事件 盈利预测与投资建议 考虑到公司组织变革仍在持续，我们预计公司2025-2027 年收入分别为63.38/69.40/75.16 亿元，对应增 速分别为10.5%/9.5%/8.3%；归母净利润分别为7.37/8.46/9.37 亿元，对应增速分别为 46.6%/14.7%/10.8%；EPS 分别为1.74/2.00/2.21 元/股，维持"买入"评级。 风险提示：行业竞争加剧的风险；销售平台相对集中的风险；销售季节性波动的风险 公司发布2024 年年报与2025 年一季报：2024 年营收57.36 亿元（同比+3.9%），归母净利润5.03 亿元 （同比-33.5%）；2025Q1 营收9.49 亿元（同比-13.5%），归母净利润0.28 亿元（同比-84.0%）。 组织变革持续推进，利润增长短期承压 2024 年营收增长稳健，利润增长波动，主要源于：1）美妆行业2024 年"双11"等线上大促活动销售普遍 不如预期，公司未达成"双11"预期销售目标；2）市场竞争加剧影响，公司营销费用投入增加；3）悦江 投资业绩承诺未能如期完成，公司基于谨慎性原则，计提长期资产减值准备金；4）公司长期资产折旧 摊 ...

Core Viewpoint - The article discusses the recent changes in the board of directors at Yonghui Supermarket, highlighting the unexpected removal of CEO Li Songfeng and the strategic direction under new leadership, particularly focusing on the reform initiatives led by Ye Guofu from Miniso [3][4][6]. Group 1: Board Changes - Yonghui Supermarket held its first extraordinary shareholders' meeting of 2025, primarily to review the board of directors' restructuring [2]. - Six non-independent director candidates were evenly split between Miniso and Yonghui's management, with five candidates, including Chairman Zhang Xuansong, successfully elected, while Li Songfeng was not [3][4]. - Li Songfeng received only 10.49 billion votes, accounting for 20.60% of the valid voting rights, while the other candidates had over 98% support [3]. Group 2: Leadership and Performance - Li Songfeng's tenure as CEO was marked by poor financial performance, with losses of 2.763 billion yuan in 2022 and 1.329 billion yuan in 2023, and a projected loss of 1.4 billion yuan for 2024 [4]. - Zhang Xuanning, a board member, expressed concern over Li's removal, praising his leadership and strategic vision during his time [4]. Group 3: Strategic Initiatives - A reform leadership group has been established to oversee Yonghui's transformation, with Ye Guofu appointed as the group leader [6]. - The reform initiatives will focus on three main areas: organizational restructuring, operational improvements based on the "Pang Donglai model," and supply chain enhancements [7]. - Plans for store adjustments include renovating around 200 stores and closing 250 to 350 stores by 2026 [7].