Core Viewpoint - The recent "reverse rounding" incident at Yonghui Supermarket in Chongqing has raised concerns about the company's operational management and service standards, leading to an apology and commitment to rectify the issue [1][6][8]. Summary by Relevant Sections Incident Overview - Yonghui Supermarket acknowledged the validity of customer complaints regarding the "reverse rounding" practice at its Chongqing Jin Yuan Times store, which reflects operational shortcomings [1][8]. - The practice involved rounding up prices for items with fractional amounts during cash transactions, which was not clearly communicated to customers [5][6]. Company Response - Following the incident, Yonghui Supermarket announced that as of April 29, 2025, all stores will implement a "round down" policy, ensuring that fractional amounts will not be included in customer payments [6][8]. - The company also initiated a compensation program for customers affected by the rounding discrepancies [8]. Financial Performance - Yonghui Supermarket has faced significant financial challenges, reporting a revenue decline of 14.07% to 67.574 billion yuan in 2024, with a net loss of 1.465 billion yuan [9]. - Cumulatively, the company has incurred losses of 9.5 billion yuan over the past four years [9]. Strategic Initiatives - The company is undergoing a strategic transformation, learning from the "Fat Donglai" model to improve store operations and customer service [11][15]. - As of the end of 2024, Yonghui had completed adjustments in 31 stores, with plans to increase this number significantly in the coming years [13][17]. Partnership with Miniso - Miniso announced plans to acquire a 29.4% stake in Yonghui Supermarket for 6.27 billion yuan, positioning itself as the largest shareholder [15]. - Miniso aims to assist Yonghui in developing private label products and improving operational efficiency, focusing on enhancing gross margins [18]. Future Plans - Yonghui plans to adjust approximately 200 stores by 2025 while closing 250-350 underperforming locations [17]. - The company is committed to enhancing its supply chain and product offerings, with a goal of developing 100 billion-level super products in collaboration with core suppliers over the next three years [18].

作者|贝塔商业 阿营 永辉超市还有救吗？ 永辉超市刚刚发布了自己2024年的最新财报，所有看过的人都会倒吸一口冷气。 这家曾经的超市巨头，已经连续四年累计亏损超90亿元。 光是2024年就关掉232家门店，相当于每1.5天消失一家店。 永辉超市一边捧着"胖东来模式"当救命稻草，一边被名创优品老板叶国富低价抄底，连胖东来创始人于东来都忍不住吐槽："花钱买了个罪受"。 这出商战大戏背后，藏着传统零售业转型的集体焦虑："规模为王"的时代落幕，永辉的"断臂求生+网红改造+资本赌局"组合拳，到底能不能打出翻身仗？ 永辉的ICU账单： 越止血，越失血？ 时间倒回2019年，永辉还是中国超市界的"优等生"：年营收932亿元，门店数1440家，股价最高冲到11.72元。 谁能想到，短短五年后，这家公司会变成"亏损专业户"——2024年营收跌到675亿元，净利润-14.65亿元，连资产负债率都飙到88.7%，相当于每赚100元 就要还88元债。 | 主要会计数据 | 2024年 | 2023年 | 本期比上 年同期增 | 2022年 | | --- | --- | --- | --- | --- | | | | | 減(%) ...

Core Insights - Yonghui Supermarket has launched its first store under the "Fat Donglai" model in Zunyi, which serves as a nationwide prototype for store renovations, focusing on comprehensive upgrades in product structure, shopping environment, and service systems [1] Group 1: Store Renovation and Product Strategy - The store has eliminated nearly 70% of its products, reducing from 20,543 items to 8,374, while introducing 4,345 new products, achieving an 80% similarity in product structure with the Fat Donglai model [1] - The proportion of imported products has increased to 12%, creating a competitive edge through a combination of local characteristics, quality selection, and similar offerings to Fat Donglai [1] - In the fresh food section, the store has implemented targeted planting partnerships to shorten the supply chain and reduce waste, while also enhancing customer trust through packaged fresh products [3] Group 2: Customer Experience Enhancements - The store layout has been redesigned, with shelf heights reduced from 2.4 meters to 1.6 meters and main aisles widened to 2.4 meters, improving visibility and customer comfort [3] - Various customer-friendly features have been introduced, such as labeling bulk food items with weight estimates and providing isolation bags for separating products [3] - Service upgrades include customized offerings at the meat counter, live fish services in the seafood section, and free cleaning and cutting for fruits, alongside strict freshness control policies [3] Group 3: Employee Welfare and Corporate Strategy - The store has increased its staff from 75 to 180, with an average salary rise to 4,000 yuan, and benefits such as 10 days of paid annual leave after one year of service [4] - The renovation reflects Yonghui's commitment to enhancing employee happiness and motivation, which is integral to the Fat Donglai model [4] - Yonghui aims to deepen its involvement in regional economic value reconstruction through localized development and quality retail strategies, aspiring to become a national supermarket better suited for mainstream Chinese families [4]

Group 1 - Consumers have reported being charged more than the marked price at Yonghui Supermarket, indicating a practice of "reverse rounding" where prices are rounded up without prior consent [2][4][6] - The legality of "rounding up" practices is questioned, as it may violate consumer rights laws if done without consumer agreement [6] - Yonghui Supermarket's practice of "reverse rounding" has been described as price fraud, potentially leading to regulatory penalties and refunds [6] Group 2 - Yonghui Supermarket reported a revenue decline of 14.07% in 2024, with a net loss of 1.465 billion yuan, which is an increase in losses compared to the previous year [8][9] - In Q1 2025, the company experienced a 19.32% drop in revenue year-on-year, with a significant 79.96% decrease in net profit [8] - The company is undergoing a transformation by adopting the "Fat Donglai" model, with plans to convert over 300 stores by early 2026, aiming for improved sales performance [8][9]

Core Viewpoint - The controversy surrounding the high executive salaries at Beike has intensified public scrutiny, particularly in light of the company's fluctuating profits and the significant income disparity between executives and employees [1][3][20]. Executive Compensation - Beike's CEO and major shareholder, Peng Yongdong, has a reported salary of 400 million RMB for 2024, while co-founder Shan Yigang earns 299 million RMB, which is significantly higher than typical executive compensation in other companies [1]. - Over the past four years, Peng's salary has increased from 8.478 million RMB to 400 million RMB, while Shan's has risen from 6.853 million RMB to 299 million RMB [1]. - The company's net profit has been volatile, with losses in 2021 and 2022, a recovery in 2023, but a projected decline of 30% in 2024 [1][20]. Public Reaction and Employee Concerns - The public's focus has shifted from executive salaries to the relationship between executive compensation, company profits, and employee wages, especially given that Beike employs nearly 500,000 agents with an average annual income of 74,200 RMB [3][9]. - The disparity in income is stark, with Peng's salary being approximately 5,399 times that of the average agent [3]. - Discussions around labor relations have been reignited, highlighting the need for better employee compensation and welfare [3][9]. Corporate Response - In an attempt to mitigate the backlash, Beike announced that Peng would donate 9 million shares, valued at approximately 440 million RMB, to support healthcare for industry workers and rental assistance for graduates [1][17]. - However, this gesture has not significantly alleviated public concern regarding the income gap and the company's treatment of its employees [3][9]. Business Performance and Strategy - Beike's revenue is primarily derived from five business segments, with the core business of existing home transactions seeing a decline in profit margin from 47.2% to 43.2% in 2024 [20][22]. - The company has been actively seeking new growth avenues, introducing a "one body, three wings" strategy to expand into home decoration and rental services, which contributed approximately 31.6 billion RMB in revenue, a 64.2% increase year-on-year [22]. - Despite these efforts, the overall profitability remains a concern, and the company faces pressure to stabilize both its financial performance and employee morale [22][23].

Core Insights - Yonghui Supermarket reported a total revenue of 67.574 billion yuan for the year 2024, with a net profit attributable to shareholders of -1.465 billion yuan. In Q1 2025, the revenue was 17.479 billion yuan, with a net profit of 148 million yuan [1] - The company is undergoing a strategic transformation, focusing on the "Pang Donglai" model adjustment, store optimization, and supply chain innovation, marking a critical phase in the "Quality Yonghui" reform [1] - As of the end of March 2025, 41 "steady-state stores" (stores open for more than three months) achieved a cumulative net profit of 14.7 million yuan [1] Store Transformation and Performance - Yonghui Supermarket has completed the transformation of 61 stores under the "Pang Donglai" model, with expectations to exceed 124 transformed stores by June 2025 and a target of 300 stores before the Lunar New Year in 2026 [1] - The next 12-18 months are anticipated to be a concentrated release period for the results of the reform, driven by an increase in the proportion of transformed stores and deepening supply chain reforms [1] Supply Chain Strategy - At the 2025 Global Supplier Conference, the company emphasized a supply chain upgrade strategy focusing on core suppliers, core big products, and long-termism, while opposing frequent changes in suppliers [2] - Yonghui Supermarket has initiated a "15-day rapid shelving" green channel for export-restricted enterprises, providing brand promotion and new product development support [2] - As of April 22, 2025, the company has entered procurement discussions with over 300 quality supply chain enterprises, including many Chinese manufacturers supplying to U.S. supermarkets [2] Future Development Strategy - The company remains committed to the "Pang Donglai" model and quality retail strategy, aiming to create a national supermarket more suitable for mainstream Chinese families [3] - The focus will be on core big products, with a goal to incubate 100 billion-level products in collaboration with suppliers, establishing itself as a quality choice [3]

这是半佛仙人的第1775篇原创 1 昨天看新闻，于东来老师在2025中国超市周活动现场，直接打断了永辉超市负责调改的高 管演讲，上台发表了一番很直接的讲话。 大家可以看下视频。 （新闻来自新华网财经） 这 段 讲 话 可 以 说 非 常 不 客 气 ， 关 键 是 人 家 讲 到 一 半 直 接 上 台 打 断 ， 这 个 行 为 充 满 了 火 药 味。 当众这么弄，真就是不给面子。 直接说是打脸，也没问题。 但他做的没啥问题。 作为一个成功的商人，尤其是经历过风风雨雨的商人，于东来老师不至于憋不住这么几分 钟，非要用这么不体面的方式去说自己的观点。 他公开打断永辉高管讲话的这个行为用意很明显，就是要保护胖东来，和永辉分的明明白 白。 2 永辉和胖东来之间的故事这两年一直不断。 先是永辉一群高管去找于东来老师学习，胖东来模式。 然后在胖东来帮忙调改开始没多久的时候，哎~大股东卖了股，换人了。 这时候你是于东来老师，你气不气？ 反正换我我是睡不着的。 结果就是于东来老师宣布不再派团队到新的企业进行帮扶，对永辉的帮扶则将持续两年。 好，第一次算我倒霉，咱好好调改吧。 结果在这半年里，永辉几乎每个月都要c ue一 ...

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].