YONGHUI SUPERSTORES(SH:601933) Xin Lang Cai Jing·2025-07-31 08:01Core Viewpoint - Yonghui Supermarket plans to raise up to 3.992 billion yuan through a private placement to improve its store and logistics infrastructure, as well as to supplement working capital or repay bank loans [1][2]. Fundraising Details - The fundraising will primarily focus on store upgrades, with 3.213 billion yuan allocated for this purpose, accounting for 80.49% of the total funds raised [2]. - The logistics and warehouse upgrade project will receive 309 million yuan, representing 7.74% of the total, while 470 million yuan will be used for working capital or loan repayment, making up 11.77% [2]. Financial Condition - As of March 31, 2025, the company reported total liabilities of 34.9 billion yuan and a debt-to-asset ratio of 88.73%, indicating significant repayment pressure [2]. - The company has experienced four consecutive years of net profit losses from 2021 to 2024, leading to a strategic transformation initiative [2][4]. Store Operations - As of July 30, 2025, Yonghui Supermarket operates 517 stores, a reduction of nearly one-third from over 770 stores at the end of 2024 [4]. - The company has already completed the upgrade of 146 stores and plans to reach 200 upgraded stores by the end of the third quarter of this year [4]. Strategic Transformation - The company is undergoing a deep transformation, referred to as the "Pang Donglai model," focusing on various aspects such as product structure and shopping experience [2][4]. - Despite short-term losses, the fundraising is expected to support long-term improvements in store upgrades and supply chain optimization [4]. Shareholding Structure - As of the announcement date, Jun Cai International holds 2.668 billion shares, representing 29.40% of Yonghui Supermarket's total shares, making it the largest shareholder [5].