证券代码：601933 证券简称：永辉超市 公告编号：2026-008 永辉超市股份有限公司 关于出售参股子公司永辉云金科技有限公司剩余股 权的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 因通过产权交易所征集意向受让方的周期较长，继续实施将面临较大不 确定性，结合公司战略规划及实际情况，为尽快盘活资产、聚焦主业，永辉超市 股份有限公司（以下简称"公司"）已终止于重庆联合产权交易所以公开挂牌交 易方式转让参股子公司永辉云金科技有限公司（以下简称"云金科技"）28.095% 的股权，不再通过其征集意向受让方。 交易简要内容：本次公开挂牌转让事项终止后，公司拟自行向上海派慧 科技有限公司（以下简称"派慧科技"）出售公司持有的云金科技 28.095%的 股权，转让总价为 80,000,000 元。本次交易完成后，公司不再持有云金科技的 股权。 本次交易尚需提交公司董事会审议，并经有权监管机构批准后方可正式 实施，履行过程中存在受到不可预计情形或不可抗力因素影响的可能，最终能否 实施完成及具体完成时间尚存在 ...

永辉超市公告，公司为较快地盘活资产，更好地聚焦主业，于2025年12月31日在重庆联合产权交易所公 开挂牌出售持有的云金科技股权。近期，派慧科技与公司取得联系，双方磋商进展顺利，基于前期公开 挂牌的市场反馈和加快处置的需要，同时考虑金融监管对非银金融机构股东的监管要求，公司已于2026 年1月21日终止了在重庆联合产权交易所出售持有的云金科技股权的公开挂牌程序，并拟通过协议转让 方式向派慧科技出售公司持有的云金科技剩余股权。本次公开挂牌转让事项终止后，公司拟自行向派慧 科技出售公司持有的云金科技28.095%的股权，转让总价为8000万元。本次交易完成后，公司不再持有 云金科技的股权。 ...

Group 1 - The company intends to sell its 28.095% stake in YunJin Technology to Shanghai PaiHui Technology Co., Ltd for a total price of 80 million yuan [1] - After the completion of this transaction, the company will no longer hold any equity in YunJin Technology [1]

Core Viewpoint - The article discusses the challenges and complexities of learning from the "胖东来" (Pang Donglai) retail model, highlighting the struggles of various supermarket chains in adapting to this model and the inherent difficulties in transforming traditional retail practices into a more efficient and profitable system [2][4][14]. Group 1: Industry Challenges - The retail industry is facing significant challenges, with major players like 永辉超市 (Yonghui Supermarket) reporting substantial losses, including a projected annual loss and a nearly 20% revenue decline for 中百 (Zhongbai) [5][10]. - The article notes that while some companies like 步步高 (Bubugao) have shown revenue growth, they still face operational challenges, including a significant drop in net profit [5]. - The difficulties in replicating the success of 胖东来 are emphasized, as many companies struggle to understand and implement the key aspects of its operational model [7][14]. Group 2: Learning from 胖东来 - The essence of learning from 胖东来 lies in fundamentally changing the survival strategies of traditional supermarkets, moving away from a reliance on key account (KA) sales to a model that prioritizes direct consumer engagement and product selection [14][20]. - 胖东来’s model emphasizes the importance of self-owned brands and a direct relationship with suppliers, which contrasts sharply with traditional practices that often involve significant fees for shelf space and product placement [16][19]. - The article highlights the difficulty of changing entrenched procurement practices within traditional supermarkets, which often leads to resistance against adopting new operational models [22][24]. Group 3: Management and Employee Relations - 胖东来 is noted for its generous employee compensation and benefits, which are designed to foster loyalty and reduce corruption within the procurement process [33][39]. - The management practices at 胖东来 are characterized by strict rules and high expectations, which can lead to challenges in maintaining quality as the company scales [44][45]. - The article discusses the complexities of managing a large organization while trying to implement a detailed and rigorous management system, indicating that as companies grow, the effectiveness of such systems may diminish [48][50]. Group 4: Market Dynamics and Future Outlook - The retail landscape is evolving, with traditional supermarkets facing competition from e-commerce and new retail formats, making it essential for them to adapt quickly to changing consumer preferences [56][60]. - The article suggests that the success of 胖东来 may not be easily replicable due to its unique context and the personal leadership style of its founder, indicating a potential "survivor bias" in attempts to emulate its model [62][63]. - The future of retail may require a reevaluation of existing business models, as companies navigate the complexities of modern consumer behavior and market conditions [58][61].

Market Performance - The three major indices experienced a slight increase, with the Shanghai Composite Index rising by 0.16%, the Shenzhen Component Index by 0.76%, and the ChiNext Index by 0.85% [1] - Over 2,900 stocks in the two markets saw gains, with a total trading volume of 1.63 trillion yuan [1] Sector Performance - The consumer sector collectively weakened, with notable declines in the liquor and tourism hotel sectors; Li Qun shares fell by 5.16%, and other companies like Yonghui Supermarket, Jiuhua Tourism, and Jinhui Liquor saw declines exceeding 4% [3] - The coal sector also faced a downturn, with Dayou Energy dropping nearly 8% [3] - Other sectors such as dairy, cement, and electricity followed suit in terms of declines [3] Emerging Trends - Precious metals concepts continued to surge, with Hunan Silver achieving two consecutive trading limits [3] - The chip industry chain saw expanded gains, with over ten stocks including Huatians Technology, Longxin Zhongke, and Zhizheng shares hitting the daily limit [3] - Lithium mining concepts experienced a rebound, with companies like Shengxin Lithium Energy and Dazhong Mining reaching the daily limit [3] Notable News - Alibaba's Qianwen derivative model surpassed 200,000, becoming the first open-source large model to achieve this milestone globally; the Qianwen series models have been downloaded over 1 billion times, averaging 1.1 million downloads per day [3] - Spot gold prices rose to $4,830 per ounce, increasing by 1.5% within the day and over 10% for the month [3]

Core Viewpoint - The company is undergoing a significant transformation due to continuous revenue decline caused by store closures and operational adjustments, with a strategic shift planned for the second half of 2024 [1][3]. Group 1: Revenue and Financial Performance - The company's revenue has been consistently declining due to store closures and intensified industry competition, which is deemed objective and reasonable [1]. - In the first nine months of 2025, revenue from closed stores decreased by 5.988 billion, and overall sales revenue dropped by 6.379 billion compared to the previous year, primarily due to store closures [2]. - The company incurred a one-time cost of 840 million from store adjustments in 2025, with a total pre-tax profit impact of 1.174 billion from closed stores [4]. Group 2: Store Adjustments and Transformations - In 2025, the company closed 381 stores and completed adjustments on 275 existing stores, with the majority of these activities concentrated in that year [3]. - By the end of 2025, the company had 403 stores, with 315 having completed adjustments, which are expected to contribute positively to revenue and profit in 2026 [3][4]. - The company plans to close approximately 25 stores and adjust around 50 stores in 2026, significantly reducing the negative impact on operational performance compared to 2025 [3]. Group 3: Upgrade and Renovation Strategy - The selection criteria for upgrading stores include the location's alignment with the target demographic, physical conditions of the store, and the operational capabilities of the team [5][6]. - Among the 216 stores selected for renovation, 154 are located in core business districts, and 149 are situated in standardized shopping centers, indicating a strategic focus on high-traffic areas [6]. - The logistics upgrade project will cover 241 stores, representing 60% of the total stores, with expectations of increased sales and improved cold chain logistics efficiency post-renovation [7].

Core Viewpoint - Yonghui Supermarket, once a leader in China's retail industry, is facing significant challenges, reporting a projected loss of 2.14 billion yuan for 2025, marking its fifth consecutive year of losses due to its costly "Pang Reform" strategy inspired by a successful competitor [1][4]. Group 1: Company Challenges - The company has struggled with high costs, declining foot traffic, and an outdated business model, reflecting broader issues within the traditional retail sector amid the rise of e-commerce and community group buying [2][3]. - The ongoing transformation, referred to as "Pang Reform," involves a shift from a focus on scale and efficiency to enhancing customer experience and service, which has resulted in substantial costs and losses [4]. Group 2: Financial Implications - The transformation has incurred over 1.2 billion yuan in costs, with the company facing a high debt ratio of nearly 89%, complicating its financial situation and increasing the risk associated with its strategic overhaul [4]. - The closure of 381 stores is a drastic measure aimed at stemming losses, but the effectiveness of the remaining stores in generating sustainable revenue through the "Pang Reform" remains uncertain [5]. Group 3: Investment Insights - Investors should critically assess the company's ability to balance cost-cutting measures with revenue generation, focusing on key performance indicators such as operating cash flow, same-store sales growth, and debt structure optimization before making investment decisions [5]. - The case of Yonghui serves as a cautionary tale about the complexities of transformation in a rapidly changing industry, emphasizing the need for careful management of strategic execution under pressure [5].

Market Overview - The market experienced a decline yesterday, with major indices falling and the ChiNext index dropping over 1.5%, indicating a decrease in market risk appetite [1] - The total trading volume in both markets reached 2.78 trillion, maintaining a high level, suggesting a foundation for healthy market rotation [1] Sector Performance - Aerospace and AI application sectors saw significant declines, which are related to the retreat of margin financing [1] - The service consumption sector performed strongly against the trend, reaching new highs, likely due to rising policy expectations [1] Key News - The government plans to continue implementing an active fiscal policy in 2026 [1] - Major engineering projects and the establishment of a national-level merger fund are being considered [1] - The escalation of trade conflicts between the US and Europe has heightened market risk aversion, leading to a new high in gold prices [1] - Hikvision is projected to see net profit growth by 2025, while Yonghui Supermarket is expected to report a loss [1]

学胖东来的第二年，老牌零售巨头永辉又亏了21亿。日前，永辉超市发布业绩预告，公告显示，预计2025年度归母净利润亏损21.4亿元，上年同期亏损14.7 亿元；归属于上市公司股东扣除非经常性损益后的净亏损29.4亿元，上年同期净亏损为24.1亿元。 这意味着，永辉超市在经历20个月的胖东来模式学习后，在业绩层面尚未扭转颓势，这家老牌零售龙头连续第五年出现经营亏损。 不过在二级市场，永辉超市的股价却表现强势，2024年第四季度一波行情曾暴涨2倍，胖改以来涨幅亦达到约110%，市值增长约230亿元。 门店调改过程中产生的各项费用对公司利润造成重大影响。资产报废及一次性投入合计约9.1亿元，门店停业装修导致的毛利额损失预估约3亿元。关闭381 家门店同样产生了较大损失，主要包括资产报废损失、人员优化离职补偿以及租赁相关的违约赔偿等费用。 供应链改革也在短期内对公司经营造成压力。永辉超市推行"阳光供应链、裸价直采、核心聚焦、冷链升级、门店协同"五大方向的系统性变革，破解传统供 应链痛点。这一改革使公司短期面临缺货及毛利率下滑的压力，对营业收入产生一定影响。 对外投资方面的损失进一步加重了公司的财务负担。永辉超市持有的境 ...

Market Sentiment - The current market sentiment score is 76, indicating a "relatively hot" market condition, which suggests strong investor confidence [2][10][22]. Hot Themes Tracking - **Robotics Theme**: The upcoming Spring Festival Gala will feature robotics, showcasing technological advancements and creativity. Related stocks include Sanhua Intelligent Control (002050) and Wolong Electric Drive (600580) [6]. - **Banking Theme**: Bank stocks offer high dividend yields, with the China Securities Bank Index yielding 6.02%, significantly higher than the 10-year government bond yield. This makes bank stocks attractive for long-term investors during economic slowdowns. Related stocks include Agricultural Bank of China (601288) and Ningbo Bank (002142) [6]. - **Retail Theme**: The National Business Work Conference emphasized boosting consumption and retail innovation for 2026, focusing on initiatives like trade-in programs and digital market development. Related stocks include Yonghui Superstores (601933) and Wangfujing (600859) [6]. Capital Flow Analysis - The top net inflow stocks include China Great Wall (000066) with a net inflow of approximately 142.67 million, followed by Xinyi Technology (300502) and Huatian Technology (002185) [11]. - The top net outflow stocks include Xunwei Communication (300136) with a net outflow of approximately -175.91 million, followed by Shanzhi High-Tech (000981) and Zhongji Xuchuang (300308) [13]. Industry Insights - The banking sector is highlighted for its stability and high dividend yields, making it a key focus for long-term capital allocation amidst economic uncertainty [6]. - The robotics and retail sectors are positioned for growth due to technological integration and government support for consumption initiatives, respectively [6].