YONGHUI SUPERSTORES(SH:601933) 3 6 Ke·2026-02-05 12:01Core Viewpoint - The "Fat Reform" initiative by Yonghui Supermarket has resulted in significant financial losses, leading to widespread criticism and reevaluation of the company's strategies and capabilities in the competitive retail market [1][2]. Group 1: Financial Performance and Losses - Yonghui Supermarket reported a staggering loss of 21.4 billion yuan due to the "Fat Reform" initiative, raising concerns about its operational effectiveness [1]. - The company has faced continuous financial decline since 2018, with net profit dropping and cash flow deteriorating, indicating severe operational risks [2]. - From 2021 to 2025, Yonghui's cumulative losses exceeded 116 billion yuan, with annual losses of 39.44 billion yuan, 27.63 billion yuan, 13.29 billion yuan, 14.65 billion yuan, and 21.4 billion yuan respectively [3]. Group 2: Strategic Initiatives and Failures - The "Super Species" initiative aimed to merge fresh produce with dining but resulted in over 2.6 billion yuan in losses due to high operational costs and complex supply chain management [3]. - The Yonghui MINI community stores struggled to compete with online group buying, leading to the closure of nearly 400 stores within a year [3]. - Despite attempts at digital transformation and warehouse store models, Yonghui's efforts have not yielded the desired results, further complicating its financial situation [2][3]. Group 3: Market Position and Competitive Challenges - The "Fat Reform" was seen as a last-ditch effort for Yonghui, which has been unable to adapt effectively to the competitive pressures from online grocery services and community group buying [2]. - The company's aggressive imitation of the "Fat Donglai model" has been criticized for lacking a deep understanding of its core principles, leading to strategic misalignments [10][14]. - Yonghui's operational model, focused on scale and efficiency, clashes with the new consumer era's emphasis on experience and trust, highlighting a fundamental disconnect in its business strategy [16][18]. Group 4: Future Outlook and Recommendations - Yonghui's future success may depend on a balanced approach that combines a return to retail fundamentals with innovative model integration, focusing on enhancing single-store profitability and regional collaboration [17][18]. - The company must shift its focus from rapid imitation to long-term value creation, understanding that retail transformation is a continuous process rather than a quick fix [18].