Core Insights - The acquisition of 29.4% stake in Yonghui Supermarket by Miniso's founder Ye Guofu for 6.27 billion yuan marks a significant shift in the retail landscape, positioning Miniso as the largest shareholder of a struggling supermarket giant [1] - Yonghui Supermarket has faced severe financial difficulties, reporting a cumulative loss of 9.5 billion yuan over four consecutive years, leading to a strategic overhaul termed "Fat Reform" [1][2] - The transformation strategy under Ye Guofu's leadership has resulted in a mixed performance, with a 20.73% decline in revenue to 29.948 billion yuan and a net loss of 241 million yuan in the first half of 2025 [1][2] Financial Performance - Yonghui's revenue dropped significantly due to the closure of underperforming stores and ongoing strategic adjustments, with 223 stores closed by mid-2025, nearly half of its peak count [2] - The company reported a non-recurring net loss of 802 million yuan, compared to a profit of 29.86 million yuan in the same period last year, indicating a deepening operational crisis [1][2] - The financial strain is exacerbated by the costs associated with store closures and the ongoing transformation efforts, with a total investment of 5.597 billion yuan planned for store upgrades [3][14] Strategic Challenges - The "Fat Reform" strategy, inspired by the "Fat Donglai model," has faced execution challenges, with superficial changes failing to address deeper operational and cultural issues within Yonghui [4][7] - Conflicts between Miniso's team and Yonghui's existing management have emerged, particularly regarding profit margin targets and operational philosophies, leading to management instability [8][9] - The integration of supply chain reforms has encountered significant hurdles, with the "naked price direct procurement" model leading to supply disruptions and increased stockouts [5][6] Cultural and Organizational Issues - The cultural clash between Miniso's team and Yonghui's legacy staff has created friction, complicating the implementation of new strategies and affecting team cohesion [8][10] - Organizational restructuring has resulted in significant personnel changes, with many employees feeling undervalued and leading to dissatisfaction within the workforce [9][10] - The lack of a cohesive corporate culture and management philosophy has hindered the successful adoption of the "Fat Reform" strategy, limiting its effectiveness [11][12] Market and Investment Implications - Miniso's investment in Yonghui has begun to impact its financial performance, with a reported loss of 119 million yuan attributed to Yonghui in the second quarter of 2025 [12][13] - The debt levels of Miniso have surged from 7.765 billion yuan to 15.749 billion yuan within six months, raising concerns about financial stability and future investment flexibility [13] - Market reactions to the acquisition have been cautious, with Miniso's stock price reflecting investor concerns over the long-term viability of the investment in Yonghui [13][14] Future Outlook - The success of Yonghui's transformation remains uncertain, with some positive signs emerging from specific stores, but overall performance still needs to improve significantly [16][17] - The retail environment is showing signs of recovery, which could provide a favorable backdrop for Yonghui's strategic initiatives, but challenges related to funding and cultural integration persist [17][18] - The balance between supporting Yonghui's transformation and maintaining Miniso's core business focus will be critical for future success [18]

证券研究报告·公司点评报告·一般零售 永辉超市（601933） 2025 年半年报点评：归母净亏损 2.4 亿元， 调改快速推进，供应链&自有品牌取得进展 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 78,642 | 67,574 | 53,514 | 64,996 | 71,765 | | 同比（%） | (12.71) | (14.07) | (20.81) | 21.46 | 10.41 | | 归母净利润（百万元） | (1,329.05) | (1,465.46) | (865.58) | 439.18 | 1,039.72 | | 同比（%） | 51.90 | (10.26) | 40.93 | 150.74 | 136.74 | | EPS-最新摊薄（元/股） | (0.15) | (0.16) | (0.10) | 0.05 | 0.11 | | P/E（现价&最新摊薄） | (33.94) ...

Core Viewpoint - Yonghui Supermarket is committed to building a transparent supply chain and combating corruption and hidden rules in supplier relationships [2][3] Supplier Admission - Yonghui Supermarket will reject "backdoor" practices and hidden rules, prohibiting any employee from privately recommending suppliers [3] - The entire process of supplier registration, negotiation, and contract signing will be conducted online to eliminate human interference [3] Financial Settlement - Yonghui Supermarket aims for timely and accurate payments, adhering strictly to contract terms and system processes, with a dedicated financial settlement hotline available 24/7 [3] - The company emphasizes that any form of corruption will ultimately increase supply chain costs, harming both parties involved [2][3] Supply Chain Reform Background - The shift in Yonghui's supply chain strategy is a response to the inadequacies of the previous Key Account model, which led to a disconnect between consumer needs and product offerings [2][3] - The company has faced challenges with corruption within its supply chain, which has inflated costs and diminished product competitiveness [3][4] Performance Context - Yonghui Supermarket's recent anti-corruption stance is linked to its declining financial performance, with revenues decreasing from 910.62 billion yuan in 2021 to 675.74 billion yuan in 2024, and net profits remaining negative [4][5] - The company has initiated a transformation inspired by the "Pang Donglai" model, with plans to adjust 200 stores by September 30, 2024 [4][5] Organizational Changes - Recent leadership changes include the appointment of new executives with extensive retail procurement experience, indicating a strategic shift in management [5] - The company is focusing on enhancing its product structure by increasing its own brand offerings and improving the quality of fresh food categories [5] Supplier Focus - Yonghui Supermarket aims to concentrate on core suppliers who can provide product development capabilities, quality assurance, pricing advantages, and anti-corruption measures [6] - The relationship between retail enterprises and supply chains is evolving towards strategic cooperation and value co-creation, moving away from short-term price-based transactions [6]

Core Viewpoint - Yonghui Supermarket's transformation project, inspired by Pang Donglai, is facing challenges as initial customer enthusiasm wanes and operational issues arise [2][21]. Group 1: Customer Traffic and Product Demand - After the initial opening, customer traffic at Yonghui's "Pang Transformation" stores has significantly decreased, with reports indicating that popular products are no longer in high demand [6][7]. - The first month of operation for the Beijing Shijingshan store saw over 90,000 visitors, but current customer flow is described as sparse, even on weekends [6][7]. Group 2: Supplier Relationships and Pricing Strategy - Yonghui's strategy of direct sourcing, eliminating middlemen, has led to thin or zero profit margins, raising concerns about long-term sustainability [12][11]. - Suppliers express that the current low-margin model is unsustainable, as operational costs will eventually necessitate price increases [12][13]. - The direct sourcing policy has pressured suppliers to reduce product sizes and customize offerings to meet Yonghui's pricing demands [13][14]. Group 3: Employee Compensation and Working Conditions - Despite some salary increases for employees, Yonghui's compensation still lags significantly behind Pang Donglai, with store managers earning up to 22,000 yuan compared to Pang Donglai's 78,000 yuan [15][18]. - Employee benefits, such as vacation days, are also less favorable at Yonghui, with only 10 days of annual leave compared to Pang Donglai's 150 to 180 days [15][18]. Group 4: Overall Transformation Challenges - Yonghui's adaptation of Pang Donglai's model is seen as incomplete, with industry experts noting that the company has not fully embraced the necessary cultural and operational changes [19][22]. - The ongoing financial struggles, including projected losses of 1.4 billion yuan for 2024, highlight the difficulties Yonghui faces in implementing effective reforms [21][22].

文 | 《 BUG 》栏目 罗宁 近日，永辉超市开封星光天地店完成胖东来调改，成为全国调改门店的第 55 家。 自从去年 5 月，永辉超市首次发布门店调改公告，时间已过去近 1 年，这些"胖改"店陆续 营业步入正轨。在胖东来的流量光环下，大众对"胖永辉"抱有相当高的预期，但调改后的 实际效果究竟如何？ 近日，《 BUG 》栏目分别前往北京石景山喜隆多店、大兴区鸿坤广场店实地走访，发现开 业热潮褪去后的永辉"胖改"项目，正显露出改造不够彻底的尴尬现实： 第一，从客流来看，曾经的人潮盛况早已不再，那些一物难求的网红产品，如今既不缺货也 无需抢购，甚至无人问津。 第二，从零供关系看，有供应商直言，"胖永辉"砍掉中间商后，超市以薄利甚至零毛利运 营，长期将不可持续，且直采方式对超市资金链形成较大考验。另有供应商透露，裸价直采 政策推出后，挤压了品牌方利润空间，倒逼企业通过产品减量定制化降本。 第三，从员工薪资以及休假待遇看，调改后的"胖永辉"依然不及胖东来，且薪资差距很 大。 探访：客流回归平淡， 网红产品不再抢购 （图为永辉喜隆多店） 近日，《 BUG 》栏目在中午时间段走访了位于石景山的永辉喜隆多店，这家是永辉超 ...

Core Insights - Yonghui Supermarket's transformation project, inspired by Pang Donglai, has not met high expectations as customer traffic and product demand have significantly declined since the initial excitement [2][4][6] - The direct sourcing strategy adopted by Yonghui has led to unsustainable low profit margins, raising concerns about the long-term viability of this model [8][9] - Employee compensation and benefits at Yonghui remain significantly lower than those at Pang Donglai, indicating a lack of comprehensive learning from the latter's operational model [10][12] Group 1: Customer Traffic and Product Demand - Yonghui's "Pang Transformation" stores have seen a drastic drop in customer traffic, with previously popular products now readily available and not in demand [2][6] - The initial surge in customer visits, such as 90,000 in the first month at the Shijingshan store, has not been sustained, leading to a more subdued shopping environment [4][6] Group 2: Supply Chain and Profitability - Yonghui's strategy of eliminating middlemen and adopting a direct sourcing model has resulted in thin or zero profit margins, which suppliers believe is not sustainable in the long run [8][9] - Suppliers have reported that the direct sourcing approach has pressured their profit margins, forcing them to reduce product sizes or customize offerings to meet Yonghui's pricing demands [9] Group 3: Employee Compensation and Benefits - There is a notable disparity in employee compensation between Yonghui and Pang Donglai, with Yonghui's store managers earning a maximum of 22,000 yuan compared to Pang Donglai's 78,000 yuan [10][12] - Yonghui's employee benefits, such as vacation days, are significantly less generous than those offered by Pang Donglai, which raises concerns about employee satisfaction and retention [10][12] Group 4: Strategic Challenges - Yonghui's adaptation of Pang Donglai's model appears selective and incomplete, focusing on optimizing its existing framework rather than fully embracing the operational ethos of Pang Donglai [12][13] - Industry analysts suggest that Yonghui's current approach may not effectively address its underlying operational challenges, indicating a need for a more profound transformation [12][13]