“胖改先锋”永辉超市，黎明之前弹尽粮绝？

Core Viewpoint - Yonghui Supermarket is facing significant financial challenges, with a notable decline in revenue and a shift to losses, raising concerns about its ongoing transformation efforts and sustainability in the competitive retail market [3][5][9]. Financial Performance - In the first half of 2025, Yonghui reported revenue of 29.948 billion yuan, a year-on-year decrease of 20.73% [3][4]. - The net profit attributable to shareholders was a loss of 240 million yuan, compared to a profit of 275 million yuan in the same period last year [3][4]. - The total assets decreased from 42.749 billion yuan at the end of the previous year to 33.963 billion yuan [4]. Transformation Efforts - Yonghui initiated a transformation strategy called "Fat Reform" to adapt to market changes, but the financial results indicate that the pain of this transition is greater than expected [5][9]. - As of June 30, 2025, Yonghui had completed the transformation of 124 stores, with a target of 200 by the end of September [11]. - The company is also restructuring its supply chain and expanding online channels, but the online business has not yet turned profitable, with revenue of 5.49 billion yuan, down from the previous year [12]. Debt and Financial Health - As of the end of the first quarter, Yonghui had only 4.8 billion yuan in cash against total liabilities of 34.9 billion yuan, resulting in a debt ratio nearing 89% [11]. - The first major shareholder, Leaf Guofu, has pledged 18.68 billion shares, which is 70% of his total holdings, raising concerns about financial stability [11]. Market Position and Competition - Yonghui was once a leading player in the supermarket sector but has faced significant declines since 2021, with cumulative losses exceeding 9.5 billion yuan over the past three years [6][7]. - The company is now seen as struggling to meet the demands of the new generation of consumers, with its traditional large-scale supermarket model being questioned [9].