Core Viewpoint - The traditional growth paradigm is being deconstructed and reshaped, necessitating the exploration of new growth paths in the current macroeconomic environment, industry landscape, and market valuation system [3][10]. Group 1: Market Dynamics - The A-share market is experiencing a significant bull market, with all three major indices rising and the ChiNext index reaching a new high [5]. - The average return of actively managed public equity funds has approached 30% since the beginning of the year, significantly outperforming the CSI 300 index [8]. - The improvement in liquidity and the fundamental performance of companies, particularly in the innovative pharmaceutical sector, are driving this bull market [10]. Group 2: Industry Insights - The integration of AI with traditional industries is enhancing efficiency, while sectors like pharmaceuticals and advanced manufacturing are witnessing innovative breakthroughs [3]. - The consumer sector, particularly large consumption, is still perceived to have substantial growth potential despite being relatively low compared to other industries [12]. Group 3: Company Strategies - Yunnan Baiyao emphasizes "guarding and attacking" in its strategy, maintaining market leadership in core products while achieving significant growth in new businesses, such as a 116% increase in the sales of its Qi Xue Kang oral liquid [15]. - Yonghui Supermarket is undergoing a transformation to enhance product and service quality, focusing on employee satisfaction and customer experience through initiatives like the "Craftsman Plan" [15]. - Both companies are adapting to market changes by innovating their product structures and business models, with Yunnan Baiyao leveraging its full industry chain competitiveness [14]. Group 4: Valuation Perspectives - New growth companies require new valuation anchors, with traditional businesses valued by conventional methods and new growth segments assessed based on penetration rates and market space [16]. - A threshold of 30% revenue contribution from new businesses is identified as a critical point for reevaluating valuation approaches [16]. - The ability to continuously innovate and adapt to market demands is seen as a cornerstone of long-term investment value for companies [16].

Group 1 - The new CEO of Yonghui Supermarket, Wang Shoucheng, has been appointed after a vacancy of nearly six months [2][4] - Wang Shoucheng, born in April 1991, holds a master's degree from Peking University and joined Yonghui in 2017 as a management trainee [2][4] - Following the acquisition of 29.4% of Yonghui's shares by Miniso's subsidiary Jun Cai International for 6.27 billion yuan, Miniso became the largest shareholder of Yonghui [4] Group 2 - The management structure of Yonghui has been adjusted after Miniso became the largest shareholder, with the establishment of a reform leadership group led by Miniso's founder Ye Guofu [4] - The previous CEO, Li Songfeng, was not reappointed during the temporary shareholders' meeting held on March 17, 2025, leading to the interim delegation of CEO responsibilities to the reform leadership group [4]

（文章来源：21世纪经济报道） CEO之位空缺近半年，管培生出身的90后北大校友上位。9月18日晚，永辉超市公告称，任命34岁的王 守诚为新CEO。 ...

Group 1 - The core point of the article is the appointment of Wang Shoucheng as the new CEO of Yonghui Supermarket, who is tasked with leading the company's transformation efforts amid ongoing financial challenges [2][16]. - Wang Shoucheng, born in 1991, has been recognized for his role in the "Fat Reform" project and has been instrumental in establishing operational standards within the company [2][3]. - Under Wang's leadership, Yonghui has initiated a nationwide reform program, with 124 stores undergoing transformation as of June this year, and an expectation to reach 200 by the end of the year [5][19]. Group 2 - Wang's rapid rise within the company is notable, having joined as a management trainee in 2017 and quickly advancing through various roles, culminating in his appointment as CEO [8][12]. - The company reported a revenue of approximately 30 billion yuan in the first half of the year, reflecting a 20% decline, with ongoing losses of around 800 million yuan [17]. - Wang emphasizes the importance of transforming the retail experience, focusing on upgrading service quality and creating a "quality lifestyle center" for consumers [19][20].

Core Viewpoint - Wang Shoucheng has been appointed as the new CEO of Yonghui Supermarket, marking a significant leadership change as he is the youngest CEO in the company's history. His promotion is closely tied to his successful management of the company's transformation projects, particularly the "Fat Reform" initiative inspired by the successful model of the Chinese supermarket chain, Pang Donglai [5][6]. Group 1: Leadership Background - Wang Shoucheng is a product of Yonghui Supermarket's internal training program and holds a master's degree from Peking University. Before becoming CEO, he served as the Vice President and was responsible for various operational roles within the company [2][3]. - Wang joined Yonghui in 2017 as a management trainee and has held multiple positions, including CEO business assistant and regional HR partner, accumulating extensive operational and management experience over his 8-year career [3][4]. Group 2: Business Transformation and Performance - The opening of the first "Fat Reform" store in Zhengzhou on June 19, 2024, was a significant milestone, achieving sales of 1.88 million yuan on its first day, which is 13.9 times the average daily sales prior to the reform. The store also attracted over 12,000 customers, 5.3 times the previous average [4]. - As of September 16, 2025, Yonghui has nearly 200 "Fat Reform" stores, with expectations of profitability within three months of operation. The first quarter of 2025 saw 41 "stable reform stores" generating a total profit of 74.72 million yuan [7][8]. Group 3: Financial Strategy and Challenges - Yonghui Supermarket plans to raise up to 3.114 billion yuan through a private placement, with 2.405 billion yuan allocated for store upgrades, 309 million yuan for logistics improvements, and 400 million yuan for working capital [8]. - Despite these initiatives, Yonghui reported a revenue decline of 20.73% year-on-year for the first half of 2025, with a net loss of 241 million yuan, indicating ongoing challenges in balancing significant investment in transformation with overall profitability [8].

Group 1 - The CEO position at Yonghui Supermarket has been filled by Wang Shoucheng after a six-month vacancy [2] - Wang Shoucheng, born in April 1991, has a master's degree from Peking University and has held various positions within Yonghui since joining as a management trainee [2] - The company has initiated a significant transformation strategy, referred to as "Fat Reform," which aims to enhance product offerings and employee conditions [3][4] Group 2 - The "Fat Reform" has led to the introduction of products similar to those of the successful brand "Fat Donglai," with an average employee salary increase of 30% [3] - Despite the reform efforts, Yonghui reported a 20.73% decline in revenue for the first half of 2025, totaling 29.948 billion yuan, and a net loss of 241 million yuan [4][5] - The company has closed a significant number of underperforming stores, reducing its total from 1,000 at the end of 2023 to 775 by the end of 2024, with 225 stores closed throughout the year [5][6] Group 3 - Yonghui's supply chain has undergone reforms, focusing on core suppliers and reducing the number of suppliers by approximately 50% [7] - The company aims to enhance its fresh produce sourcing, with over 60% of its fresh business sourced directly, and has increased its self-operated sales ratio from 40.2% to 78.1% [7] - Management anticipates continued pressure on profitability in the second half of the year, but expects improvements in the fourth quarter [8]

悬空长达半年之久的永辉CEO位置，终于靴子落地。 9月18日晚间，永辉超市（601933）股份有限公司(股票代码：601933.SH)公告称，经公司董事会提名，并经公司董事会提名委员会资格审查，公司当日召 开第六届董事会第七次会议，审议通过《关于聘任公司高级管理人员的议案》，同意聘任王守诚为公司首席执行官(CEO)。 资料显示，王守诚出生于1991年4月，拥有北京大学硕士学历，自2017年毕业后，以"融才"管培生身份加入永辉。历任CEO业务助理、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。 王守诚 这意味着，王守诚拥有着纯正的"永辉血统"。公告中也强调，王守诚先生未持有公司股份，同时与公司持股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。 值得注意的是，今年3月未获续聘的前董事兼CEO李松峰，身上携带着"京东系"的显著标签。公开信息显示，其历任京东集团高级总监、永辉超市CTO(首 席技术官)和CEO。彼时永辉称，CEO"虚位以待，将全球招募"。 李松峰的"出局"，是永辉超市资本格局从"京东系"向"名创系"重构的分水岭。2024年9月，名创优品通过向京东、怡和 ...

Core Insights - The opening of the Suzhou High-speed Rail Wuyue Plaza store marks the third "Fat Donglai" model store for Yonghui, reinforcing its strategic layout in the Suzhou market and enhancing regional commercial service upgrades [1][9]. Store Location and Concept - The store is located at No. 3188, Xiangcheng Avenue, Suzhou High-speed Rail Wuyue Plaza, and aims to create a comfortable, convenient, and quality shopping space for consumers, particularly family customers in Xiangcheng District [2]. Product Offerings - The store features a comprehensive product renewal, including highland specialty vegetables and over 40 types of organic vegetables, all sold in packaging to save customer selection time. New ready-to-eat items such as fruit cuts, juices, and cold brew tea have been introduced, alongside partnerships with high-end fruit and vegetable brands [3]. - The prepared food section employs a professional chef team to offer a variety of dishes, including traditional items and modern snacks aimed at younger consumers. The store also includes dedicated brand zones for both Fat Donglai and Yonghui's private label products, covering a wide range of categories [5]. Shopping Environment and Services - The store has improved its shopping environment by lowering shelf heights and simplifying the layout to enhance comfort and accessibility. New customer service areas have been added, including rest zones and various amenities to cater to diverse customer needs [6]. - Food safety measures are strictly enforced, including a "468 principle" for fresh-cut fruits to ensure quality and freshness [7]. Employee Development - Yonghui has launched a "Craftsman Plan" to enhance employee skills and service awareness, aiming to cultivate a professional workforce and improve service quality in stores [8]. Strategic Vision - The Suzhou High-speed Rail Wuyue Plaza store's opening is seen as a significant milestone for Yonghui, reflecting its commitment to consumer needs and continuous improvement in product and service offerings. The company plans to further strengthen its presence in the Suzhou market [9].

Core Viewpoint - Yonghui Supermarket is actively implementing the "Fat Donglai model" to enhance service innovation and quality in key urban areas, particularly in Suzhou, where a new "three-store linkage" strategy is being established [1] Group 1: Store Performance and Strategy - The first store in Suzhou, Taicang Wanda, achieved a remarkable sales increase of 334% and a customer traffic growth of 189% in its opening week [1] - The third store, Suzhou High-speed Rail Wuyue Plaza, opened on September 19, marking the model's first entry into Xiangcheng District, further solidifying Yonghui's strategic layout in Suzhou [1][3] Group 2: Store Adjustments and Offerings - The store's SKU count was optimized from 12,462 to 9,010, with a replacement rate of 57.3% and a new product introduction rate of 48.2%, aligning 80% of the product structure with the Fat Donglai standards [3] - Fresh produce offerings now include highland specialty vegetables and over 40 organic vegetable varieties, all sold in packaging to save customer selection time [5] Group 3: Food and Service Enhancements - The prepared food section has introduced a professional chef team and a variety of popular dishes, including seafood and traditional items, catering to diverse customer preferences [6] - The store has improved the shopping environment by lowering shelf heights and increasing aisle width, enhancing overall shopping comfort [8] Group 4: Employee Welfare and Training - The number of employees increased from 110 to 165, creating more local job opportunities, with enhanced employee benefits including paid annual leave and improved working conditions [10] - The "Craftsman Program" was launched to provide systematic training for key positions, aiming to cultivate a skilled workforce and improve service quality [10] Group 5: Future Outlook - Yonghui's Suzhou regional manager expressed optimism about the recognition of the new model by consumers and emphasized the commitment to optimizing products and services based on consumer needs [10]

Core Viewpoint - Yonghui Supermarket has appointed Wang Shoucheng as the new CEO, marking a significant leadership change after a six-month vacancy in the position [1][4]. Group 1: Leadership Appointment - Wang Shoucheng, born in April 1991 and a graduate of Peking University, joined Yonghui in 2017 as a management trainee and has been instrumental in the company's "Fat Reform" initiative [3]. - The CEO position had been vacant since March 2025, following the non-election of the previous CEO, Li Songfeng, during the board's re-election [3][4]. - The board had previously authorized the reform leadership team to act in the CEO's capacity until a new appointment was made [3]. Group 2: Financial Performance - In the first half of 2025, Yonghui Supermarket reported a revenue of 29.948 billion yuan, a year-on-year decrease of 20.73% [5]. - The net profit attributable to shareholders was -241 million yuan, compared to a profit of 275 million yuan in the same period last year [5]. - The decline in performance is attributed to reduced sales scale, supply chain reforms, and the closure of 227 unprofitable stores, which incurred various costs [6]. Group 3: Strategic Initiatives - The ongoing "Fat Reform" has led to significant changes in the supply chain, customer service, and organizational culture, although it has also resulted in short-term financial pain [6]. - Wang Shoucheng is recognized as a key figure in driving the "Fat Reform" initiative, which aims for comprehensive restructuring and improvement across the company [6].