YONGHUI SUPERSTORES(SH:601933) Sou Hu Cai Jing·2026-02-13 08:50Core Viewpoint - The CEO of Yonghui Supermarket, Wang Shoucheng, issued an apology acknowledging the company's failure to align its expansion ambitions with its capabilities, resulting in a loss of trust from employees and customers [2]. Group 1: Company Performance and Strategy - Yonghui Supermarket plans to close nearly 400 low-quality stores and systematically renovate over 300 existing stores by 2025, covering a total area of more than 2 million square meters [2]. - Despite these efforts, the company is projected to incur a loss of 2.14 billion yuan in 2025, marking a 45.6% increase year-on-year, and this will be the fifth consecutive year of losses, totaling over 10 billion yuan [2]. - The losses are attributed to strategic adjustments, including asset write-offs and one-time costs exceeding 1.2 billion yuan due to store renovations and closures [2]. Group 2: Comparison with Competitors - In contrast, the competitor, Pang Donglai, is expected to achieve sales revenue of 23.53 billion yuan in 2025, reflecting a year-on-year growth of 38.7%, with significant contributions from its supermarket business and other sectors [2]. - Yonghui's previous business model of "fresh food driving traffic, general merchandise generating profit" has faltered since 2021 due to pressures from e-commerce and new business formats [3]. Group 3: Operational Challenges - The company has faced operational difficulties due to blind expansion without corresponding improvements in supply chain and management capabilities, leading to a decline in performance [3]. - Employee complaints have surfaced regarding increased training, overtime, and inspections, while salaries have not significantly changed, and vacation time has decreased [4]. - Experts have criticized Yonghui for superficially imitating the Pang Donglai model without grasping its core principles, resulting in rising costs outpacing revenue growth [4]. Group 4: Future Directions - Wang Shoucheng has identified 2026 as a year for "deep cultivation," aiming to transition from mere adjustments to systematic development, focusing on three areas: products, stores, and organization [5]. - The company faces significant challenges ahead, as acknowledging past mistakes is only the beginning of a more difficult adjustment process to find its own path forward [5].