永辉超市违规减持收警示函 半年关店227家调改93家

Core Viewpoint - Yonghui Supermarket has faced regulatory scrutiny due to internal governance issues and violations related to stock disclosures, leading to a warning from the China Securities Regulatory Commission [1][3][5]. Financial Performance - Over the past four and a half years, Yonghui Supermarket has accumulated a net loss of 9.742 billion yuan [2][10]. - In 2024, the company reported a revenue of 67.574 billion yuan, a year-on-year decrease of 14.07%, and a net loss of 1.465 billion yuan, down 10.26% year-on-year [8]. - For the first half of 2025, Yonghui Supermarket's revenue was 29.948 billion yuan, a decline of 20.73%, with a net loss of 241 million yuan, a significant drop of 187.38% year-on-year [8][10]. Governance and Regulatory Issues - Yonghui Supermarket received a warning letter from the Sichuan Regulatory Bureau for failing to timely disclose changes in shareholding after reducing its stake in Chengdu Hongqi Chain Co., Ltd. [1][3]. - This incident marks the second regulatory concern for Yonghui Supermarket in 2025, following a previous warning regarding internal governance issues, including the absence of a CEO and an inadequate decision-making mechanism [5]. Strategic Adjustments - In 2025, the company initiated a deep transformation of its overall strategy and operations, which is expected to cause short-term pain as it adjusts its business model [9]. - During the first half of 2025, Yonghui Supermarket adjusted and opened 93 stores, bringing the total number of adjusted stores to 124 by June 30, 2025 [9][10]. - The company closed 227 long-term loss-making stores during the same period, incurring costs related to lease compensation, personnel compensation, and asset write-offs [9]. Operational Changes - Yonghui Supermarket has implemented significant changes to its product supply chain, aiming to establish a "quality retail" mindset and improve supplier relationships [9]. - The company has introduced a new product mix in its stores, with over 30% of new products in many locations, and some stores reaching a 50% new product introduction rate [10].