YONGHUI SUPERSTORES(SH:601933) KAIYUAN SECURITIES·2025-12-14 03:24Investment Rating - The investment rating for the retail industry is "Positive" (maintained) [1] Core Insights - The Ministry of Commerce has set a positive tone for the retail industry, emphasizing the importance of quality and service-driven transformation. Retailers with strong supply chain advantages and the ability to adapt are expected to benefit [25][27] - Yonghui Supermarket is undergoing a significant transformation focused on product centralization, with 222 stores modified by the end of September 2025. The company has seen a recovery in same-store sales and is enhancing its product quality and differentiation [27][29] Industry Overview - The retail industry index closed at 2305.32 points, down 0.21% for the week, outperforming the Shanghai Composite Index, which fell 0.34% [5][14] - The supermarket sector showed the highest increase among retail sub-sectors, with a weekly rise of 10.73% [17][20] Investment Recommendations - Focus on high-quality companies in sectors benefiting from emotional consumption themes, including: - Gold and Jewelry: Recommend brands like Chow Tai Fook and Chow Hong Kee, which are expected to benefit from differentiated product offerings [6][29] - Offline Retail: Highlight companies like Yonghui Supermarket and Ai Ying Shi, which are adapting to market changes [6][29] - Cosmetics: Recommend domestic brands that emphasize emotional value and innovative safe ingredients, such as Maogeping and Proya [6][29] - Medical Aesthetics: Focus on differentiated product manufacturers and expanding medical chains, recommending companies like Aimeike and Kedi-B [6][29] Company-Specific Insights - Yonghui Supermarket: The company reported a revenue of 424.34 billion yuan for the first three quarters of 2025, down 22.2% year-on-year, with a net loss of 7.10 billion yuan. The company is in a transformation phase aimed at quality retail [31][43] - Chow Tai Fook: The company achieved a revenue of 389.86 billion HKD for FY2026H1, down 1.1%, with a net profit of 25.34 billion HKD, up 0.1%. The company is optimizing its product structure and store quality [36][38] - Chow Hong Kee: The company reported a revenue of 62.37 billion yuan for the first three quarters of 2025, up 28.4%, with a net profit of 3.17 billion yuan, up 0.3%. The company is expanding its franchise model and enhancing product differentiation [39][40]