Core Insights - The community fresh food retail sector is a crucial consumer category for daily meals, characterized by high-frequency demand and stable repurchase rates, demonstrating resilience against economic cycles [1][4] - The market size of China's community fresh food retail industry is projected to reach 1,903.9 billion yuan by 2025, with a year-on-year growth of 11.2% [1][4] - The shift in consumer preferences towards convenience, freshness, and immediacy is driving the transition from traditional markets to community stores, front warehouses, and group buying [1][4] Overview - Community fresh food retail targets residents within 1-3 km, utilizing both offline stores and online channels to meet immediate consumption needs [2] - The retail format includes community fresh stores, front warehouses, community group buying, O2O integration stores, and non-chain family-run shops [2] Development History - The evolution of China's community fresh food retail can be divided into four stages: initial phase, exploratory growth, explosive expansion, and ecological transformation [4] - Since 2021, the industry has shifted focus from scale expansion to profitability, with a move towards composite business models integrating store, home delivery, and self-pickup [4] Current Development - The community fresh food retail sector is a key flow foundation for community commerce, with a significant shift towards near-field retail formats [4] - By 2025, online fresh product retail is expected to account for approximately 20.1% of the market, while offline chain and non-chain products will represent 38.3% and 41.6%, respectively [1][4] Competitive Landscape - The community fresh food retail market is highly fragmented, with a low concentration level; the CR5 in the chain sector is only 7.3% [10] - Major players include companies like Guangzhou Qian Dama Agricultural Products Co., Ltd. and Shenzhen Baiguoyuan Industrial Group, which focus on fresh product quality and consumer convenience [10][11] Future Trends - The integration of community, social interaction, and instant retail will enhance the consumer experience, transforming community stores into service hubs [12] - Supply chain optimization will become a competitive barrier, focusing on direct sourcing and improved cold chain logistics [13] - Digital technology will reshape operations and customer acquisition, moving from a traffic-driven approach to a relationship-driven model [14]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights Meituan's acquisition of Dingdong Maicai for approximately $717 million, aiming to enhance its instant retail supply chain efficiency. Dingdong Maicai has achieved profitability for 12 consecutive quarters and operates over 1,000 front warehouses in China, with a monthly purchasing user base exceeding 7 million [4][24][27] - The report emphasizes the importance of supply chain efficiency and product quality in the competitive landscape of the instant retail industry, suggesting that the focus will shift towards these aspects post-acquisition [27] Summary by Sections Industry Dynamics - Meituan's acquisition of Dingdong Maicai is expected to create synergies in supply chain, regional layout, and warehouse scale, enhancing operational efficiency in the East China region [24][27] - Dingdong Maicai's established direct sourcing and self-operated production capabilities are anticipated to be preserved and amplified within Meituan's platform [27] Investment Themes - Investment Theme 1: Focus on high-end and fashionable gold jewelry brands, recommending companies like Laopuhuangjin and Chaohongji, which are expected to benefit from the emotional consumption trend [6][29] - Investment Theme 2: Emphasize retail companies adapting to trends and AI-enabled cross-border e-commerce leaders, with recommendations for Yonghui Supermarket and Aiyingshi [6][29] - Investment Theme 3: Highlight domestic beauty brands that cater to emotional value and innovative safe ingredients, recommending brands like Maogeping and Pola [6][29] - Investment Theme 4: Focus on differentiated medical beauty product manufacturers and leading chain medical beauty institutions, recommending Meilitiantian Medical Health and Aimeike [6][29] Market Performance - The retail and social service indices reported a slight decline of 0.34% and a slight increase of 0.02% respectively during the week of February 2 to February 6, 2026 [14][15] - The brand cosmetics sector showed the highest weekly increase of 4.99%, while the watch and jewelry sector led with a year-to-date increase of 16.56% [16][19] Company Highlights - Laopuhuangjin reported a significant revenue increase of 250.9% in FY2025H1, driven by brand expansion and customer base growth [31][32] - Chaohongji is expected to achieve a net profit growth of 125% to 175% in 2025, supported by differentiated product strength and multi-channel marketing [31][32] - Meilitiantian Medical Health anticipates a net profit increase of at least 34% in 2025, driven by both internal growth and acquisitions [39][40]

本公司董事会及全体董事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。 重要内容提示： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东会召开的时间：2026年2月6日 (二)股东会召开的地点：福建省福州市鼓楼区湖头街120号（永辉集团）6楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ (四)表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次会议由公司董事会召集，公司董事长张轩松先生主持，会议采用现场投票与网络投票相结合的表决 方式，会议的召集、召开及表决方式符合《公司法》及《公司章程》的规定。 (五)公司董事和董事会秘书的列席情况 1、公司在任董事9人，列席9人； 2、董事会秘书黄晓枫现场出席会议；高级管理人员列席本次会议。 二、议案审议情况 (一)非累积投票议案 1、议案名称：关于公司2025年度关联交易执行情况及2026年关联交易计划的议案 审议结果：通过 表决情况： ■ (二)涉及重大事项，5%以下股东的表决情况 ■ (三)关于议案表决的有关情况说明 （1）议案1关于公 ...

证券代码：601933 证券简称：永辉超市 公告编号：2026-009 永辉超市股份有限公司 2026年第一次临时股东会决议公告 本公司董事会及全体董事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)股东会召开的时间：2026年2月6日 (二)股东会召开的地点：福建省福州市鼓楼区湖头街120号（永辉集团）6楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ (四)表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次会议由公司董事会召集，公司董事长张轩松先生主持，会议采用现场投票与网络投票相结合的表决 方式，会议的召集、召开及表决方式符合《公司法》及《公司章程》的规定。 重要内容提示： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 (二)涉及重大事项，5%以下股东的表决情况 (五)公司董事和董事会秘书的列席情况 1、公司在任董事9人，列席9人； 2、董事会秘书黄晓枫现场出席会议；高级管理人员列席本次会议。 二、议案审议情况 (一)非累积投票议案 1、议案名称：关于公司2025年度关联交 ...

证券代码：601933 证券简称：永辉超市 公告编号：2026-009 永辉超市股份有限公司 2026年第一次临时股东会决议公告 本公司董事会及全体董事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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2026 年 2 月 6 日 (二)股东会召开的地点：福建省福州市鼓楼区湖头街 120 号（永辉集团）6 楼会 议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 5,975 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 138,036,944 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 1.5466 | (四)表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次会议由公司董事会召集，公司董事长张轩松先生主持，会议采用现场投 票与网络投票相结合的表决方式，会议的召集、召开及表决方式符合 ...

上海市通力律师事务所 关于永辉超市股份有限公司 2026 年第一次临时股东会的法律意见书 致: 永辉超市股份有限公司 上海市通力律师事务所(以下简称"本所")接受永辉超市股份有限公司(以下简称"公 司")的委托, 指派本所严雪瑾律师、周奇律师(以下简称"本所律师")根据《中华人民共和 国公司法》《中华人民共和国证券法》《上市公司股东会规则》等法律法规和规范性文件(以 下统称"法律法规")及《永辉超市股份有限公司章程》(以下简称"公司章程")的规定就公 司 2026 年第一次临时股东会(以下简称"本次股东会")相关事宜出具法律意见。 本所律师已经对公司提供的与本次股东会有关的法律文件及其他文件、资料予以了核 查、验证。在进行核查验证过程中, 公司已向本所保证, 公司提供予本所之文件中的所有签 署、盖章及印章都是真实的, 所有作为正本提交给本所的文件都是真实、准确、完整和有效 的, 且文件材料为副本或复印件的, 其与原件一致和相符。 在本法律意见书中, 本所仅对本次股东会召集和召开的程序、出席本次股东会人员资格 和召集人资格及表决程序、表决结果是否符合法律法规和公司章程的规定发表意见, 并不对 本次股东会所审议的 ...

Core Viewpoint - Yonghui Supermarket has reported a projected net loss of 2.14 billion yuan for 2025, marking a 45.6% year-on-year increase, and has faced losses for five consecutive years, raising concerns about its future amidst significant operational strategy adjustments [2][7]. Group 1: Company Background and Growth - Yonghui Supermarket was founded in 1995 by Zhang Xuansong and Zhang Xuanning, starting with a micro-profit model and officially launching the Yonghui brand in 1998 [3]. - The company gained momentum in 2000 by capitalizing on the "Agricultural Reform Supermarket" policy, leading to rapid growth and recognition as a pioneer in the sector [3]. - By 2010, Yonghui became the first fresh food stock listed on the Shanghai Stock Exchange, and by 2020, it achieved a record revenue of 93.2 billion yuan, marking its entry into the "thousand-store era" [6]. Group 2: Recent Challenges and Strategic Shifts - Despite its past successes, Yonghui has entered a prolonged period of losses, with figures of 3.944 billion yuan in 2021, 2.763 billion yuan in 2022, and projected losses of 2.14 billion yuan for 2025 [6][7]. - The company initiated a comprehensive transformation called "Fat Reform" in 2024, aiming to revamp its business model by learning from competitors, but this has led to significant financial strain, including a direct loss of 1.2 billion yuan from store adjustments [6][10]. - As of 2025, Yonghui has deeply adjusted 315 stores and closed 381, indicating a significant restructuring effort [9]. Group 3: Market Dynamics and Competitive Landscape - The retail landscape has shifted dramatically, with the rise of e-commerce and community group buying, which has eroded Yonghui's traditional advantages in fresh food retail [10][11]. - The company is caught in a "middle ground," unable to compete on price like discount stores or offer unique experiences like premium retailers, leading to a decline in customer traffic [12]. - The competitive environment has seen traditional players like Walmart and Hema rise, while Yonghui has slipped in market rankings, highlighting the challenges faced by conventional supermarket models [18]. Group 4: Future Directions and Strategic Imperatives - Yonghui's transformation should focus on establishing itself as an indispensable shopping destination rather than merely imitating successful models [17][20]. - The company must identify unique value propositions that resonate with consumers, such as emotional connections, localized offerings, or enhanced shopping experiences, to regain market relevance [20]. - The path forward requires a deep understanding of consumer behavior and market changes, as traditional retail continues to evolve [20].

Core Viewpoint - The "Fat Reform" initiative by Yonghui Supermarket has resulted in significant financial losses, leading to widespread criticism and reevaluation of the company's strategies and capabilities in the competitive retail market [1][2]. Group 1: Financial Performance and Losses - Yonghui Supermarket reported a staggering loss of 21.4 billion yuan due to the "Fat Reform" initiative, raising concerns about its operational effectiveness [1]. - The company has faced continuous financial decline since 2018, with net profit dropping and cash flow deteriorating, indicating severe operational risks [2]. - From 2021 to 2025, Yonghui's cumulative losses exceeded 116 billion yuan, with annual losses of 39.44 billion yuan, 27.63 billion yuan, 13.29 billion yuan, 14.65 billion yuan, and 21.4 billion yuan respectively [3]. Group 2: Strategic Initiatives and Failures - The "Super Species" initiative aimed to merge fresh produce with dining but resulted in over 2.6 billion yuan in losses due to high operational costs and complex supply chain management [3]. - The Yonghui MINI community stores struggled to compete with online group buying, leading to the closure of nearly 400 stores within a year [3]. - Despite attempts at digital transformation and warehouse store models, Yonghui's efforts have not yielded the desired results, further complicating its financial situation [2][3]. Group 3: Market Position and Competitive Challenges - The "Fat Reform" was seen as a last-ditch effort for Yonghui, which has been unable to adapt effectively to the competitive pressures from online grocery services and community group buying [2]. - The company's aggressive imitation of the "Fat Donglai model" has been criticized for lacking a deep understanding of its core principles, leading to strategic misalignments [10][14]. - Yonghui's operational model, focused on scale and efficiency, clashes with the new consumer era's emphasis on experience and trust, highlighting a fundamental disconnect in its business strategy [16][18]. Group 4: Future Outlook and Recommendations - Yonghui's future success may depend on a balanced approach that combines a return to retail fundamentals with innovative model integration, focusing on enhancing single-store profitability and regional collaboration [17][18]. - The company must shift its focus from rapid imitation to long-term value creation, understanding that retail transformation is a continuous process rather than a quick fix [18].

针对团圆聚餐的火锅场景，永辉提供了从潮汕鲜切牛肉、进口肥牛/羔羊卷到鲜切羊肉系列的丰富肉品 选择，并推出多款组合拼盘。来自洪湖、荔浦、罗田等核心产区的粉藕、芋头、板栗等地标好物，让家 宴菜肴更富层次。 北京商报讯（记者 赵述评）农历新年临近，近日，永辉超市启动"新永辉 新年味"2026年货节。 在水果板块，智利车厘子、红颜草莓与国产蓝莓构成核心阵容。永辉对智利车厘子进行波段化供给策 略，从首波海运高质价比商品，到春节前夕聚焦4J/5J等大果，匹配不同阶段的消费需求。草莓品类则 精细化运营红颜、章姬、香野等多个品种，规划不同产期与规格组合。 为增强门店的聚客能力与体验价值，永辉在熟食与即食板块重点呈现现制现售的"烟火气"与互动氛围。 为满足顾客将"餐厅级"宴席美味便捷带回家的需求，永辉同步推出了多款家宴硬菜，包括鲍鱼红烧肉、 鲍鱼发财手与鲍鱼鸡煲。 为营造家庭节日氛围，永辉超市在坚果礼赠与年节装饰方面也进行了规划。通过推出多款定制化坚果礼 盒与量贩包装，满足家庭分享与社交礼赠需求；在"永辉喜市"专区汇集了涵盖春联、灯笼、创意摆件等 全品类年饰，并引入热门IP与设计新品。 ...

Core Viewpoint - Yonghui Supermarket has launched nearly 30 types of spring vegetables, leveraging its nationwide supply chain to ensure rapid distribution and stable market supply [1] Group 1: Product Offering - The new spring vegetables include regional specialties such as Yunnan's Chinese toon, Sichuan's ear sprouts, and Fujian's bamboo shoots [1] - Traditional spring vegetables like shepherd's purse, grass heads, and dandelions are also being distributed nationwide through Yonghui's channels [1] - Edible flowers such as jasmine, pear blossoms, and golden rain flowers are expected to be available by mid-March [1] Group 2: Supply Chain and Operations - Yonghui's supply chain network allows for quick dispatch of regional spring vegetables to markets across the country [1] - The company anticipates a national procurement volume exceeding 2,000 tons to ensure stable supply during the spring season [1] Group 3: Quality Assurance - Yonghui implements pesticide residue testing and cold chain traceability for all batches of spring vegetables to ensure compliance [1] - Strict cold storage and daily freshness protocols are enforced at the store level to maintain vegetable quality [1]