Investment Rating - The report maintains an "Outperform" rating for the company [3][11]. Core Views - The company reported its Q3 2024 results, which met expectations, with revenue of 54.55 billion yuan, a year-on-year decline of 12.14%. The net profit attributable to shareholders was -0.78 billion yuan, a decrease of 1.30 billion yuan year-on-year [3]. - The company is undergoing a transformation by learning from successful retail models, with significant improvements observed in 10 remodeled stores, leading to a new phase of expansion [3]. - A partnership with Miniso is expected to enhance supply chain collaboration and improve product offerings, as Miniso will become the largest shareholder of the company [3]. - Store optimization is ongoing, with the company opening 2 new stores and closing 186 underperforming ones, indicating a proactive approach to improving operational efficiency [3]. - The company anticipates a recovery in performance as the remodeling efforts take effect, with revenue forecasts adjusted to 70.10 billion yuan for 2024 and 75.96 billion yuan for 2025 [3]. Financial Summary - For Q3 2024, the company achieved a gross margin of 19.19%, a decrease of 1.69 percentage points year-on-year, primarily due to store remodeling efforts [3]. - The company’s total revenue for 2024 is projected to be 70.10 billion yuan, with a year-on-year decline of 10.9% [4]. - The net profit attributable to shareholders is expected to be -0.29 billion yuan in 2024, improving to 0.84 billion yuan in 2025 and 5.82 billion yuan in 2026 [4][5].

Investment Rating - The investment rating for Yonghui Supermarket (601933.SH) is not explicitly stated in the provided documents, but the report indicates a focus on strategic transformation and operational adjustments [1]. Core Insights - The company reported a revenue of 16.77 billion yuan in Q3 2024, a year-on-year decrease of 16.4%, with a net loss attributable to shareholders of 353 million yuan, widening by 32 million yuan year-on-year [1]. - For the first three quarters of 2024, the revenue totaled 54.549 billion yuan, down 12.14% year-on-year, with a net loss attributable to shareholders of 78 million yuan, compared to a profit of 52 million yuan in the same period of 2023 [1]. - The company is actively optimizing its store operations, having closed 186 underperforming stores and opened 7 new ones in Q1-Q3 2024, with plans to continue this strategy [2]. Summary by Sections Financial Performance - In Q3 2024, the gross profit margin was 19.19%, a decrease of 1.69 percentage points year-on-year, primarily due to changes in product structure and procurement strategies during store adjustments [1]. - The overall expense ratio showed a downward trend, with sales, management, R&D, and financial expense ratios at 19.10%, 2.88%, 0.30%, and 1.64% respectively, reflecting a decrease in overall expenses due to store closures [1]. Strategic Initiatives - The company is learning from successful models like Pinduoduo to enhance its supply chain and product selection capabilities, focusing on reducing redundant SKUs and building a robust private label system [1]. - In Q3 2024, the company launched 23 new private label SKUs, with a revenue contribution of 1.499 billion yuan, accounting for 2.75% of total revenue [1][2]. Future Outlook - Revenue projections for 2024-2026 are estimated at 72.2 billion, 74.2 billion, and 83.1 billion yuan respectively, with expected year-on-year changes of -8%, +3%, and +12% [2]. - The net profit forecast indicates a narrowing loss in 2024, followed by a return to profitability in 2025, with significant growth anticipated in 2026 [2].

商贸零售/一般零售 公 司 研 究 永辉超市（601933.SH） 2024 年 11 月 01 日 优化低效门店轻装上阵，门店调改即将提速 ——公司信息更新报告 投资评级：买入（维持） 黄泽鹏（分析师） 骆峥（分析师） huangzepeng@kysec.cn 证书编号：S0790519110001 luozheng@kysec.cn 证书编号：S0790524040008 | --- | --- | |-------------------------|-----------| | 日期 | 2024/11/1 | | 当前股价 ( 元 ) | 5.07 | | 一年最高最低 ( 元 ) | 5.07/2.08 | | 总市值 ( 亿元 ) | 460.10 | | 流通市值 ( 亿元 ) | 460.10 | | 总股本 ( 亿股 ) | 90.75 | | 流通股本 ( 亿股 ) | 90.75 | | 近 3 个月换手率 (%) | 184.07 | 股价走势图 -60% -30% 0% 30% 60% 90% 2023-11 2024-03 2024-07 2024-11 永辉超市 沪深300 数 ...

证券代码：601933 证券简称：永辉超市 公告编号： 2024-055 永辉超市股份有限公司 关于补充 2024 年关联交易计划的公告 日常关联交易对公司的影响：有利于上市公司生产经营，不会对公司的经营 成果和财务状况产生不利影响，不会对关联方形成较大的依赖，不会损害公司或 中小股东的利益。 一、 日常关联交易基本情况 （一）日常关联交易履行的审议程序 1、2024 年 10 月 29 日，公司召开第五届董事会第十八次会议，审议通过《关 于公司补充 2024 年关联交易计划的议案》，参与表决的 9 名非关联董事全部同意 本项议案。同日公司召开第五届监事会第十三次会议，审议通过本项议案。 2、2024 年 10 月 28 日，公司召开第五届董事会独立董事第三次专门会议 审议通过上述日常关联交易事项，同意将该事项提交公司董事会审议。本次补充 关联交易事项审议程序符合有关法律法规和《公司章程》的规定，决策程序合法 有效。公司与关联方的日常关联交易是在公司经营过程中基于公司实际情况而正 常发生的，具有其必要性。发生的关联交易遵循了公开、公平、公正的原则，关 联交易价格公允合理，关联交易预计金额占同类型业务总额比例较 ...

证券代码：601933 证券简称：永辉超市 公告编号： 2024-053 永辉超市股份有限公司 第五届董事会第十八次会议决议公告 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"或"永辉超市"）第五届董事会第十 八次会议于 2024 年 10 月 29 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、关于公司补充2024年关联交易计划的议案 具体内容详见公司同日披露于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补充 2024 年关联交易计划的公告》（公告编号： 2024-055）。 本议案已经公司独立董事专门会议审议通过。 （以上议案同意票 9 票、反对票 0 票、弃权票 0 票） 第三季度，公司关闭处置门店产生的损失金额为 46,482.15 万元（未经审计） ...

第五届董事会独立董事第三次专门会议审查意见 独立董事： 孙宝文、李绪红、刘琨 二〇二四年十月三十一日 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所 股票上市规则》《上市公司独立董事管理办法》及永辉超市股份有限公司（以下 简称"公司"）《公司章程》等有关规定，我们作为公司的独立董事，于 2024 年 10 月 28 日召开第五届董事会独立董事第三次专门会议，就审议事项发表如下审 查意见： 永辉超市股份有限公司第五届董事会独立董事第三次专门会议审查意见 本次补充关联交易事项审议程序符合有关法律法规和《公司章程》的规定， 决策程序合法有效。公司与关联方的日常关联交易是在公司经营过程中基于公司 实际情况而正常发生的，具有其必要性。发生的关联交易遵循了公开、公平、公 正的原则，关联交易价格公允合理，关联交易预计金额占同类型业务总额比例较 小，不会对公司独立性造成影响，不存在损害公司、股东利益的情形，我们同意 本次关联交易相关事项，并同意将该议案提交公司第五届董事会第十八次会议审 议。 永辉超市股份有限公司 因此，我们同意本次公司补充 2024 年关联交易计划。 1 / 1 ...

Financial Performance - The company's revenue for Q3 2024 was approximately ¥16.77 billion, representing a decrease of 16.40% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was a loss of approximately ¥353.18 million, with a year-to-date loss of approximately ¥778.66 million[2]. - The gross profit margin for the first three quarters was 20.84%, a decrease of 0.79 percentage points year-on-year, while the gross profit margin for Q3 was 19.19%, down 1.69 percentage points year-on-year[8]. - The basic earnings per share for the first three quarters was -¥0.01, compared to ¥0.01 in the same period last year[9]. - The weighted average return on equity was -5.91% for Q3 2024, down from 0.70% in the same period last year[9]. - In Q3 2024, Yonghui Supermarket reported a net loss of CNY 162.72 million, compared to a net loss of CNY 19.70 million in Q3 2023, indicating a significant decline in profitability[23]. - The total comprehensive loss for Q3 2024 was CNY 161.43 million, compared to a comprehensive loss of CNY 15.05 million in Q3 2023, highlighting a worsening financial position[24]. - The company's operating profit for Q3 2024 was a loss of CNY 156.49 million, compared to a loss of CNY 42.28 million in Q3 2023, reflecting a deterioration in operational performance[23]. Revenue and Sales - Total revenue for the first three quarters of 2024 was 54.55 billion RMB, a decrease of 12.4% compared to 62.09 billion RMB in the same period of 2023[21]. - The company reported a cash flow from operating activities of approximately ¥3.78 billion year-to-date, a decrease of 29.70% compared to the previous year[2]. - In Q3 2024, Yonghui Supermarket reported a total revenue of RMB 512.52 billion, representing a year-on-year decline of 11.32%[13]. - The online business revenue reached RMB 11.57 billion, down 5.63% year-on-year, accounting for 21.21% of total revenue[14]. - The "Yonghui Life" app covered 780 stores, generating sales of RMB 6.31 billion, a decrease of 1.1% year-on-year, with an average daily order volume of 314,000, up 0.96%[14]. - The Southeast region generated RMB 87.03 billion in revenue, down 12.03% year-on-year, with a gross margin of 18.86%, an increase of 1.13 percentage points[13]. - The North China region reported revenue of RMB 54.82 billion, down 10.34% year-on-year, with a gross margin of 16.40%, a decrease of 0.70 percentage points[13]. Assets and Liabilities - The total assets at the end of the reporting period were approximately ¥44.88 billion, a decrease of 13.79% from the previous year[4]. - The company's total liabilities decreased to 39.10 billion RMB from 46.12 billion RMB year-over-year, showing a reduction in financial obligations[20]. - The company's inventory decreased to 5.37 billion RMB from 8.27 billion RMB year-over-year, indicating improved inventory management[19]. - The total assets of the company as of September 30, 2024, were 44.88 billion RMB, down from 52.05 billion RMB at the end of 2023[20]. Operational Changes - The company closed or remodeled 10 stores to improve customer experience, with remodeled stores showing significant revenue growth[8]. - The company plans to continue optimizing store operations and product offerings to enhance customer satisfaction and drive sales growth[8]. - The company has renovated 10 stores to improve product quality and service, transitioning towards a quality retail model[16]. - The company opened 2 new stores in Q3 2024, including a supermarket in Anhui and another in Beijing, with lease areas of 4,687.9 square meters and 4,018.75 square meters respectively[14]. Investment and Cash Flow - The company reported a significant increase in cash outflows related to investment activities, totaling CNY 8.34 billion in the first nine months of 2024, compared to CNY 2.26 billion in the same period of 2023[26]. - Investment activities resulted in a net cash outflow of CNY 3.50 billion in the first nine months of 2024, compared to a net outflow of CNY 289.99 million in the same period of 2023, indicating a substantial increase in investment expenditures[26]. - The company's cash and cash equivalents at the end of Q3 2024 stood at CNY 3.69 billion, down from CNY 6.66 billion at the end of Q3 2023, reflecting a decrease of approximately 44.6%[26]. - Cash flow from operating activities generated a net inflow of CNY 3.78 billion in the first nine months of 2024, compared to CNY 5.37 billion in the same period of 2023, a decrease of about 29.6%[25]. Shareholder Information - The company’s total shares repurchased amounted to 149,999,828 shares, representing 1.65% of the total share capital[12]. - The company’s major shareholders include Milk Co., Ltd. with a 21.08% stake and Zhang Xuansong with an 8.72% stake[11]. Product Development - The company launched 23 new SKUs under its private label, including products like corn oil and enzyme laundry detergent, enhancing market exposure through platforms like Xiaohongshu and Douyin[16]. - The average monthly sales for the craft beer series reached 5.2 million RMB since its launch in May, with the German wheat beer averaging 2.1 million RMB per month[16]. - The self-owned brand revenue was RMB 1.499 billion, accounting for 2.75% of total revenue, with a total of 279 products[15]. Research and Development - Research and development expenses for the first three quarters of 2024 were 184.32 million RMB, a decrease of 33.6% from 277.49 million RMB in the same period of 2023[21].

证券代码：601933 证券简称：永辉超市 公告编号：2024-054 永辉超市股份有限公司 第五届监事会第十三次会议决议公告 本公司及监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"）第五届监事会第十三次会议于 2024 年 10 月 29 日在公司左海总部三楼会议室召开。会议应出席监事五名, 实际到会 监事五名。会议由监事会主席吴乐峰先生主持，董事会秘书列席会议。会议的通 知、召开符合《公司法》及其他相关规定。经全体出席会议的监事审议和表决, 会 议审议并通过如下决议： （以上议案同意票 5 票、反对票 0 票、弃权票 0 票） 特此公告 本议案已经公司独立董事专门会议审议通过。 （以上议案同意票 5 票、反对票 0 票、弃权票 0 票） 二、关于批准报出《永辉超市股份有限公司2024年第三季度报告》的议案 根据有关法律、法规及《上海证券交易所股票上市规则》，公司编制了《永 辉超市股份有限公司 2024 年第三季度报告》。报告从公司主要财务数据、股本 变动及股东情况、公司重大事项、2024 年第三 ...

证券代码：601933 证券简称：永辉超市 公告编号：2024-056 永辉超市股份有限公司 关于聘任公司高级管理人员的公告 本公司及监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。 王守诚先生简历如下： 1 / 2 王守诚，男，1991 年 4 月出生，中国国籍，北京大学硕士学历，现任永辉 超市股份有限公司 CEO 业务助理，兼任运营支持部负责人、筹建支持部负责人。 以"融才"管培生身份加入永辉，历任集群运营合伙人、福建省区人力资源合伙 人，闽赣省区人力资源总监，上海省区总经理。在永辉超市东来学习项目中担任 调改小组负责人，牵头运营标准体系的建设，有力地推进调改项目。 截至本公告披露日，王守诚先生未持有公司股份，与公司持股 5%以上股东 以及其他董事、监事、高级管理人员不存在关联关系；未受过中国证券监督管理 委员会及其他相关部门的处罚或上海证券交易所的惩戒，不存在《中华人民共和 国公司法》《公司章程》等法律、法规、规范性文件规定的不适合担任上市公司 高级管理人员的情形。 特此公告 永辉超市股份有限公司董事会 二〇二四年十月三十一日 经 ...

Summary of Conference Call Records Company and Industry - The conference call discusses **Yonghui Supermarket**, a major player in the retail industry, particularly in the supermarket sector in China. Key Points and Arguments 1. **Store Renovation Progress**: Yonghui has initiated a store renovation program, starting with the first store in Zhengzhou on June 19, which has shown positive results with sales exceeding 1 million [1][2]. 2. **Expansion of Renovated Stores**: By the end of 2023, the company expects to have around 30 renovated stores across various cities including Xi'an, Fuzhou, and Beijing [2][3]. 3. **Historical Context of Renovations**: Previous renovation attempts from 2016 to 2018 were less successful, leading to significant losses. The current renovation strategy is seen as more stable and focused [2][3]. 4. **New Store Formats**: The company has explored various store formats, including mini stores and membership-based models, but faced challenges with profitability in these formats [3][4]. 5. **Focus on Supply Chain**: The current renovation emphasizes improvements in the supply chain, particularly in the fresh food and prepared food sections, aiming for a more competitive product offering [10][11]. 6. **Employee Engagement**: There has been a notable increase in employee morale and training, which is expected to enhance customer service and store performance [6][7]. 7. **Sales Performance**: Newly renovated stores have reported daily sales between 150,000 to 200,000, indicating strong initial performance [8][9]. 8. **Profitability Metrics**: The break-even point for renovated stores is estimated at around 500,000, with expectations that most stores will exceed this threshold [6][9]. 9. **Market Positioning**: Yonghui aims to maintain a focus on mass-market consumers rather than shifting towards high-end offerings, which aligns with its brand identity [4][5]. 10. **Future Outlook**: The company is cautious about setting ambitious targets for the next year, preferring to assess the performance of the initial renovations before expanding further [5][15]. 11. **Long-term Revenue Potential**: If successful, the renovation strategy could lead to significant revenue growth, potentially reaching 1,000 billion in sales across its stores [18][19]. 12. **Competitive Landscape**: The retail market in China is highly competitive, with opportunities for growth if Yonghui can effectively implement its new strategies [21][22]. Other Important but Possibly Overlooked Content - **Management Changes**: The company has seen changes in its management team, which may influence its strategic direction and operational efficiency [14][15]. - **Consumer Trends**: There is a growing emphasis on quality and variety in product offerings to attract younger consumers, which requires a robust selection process [12][13]. - **Verification Timeline**: The effectiveness of the renovation strategy will be monitored over the next few months, with a focus on sales performance and customer feedback [16][17]. This summary encapsulates the key insights from the conference call regarding Yonghui Supermarket's current strategies, challenges, and future outlook in the competitive retail landscape.