调改失去信心？永辉超市融资31亿元同时遭董事长减持

Core Viewpoint - Yonghui Supermarket is undergoing significant operational adjustments while simultaneously announcing a financing plan to raise 3.114 billion yuan for store renovations and working capital, which has raised market concerns due to concurrent share reduction plans by the chairman and executives [1][2][3]. Financing and Share Reduction - Yonghui Supermarket plans to raise a total of 3.114 billion yuan through a private placement of A-shares, with 2.405 billion yuan allocated for store upgrades, 309 million yuan for logistics improvements, and 400 million yuan for working capital or debt repayment [2]. - 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, valued at approximately 421 million yuan based on the closing price of 4.64 yuan per share [1][2]. Performance and Financial Results - For the first three quarters of 2025, Yonghui Supermarket reported a revenue of 42.434 billion yuan, a year-on-year decline of 22.21%, and a total loss of 772 million yuan, which is a decrease of 650 million yuan compared to the previous year [3][4]. - The third quarter alone saw a revenue drop of 25.55%, with a total loss of 565 million yuan, indicating a significant deterioration in financial performance [3][4]. Reasons for Revenue Decline - The decline in revenue is attributed to intense competition in the retail sector, changes in consumer behavior, and a strategic decision to optimize store operations, which included closing underperforming stores [4][5]. - As of September 2025, Yonghui Supermarket had 450 stores, having closed 325 stores since the beginning of the year, reflecting a shift in strategy towards optimizing store performance [5]. Operational Adjustments - The company is implementing a transformation based on the "Pang Donglai model," focusing on supply chain and organizational restructuring, which is expected to take time to yield results [6]. - Despite the ongoing adjustments, the company faces challenges in achieving scale effects from the new supply chain model, which impacts overall profitability [6]. Market Sentiment and Expert Opinions - Market analysts express concern that the simultaneous fundraising and share reduction may signal a lack of confidence in the company's short-term prospects, potentially leading to investor skepticism regarding corporate governance [3]. - Experts highlight the need for Yonghui Supermarket to identify market demands and adjust its product offerings accordingly to regain investor confidence and improve financial performance [6].