永辉超市大规模闭店，零售巨头怎么了？

Core Viewpoint - Yonghui Supermarket is facing significant challenges, evidenced by the closure of 227 stores in the first half of 2025, nearly matching the total closures of 232 stores in the entire previous year, indicating a severe operational crisis [1] Financial Performance - Yonghui Supermarket reported a revenue of approximately 29.95 billion yuan in the first half of 2025, a year-on-year decline of 20.73% [3] - The company incurred a net loss attributable to shareholders of approximately 240.57 million yuan, a stark contrast to a profit of about 275.31 million yuan in the same period last year, marking an increase in losses by 516 million yuan [3] - The net cash flow from operating activities decreased by 58.92%, dropping to approximately 1.21 billion yuan [3] - The net assets attributable to shareholders decreased by 6.07% to approximately 4.17 billion yuan [3] Store Closures and Strategic Changes - The closure of 227 stores in the first half of 2025 is part of a broader strategic transformation initiated in the second half of 2024, focusing on shutting down long-term loss-making stores [4] - Factors contributing to store closures include ongoing operational losses, contract expirations, and equity transfers [4] Transformation Efforts - Since May 2024, Yonghui Supermarket has been implementing a transformation strategy inspired by the business model of "Pang Donglai," aiming to enhance competitiveness through store adjustments [4] - As of August 21, 2025, the company has completed adjustments in 162 stores, with a target of 200 adjusted stores by September 30, 2025, and full completion by 2026 [4] Online Business Performance - In the first half of 2025, Yonghui Supermarket's online business revenue was 5.49 billion yuan, reflecting a year-on-year decline of 29.97%, accounting for 18.33% of total revenue [6] - Despite a reduction in losses of 34.75 million yuan compared to the previous year, the decline in online business remains a significant pressure point for the company [6] Shareholder Changes - In September 2024, a subsidiary of Miniso, Jun Cai International, acquired 29.4% of Yonghui Supermarket's shares for 6.27 billion yuan, becoming the largest shareholder [6] - The company's founder, Zhang Xuansong, has resumed the role of chairman, while Miniso's founder, Ye Guofu, has taken on a non-independent director role, leading the reform group [6] Market Context - The large-scale store closures are attributed to both internal strategic adjustments and external pressures from market competition and the rise of e-commerce [6] - The future performance of Yonghui Supermarket hinges on its ability to successfully implement store adjustments and develop its online business to reverse current trends and regain its position in the retail industry [6]