298家变216家 上半年巨亏后永辉超市主动下调调改门店数量

Core Viewpoint - Yonghui Supermarket is facing significant operational challenges, leading to a reduction in its store renovation plan and fundraising efforts due to a substantial decline in revenue and increased losses in the first half of 2025 [1][2][3] Financial Performance - In the first half of 2025, Yonghui Supermarket reported a revenue of 29.948 billion yuan, a year-on-year decrease of 20.73% [1] - The net loss attributable to shareholders reached 241 million yuan, a decline of 516 million yuan compared to a profit of 275 million yuan in the same period last year [1] - Cumulatively, Yonghui has incurred losses exceeding 9.5 billion yuan since 2021, necessitating fundraising for store upgrades [3] Store Renovation Plan - The number of stores planned for renovation has been reduced from 298 to 216, with total fundraising adjusted from approximately 3.992 billion yuan to about 3.114 billion yuan [1] - As of June 30, 2025, only 124 out of 534 stores have completed renovations, accounting for about 23% [1] Strategic Changes - Yonghui has been undergoing a strategic transformation since the second half of 2024, which includes closing underperforming stores and temporarily shutting some for renovations [1][2] - The company has adopted the "Pang Donglai model" since May 2024, with Miniso becoming the largest shareholder after acquiring 29.4% of Yonghui's shares for 6.27 billion yuan [2] Short-term Challenges - The company is experiencing short-term pain due to supply chain reforms, resulting in a gross margin of 20.80%, down 0.78 percentage points year-on-year [2] - The closure of 227 loss-making stores has incurred additional costs related to leasing, employee compensation, and asset write-offs [2] Future Outlook - CFO Wu Kaizhi indicated that overall revenue for the year is expected to be lower than last year's 78.64 billion yuan due to the high number of store closures [3] - The company aims to complete renovations for 300 stores by the Chinese New Year in 2026, although this number may change based on strategic adjustments [3] - The retail industry is becoming increasingly competitive, with various business model adaptations, making it crucial for Yonghui to find a sustainable path forward [3]