“自救”一年仍亏损，永辉超市急借40亿

Core Viewpoint - Yonghui Supermarket is seeking to raise funds through a private placement to support its transformation and upgrade efforts, particularly focusing on the "Fat Donglai" model, despite facing ongoing losses after a year of significant store renovations [1][2][8]. Group 1: Fundraising and Financial Strategy - Yonghui Supermarket plans to issue A-shares to no more than 35 specific investors, aiming to raise up to 39.92 billion yuan, primarily for store upgrades, logistics improvements, and to supplement working capital or repay bank loans [1][4]. - Of the total funds raised, 32.13 billion yuan will be allocated to upgrade 298 stores, while 3.09 billion yuan will be used for logistics improvements, and 4.70 billion yuan for working capital or loan repayment [5][4]. - The total investment for store upgrades is projected to reach 55.97 billion yuan, with significant portions allocated for construction, equipment, and inventory [5]. Group 2: Store Renovation and Performance - After a year of implementing the "Fat Donglai" model, Yonghui Supermarket has not seen substantial improvements in profitability, with projected losses of 2.4 billion yuan for the first half of 2025 [8][9]. - The company attributes its ongoing losses to the transitional phase and the short-term impacts of its store renovations, rather than broader industry pressures [9]. - By the end of 2025, Yonghui aims to complete renovations on approximately 200 stores while closing 250-350 underperforming locations [3]. Group 3: Market Position and Investor Interest - In September 2023, Miniso announced a significant investment in Yonghui, acquiring a 29.40% stake for approximately 63 billion yuan, becoming the largest shareholder [12][14]. - The market's initial reaction to Miniso's investment was negative, but Yonghui's stock price later increased significantly, indicating potential investor confidence in the company's future [14]. - The upcoming fundraising will require potential investors to align with Yonghui's strategic direction, particularly its focus on the "Fat Donglai" model [7].