截至目前为止，本人不存在应披露而未披露的重大信息，包括但不限于重 大资产重组、债务重组、资产剥离、资产注入、破产重整等重大事项。 在本次永辉超市股份有限公司异常波动期间，本人不存在买卖永辉超市股 份有限公司股票的情况。 特此回复。 永辉超市股份有限公司： 本人已收到公司发来的《永辉超市股份有限公司股票交易异常波动问询函》， 经自查确认，现回复如下： 股东：张轩宁 2024 年 12 月 02 日 关于《永辉超市股份有限公司股票交易异常波动》的 回复 ...

Investment Rating - The report assigns an "Accumulate" rating to Yonghui Supermarket, indicating a positive outlook for the stock [1][149]. Core Insights - Yonghui Supermarket is one of the largest chain supermarket groups in China, with a reported operating scale of 85.55 billion yuan in 2023, second only to Walmart [2][80]. - The company has faced operational pressure in recent years, with a significant decline in revenue and profitability, but recent adjustments in store management and operations show promise for recovery [2][3][4]. - The supermarket industry is experiencing a turning point as the impact of the pandemic wanes and competition from e-commerce and new retail formats stabilizes [2][96]. Summary by Sections Company Overview - Yonghui Supermarket is currently the largest chain supermarket group in China, with a 2023 operating scale of 85.55 billion yuan, ranking second after Walmart [2][80]. - The company has seen a decline in operational performance, with a 21% drop in sales per square meter since 2019, and a reported revenue of 78.64 billion yuan in 2023, down 12.71% year-on-year [2][82]. Operational Improvements - The company is implementing store modifications inspired by successful peers, with 13 modified stores opened as of November 8, 2023, and plans to reach 40-50 by early 2025 [3][4]. - The closure of unprofitable stores has reduced the total number of stores from 1,000 at the beginning of 2024 to 804 by October 2024, which is expected to improve long-term profitability [4][93]. Industry Context - The supermarket sector has lagged behind e-commerce and overall retail growth, with compound annual growth rates of 3.6% for supermarkets compared to 12.1% for e-commerce from 2019 to 2023 [2][96]. - The decline in community group buying subsidies has provided a respite for traditional supermarkets, allowing for gradual recovery in profitability [2][99]. Recent Developments - Yonghui is learning from successful competitors like Pang Donglai, with significant improvements in customer traffic and sales in modified stores, achieving sales increases of up to 8-10 times in some locations [3][4][121]. - The planned acquisition of a 29.4% stake by Miniso is expected to enhance Yonghui's private label capabilities and operational efficiency [4][126][131]. Financial Forecasts - The report forecasts a net profit for Yonghui Supermarket of -5.2 billion yuan in 2024, with a recovery to 2.7 billion yuan in 2025 and 5.6 billion yuan in 2026, reflecting year-on-year growth rates of 61%, 152%, and 109% respectively [4][144]. - The projected P/E ratios for 2025 and 2026 are 146 and 70, respectively, indicating a potential for significant valuation improvement as operational adjustments take effect [4][146].

Investment Rating - The report maintains a "Buy" rating for Yonghui Superstores (601933 SH) [6][8] Core Views - Yonghui Superstores is actively addressing industry pressures through store optimization and self-reform, with a focus on improving product quality and service to enhance store competitiveness [6] - The company is undergoing a transformation with the help of industry peers, closing underperforming stores and incubating private brands, reflecting strong determination for medium-to-long-term business reform [6] - Despite short-term revenue and profit pressures, the company is expected to see a recovery in the future [6] Financial Performance - In Q3 2024, the company reported revenue of 16 77 billion yuan, a year-on-year decrease of 16 4% [3] - Net loss attributable to the parent company in Q3 was 350 million yuan, a 9 9% increase in loss compared to the same period last year [3] - Adjusted net loss in Q3 was 690 million yuan, a 45 8% increase in loss year-on-year [3] - Gross margin in Q3 was 19 2%, a decrease of 1 7 percentage points year-on-year [4] - Operating loss in Q3 was 810 million yuan, an increase of 260 million yuan compared to the same period last year [4] Store Optimization - The company closed approximately 150 stores in the first three quarters of 2024, reducing the total number of stores to around 850 [4] - 10 stores were successfully optimized in the reporting period, with significant revenue growth observed in the optimized stores [5] - The company is actively adjusting its product structure and procurement model, introducing new products and phasing out old ones [4] Private Brand Development - 23 new SKUs were launched under the company's private brand in Q3, covering categories such as corn oil, dried plums, cashews, organic grains, facial towels, and enzyme laundry detergent [5] - The private brand's craft beer series, launched in May, achieved an average monthly sales of 5 2 million yuan, with the German wheat beer contributing 2 1 million yuan [5] Future Outlook - The company is expected to achieve EPS of -0 04, 0 02, and 0 06 yuan in 2024, 2025, and 2026, respectively [6] - The company's store competitiveness is expected to improve as a result of ongoing reforms and private brand development [5]

Investment Rating - The report maintains an "Increase" rating for Yonghui Supermarket [1][2] Core Views - Yonghui Supermarket reported its Q1-Q3 2024 results with revenue of 54.549 billion yuan, a net loss of 0.78 billion yuan, and a non-recurring net profit loss of 6.62 billion yuan. In Q3 alone, revenue was 16.770 billion yuan, with a net loss of 3.53 billion yuan, indicating a year-on-year deterioration in losses but a quarter-on-quarter improvement [2][3] - The company's Q3 performance was pressured by changes in consumer behavior and store adjustments, leading to a 16.40% year-on-year decline in revenue and a gross margin of 19.19%, down 1.69 percentage points year-on-year. The competitive retail environment and ongoing store transformation efforts contributed to the slowdown in overall performance [2][3] - The effectiveness of store adjustments has been significant, with several adjusted stores reopening since August, showing sales increases of 6.6 times, 6.5 times, and 6 times in Xi'an, Fuzhou, and Beijing, respectively. The company plans to open 40-50 adjusted stores before the Spring Festival [2][3] - Yonghui is focusing on its private label brands, launching 23 new SKUs in Q3 2024, including various food and personal care products. The collaboration with Miniso, which acquired a 29.4% stake in the company, is expected to enhance the development of its private label products [2][3] - Profit forecasts for Yonghui Supermarket indicate net losses of 2.87 billion yuan in 2024, with a projected recovery to net profits of 1.07 billion yuan in 2025 and 5.27 billion yuan in 2026. The corresponding price-to-earnings ratios for 2025 and 2026 are projected at 436 times and 89 times, respectively [2][3] Financial Summary - For 2023-2026, the projected revenue is 78.642 billion yuan in 2023, decreasing to 69.829 billion yuan in 2024, with a slight recovery to 73.021 billion yuan in 2025 and 75.643 billion yuan in 2026. The year-on-year growth rates are -12.7% for 2023 and -11.2% for 2024, with positive growth expected in 2025 and 2026 [3] - The projected net profit for 2024 is -1.329 billion yuan, improving to -0.287 billion yuan in 2025, and reaching 0.527 billion yuan in 2026, with year-on-year growth rates of 137.2% and 392.9% for 2025 and 2026, respectively [3] - The gross margin is expected to remain stable around 21.2% in 2024, with a slight decline to 20.8% by 2026 [3]

北京两家永辉超市宣布停业 财联社11月16日电，据永辉超市门店11月15日公告，永辉超市金泉广场店 将于11月11日至11月17日进行商品出清活动。 永辉表示，公司总部正在对各项资源进行统一整合与优化，经过综合评估决定该门店于11月18日起停止 营业。 永辉超市清河店也于11月1日发布停业公告表示，经过综合评估，决定清河店将于11月24日至11月30日 进行商品出清活动，于12月1日起停止营业。 值得关注的是，两家店铺的停业公告里均提到：现在的撤店是为了保障更加品质、更加美好的明天。 (北京商报) ...

证券代码：601933 证券简称：永辉超市 公告编号：2024-058 永辉超市股份有限公司 关于出售资产的进展公告 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。 一、交易背景概述 永辉超市股份有限公司（以下简称"公司"或"永辉超市"）于 2023 年 12 月 19 日召开了公司第五届董事会第十二次会议，审议通过了《关于出售资产的 议案》，公司向四川商投投资有限责任公司（以下简称"川商投"）出售所持有 的成都红旗连锁股份有限公司（以下简称"红旗连锁"，证券代码 002697） 136,000,000 股股份，占红旗连锁总股本的 10.00%。本次交易完成后，公司仍 持有红旗连锁股份 149,600,000 股，占红旗连锁总股本的 11%。内容详见 2023 年 12 月 21 日刊登于中国证券报、上海证券报、证券时报、证券日报及上海证 券交易所网站 www.sse.com.cn 的《永辉超市股份有限公司关于出售资产的公 告》（公告编号：2023-53）。 本次交易协议已生效。内容详见 2024 年 6 月 18 日刊登于中 ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company is undergoing a transformation towards quality retail, with significant improvements in store performance following adjustments [1]. - Despite a decline in revenue due to external and internal factors, the company is actively optimizing its store operations and expanding its private label offerings [1]. - The company has reported a decrease in gross margin due to its restructuring strategy, but expenses have remained stable [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 54.549 billion yuan, a year-on-year decrease of 12.14%, and a net profit attributable to shareholders of -0.078 billion yuan, compared to 0.052 billion yuan in the same period last year [1]. - In Q3 2024, revenue was 16.77 billion yuan, down 16.40% year-on-year, with a net profit of -0.353 billion yuan [1]. - The company has opened 2 new stores in Q3 2024 and is focusing on enhancing its online sales, which accounted for 21.21% of total revenue [1]. Future Projections - Revenue projections for 2024-2026 are estimated at 69.992 billion yuan, 72.091 billion yuan, and 74.254 billion yuan respectively, with net profits expected to improve from -0.305 billion yuan in 2024 to 0.1 billion yuan in 2026 [2][10]. - The earnings per share (EPS) are projected to be -0.03 yuan in 2024, -0.03 yuan in 2025, and 0.01 yuan in 2026 [2][10]. Market Position - The company is recognized as a leading offline supermarket with a strong fresh supply chain, facing challenges from new retail channels since late 2020 [1]. - The competitive environment has improved since H1 2022, with expectations of recovery in macroeconomic conditions and offline customer traffic [1].

Investment Rating - The report maintains an "Outperform" rating for Yonghui Superstores, with a target price of RMB 6.40, representing a potential upside of 60% [7][15]. Core Viewpoints - The supermarket industry is currently facing challenges due to channel diversion, deflation, and declining consumer spending. However, leading companies like Yonghui possess advantages in fresh supply chains. The ongoing transformation efforts are expected to yield positive results in the future [7][14]. - The company has made significant progress in its strategic transformation, including the appointment of new senior management to enhance home delivery and logistics operations [12][13]. Financial Performance Summary - In Q3 2024, Yonghui reported revenue of RMB 16.80 billion, a decrease of 16.4% year-on-year. The net profit attributable to shareholders was RMB -353 million, with a diluted EPS of RMB -0.04 and a return on equity (ROE) of -5.91% [12][14]. - For the first three quarters of 2024, total revenue was RMB 54.55 billion, down 12.14% year-on-year, with a gross margin of 20.84%, reflecting a decrease of 0.79 percentage points [2][8]. - The company experienced a decline in same-store sales due to reduced customer traffic and the closure of underperforming stores, leading to a total of 2 new stores opened in Q3 2024 [2][4]. Strategic Initiatives - Yonghui is accelerating its strategic transformation, having completed the renovation of 10 stores by the end of Q3, with significant revenue increases reported from these locations. The company plans to expand the number of renovated stores to approximately 40-50 by the upcoming Spring Festival [4][14]. - The company is focusing on developing its private label products, with revenue from private brands reaching RMB 1.5 billion, accounting for 2.75% of total sales [6][14]. Earnings Forecast - The updated earnings forecast for Yonghui indicates projected revenues of RMB 69.90 billion, RMB 72.60 billion, and RMB 77.70 billion for 2024, 2025, and 2026, respectively, with year-on-year growth rates of -11.2%, 3.9%, and 7.1% [7][15]. - The forecasted net profit attributable to shareholders for the same period is expected to be RMB -806 million, RMB 355 million, and RMB 670 million, reflecting significant recovery in profitability [15].

Group 1: Online Competition and Market Strategy - The Chinese retail market is large enough to accommodate multiple players, including many internet companies [1] - Success in online business relies on service and customer retention rather than just traffic [1] - The core theory emphasizes that supply is fundamental; focusing on product supply and service systems will naturally attract customers [1] Group 2: Supply Chain Development - The central factory for baking in Fujian is under construction, indicating a shift towards building internal capabilities while collaborating with excellent suppliers [1] - The strategy includes a mix of self-operated and joint venture offerings, especially in traditional foods where partners may have more expertise [1] - Continuous expansion of self-operated offerings is planned, with supply chain improvements being gradual and progressive [1] Group 3: Private Brand Strategy - The private brand strategy focuses on major product categories, learning from successful companies [2] - Two key shifts in supply chain philosophy: product managers should understand user needs to develop quality products, and collaboration with suppliers should be based on mutual growth [2] Group 4: Operational Adjustments and Future Planning - The pace of operational adjustments depends on capability matching, with a focus on personnel management, product improvement, and mechanism establishment [2] - Different customer demands across cities require the supply chain team to develop products that resonate with local preferences [2] - Cultural alignment and iterative mechanisms are essential for effective management and continuous improvement [2]

Investment Rating - The report maintains an **Overweight** rating for Yonghui Superstores (601933) with a target price of **6.59 RMB**, up from the previous target of **2.96 RMB** [3] Core Views - Yonghui Superstores is undergoing a strategic transformation, focusing on supply chain optimization and store adjustments, which is expected to drive future growth [4] - The company has completed adjustments for 10 stores by Q3 2024, with plans to expand to 40-50 stores nationwide by the Spring Festival [9] - Yonghui has partnered with MINISO to enhance quality retail offerings, leveraging shared resources to improve economies of scale and cost structure [9] Financial Performance - Q1-Q3 2024 revenue reached **54.549 billion RMB**, a **12.14% YoY decline**, with net profit attributable to shareholders of **77.8657 million RMB**, down **130 million RMB** from 2023 [9] - Q3 2024 revenue was **16.77 billion RMB**, a **16.4% YoY decline**, with a net loss of **353 million RMB**, narrowing from the Q2 loss of **461 million RMB** [9] - The company's self-owned brand revenue reached **1.499 billion RMB** in Q3 2024, with 23 new SKUs launched [9] Valuation and Forecast - The report forecasts 2024 EPS at **-0.01 RMB**, revised from **0.02 RMB**, while raising 2025 and 2026 EPS to **0.04 RMB** and **0.09 RMB**, respectively [9] - The company is valued at **0.82x PS** for 2024, higher than the industry average [9] - Total market capitalization stands at **46.01 billion RMB**, with a current price of **5.07 RMB** [6] Operational Highlights - Yonghui closed **186 underperforming stores** in 2024, while opening **7 new stores**, incurring short-term closure costs [9] - The company's adjusted stores have shown significant revenue growth, with some stores achieving daily sales of **1.5-1.6 million RMB** [9] - Yonghui continues to optimize its product structure and expand its online business, with a focus on improving operational efficiency [9]