商贸零售/一般零售 永辉超市（601933.SH） 门店调改进入阵痛期，静待经营业绩拐点 2025 年 08 月 26 日 投资评级：买入（维持） | 日期 | 2025/8/25 | | --- | --- | | 当前股价(元) | 5.21 | | 一年最高最低(元) | 7.87/2.15 | | 总市值(亿元) | 472.81 | | 流通市值(亿元) | 472.81 | | 总股本(亿股) | 90.75 | | 流通股本(亿股) | 90.75 | | 近 3 个月换手率(%) | 115.34 | 股价走势图 -100% 0% 100% 200% 300% 2024-08 2024-12 2025-04 永辉超市 沪深300 数据来源：聚源 相关研究报告 《2025Q1 稳态调改店实现盈利，渠道 改革有望提速—公司信息更新报告》 -2025.5.1 《优化低效门店轻装上阵，门店调改 即 将 提 速 — 公 司 信 息 更 新 报 告 》 -2024.11.1 黄泽鹏（分析师） 姚慕宇（联系人） huangzepeng@kysec.cn 证书编号：S0790519110001 yaomuyu ...

上 市 公 司 商贸零售 2025 年 08 月 22 日 永辉超市 (601933) ——存量门店调改加速，静待盈利拐点 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 08 月 22 日 | | --- | --- | | 收盘价（元） | 4.96 | | 一年内最高/最低（元） | 7.87/2.15 | | 市净率 | 10.8 | | 股息率%（分红/股价） | - | | 流通 A 股市值（百万元） | 45,012 | | 上证指数/深证成指 | 3,825.76/12,166.06 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 0.46 | | 资产负债率% | 88.21 | | 总股本/流通 A 股（百万） | 9,075/9,075 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 《永辉超市（601933）点评：品质零售转 型加快，长期盈利改善可期》 2025/04/27 《永辉超市（601933）点评 ...

作者｜《号外工作室》 在零售业的版图中，永辉超市曾是当之无愧的巨头，凭借生鲜供应链的先发优势，一路攻城略地，构筑 起庞大的线下商超网络。 但在2025年上半年，永辉交出了一份令人咋舌的成绩单，8月20日，永辉超市发布了上半年财报，财报 显示，上半年营收299.48亿元，同比暴跌20.73%；归母净利润亏损2.41亿元，去年同期却是盈利2.75亿 元，业绩"由盈转亏"。 永辉将这一切归咎于2024年下半年启动的"深度转型"，美其名曰学习胖东来模式，大刀阔斧关闭227家 门店，同时推进商品供应链改革。但这背后，真的只是简单的"转型阵痛"，还是被胖东来模式"拖下了 水"？ 02调改门店"叫好不叫座"，线上业务伪增长 据了解，永辉在全国范围内推进门店调改，截至2025年6月30日，调改开业门店达124家。部分门店调改 后，确实出现销售额大幅增长的情况，如北京喜隆多店，日均销售额达调改前近3倍。但从整体数据 看，调改门店收入增量无法弥补闭店损失，整体营收依旧下滑。 01学胖东来后，上半年关227家店 2024年5月，永辉超市创始人张轩松亲赴胖东来总部，开启了一场"取经之旅"。很快，永辉内部确立 了"学习胖东来模式"的转 ...

Core Insights - Yonghui Supermarket reported a significant decline in both revenue and profit for the first half of 2025, with total revenue of 29.948 billion yuan, a year-on-year drop of 20.73%, and a net profit of -241 million yuan, down 187.38% compared to a profit of 275 million yuan in the same period of 2024 [1] - The company's strategic transformation, aimed at emulating the "Pang Donglai" model, has led to a systemic crisis characterized by a severe imbalance in resource allocation and operational inefficiencies [1][2] - The loss of consumer trust due to food safety issues and procurement corruption has compounded the challenges faced by the company, making it difficult for any strategic adjustments to gain market patience [3] Financial Performance - Yonghui Supermarket's total revenue for the first half of 2025 was 29.948 billion yuan, reflecting a 20.73% decline year-on-year [1] - The company reported a net loss of 241 million yuan, a drastic decrease from a profit of 275 million yuan in the same period of the previous year, marking a decline of over 500 million yuan [1] Strategic Challenges - The company's attempt to adopt the "quality retail" transformation has resulted in a strategic trap, with significant store closures and adjustments leading to a short-term revenue gap [1] - The aggressive elimination of half of its suppliers has disrupted the established supply chain ecosystem, leading to a disconnect between product quality and pricing [1][2] - The management restructuring has caused decision-making fragmentation, reducing organizational efficiency and undermining the execution of the transformation strategy [2] Operational Issues - The transition to self-operated brands and customized products has lagged behind channel adjustments, resulting in a lack of product competitiveness [1] - The company's online and offline integration strategy has lost focus, with online services failing to create a differentiated advantage [2] Brand Trust Crisis - Periodic food safety issues and procurement corruption have eroded consumer trust, particularly highlighted by incidents in remodeled stores [3] - The loss of trust has intensified the challenges of the company's aggressive transformation efforts, making it difficult to regain market confidence [3]

长江商报消息 ●长江商报记者 沈右荣 商超连锁巨头永辉超市（601933.SH）仍然处于"胖改"转型阵痛期。 8月20日晚，永辉超市披露了2025年半年度业绩报告。2025年上半年，公司实现营业收入299.48亿元， 同比下降逾20%；归母净利润为-2.41亿元，同比下降187.38%，上年同期，公司归母净利润为2.75亿 元。 永辉超市表示，自2024年5月启动学习胖东来模式以来，公司聚焦品质与幸福的商业模式，目前，调改 工作迈入规模化、系统化阶段。 针对2025年上半年的经营业绩，永辉超市表示，关闭长期经营亏损门店以及门店调改期歇业等因素，导 致营业收入下降。营业收入减少，商品供应链的改革，闭店过程中产生一定的租赁及人员赔偿、商品出 清等成本费用，导致净利润出现亏损。 2025年上半年，永辉超市闭店227家，调改开业门店124家。 永辉超市财务承压。截至2025年6月底，公司资产负债率为88.21%。 目前，永辉超市正在推进定增事项，计划募资不超过40亿元，用于门店改造及补血还贷。 调改继续中期盈转亏 永辉超市经营业绩转入亏损。 根据最新披露的半年度报告，2025年上半年，永辉超市实现营业收入299.48 ...

证券研究报告 | 公司点评报告 2025 年 08 月 21 日 永辉超市（601933.SH） 调改节奏加快，持续强化供应链及商品力 消费品/商业 公司调改持续推进，短期内调改投入、关闭老店及供应链改革提效等原因，导 致收入及净利润波动。永辉超市为国内商超龙头，生鲜及供应链根基扎实，当 前坚定"胖东来"路线，叠加胖东来帮扶输出科学方法，名创入股有望在日百 品类注入更多可能，长期看公司品质零售路线空间广阔。维持"增持"评级。 ❑ 风险提示：调改店数、店效不及预期，调改后门店净利率不及预期。 财务数据与估值 1、《永辉超市（601933）—调改持续 推进，供应链优化提效》2025-05-02 2、《永辉超市（601933）—转型品质 零 售 ， 超 市 龙 头 涅 槃 重生》 2024-12-29 丁浙川 S1090519070002 dingzhechuan@cmschina.com.cn 李星馨 S1090524070010 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 ...

Core Viewpoint - The traditional supermarket industry is under significant pressure for transformation, with many companies exploring quality retail as a key strategy for upgrading and improving sales performance [1][4]. Group 1: Industry Performance and Trends - As of August 10, 2023, four listed companies in the A-share supermarket sector have disclosed earnings forecasts, with one company expecting a net profit increase of 50% to 100%, another anticipating a return to profitability, while two others are projecting losses [1]. - According to the China Chain Store & Franchise Association, by the first half of 2025, chain supermarkets will continue to face substantial development pressures, with less than half of the supermarkets achieving year-on-year sales growth [1][3]. - A survey indicated that 75% of supermarkets attempted transformation in 2024, with 75% of those reporting varying degrees of sales growth [3]. Group 2: Company-Specific Developments - Yonghui Supermarket has initiated a strategic transformation focused on "quality retail," with significant upgrades to store environments and product offerings, including the removal of over 3,900 existing products and the introduction of 1,201 high-quality items [2]. - As of now, Yonghui has completed upgrades in over 150 stores and aims to reach 200 by the end of September 2023, emphasizing high quality and diverse product offerings to meet consumer demands [2]. - Despite facing challenges, including a projected net loss of 240 million yuan for the first half of 2025 due to extensive store renovations, Yonghui remains committed to its reform efforts and plans to raise up to 3.992 billion yuan for further store upgrades [5]. Group 3: Market Dynamics and Challenges - The retail market in China is characterized by significant scale and a multitude of operators, leading to imbalances and intense competition, necessitating optimization and adjustment within the industry [4]. - The shift towards quality retail is seen as both a challenge and a necessary evolution for traditional supermarkets to enhance profitability and brand influence in a competitive landscape [4].

Core Insights - Yonghui Supermarket has reopened its Fuxin store in Fuzhou, aligning with local policies aimed at expanding domestic demand and enhancing consumption quality [1] - The store's renovation reflects a systematic transformation modeled after the successful "Fat Donglai" approach, with a significant product overhaul [1] Group 1: Store Renovation Details - The Fuxin store has removed over 3,900 existing products, resulting in a 42% elimination rate, and introduced 1,201 high-quality items [1] - The new product mix includes over 170 items from Yonghui's selected series, 70 private label products from Fat Donglai, and 192 new baked and prepared food items [1] - The adjusted product structure now aligns with 80% of Fat Donglai's offerings, with imported goods accounting for 14.1% of the total [1] Group 2: Strategic Goals and Future Plans - The Fuxin store is intended to serve as a model for further renovations across the province, aiming to enhance the quality of life for consumers in Fuzhou [2] - Yonghui Supermarket has already transformed over 150 stores nationwide under the "Fat Donglai model," with plans to reach 200 by the end of September [2] - The company is committed to a quality retail strategy that emphasizes high cost-performance, superior service, and differentiated product development to better meet the needs of mainstream Chinese families [2]

Core Insights - The first special edition Yonghui Supermarket store in Guangzhou's city center is set to open in late September, generating excitement among local residents [1] - This store will adopt the "Fat Donglai" model, with over 80% of its product structure inspired by this model, marking it as the third Yonghui store in the Guangzhou area [3] Product Offering - The store will feature a comprehensive range of essential goods, including fresh produce and staple foods, with highlights such as direct-supply seasonal fruits from regions like Xinjiang and high-quality organic vegetables [3] - An upgrade to the seafood section will include live catch and processing services, catering to the demand for fresh products [3] - The store aims to attract younger consumers by offering a selection of well-known domestic and international brands, along with expanded areas for baked goods, ready-to-eat meals, and snacks [3] Store Design and Services - The store will implement a "daily fresh" policy for certain categories to ensure product freshness and safety, similar to the practices of Fat Donglai [3] - The shopping environment will be enhanced with low shelves and wide aisles, creating a spacious and bright atmosphere, along with an expanded checkout area to improve transaction efficiency [3] - Over 30 convenience services will be provided, including customer rest areas, free tea, and handwashing stations, along with thoughtful amenities like hand dryers and thermal bags [3] Strategic Goals - Yonghui Supermarket aims to align product quality and pricing with the Fat Donglai model, focusing on high-quality, cost-effective products suitable for mainstream Chinese families and young consumers [5] - As of now, Yonghui has completed adjustments for over 150 stores under the Fat Donglai model, with plans to exceed 208 stores by the end of September and reach 300 by the Lunar New Year in 2026 [5]

Core Viewpoint - Yonghui Supermarket is attempting a comprehensive transformation to regain vitality after four consecutive years of losses and the closure of half its stores, with a significant capital raise aimed at store upgrades and operational efficiency [1][2]. Financial Performance - In 2024, Yonghui Supermarket reported total revenue of 67.574 billion yuan, a year-on-year decrease of 14.07%, and a net loss attributable to shareholders of 1.465 billion yuan, accumulating losses of approximately 9.501 billion yuan over four years [5][9]. - The company's aggressive store closure strategy led to the shutdown of 232 underperforming stores in 2024, resulting in a 2.08 billion yuan impairment provision for related assets [7][9]. Capital Raising and Utilization - Yonghui plans to raise up to 3.992 billion yuan through a private placement to no more than 35 specific investors, with funds allocated primarily for store upgrades (3.213 billion yuan), logistics and warehousing improvements (309 million yuan), and working capital replenishment (470 million yuan) [2][10]. - This capital raise follows the acquisition of a 29.40% stake by Miniso Group, marking a strategic shift towards a "quality retail" development route [11]. Store Transformation Strategy - The store upgrade initiative, referred to as the "Fat Donglai model," aims to enhance various aspects of the shopping experience, including product selection, store layout, and customer service [10][12]. - As part of this transformation, Yonghui has already opened 23 newly remodeled stores by July 2025, with plans to complete 200 store upgrades by September 30 [12].