“胖改”进度近半，永辉超市亏损扩大8倍

Core Viewpoint - Yonghui Supermarket is experiencing a significant increase in losses while accelerating its store transformation initiative, known as "胖东来" (Fat Donglai) [3][4][10] Financial Performance - As of September 30, Yonghui Supermarket reported a total revenue of 42.434 billion yuan for the first three quarters of the year, representing a year-on-year decline of 22.21% [3] - The company incurred a net loss of 710 million yuan, which is an eightfold increase compared to the same period last year when the loss was 78 million yuan [3] - In the third quarter alone, the net loss approached 470 million yuan, accounting for 66% of the total losses for the first three quarters [6] Store Transformation and Strategy - Yonghui has 450 stores nationwide, with 222 undergoing transformation, indicating that the "胖改" progress is nearing 50% completion [2] - The company aims to focus on "people" and "products" in its transformation strategy, moving from broad adjustments to more refined and in-depth upgrades [4] - Despite the ongoing transformation, the company has closed 104 stores in the third quarter, resulting in a loss of 612 million yuan [6] Long-term Outlook - The cumulative losses for Yonghui from 2021 to 2024 are expected to exceed 9.5 billion yuan, with an asset-liability ratio of 88.96% as of September 2025, significantly higher than the industry average of 51.92% [7] - The transformation plan is projected to continue until 2026, indicating that short-term profitability challenges will persist [8] - Analysts suggest that Yonghui may begin to reduce losses after completing the transformation of all existing stores by 2026-2027, with profitability potentially starting to materialize by 2027 [10] Funding and Support - To support its transformation and operations, Yonghui plans to raise up to 3.992 billion yuan through a private placement of shares, aimed at upgrading stores, logistics, and replenishing working capital [10]