以下文章来源于斑马消费 ，作者徐霁 去年9月，名创优品通过子公司出资63亿元，抄底永辉超市，成为公司第一大股东。今年3月以来，由名创优品创始人叶国富领衔的改革领导小组，主导着永 辉改革的方向。 未来，谁将在全球遴选中胜出担任永辉超市CEO，到现在仍然充满悬念。 业绩阵痛加剧 斑马消费 . 寻找泛消费领域的斑马企业 转型进入深水区。 文 ｜ 徐霁 来源｜ 斑马消费（ID：banmaxiaofei） 封面来源 ｜ 企业官网 2025年，永辉超市的转型进入深水区，由此产生的阵痛也在加剧。 上半年，受门店调改以及关店等多种因素影响，公司由盈转亏。 2024年下半年，面对持续恶化的经营状况，永辉超市（601933.SH）开启整体战略和经营的深度转型。今年，转型进入深水区，阵痛也更加明显。 昨日，公司披露2025年半年度业绩预亏公告， 预计当期实现归母净利润-2.4亿元；扣非净利润-8.3亿元。 与上年同期相比，由盈转亏。除了2021年和2022年 的特殊外部状况，永辉超市中期亏损极为罕见。 今年一季度，永辉超市实现营业收入174.8亿元，归母净利润和扣非净利润分别为1.48亿元和1.37亿元，由此不难推算出，二季度公司 ...

Core Viewpoint - Yonghui Supermarket is undergoing a significant transformation, facing increasing operational challenges and financial losses as it adapts to new market conditions and strategies [1][3][6]. Financial Performance - In the first half of 2025, Yonghui Supermarket expects a net loss of 240 million yuan and a non-recurring net loss of 830 million yuan, marking a shift from profit to loss compared to the previous year [3]. - The company reported a revenue of 17.48 billion yuan in Q1 2025, with net profits of 148 million yuan and 137 million yuan for recurring profits, indicating a substantial decline in Q2 with losses of approximately 387 million yuan and 967 million yuan respectively [3]. Store Operations - During the transformation, Yonghui opened 93 stores while closing 227 underperforming locations, incurring costs related to lease compensation, personnel severance, and asset write-offs [4]. - The company is implementing a significant supply chain reform, upgrading suppliers and products to enhance operational efficiency [5]. Strategic Changes - Yonghui Supermarket is adopting a new operational model inspired by the successful "Fat Donglai" retail concept, which has gained popularity in lower-tier cities [7][10]. - The first "Fat Donglai" style store opened in Zhengzhou, achieving sales of 1.88 million yuan on its first day, significantly higher than previous daily averages [11]. Shareholder Dynamics - In September 2022, Miniso's subsidiary invested 6.3 billion yuan to become Yonghui's largest shareholder, holding 29.4% of the shares [15]. - The board of directors underwent a significant reshuffle, with Miniso's founder leading the reform efforts, while the previous CEO was not re-elected [16]. Leadership and Governance - The search for a new CEO is ongoing, with the company taking a cautious approach to leadership appointments during this transformative phase [18].

Core Viewpoint - The financial report of Wanchen Group, the parent company of the snack brand "Haoxianglai," shows significant growth in revenue and a successful turnaround in profit for 2024, indicating a strong market position in the bulk snack industry [1][2]. Financial Performance - In 2024, the company's revenue reached 32.33 billion yuan, a year-on-year increase of 247.9% [1]. - The net profit attributable to the parent company turned from a loss of 82.93 million yuan in the previous year to a profit of 294 million yuan [1]. - The bulk snack business generated revenue of 31.79 billion yuan, a year-on-year growth of 262.94%, accounting for 98.33% of total revenue [2]. Business Strategy - Wanchen Group has focused on penetrating lower-tier markets and integrating its supply chain to reduce costs, achieving economies of scale [2]. - The company opened 9,776 new stores in 2024, averaging 26 new stores per day, facilitated by a low-cost franchise model [4][6]. - The franchise model includes zero franchise fees, management fees, site selection fees, training fees, service fees, and delivery fees, requiring only a 20,000 yuan deposit and a one-time system usage fee of 13,000 yuan [4]. Market Position and Competition - As of March 11, 2024, "Haoxianglai" has over 10,000 operating stores, while Wanchen Group has signed contracts for over 15,000 stores in total [5]. - The competitive landscape includes "Mingming Hen Mang," which has also expanded rapidly, indicating a fierce rivalry in the bulk snack market [5]. Challenges and Risks - Despite rapid expansion, the company faced challenges such as a decline in single-store profitability and low gross margins [2][6]. - The net profit margins for the bulk snack business were low, with net profit rates of 2.63% and 2.74% for the first and second halves of 2024, respectively [8]. - Increased operational costs, including sales and management expenses, have risen significantly, with sales expenses reaching 1.431 billion yuan in 2024, up 229.8% from 2023 [8]. Future Outlook - The bulk snack market is projected to grow significantly, with an expected market size of 217.29 billion yuan by 2027, representing 18% of the snack food industry [9]. - Both "Haoxianglai" and "Mingming Hen Mang" are transitioning towards full-category supermarkets to enhance profitability and meet the demands of franchisees [9].