“胖改”下的永辉超市去年关店381家，产生超12亿“改革账单”

Core Viewpoint - Yonghui Supermarket (SH601933) is expected to report a significant net loss of 2.14 billion yuan for 2025, driven by strategic adjustments and store closures aimed at future growth [1][5][6]. Financial Performance - The projected net loss of 2.14 billion yuan for 2025 represents an increase from the previous year's loss of 1.47 billion yuan, while the adjusted net loss is expected to reach 2.94 billion yuan, up from 2.41 billion yuan [5][6]. - The company anticipates a total loss exceeding 1.2 billion yuan due to its transformation efforts, which include asset write-offs and renovation costs [9][10]. Strategic Adjustments - In 2025, Yonghui Supermarket closed 381 stores that did not align with its new strategic direction, resulting in substantial one-time expenses [3][7]. - The company is shifting its focus from "scale expansion" to "quality growth," rebranding itself as "New Yonghui, New Quality" [6]. Fundraising and Investment Plans - Yonghui Supermarket is planning a private placement to raise up to 3.114 billion yuan, with approximately 2.4 billion yuan earmarked for store upgrades [4][12]. - The fundraising will be allocated to three main areas: store upgrades (2.4 billion yuan), logistics improvements (309 million yuan), and working capital (400 million yuan) [13][14]. Store Upgrade Initiatives - The store upgrade project aims to enhance 216 locations, focusing on improving product offerings and customer experience [14]. - The company projects an internal rate of return of 21.57% for the upgrade project, with a payback period of approximately 4.84 years [15]. Performance Metrics - Stores that underwent renovations in the first nine months of 2025 achieved an average monthly sales per square meter of 3,295 yuan, significantly above the benchmark of 2,800 yuan [15].