永辉超市(601933)：调改进入第二阶段 加力打造自有品牌

Core Insights - The company reported its Q3 2025 results, with revenues of 12.486 billion yuan, a year-on-year decline of 25.55%. For the first three quarters of 2025, total revenue was 42.434 billion yuan, down 22.21% year-on-year. The decline is attributed to intense industry competition and changes in consumer habits, leading to reduced foot traffic and average spending in existing stores [1] - The company has entered the second phase of its store transformation, with a net reduction of 102 stores, resulting in a loss of 610 million yuan. However, the pace of store closures is expected to slow down. The transformation of 222 stores has shown positive results, with an average customer traffic increase of 80% in October [2] - The company's gross margin for Q3 2025 was 19.14%, an increase of 0.65 percentage points year-on-year. The company aims to improve gross margins through the development of private labels and optimization of product structure [3] Revenue and Profit Summary - In Q3 2025, the company reported a net loss attributable to shareholders of 469 million yuan, and a net loss excluding non-recurring items of 700 million yuan, which is an increase in losses of 116 million yuan and 8 million yuan compared to the same period last year. For the first three quarters of 2025, the net loss attributable to shareholders was 710 million yuan, with a net loss excluding non-recurring items of 1.502 billion yuan, reflecting an increase in losses of 632 million yuan and 840 million yuan year-on-year [1] - The company’s operating expenses ratio for Q3 2025 was 26.41%, an increase of 2.49 percentage points year-on-year, with specific expenses for sales, management, R&D, and finance reported as 21.83%, 3.16%, -0.01%, and 1.43% respectively [3] Product and Supply Chain Developments - The company is focusing on supply chain reforms and the development of private labels, achieving a supplier elimination rate of 40.4%. The product structure includes "high-quality branded goods," "Yonghui custom products," and "quality Yonghui" [4] - In Q3 2025, sales of the company's seafood products reached 44.53 million yuan, a year-on-year increase of 195%. The company plans to launch 100 new private label products next year and aims to create 100 billion-level products within three years [4] Future Outlook - The company maintains an "overweight" rating, anticipating that the ongoing transformation of stores will lead to increased foot traffic and sales, driving long-term growth. The profit forecast for 2025 has been adjusted to a loss of 632 million yuan, while the net profit forecasts for 2026 and 2027 remain at 582 million yuan and 1.044 billion yuan respectively [5]