研报掘金丨开源证券：维持永辉超市“买入”评级，长期经营拐点可期

Core Viewpoint - Yonghui Supermarket's revenue for the first three quarters of 2025 decreased by 22.2% year-on-year, with significant pressure on profits. The company is actively upgrading its supply chain and optimizing its store operations, indicating a strategic shift towards quality retail despite short-term performance challenges [1] Group 1: Financial Performance - Revenue for the first three quarters of 2025 decreased by 22.2% year-on-year [1] - Profitability is under significant pressure due to the revenue decline [1] Group 2: Supply Chain and Vendor Management - The company is continuously upgrading its supply chain and has streamlined its supplier system, achieving a supplier elimination rate of 40.4% by Q3 2025 [1] - The direct sourcing model has shown positive results, with sales of the aquatic product, Chinese mitten crab, reaching 44.53 million yuan in Q3 2025, a year-on-year increase of 195% [1] Group 3: Private Label Development - The company is accelerating the development of its private label products as part of its "product centralization" strategy, having launched 15 quality items across fresh produce, 3R, and standard product categories by the end of October [1] Group 4: Store Optimization - As of the end of September 2025, the company has remodeled 222 stores, with the remodeling process significantly accelerating and entering a systematic and scalable phase [1] - The transition towards quality retail is progressing smoothly, indicating a focus on supply chain reform and store optimization [1]