Core Viewpoint - Yonghui Supermarket expects overall revenue in 2025 to be lower than in 2024 due to a significant number of store closures planned for that year [1][2] Group 1: Financial Performance - In the first half of 2023, Yonghui Supermarket reported total revenue of 29.948 billion yuan, a year-on-year decline of 20.73% [4][5] - The net profit attributable to shareholders was -2.41 billion yuan, an increase in loss of 5.16 billion yuan compared to a profit of 2.75 billion yuan in the same period last year [4][5] - The company closed 227 loss-making stores in the first half of 2023, while only 232 stores were closed throughout the entire previous year [4][7] Group 2: Store Closures and Adjustments - Yonghui plans to close 186 supermarkets in the second quarter of 2025 due to operational losses, contract expirations, and equity transfers, with an estimated loss of 8.27 billion yuan from these closures [6] - The company has initiated a transformation plan, aiming to complete adjustments on 200 stores by September 30, 2025, and all stores by 2026 [6][10] Group 3: Strategic Initiatives - Yonghui's financial director stated that the remaining operational stores are expected to see significant year-on-year sales growth in the second half of 2023 due to ongoing transformation efforts [2][3] - The company plans to raise up to 3.992 billion yuan through a targeted stock issuance to optimize its capital structure and fund store upgrades and logistics improvements [3][4] - The transformation project includes upgrading 298 stores using the "Fat Donglai model," focusing on various aspects such as product structure and shopping experience [3] Group 4: Online Business and Shareholder Changes - In the first half of 2023, Yonghui's online business revenue was 5.49 billion yuan, a year-on-year decline of 29.97%, accounting for 18.33% of total revenue [8] - The largest shareholder of Yonghui has changed, with Jun Cai International acquiring 29.4% of the shares for 6.27 billion yuan, making it the largest shareholder [8]

上半年由盈转亏，在永辉超市（601933.SH）今日召开的公司业绩说明会上，公司全年业绩展望、门店 调改进度以及调改店经营情况成为投资者尤为关注的问题。 结合财报来看，上半年，公司一共关闭了227家亏损门店。截至报告期末，公司已开业门店合计552家， 调改开业门店124家。谈及调改门店的经营情况，吴凯之介绍，调改店完成后，销售相比调改前取得了 非常明显的增长。此外，进入稳定经营期的调改店，整体也已进入稳定盈利状态。 从调改节奏来看，据公司官微消息，截至本月15日，永辉超市全国自主调改门店总数达到160家。公司 并计划，到9月底，实现全国调改门店达到200家。 与此同时，闭店在下半年也还将继续。董事长张轩松介绍，公司的闭店工作正在按既定战略稳步推进， 今年下半年的闭店数量，会依据市场状况以及门店的综合经营情况来确定。 门店调改的同时，永辉超市还在推进自有品牌产品。张轩松介绍称，截至目前，公司自有品牌已上架橙 汁和洗衣液两款产品，市场反响不错。全年计划上新60支单品，覆盖日用、食用标品等。 考虑到上半年归母净利润亏损，有投资者担忧公司会有ST风险。对此，董秘黄晓枫回应称，公司目前 有可持续经营能力，没有ST风险。 ...

调改后的永辉旧宫店舍弃了传统超市布局逻辑。具体而言，永辉旧宫店取消强制动线设计，主通道拓宽至3米，货架高度统一降至1.6米，视觉空间更为通透 开放。收银机台数量增至33台，缩短高峰时段排队时长。烘焙、熟食等鲜食类商品占比明显提升。据了解，永辉旧宫店是永辉在北京的第11家门店，也是大 兴区第4家借鉴胖东来模式自主调改的门店。 与此同时，商品体系也进行了调改。北京商报记者了解到，门店商品近半数被汰换，调改后的商品结构达到胖东来商品结构的80%。其中，果切区执行"468 鲜度管理"，切好后超4小时八折、6小时六折、8小时下架，肉禽水产区提供免费切配服务，水产技工现场演示"沥水称重"标准流程。 此外，门店设置胖东来自有品牌专区，包括DL果汁、精酿啤酒、燕麦脆等70余款商品。熟食区新增胖东来同款麻辣牛肉条、小甜肠及现烤披萨、关东煮等 即食品。 北京商报讯（记者 赵述评）8月14日，历经49天调改的永辉超市旧宫店正式营业。永辉全国范围内的调改门店总数已达156家，预计9月30日前达到200家。 据悉，永辉石景山鲁谷店、燕郊上上城店、大兴康庄天键广场店也将陆续完成调改。永辉全国范围内的调改门店总数已达156家，预计9月30 ...

北京商报讯（记者 王维祎）近日，北京商报记者从物美集团了解到，新一批共7家"学习胖东来自主调 改店"8月起将陆续在北京、天津和杭州开业，其中北京朝阳华贸店和昌平天通苑店将于8月8日正式开 业，西城新街口店将于8月29日对外营业。 另外，物美杭州钱塘下沙、萧山金城和西湖文一的3家门店，以及天津和平的1家门店均已进入调改筹备 倒计时，将于8月15日至9月12日先后焕新开业。 商品方面，门店商品结构将接近胖东来商品结构的80%，并将大幅扩增烘焙和熟食现制加工区，每日提 供数十种现做烘焙、熟食以及现场试吃，同时为顾客带来现制烤鸭、酱牛肉、小甜肠、热卤肠、榴莲千 层等热门商品。 服务方面，门店入口将设一站式便民服务区，配备自助茶饮机、应急药箱和血压测量仪等10余项基础服 务，以及宠物寄存等包容性服务，打造更具温度的购物体验。 持续改善员工福利，员工薪资提升至原薪资的1.5倍以上，所有员工均参与门店利润分红；员工入职满 一年即可享受10天年假，每日工作时长缩短。 物美此次继续选择"京津杭"地区进行胖改店布局，旨在此前北京学清路店和大兴黄村店、天津北辰店以 及杭州拱墅万达店调改的成功基础上进一步拓展，精准匹配"京津杭"三地 ...

永辉超市日前启动定增计划，拟募资近40亿元。其中，绝大部分将用于对旗下298家门店调改项目，以加速在明年完成旗下所有门店的调改工作。 不过，受战略转型以及门店调改的影响，公司业绩依然承压。继连续4年归母净利润亏损后，今年上半年预计再亏2.4亿元。 可以预见的是，随着门店调改的持续深入，永辉超市在短期内，仍将经受业绩和市场的双重考验。 定增40亿 为了早日像胖东来一样做生意，永辉超市（601933.SH）日前祭出大招。 7月31日，公司披露定增预案，拟募资约39.92亿元，用于旗下门店调改、物流仓储升级以及补充流动资金或还贷等3大项目，其中，8成募资将用于对旗下 298家门店进行"胖改"调改升级。 自去年开始，永辉借鉴胖东来超市模式，对旗下门店进行调整，到该年度末调改完成31家。据公司介绍，这些被调改门店营业收入、客流均实现大幅提 升。 今年以来，门店调改行持续进行。据东吴证券研报，今年初到7月底，永辉已开业门店517家，其中调改门店达到146家。 对298家门店的调改，公司将倾注大量资金，项目总投资55.97亿元。 为了配合门店调改工作，公司还将投入3.09亿元用于物流仓储升级改造项目，引进自动分拣线、AGV ...

东吴证券研报指出，永辉超市拟定增融资40亿元，主要用于支持门店调改。公司拟通过门店升级改造项 目的建设，进一步对298家门店进行"胖东来模式"调改；通过物流仓储升级改造项目建设，引进自动分 拣线、AGV机器人等先进自动化设备，并配置WMS智能仓储管理系统、TMS物流运输管理系统等先进 的数字化、智能化物流仓储配送系统。期待公司加速调改和关闭长尾门店之后，中长期业绩逐步实现修 复。考虑公司调改和关店进度快于预期，该行对公司财务模型进行调整，将2025-27年归母净利润预期 从-8.7/2.4/14.3亿元，调整至-8.7/4.4/10.9亿元，考虑调改店推进和关闭长尾门店之后公司远期业绩有望 展现较好弹性，仍维持"增持"评级。 ...

东吴证券7月31日发布研报称，给予永辉超市（601933.SH，最新价：4.88元）增持评级。评级理由主要 包括：1）本次定增40亿元，将主要用于支撑门店升级改造；2）定增发行对象、定增股票数量及发行价 格；3）永辉超市近期继续快速推进老门店调改，以及长尾门店关闭。风险提示：门店调改进程不及预 期，关店及调改费用导致亏损，定增审批和进度尚有不确定性等。 （文章来源：每日经济新闻） ...

Core Insights - Yonghui Supermarket has officially opened its first store in Beijing Economic and Technological Development Area after a self-adjustment inspired by "learning from Pang Donglai" [1] - The store aims to cater to family consumption characteristics and seasonal demands by increasing the proportion of ready-to-eat meals and optimizing cold chain delivery [1][2] - Yonghui has a strategic goal to complete the renovation of 200 stores nationwide by September 30, 2025, with a current total of 143 adjusted stores [2] Group 1 - The newly opened Yonghui store in Yinhai Huanyu Fang focuses on fresh produce management and ready-to-eat food to meet the convenience needs of families [1] - The store has enhanced its fresh produce section, featuring seasonal bestsellers like watermelons and peaches, and implements a "468 freshness management" principle for cut fruit [1] - The store layout has been redesigned to improve visibility and customer flow by removing mandatory traffic lines and lowering shelf heights [1][2] Group 2 - Service adjustments include free slicing and grinding services in the meat and poultry section, and a "drain and weigh, oxygenation for freshness" standard in the seafood section [2] - The store includes a temporary pet area and facilities such as drinking water and microwaves in the resting area [2] - Upcoming renovations are planned for several other Yonghui locations, with openings scheduled between July and September [2]

Group 1 - The core event "717 Good Eating Festival" was successfully held by Yonghui Supermarket, featuring over 100 new products and quality goods, leading to a significant sales increase of 75% in remodeled stores during the event [1][2] - The sales report highlighted that fresh food categories, particularly shrimp and fruits, became the top shopping choice for consumers, with Fuan grapes seeing a sales increase of over 100 times [2][3] - Yonghui's partnership with Yili for a competitively priced fresh milk product resulted in sales exceeding 1 million yuan within four days of launch, indicating strong potential for becoming a billion-level product [2] Group 2 - The remodeling of Yonghui Supermarket's stores has entered a scalable and systematic phase, with plans to open one remodeled store daily on average in the third quarter [2] - As of July 23, there are 136 remodeled stores nationwide, with significant sales growth observed in both first and second-tier cities, as well as rapid growth in some third and fourth-tier cities [2][3] - The company aims to continue its remodeling efforts, targeting 208 remodeled stores by the end of September 2023 and 300 by the Lunar New Year in 2026 [3]

Investment Rating - The report assigns an "Accumulate" rating to Yonghui Supermarket (601933) for the first time [1]. Core Viewpoints - Yonghui Supermarket is a leading chain supermarket in China, ranking second in sales in 2023 with a revenue of 85.55 billion yuan, following Walmart China [5][13]. - The company is undergoing significant reforms, including a comprehensive store renovation strategy inspired by the "Pang Donglai model," which aims to enhance operational efficiency and improve profitability [5][61]. - The strategic investment from Miniso has accelerated the company's transformation, with plans to complete renovations on approximately 200 stores by 2025 while closing 250-350 underperforming stores [5][61]. Summary by Sections 1. Company Overview - Yonghui Supermarket was established in 2001 and has rapidly expanded, becoming a benchmark for integrating fresh produce into modern supermarkets [13]. - The company has faced challenges due to the pandemic and competition from online retail, leading to a reduction in store numbers and a focus on cost control [13][14]. 2. Investment Highlights - The company has initiated a comprehensive reform since June 2024, focusing on employee compensation, store layout, product restructuring, and supply chain optimization [5][37]. - The "Pang Donglai model" has been adopted to enhance customer experience and operational efficiency, with significant improvements in store performance observed post-renovation [5][74]. 3. Financial Performance - The company's revenue has declined from 93.20 billion yuan in 2020 to 67.57 billion yuan in 2024, with a net loss of 1.465 billion yuan in 2024 [17]. - Despite short-term losses due to store closures and renovations, the long-term outlook is positive as operational efficiency is expected to improve [5][17]. 4. Market Position and Competitive Landscape - Yonghui Supermarket's sales in 2023 were 85.55 billion yuan, a 12.7% decrease year-on-year, while competitors like Walmart and emerging brands like Hema and Pang Donglai have shown growth [34]. - The shift towards quality and consumer experience is driving the transformation of traditional supermarkets, with Yonghui adapting to these market demands [26][30]. 5. Strategic Changes and Future Outlook - The company plans to complete the renovation of 200 stores by 2025, with a focus on enhancing product quality and customer service [61][74]. - The strategic investment from Miniso is expected to further support Yonghui's transformation and operational improvements [61].