永辉超市董事长张轩松拟减持套现4.3亿离场 “胖改”阵痛持续单季亏4.69亿净关店102家

Core Viewpoint - Yonghui Supermarket is facing significant operational challenges, leading to management's decision to reduce their shareholdings amid declining performance and increasing losses [2][5]. Management Actions - On November 11, Yonghui Supermarket announced that Chairman Zhang Xuansong and his associates plan to reduce their holdings by up to 90.75 million shares, representing 1% of the total share capital, potentially raising approximately 430 million yuan [2][3]. - Vice President Luo Wenxia recently completed a maximum reduction of 10,880 shares, amounting to about 499,000 yuan [4]. - In July, major shareholder JD.com reduced its stake by 114 million shares, dropping below the 5% threshold [4]. Financial Performance - For the first three quarters of 2025, Yonghui Supermarket reported a revenue decline of 22.21% year-on-year, with a net loss of 710 million yuan, compared to a loss of 77.87 million yuan in the same period last year [5]. - Cumulatively, the company has incurred losses exceeding 102 billion yuan over the past five years, including 7.1 billion yuan in the first three quarters of 2025 [5]. Store Closures and Restructuring - To address its financial difficulties, Yonghui Supermarket has closed 325 stores as of the end of Q3 2025, with 102 closures in Q3 alone [5][7]. - The company has initiated a transformation strategy called "Pang Donglai" to improve store performance, with 222 out of 450 stores undergoing renovations by the end of September 2025 [7]. Investment and Financial Strain - The company is investing heavily in store renovations, with costs ranging from 3 million to 8 million yuan per store, leading to increased financial pressure [7][8]. - As of Q3 2025, Yonghui Supermarket had only 3.36 billion yuan in cash, with total liabilities reaching 28.13 billion yuan and an asset-liability ratio nearing 89% [8]. Market Challenges - The company attributes its struggles to intensified industry competition and changing consumer preferences, which have led to decreased foot traffic and sales [5]. - Despite some improvements in renovated stores, there are concerns regarding the sustainability of the "Pang Donglai" model, as it may not be suitable for Yonghui's current market position [9].