目前，首批进入稳态运营(调改开业满3个月及以上)的中贸广场店、金地广场店、华阳城店、阳光天地 店等4家门店已进入稳定盈利状态，这标志着永辉超市在西安市场的门店调改升级策略取得显著成效。 永辉超市相关负责人表示，西安区域11家"胖永辉"的成功调改与运营，不仅验证了"学习胖东来"模式的 本地化可行性，更积累了宝贵的可复制经验，特别是标准化调改框架成型，例如建立了涵盖商品汰换 (高比例引入新品、优化商品结构全面对标胖东来)、卖场改造(降低货架、优化动线等)、服务升级(深度 加工、细节关怀、员工福利提升)、食品安全强化(严格日清与折价机制)的完整体系。 此外，生鲜蔬果品类调整亮点纷呈，采用"散标结合"模式，聚焦高端有机、绿色地标等多元品类；熟食 区全面升级焕新，烘焙类则主打YH Bakery系列新品；门店还特别设置了胖东来自有品牌专区，同时， 设立永辉自有品牌专区。 值得一提的是，调改后，门店员工福利体系逐步完善，员工满一年即可享受10天带薪年休假，增设员工 休息室、更衣室，提供免费员工餐并在生日及节日发放购物卡。据了解，永辉超市正在人才培养方面大 力推行"工匠计划"，致力于打造一支高水准的专业技工队伍，目标培养"万 ...

近些年，以步步高、永辉、家乐福为代表的传统商超展现疲态，在电商平台迅猛发展和线下零售创新业 态兴起的双重夹击下，传统商超走到了转型的十字路口。 "自救"一年后，永辉超市开始找钱了。 7月30日晚间，永辉超市（601933.SH）发布定增预案，拟向不超过35名特定投资者发行A股股票，募集 最高39.92亿元，所募资金将主要用于门店升级改造、物流仓储升级改造、补充流动资金或偿还银行贷 款。 永辉超市率先搬来"救兵"。2024年6月19日，永辉超市全国首家胖东来模式调改店开业，由此拉开了其 门店爆改大幕。官网显示，截至目前，永辉超市在全国324座城市拥有514家门店，其中148家为已调改 门店，占比约29%。 经过一年的调改，永辉超市的盈利状况未有实质性改善，2025年上半年，永辉超市预计归属于上市公司 股东的净利润-2.4亿元，属于上市公司股东扣除非经常性损益后的净利润-8.3亿元。 永辉超市将这一现象归因于门店调改的"短期影响"，同时坚信胖东来模式是正确的发展方向。未来两年 内，永辉超市还要进一步对298家门店进行胖东来模式调改升级，在商品结构、购物体验、组织架构及 薪酬等多个方面进行系列化改革。此次定向增发所 ...

Core Viewpoint - Yonghui Supermarket plans to raise up to 3.992 billion yuan through a private placement to improve its store and logistics infrastructure, as well as to supplement working capital or repay bank loans [1][2]. Fundraising Details - The fundraising will primarily focus on store upgrades, with 3.213 billion yuan allocated for this purpose, accounting for 80.49% of the total funds raised [2]. - The logistics and warehouse upgrade project will receive 309 million yuan, representing 7.74% of the total, while 470 million yuan will be used for working capital or loan repayment, making up 11.77% [2]. Financial Condition - As of March 31, 2025, the company reported total liabilities of 34.9 billion yuan and a debt-to-asset ratio of 88.73%, indicating significant repayment pressure [2]. - The company has experienced four consecutive years of net profit losses from 2021 to 2024, leading to a strategic transformation initiative [2][4]. Store Operations - As of July 30, 2025, Yonghui Supermarket operates 517 stores, a reduction of nearly one-third from over 770 stores at the end of 2024 [4]. - The company has already completed the upgrade of 146 stores and plans to reach 200 upgraded stores by the end of the third quarter of this year [4]. Strategic Transformation - The company is undergoing a deep transformation, referred to as the "Pang Donglai model," focusing on various aspects such as product structure and shopping experience [2][4]. - Despite short-term losses, the fundraising is expected to support long-term improvements in store upgrades and supply chain optimization [4]. Shareholding Structure - As of the announcement date, Jun Cai International holds 2.668 billion shares, representing 29.40% of Yonghui Supermarket's total shares, making it the largest shareholder [5].

东吴证券研报指出，永辉超市拟定增融资40亿元，主要用于支持门店调改。公司拟通过门店升级改造项 目的建设，进一步对298家门店进行"胖东来模式"调改；通过物流仓储升级改造项目建设，引进自动分 拣线、AGV机器人等先进自动化设备，并配置WMS智能仓储管理系统、TMS物流运输管理系统等先进 的数字化、智能化物流仓储配送系统。期待公司加速调改和关闭长尾门店之后，中长期业绩逐步实现修 复。考虑公司调改和关店进度快于预期，该行对公司财务模型进行调整，将2025-27年归母净利润预期 从-8.7/2.4/14.3亿元，调整至-8.7/4.4/10.9亿元，考虑调改店推进和关闭长尾门店之后公司远期业绩有望 展现较好弹性，仍维持"增持"评级。 ...

（文/朱道义 编辑/张广凯） 为了继续推进"学习胖东来"调改，缺钱的永辉准备向市场"要钱"。 具体而言，永辉超市计划将其中的32.1亿元用于门店升级改造项目，3.09亿元用于物流仓储升级改造项目，4.7亿元用于补充流动资金或偿还银行贷款。 | 序号 | 项目名称 | 投资总金额 | 募集资金投资金额 | | --- | --- | --- | --- | | | 门店升级改造项目 | 559,707.27 | 321,307.2 | | 2 | 物流仓储升级改造项目 | 30,900.72 | 30.900.7 | | 3 | 补充流动资金或偿还银行贷款 | 47,000.00 | 47,000.0 | | | 合计 | 637,607.99 | 399.207.9 | 永辉超市表示，近年来随着零售行业竞争的持续加剧以及消费者对于场景体验、产品品质要求的不断提升，品质消费正逐步重构零售生态。2024年公司主动 寻求变革，以"品质零售"为核心启动战略转型，全面学习胖东来模式，调改门店及组织转型。 "拟通过本项目的建设，进一步对298家门店进行'胖东来模式'调改升级，在商品结构、购物体验、组织架构及薪酬等多个方面 ...

Core Viewpoint - Yonghui Supermarket is attempting a comprehensive transformation to regain vitality after four consecutive years of losses and the closure of half its stores, with a significant capital raise aimed at store upgrades and operational efficiency [1][2]. Financial Performance - In 2024, Yonghui Supermarket reported total revenue of 67.574 billion yuan, a year-on-year decrease of 14.07%, and a net loss attributable to shareholders of 1.465 billion yuan, accumulating losses of approximately 9.501 billion yuan over four years [5][9]. - The company's aggressive store closure strategy led to the shutdown of 232 underperforming stores in 2024, resulting in a 2.08 billion yuan impairment provision for related assets [7][9]. Capital Raising and Utilization - Yonghui plans to raise up to 3.992 billion yuan through a private placement to no more than 35 specific investors, with funds allocated primarily for store upgrades (3.213 billion yuan), logistics and warehousing improvements (309 million yuan), and working capital replenishment (470 million yuan) [2][10]. - This capital raise follows the acquisition of a 29.40% stake by Miniso Group, marking a strategic shift towards a "quality retail" development route [11]. Store Transformation Strategy - The store upgrade initiative, referred to as the "Fat Donglai model," aims to enhance various aspects of the shopping experience, including product selection, store layout, and customer service [10][12]. - As part of this transformation, Yonghui has already opened 23 newly remodeled stores by July 2025, with plans to complete 200 store upgrades by September 30 [12].

东吴证券7月31日发布研报称，给予永辉超市（601933.SH，最新价：4.88元）增持评级。评级理由主要 包括：1）本次定增40亿元，将主要用于支撑门店升级改造；2）定增发行对象、定增股票数量及发行价 格；3）永辉超市近期继续快速推进老门店调改，以及长尾门店关闭。风险提示：门店调改进程不及预 期，关店及调改费用导致亏损，定增审批和进度尚有不确定性等。 （文章来源：每日经济新闻） ...

中国经济网北京7月31日讯永辉超市（601933）(601933.SH)昨晚披露《2025年度向特定对象发行A股股 票预案》，本次发行的发行对象为不超过35名符合中国证监会规定条件的特定投资者，包括证券投资基 金管理公司、证券公司、信托投资公司、财务公司、保险机构投资者、合格境外机构投资者(含上述投 资者的自营账户或管理的投资产品账户)、其他合格的境内法人投资者和自然人。证券投资基金管理公 司、证券公司、合格境外机构投资者、人民币合格境外机构投资者以其管理的两只以上产品认购的，视 为一个发行对象；信托投资公司作为发行对象的，只能以自有资金认购。所有发行对象均以现金方式认 购本次发行的股票。 本次发行的定价基准日为发行期首日，发行价格不低于定价基准日前二十个交易日公司股票交易均价的 80%，且不低于本次发行前最近一期经审计的归属于母公司普通股股东的每股净资产的金额。 本次发行的股票种类为境内上市的人民币普通股(A股)，每股面值为人民币1.00元。本次向特定对象发 行的股票将申请在上海证券交易所上市交易。本次发行的股票数量按照募集资金总额除以发行价格确 定，同时本次发行股票数量不超过本次向特定对象发行股票前公司总 ...

Economic Policy and Regulation - Xi Jinping emphasized the need for sustained macro policy efforts and timely enhancements in the second half of the year to address economic challenges and risks, focusing on expanding domestic demand and deepening reforms [1] - The Financial Regulatory Bureau's head, Li Yunze, conducted research in Tibet to enhance financial support for high-quality development and major projects, aiming to optimize financial services and mitigate risks [1] Corporate News - Ningde Times reported a net profit of 30.512 billion yuan for the first half of the year, a year-on-year increase of 33.02%, with operating revenue of 178.886 billion yuan, up 7.27% [5] - Digital Certification announced a change in its controlling shareholder to Beijing Data Group, following a transfer of state-owned shares [6] - Vanke A received a loan of up to 869 million yuan from its largest shareholder, Shenzhen Metro Group, for debt repayment and other purposes [6] - Changjiang Power plans to invest approximately 26.6 billion yuan in the Gezhouba shipping capacity expansion project, with funding sourced from its own capital [7] - Yonghui Supermarket intends to raise no more than 3.992 billion yuan through a private placement for store upgrades and working capital [7] Industry Developments - The China Metal Materials Circulation Association called for the abandonment of "involution-style" competition in the steel circulation industry, advocating for healthy competition based on product quality and service value [3] - Changying Precision announced that it has begun mass production of precision components for humanoid robots and has established partnerships with leading brands in the sector [8][9] - Longfly Fiber reported that its hollow-core fiber business has not yet significantly impacted its financial data, with future developments remaining uncertain [13]

Market Overview - The three major indices showed mixed performance, with the component sector leading the gains. As of the opening today, the Shanghai Composite Index reported 3604.70 points, down 0.30%; the Shenzhen Component Index reported 11208.46 points, up 0.05%; and the ChiNext Index reported 2382.97 points, up 0.65% [1] Policy and Economic Developments - The Political Bureau of the Central Committee of the Communist Party of China decided to hold the Fourth Plenary Session of the 20th Central Committee in October, emphasizing the need for macro policies to continue to exert force and enhance the attractiveness and inclusiveness of the domestic capital market [2] - The Ministry of Commerce expressed that China welcomes investments from foreign enterprises, including U.S. companies, to share development opportunities [2] Corporate Announcements - Ningde Times reported a net profit of 30.5 billion yuan for the first half of the year, a year-on-year increase of 33.02%, and proposed a cash dividend of 10.07 yuan per 10 shares [4] - Vanke A announced that the Shenzhen Metro Group would provide a loan of up to 869 million yuan to the company [4] - Long River Power announced plans to invest approximately 26.6 billion yuan in the construction of the Gezhouba shipping capacity expansion project [4] - Yonghui Supermarket plans to raise no more than 3.992 billion yuan through a private placement for store upgrades [4] Market Trends and Analysis - Financial analysts believe that despite recent fluctuations in the A-share market, the overall upward trend remains unchanged, with active trading and a market turnover exceeding 1.8 trillion yuan [8] - The "anti-involution" policy is expected to alleviate the "increased income without increased profit" dilemma, supporting a recovery in A-share performance [8]