永辉超市（601933）：调改稳步推进，供应链改革渐显成效

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company is undergoing a strategic transformation, with store adjustments nearing completion and improvements in supply chain efficiency expected to enhance operational metrics in the future [4]. - The company reported a significant decline in revenue and net profit for Q3 2025, with revenue at 12.486 billion yuan, down 25.55% year-on-year, and a net loss of 469 million yuan [2][3]. - The company has opened 2 new stores and closed 104 stores in Q3 2025, resulting in a closure loss of 612 million yuan [2][3]. Financial Performance Summary - Q3 2025 revenue was 12.486 billion yuan, a 25.55% decrease year-on-year, with a cumulative revenue of 42.434 billion yuan for the first three quarters, down 22.21% [2]. - The gross profit margin for Q3 2025 was 19.84%, an increase of 0.65 percentage points year-on-year, while the cumulative gross profit margin for the first three quarters was 20.52%, a decrease of 0.32 percentage points [2]. - The company reported a net profit attributable to shareholders of -469 million yuan for Q3 2025, with a net profit of -700 million yuan after excluding non-recurring items [3]. - The operating cash flow for the first three quarters was 1.14 billion yuan, down 69.82% year-on-year [1]. Strategic Initiatives Summary - As of September 30, 2025, the company had 450 stores, with 222 undergoing adjustments, and same-store sales have turned positive for the first three quarters [3]. - The company is actively upgrading its supply chain and simplifying its supplier system, achieving a supplier elimination rate of 40.4% [3]. - The company aims to launch 100 billion-yuan-level products within three years, having already introduced over 20 quality products, with 15 products achieving over 100 million yuan in sales [3].