1 | | 接待过程中，公司严格按照相关制度规定，没有出现未公开重大信息泄露等情况， | | | --- | --- | --- | | | 同时已按深交所要求签署调研《承诺书》。 | | | 附件清单（如有） | 无 | | | 日期 | 2025 年 11 18 日 | 月 | 2 证券代码：002419 证券简称：天虹股份 天虹数科商业股份有限公司投资者关系活动记录表 编号：2025-06 | ☑ | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 □其他 | | 参与单位名称及 人员姓名 | 东方证券陈笑。 | | 时间 | 2025 年 11 月 18 日下午 15:00 | | 地点 | 公司会议室 | | 上市公司接待人 员姓名 | 罗曾琪（证券事务代表） | | | 1.超市调改进展？ | | | 2024 年，公司超市业态主动变革创新，升级及打造了九大生活主题馆和一个全仓 | | | 履约中心，全国首家 SP@CE3.0 在深圳宝安天虹购物中心落地。 | | | ...

Core Insights - The supermarket industry is experiencing revenue growth pressure and a divergence in profitability among listed companies, with a need for refined operations and differentiated competition to find breakthroughs [1][3] Revenue Performance - Supermarkets are entering a "stock competition" phase, facing stagnant or declining revenue growth, with significant divergence in net profit performance among companies [3] - Yonghui Supermarket reported a cumulative revenue of 42.434 billion yuan for the first three quarters, a year-on-year decline of 22.21%, with Q3 revenue at 12.486 billion yuan, down 25.55%, and a net loss of 469 million yuan [3] - Zhongbai Group also saw revenue decline, with 6.552 billion yuan for the first three quarters, down 19.41%, and a net loss of 580 million yuan [3] - Hongqi Lianchained reported revenue of 7.108 billion yuan, down 8.48%, but achieved a net profit of 383 million yuan, with a net profit margin increase of 7.21% [3] - Bubu Gao's revenue was 3.194 billion yuan, ranking fifth in the industry with a net profit of 238 million yuan [3] - Sanjiang Shopping reported revenue of 2.988 billion yuan and a net profit of 114 million yuan [3] Industry Transformation - The industry is undergoing a collective transformation with various new models emerging, such as "Fat Donglai model adjustment" and "24-hour cloud service" by Hongqi Lianchained, indicating a shift towards differentiated products and innovative business formats [4][5] - Yonghui Supermarket has completed adjustments in 222 stores, resulting in an average customer flow increase of 80% and over 60% of stores surpassing their highest profitability in the past five years [4] - Bubu Gao's store adjustments have led to increased sales and improved employee benefits, achieving a 90% alignment with the Fat Donglai model [4] E-commerce and Digitalization - Walmart China reported a significant 96% increase in e-commerce net sales in Q3, with Sam's Club membership exceeding 4 million [5] - The transformation in the supermarket industry is systemic, with major players like Wumart also advancing deep transformations [5] - The focus on self-owned brand development, fresh direct sourcing, and regional specialty products is emphasized as a strategy for profit growth [6] Market Demand Response - The core of the transformation lies in enhancing product strength and optimizing supply chains, with companies increasingly relying on operational efficiency and innovative business models [6] - The emergence of membership stores, hard discount stores, and community stores reflects a response to market demand for segmentation [6] - Digital channels such as e-commerce, live streaming, and instant delivery are becoming standard configurations for supermarket operations, with examples from Walmart China and Hongqi Lianchained [6]

Core Insights - The article highlights the investment strategies of Chen Bo, a fund manager at Shangyin Fund, who successfully manages both dividend and technology-focused funds, demonstrating a unique ability to navigate different asset classes [1][2]. Group 1: Investment Strategy - Chen Bo employs a "barbell strategy" that combines dividend and technology assets, allowing investors to switch between aggressive and defensive positions based on market conditions [2][17]. - The strategy has performed well during market fluctuations in 2023 and 2024, showcasing its adaptability [2]. - Key investment principles include "small but beautiful Alpha," high Return on Equity (ROE), and a focus on dynamic portfolio rebalancing to optimize risk-reward ratios [3][11][26]. Group 2: Performance Metrics - Chen Bo's fund, Shangyin Future Life Flexible Allocation A, has received a dual five-star rating for its performance over three and five years, ranking in the top 10% of its peers [1]. - The fund's performance metrics include a three-year ranking of 101 out of 1718 and a five-year ranking of 249 out of 1488 [1]. Group 3: Investment Philosophy - The investment philosophy emphasizes the importance of high ROE as a criterion for selecting quality companies, with a long-term view on maintaining above-average returns [3][19]. - Chen Bo believes that both dividend and technology assets benefit from a low-interest-rate environment, which supports their growth potential [2][18]. - The focus on identifying companies with clean balance sheets and high growth potential is central to the investment approach [11][12]. Group 4: Market Outlook - Chen Bo expresses optimism about the Chinese equity market, anticipating a systemic revaluation of risk assets, which could lead to significant wealth transfer as market conditions improve [27]. - The article suggests that various asset styles, including both dividend and growth stocks, will perform well in a true bull market [27].

Core Viewpoint - Yonghui Supermarket is facing significant operational challenges, including regulatory warnings for stock reduction practices and ongoing financial losses, raising concerns about its ability to successfully navigate the retail sector's difficulties and implement effective reforms [1][2][4]. Regulatory Issues - Yonghui Supermarket received a warning from the Sichuan Securities Regulatory Bureau for failing to timely disclose a reduction in its stake in Hongqi Chain, which decreased from 11% to 10% [1][2]. - The company had previously faced similar warnings for early reduction activities, indicating a pattern of regulatory non-compliance [3]. Financial Performance - Since 2021, Yonghui Supermarket has experienced a decline in revenue and has recorded substantial losses, with a cumulative net loss of approximately 97.42 billion yuan over four and a half years [4][6]. - In the first half of 2025, the company reported a revenue of 29.948 billion yuan, a decrease of 20.73% year-on-year, and a net loss of 2.41 billion yuan, which is an increase in losses compared to the previous year [4][6]. Operational Challenges - The company has been closing underperforming stores, with 227 stores shut down in the first half of 2025 alone, contributing to its financial struggles [5][6]. - Yonghui Supermarket's revenue has consistently declined over the past few years, with significant drops in 2024 and 2025 due to strategic shifts and operational challenges in the retail sector [6][8]. Reform Efforts - In response to its financial difficulties, Yonghui Supermarket initiated a comprehensive reform strategy, including inviting the founder of Pinduoduo, Yu Donglai, to assist in store renovations [7][8]. - Initial results from the reform efforts showed promising increases in customer traffic and sales at newly renovated stores, but the implementation of employee welfare standards has faced criticism [7][8]. Industry Context - The retail sector is undergoing significant changes, with many traditional supermarket brands, including Yonghui, initiating their own reform strategies to adapt to market pressures [9]. - A survey indicated that 75% of surveyed supermarket companies have attempted reforms, with many reporting varying degrees of sales growth [9].

Core Viewpoint - The retail industry in China is transitioning from aggressive expansion to a buyer's market, making store adjustments a critical survival strategy for companies like Yonghui Supermarket [2][6]. Company Updates - Yonghui Supermarket appointed Wang Shoucheng, a post-90s executive, as the new CEO after a six-month vacancy [3]. - The company plans to raise up to 3.11 billion yuan through a private placement of A-shares, with a significant portion allocated for store upgrades [6]. Performance and Strategy - Yonghui has faced continuous losses for four years, with a total loss of 9.5 billion yuan, and reported a revenue decline of 20.73% year-on-year in the first half of 2025 [4][5]. - The company is implementing a store closure strategy, shutting down 232 stores in 2024 and an additional 227 in the first half of 2025, reducing its total operational stores from 1,000 to 552 [4]. Market Trends - The retail sector is witnessing a shift towards quality retail, hard discount, and membership store models, with many companies, including Yonghui, focusing on quality upgrades [8][9]. - The competition is intensifying, with new entrants in the hard discount space and established players like Yonghui adapting their strategies to enhance customer experience and operational efficiency [7][9]. Future Outlook - Yonghui's focus on quality retail aims to consolidate resources and avoid the pitfalls of previous strategies that lacked a clear direction [5][10]. - The company is expected to continue its store adjustments in 2024, aligning with industry trends as the era of rapid expansion comes to an end [6][8].

Group 1 - YH Supermarket appointed Wang Shoucheng as the new CEO after a six-month vacancy following the departure of the previous CEO, Li Songfeng [1] - Wang Shoucheng has been with YH Supermarket since 2017, rising through various roles to become CEO, and he holds a master's degree from Peking University [2] - Wang's annual salary for 2024 is reported to be 1.1608 million yuan, and he currently does not hold any shares in the company [2] Group 2 - YH Supermarket closed 227 loss-making stores in the first half of the year, contributing to a revenue decline of 20.73% to 29.948 billion yuan and a net loss of 241 million yuan [3][4] - The company cited four main reasons for the losses, including reduced overall sales, supply chain reforms leading to a temporary decline in gross margin, costs associated with store closures, and a loss from the fair value change of Advantage Solutions stock [4][5] - Despite the challenges, YH Supermarket opened four new stores and has a total of 552 operating stores across 26 provinces and municipalities, with 79 signed but not yet opened [5] Group 3 - On September 19, YH Supermarket's stock fell by 1.19%, closing at 4.99 yuan per share, with a total market capitalization of 45.3 billion yuan [6]

Group 1 - The core point of the article is the appointment of Wang Shoucheng as the new CEO of Yonghui Supermarket, who is tasked with leading the company's transformation efforts amid ongoing financial challenges [2][16]. - Wang Shoucheng, born in 1991, has been recognized for his role in the "Fat Reform" project and has been instrumental in establishing operational standards within the company [2][3]. - Under Wang's leadership, Yonghui has initiated a nationwide reform program, with 124 stores undergoing transformation as of June this year, and an expectation to reach 200 by the end of the year [5][19]. Group 2 - Wang's rapid rise within the company is notable, having joined as a management trainee in 2017 and quickly advancing through various roles, culminating in his appointment as CEO [8][12]. - The company reported a revenue of approximately 30 billion yuan in the first half of the year, reflecting a 20% decline, with ongoing losses of around 800 million yuan [17]. - Wang emphasizes the importance of transforming the retail experience, focusing on upgrading service quality and creating a "quality lifestyle center" for consumers [19][20].

Investment Rating - The report maintains a "Positive" investment rating for the supermarket and department store industry [4]. Core Insights - The overall retail sector is showing signs of stabilization and recovery, with essential and national subsidized categories performing well. In the first seven months of 2025, the retail sales growth rate was 4.8%, with July's growth at 3.7% [14]. - Supermarkets are undergoing store closures and adjustments, leading to an optimization of profit margins. In the first half of 2025, major supermarket chains closed a total of 223 stores, with ongoing adjustments expected to enhance profitability [15][19]. - The department store sector is experiencing a short-term decline in performance, with a focus on maintaining operational stability and gradually improving brand matrices [35]. Summary by Sections Overall Retail Sector - Retail sales growth is stabilizing, with essential goods showing strong growth. For instance, the retail sales growth for essential food categories was 12.2% in Q2 2025 [14]. - The performance of optional categories is recovering, with notable growth in national subsidized products like home appliances and furniture, which saw growth rates of 40.4% and 27.2% respectively in Q2 2025 [14]. Supermarkets - Supermarkets are optimizing their store networks, with significant closures and adjustments. For example, Yonghui Supermarket closed 223 stores, reducing its total to 552 [15]. - The average revenue for representative supermarket enterprises in Q2 2025 was 3.8 billion yuan, a decrease of 15% year-on-year, primarily due to the closure of underperforming stores [19]. - The average gross margin for supermarkets improved by 0.84 percentage points to 22.82% in Q2 2025, despite a net loss of 160 million yuan [19][25]. Department Stores - The average revenue for representative department store enterprises in Q2 2025 was 1.28 billion yuan, down 11% year-on-year, attributed to weak consumer demand [35]. - The average gross margin for department stores increased by 1.83 percentage points to 36.25% in Q2 2025, while average sales and management expenses decreased by 3% and 2% respectively [35]. Investment Recommendations - The report suggests continuous monitoring of supermarket adjustments and improvements in operational efficiency. Key companies to watch include Yonghui Supermarket, Jiajiayue, Wushang Group, Chongqing Department Store, and Tianhong [42][43].

Core Viewpoint - The incident involving the sale of "Fruit Oat Crisp" by Yonghui Supermarket in Zhengzhou, which lacked a production date label, has raised significant consumer concerns regarding food safety and product freshness [1][4]. Group 1: Incident Details - A consumer reported that the "Fruit Oat Crisp" product from Yonghui Supermarket did not have a production date marked on its packaging, leading to doubts about its safety [1]. - The product is a popular item under the brand DL, with high market recognition and sales exceeding ten thousand units on various platforms [1]. Group 2: Company Response - Following the incident, Yonghui Supermarket and the supplier, Pang Donglai, took immediate action to address the issue by removing the affected products from shelves [2]. - Pang Donglai's customer service stated that an investigation is underway, and no other products have been found with similar labeling issues [4]. Group 3: Legal and Regulatory Context - According to the Food Safety Law of the People's Republic of China, pre-packaged food must have clear and accurate labeling, including production dates and shelf life, which are critical for food safety [4]. Group 4: Yonghui Supermarket's Business Context - The Zhengzhou store involved is Yonghui's first store redesigned based on the Pang Donglai model, which has shown significant sales improvement post-renovation [5]. - As of September 2, Yonghui has completed renovations in 177 stores, representing 32% of its total stores, with plans to reach 200 by the end of September [6]. Group 5: Financial Performance - Yonghui Supermarket reported a revenue of 29.948 billion yuan in the first half of the year, a year-on-year decline of 20.73%, and a net loss of 241 million yuan, reversing from a profit of 275 million yuan in the same period last year [7]. - The financial strain is attributed to the costs associated with store renovations, including lease and personnel compensation, as well as the closure of 227 unprofitable stores [7].

Group 1 - The first "fat reform store" of Wumart Supermarket, located near Jishuitan subway station, has reopened with 70% of its 11,000 products being newly refreshed [1][3] - On the opening day, the customer flow at Wumart Supermarket's Xinjiekou store exceeded 10,000 [1] - The store has increased the area for ready-to-eat food, introducing nearly 600 new products in the cooked food and baking sections, significantly raising the proportion of freshly made items [3] Group 2 - The number of employees at the store has nearly doubled compared to before, contributing to job creation [3] - Other "fat reform stores" in Beijing, such as Xueqing Road, Daxing Huangcun, Huamao, and Tiantongyuan, have seen daily customer flow and sales increase by 50% to 300% after their renovations [3] - The Xinjiekou store aims to meet the diverse shopping needs of nearby high-density residential communities and single white-collar workers through a comprehensive refresh of product structure and services [3]