永辉超市公告，2025年上半年营业收入299.48亿元，同比下降20.73%。归属于上市公司股东的净亏损 2.41亿元，上年同期净利润2.75亿元。 ...

永辉超市股份有限公司重大信息内部报告制度 永辉超市股份有限公司 重大信息内部报告制度 （2025 年 8 月修订） 第一章 总 则 第一条 为规范永辉超市股份有限公司（以下简称"公司"）重大信息的内部收集和管 理办法，确保公司及时、真实、准确、完整、公平地披露所有对公司证券交易价格 可能产生较大影响的信息，根据《上市公司信息披露管理办法》、《上海证券交易 所股票上市规则》等法律法规、规范性文件及《公司章程》、《信息披露制度》的 规定，制订本制度。 第二条 公司重大信息内部报告是指当出现、发生或即将发生可能对公司证券的交易 价格产生较大影响的情形或事件时，按照本制度规定负有报告义务的有关人员、部 门和机构，应及时将有关信息通过董事会秘书向公司董事会报告。 第三条 公司董事、高级管理人员，公司各部门、分支机构及子公司的负责人及指定 的联络人，公司控股股东、实际控制人、持股 5％以上的股东及其一致行动人、指 定的联络人为信息报告义务人，负有通过董事会秘书向董事会报告本制度规定的重 大信息并提交相关文件资料的义务。 第四条 公司董事会秘书负责公司重大信息的披露事务，公司董事会办公室为重大信 息内部报告和公司信息披露事 ...

永辉超市股份有限公司信息披露制度 永辉超市股份有限公司 信息披露制度 （2025年8月修订） 第一章 总则 第三条 本制度应当适用于如下人员和机构: 永辉超市股份有限公司信息披露制度 2 第四条 公司应当根据法律、行政法规、部门规章、《上市规则》以及上海证券交易 所发布的办法和通知等相关规定, 履行信息披露义务。 第五条 公司应当依法履行信息披露义务，披露的信息应当真实、准确、完整、简明 清晰、通俗易懂、不得有虚假记载、误导性陈述或者重大遗漏。公司应当同 时向所有投资者公开披露信息。不得提前向任何单位和个人泄露。但是，法 律、行政法规另有规定的除外。 第六条 公司发生的或与之有关的事件没有达到相关法律法规及本制度规定的披露 标准, 或者相关法律法规及本制度没有具体规定, 但公司董事会认为该事 件可能对公司股票及其衍生品种交易价格产生较大影响的, 公司应当比照 本制度及时披露。 第七条 公司的董事、高级管理人员应当忠实、勤勉地履行职责, 保证披露信息的真 实、准确、完整、信息披露及时、公平。不能保证公告内容真实、准确、完 整的, 应当在公告中作出相应声明并说明理由。 第八条 在内幕信息依法披露前, 内幕信息的知 ...

永辉超市股份有限公司董事和高级管理人员所持本公司股份及其变动管理制度 永辉超市股份有限公司董事和高级管理人员所持本公司股 份及其变动管理制度 第一条 为规范永辉超市股份有限公司（以下简称"公司"或"本公 司"）董事及高级管理人员买卖公司股票及持股变动行为，根据《中 华人民共和国证券法》、《上市公司董事和高级管理人员所持本公司股 份及其变动管理规则》、《上海证券交易所上市公司自律监管指引第 8 号——股份变动管理》、《上海证券交易所上市公司自律监管指引第 15 号——股东及董事、高级管理人员减持股份》等法律、法规以及 《公司章程》的相关规定，特制定本制度。 第二条 本制度适用于公司董事、高级管理人员。高级管理人员是指 公司的首席执行官（CEO）、执行副总裁、副总裁、董事会秘书、首 席财务官（CFO）以及董事会认定的其他人员。 第三条 公司董事、高级管理人员所持公司股份，是指登记在其名下 的和利用他人账户持有的所有本公司股份。 公司董事、高级管理人 员从事融资融券交易的，其所持公司股份还包括记载在其信用账户内 的本公司股份。 第四条 公司董事、高级管理人员在买卖公司股票及其衍生品种前， 应当将其买卖计划及时通知董 ...

Market Overview - On August 20, the general retail sector rose by 0.73% compared to the previous trading day, with Huijia Times leading the gains [1] - The Shanghai Composite Index closed at 3766.21, up 1.04%, while the Shenzhen Component Index closed at 11926.74, up 0.89% [1] Top Gainers in General Retail Sector - Huijia Times (603101) closed at 9.46, up 10.00% with a trading volume of 497,900 shares and a turnover of 452 million [1] - Guoguang Chain (605188) closed at 13.67, up 9.98% with a trading volume of 349,100 shares and a turnover of 453 million [1] - Tianlian Stock (000882) closed at 2.07, up 4.02% with a trading volume of 2,448,600 shares and a turnover of 501 million [1] - Other notable gainers include Xinhua Department Store (600785) and Haining Leather City (002344) with increases of 3.83% and 3.30% respectively [1] Top Losers in General Retail Sector - Wushang Group (000501) closed at 12.01, down 4.38% with a trading volume of 654,100 shares and a turnover of 789 million [2] - Dalian Friendship (000679) closed at 9.82, down 3.16% with a trading volume of 137,000 shares and a turnover of 13.5 million [2] - Other notable losers include Xiaoshangpin City (600415) and Hui Tong Energy (600605) with declines of 1.48% and 1.41% respectively [2] Capital Flow Analysis - The general retail sector saw a net inflow of 120 million from institutional investors, while retail investors contributed a net inflow of 217 million [2][3] - However, there was a net outflow of 338 million from speculative funds [2][3] Individual Stock Capital Flow - Yonghui Supermarket (601933) had a net inflow of 12.8 million from institutional investors, but a net outflow of 12 million from speculative funds [3] - Wangfujing (600859) experienced a net inflow of 66.5 million from institutional investors, with a net outflow of 24.9 million from speculative funds [3] - Guohua Chain (605188) had a net inflow of 60.3 million from institutional investors, but also saw a net outflow of 15.6 million from speculative funds [3]

中秋、国庆双节临近，消费市场热度渐升。为迎接这一年度重要消费节点，永辉超市于近日召开线上线 下联合选品会，公司管理层、商品中心核心团队、运营团队及全国大区代表齐聚一堂，共同为以"品质 好物、温情服务、多元场景"为核心的双节盛宴定调。此次选品会不仅是永辉对节日消费需求的精准响 应，更是深化"国民超市，品质永辉"品牌理念的关键实践。 战略转型：从商品供给到价值创造与情感共鸣 永辉超市此次双节运营策略呈现出战略升级态势。公司将重点围绕"团聚、宅家、出游、礼赠"四大核心 家庭消费场景，通过商品力、场景营造与温情服务的多维度提升，着力构建"以用户需求为中心"的消费 生态。这超越了传统的节日促销，旨在将超市空间转化为承载团圆记忆、传递生活温度的载体，实现从 单纯商品供给向创造消费价值和情感共鸣的深度跨越。 永辉超市副总裁、运营中心负责人王守诚在选品会上强调："'中秋国庆'是检验团队协作与服务效率的 关键契机。永辉将持续学习胖东来在商品与服务方面的优势，致力于为消费者打造兼具卓越品质与购物 趣味的美好体验。" 商品革新：供应链效能驱动全场景精准供给 以节日为窗口，践行"国民超市"承诺 永辉超市改革领导小组组长叶国富指出：" ...

Summary of Conference Call on Yonghui Supermarket Industry Overview - The retail industry is undergoing a transformation during the economic adjustment period, with consumers increasingly focusing on cost-effectiveness. Retailers and distributors are showing higher growth potential compared to traditional food and beverage companies, as evidenced by the annualized returns of Japanese and American retail companies exceeding those of traditional firms during similar economic conditions [2][3]. Key Insights on Yonghui Supermarket - Yonghui Supermarket, as a major Chinese retail chain, is positioned to capitalize on the low online penetration rates in food and beverage sectors. The company aims to enhance its competitive edge through improved operational efficiency, optimized supply chain management, and innovative service models [2][8]. - The shift from deep distribution to large-scale, multi-category distribution in China is driven by declining terminal sales momentum and increasing consumer demand for high-cost performance products. This new distribution model enhances risk resistance by lowering markup rates and improving efficiency [2][7]. Consumer Behavior and Market Dynamics - Despite the rapid growth of e-commerce in China, offline supermarkets still have significant development potential. Online consumption has plateaued at over 30%, with substantial differences in online penetration rates across product categories. For instance, beverages and snacks have online penetration rates below 20%, particularly in lower-tier cities [2][5]. - Instant retail is expected to coexist with traditional supermarkets, primarily catering to convenience needs but often at higher prices. Price-sensitive consumers are likely to prefer large chain supermarkets that offer lower prices and guaranteed quality [2][6]. Yonghui's Strategic Initiatives - Yonghui's new model eliminates entry fees, leading to lower terminal prices and a more competitive product mix tailored to consumer preferences. The emphasis on baked goods and prepared foods aligns with the growing demand for convenience among aging and smaller households in China [4][14]. - The company is expanding its private label offerings to provide lower-priced products, thereby creating a price advantage and broadening its product range [4][17]. Financial Performance and Future Outlook - Yonghui's financial performance is influenced by high headquarters financial costs, projected to be around 1 billion to 1.1 billion yuan in 2024. However, these costs are expected to decrease as cash flow improves and new store openings generate positive cash flow [26]. - The forecast for Yonghui's store profitability indicates potential growth, with expectations of achieving profits of 1.815 billion yuan in 2026 and 2.38 billion yuan in 2027, assuming a stable sales performance across its stores [24][27]. Challenges and Competitive Landscape - The Yonghui model is not easily replicable by other supermarkets due to high capital requirements, scale advantages, and extensive experience in fresh produce management. These factors contribute to Yonghui's competitive edge in the market [22]. - The company faces uncertainties regarding individual store performance and the potential for exceeding expectations, particularly in lower-tier markets where e-commerce penetration is low [27]. Conclusion - Yonghui Supermarket is well-positioned to leverage its strengths in supply chain management and operational efficiency to navigate the current economic landscape. By focusing on enhancing its product offerings and optimizing its business model, Yonghui has the potential to emerge as a strong investment opportunity in the retail sector [28].

Core Insights - The Chinese retail industry has experienced significant changes over the past decade, marked by a talent gap and shifts in operational models, leading to a need for new skills and expertise [1][2][4][6]. Talent Gap and Industry Evolution - From 2010 to 2020, the retail industry faced a talent drain as high-paying sectors like real estate and IT attracted young professionals, resulting in an aging workforce predominantly from the 70s generation [2][3]. - The retail sector's total revenue grew from 15.7 trillion to 39.2 trillion, but the supply of talent did not keep pace with this expansion [2][3]. - A significant shortage of store managers was reported, with a gap of 50,000 in Zhejiang province alone in 2010, and a high turnover rate among mid-level management in major cities [3][6]. Current Talent Needs - The retail industry currently lacks three key types of talent: those with experience in "fat modification," expertise in instant retail, and manufacturing procurement skills [4][5]. - There is a pressing demand for operational talent, particularly in management roles, as foreign retail giants expand their presence in China [6][7]. Recruitment Trends - Foreign companies are seen as the "ceiling" for recruitment due to their flexible hiring practices and comprehensive training systems, while local firms tend to focus on immediate, practical experience [9][10][11]. - The average salary index for foreign enterprises is significantly higher than that of local firms, contributing to their attractiveness for talent [10][11]. Market Dynamics - The mismatch between candidate expectations and market realities is a critical issue, with many candidates overestimating their worth based on past experiences [12][13]. - The retail sector is not expected to be significantly impacted by AI in the short term; instead, it requires more young talent to address the existing talent gap and drive innovation [14][15]. Recommendations for Industry Professionals - Industry professionals are advised to leverage specialized recruitment channels, reassess their value in the market, and prioritize companies that enhance their career prospects rather than just salary [16].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The retail sector shows steady recovery with a year-on-year increase of 4.8% in total retail sales from January to July 2025, and a 3.7% increase in July alone [5][25] - Online channels continue to grow, while offline growth rates are marginally slowing down; specific categories like gold and jewelry, as well as cosmetics, show significant improvement [5][30] - The report emphasizes the importance of consumer sentiment and suggests focusing on high-growth segments such as gold jewelry and domestic beauty brands [8][34] Summary by Sections Retail Market Overview - The retail index closed at 2214.55 points, up 0.44% for the week, underperforming the Shanghai Composite Index which rose by 0.86% [7][16] - The commercial property management sector saw the highest increase this week, while the jewelry sector has led the gains since the beginning of 2025 with a 30.19% increase [20][22] Retail Sales Data - In July 2025, retail sales reached 38,780 billion yuan, with a year-on-year growth of 3.7% [25] - Online retail sales for the first seven months of 2025 reached 86,835 billion yuan, growing by 9.2% year-on-year, with physical goods online sales at 70,790 billion yuan, up 6.3% [27][28] Key Investment Themes - **Gold and Jewelry**: Focus on brands with differentiated product offerings and consumer insights, recommending companies like Laopuhuangjin and Chaohongji [8][34] - **Cosmetics**: Highlighting the rise of domestic brands and the need for innovation in product offerings, with recommendations for brands like Maogeping and Pola [8][35] - **Offline Retail**: Emphasizing the transformation of retail enterprises to adapt to changing consumer behaviors, recommending companies like Yonghui Supermarket and Aiyingshi [8][34] - **Medical Aesthetics**: Suggesting investment in companies with differentiated product lines, recommending Aimeike and Kedi-B [8][36] Company Performance Highlights - Laopuhuangjin reported a revenue of 85.06 billion yuan in 2024, with a net profit increase of 253.9% [40] - Maogeping achieved a revenue of 38.85 billion yuan in FY2024, with a growth of 34.6% [36] - Yonghui Supermarket's revenue for Q1 2025 was 174.79 billion yuan, reflecting a decline of 19.3% [36]

Core Insights - The "Xiyue Purchase·Fun Chang'an" consumption promotion policy is driving commercial development in Yanta District through various initiatives such as issuing consumption vouchers and supporting business upgrades [1][17] - Yonghui Supermarket's Park South Road store has reopened with a new look, marking the successful implementation of the "Fat Donglai model" in Yanta District, establishing a "dual-store pattern" [1][16] Group 1: Store Renovation and Product Strategy - The renovation involved a significant restructuring of the product lineup, with 6,732 items removed and 6,305 new items added, resulting in a 55.6% increase in new products [3] - The product structure now meets 80% of the Fat Donglai standards, with imported products accounting for 11% of the total [3] - The store focuses on high-end organic and local fresh produce, introducing various specialty items and collaborating with local suppliers to meet consumer demand [5] Group 2: Enhanced Customer Experience - The store features a diverse range of ready-to-eat products, including local specialties and trendy items, aimed at attracting younger customers [7] - A new convenience service area has been added, providing amenities such as blood pressure monitors and free charging stations, enhancing the shopping experience [12] - The store has implemented personalized services, including custom meat processing and seafood preparation, catering to diverse customer needs [12] Group 3: Employee Welfare and Operational Efficiency - The number of employees at the store increased from 54 to 84, with improved salary and benefits, including paid leave and employee meals [14] - The focus on employee satisfaction is seen as a key factor in delivering quality service [14] Group 4: Market Positioning and Future Outlook - The Park South Road store's opening complements the existing MOMOPARK store, creating a dual-core layout that enhances the commercial quality and consumer experience in the area [16] - Yonghui's nationwide store renovation initiative has surpassed 160 locations, with expectations to exceed 200 by the end of September, showcasing a replicable model for retail transformation [17]