以下文章来源于雷达Finance ，作者X编辑 雷达Finance . 遨游广袤的财富世界。 作者： 彭程 来源： 雷达Finance 8月20日，永辉超市交出一份营收与净利润双双下滑的中报。 ------------------------------- 财报显示，上半年，永辉超市实现营收299.48亿元，同比下降逾20%；归母净利润为-2.41亿 元，而上年同期为2.75亿元，同比下降187.38%，由盈转亏。 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，导致营收下降。 而营收减少、商品供应链的改革，叠加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，进一步导致永辉超市的净利润出现亏损。 值得一提的是，今年3月，永辉超市成立以名创优品创始人叶国富为组长的改革领导小组，并由 该小组代行CEO职责。但目前来看，由叶国富率队的改革领导小组，在引领永辉超市模仿胖东来 运营模式推进转型的过程中，尚未交出一份能获市场认可的答卷。 01 中报营收净利润双降，永辉超市遭遇转型阵痛 据永辉超市此次发布的财报，今年上半年，公司实现营收299.48亿元，相较上年同期的 ...

永安市的商业版图近日迎来了一次重要革新，随着永辉超市五四路店的全新亮相，这座闽西山城展现出了零售新风貌。8月22日，这家深度借鉴"胖东来模 式"的超市重装开业，不仅标志着三明地区零售服务的一次升级，也彰显了永安市推动消费升级、打造区域商贸中心的决心。 在商品层面，永辉超市五四路店进行了大刀阔斧的调整。基于对永安消费者既追求实惠又注重品质的深刻洞察，门店下架了近万支原有商品，同时引入了 超过3200支优质新品。调整后的商品结构接近胖东来标准的80%，进口商品比例提升至15%，更加贴合本地客群的消费习惯。走进卖场，烘焙区的香气扑 鼻而来，现场现烤成为主流，烘焙、熟食等鲜食占比从原来的5%提升至25%，为消费者提供了更多新鲜热食的选择。 在员工关怀方面，永辉超市五四路店同样下足了功夫。调改后的员工平均薪资大幅提升，福利体系也更为完善。工作满一年的员工即可享受长达10天的带 薪年休假，门店后场环境大幅优化，新增了舒适的员工休息室和更衣室，并对员工食堂进行了提升。这些举措有效提升了员工的工作满意度和归属感，为 向顾客提供优质服务奠定了坚实基础。 永辉超市五四路店的焕新开业，不仅为永安市带来了更优质的商品和服务，更标志着 ...

在时令商品方面，永辉超市推出了新疆瓜果盛宴和东海开渔季海鲜两大主题。正值新疆瓜果丰收的黄金时节，永辉超市依托全链路优势，预计采购总量 超10000吨的新疆优质水果，包括西梅、李子、冬枣、葡萄、哈密瓜等珍稀品种。同时，伴随东海开渔季的启幕，永辉超市也迅速将鲜活梭子蟹等海鲜产 品送达门店，让消费者品尝到最新鲜的海味。 永辉超市在上海市场再次迈出重要一步，其"胖东来模式"调改计划持续推进，本月内将有三座全新调改门店正式开门迎客。这一举措不仅标志着永辉超 市对上海市场的深度布局，也展现了其加速推进"胖东来模式"落地的决心。 近日，位于宝山区的北城龙湖天街店率先焕新开业，紧随其后的是奉贤区南桥龙湖天街店和松江区松江万达广场店。这三家门店的开业，使得上海"胖永 辉"门店数量增至10家，服务网络进一步覆盖了金山、闵行、浦江、青浦、宝山、奉贤、松江等多个核心区域。 此次开业的三大门店在商品结构上进行了全面升级，大刀阔斧地精简SKU，淘汰率接近80%，同时引入了大量符合胖东来标准的高品质商品和独家特 色。调整后，商品结构达到了胖东来标准的80%，进口商品占比也提升至20%。这一变化不仅提升了商品品质，也满足了消费者对高品质生活 ...

Core Viewpoint - Yonghui Supermarket continues to struggle despite ongoing store closures and adjustments, reporting significant revenue decline and net losses in the first half of 2025 [2][3][4]. Financial Performance - In the first half of 2025, Yonghui Supermarket achieved revenue of 29.948 billion yuan, a year-on-year decrease of 20.73%, with a net loss attributable to shareholders of 241 million yuan [3][5]. - The company has incurred total losses exceeding 9.5 billion yuan over the past four years, although the loss amount is showing signs of narrowing [4][5]. - The comprehensive gross margin for the reporting period was 20.80%, down 0.78% from the previous year [5]. Strategic Adjustments - The revenue decline is attributed to the company's deep strategic transformation initiated in the second half of 2024, which includes closing long-term loss-making stores and undergoing store adjustments [5][6]. - Yonghui Supermarket closed 227 loss-making stores during the reporting period, incurring costs related to leasing and employee compensation [5][6]. Management Outlook - The management remains pessimistic about the overall revenue for the year, expecting it to be lower than in 2024 due to the high number of store closures [6]. - However, they anticipate significant sales growth in the second half of the year as the remaining operational stores undergo steady transformation [6]. Online Business Performance - The online business generated revenue of 5.49 billion yuan, accounting for 18.33% of total revenue, but it still operates at a loss despite a reduction in losses compared to the previous year [6][7]. - The company is exploring various innovative models for its online channels, including an O2O (online-to-offline) model [6][7]. Store Transformation Efforts - Yonghui Supermarket is focusing on a transformation strategy inspired by the "Fat Donglai model," emphasizing quality retail [7][8]. - As of August 15, 2025, the company had completed adjustments on 160 stores, with plans to reach 200 by the end of September [7][8]. Market Perception - Analysts express skepticism about the effectiveness of Yonghui's transformation efforts, noting that while the company has adopted some successful strategies, it still lacks strong brand recognition compared to competitors [8][9]. - Following the release of the mid-year report, Yonghui's stock price fell to 4.93 yuan per share, reflecting market concerns [9].

调改与关店并行之下，永辉超市仍然没能走出谷底。 8月20日，永辉超市发布2025年中报。今年上半年，永辉超市实现营收299.48亿元，同比 下降20.73%，归母净亏损2.41亿元；扣非后归母净亏损8.02亿元。 在此之前，永辉超市已经连续亏损四年，总亏损额逾95亿元。虽然亏损额呈现收窄的趋势，但 是这份业绩报告仍让资本市场存在忧虑。 拐点未至 今年上半年，永辉超市未能摆脱亏损的困境。报告期内，永辉超市实现营业总收入299.48亿 元，同比下跌20.73%；归母净亏损为2.41亿元，去年同期净利润则为2.75亿元，净利润减少了 5.16亿元。 永辉超市在财报中针对营收下滑解释称，这是由于公司2024年下半年开启整体战略与经营的深 度转型工作，关闭长期经营亏损门店以及门店调改期歇业等因素所致。虽然调改门店收入较同 期有大幅度增加，但无法弥补因关店产生的收入下降。 至于亏损的原因，永辉超市则归结为整体销售规模的减少、公司商品供应链的改革以及闭店带 来的损失等 。在今年上半年，永辉超市完成了大量供应商及商品的升级汰换，这对毛利率带 来了一定的影响。报告期内，永辉超市综合毛利率为20.80%，较上年同期下降0.78% ...

永辉超市披露2025年半年报， 公司上半年实现营业收入299.48亿元，同比下降20.73% ； 归母净利润亏损2.41亿元 ，上年同期净利润2.75亿元， 同比由盈转亏。 | | | | 单位:元币种:人民币 | | --- | --- | --- | --- | | 主要会计数据 | 本报告期 (1-6月) | 上年同期 | 本报告期比上 年同期增减 | | | | | (%) | | 营业收入 | 29.948.457.791.00 | 37.779.186.915.06 | -20.73 | | 利润总额 | -207.059.790.76 | 323,783,654.06 | 不适用 | | 归属于上市公司股东的净利润 | -240.571.558.24 | 275.314.748.17 | 不适用 | | 归属于上市公司股东的扣除非经常 性损益的净利润 | -802.186.001.12 | 29.862.483.55 | 不适用 | | 经营活动产生的现金流量净额 | 1.207.812.864.00 | 2.939.805.871.88 | -58.92 | | | 本报告期末 | 上年度末 ...

Core Viewpoint - Yonghui Supermarket Co., Ltd. reported a significant decline in revenue and net profit for the first half of 2025, attributed to the closure of unprofitable stores and ongoing supply chain reforms [1][3][4]. Company Overview and Financial Indicators - Yonghui Supermarket's total revenue for the first half of 2025 was CNY 29.95 billion, a decrease of 20.73% compared to CNY 37.78 billion in the same period last year [3][6]. - The net profit attributable to shareholders was a loss of CNY 240.57 million, compared to a profit of CNY 275.31 million in the previous year [3][4]. - The company's net assets decreased by 6.07% to CNY 4.17 billion from CNY 4.44 billion at the end of the previous year [3][4]. - The total assets also saw a decline of 20.55%, dropping to CNY 33.96 billion from CNY 42.75 billion [3][4]. Business Performance Analysis - The company closed 227 unprofitable stores during the reporting period, which significantly impacted revenue [6][7]. - The gross profit margin for the reporting period was 20.80%, down 0.78 percentage points from the previous year [3][4]. - Online business revenue reached CNY 5.49 billion, accounting for 18.33% of total revenue, with a year-on-year reduction in losses of CNY 34.75 million [4][6]. - The company has implemented a "three accelerations" strategy to enhance online business, focusing on expanding into lower-tier cities, promoting profitable online store models, and improving service offerings through online channels [4][6]. Industry Context - The retail industry in China saw a total retail sales of consumer goods amounting to CNY 245.46 billion in the first half of 2025, reflecting a year-on-year growth of 5.0% [4][6]. - Online retail sales reached CNY 74.30 billion, with a growth rate of 8.5%, indicating a shift in consumer purchasing behavior towards online platforms [4][6]. Operational Changes - The company has restructured its supply chain, signing contracts with 2,860 standard suppliers to enhance product quality and reduce costs [4][6]. - Yonghui has also optimized its logistics operations by consolidating 30 logistics centers into 18 logistics parks, improving distribution efficiency across 26 provinces [4][6]. - The company opened 4 new stores during the reporting period, bringing the total number of operational stores to 552, with plans for further expansion [4][6].

Core Viewpoint - Yonghui Supermarket reported a significant decline in revenue and a net loss for the first half of 2025, primarily due to strategic transformations and store closures [1][3]. Financial Performance - The company achieved a revenue of 29.948 billion yuan in the first half of 2025, a decrease of 20.73% compared to the same period last year [2]. - The net profit attributable to shareholders was a loss of 240.57 million yuan, compared to a profit of 275.31 million yuan in the previous year [2]. - The total profit for the period was -207.06 million yuan, indicating a substantial decline in overall profitability [2]. - The net cash flow from operating activities was 1.21 billion yuan, down 58.92% year-on-year [2]. Strategic Changes - The revenue decline is attributed to the company's deep strategic transformation initiated in the second half of 2024, which included closing long-term loss-making stores and undergoing store renovations [2][3]. - During the reporting period, the company closed 227 loss-making stores, incurring costs related to lease and personnel compensation, as well as asset write-offs [3]. - The company is focusing on upgrading its supply chain, which has led to a temporary decrease in gross profit margin, reported at 20.80%, down 0.78 percentage points from the previous year [3]. Online Business Development - Online business revenue reached 5.49 billion yuan, accounting for 18.33% of total revenue, with a year-on-year reduction in losses of 34.75 million yuan [4]. - The self-operated home delivery service generated sales of 3.14 billion yuan, with an average daily order volume of 216,000 and a monthly repurchase rate of 56.3% [4]. Store Network Expansion - The company opened 4 new stores during the reporting period, increasing total store count to 552 across 26 provinces and municipalities [4]. - As of June 30, 2025, a total of 124 renovated stores were operational [5]. Future Plans - The company plans to further enhance its transformation efforts in 2025, with a goal to incubate 100 billion-yuan level products and establish annual dialogue mechanisms with core suppliers [9]. - The CEO emphasized the importance of focusing on core suppliers and long-term strategies to drive the company's transformation [8].

Core Viewpoint - Yonghui Supermarket reported a significant decline in revenue and a net loss for the first half of 2025, primarily due to strategic transformations and store closures [2][4]. Financial Performance - The company achieved a revenue of 29.95 billion yuan in the first half of 2025, a decrease of 20.73% compared to the same period last year [3]. - The net profit attributable to shareholders was a loss of 240.57 million yuan, compared to a profit of 275.31 million yuan in the previous year [3][4]. - The net cash flow from operating activities was 1.21 billion yuan, down 58.92% year-on-year [3]. - The total assets decreased by 20.55% to 33.96 billion yuan, and the net assets attributable to shareholders fell by 6.07% to 4.17 billion yuan [3]. Strategic Changes - The revenue decline is attributed to the company's deep strategic transformation initiated in the second half of 2024, which included closing long-term loss-making stores and undergoing store renovations [2][4]. - During the reporting period, the company closed 227 loss-making stores, incurring costs related to leases, employee compensation, and asset write-offs [5]. Supply Chain and Profitability - The company is undergoing a reform of its supply chain, which has led to a temporary decline in gross profit margins, with a reported gross margin of 20.80%, down 0.78 percentage points from the previous year [4]. - The company reported a fair value loss of 184 million yuan on its holdings of Advantage Solutions stock [6]. Online Business and Store Network - Online business revenue reached 5.49 billion yuan, accounting for 18.33% of total revenue, with a year-on-year reduction in losses of 34.75 million yuan [6]. - The self-operated home delivery business generated sales of 3.14 billion yuan, with a daily average order volume of 216,000 and a monthly repeat purchase rate of 56.3% [6]. - The company opened 4 new stores during the reporting period, bringing the total number of operating stores to 552 across 26 provinces and municipalities [6]. Future Plans - The company plans to further enhance its transformation efforts, focusing on core suppliers and key products, with a goal of incubating 100 billion-yuan level products over the next three years [9][10]. - The company aims to increase the number of renovated stores to 200 by the end of 2025 [10].

Core Insights - The "Xiyue Purchase·Fun Chang'an" consumption promotion policy is driving commercial development in Yanta District through various initiatives such as issuing consumption vouchers and supporting business upgrades [1][17] - Yonghui Supermarket's Park South Road store has reopened with a new look, marking the successful implementation of the "Fat Donglai model" in Yanta District, establishing a "dual-store pattern" [1][16] Group 1: Store Renovation and Product Strategy - The renovation involved a significant restructuring of the product lineup, with 6,732 items removed and 6,305 new items added, resulting in a 55.6% increase in new products [3] - The product structure now meets 80% of the Fat Donglai standards, with imported products accounting for 11% of the total [3] - The store focuses on high-end organic and local fresh produce, introducing various specialty items and collaborating with local suppliers to meet consumer demand [5] Group 2: Enhanced Customer Experience - The store features a diverse range of ready-to-eat products, including local specialties and trendy items, aimed at attracting younger customers [7] - A new convenience service area has been added, providing amenities such as blood pressure monitors and free charging stations, enhancing the shopping experience [12] - The store has implemented personalized services, including custom meat processing and seafood preparation, catering to diverse customer needs [12] Group 3: Employee Welfare and Operational Efficiency - The number of employees at the store increased from 54 to 84, with improved salary and benefits, including paid leave and employee meals [14] - The focus on employee satisfaction is seen as a key factor in delivering quality service [14] Group 4: Market Positioning and Future Outlook - The Park South Road store's opening complements the existing MOMOPARK store, creating a dual-core layout that enhances the commercial quality and consumer experience in the area [16] - Yonghui's nationwide store renovation initiative has surpassed 160 locations, with expectations to exceed 200 by the end of September, showcasing a replicable model for retail transformation [17]