“胖改”第二年巨亏21亿，中国超市一哥天塌了！

Core Viewpoint - Yonghui Supermarket has announced a projected net loss of 2.14 billion yuan for early 2026, marking its fifth consecutive year of losses, with its market value plummeting from 100 billion yuan to 40 billion yuan [1] Group 1: Company History and Growth - Yonghui Supermarket, founded by the Zhang brothers in the 1990s, initially thrived by capitalizing on the "agricultural reform supermarket" trend, opening its first fresh supermarket in 2000 and disrupting traditional retail with a direct sourcing model [4] - At its peak, Yonghui controlled fresh produce waste rates at around 5%, significantly lower than the industry average of 20%-30%, and established a nationwide supply chain that connected directly with farmers [4] - After going public in 2010, Yonghui expanded rapidly, reaching over 1,000 stores and achieving a revenue peak of 93.2 billion yuan, solidifying its position as the "first stock in fresh produce" [4] Group 2: Challenges and Decline - The turning point for Yonghui occurred in the second half of 2020 when community group buying intensified, leading to a significant market disruption that severely impacted Yonghui's customer base [5] - In 2021, Yonghui reported its first loss since its IPO, with a loss of 3.944 billion yuan, and cumulative losses from 2021 to 2024 reached 9.5 billion yuan, while revenue declined to 67.57 billion yuan by 2024 [5] - The company's previous aggressive expansion strategies resulted in operational inefficiencies, with new business models like Super Species and Yonghui Mini failing to gain traction and further dragging down performance [5] Group 3: Restructuring Efforts - In May 2024, Yonghui initiated a significant restructuring effort termed "Fat Reform," aiming to emulate the successful strategies of competitor Fat Donglai [5][6] - The restructuring involved deep modifications to 315 stores, closing 381 underperforming locations, and implementing changes such as lowering shelf heights and widening aisles [6] - Despite some positive indicators, such as an average customer traffic increase of over 80% in restructured stores, the overall losses remained substantial due to asset write-offs and renovation costs [9][10] Group 4: Fundamental Issues - The core issue for Yonghui lies in its superficial imitation of Fat Donglai's model without understanding the underlying principles, such as effective supply chain management and employee engagement [12] - Unlike Fat Donglai, which focuses on regional supply chain advantages and product quality, Yonghui's nationwide operations lead to higher logistics costs and insufficient supply chain integration [12][13] - The restructuring efforts, while aggressive, may not address the fundamental challenges of product quality and supply chain efficiency, which are critical for long-term success in the retail industry [16]