中信证券股份有限公司 关于 永辉超市股份有限公司 2025年度向特定对象发行A股股票 之 发行保荐书 声 明 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）接受永辉超 市股份有限公司（以下简称"永辉超市"、"发行人"或"公司"）的委托，担 任永辉超市股份有限公司 2025 年度向特定对象发行股票的保荐人，为本次发行 出具发行保荐书。 保荐人及指定的保荐代表人根据《中华人民共和国公司法》（以下简称"《公 司法》"）《中华人民共和国证券法》（以下简称"《证券法》"）《上市公司 证券发行注册管理办法》（以下简称"《管理办法》"）等有关法律、法规和中 国证券监督管理委员会、上海证券交易所的有关规定，诚实守信，勤勉尽责，严 格按照依法制订的业务规则、行业执业规范和道德准则出具发行保荐书，并保证 所出具文件的真实性、准确性和完整性。 在本发行保荐书中，除上下文另有所指，释义与《永辉超市股份有限公司 2025 年度向特定对象发行 A 股股票募集说明书》相同。 3-1-1 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年十月 | 声 | 明 1 | | --- | --- ...

Core Insights - Yonghui Supermarket reported a revenue of 12.486 billion yuan for Q3 2025, with a cumulative revenue of 42.434 billion yuan for the first three quarters [1] - The company has completed the transformation of 222 stores into the "Pang Donglai" model, showcasing a positive trend and scale effect [1] - Same-store sales have returned to positive growth, indicating a steady recovery in the core business [1] Company Strategy - Yonghui Supermarket's core strategy is centered around "product centralization," focusing on supply chain reforms to enhance quality retail [2] - The company aims to establish 200 core strategic partners and create 100 billion-yuan-level flagship products within three years [2] - Recent product launches include over 20 quality items across various categories, with 15 items generating over 100 million yuan in sales since their release in October [2] Industry Context - The retail supermarket industry in China is undergoing a collective transformation, with Yonghui Supermarket leading the way in quality retail [2] - The company is committed to continuous investment in "people" and "products" to meet market expectations [2]

Core Viewpoint - Yonghui Supermarket has received acceptance from the Shanghai Stock Exchange for its application to issue securities, marking a significant step towards its listing on the main board [1] Financial Performance - For the first three quarters of 2025, Yonghui Supermarket reported a total revenue of 42.434 billion yuan [1] - As of the end of the third quarter, the company has completed the transformation of 222 stores to the "Fat Donglai" model [1]

永辉超市公告，公司于2025年10月30日收到上海证券交易所出具的《关于受理永辉超市股份有限公司沪 市主板上市公司发行证券申请的通知》。上交所对公司报送的募集说明书及相关申请文件进行了核对， 认为申请文件齐备，符合法定形式，决定予以受理并依法进行审核。本次向特定对象发行A股股票事项 尚需经上交所审核通过，并获得中国证监会同意注册的决定后方可实施。 ...

Core Insights - Yonghui Supermarket reported a significant decline in Q3 2025 revenue, amounting to 12.486 billion yuan, a year-on-year decrease of 25.55%, with a net loss of 469 million yuan [1] - The company has successfully implemented the "Fat Donglai" model in 222 stores, focusing on optimizing existing stores and enhancing core store performance, leading to a recovery in same-store sales growth in the first three quarters [1] - The ongoing supply chain reform is a critical foundation for Yonghui's long-term success, emphasizing direct procurement and eliminating traditional channel costs [2] Financial Performance - Q3 2025 revenue was 12.486 billion yuan, down 25.55% year-on-year [1] - Net loss for the quarter was 469 million yuan [1] Store Optimization and Strategy - Yonghui has completed the transformation of 222 stores under the "Fat Donglai" model, covering major cities including Beijing, Shanghai, Guangzhou, and Shenzhen [1] - The focus of the current transformation phase is on "health," with efforts to optimize existing stores and deepen operations in transformed stores [1] Supply Chain Reform - Yonghui is undergoing a deep supply chain reform, promoting "naked price direct procurement" to eliminate middlemen and reduce traditional channel costs [2] - The company aims to establish a transparent and healthy relationship with core suppliers, with a goal of identifying 200 strategic partners and creating 100 billion-yuan-level products within three years [2]

证券代码：601933 证券简称：永辉超市 公告编号： 2025-060 永辉超市股份有限公司 第六届董事会第八次会议决议公告 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。 欧美珍，女，1994 年出生，中国国籍，中共党员，本科学历。历任 TCL 中 环新能源科技股份有限公司证券事务经理，上海思客琦智能装备科技股份有限公 司证券事务经理等职务。2024 年 3 月至今担任公司证券事务专员。 （以上议案同意票 9 票、反对票 0 票、弃权票 0 票） 1 / 2 永辉超市股份有限公司（下称"公司"或"永辉超市"）第六届董事会第八 次会议于 2025 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、关于关闭104家超市门店的议案 第三季度，公司关闭处置门店产生的损失金额为 61,158.35 万元（未经审计）， 截至目 ...

Core Viewpoint - Yonghui Supermarket reported a total revenue of 42.434 billion yuan for the first three quarters of 2025, with 12.486 billion yuan generated in the third quarter, indicating a strong performance amid ongoing store transformation efforts [1] Group 1: Financial Performance - The company achieved a cumulative revenue of 42.434 billion yuan in the first three quarters of 2025, with 12.486 billion yuan in the third quarter [1] - The Tianjin SM Binhai Plaza store has generated over 350 million yuan in cumulative sales since its opening in January 2025, showcasing stable profitability with total dividends reaching 2.6 million yuan [1] Group 2: Store Transformation - Yonghui Supermarket has completed the transformation of 222 stores under the "Fat Donglai" model, which has been implemented in major cities including Beijing, Shanghai, Guangzhou, and Shenzhen since May 2024 [1] - The Guangzhou Liying Plaza store, as the first transformed store in the city, has seen steady growth in sales and customer traffic since its opening on September 26, 2025 [1] Group 3: Strategic Initiatives - The company is undergoing a deep supply chain reform, focusing on "naked price direct procurement" to eliminate middlemen and reduce traditional channel costs, aiming to establish transparent relationships with core suppliers [2] - Yonghui Supermarket aims to lock in 200 core strategic partners and develop 100 billion-yuan-level flagship products within three years as part of its product-centric transformation [2] Group 4: Industry Context - The Chinese retail supermarket industry is currently in a collective transformation phase, with Yonghui Supermarket focusing on quality upgrades to better serve mainstream Chinese families [3]

Core Viewpoint - Yonghui Supermarket reported a positive financial performance for Q3 2025, with a focus on optimizing existing stores and enhancing operational efficiency through the "Pang Donglai" model [1] Financial Performance - In Q3 2025, Yonghui Supermarket achieved a revenue of 12.486 billion yuan, bringing the total revenue for the first three quarters to 42.434 billion yuan [1] - The company has successfully completed the transformation of 222 stores under the "Pang Donglai" model, leading to economies of scale [1] Operational Strategy - The company has shifted its focus towards high-quality horizontal adjustments and is now entering a phase of refined deep upgrades [1] - The current emphasis of the transformation phase is on "health," which involves proactive optimization of existing stores and in-depth operations of transformed stores [1] - The cumulative same-store sales have returned to positive growth for the first three quarters, indicating a successful strategy implementation [1]

Group 1 - The company announced the closure of 104 supermarket stores during its board meeting held on October 29, 2025 [1] - For the first half of 2025, the company's revenue composition was 95.19% from retail and 4.81% from services [1] - As of the report, the company's market capitalization stood at 42.1 billion yuan [1]

永辉超市股份有限公司2025 年第三季度报告 证券代码：601933 证券简称：永辉超市 永辉超市股份有限公司 2025 年第三季度报告 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： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 单位：元 币种：人民币 | 项目 | 本报告期 | 本报告期 比上年同 | | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 期增减变 | 年初至报告期末 | 年同期增减变动幅度 | | | | 动幅度 | | (%) | | | | (%) | | | | 营业收入 | 12,485,749,027.13 | -25.55 | 42,434,20 ...