本报讯(记者李雯珊)1月30日，永辉超市（601933）股份有限公司(以下简称"永辉超市")在广州城市中轴 线上再落关键一子——位于天河核心商圈的永辉超市广州正佳广场店正式试营业。至此，"胖永辉"在广 州已成功布局八店，标志着永辉超市在华南市场的深耕进入提速扩容新阶段，以更密集的网络、更年轻 的姿态，深度融入并引领羊城消费者的品质生活。 永辉超市两广大区负责人表示："正佳广场店是广州市区的第五家'胖永辉'，我们希望通过年轻化的商 品、沉浸式的体验，让其不仅成为新世代家庭置办年货的首选地，更成为他们日常品质生活中值得信赖 的'好街坊'。" 全新亮相的正佳广场店，围绕"年轻、好玩、好逛"进行全方位革新，精准触达追求品质与潮流的中国主 流家庭及年轻客群，旨在打造一站式采购潮流年货、探索全球风味的品质生活新场景，为2026年广州春 节消费版图注入强劲的"永辉动力"。 为拥抱这座城市的年轻脉搏，永辉超市正佳广场店以品质零售为内核，进行了一场彻底的年轻化改造， 致力于打造一个年轻好玩、潮流好逛的社交型超市。全店精心规划商品总数5442支，其中新引入45支胖 东来自有品牌人气商品，进口商品占比达13.2%。生鲜品类在夯实民 ...

Core Viewpoint - The recent temporary closure of Yonghui Supermarket's Hongkun Plaza store in Beijing has raised concerns, but the store has now resumed operations after addressing issues with the property management [1][2]. Group 1: Store Operations - Yonghui Supermarket's Hongkun Plaza store was closed for nearly a week due to issues with the property management, which included the inability to access the main entrance [1]. - The store has now officially resumed operations, with sufficient product supply and all staff in place [1]. - The closure was attributed to the property management's unilateral actions, including cutting off water and heating, which hindered normal operations [2]. Group 2: Financial and Operational Context - The Hongkun Plaza store is the third location in Beijing to undergo a transformation aimed at emulating the successful model of "Fat Donglai" [1]. - Since its reopening after renovation in March of the previous year, the store has served the local community for nearly 10 months [2]. - Yonghui Supermarket has been facing financial challenges, with a projected loss of 2.14 billion yuan for 2025, compared to a loss of 1.47 billion yuan in the previous year, marking the fifth consecutive year of losses [3].

（企业视频号） 1月29日，北京永辉超市（601933）于微信视频号发布公告称，永辉超市北京鸿坤广场店于2026年1月29 日（星期四）正式恢复营业。目前，门店已全面做好运营准备，商品供应充足，全体员工均已就位，永 辉超市将继续为社区居民提供日常所需的商品与服务。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [15] Core Insights - The report indicates that the company maintains its leading position in the industry during periods of volatility, undergoing deep reforms to enhance product and service capabilities, establishing a long-term competitive edge based on open and transparent supplier relationships [5][13] - As store closures and adjustments come to an end, the company has entered a phase of refined and detailed operations, which is expected to boost revenue and release profit elasticity [5][13] Industry Overview - From 2020 to 2025, the supermarket industry faces challenges due to weak demand and intensified competition, leading to declining revenues. The core issue is to boost income, with the industry currently in a loss-reduction phase [9][23] - Online retail penetration is stabilizing between 25%-30%, and rental levels for shops in major cities are expected to decrease by over 20% from 2021 to 2025 [9][32] - The average store efficiency for supermarkets is projected to be 27.77 million yuan in 2024, and the average employee efficiency is expected to be 1.25 million yuan, reflecting significant improvements in operational capabilities [9][32] Company Review - The company is a leading domestic hypermarket that has deeply participated in the rapid transformation of the retail industry over the past 20 years, with a solid foundation in management experience and brand recognition [10][39] - The company has completed its national layout, with strong brand awareness and a robust supply chain, and is now focusing on quality retail reforms to adapt to the inevitable trend of shifting from product "richness" to "value for money" [10][63] Quality Reform - The company is undergoing a quality retail reform initiated in May 2024, which includes internal promotions and external recruitment to quickly build a core management team [11][40] - The company aims to enhance its private label development, targeting a penetration rate of 30%-40% for its private brands by 2025, focusing on safety and health in ingredients and processes [12][58] Investment Recommendation - The report expresses optimism about the company's growth potential through its quality-focused transformation, expecting improvements in revenue stability and profitability from 2025 to 2027, with projected EPS of -0.24, 0.07, and 0.15 yuan respectively [13][15]

1月29日下午，永辉超市北京鸿坤广场店发布公告，称已正式恢复营业，商品供应充足。此前，因与鸿坤广场购物中心在租金等费用上未达成一致，永辉超 市北京鸿坤广场店停业近一周。双方曾先后发布公告对相关情况进行回应。对于区域型商业综合体，以及主要服务周围居民的社区商业，保持超市、影院等 主力店的长期稳定，是运营方与居民建立长期信任的关键。一位资深社区商业运营管理者指出："主力店的生命周期应以十年为计，稳定是项目赢得周边居 民情感依赖的基础。" 1月28日当天，距离永辉超市最近的鸿坤广场4号门关闭落锁，人员无法通行。4号门位于鸿坤广场一层外侧临街位置，门头带有永辉超市标识。该门是消费 者进入的主要入口，消费者可直接乘坐扶梯从一层前往位于B1层的永辉超市。当天，B1层货梯的电梯按钮也处于被拆除状态。 已有顾客前来买菜 永辉超市北京鸿坤广场店恢复营业。恢复营业公告显示，永辉超市北京鸿坤广场店于2026年1月29日(星期四)正式恢复营业，门店已全面做好运营准备，商 品供应充足，全体员工均已就位。 此前，针对永辉超市停业一事，北京商报曾于1月28日下午进行了实地追踪，彼时永辉超市北京鸿坤广场店仍处于停业状态，门店所在的负一层（以 ...

永辉超市（601933）工作人员："之前是双方沟通有问题，现在已经解决了，总公司的公告已经发出来了"。 近日，#永辉一胖改门店暂停营业#冲上热搜。1月29日，北京商报小编向鸿坤广场核实得知，此前暂停营业的永辉超市已经恢复营业。 另外，永辉超市工作人员表示鸿坤广场店是长期开业："已经开始正常营业了。之前是双方沟通有问题，现在已经解决了，总公司的公告已经发出来了"。 1月29日下午3时左右，北京商报小编从附近居民提供的照片中获悉，永辉超市仍在暂停营业状态。 下午5时左右，超市内商家表示，好多顾客都坐电梯下来了。该商家提供的图片显示，已有消费者在超市内选购商品。 与此同时，北京永辉超市发布公告称，永辉超市北京鸿坤广场店于2026年1月29日（星期四）正式恢复营业。公告显示，目前，门店已全面做好运营准 备，商品供应充足，全体员工均已就位。 图片来源：北京永辉超市微信公众号截图 就在几天前，永辉超市北京大兴一调改门店突然停业一事引发关注。1月26日深夜，北京永辉超市就鸿坤广场店暂停营业一事发布声明称，该店此次暂停 营业，系因物业方在未与公司进行有效沟通及达成一致的情况下，自2026年1月15日起，物业方单方面多次采取断 ...

Core Insights - The recent executive changes at RT-Mart and Yonghui Supermarket reflect a strategic shift in the retail industry, highlighting differing approaches to transformation and supply chain management [4][10][21] Group 1: Executive Changes and Strategic Implications - The departure of Li Chunde from RT-Mart and the appointment of Huang Lin, a former executive at Yonghui, signifies a strategic realignment aimed at enhancing supply chain integration and product management [1][3] - The exchange of key personnel between RT-Mart and Yonghui illustrates a competitive talent acquisition strategy, with both companies seeking to leverage each other's strengths in product sourcing and retail operations [6][21] - Huang Lin's role will focus on consolidating procurement across various product categories, aiming to improve operational efficiency and cost-effectiveness for RT-Mart [9][11] Group 2: Financial Performance and Market Position - Yonghui Supermarket has faced significant financial challenges, with a projected net loss of 2.14 billion RMB for 2025, prompting a strategic overhaul to regain market share [6][7] - The transformation efforts at Yonghui include optimizing store layouts and enhancing the fresh food supply chain, resulting in an 80% increase in customer traffic at remodeled stores [7][8] - RT-Mart's parent company, Gao Xin Retail, reported a revenue of 71.55 billion RMB and a net profit of 386 million RMB for the 2025 fiscal year, indicating a successful turnaround through cost control measures [8][17] Group 3: Supply Chain and Retail Strategy - The integration of a national procurement system at RT-Mart aims to unify product quality and pricing across its extensive store network, enhancing competitiveness against online retailers [9][10] - RT-Mart's strategy includes the development of a multi-format retail matrix, combining large hypermarkets, supermarkets, and front warehouses to meet diverse consumer needs [17][20] - The front warehouse model is positioned as a response to the rise of instant retail, with projections indicating a market size of 227.7 billion RMB by 2025, growing at a CAGR of 49.2% [12][14] Group 4: Future Challenges and Industry Dynamics - The ongoing transformation in the retail sector emphasizes the need for companies to adapt to changing consumer behaviors and competitive pressures, moving beyond traditional growth strategies [23] - The success of RT-Mart's new initiatives, including the "cloud supermarket" concept, will depend on effective execution and the ability to navigate internal and external challenges [22][23] - The retail landscape is shifting towards a comprehensive competition model that prioritizes product quality, supply chain efficiency, and digital capabilities, marking the end of an era dominated by rapid expansion without strategic depth [23]

红旗连锁公告称，持股5%以上股东永辉超市于2026年1月23日至1月28日期间减持公司股份。其中，集 中竞价减持112.2万股，占总股本0.08%；大宗交易减持964.92万股，占总股本0.71%，合计减持1077.12 万股，占总股本0.79%。本次权益变动后，永辉超市持股降至9305.86万股，占比由7.63%降至6.84%。此 次减持系履行此前计划，且未超计划数量，不会导致公司控制权变更。 ...

Core Viewpoint - Yonghui Supermarket is facing significant challenges, including a wave of store closures due to operational losses and issues with property management, leading to a projected reduction in store count from 1,000 in 2023 to approximately 400 by the end of 2025 [2][3] Group 1: Store Closures - Yonghui Supermarket has announced the closure of 225 stores in 2024 and 381 stores in 2025, resulting in a total of about 400 stores remaining by the end of 2025, which is less than half of its peak number [2] - The closures are attributed to losses, poor management, and property issues, with the company rationalizing its operations by retaining profitable stores and eliminating underperforming ones [2] Group 2: Financial Performance - The company is expected to incur a net loss of 2.14 billion yuan in 2025, with a total loss exceeding 11.6 billion yuan over the past five years [3] - High costs, intense market competition, and significant operational pressure are identified as the main challenges affecting financial performance [3] Group 3: "Fat Reform" Initiative - In May 2024, Yonghui Supermarket initiated a "Fat Reform" to learn from the successful model of the regional retailer, Fat Donglai, which is known for its high-quality private label products and employee benefits [3][4] - The reform involves restructuring store layouts, introducing Fat Donglai's private label products, and retraining employees to enhance service quality [4] Group 4: Challenges of Implementation - The adaptation of Fat Donglai's model may face challenges due to differences in scale, as Fat Donglai operates only a few stores while Yonghui has hundreds, making nationwide implementation difficult [4] - Increasing employee compensation and benefits to match Fat Donglai's standards could lead to substantial costs for Yonghui, given its larger workforce [4] Group 5: Uncertain Outcomes - While some stores have seen improved foot traffic and revenue post-reform, the retail industry is characterized by low margins and long payback periods, leading to uncertainty about the long-term success of the initiative [6] - The push for "new concepts" in retail may drive companies to adopt reforms like "Fat Reform" to attract investor interest, despite the potential mismatch with their operational realities [6]

Core Viewpoint - Long-term development is what retailers should focus on, rather than short-term fixes or trends [14] Group 1: Store Closures and Financial Performance - Yonghui Supermarket is currently facing challenges, including a wave of store closures, with plans to close 225 stores in 2024 and 381 stores in 2025, reducing the total number of stores to approximately 400 by the end of 2025, which is less than half of its peak [1][8] - The reasons for these closures include losses and operational inefficiencies, as well as issues with property management that hinder normal operations [1][8] - Financially, Yonghui is projected to incur a net loss of 2.14 billion yuan in 2025, with cumulative losses exceeding 11.6 billion yuan over the past five years, attributed to high costs and intense market competition [2][9] Group 2: "Fat Reform" Initiative - In May 2024, Yonghui initiated a "Fat Reform" to learn from the successful model of the regional retailer, Fat Donglai, which is known for its high-quality private label products and employee benefits [4][11] - The reform involves restructuring stores to align with Fat Donglai's model, including product categorization and employee training, aiming to enhance customer experience [4][11] - However, the applicability of Fat Donglai's model to a large-scale national retailer like Yonghui is questionable, as regional preferences and supply chain challenges may hinder uniform implementation across all locations [12][13] Group 3: Cost Implications and Market Dynamics - The "Fat Reform" is expected to incur significant costs, including asset write-offs and losses from store closures, estimated to impact profits by approximately 910 million yuan and an additional 300 million yuan in gross profit losses from renovations [13] - While some stores have seen improved foot traffic and revenue post-reform, the retail industry is characterized by thin margins and long payback periods, leading to uncertainty regarding the overall effectiveness of such initiatives [7][14] - The push for "new concepts" in retail may be driven by the need to attract investor interest in a highly competitive market, but blindly following trends without understanding core business capabilities may not yield sustainable results [14]