“胖改”未挽狂澜，永辉超市董事长计划套现超4亿元

Core Viewpoint - Yonghui Supermarket's management has announced multiple share reduction plans amid ongoing poor performance, indicating a lack of confidence in the company's recovery prospects [1][4]. Group 1: Share Reduction Plans - Yonghui Supermarket's chairman, Zhang Xuansong, plans to reduce his holdings by up to 90.75 million shares, approximately 1% of the total share capital, potentially cashing out over 400 million yuan [1]. - Vice President Luo Wenxia has also completed a share reduction, selling 108,700 shares for about 499,000 yuan, reducing her holdings to 32,650 shares [2]. - In July, major shareholder JD.com reduced its holdings by 114 million shares, decreasing its ownership by 1.2567% [3]. Group 2: Performance Decline - Yonghui Supermarket has experienced a continuous decline in performance over the past three years, with cumulative losses exceeding 8 billion yuan since recording its first loss in 2021 [4]. - For the first three quarters of 2025, the company reported a revenue of 42.434 billion yuan, a year-on-year decrease of 22.21%, and a net loss of 710 million yuan, worsening by 630 million yuan compared to the previous year [6]. - The third quarter alone saw a revenue drop of 25.55% to 12.486 billion yuan, with a net loss of 469 million yuan, an increase of 116 million yuan from the same period last year [6]. Group 3: Transformation Efforts - In 2024, Yonghui initiated a significant transformation strategy, aiming to learn from the successful model of "Pang Donglai," with major changes in management and operations [4][5]. - The company has introduced a "naked price procurement" model to reduce prices and is optimizing store layouts to enhance customer experience [5]. - Despite these efforts, the third-quarter report indicated that the transformation has not yet yielded positive results, with ongoing declines in same-store sales and overall store numbers [7].