永辉“胖改”1年，迎来半年度历史第二大亏损

Core Viewpoint - Yonghui Supermarket is still experiencing significant losses after a year of transformation under the "Fat Reform" initiative, with projected losses of approximately 240 million yuan for the first half of 2025, marking a deep transitional period for the company [1][4]. Financial Performance - Yonghui Supermarket has reported continuous losses for four consecutive years from 2021 to 2024, accumulating losses of about 9.5 billion yuan, while the net profit from 2016 to 2020 was only 7.897 billion yuan [4]. - The company's revenue has declined from 91.06 billion yuan in 2021 to 67.57 billion yuan in 2024, indicating a significant downturn in financial performance [4]. Store Adjustments - In the first half of 2025, Yonghui Supermarket adjusted and opened 93 stores, bringing the total number of adjusted stores to 124 [1]. - The company closed 227 long-term loss-making stores during the same period, incurring costs related to lease compensation, personnel compensation, and asset write-offs [2][14]. Strategic Partnerships - Yonghui Supermarket sought assistance from the retail giant "Fat Donglai" to reform its operations, with the first store transformation completed in June 2024, resulting in a significant increase in sales [5][13]. - In September 2024, Miniso acquired a 29.4% stake in Yonghui Supermarket for 6.27 billion yuan, becoming the largest indirect shareholder, indicating confidence in the company's transformation efforts [6]. Management Changes - The company appointed former Alibaba executive She Xianping as Vice President and Chief Product Officer to enhance operational efficiency and supply chain management [7][9]. - The restructuring of procurement centers into five regional hubs aims to improve supplier management and product quality [9]. Future Plans - Yonghui Supermarket aims to complete the transformation of 300 stores by the Lunar New Year in 2026, with plans to increase the number of adjusted stores to over 40% of its total by September 2025 [13][15]. - The company has seen promising results from the initial store adjustments, with some locations achieving sales up to 13.9 times their previous averages [13].