永辉超市，半年闭店227家

Core Viewpoint - Yonghui Supermarket continues to struggle despite ongoing store closures and adjustments, reporting significant revenue decline and net losses in the first half of 2025 [2][3][4]. Financial Performance - In the first half of 2025, Yonghui Supermarket achieved revenue of 29.948 billion yuan, a year-on-year decrease of 20.73%, with a net loss attributable to shareholders of 241 million yuan [3][5]. - The company has incurred total losses exceeding 9.5 billion yuan over the past four years, although the loss amount is showing signs of narrowing [4][5]. - The comprehensive gross margin for the reporting period was 20.80%, down 0.78% from the previous year [5]. Strategic Adjustments - The revenue decline is attributed to the company's deep strategic transformation initiated in the second half of 2024, which includes closing long-term loss-making stores and undergoing store adjustments [5][6]. - Yonghui Supermarket closed 227 loss-making stores during the reporting period, incurring costs related to leasing and employee compensation [5][6]. Management Outlook - The management remains pessimistic about the overall revenue for the year, expecting it to be lower than in 2024 due to the high number of store closures [6]. - However, they anticipate significant sales growth in the second half of the year as the remaining operational stores undergo steady transformation [6]. Online Business Performance - The online business generated revenue of 5.49 billion yuan, accounting for 18.33% of total revenue, but it still operates at a loss despite a reduction in losses compared to the previous year [6][7]. - The company is exploring various innovative models for its online channels, including an O2O (online-to-offline) model [6][7]. Store Transformation Efforts - Yonghui Supermarket is focusing on a transformation strategy inspired by the "Fat Donglai model," emphasizing quality retail [7][8]. - As of August 15, 2025, the company had completed adjustments on 160 stores, with plans to reach 200 by the end of September [7][8]. Market Perception - Analysts express skepticism about the effectiveness of Yonghui's transformation efforts, noting that while the company has adopted some successful strategies, it still lacks strong brand recognition compared to competitors [8][9]. - Following the release of the mid-year report, Yonghui's stock price fell to 4.93 yuan per share, reflecting market concerns [9].