抄胖东来作业能拯救永辉超市吗？公司财报亏损，半年关了227家店

Core Insights - Yonghui Supermarket, once a leading player in the fresh food retail sector, is now facing unprecedented challenges, including the closure of 186 stores in the second quarter, which is expected to result in losses of up to 827 million yuan [1] - The company has closed a total of 227 unprofitable stores in the first half of the year, leading to a significant revenue decline of 20.73% year-on-year, with revenue reported at 29.948 billion yuan and a net loss of 241 million yuan [3] - From a peak in 2019 with 1,440 stores and annual revenue of 93.2 billion yuan, Yonghui's revenue is projected to drop to 67.5 billion yuan in 2024, with a net loss of 1.465 billion yuan and a soaring debt ratio of 88.7% [5] Company Challenges - The closure of over 800 supermarket stores nationwide in 2023 highlights a broader crisis in the traditional retail sector, exacerbated by intense competition and the rise of community group buying [7] - Yonghui Supermarket is attempting to turn its fortunes around by adopting the successful operational model of a retail brand called "Pang Donglai," focusing on product selection, service upgrades, and store renovations [7] - Despite initial successes in store renovations, such as a single-day foot traffic of over 30,000 at a newly renovated store, the company faces deep-rooted issues, including low employee wages compared to Pang Donglai's significantly higher compensation [11][13] Financial Pressures - The cost of renovating each store is estimated to exceed 8 million yuan, while the company's current liquidity ratio stands at 0.75, indicating insufficient assets to cover short-term liabilities [15] - Although a new investment from Miniso's founder has brought in 6.27 billion yuan, the effectiveness of the proposed reforms remains uncertain [15] - The company is caught in a dilemma between further store closures, which could lead to supplier withdrawals, and the inability to sustain daily losses without closing more stores [17] Industry Context - The retail sector is experiencing collective anxiety as the era of scale-driven growth ends, with smaller, regionally-focused brands emerging as potential saviors [19] - The success of Pang Donglai's model, which is based on high employee compensation and meticulous quality control, raises questions about the feasibility of replicating such a model on a national scale [19] - Yonghui's online business shows promise, with online revenue reaching 5.49 billion yuan in the first half of 2025, accounting for 18.33% of total revenue, suggesting that a blended online-offline retail strategy may offer a more sustainable path forward [19]