [1]

Core Insights - Yonghui Supermarket is set to open its 11th store in Shanghai, adopting the "Fat Donglai model," marking a significant step in its quality retail upgrade strategy in the region [1] - Since the launch of the first "Fat Donglai model" store in Shanghai on January 10, over 900 jobs have been created, with employee compensation significantly increased, including benefits such as 10 days of paid annual leave after one year of service [1] - The operational model has shown initial profitability in stores that have been operational for three months, with similar success reported in nearby regions such as Suzhou and Jiaxing [1] - Yonghui aims to expand the successful "Shanghai model" to other areas in the Yangtze River Delta, establishing a regional development pattern centered around Shanghai [1]