公司快评︱前三季营收、净利均降 永辉超市为何还能“三连板”？

Core Viewpoint - The stock price of Yonghui Supermarket has experienced a strong performance, achieving a three-day limit up, driven by market sentiment and expectations of its transformation efforts, despite facing significant fundamental challenges [2][4]. Group 1: Stock Performance and Market Sentiment - Yonghui Supermarket's stock price reached a limit up on December 10, with a closing price of 5.23 yuan and a market capitalization of 47.5 billion yuan [2]. - The recent stock price increase is attributed to active market sentiment and the retail sector's attention, with Yonghui being a well-known player in the industry [2]. - The company is undergoing store adjustments and a business model transformation, which has led to market expectations that have positively influenced its stock price [2]. Group 2: Financial Performance and Challenges - 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 net loss attributable to shareholders of 710 million yuan, a decrease of 632 million yuan compared to the previous year [2]. - Cumulatively, from 2021 to 2024, the company has incurred a total net loss of 9.501 billion yuan, with over 10.2 billion yuan lost in the last five years [2]. - The company closed 227 unprofitable stores in 2025, indicating significant operational pressures and challenges [2]. Group 3: Transformation Efforts and Uncertainties - As of the end of the third quarter of 2025, 222 stores have completed adjustments, but the transformation process has faced difficulties [3]. - The company is optimizing its product structure and procurement model, which has led to a decline in gross margin, reflecting short-term impacts of the transformation strategy [3]. - There is uncertainty regarding whether the transformation strategy will effectively enhance the company's profitability in the long term [3]. Group 4: Shareholder Actions and Market Reactions - On December 8, Yonghui Supermarket announced that a shareholder with over 5% ownership completed a concentrated auction to reduce their stake by 90.75 million shares, raising approximately 377 million yuan [3]. - This reduction in shareholding has raised concerns about the company's future development and may impact market confidence [3]. - The company issued a risk warning regarding its stock trading, acknowledging the potential for market overheating and advising investors to be cautious [3][4].