YONGHUI SUPERSTORES(SH:601933) 3 6 Ke·2025-04-25 13:27Core Viewpoint - Yonghui Supermarket reported a revenue of 67.6 billion yuan for 2024, with a net loss of 1.465 billion yuan. In Q1 2025, the company achieved a revenue of 17.48 billion yuan and a net profit of 148 million yuan, indicating a strategic transformation impacting revenue and profitability [1][2]. Financial Performance - For 2024, Yonghui Supermarket's revenue was 67.6 billion yuan, with a net loss of 1.465 billion yuan. In Q1 2025, the company reported a revenue of 17.48 billion yuan and a net profit of 148 million yuan [1]. - The decline in revenue was attributed to the strategic transformation and the closure of 273 stores compared to the previous year, leading to a decrease in overall income [1]. - The net profit decline was primarily due to a 1.35 percentage point drop in gross margin, influenced by the optimization of product structure and procurement strategies during store renovations [1]. Store Transformation and Strategy - As of March 31, 2025, Yonghui Supermarket completed renovations on 47 stores, which significantly improved customer traffic and sales. The company aims to implement the "Pang Donglai" model for quality retail, with 61 stores already transformed under this model [2]. - The company plans to exceed 124 renovated stores by June 2025 and aims for 300 stores by the Lunar New Year in 2026, indicating a focused effort on store transformation [2]. Supply Chain and Online Business - Yonghui Supermarket is in procurement discussions with over 300 quality supply chain enterprises, including suppliers for major U.S. supermarkets [3]. - Online business revenue reached 3.15 billion yuan, accounting for 18.02% of total revenue. The "Yonghui Life" app covered 670 stores, generating sales of 1.75 billion yuan with a daily average of 231,000 orders and a monthly repurchase rate of 47.6% [3].