永辉超市2025年上半年业绩双降、净亏2.41亿元 “胖永辉”转型困局与模式迷失

Core Insights - Yonghui Supermarket reported a significant decline in both revenue and profit for the first half of 2025, with total revenue of 29.948 billion yuan, a year-on-year drop of 20.73%, and a net profit of -241 million yuan, down 187.38% compared to a profit of 275 million yuan in the same period of 2024 [1] - The company's strategic transformation, aimed at emulating the "Pang Donglai" model, has led to a systemic crisis characterized by a severe imbalance in resource allocation and operational inefficiencies [1][2] - The loss of consumer trust due to food safety issues and procurement corruption has compounded the challenges faced by the company, making it difficult for any strategic adjustments to gain market patience [3] Financial Performance - Yonghui Supermarket's total revenue for the first half of 2025 was 29.948 billion yuan, reflecting a 20.73% decline year-on-year [1] - The company reported a net loss of 241 million yuan, a drastic decrease from a profit of 275 million yuan in the same period of the previous year, marking a decline of over 500 million yuan [1] Strategic Challenges - The company's attempt to adopt the "quality retail" transformation has resulted in a strategic trap, with significant store closures and adjustments leading to a short-term revenue gap [1] - The aggressive elimination of half of its suppliers has disrupted the established supply chain ecosystem, leading to a disconnect between product quality and pricing [1][2] - The management restructuring has caused decision-making fragmentation, reducing organizational efficiency and undermining the execution of the transformation strategy [2] Operational Issues - The transition to self-operated brands and customized products has lagged behind channel adjustments, resulting in a lack of product competitiveness [1] - The company's online and offline integration strategy has lost focus, with online services failing to create a differentiated advantage [2] Brand Trust Crisis - Periodic food safety issues and procurement corruption have eroded consumer trust, particularly highlighted by incidents in remodeled stores [3] - The loss of trust has intensified the challenges of the company's aggressive transformation efforts, making it difficult to regain market confidence [3]