YONGHUI SUPERSTORES(SH:601933) Shen Zhen Shang Bao·2025-08-21 23:02Core Viewpoint - Yonghui Supermarket expects overall revenue in 2025 to be lower than in 2024 due to a significant number of store closures planned for that year [1][2] Group 1: Financial Performance - In the first half of 2023, Yonghui Supermarket reported total revenue of 29.948 billion yuan, a year-on-year decline of 20.73% [4][5] - The net profit attributable to shareholders was -2.41 billion yuan, an increase in loss of 5.16 billion yuan compared to a profit of 2.75 billion yuan in the same period last year [4][5] - The company closed 227 loss-making stores in the first half of 2023, while only 232 stores were closed throughout the entire previous year [4][7] Group 2: Store Closures and Adjustments - Yonghui plans to close 186 supermarkets in the second quarter of 2025 due to operational losses, contract expirations, and equity transfers, with an estimated loss of 8.27 billion yuan from these closures [6] - The company has initiated a transformation plan, aiming to complete adjustments on 200 stores by September 30, 2025, and all stores by 2026 [6][10] Group 3: Strategic Initiatives - Yonghui's financial director stated that the remaining operational stores are expected to see significant year-on-year sales growth in the second half of 2023 due to ongoing transformation efforts [2][3] - The company plans to raise up to 3.992 billion yuan through a targeted stock issuance to optimize its capital structure and fund store upgrades and logistics improvements [3][4] - The transformation project includes upgrading 298 stores using the "Fat Donglai model," focusing on various aspects such as product structure and shopping experience [3] Group 4: Online Business and Shareholder Changes - In the first half of 2023, Yonghui's online business revenue was 5.49 billion yuan, a year-on-year decline of 29.97%, accounting for 18.33% of total revenue [8] - The largest shareholder of Yonghui has changed, with Jun Cai International acquiring 29.4% of the shares for 6.27 billion yuan, making it the largest shareholder [8]