9月18日，永辉超市(601933.SH)发公告，公司于2025年9月18日召开第六届董事会第七次会议，审议通过《关于聘任公司高级管理人员的议案》，同意聘任 王守诚为公司首席执行官（CEO）。 此外，根据董事会会议公告，为更好地适应市场发展需求，永辉决定于杭州市临平区设立子公司；拟定公司名称杭州永辉超市有限公司。 图据视觉中国 据公告披露，王守诚，1991年4月出生，北京大学硕士学历。现任永辉超市股份有限公司董事、改革领导小组副组长、副总裁，兼任运营支持部负责人、筹 建支持部负责人，分管招商部。自2017年毕业后，以"融才"管培生身份加入永辉，历任 CEO业务助理、集群运营合伙人、福建省区人力资源合伙人，闽赣 省区人力资源总监，上海省区总经理。在永辉超市东来学习项目中担任调改小组负责人，牵头运营标准体系的建设，有力地推进调改项目。 今年2月，名创优品创始人叶国富携名创高管入驻永辉超市董事会，并成立由叶国富任组长的"永辉改革领导小组"，包括王守诚、罗雯霞、林红东、曾凤 荣、吴凯之、甘旺亨、张卫东、朱静、刘少强9人。 3月17日，永辉超市召开2025年第一次临时股东大会，前CEO李松峰未获续任。3月20日，永辉超 ...

悬空半年的永辉CEO一职，终于明确了人选！ 9月18日晚间，永辉超市发布公告称，经公司董事会提名，并经公司董事会提名委员会资格审查，董事会审议通过《关于聘任公司高级管理人员的议 案》，同意聘任王守诚先生为公司首席执行官。 公告还披露：王守诚先生未持有公司股份。同时，他与公司持股5%以上股东以及其他董事、监事、高级管理人员不存在关联关系，且未受过中国证券监 督管理委员会及其他相关部门的处罚或上海证券交易所的惩戒，不存在不适合担任上市公司高级管理人员的情形。 01 90后的CEO 从名创优品入股开始，永辉就一直是媒体的焦点，组织的变动更是分外引人关注。 2月27日，永辉超市宣布成立由名创优品创始人叶国富任组长的"永辉改革领导小组"，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9人为组员。 3月17日下午，永辉超市在福州召开2025年第一次临时股东大会，前CEO李松峰未获续任，当时还成为永辉超市董事张轩宁一人反对成立改革领导小组议 案的理由；同时，永辉也发公告称，CEO"虚位以待，将全球招募"。 到3月20日晚间，永辉超市发布公告称，董事会授权公司改革领导小组代行CEO职责，同时也承诺尽快 ...

Group 1 - The new CEO of Yonghui Supermarket, Wang Shoucheng, has been appointed following the departure of Li Songfeng in March [2] - Wang Shoucheng, born in April 1991, has held multiple key positions within Yonghui since joining in 2017, including CEO business assistant and regional general manager [4] - The company reported a significant decline in revenue for the first half of 2025, with total revenue of 29.948 billion yuan, a year-on-year decrease of 20.73%, and a net loss of 241 million yuan compared to a profit of 275 million yuan in the same period last year [6] Group 2 - The revenue decline is attributed to a deep transformation strategy initiated in the second half of 2024, which included closing underperforming stores and temporary closures for renovations [6] - The company has closed 227 loss-making stores, incurring costs related to lease and personnel compensation, as well as asset write-offs during the closure process [6] - Yonghui Supermarket is focusing on a transformation strategy inspired by the "Pang Donglai model," emphasizing quality and customer experience, with plans to incubate 100 billion-level products over the next three years [7][8]

Core Viewpoint - Yonghui Supermarket is accelerating its "downward strategy" to enhance quality service and innovate the "Fat Donglai model" in county markets, marking a significant step in its layout in the Suzhong county market with the opening of its first "Fat Donglai model" store in Hai'an [4]. Group 1: Store Transformation - The newly renovated Yonghui Supermarket in Hai'an has a retail area of over 2,600 square meters and aims to meet local consumer demands for improved fresh produce quality, shopping environment, and service experience [4]. - The store has undergone a significant product overhaul, removing 7,636 out of 13,030 original items and adding 3,751 new products, resulting in a new product ratio exceeding 41% [5]. - The product structure now closely aligns with the Fat Donglai standard, with imported goods accounting for 13% and fresh food categories increasing from 5% to 20% [5]. Group 2: Product Innovation - The fresh produce section has been upgraded to include high-altitude vegetables, organic products, and specialty fruits, enhancing quality and source control [5]. - The store features a dedicated area for Fat Donglai products and Yonghui's selected items, including ten core products that meet daily family needs with high quality-to-price ratios [7]. - The bakery section has introduced over 90 new products, balancing health and creativity, and offering popular items like durian mille-feuille and matcha red bean soufflé [7]. Group 3: Service and Experience Enhancement - The store layout has been optimized to create a more open shopping atmosphere, with wider aisles and lower shelf heights [8]. - Customer service has been enhanced with various amenities, including a rest area with health measurement tools and free charging stations, reflecting a deep understanding of customer needs [8]. - Food safety measures are strictly implemented, with a "468 principle" for cut fruit products to ensure freshness [10]. Group 4: Employee Development - The employee count has increased from 86 to over 130, creating numerous local job opportunities, with an increase in average salaries [11]. - Yonghui has launched a "Craftsman Plan" to provide systematic training and certification for frontline employees, enhancing their professional skills and service quality [11]. - The store aims to integrate the "people-oriented" philosophy of the Fat Donglai model with local consumer habits and culture, creating a unique shopping experience for the Hai'an community [11].

Core Viewpoint - The retail industry in Chongqing is undergoing a significant transformation focused on quality and expansion, with Yonghui Supermarket leading the way through innovative store formats and enhanced consumer experiences [1][12]. Group 1: Store Innovations - Yonghui Supermarket has launched four newly renovated stores in Chongqing within a month, adopting the "Pang Dong Lai" model to enhance product offerings and customer service [1][12]. - The new stores are strategically located in key urban areas, aiming to become quality living centers for local residents by providing convenient and high-quality shopping experiences [3][12]. Group 2: Product and Service Enhancements - The renovated stores have significantly increased the proportion of fresh and ready-to-eat products, introducing local specialties and seasonal seafood to cater to local tastes [3][5]. - The bakery section has become a highlight, featuring a variety of freshly baked goods that appeal to consumers, such as Swiss rolls and fruit tarts [5][9]. - The stores have implemented a "468 freshness principle" to ensure product quality, with dynamic pricing strategies to minimize inventory loss and offer fresh products at competitive prices [11]. Group 3: Customer Experience Improvements - Store layouts have been redesigned for better accessibility and comfort, with wider aisles and a more user-friendly arrangement of products [9][12]. - Enhanced customer services include facilities for health monitoring, pet care, and free product processing, which contribute to a more pleasant shopping experience [9][11]. Group 4: Employee Welfare and Community Impact - Employee compensation and benefits have been improved, fostering a positive work environment that translates into better customer service [11][12]. - The transformation of these stores is expected to stimulate local commerce, encouraging customers to engage in surrounding community businesses, thus enriching the local economy [12][15]. Group 5: Strategic Goals - Yonghui Supermarket aims to strengthen its presence in Chongqing as part of the city's development as an international consumption center, emphasizing quality retail to meet the needs of local families [15].

Core Insights - The article discusses the transformation of Yonghui Supermarket in response to challenges faced by traditional retail, emphasizing the importance of originality and adaptability over standardized reforms [2][6] - Yonghui's first "Pang Donglai model" store in Zhejiang, the Binjiang Baolong store, opened in September 2024, showcasing significant changes in store layout and customer service [2][11] Group 1: Store Transformation and Customer Experience - The Binjiang Baolong store has made adjustments to its layout and customer service, enhancing the shopping experience with more open spaces and proactive staff assistance [2] - Customers, such as Mr. Liu, appreciate the convenience and quality of products, particularly the processing services offered by Yonghui [2] - The store has introduced new products under its private label, including enzyme laundry detergent and fresh juices, ensuring quality at affordable prices [4] Group 2: Employee Engagement and Training - Yonghui has increased employee numbers and raised average salaries by over 30% as part of its transformation strategy [8] - The company has implemented a profit-sharing mechanism for employees, allowing them to receive bonuses based on store performance, which has boosted morale and motivation [8] - Yonghui launched a "Craftsman Plan" to enhance employee skills, with a certification program that saw a 78% pass rate among participants [10] Group 3: Strategic Partnerships and Product Offerings - Yonghui has collaborated with suppliers to create exclusive products, such as a custom milk product with Yili, achieving over 1 million yuan in sales within four days of launch [5] - The supermarket aims to incubate 100 billion-yuan-level products over the next three years, focusing on quality and long-term partnerships with core suppliers [10] Group 4: Expansion and Future Plans - Yonghui plans to open two additional transformed stores in Hangzhou, marking the expansion of its successful model beyond the initial location [11] - The company is transitioning from a focus on price competition to prioritizing quality and service, aligning with the principles of the Pang Donglai model [8][11]

Core Insights - Yonghui Supermarket has opened its first upgraded store in Tangshan, marking the fifth store in Hebei province to adopt the "Fat Donglai model" [1][2] - The store features a significant product optimization, with nearly 60% new items added, aligning its product structure closely with that of Fat Donglai [1] - The store has expanded its fresh food offerings, with fresh food products now making up 23% of the overall product mix [1] Product and Service Enhancements - The Tangshan store has introduced popular items such as boneless pig trotters and Korean fried chicken, while also maintaining local delicacies [1] - Strategic partnerships with suppliers like COFCO and Anchor have been established for fresh-baked products [1] - The store offers travel-sized personal care products and free luggage storage for tourists, along with promotional shipping services [2] Performance Metrics - The first upgraded store in Shijiazhuang saw a sales increase of over 400% and a nearly 200% rise in customer traffic within two months of opening [2] - The Tianjin store has experienced nearly 200% sales growth and over 80% increase in customer traffic since its opening in January [2] - Yonghui plans to have six upgraded stores in Hebei by the end of September, enhancing its quality retail network in major cities [2]

Core Insights - The acquisition of 29.4% stake in Yonghui Supermarket by Miniso's founder Ye Guofu for 6.27 billion yuan marks a significant shift in the retail landscape, positioning Miniso as the largest shareholder of a struggling supermarket giant [1] - Yonghui Supermarket has faced severe financial difficulties, reporting a cumulative loss of 9.5 billion yuan over four consecutive years, leading to a strategic overhaul termed "Fat Reform" [1][2] - The transformation strategy under Ye Guofu's leadership has resulted in a mixed performance, with a 20.73% decline in revenue to 29.948 billion yuan and a net loss of 241 million yuan in the first half of 2025 [1][2] Financial Performance - Yonghui's revenue dropped significantly due to the closure of underperforming stores and ongoing strategic adjustments, with 223 stores closed by mid-2025, nearly half of its peak count [2] - The company reported a non-recurring net loss of 802 million yuan, compared to a profit of 29.86 million yuan in the same period last year, indicating a deepening operational crisis [1][2] - The financial strain is exacerbated by the costs associated with store closures and the ongoing transformation efforts, with a total investment of 5.597 billion yuan planned for store upgrades [3][14] Strategic Challenges - The "Fat Reform" strategy, inspired by the "Fat Donglai model," has faced execution challenges, with superficial changes failing to address deeper operational and cultural issues within Yonghui [4][7] - Conflicts between Miniso's team and Yonghui's existing management have emerged, particularly regarding profit margin targets and operational philosophies, leading to management instability [8][9] - The integration of supply chain reforms has encountered significant hurdles, with the "naked price direct procurement" model leading to supply disruptions and increased stockouts [5][6] Cultural and Organizational Issues - The cultural clash between Miniso's team and Yonghui's legacy staff has created friction, complicating the implementation of new strategies and affecting team cohesion [8][10] - Organizational restructuring has resulted in significant personnel changes, with many employees feeling undervalued and leading to dissatisfaction within the workforce [9][10] - The lack of a cohesive corporate culture and management philosophy has hindered the successful adoption of the "Fat Reform" strategy, limiting its effectiveness [11][12] Market and Investment Implications - Miniso's investment in Yonghui has begun to impact its financial performance, with a reported loss of 119 million yuan attributed to Yonghui in the second quarter of 2025 [12][13] - The debt levels of Miniso have surged from 7.765 billion yuan to 15.749 billion yuan within six months, raising concerns about financial stability and future investment flexibility [13] - Market reactions to the acquisition have been cautious, with Miniso's stock price reflecting investor concerns over the long-term viability of the investment in Yonghui [13][14] Future Outlook - The success of Yonghui's transformation remains uncertain, with some positive signs emerging from specific stores, but overall performance still needs to improve significantly [16][17] - The retail environment is showing signs of recovery, which could provide a favorable backdrop for Yonghui's strategic initiatives, but challenges related to funding and cultural integration persist [17][18] - The balance between supporting Yonghui's transformation and maintaining Miniso's core business focus will be critical for future success [18]

Core Viewpoint - Yonghui Supermarket is facing significant operational challenges, leading to a reduction in its store renovation plan and fundraising efforts due to a substantial decline in revenue and increased losses in the first half of 2025 [1][2][3] Financial Performance - In the first half of 2025, Yonghui Supermarket reported a revenue of 29.948 billion yuan, a year-on-year decrease of 20.73% [1] - The net loss attributable to shareholders reached 241 million yuan, a decline of 516 million yuan compared to a profit of 275 million yuan in the same period last year [1] - Cumulatively, Yonghui has incurred losses exceeding 9.5 billion yuan since 2021, necessitating fundraising for store upgrades [3] Store Renovation Plan - The number of stores planned for renovation has been reduced from 298 to 216, with total fundraising adjusted from approximately 3.992 billion yuan to about 3.114 billion yuan [1] - As of June 30, 2025, only 124 out of 534 stores have completed renovations, accounting for about 23% [1] Strategic Changes - Yonghui has been undergoing a strategic transformation since the second half of 2024, which includes closing underperforming stores and temporarily shutting some for renovations [1][2] - The company has adopted the "Pang Donglai model" since May 2024, with Miniso becoming the largest shareholder after acquiring 29.4% of Yonghui's shares for 6.27 billion yuan [2] Short-term Challenges - The company is experiencing short-term pain due to supply chain reforms, resulting in a gross margin of 20.80%, down 0.78 percentage points year-on-year [2] - The closure of 227 loss-making stores has incurred additional costs related to leasing, employee compensation, and asset write-offs [2] Future Outlook - CFO Wu Kaizhi indicated that overall revenue for the year is expected to be lower than last year's 78.64 billion yuan due to the high number of store closures [3] - The company aims to complete renovations for 300 stores by the Chinese New Year in 2026, although this number may change based on strategic adjustments [3] - The retail industry is becoming increasingly competitive, with various business model adaptations, making it crucial for Yonghui to find a sustainable path forward [3]

Core Viewpoint - Yonghui Supermarket has faced significant challenges after attempting to adopt the "Fat Donglai" model, resulting in a 20.73% decline in revenue and a net loss of 241 million yuan, marking a continuation of its four-year losing streak with total losses exceeding 9.5 billion yuan [9][11][17]. Group 1 - Yonghui Supermarket's stock price surged over 250% in late 2022 after announcing its intention to learn from Fat Donglai [6]. - The company has rapidly transformed its stores, with 162 locations undergoing modifications by August 21, 2023, and a goal of 200 stores for the year [13][15]. - Despite the initial excitement and high customer traffic, the transformation has not led to improved financial performance, as the company continues to struggle with losses [28]. Group 2 - The transformation process, referred to as "Fat Reform," has been costly, with each modified store requiring an average investment of approximately 8 million yuan [40]. - Yonghui's reliance on the "Fat Donglai" brand for customer attraction has proven unsustainable, as the novelty wore off quickly and customers found no compelling reason to choose Yonghui over competitors [35]. - The company has not developed a competitive self-owned brand, which has hindered its ability to recover financially [37]. Group 3 - Employee compensation at Yonghui is significantly lower than that at Fat Donglai, with store managers earning up to 22,000 yuan compared to Fat Donglai's 78,000 yuan [38]. - The high costs associated with the transformation and the company's existing debt level of 88.73% pose significant financial risks [42]. - The cultural and operational aspects of the transformation need to align more closely with the successful practices of Fat Donglai, focusing on employee welfare and customer service [61].