永辉超市转型之路：模仿胖东来反陷亏损泥潭

Core Insights - Yonghui Supermarket, once a shining star in the retail industry, reported a shocking financial performance for the first half of 2025, with revenue dropping to 29.948 billion yuan, a year-on-year decrease of 20.73%, and a net loss of 240 million yuan compared to a profit of 275 million yuan in the same period last year [1][2] Financial Performance - Revenue for the first half of 2025 was 29.948 billion yuan, down from 37.779 billion yuan in the same period last year, representing a decline of 20.73% [2] - The total profit for the period was a loss of 207 million yuan, contrasting with a profit of 323 million yuan in the previous year [2] - The net profit attributable to shareholders was a loss of 240 million yuan, compared to a profit of 275 million yuan last year [2] - The net cash flow from operating activities decreased by 58.92%, from 2.940 billion yuan to 1.208 billion yuan [2] - The net assets attributable to shareholders decreased by 6.07%, from 4.440 billion yuan to 4.170 billion yuan [2] - Total assets fell by 20.55%, from 42.749 billion yuan to 33.963 billion yuan [2] Supply Chain Challenges - The company faced significant challenges in its supply chain, implementing a supplier naked procurement model and significantly reducing the number of suppliers, which did not yield the expected benefits and led to a decline in overall gross margin [1][2] - The introduction of new suppliers has not met the company's transformation needs, resulting in a gap in sales [1][2] Store Operations and Online Business - As of June 30, 2025, 124 stores had completed renovations, but the revenue growth from these stores was insufficient to offset losses from closures [3] - The online business reported a reduction in losses of 34.75 million yuan compared to the previous year, but online revenue accounted for only 18.33% of total revenue, indicating limited growth potential [3] - The daily order volume for both self-operated and third-party platforms remained low, failing to support overall performance [3] Strategic Misalignment - The company's transformation struggles stem from a loss of strategic focus, as it attempted to blindly replicate the successful model of a competitor, Pang Donglai, without leveraging its own strengths in offline store networks and fresh supply chains [4] - Yonghui Supermarket's attempt to adopt a one-size-fits-all approach ignored regional consumer habits and market competition differences, leading to a "mismatch" in its transformation efforts [4]