叶国富的豪赌，已付出代价？

Core Insights - The acquisition of 29.4% stake in Yonghui Supermarket by Miniso's founder Ye Guofu for 6.27 billion yuan marks a significant shift in the retail landscape, positioning Miniso as the largest shareholder of a struggling supermarket giant [1] - Yonghui Supermarket has faced severe financial difficulties, reporting a cumulative loss of 9.5 billion yuan over four consecutive years, leading to a strategic overhaul termed "Fat Reform" [1][2] - The transformation strategy under Ye Guofu's leadership has resulted in a mixed performance, with a 20.73% decline in revenue to 29.948 billion yuan and a net loss of 241 million yuan in the first half of 2025 [1][2] Financial Performance - Yonghui's revenue dropped significantly due to the closure of underperforming stores and ongoing strategic adjustments, with 223 stores closed by mid-2025, nearly half of its peak count [2] - The company reported a non-recurring net loss of 802 million yuan, compared to a profit of 29.86 million yuan in the same period last year, indicating a deepening operational crisis [1][2] - The financial strain is exacerbated by the costs associated with store closures and the ongoing transformation efforts, with a total investment of 5.597 billion yuan planned for store upgrades [3][14] Strategic Challenges - The "Fat Reform" strategy, inspired by the "Fat Donglai model," has faced execution challenges, with superficial changes failing to address deeper operational and cultural issues within Yonghui [4][7] - Conflicts between Miniso's team and Yonghui's existing management have emerged, particularly regarding profit margin targets and operational philosophies, leading to management instability [8][9] - The integration of supply chain reforms has encountered significant hurdles, with the "naked price direct procurement" model leading to supply disruptions and increased stockouts [5][6] Cultural and Organizational Issues - The cultural clash between Miniso's team and Yonghui's legacy staff has created friction, complicating the implementation of new strategies and affecting team cohesion [8][10] - Organizational restructuring has resulted in significant personnel changes, with many employees feeling undervalued and leading to dissatisfaction within the workforce [9][10] - The lack of a cohesive corporate culture and management philosophy has hindered the successful adoption of the "Fat Reform" strategy, limiting its effectiveness [11][12] Market and Investment Implications - Miniso's investment in Yonghui has begun to impact its financial performance, with a reported loss of 119 million yuan attributed to Yonghui in the second quarter of 2025 [12][13] - The debt levels of Miniso have surged from 7.765 billion yuan to 15.749 billion yuan within six months, raising concerns about financial stability and future investment flexibility [13] - Market reactions to the acquisition have been cautious, with Miniso's stock price reflecting investor concerns over the long-term viability of the investment in Yonghui [13][14] Future Outlook - The success of Yonghui's transformation remains uncertain, with some positive signs emerging from specific stores, but overall performance still needs to improve significantly [16][17] - The retail environment is showing signs of recovery, which could provide a favorable backdrop for Yonghui's strategic initiatives, but challenges related to funding and cultural integration persist [17][18] - The balance between supporting Yonghui's transformation and maintaining Miniso's core business focus will be critical for future success [18]