Core Viewpoint - Yonghui Supermarket is experiencing a significant increase in losses while accelerating its store transformation initiative, known as "胖东来" (Fat Donglai) [3][4][10] Financial Performance - As of September 30, Yonghui Supermarket reported a total revenue of 42.434 billion yuan for the first three quarters of the year, representing a year-on-year decline of 22.21% [3] - The company incurred a net loss of 710 million yuan, which is an eightfold increase compared to the same period last year when the loss was 78 million yuan [3] - In the third quarter alone, the net loss approached 470 million yuan, accounting for 66% of the total losses for the first three quarters [6] Store Transformation and Strategy - Yonghui has 450 stores nationwide, with 222 undergoing transformation, indicating that the "胖改" progress is nearing 50% completion [2] - The company aims to focus on "people" and "products" in its transformation strategy, moving from broad adjustments to more refined and in-depth upgrades [4] - Despite the ongoing transformation, the company has closed 104 stores in the third quarter, resulting in a loss of 612 million yuan [6] Long-term Outlook - The cumulative losses for Yonghui from 2021 to 2024 are expected to exceed 9.5 billion yuan, with an asset-liability ratio of 88.96% as of September 2025, significantly higher than the industry average of 51.92% [7] - The transformation plan is projected to continue until 2026, indicating that short-term profitability challenges will persist [8] - Analysts suggest that Yonghui may begin to reduce losses after completing the transformation of all existing stores by 2026-2027, with profitability potentially starting to materialize by 2027 [10] Funding and Support - To support its transformation and operations, Yonghui plans to raise up to 3.992 billion yuan through a private placement of shares, aimed at upgrading stores, logistics, and replenishing working capital [10]

三季度大幅关店，调改速度加快，调改店占比即将过半。2025Q3 关闭 104 家超市，新开 2 家超市，关店带来的损失为 6.12 亿元。 三季度月均调改开业 32 家，快于二季度的 25 家。截止 2025Q3 现 存门店数量减少至 450 家，调改开业门店达到 222 家，调改店占 比达到 49.33%，调改店数量占比接近 50%，接下来调改店对业绩 的贡献将继续加速。 盈利预测、估值与评级 业绩简评 10 月 30 日，永辉超市发布三季报，公司 2025Q3 实现营收 124.86 亿元（-25.55%），归母净利润-4.69 亿元（-32.86%），扣非归母净 利润-7 亿元（-1.16%）。相比 Q2 扣非归母净利润-9.4 亿元，Q3 季度亏损持续减少。 经营分析 收入同比下滑，主要受外部市场环境及关店歇业原因导致。2025 前三季度实现营收 424.34 亿元（-22.21%），其中华东/华南/华西 /华北/华中地区分别下滑-31.18%/-19.36%/-17.28%/-23.93%/- 4.04%。一方面零售行业竞争激烈，消费习惯改变以及消费者对购 物体验、商品品质等要求更高，公司客流、客单 ...

Core Insights - Yonghui Supermarket reported a revenue of 42.434 billion yuan for the first three quarters of 2025, a year-on-year decline of 22.21% [1][3] - The company experienced a net loss attributable to shareholders of 710 million yuan, which is a decrease of 632 million yuan compared to the same period last year [1][3] - The company has been facing challenges due to intense competition in the retail sector and changing consumer habits, leading to a decline in customer traffic and average transaction value [3][4] Financial Performance - For Q3 2025, the company reported a revenue of 12.486 billion yuan, down 25.55% year-on-year [2][3] - The total profit for the first three quarters was -772 million yuan, with a net profit attributable to shareholders of -710 million yuan [2][4] - The company’s gross margin declined in Q3 due to strategic changes in product structure and procurement during store renovations [4] Store Operations - As of the end of Q3, Yonghui Supermarket operated 450 stores, with 222 undergoing renovations since May 2024 [3] - The company has been closing underperforming stores as part of its optimization strategy, resulting in a loss of 612 million yuan from store closures in Q3 [4] Regulatory Issues - Yonghui Supermarket received a warning from the China Securities Regulatory Commission for failing to timely disclose changes in shareholding after reducing its stake in Hongqi Chain [4][5] - This marks the second regulatory concern for the company in 2023, following a previous notice regarding internal governance issues [5]

Core Insights - Yonghui Supermarket has reopened its Shuimu Tiandi store in Chongqing, enhancing its urban layout and providing a better shopping experience for local residents [1] Group 1: Store Upgrade and Product Offering - The store's product system has been completely restructured, with a total of 8,500 items, 70% of which are newly introduced products, and the proportion of imported goods has increased to 12% [3] - The overall product structure now exceeds 80% of the product system of the well-known brand Pang Donglai, significantly improving product variety and quality [3] - A notable highlight of the upgrade is the increased proportion of freshly prepared items, enhancing the food experience for customers, with the bakery section introducing 95 new products and the deli section increasing to 356 items [3] Group 2: Local Market Commitment - The upgraded store has made significant improvements in shopping environment, personalized services, and employee benefits, reflecting the company's commitment to the local market [5] - The company aims to deepen its understanding of local consumer needs and continue to strengthen its brand presence in the southwestern market of China [5]

| 项目 | 本报告期 | 本报告期 比上年同 期增减变 | 年初至报告期末 | 年初至报告期末比上 年同期增减变动幅度 | | --- | --- | --- | --- | --- | | | | 动幅度 | | (%) | | | | (%) | | | | 营业收入 | 12,485,749,027.13 | -25.55 | 42,434,206,818.13 | -22.21 | | 利润总额 | -565,013,119.73 | 不适用 | -772,072,910.49 | 不适用 | | 归属于上市公 司股东的净利 | -469,252,174.80 | 不适用 | -709,823,733.04 | 不适用 | | 润 | | | | | | 归属于上市公 | -699,530,847.38 | 不适用 | -1,501,716,848.50 | 小道用 | 永辉超市表示，今年前三季度收入下滑，是因为一方面零售行业竞争激烈， 部分消费者消费习惯的改 变以及消费者对购物体验、商品品质等要求更高，公司客流、客单均出现一定程度下滑；另一方面，公 司主动进行门店优化调改，在对潜力门店进行关店改造 ...

Core Insights - Yonghui Supermarket reported a significant decline in revenue and an increase in losses for Q3 2025, with revenue at 12.486 billion yuan, down 25.55% year-on-year, and a net profit attributable to shareholders of -469 million yuan [2][4] - For the first three quarters, the company recorded revenue of 42.434 billion yuan, a decrease of 22.21%, and a net profit of -710 million yuan, reflecting a decline of 6.32 billion yuan compared to the previous year [2][4] Revenue and Profit Analysis - The decline in revenue is attributed to intense competition in the retail sector, changes in consumer habits, and higher expectations for shopping experiences and product quality, leading to reduced customer traffic and average transaction values [4] - The company's proactive store optimization and closure of underperforming locations also contributed to the drop in same-store sales and total store count [4] - The decrease in profit is primarily due to lower revenue and gross margin, with Q3 gross margin affected by the company's strategy to optimize product structure and procurement during store renovations [4] Transformation Strategy - Yonghui Supermarket is undergoing a transformation phase, inspired by the model of Pinduoduo, with a focus on deep adjustments in store operations, having reached a milestone of over 100 transformed stores [5] - In October, the company announced a new positioning as "National Supermarket Quality Yonghui," emphasizing a focus on "people" and "products" for refined and deep upgrades in its operations [6] - The average Net Promoter Score (NPS) for the 102 transformed stores exceeds 40, with 19 stores surpassing 50, indicating strong customer satisfaction [6] Store Expansion and Product Strategy - As of the end of Q3, Yonghui Supermarket operated 450 stores, with two new openings and three new signings in the third quarter, all located in Guangdong [6] - The company aims to create 100 billion-yuan-level flagship products over the next three years, having already launched 15 quality products across various categories [6]

Group 1: Yonghui Supermarket - Yonghui Supermarket's application for a private placement has been accepted by the Shanghai Stock Exchange for review [1] Group 2: Suzhou Bank - Suzhou Bank reported a net profit of 4.477 billion yuan for the first three quarters, a year-on-year increase of 7.12% [2] - The bank's operating income for the same period was 9.477 billion yuan, up 2.02% year-on-year [2] Group 3: Guohai Securities - Guohai Securities achieved a net profit of 705 million yuan in the first three quarters, marking a significant year-on-year increase of 282.96% [4] - The company's operating income for the same period was 2.617 billion yuan, up 24.22% year-on-year [4] Group 4: China Baoneng - China Baoneng reported a net profit of 283 million yuan for the first three quarters, a decline of 26.51% year-on-year [5] - The company's operating income for the same period was 16.812 billion yuan, an increase of 14.87% year-on-year [5] Group 5: Shahe Co., Ltd. - Shahe Co., Ltd. plans to acquire 70% of the shares of Shenzhen Jinghua Display Electronics Co., Ltd. [7] - The company reported a net loss of 32.22 million yuan in the first three quarters [9] Group 6: China Power - China Power reported a net profit of 1.208 billion yuan for the first three quarters, a year-on-year increase of 62.5% [10] - The company's operating income for the same period was 40.971 billion yuan, up 11.88% year-on-year [10] Group 7: Shanghai Electric - Shanghai Electric achieved a net profit of 1.065 billion yuan in the first three quarters, a year-on-year increase of 8.48% [11] - The company's operating income for the same period was 81.789 billion yuan, up 7.50% year-on-year [11] Group 8: China Shipbuilding Defense - China Shipbuilding Defense reported a net profit of 655 million yuan for the first three quarters, a year-on-year increase of 249.84% [12] - The company's operating income for the same period was 14.315 billion yuan, up 12.83% year-on-year [12] Group 9: China Merchants Shekou - China Merchants Shekou reported a net profit of 2.497 billion yuan for the first three quarters, a decline of 3.99% year-on-year [13] - The company's operating income for the same period was 89.766 billion yuan, up 15.07% year-on-year [13] Group 10: Zhejiang Merchants Bank - Zhejiang Merchants Bank reported a net profit of 11.668 billion yuan for the first three quarters, a decline of 9.59% year-on-year [17] - The bank's operating income for the same period was 48.931 billion yuan, down 6.78% year-on-year [17] Group 11: Inspur Information - Inspur Information reported a net profit of 1.482 billion yuan for the first three quarters, a year-on-year increase of 15.35% [17] - The company's operating income for the same period was 120.669 billion yuan, up 44.85% year-on-year [17] Group 12: China National Aviation - China National Aviation reported a net profit of 1.870 billion yuan for the first three quarters, a year-on-year increase of 37.31% [27] - The company's operating income for the same period was 129.826 billion yuan, up 1.31% year-on-year [27] Group 13: Huayin Power - Huayin Power reported a net profit of 357 million yuan for the first three quarters, a year-on-year increase of 954.94% [28] - The company's operating income for the same period was 6.362 billion yuan, up 3.23% year-on-year [28]

Core Insights - Yonghui Supermarket reported a revenue of 42.434 billion yuan for the first three quarters, a year-on-year decline of 22.21%, and a net loss attributable to shareholders of approximately 710 million yuan, which is more than eight times the loss of 77.87 million yuan in the same period last year [1] - The decline in revenue is attributed to intense competition in the retail industry, changes in consumer habits, and a focus on optimizing store operations, which led to a decrease in both customer traffic and average transaction value [1] - The net profit decline is primarily due to the drop in revenue and gross margin, with the third quarter's gross margin affected by the company's strategy to optimize product structure and procurement during store renovations [1] Revenue and Profit Analysis - The company has closed 227 loss-making stores, which contributed to the revenue decline and increased net losses in the first half of the year [2] - As of September 30, the company had 450 operational stores, with 222 undergoing renovations, and has reported a recovery in same-store sales to positive growth after focusing on core renovated stores [1] Strategic Initiatives - Yonghui Supermarket has initiated a comprehensive restructuring based on the "Fat Donglai model," focusing on supply chain transformation, customer experience enhancement, and employee welfare [2] - The company announced a new positioning strategy "National Supermarket Quality Yonghui" and a "Product Centralization" strategy, aiming to launch a series of billion-level flagship products over the next three years [4] - The introduction of "Yonghui Custom" and the private label "Quality Yonghui" includes over 20 quality products across various categories, with 15 products generating over 100 million yuan in sales since their launch in October [4] Market Performance - As of October 31, Yonghui Supermarket's stock price increased by 0.43% to 4.66 yuan per share, with a market capitalization of 42.29 billion yuan [4]

Group 1 - YH Supermarket (601933.SH) reported its Q3 2025 results, with 27 institutional investors holding a total of 3.726 billion shares, representing 41.06% of the total share capital [1] - The top ten institutional investors collectively hold 40.58% of the shares, a decrease of 1.88 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 12 funds increased their holdings, including Hua Bao Kang Consumer Mixed and Da Cheng Consumption Theme Mixed A, with a slight increase in the proportion of holdings [2] - One public fund, Da Cheng New Emerging Vitality Mixed A, reduced its holdings, reflecting a slight decrease in the proportion [2] - Four new public funds were disclosed this period, including Zhong Ou Jia Xuan Mixed A and Jia Shi Multi-Asset Bond A [2] - 190 public funds were not disclosed this period, including Southern CSI 500 ETF and Xing Quan Business Model Mixed (LOF) A [2] - One foreign fund, Hong Kong Central Clearing Limited, reduced its holdings, indicating a slight decrease in the proportion [2]

Core Viewpoint - Yonghui Supermarket is closing its Nanshan Raffles Plaza store due to poor business performance, with the closure effective from November 16, 2025. Customers can still use their shopping cards and membership points at other Yonghui locations until then [1]. Group 1: Store Closure and Performance - The Nanshan Raffles Plaza store will cease operations, and the closure is attributed to unsatisfactory business performance [1]. - The store has seen a decline in customer traffic, with reports indicating a relatively quiet shopping environment [5]. - Despite the closure, the store maintains a sufficient inventory and a clean shopping environment [6]. Group 2: Company Strategy and Financial Performance - Yonghui Supermarket has closed 227 stores in the first half of the year, with nearly 40% of its stores undergoing transformation [11]. - The company has been implementing a transformation strategy inspired by the "Pang Donglai model," aiming to recover from losses over the next 2 to 3 years [11][13]. - Financially, Yonghui reported a 20.73% year-on-year decline in revenue to 29.948 billion yuan, with a net loss of 241 million yuan in the first half of the year [15]. - As of June 30, 2024, Yonghui had 552 operational stores, having net reduced its store count by 223 compared to the end of 2024 [17].