Summary of Conference Call Notes Company and Industry Involved - The discussion primarily revolves around the retail industry in Shanghai, focusing on the performance and strategies of Jinshan Wanda, a retail company operating in the region [1][2][17]. Core Points and Arguments 1. **Market Competition in Shanghai** - Shanghai is a highly competitive market for retail, with many leading companies vying for consumer attention. The supply of retail options is abundant, making it a critical battleground for quality retail companies [1]. 2. **Performance Metrics** - Jinshan Wanda's daily sales are reported to be significantly higher than the average, with figures around 200,000 to 300,000, compared to the general range of 100,000 to 200,000 for other retailers [1][2]. 3. **Government Support** - Local government support includes rent reductions, which help offset rising labor costs, thereby benefiting Jinshan Wanda's operations [2]. 4. **Profit Margins** - The profit margin for stores is around 25%, with potential increases post-adjustments. The company has managed to reduce backend costs, positively impacting overall profitability [3][4]. 5. **Product Mix and Gross Margin** - The introduction of baked goods has improved gross margins significantly, with some categories reaching 30-40%. This shift is part of a broader strategy to enhance product offerings and profitability [5][6]. 6. **Customer Spending Trends** - There is an expectation that average customer spending will decrease post-holiday season, but it is currently elevated due to seasonal purchases [6]. 7. **Store Adjustments and Layout** - Adjustments in store layout and product offerings have been made to enhance customer experience and operational efficiency. This includes expanding sales areas and introducing new service features [8][9]. 8. **Employee Compensation** - Employee salaries have increased, with average wages for regular staff rising to 5,500-6,000, and store managers earning 7,000-8,000. This is part of a strategy to attract and retain talent [9][10]. 9. **Competitive Landscape** - The competitive environment includes new entrants like Aoleqi, which has seen lower daily sales figures. The market dynamics are shifting, with a focus on quality and customer experience rather than just price competition [12][13]. 10. **Industry Evolution** - The retail industry has undergone significant changes, particularly with the rise of e-commerce and changing consumer preferences. Companies are adapting by focusing on quality and unique product offerings [17][18]. 11. **Future Outlook** - The company anticipates continued improvements in sales and profitability, with a focus on maintaining high standards in product selection and customer service. The ongoing adjustments are expected to yield positive results in the coming quarters [27][28]. Other Important but Possibly Overlooked Content - The discussion highlights the importance of adapting to market changes and consumer preferences, emphasizing that retail strategies must evolve to remain competitive in a rapidly changing environment [19][20]. - There is a recognition of the challenges faced by traditional retail in competing with online platforms, suggesting a need for differentiation in service and product quality [19][22]. - The call concludes with an invitation for further questions, indicating an openness to dialogue and continued engagement with stakeholders [29].

Investment Rating - Maintain "Overweight" rating [1][6] Core Views - The company is undergoing strategic and operational transformation, which is expected to bring long-term performance improvement despite short-term challenges [6] - Store optimization and transformation are progressing rapidly, with significant improvements in customer traffic and sales in optimized stores [6] - The company plans to continue store optimization and strategic transformation in 2025, aiming to optimize over 100 stores and enhance commercial cooperation with MINISO [6] - Despite short-term pressure on performance, the long-term outlook is positive due to improved customer traffic, sales, and supply chain efficiency [6] Financial Summary - 2024 estimated operating revenue: 67,308 million RMB, a year-on-year decrease of 14.4% [5][6] - 2025 estimated operating revenue: 74,922 million RMB, a year-on-year increase of 11.3% [5][6] - 2026 estimated operating revenue: 84,645 million RMB, a year-on-year increase of 13.0% [5][6] - 2024 estimated net profit attributable to the parent company: -1,404 million RMB [5][6] - 2025 estimated net profit attributable to the parent company: 84 million RMB [5][6] - 2026 estimated net profit attributable to the parent company: 582 million RMB [5][6] Store Optimization Progress - Closed over 200 underperforming stores in 2024, reducing the total number of stores from 1,000 at the end of 2023 to 773 by January 15, 2025 [6] - Completed optimization of 31 stores, with 39 optimized stores operating nationwide by January 15, 2025 [6] - Optimized stores have shown significant improvements, with daily sales exceeding 1 million RMB in the first 1-3 days after opening [6] - Plans to optimize over 100 stores in 2025, with further optimization plans to be announced in the first half of the year [6] Market Performance - Closing price on January 16, 2025: 5.80 RMB [1] - Price-to-book ratio: 9.1 [1] - Market capitalization: 52,635 million RMB [1] - Stock performance over the past year: -50% to 150% compared to the CSI 300 index [3]

Financial Performance - The company expects a net profit of -1.4 billion yuan for 2024, indicating a decline compared to the previous year[2] - The net profit attributable to shareholders, excluding non-recurring gains and losses, is projected to be -2.21 billion yuan for 2024[4] - In the same period last year, the net profit attributable to shareholders was -1.33 billion yuan, and the net profit excluding non-recurring items was -1.98 billion yuan[6] - The company reported a total profit of -1.36 billion yuan for the previous year[6] Strategic Transformation - The decline in performance is attributed to challenges in the retail industry and a strategic transformation that began in the second half of 2024[8] - The company plans to continue store renovations and strategic transformations in 2025, while also closing underperforming stores[8] Store Renovations - The company has completed the renovation of 31 stores, which has led to increased customer traffic and sales, but requires significant upfront investment[8] - The gross profit margin has declined due to the optimization of product structure and procurement strategies during store renovations[8] Asset Impairment - An impairment test on long-term assets is expected to result in a provision of approximately 200 million yuan for the year[8] Investor Caution - Investors are advised to be cautious due to uncertainties regarding the fair value of certain equity holdings that have not been externally assessed[9]

证券代码：601933 证券简称：永辉超市 公告编号： 2025-001 永辉超市股份有限公司 第五届董事会第十九次会议决议公告 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。 永辉超市股份有限公司（下称"公司"）第五届董事会第十九次会议于 2025 年 1 月 10 日在公司左海总部六楼会议室以现场结合通讯方式召开。会议应出席 董事 9 人，实际出席会议董事 9 人。公司监事和高级管理人员列席本次会议。 会议的通知、召开符合《中华人民共和国公司法》及其他相关规定。经全体董事 审议和表决，会议通过如下决议： 一、关于设立浙江辉联供应链有限公司的议案 公司为了加快自有品牌的发展步伐，不断挖掘有竞争力的商品，拟申请设立 一家专注于永辉超市自有品牌供应链的全资子公司。 （一）全资子公司主体信息 1、公司名称：浙江辉联供应链有限公司（以市场监督管理部门登记为准） （以上议案同意票 9 票、反对票 0 票、弃权票 0 票） 特此公告 永辉超市股份有限公司董事会 二〇二五年一月十一日 2、企业类型：有限责任公司 3、法定代表人：庞小伟 4 ...

Investment Rating - The report initiates coverage of Yonghui Supermarket with a "Buy" rating [6]. Core Views - Yonghui Supermarket is a leading fresh food supermarket in China, gradually achieving an online and offline integrated channel layout [3][14]. - The company is undergoing strategic transformation and has made significant progress in store adjustments and supply chain optimization to enhance operational efficiency and product offerings [4][5][62]. - The partnership with Miniso, which plans to acquire a 29.4% stake in Yonghui for 6.27 billion yuan, is expected to improve management efficiency and operational performance [4][29]. Summary by Sections Company Overview - Yonghui Supermarket, established in 2001 and listed in 2010, focuses on selling fresh and processed food through both physical stores and online platforms [3][14]. - As of June 30, 2024, Yonghui has opened 943 stores across 29 provinces, with an additional 86 stores signed but not yet opened, covering a total area of 655,300 square meters [3][22]. Strategic Transformation - In 2024, Yonghui faced operational challenges but has implemented store adjustments inspired by the successful model of Pang Donglai, resulting in improved quality, sales, and customer traffic [4][28]. - The company has optimized its supply chain and product structure, introducing 20,276 new products while eliminating 22,480, achieving a new product introduction rate of 22.5% [5][62]. Financial Performance and Forecast - Revenue projections for 2024-2026 are 68.887 billion, 76.860 billion, and 83.766 billion yuan, with growth rates of -12%, 12%, and 9% respectively. Net profit is forecasted at -247 million, 358 million, and 687 million yuan, with growth rates of 81%, 245%, and 92% [6][80]. - The report highlights that Yonghui's self-owned brand sales reached 1.28 billion yuan in the first half of 2024, accounting for 3.4% of total revenue [6][68]. Supply Chain and Product Strategy - Yonghui is enhancing its supply chain efficiency and product quality through direct sourcing and establishing a vertical supply relationship, which allows for better pricing competitiveness of its private label products [5][64][68]. - The company is also focusing on digital transformation through its YHDOS system, which integrates various operational modules to improve efficiency and support its omnichannel strategy [72][76]. Market Position and Competitiveness - Yonghui's business model emphasizes fresh food, which is crucial for attracting customers, as it has a strong draw for foot traffic in supermarkets [40][64]. - The company is leveraging its extensive store network and partnerships to enhance its competitive position in the retail market [4][29].

Group 1 - The core message highlights the successful opening of Yonghui Supermarket's first "Learning from Pang Donglai" self-reformed store in Nansha Wanda Plaza, Guangzhou, which achieved a total sales of 6.5 million yuan over three days from December 27 to 29 [1][3] - The store experienced an explosive customer traffic rate of 316%, with an average daily sales exceeding 2.1 million yuan, which is six times the average daily sales prior to the adjustments [1] - Following this successful opening, more Yonghui self-reformed stores inspired by the "Learning from Pang Donglai" model are set to open in Guangzhou [2]

财联社12月29日讯（编辑 宣林）据财联社不完全统计，截至发稿，11月迄今包括万业企业、冰山冷 热、力合科创、永辉超市、模塑科技、浙文互联、湘财股份、宏达高科、艾为电子、天宸股份、越秀资 本、普冉股份在内的12家A股上市公司公告出售股票资产计划或进展，具体情况如下图： 总市值超600亿元的零售龙头永辉超市12月18日公告，2024年12月3日至2024年12月17日期间，全资子公 司重庆永辉通过集中竞价方式累计出售中百集团共计6710.1287万股，占其股本的9.87%。出售金额约为 4.4亿元，初始投资成本为4.86亿元，本次出售将增加2024年投资收益约为1.61亿元，上述股权累计确认 投资收益约为-0.46亿元。截至公告日，公司及下属子公司不再持有中百集团A股股票。二级市场上，中 百集团12月13日收盘斩获5连板，2月低点迄今股价累计最大涨幅达299%。 小市值军工概念股宏达高科等待10年"抓住机会"减持海宁皮城。宏达高科11月27日公告，公司2014年度 股东大会审议通过《关于授权董事长处置可供出售金融资产的议案》，同意授权董事长根据市场行情择 机处置公司持有的海宁中国皮革城股份有限公司无限售股份30 ...

Core Viewpoint - Yonghui Supermarket has reopened its store in Chengdu, Sichuan, implementing significant changes inspired by the successful model of Pang Donglai, aiming to enhance customer experience and employee satisfaction [1][4][15]. Store Layout and Design - The new store layout eliminates forced shopping paths and traditional shelf displays, opting for a more open and organized structure that facilitates easier navigation for customers [2]. - The product optimization rate exceeded 61%, with over 10,000 items removed and the remaining product structure closely resembling that of Pang Donglai [9]. Customer Experience - Customers have reported a noticeable improvement in staff demeanor, with employees being more welcoming and engaging, enhancing the overall shopping experience [3]. - The store has expanded its offerings in the bakery and prepared food sections, with a focus on fresh, daily-made products [8][12]. Employee Welfare - The store has reduced operating hours to ensure employees work no more than 8 hours a day, while also increasing salaries and benefits to improve employee happiness [11][20]. Sales Performance - The first modified store in Sichuan saw over 40,000 paying customers within the first three days of opening, achieving a total sales figure of 4.312 million yuan, with daily sales reaching seven times that of the previous format [6]. Future Plans - Yonghui plans to open additional modified stores in the Sichuan region, with expectations to reach a total of 41 modified stores by the upcoming Spring Festival [16].

Store Layout and Product Adjustments - The store layout has been revamped with widened main and secondary shopping aisles, lowered shelf heights, and the removal of forced routes, enhancing customer convenience [13] - The store has expanded the operating areas for prepared foods, bakery, and daily necessities, and increased the number of checkout counters [9] - The store has introduced a dual-entry and exit checkout system, allowing for more flexible shopping [13] - The store has added external rental areas for medical, dining, and beauty services, creating a 15-minute convenience service circle around the supermarket [13] Product Optimization and Branding - The store has optimized its product structure, with a commonality rate of nearly 80% compared to Pang Donglai stores [16] - The store has introduced nearly 5,000 new SKUs, with a new product introduction rate of nearly 60%, and increased the proportion of imported goods from 7% to 21.3% [7] - The store has focused on local customer preferences in its fresh produce selection, retaining 802 items after eliminating 571 low-quality, outdated, and redundant products [7] - The store has achieved a 90% replacement rate for processed goods, with a complete upgrade of bakery products [7] - The store has set up dedicated sections for Pang Donglai and Yonghui's own brands, with Yonghui's bakery brand "YH Bakery" and "Yonghui Premium" juice becoming bestsellers in some locations [12] Employee Welfare and Training - The store has increased employee salaries, with a starting monthly wage of 6,000 yuan, and reduced working hours to an average of 8 hours per day [9] - The store has provided additional paid leave and conducted 168 training sessions to enhance employee skills and motivation [9][15] - Employees have been sent to Pang Donglai stores in Zhengzhou for on-site learning to absorb best practices in culture and management [4] Customer Experience and Services - The store has implemented detailed customer service enhancements, including providing magnifying glasses and blood pressure monitors for special groups, pet storage areas, and rest areas with microwaves, drinking water, ice packs, tissues, and straws [3] - The store offers free fish cleaning, cutting, and washing services in the seafood section [2] - The store has added a seafood processing kitchen to meet customers' on-site cooking needs [3] - The store has integrated digital features such as contactless transactions and self-checkout to enhance the shopping experience [14] Digital Integration and Omnichannel Strategy - The store has achieved deep integration of physical retail and digital economy, enabling customers to purchase store products online through "cloud shopping" [14] - The store has implemented a store-warehouse integration model, allowing for seamless online and offline shopping experiences [14] Strategic Transformation and Industry Alignment - The company's transformation aligns with the "Retail Industry Innovation and Enhancement Project Implementation Plan" issued by the Ministry of Commerce, focusing on scenario transformation, quality supply, digital empowerment, diversified innovation, and supply chain enhancement [11] - The company aims to expand its transformation scope, focusing on quality innovation, service innovation, and scenario innovation to transition towards a quality retail model [11] Store Performance and Customer Reception - The store's fruit and vegetable section, which has the highest daily turnover, was crowded with customers on the opening day [1] - The bakery section was also packed with customers, with all bread products being sold out on the same day [5] - The seafood section, featuring popular items like king crab and Australian lobster, was a highlight of the store [2]

Summary of Conference Call Records Company and Industry Overview - The conference call primarily discusses **Yonghui Supermarket**, focusing on its operational strategies and market dynamics within the **retail and supermarket industry** in China [1][3][4][17]. Key Points and Arguments 1. **Decline in Rental Costs**: The overall rental costs in the industry are decreasing, which is beneficial for Yonghui as it reduces the cancellation costs and overall operational expenses [1][3]. 2. **Shift in Consumer Behavior**: There is a notable shift in consumer preferences towards quality and value, with younger demographics increasingly attracted to supermarkets for their product offerings [5][6][12]. 3. **Cost Structure Changes**: The cost structure is evolving, with a decrease in rental costs and a slower increase in labor costs, which positively impacts the profitability of physical stores [3][7][15]. 4. **Expansion Plans**: Yonghui plans to remodel 40 stores before the Spring Festival and aims to add 100 new stores in the coming year, indicating a strong growth trajectory [4][17]. 5. **Product Quality Focus**: The emphasis is on enhancing product quality and customer experience, which is expected to drive sales growth and customer loyalty [5][14]. 6. **Digital Transformation**: Yonghui is actively embracing digitalization in its operations, with online sales accounting for approximately 20% of total sales, reflecting a significant shift towards e-commerce [14][16]. 7. **Market Positioning**: The company is positioning itself against competitors like Sam's Club and Costco, with a focus on improving its product offerings and customer service [10][18]. 8. **Financial Projections**: Revenue growth is projected at 7% to 8% year-on-year from 2024 to 2026, with expectations of significant profit increases in the coming years [15][18]. Other Important Insights - **Consumer Experience**: The importance of enhancing the in-store experience is highlighted, as consumers are willing to return to physical stores for higher quality and better prices [16][18]. - **Supply Chain Improvements**: Yonghui is strengthening its supply chain capabilities, particularly in fresh produce, to ensure product availability and quality [14][16]. - **Cultural Shift**: There is a cultural shift within the company towards prioritizing product value and customer trust, which is essential for long-term success [9][12]. This summary encapsulates the critical insights from the conference call, reflecting Yonghui Supermarket's strategic direction and the broader retail landscape in China.