YONGHUI SUPERSTORES(SH:601933) 新浪财经·2026-01-23 12:10Core Viewpoint - Yonghui Supermarket is expected to incur a net loss of 2.14 billion yuan in 2025, marking its fifth consecutive year of losses, primarily due to store adjustments and related costs exceeding 1.2 billion yuan [3][12][13]. Group 1: 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 of 1.465 billion yuan, which expanded by 10.26% compared to the previous year [11]. - The projected net loss for 2025 is 2.14 billion yuan, compared to a loss of 1.47 billion yuan in the previous year, indicating a worsening financial situation [12]. - The losses are attributed to three main factors: store adjustments, supply chain reforms, and external investments leading to asset impairment [12]. Group 2: Store Adjustments and Strategy - Yonghui Supermarket has deepened adjustments in 315 stores and closed 381 stores that do not align with its future strategic positioning, resulting in significant losses from asset write-offs and other related costs [12][13]. - The adjustments have led to an estimated loss of approximately 910 million yuan from asset write-offs and one-time costs, along with an estimated 300 million yuan loss in gross profit due to store closures [12]. - Experts suggest that the core of the "Pang Donglai model" includes high salaries, long-termism, and regional deep cultivation, which Yonghui has not fully adopted, focusing instead on superficial aspects like decoration and service [13]. Group 3: Customer Experience and Market Response - After the store adjustments, customer traffic initially surged but later returned to normal levels, with some customers noting that prices have increased [9][10]. - The store features a dedicated area for Pang Donglai-branded products, but there have been no reported incidents of product hoarding or reselling, indicating stable customer behavior [9][10]. - The new CEO has acknowledged that Yonghui is currently at the level of Pang Donglai ten years ago and aims to regain customer trust over the next few years [15].