Core Viewpoint - The article discusses a recent incident where Yu Donglai interrupted a speech by a senior executive of Yonghui Supermarket, emphasizing the need for clear boundaries between his brand, Pang Donglai, and Yonghui, highlighting the importance of employee treatment in business operations [2][3][9][11]. Group 1: Incident Overview - Yu Donglai's interruption was a direct response to Yonghui's claims about employee management, showcasing a clear stance on the differences between his approach and Yonghui's practices [2][3][9]. - The incident reflects ongoing tensions between Yonghui and Pang Donglai, with Yonghui frequently referencing Pang Donglai's model without fully adopting its principles, particularly regarding employee compensation [5][7][11]. Group 2: Implications for Business Practices - The interruption served as a public declaration that Yonghui's success should not be attributed solely to Pang Donglai's influence, especially when employee wages are not aligned with profitability [9][10][11]. - Yu Donglai's actions are seen as a protective measure to maintain the integrity of the Pang Donglai brand, preventing potential reputational damage from Yonghui's practices [11].

来源：每日经济新闻 永辉超市"学习胖东来"调改正在火热进行中。 4月2日，永辉上海第二家"学习胖东来"调改店——浦江万达广场店焕新开业。紧随其后，4月3日，永辉西安第五家调改店落子未央区大明宫万达广场。至 此，全国调改门店规模扩至49家。 相关负责人介绍，预计在今年年中调改门店将达100家，全年达200家。未来，永辉超市将坚定走胖东来模式的品质零售路线，成为更适合中国主流家庭的 国民超市。 值得注意的是，4月3日永辉超市股价涨停，目前总市值463亿元。 01 "吓人，感觉全上海人都去了！" 货架被抢空，一度限流 据看看新闻Knews报道，继金山万达店之后，永辉超市上海第二家"学习胖东来"自主调改店浦江万达广场店 ，4月2日焕新开业，人气爆棚。 社交平台上，不少市民表示： 一早就排队限流了 感觉全上海人都去了…… 顾客说："超出我的想象，胖东来这个名气太响了。" 不少顾客一进店，直奔胖东来产品专区，吃的用的，塞满了购物车。 早上八点，浦江万达广场门口，顾客陆续聚集，不少人是冲着胖东来的名头而来的。 一名顾客说："太仓坐高铁过来，到虹桥坐地铁过来的，看一下这个胖东来。" 另一名顾客表示："我是河南的，家乡的店，有 ...

奉守"专业主义，内容为王"，为优质的商业阅读而生。多次获评"年度财经自媒体"，入选胡润百富"广 州最值得投资的企业"榜单50强，广州市新阶联自媒体分会副会长单位，入驻全网20多个平台，覆盖 1000万+商务人群，中国财经新媒体的中坚力量之一。 作者：海棠葉 以下文章来源于无冕财经 ，作者无冕财经团队 无冕财经 . 一场股东会后，永辉超市变了天。 任职3年多的CEO未能连任，还没当上非独董；原创始人的反对票也于事无补，董事会结构失 衡；250-350家门店将被关停......3月20日，永辉超市用一纸公告宣布叶国富"代理"CEO，公司 改朝换代进入"叶国富时代"。 拯救永辉、打造成零售行业新标杆，从以往的创办名创优品到如今的执掌永辉超市，叶国富的每 一步都充满野心和赌性。 "我是带着真金白银和一颗真心，跟大家一起来做永辉的。我现在是永辉第一大股东，我比任何人 都希望永辉越来越好。"内斗落幕，叶国富磨刀霍霍"致敬"胖东来。 来源：无冕财经（wumiancaijing） 但这条路，连胖东来都还在摸索。 01 CEO闪电出局 叶国富在不断加强对永辉超市的话语权。 去年9月，名创优品子公司斥资62.7亿元，收购永辉超市 ...

Core Viewpoint - Yonghui Supermarket is undergoing significant internal changes, with a shift in leadership and strategy aimed at addressing substantial financial losses and operational inefficiencies [1][5][6]. Group 1: Leadership Changes - The Shanghai Stock Exchange issued a regulatory letter to Yonghui Supermarket regarding internal governance issues, leading to the board's decision to authorize a reform leadership group to act in place of the CEO [1][3]. - The new leadership group is led by Ye Guofu, the chairman and CEO of Miniso, who has taken control of the company's management, sidelining the original "Yonghui faction" [3][4]. - Former CEO Li Songfeng's absence from the new executive list and his failure to secure a board position highlight the internal power struggle and the shift in control to the "Miniso faction" [4][5]. Group 2: Strategic Reforms - Yonghui plans to close 250-350 underperforming stores by 2025, with an aggressive strategy to revamp its operations and focus on smaller, quality community supermarkets [9][12]. - The company is expected to incur a net loss of 1.4 billion yuan in 2024, contributing to a total loss exceeding 10 billion yuan over four years [9][12]. - Ye Guofu aims to combine the successful elements of the "Pang Donglai" model with the Sam's Club approach, indicating a strategic pivot towards enhancing customer experience and operational efficiency [9][12]. Group 3: Market Reactions and Challenges - Analysts express mixed views on Yonghui's leadership changes, suggesting that a more centralized decision-making process could benefit the company [7]. - The initial success of the store revamps is questioned, with concerns about the sustainability of customer interest and sales performance in the long term [11][12]. - The reform leadership group is focusing on organizational, operational, and supply chain transformations, with a goal of increasing the sales contribution from private label products to 40% [12].

以下文章来源于字母榜 ，作者张琳 字母榜 . 让未来不止于大 来源|字母榜 作者|张琳 编辑|谭宵寒 斥资62.7亿元，成为永辉超市第一大股东半年后，叶国富曲线接手永辉。 3月17日，永辉超市换届选举董事会非独立董事，叶国富被提名进入董事会。永辉超市原董事、CEO李松峰却从永辉这轮斗争中出局。 有趣的是，叶国富并未直接接任或任命新的CEO，而是另起炉灶——永辉超市新成立了改革领导小组，叶国富担任组长，领导永辉改革的叶国富，成了正 在全球招募CEO的永辉的"事实CEO"。 对于叶国富的这一系列操作，永辉超市董事张轩宁投出了反对票，"当前高级管理议案中未涉及CEO安排，这令人深感忧虑。" 如果分析下永辉超市的股权结构，便可以理解叶国富为何要曲线接手永辉了。 "永辉超市目前是一家没有实际控制人的公司，未来会不会有，现在还没有办法准确回答"。永辉超市创始人张轩松在会上的回应，多少透露出永辉内部正 在进行的管理权争夺战。 叶国富虽是永辉超市最大股东，持股比例为 29.4%，但并非实际控制人。创始人张轩松和张轩宁两兄弟股份之和不及叶国富，另外两人也并非一致行动 人。 这种分散的股权结构使得公司在决策权力上缺乏单一主导力量 ...

Core Viewpoint - The article discusses the ongoing power struggle and management changes at Yonghui Supermarket, particularly focusing on Ye Guofu's acquisition and reform plans after becoming the largest shareholder, while highlighting the challenges faced by both Yonghui and Miniso in the retail sector [1][6][28]. Group 1: Management Changes and Power Struggle - Ye Guofu was nominated to the board of Yonghui Supermarket, while former CEO Li Songfeng was ousted, leading to concerns about the lack of a clear CEO arrangement [2][3][15]. - Yonghui's ownership structure lacks a single controlling entity, which has contributed to the internal power struggle [4][5][10]. - The board's composition has shifted, with Miniso's influence growing, as they now hold three out of six non-independent director seats [14][21]. Group 2: Financial Performance and Challenges - Yonghui Supermarket is facing significant financial difficulties, with an expected loss of 1.4 billion yuan for 2024 and a high debt ratio of 87.06% [6][24]. - Despite the implementation of the "Fat Donglai model" and store renovations, the financial results have not yet reflected the improvements, as the company continues to close underperforming stores [7][25][28]. - Miniso's acquisition of a 29.4% stake in Yonghui for 6.27 billion yuan was the largest single acquisition in China's retail sector in recent years, but it has led to cash flow concerns for Miniso [6][26][28]. Group 3: Reform Plans and Future Strategies - Ye Guofu has proposed a significant reform plan for Yonghui, including the renovation of approximately 200 stores and the closure of 250-350 stores by 2026 [7][23]. - The reform strategy aims to enhance efficiency and reduce costs through a "three increases and two decreases" approach, focusing on improving employee productivity, performance, and gross profit while lowering costs and expenses [23][25]. - Collaboration between Miniso and Yonghui is expected in areas such as private label development and supply chain design, although specific measures have yet to be disclosed [25][26].

Core Viewpoint - The article discusses the significant personnel changes at Yonghui Supermarket, including the departure of former CEO Li Songfeng and the entry of new leadership led by Ye Guofu from Miniso, indicating a major transformation within the company [1][4]. Personnel Changes - Yonghui Supermarket's board of directors was restructured on March 17, with Ye Guofu leading the reform team [1][4]. - Li Songfeng, the former CEO, was not included in the new board or executive team, marking a significant shift in leadership [1][4][9]. - The company is currently in search of a new CEO, leaving the position vacant as it seeks global candidates [4][5]. Shareholder Dynamics - Last year, major supporters of Yonghui, including Milk International and JD.com, lost patience and began to divest, leading to Miniso's acquisition of a significant stake in Yonghui [3][12]. - Miniso's subsidiary, Jun Cai International, acquired approximately 29.40% of Yonghui's shares for nearly 6.3 billion yuan, becoming the largest shareholder without seeking control [3][12]. Financial Performance - Yonghui Supermarket has faced substantial financial challenges, with cumulative losses exceeding 8 billion yuan from 2021 to 2023, and an expected loss of 1.4 billion yuan in 2024 [9][12]. - Despite these losses, the stock price has shown resilience, with a notable increase of nearly 130% from the acquisition price by Miniso [12]. Future Outlook - Ye Guofu expresses confidence in Yonghui's future, citing the success of Miniso and the potential for transformation within the retail sector [11]. - Plans for 2025 include the renovation of around 200 stores and the closure of 250-350 stores, with a goal to complete renovations of all existing stores by 2026 [12].

值得注意的是，董事张轩宁在3月17日召开的董事会上对成立改革领导小组的议案投了反对票，理由是：当前高级管理议案中，未涉及CEO安排，这令人 深感忧虑。在董事兼CEO李松峰任职期间，他展现出了非凡的领导才能与卓越的战略眼光。他带领团队深入学习胖东来模式，并成功在全国推广永辉品质 零售店。当下，公司已成功走出转型期，正处于产出最大化的关键阶段，同时也是数字化转型战略落地的收获期。在这一重要历史节点，战略规划的稳步 推进对公司未来发展起着决定性作用。 3月17日晚间，永辉超市公告称，为加快公司改革转型步伐，公司拟正式成立改革领导小组，统领公司改革转型工作；改革领导小组组长为叶国富；成员 为王守诚、罗雯霞、林红东、曾凤荣、吴凯之、甘旺亨、张卫东、朱静、刘少强。 此外，永辉超市还公告称，2025年第一次临时股东大会中，关于换届选举第六届董事会非独立董事的议案，李松峰得票未达到出席会议有效表决权的比 例，未能当选。其他候选人均获通过。 从身份上看，叶国富为名创优品创始人兼CEO，张靖京为名创优品首席财务官。而王永平则是名创优品独立非执行董事、全联房地产商会商业地产工作 委员会会长，其也曾在南极电商等多家公司担任独立董事。 ...

传统商超在中国独特的电商、同城配送环境下，还有生存空间吗？ 文丨 陈晶 编辑丨 管艺雯 六七年前，阿里、腾讯、京东先后砸下成千上百亿元冲进零售业。当时的平台巨头都相信 "线下有很多宝 藏"，传统行业也相信互联网行业有神奇的数字化能力，会给沉疴已久的商超业带来新的可能性，盒马被 奉为圭臬。 幻觉过去，盒马几次下调自己的估值，暂缓上市，过起了精打细算的日子， 并在最近几个月盈利 ；高鑫 零售始终找不到合适的买家，刚刚在 9 月 27 日起短暂停牌，将迎来新的投资方。 整个行业不再提 "新零售"，认真学起沃尔玛的山姆。零售业的比拼从流量回归产品和细节，而阿里和腾讯 都把资源集中在自己的核心业务，不再有多余的耐心留给零售业。 这也更显得名创优品投资永辉不同寻常 。 这个开加盟店卖日用百货、IP 周边的公司以 62.7 亿元人民币 现金买下永辉 29.4% 的股票，成为第一大股东。 上一次有公司如此大手笔投资，金额超过名创的，还是 七年前阿里 224 亿港币投资高鑫零售。 本轮交易中亏损最多的是原第三大股东京东。从 2015 年开始，京东先后向永辉共投资 64.3 亿元，持股 13.39%，按照 9 月 24 日收盘股 ...