预亏损21亿元，永辉超市要“挂科”了？

Core Viewpoint - Yonghui Supermarket is projected to incur a net loss of 2.14 billion yuan in 2025, with a net loss of 2.94 billion yuan after deducting non-recurring items, raising concerns about its operational strategy and sustainability in the retail sector [2][4]. Group 1: Financial Performance and Store Closures - In 2025, Yonghui closed 381 stores, averaging one closure per day, resulting in a loss of 1.174 billion yuan from store adjustments and closures, accumulating over 11.6 billion yuan in losses over the past five years [4][12]. - The company reported a non-recurring net loss of 2.94 billion yuan, which has become a significant burden for its operations [5][12]. - Despite the challenges, 31 reformed stores completed in 2024 saw sales increase to 4.662 billion yuan in 2025, a 71% year-on-year growth, with profits rising by 112% [25][29]. Group 2: Strategic Challenges and Market Position - Yonghui's traditional expansion strategy has led to a decline in store profitability, with many locations operating at a loss due to high operational costs and ineffective supply chain management [11][12]. - The shift in consumer preferences towards convenience and quality has diminished the market share of traditional supermarkets, including Yonghui, which struggles to adapt to these changes [10][13]. - The company's attempts to emulate the successful model of "Fat Donglai" have faced difficulties due to structural differences, including its status as a publicly listed company, which complicates the implementation of flexible management practices [21][22]. Group 3: Competitive Landscape and Future Outlook - The retail landscape is evolving, with instant retail becoming mainstream, pushing traditional supermarkets to either adapt or face obsolescence [29]. - Yonghui's transformation is seen as a broader industry challenge, emphasizing the need for a comprehensive restructuring of strategy, supply chain, and organizational systems to regain consumer trust [29]. - The company faces skepticism from investors due to ongoing losses and management's stock sell-off, raising questions about its ability to stabilize and grow in the future [26][29].