Core Viewpoint - Yonghui Supermarket is actively transforming its stores, particularly through the "Fat Transformation" initiative, aiming to enhance profitability and adapt to market demands [1][4][5]. Group 1: Store Transformation and Performance - Yonghui Supermarket is set to open its 12th "Fat Transformation" store in Beijing, which will feature local snacks and freshly made products, bringing the total number of transformed stores nationwide to nearly 170 [1]. - The company plans to open around 20 "Fat Yonghui" stores in Beijing by the end of the year, with stores that have been operational for three months already entering a profitable phase [4]. - The management indicated that sales in transformed stores have significantly improved compared to pre-transformation levels, and they will continue to push for store transformations and closures in the second half of the year [5]. Group 2: Financial Strategy and Investment - Yonghui Supermarket is pursuing a private placement to raise up to 4 billion yuan (approximately 0.56 billion USD) for store renovations, working capital, and debt repayment [4]. - The company is experiencing short-term challenges due to transformation costs but expects a noticeable improvement in profitability by the fourth quarter [5]. Group 3: Product Strategy and Consumer Engagement - The company is upgrading its private label products based on the supply chain experience of "Fat Donglai," with over 80% of the product structure aligned with this model [5]. - A specific product, a microcapsule fragrance enzyme laundry detergent priced at 19.8 yuan, has been enhanced for better performance, and a customized milk product has achieved over 1 million sales within four days [5]. Group 4: Industry Insights and Future Trends - The retail industry is characterized by competition not just in business models but also in financial endurance, product depth, and organizational resilience [6]. - Future retail development is expected to be diversified and differentiated, requiring supermarkets to continuously explore new business models and technological applications to meet evolving consumer demands [6].

Investment Rating - The report maintains an "Outperform" rating for Jiumaojiu International Holdings [2][8] Core Views - The company's short-term performance is under pressure, but store adjustments are expected to drive marginal improvements in operations [1][8] - Revenue for 1H25 was RMB 2.75 billion, a decrease of 10.1% year-on-year, with net profit attributable to shareholders at RMB 60 million, down 16.0% year-on-year [3][13] - The company is focusing on optimizing its store model and has closed underperforming locations while concentrating resources on core restaurants [5][6] Financial Summary - Revenue projections for 2025-2027 are RMB 6.09 billion, RMB 6.52 billion, and RMB 7.11 billion, representing year-on-year growth of 0.2%, 7.1%, and 9.1% respectively [8][14] - Net profit attributable to shareholders is expected to be RMB 140 million, RMB 230 million, and RMB 310 million for the same period, with net profit margins of 2.3%, 3.5%, and 4.4% respectively [8][14] - The company’s diluted earnings per share are projected to increase from RMB 0.04 in 2025 to RMB 0.22 in 2027 [10][12] Operational Insights - The company has reduced its total number of restaurants to 729, a net decrease of 42 locations year-on-year, focusing on quality over quantity [5][6] - The average customer spending has increased slightly, with Taier at RMB 73 and Jiumaojiu at RMB 57, while the turnover rate has decreased for most brands [5][6] - The gross profit margin is expected to remain stable around 64.7% for the next few years [10][12]

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]

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]