YONGHUI SUPERSTORES(SH:601933) 新浪财经·2025-08-21 08:53Core Viewpoint - Yonghui Supermarket's performance has significantly declined in the first half of 2025, with a revenue drop of 20.73% year-on-year, leading to a net loss of 241 million yuan, attributed to a deep transformation strategy initiated in late 2024, including the closure of 227 stores and supply chain upgrades [2][6][15]. Financial Performance - In the first half of 2025, Yonghui Supermarket reported total revenue of 29.948 billion yuan, a decrease of 20.73% compared to the previous year [6]. - The company transitioned from profit to loss, recording a net loss of 241 million yuan, compared to a profit of 275 million yuan in the same period last year, marking an increase in loss of 516 million yuan [6][7]. - The company also reported a non-recurring net profit loss of 802 million yuan, compared to a profit of 29.86 million yuan in the previous year [6]. Strategic Transformation - Yonghui Supermarket has initiated a large-scale transformation, including the closure of 227 underperforming stores and a significant upgrade of suppliers and products, which has led to short-term gross margin declines [7][13]. - The company has adopted the "Fat Donglai model" and aims to complete the transformation of 300 stores by early 2026, with 112 stores already modified as of June 26, 2025 [6][15]. Shareholder Dynamics - The largest shareholder, Guangdong Jun Cai International Trade Co., owned by Ye Guofu, has pledged 1.868 billion shares, accounting for 70% of its holdings and 20.58% of the total share capital, bringing the company's pledge rate close to the 30% warning line [4][10]. - Following Ye Guofu's acquisition of a 29.4% stake in Yonghui Supermarket, significant changes occurred in the board of directors, with new members from the "Ming Chuang" system and the departure of the former CEO [10][15]. Supply Chain Issues - Yonghui Supermarket faces deep-rooted issues in its procurement system, which has been criticized for corruption and inefficiency. The company has announced plans to optimize its supply chain and improve transparency [12][13]. - Food safety has been a persistent problem, with incidents reported that have affected the company's reputation [12][13]. Future Outlook - Yonghui Supermarket has announced a major fundraising plan to raise 3.992 billion yuan, with over 3.2 billion yuan allocated for the transformation of 298 stores under the "Fat Donglai model," indicating a commitment to its strategic overhaul despite current losses [15].