传统商超的压力仍然显著。 在截至9月30日的六个月内，大润发母公司高鑫零售实现营业收入305.02亿元，同比下滑12.1%；其中销 售货品收入同比下降12.4%。 期内通过优化用工节省人事开支1.86亿元。但因营收收缩，销售费用率仍上升1.8个百分点至23.9%。 受此影响，在2025财年实现短暂盈利后，高鑫零售于2026上半财年再次录得1.27亿元亏损。 尽管尚未走出调整阵痛，但在德弘资本入主后的首份中期财报中，大润发首次提出了未来发展的"三年 战略"。 一方面聚焦商品力、差异化能力提升，依托全国联采与自有品牌升级构造成本优势与价格竞争力。 大润发已围绕自有产品确立了"1+1"双品牌矩阵，通过主打性价比的"超省"系列和定位品质生活的"RT- Mart润发甄选"覆盖主力客群。 另一方面围绕"好逛"推动空间布局调整优化。 例如将长节货架改为短节货架，取消主通道、弱化强制动线；降低货架高度、增加视觉通透性；打造季 推区域现制现售场景等。 高鑫零售透露，新一代大超样板店中，生鲜及加工课销售占比已超过30%。 业绩下滑主要受两方面因素影响：市场竞争加剧与消费疲软导致客单价下降，以及中秋、国庆双节重叠 分散了部分消费需 ...

Core Insights - Yonghui Supermarket (601933.SH) reported a significant decline in revenue for the first half of 2025, with total revenue of 29.948 billion yuan, representing a year-on-year decrease of 20.73% [1] - The company experienced a net loss attributable to shareholders of 241 million yuan, with a net loss of 802 million yuan after excluding non-recurring gains and losses [1] - Basic loss per share was reported at 0.03 yuan [1] Revenue Performance - The decline in revenue is primarily attributed to the company's strategic and operational transformation initiated in the second half of 2024, which included the closure of long-term loss-making stores and temporary suspensions of store operations for renovations [1] - Despite a significant increase in revenue from renovated stores, it was insufficient to offset the revenue loss from store closures [1] Profitability and Costs - The overall reduction in sales scale contributed to the company's total profit and net profit losses [1] - The company undertook a reform of its product supply chain, resulting in a substantial upgrade and elimination of suppliers and products, which led to a temporary decline in gross margin [1] - The comprehensive gross margin for the reporting period was 20.80%, down 0.78% compared to the same period last year [1] Store Closures and Related Costs - During the reporting period, the company closed 227 loss-making stores, incurring costs related to lease and personnel compensation, product clearance, and asset write-offs [1] - The fair value change loss of the company's holdings in Advantage Solutions stock amounted to 184 million yuan for the year [1]

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 ...