YONGHUI SUPERSTORES(SH:601933) Xin Lang Cai Jing·2025-04-29 02:35Core Viewpoint - The company reported a significant decline in revenue and net profit for Q1 2025, indicating ongoing challenges in its operations and profitability [1][2]. Financial Performance - In Q1 2025, the company achieved revenue of 17.479 billion yuan, a year-on-year decrease of 19.32%, and a net profit attributable to shareholders of 148 million yuan, down 79.96% year-on-year [1]. - The company's comprehensive gross margin for Q1 2025 was 21.50%, a decrease of 1.35 percentage points compared to the previous year [1]. - The period expense ratio for Q1 2025 was 20.78%, an increase of 1.38 percentage points year-on-year, with specific expense ratios for sales, management, R&D, and finance reported as 16.63%, 2.45%, 0.24%, and 1.46% respectively [2]. Operational Adjustments - The company has been implementing store adjustments and optimizing online channels since 2024, completing modifications in 61 stores by April 25, 2025, which resulted in significant increases in revenue and customer traffic [2]. - The company has also been closing underperforming stores, with a total reduction of 273 stores by the end of Q1 2025 [2]. Profit Forecast Adjustments - The profit forecast for 2025 has been revised down by 81% to 5.9 million yuan, while the forecast for 2026 has been increased by 5% to 38.3 million yuan, and a new forecast for 2027 is set at 55.6 million yuan [3]. - The company maintains an "overweight" rating due to expected improvements from store adjustments and the clearing of underperforming stores [3].