永辉超市“胖改”阵痛半年亏2.4亿 闭店227家调改124家负债率88%

Core Viewpoint - Yonghui Supermarket is undergoing a painful transformation period as it shifts its business model, resulting in significant declines in revenue and profit for the first half of 2025 [1][5][14]. Financial Performance - In the first half of 2025, Yonghui Supermarket reported revenue of 29.948 billion yuan, a year-on-year decrease of over 20% [1][5]. - The net profit attributable to shareholders was a loss of 241 million yuan, a decline of 187.38% compared to a profit of 275 million yuan in the same period last year [1][5]. - The company’s operating cash flow net amount was 1.208 billion yuan, down 58.92% year-on-year [12]. Store Operations - Yonghui Supermarket closed 227 stores and opened 124 remodeled stores in the first half of 2025 [2]. - The company is focusing on a strategic transformation that includes closing underperforming stores, which has contributed to the revenue decline [6][7]. Debt and Financing - As of June 30, 2025, the company's asset-liability ratio was 88.21%, indicating significant financial pressure [3][11]. - Yonghui Supermarket is in the process of raising up to 4 billion yuan through a private placement to fund store renovations and repay debts [4][13]. Strategic Initiatives - The company has been implementing a transformation strategy since May 2024, inspired by the "Pang Donglai" model, focusing on quality retail [9]. - As of June 30, 2025, Yonghui had completed the remodeling of 124 stores, with a target of 300 remodeled stores by the Lunar New Year in 2026 [9]. Online Business Development - Yonghui's online business showed improvement, generating 5.49 billion yuan in revenue, accounting for 18.33% of total revenue, with a reduction in losses of 34.75 million yuan year-on-year [10]. - The online store and warehouse model achieved profitability in the first half of 2025, with 99 remodeled stores offering online services [11].