Core Viewpoint - The company has transitioned from profit to loss in the first half of the year, with a focus on store adjustments and closures impacting overall performance, but expects significant improvement in Q4 [1][2]. Financial Performance - In the first half of the year, the company reported revenue of 29.948 billion yuan, a year-on-year decrease of 20.73%, and a net loss attributable to shareholders of 241 million yuan, an increase in loss of 516 million yuan year-on-year [1]. - The adjusted net loss attributable to shareholders was 802 million yuan, an increase in loss of 832 million yuan year-on-year [1]. - The decline in revenue is attributed to the closure of long-term loss-making stores and the temporary suspension of operations during store adjustments [1]. Store Adjustments and Closures - The company closed a total of 227 loss-making stores in the first half of the year, with 552 stores still in operation and 124 stores undergoing adjustments as of the reporting period [2]. - The company plans to reach 200 adjusted stores by the end of September, with 160 adjusted stores reported as of mid-month [2]. - The chairman indicated that the closure of stores will continue in the second half of the year, based on market conditions and overall store performance [2]. Product Development - The company is also advancing its private label products, having launched orange juice and laundry detergent, with plans to introduce 60 new items covering daily and food products throughout the year [2]. Investor Concerns - Despite the net loss, the company reassured investors that it has sustainable operational capabilities and does not face ST risk [3].

Core Viewpoint - Yonghui's Old Palace store has adopted a new layout that deviates from traditional supermarket designs, enhancing customer experience and operational efficiency [3] Group 1: Store Layout and Design - The Old Palace store has eliminated mandatory traffic flow designs, widening the main aisle to 3 meters and standardizing shelf height to 1.6 meters for a more open visual space [3] - The number of cash registers has increased to 33, reducing queue times during peak hours [3] Group 2: Product Offering Adjustments - Nearly half of the products in the store have been replaced, with the new product structure aligning 80% with the model of the successful brand "Pang Dong Lai" [3] - The store has implemented a "468 freshness management" system in the fruit cutting area, offering discounts based on the time since preparation [3] - A dedicated section for Pang Dong Lai's private label products has been established, featuring over 70 items including DL juice and craft beer [3] Group 3: Future Expansion Plans - Other Yonghui stores, including Shijingshan Lugou, Yanjiao Shangshang City, and Daxing Kangzhuang Tianjian Plaza, are also set to undergo similar renovations [3] - The total number of renovated Yonghui stores nationwide has reached 156, with an expectation to reach 200 by September 30 [3]

Group 1 - The company, Wumart Group, is set to open a new batch of seven "Learning Fat Donglai Modified Stores" starting from August in Beijing, Tianjin, and Hangzhou, with specific openings on August 8 and August 29 for certain locations [1][3] - The product structure in the new stores will closely resemble 80% of the product structure of Fat Donglai, with significant expansions in the baking and ready-to-eat food processing areas, offering a variety of freshly made products daily [3] - The company aims to enhance customer experience by introducing a one-stop convenience service area at store entrances, providing over ten basic services including self-service tea machines and pet storage [3] Group 2 - Following the modifications, the Daxing Huangcun store in Beijing and the Beichen store in Tianjin both achieved an average daily foot traffic exceeding 10,000 in their first month, with the Daxing store experiencing nearly a 20% year-on-year increase in sales [4] - The penetration rate of ready-to-eat food in the modified stores, such as Xueqing Road, Daxing Huangcun, and Beichen, has surpassed 60% [4]

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。 ...

Group 1 - The core viewpoint of the report is that Dongwu Securities has given Yonghui Supermarket (601933.SH, latest price: 4.88 yuan) an "overweight" rating due to its strategic initiatives and financial plans [2] - The company plans to raise 4 billion yuan through a private placement, primarily aimed at supporting store upgrades and renovations [2] - Yonghui Supermarket is actively advancing the renovation of old stores and closing long-tail stores, indicating a focus on optimizing its retail footprint [2]

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].

Core Viewpoint - Yonghui Supermarket is facing significant losses in the first half of 2025, with a projected net profit attributable to shareholders of -240 million yuan, compared to a profit of 280 million yuan in the same period of 2024 [1] Group 1: Store Renovation and Performance - As of mid-July 2025, Yonghui Supermarket has completed renovations on 132 stores, accounting for approximately 25% of its total stores, with plans to exceed 178 renovated stores by the end of August 2025 [4] - The company has closed 227 underperforming stores in the first half of 2025, leading to costs associated with lease compensation, personnel compensation, and asset write-offs [2][4] - The renovation of stores based on the "Pang Donglai model" has shown positive short-term effects, with significant increases in customer traffic and sales in newly renovated stores [5][7] Group 2: Financial Performance and Losses - In the second half of 2024, the company reported a loss of approximately 1.74 billion yuan, continuing into the first half of 2025 [5] - The company is undergoing a major transformation, with a goal to complete renovations on over half of its stores by the Lunar New Year in 2026 [4][5] Group 3: Management Changes - In March 2025, a new board of directors was formed, with significant representation from Miniso, which became the largest shareholder by acquiring 29.4% of Yonghui Supermarket [7][8] - The CEO position remains vacant following the resignation of Li Songfeng in March 2025, with the reform leadership group currently acting in this capacity [8]