YONGHUI SUPERSTORES(SH:601933) Mei Ri Jing Ji Xin Wen·2025-08-20 15:32Core Viewpoint - Yonghui Supermarket reported a significant decline in revenue and a net loss for the first half of 2025, primarily due to strategic transformations and store closures [2][4]. Financial Performance - The company achieved a revenue of 29.95 billion yuan in the first half of 2025, a decrease of 20.73% compared to the same period last year [3]. - The net profit attributable to shareholders was a loss of 240.57 million yuan, compared to a profit of 275.31 million yuan in the previous year [3][4]. - The net cash flow from operating activities was 1.21 billion yuan, down 58.92% year-on-year [3]. - The total assets decreased by 20.55% to 33.96 billion yuan, and the net assets attributable to shareholders fell by 6.07% to 4.17 billion yuan [3]. Strategic Changes - The revenue decline is attributed to the company's deep strategic transformation initiated in the second half of 2024, which included closing long-term loss-making stores and undergoing store renovations [2][4]. - During the reporting period, the company closed 227 loss-making stores, incurring costs related to leases, employee compensation, and asset write-offs [5]. Supply Chain and Profitability - The company is undergoing a reform of its supply chain, which has led to a temporary decline in gross profit margins, with a reported gross margin of 20.80%, down 0.78 percentage points from the previous year [4]. - The company reported a fair value loss of 184 million yuan on its holdings of Advantage Solutions stock [6]. Online Business and Store Network - Online business revenue reached 5.49 billion yuan, accounting for 18.33% of total revenue, with a year-on-year reduction in losses of 34.75 million yuan [6]. - The self-operated home delivery business generated sales of 3.14 billion yuan, with a daily average order volume of 216,000 and a monthly repeat purchase rate of 56.3% [6]. - The company opened 4 new stores during the reporting period, bringing the total number of operating stores to 552 across 26 provinces and municipalities [6]. Future Plans - The company plans to further enhance its transformation efforts, focusing on core suppliers and key products, with a goal of incubating 100 billion-yuan level products over the next three years [9][10]. - The company aims to increase the number of renovated stores to 200 by the end of 2025 [10].