YONGHUI SUPERSTORES(SH:601933) Cai Jing Wang·2026-01-20 14:49Core Viewpoint - The company, Yonghui Supermarket, anticipates a net loss of 2.14 billion yuan for the year 2025 due to significant strategic adjustments in its operations, shifting from "scale expansion" to "quality growth" [1] Group 1: Strategic Adjustments - In 2025, the company undertook major operational strategic adjustments, rebranding as "New Yonghui, New Quality" [1] - The company modified 315 stores and closed 381 stores that did not align with its future strategic positioning, leading to substantial losses [1] - The impact of store modifications includes asset write-off losses, loss of revenue from store closures, and one-time setup costs totaling approximately 910 million yuan [1] Group 2: Financial Impact - The estimated gross profit loss from store closures due to renovations is around 300 million yuan [1] - The closure of 381 stores resulted in significant losses, including asset write-off losses, employee severance compensation, and lease-related penalties [1] Group 3: Supply Chain Strategy - The company is reforming its supply chain with a focus on "sunshine transparency, quality-driven, and efficiency improvement," addressing traditional supply chain pain points [1] - Short-term challenges include stock shortages and declining gross margins, which have impacted revenue; however, these effects are gradually being mitigated as supply chain reforms progress [1] Group 4: Investment and Asset Impairment - The company recognized a fair value loss of 236 million yuan on its overseas equity investment in Advantage Solutions due to a continuous decline in stock price [2] - A preliminary assessment indicates that the company will recognize a long-term asset impairment of 162 million yuan for its underperforming store assets, subject to final audit results [2]