永辉超市：2025年预亏21.4亿元

Core Viewpoint - The company, Yonghui Supermarket, anticipates a significant net loss for 2025, with a projected net profit attributable to shareholders of -2.14 billion yuan and a net profit of -2.94 billion yuan after excluding non-recurring gains and losses. This reflects a strategic shift from "scale expansion" to "quality growth" [1] Group 1: Strategic Adjustments - In 2025, the company undertook major operational strategic adjustments, repositioning itself with the strategy of "New Yonghui, New Quality" [1] - The company deeply adjusted 315 stores and closed 381 stores that did not align with its future strategic positioning, leading to substantial losses [1] - The adjustments resulted in asset write-off losses and one-time setup costs totaling approximately 910 million yuan, along with an estimated gross profit loss of about 300 million yuan due to store renovations [1] Group 2: Supply Chain Reform - The company initiated a supply chain reform based on the principles of "transparency, quality-driven, and efficiency improvement," focusing on five key areas: "sunshine supply chain, bare-price direct procurement, core focus, cold chain upgrade, and store collaboration" [1] - Short-term challenges include stock shortages and declining gross margins, which have impacted revenue; however, these effects are gradually being mitigated as the supply chain reform progresses [1] Group 3: Investment and Asset Impairment - The company recognized a fair value change loss of 236 million yuan on its overseas equity investment in Advantage Solutions due to a continuous decline in stock price [2] - The company plans to recognize an impairment provision of approximately 162 million yuan for long-term assets, primarily related to continuously loss-making store assets, pending final audit results [2]