永辉超市：预期调改店营收和净利较调改前将保持增长，2026年经营业绩进一步下滑风险较低

Core Viewpoint - The company is undergoing a significant transformation due to continuous revenue decline caused by store closures and operational adjustments, with a strategic shift planned for the second half of 2024 [1][3]. Group 1: Revenue and Financial Performance - The company's revenue has been consistently declining due to store closures and intensified industry competition, which is deemed objective and reasonable [1]. - In the first nine months of 2025, revenue from closed stores decreased by 5.988 billion, and overall sales revenue dropped by 6.379 billion compared to the previous year, primarily due to store closures [2]. - The company incurred a one-time cost of 840 million from store adjustments in 2025, with a total pre-tax profit impact of 1.174 billion from closed stores [4]. Group 2: Store Adjustments and Transformations - In 2025, the company closed 381 stores and completed adjustments on 275 existing stores, with the majority of these activities concentrated in that year [3]. - By the end of 2025, the company had 403 stores, with 315 having completed adjustments, which are expected to contribute positively to revenue and profit in 2026 [3][4]. - The company plans to close approximately 25 stores and adjust around 50 stores in 2026, significantly reducing the negative impact on operational performance compared to 2025 [3]. Group 3: Upgrade and Renovation Strategy - The selection criteria for upgrading stores include the location's alignment with the target demographic, physical conditions of the store, and the operational capabilities of the team [5][6]. - Among the 216 stores selected for renovation, 154 are located in core business districts, and 149 are situated in standardized shopping centers, indicating a strategic focus on high-traffic areas [6]. - The logistics upgrade project will cover 241 stores, representing 60% of the total stores, with expectations of increased sales and improved cold chain logistics efficiency post-renovation [7].