改革进入深水区，永辉何时迎来拐点？

Core Viewpoint - Yonghui Supermarket is undergoing a strategic transformation, facing significant financial challenges while aiming to improve its operational efficiency and product quality through a comprehensive restructuring process [6][14][34]. Financial Performance - In 2024, Yonghui Supermarket reported a revenue of 67.574 billion yuan, a year-on-year decline of 14.07%, and a net loss attributable to shareholders of 1.465 billion yuan, an increase of 10.26% compared to the previous year [6][28]. - For Q1 2025, the revenue was 17.479 billion yuan, down 19.32% year-on-year, with a net profit of 148 million yuan, a significant drop of 79.96% [6][28]. - The company closed 232 underperforming stores in 2024, which is expected to enhance overall store efficiency despite the immediate negative impact on revenue [23][26]. Strategic Transformation - Yonghui's current situation is described as a result of proactive strategic choices, focusing on learning from the "Fat Donglai" model and implementing deep changes in corporate culture, employee engagement, and supply chain logic [14][17]. - The company aims to become a national supermarket that meets the needs of mainstream Chinese families, emphasizing quality retail [18][34]. Store Optimization - The closure of underperforming stores is part of a broader strategy to optimize the store network, with a target to close 250 to 330 old stores by 2026 [26][28]. - The restructuring process includes a focus on improving product quality, store environment, customer service, and employee welfare, which is expected to create a positive feedback loop in business performance [31][34]. Supply Chain Reform - Yonghui is implementing a supply chain transformation strategy, focusing on core suppliers and long-term partnerships, while rejecting frequent supplier changes [36][40]. - The company has launched initiatives to support domestic supply chains, including rapid product listings and promotional plans for quality suppliers [43][44]. Organizational Changes - The organizational structure has been streamlined from four levels to three, enhancing efficiency and empowering frontline employees [39]. - The company is focusing on creating a positive corporate culture and a collaborative environment to improve operational effectiveness [39][42]. Future Outlook - Yonghui expects that the next 12 to 18 months will be a critical period for the release of reform results, with a potential shift into a new development phase [34][50]. - The company is committed to a long-term vision of quality retail, believing that its strategic decisions will ultimately lead to improved performance and resilience in the market [47][50].