永辉“胖改”20个月：单店业绩回暖，难抵整体亏损

Core Viewpoint - Yonghui Supermarket is undergoing a significant transformation process, referred to as "Pang Donglai" reform, which is expected to impact its financial performance negatively in the short term, leading to a projected net loss of 2.14 billion yuan for 2025, marking the fifth consecutive year of losses for the company [2][6]. Group 1: Financial Performance and Losses - The company reported a net loss of 2.14 billion yuan for 2025, compared to a loss of 1.47 billion yuan in the previous year [2][6]. - From 2021 to 2024, Yonghui Supermarket's net profits were -3.944 billion yuan, -2.763 billion yuan, -1.329 billion yuan, and -1.465 billion yuan respectively [2]. - The company closed 381 stores and underwent significant adjustments to 315 stores, incurring costs related to asset write-offs and renovation losses totaling approximately 910 million yuan [6][7]. Group 2: Store Adjustments and Performance - The adjustments made to the stores have shown initial positive results, with 31 reformed stores achieving sales of 4.662 billion yuan in the first nine months of 2025, a 71% increase year-on-year [7]. - Despite the improvements in adjusted stores, their overall contribution to the company's net profit remains limited due to their low proportion in total operations and high initial costs [7]. - The company plans to close about 25 stores and adjust around 50 stores in 2026, expecting a reduction in the negative impact on pre-tax profits to 170 million yuan [7]. Group 3: Fundraising and Shareholder Actions - To support the transformation, Yonghui Supermarket initiated a targeted fundraising plan, initially aiming to raise 3.992 billion yuan for upgrading 298 stores, later adjusted to 3.114 billion yuan for 216 stores [9][10]. - The company's financial pressure is evident, with cash reserves at 3.358 billion yuan as of September 30, 2025, the lowest in nearly a decade [10]. - In contrast to the fundraising efforts, significant shareholders, including the chairman, have been reducing their stakes, with plans to sell up to 90.75 million shares [11]. Group 4: Organizational and Supply Chain Adjustments - To address ongoing operational pressures, Yonghui Supermarket has implemented organizational changes, including a new management structure to enhance efficiency [13]. - The company is focusing on supply chain reforms, aiming to increase the sales of private label products to 40% of total sales over the next 3-5 years [13][14]. - A commitment to transparency in supplier relationships has been emphasized, with measures to combat corruption and ensure fair practices in supplier selection [14]. Group 5: Industry Context and Strategic Alignment - Yonghui Supermarket's adjustments align with broader industry trends, as highlighted by the China Chain Store & Franchise Association, which indicates a focus on optimizing procurement channels and enhancing online and offline integration [15].