YONGHUI SUPERSTORES(SH:601933) SINOLINK SECURITIES·2025-05-11 10:23Investment Rating - The industry is rated as "Buy" with an expectation of an increase exceeding 15% over the next 3-6 months [1]. Core Insights - Offline Retail: Yonghui Supermarket continues its store renovation process, with 71 stores renovated as of May 9, 2025. The latest seven stores opened in cities such as Shenzhen and Chongqing show high product delisting rates between 60% to 70%, with baked goods and ready-to-eat food making up over 20% of the offerings. Employee salaries have increased by at least 20% [1][11]. - Online Retail: The 618 shopping festival is approaching, with strategies from various platforms diverging. The event starts about a week earlier than last year, maintaining a trend of extended promotional periods. Platforms like Taobao and Douyin simplify user engagement, while JD and Kuaishou offer richer interactions and emphasize national subsidies alongside official discounts [1][17][18]. Summary by Sections 1. Core Insights and Company Dynamics - Yonghui Supermarket's renovation includes 71 stores, with seven new openings showing significant product changes and employee salary increases [1][11]. - The 618 shopping festival strategies vary, with platforms adapting their approaches to attract consumers [1][17][18]. 2. Industry Data Tracking - GMV performance for April's fourth week shows a year-on-year increase of 51.43% for Tmall and JD combined [21]. - The top five categories for growth include furniture, home appliances, consumer electronics, shoes and bags, and healthcare [21]. 3. Market Review - From May 6 to May 9, 2025, the Shanghai Composite Index rose by 1.92%, while the retail sector increased by 0.88%, ranking 28th among primary industry sectors [3][27]. - Notable stock performances include gains from Maoye Commercial and Bubugao, while declines were seen in companies like Debi Group and Huazhi Wine [3][27].