左手关店右手调改，永辉超市“拐点”仍未至

Core Viewpoint - Yonghui Supermarket is struggling to recover from losses despite ongoing store closures and adjustments, with a significant decline in revenue and continued net losses reported in the first half of 2025 [1][2][4]. Financial Performance - In the first half of 2025, Yonghui Supermarket reported total revenue of 29.948 billion yuan, a year-on-year decrease of 20.73% [1][2]. - The company incurred a net loss attributable to shareholders of 241 million yuan, compared to a net profit of 275 million yuan in the same period last year, representing a decrease of 516 million yuan [2][4]. - The overall gross margin for the period was 20.80%, down 0.78% from the previous year [3]. Reasons for Losses - The losses are attributed to a reduction in overall sales scale, the impact of supply chain reforms, and costs associated with store closures [3][4]. - During the reporting period, Yonghui closed 227 underperforming stores, incurring costs related to leases and employee compensation [3][6]. Strategic Adjustments - Yonghui Supermarket is undergoing a deep strategic transformation, which includes closing unprofitable stores and adjusting operations, but the details of these adjustments remain vague [2][6]. - The company aims to adopt the "Fat Donglai model" for quality retail, focusing on core suppliers and long-term strategies [5][6]. Future Outlook - The management expressed a pessimistic outlook, expecting overall revenue for the year to be lower than in 2024 due to the high number of store closures [4]. - However, they anticipate significant sales growth in the second half of the year as the transformation efforts progress [4]. - The online business generated revenue of 5.49 billion yuan, accounting for 18.33% of total revenue, but it still operates at a loss [4][6]. Market Reaction - Following the release of the mid-year report, Yonghui's stock price fell to 4.93 yuan per share, a decrease of 0.8%, with a total market capitalization of 44.74 billion yuan [7].