YONGHUI SUPERSTORES(SH:601933) Jing Ji Guan Cha Wang·2026-01-22 13:04Core Viewpoint - Yonghui Supermarket is undergoing a significant transformation process, referred to as "Pang Donglai" reform, which has entered a critical phase after approximately 20 months. The company anticipates a net loss of 2.14 billion yuan for 2025, marking its fifth consecutive year of losses, while efforts to improve store performance are ongoing [1][2]. Group 1: Financial Performance - Yonghui Supermarket reported a projected net loss of 2.14 billion yuan for 2025, compared to a net loss of 1.47 billion yuan in the previous year [1]. - The company has experienced consecutive losses from 2021 to 2024, with net profits of -3.944 billion yuan, -2.763 billion yuan, -1.329 billion yuan, and -1.465 billion yuan respectively [1]. - The transformation efforts have led to a significant increase in sales and profits for the 31 stores that completed renovations in 2024, achieving a total sales of 4.662 billion yuan, a 71% increase year-on-year, and a profit of 104 million yuan, a 112% increase year-on-year [5]. Group 2: Store Adjustments - Yonghui Supermarket has closed 381 stores and deeply reformed 315 stores, with a total of nearly 60% of its stores closed over the past three years [4]. - The company plans to close approximately 25 stores and reform about 50 stores in 2026, with the impact on pre-tax profit expected to decrease to -170 million yuan [5]. - The adjustments have incurred significant costs, including asset write-offs and losses from store closures, totaling approximately 910 million yuan [4]. Group 3: Fundraising and Shareholder Actions - To support the transformation, Yonghui Supermarket initiated a targeted fundraising plan to raise 3.992 billion yuan for upgrading 298 stores, later adjusting the number to 216 stores with a total fundraising cap of 3.114 billion yuan [6]. - The company's financial pressure is evident, with cash reserves at 3.358 billion yuan as of September 30, 2025, the lowest in nearly a decade [7]. - In contrast to the fundraising efforts, significant share reductions by major shareholders, including the chairman and other stakeholders, have been noted, indicating a lack of confidence in the company's future [8]. Group 4: Organizational Changes - Yonghui Supermarket has implemented a series of organizational and management adjustments to enhance operational efficiency, including a new three-tier management structure [9]. - The founder of Miniso, Ye Guofu, has been appointed to lead the reform efforts, focusing on supply chain transformation and establishing long-term partnerships with core suppliers [9][10]. - The company has also appointed a new CEO, Wang Shoucheng, who is expected to integrate successful reform experiences into the overall corporate strategy [10]. Group 5: Industry Context - The adjustments made by Yonghui Supermarket align with broader industry trends, as highlighted by a survey from the China Chain Store & Franchise Association, which indicates a focus on optimizing procurement channels and enhancing online and offline integration [11].