Core Viewpoint - Yonghui Supermarket (601933) is experiencing significant financial challenges, with declining revenues and increasing losses, prompting a plan to issue A-shares to raise funds for store upgrades and operational improvements [2][4][6]. Stock Performance - As of October 31, 2025, Yonghui Supermarket's stock closed at 4.67 yuan, down 0.85% from the previous week, with a market capitalization of 42.38 billion yuan, ranking 3rd in the general retail sector [1]. Shareholder Changes - As of September 30, 2025, the number of shareholders decreased to 309,400, a reduction of 14.02% from June 30, 2025, with an average shareholding value of 137,300 yuan [2][7]. Financial Performance - For the first three quarters of 2025, Yonghui Supermarket reported a main revenue of 42.434 billion yuan, a year-on-year decline of 22.21%, and a net loss attributable to shareholders of 710 million yuan, down 811.6% [2][7]. - In Q3 2025, the company recorded a single-quarter revenue of 12.486 billion yuan, a decrease of 25.55%, and a net loss of 469 million yuan, down 32.86% [2]. Debt and Profitability - The company's debt ratio stands at 88.96%, with investment income of 340 million yuan and financial expenses of 561 million yuan, resulting in a gross profit margin of 20.52% [3]. Fundraising Plans - Yonghui Supermarket plans to issue A-shares to raise up to 3.11386 billion yuan for store upgrades, logistics improvements, and to supplement working capital or repay loans [5][6][8]. - The issuance has been approved by the board and shareholders but is pending review by the Shanghai Stock Exchange and registration with the China Securities Regulatory Commission [9].

Core Viewpoint - HeBai Group (000417) is planning to upgrade its HeJiaFu supermarket in the High-tech Zone to a new HeJiaFu 3.0 innovative store model, focusing on category, quality, service, and scenario upgrades to better meet consumer needs and adapt to market changes [1] Group 1 - The upgrade will cover a total area of 5,400 square meters, including partial adjustments to the first floor and overall adjustments to the second floor [1] - The store transformation will be driven by data and customer demand, combining short-term renovations with long-term operational improvements [1] - The goal is to achieve a comprehensive transformation of the store from "physical space optimization" to "operational capability enhancement," including supply chain reform and service capability improvements [1]

计划"胖改"298家门店 《每日经济新闻》记者了解到，自从下定决心进行"胖改"以来，永辉超市官网门店数据几乎一天一变。 永辉超市官网数据显示，截至2025年7月30日，永辉超市门店数共517家，较2024年年底的770余家少了 近三分之一。已开业的调改门店数已有146家，到今年三季度末，永辉超市计划调改门店数量达到200 家。 再来看永辉超市此次推出的定增预案，所涉及三个项目总投资金额63.76亿元。其中，门店升级改造项 目投资总金额55.97亿元，对应募集资金使用额为32.13亿元；物流仓储升级改造项目和补充流动资金或 偿还银行贷款对应的投资总额分别为3.09亿元和4.70亿元，均由定增募集资金提供。 值得注意的是，随着这份定增预案的披露，外界得以窥见永辉超市门店升级改造的成本构成。 官宣转型一年有余，永辉超市（601933）（SH601933，股价4.73元，市值429.25亿元）准备向市场"要 钱"，继续学习胖东来进行调改，此举也被外界称为"胖改"。 7月30日盘后，永辉超市披露2025年度向特定对象发行A股股票预案：公司拟向不超过35名特定投资者 发行股票，累计募资不超过39.92亿元，用于门店升级改 ...

证券分析师 吴劲草 执业证书：S0600520090006 wujc@dwzq.com.cn 证券分析师 阳靖 证券研究报告·公司点评报告·一般零售 永辉超市（601933） 拟定增融资 40 亿元，主要用于支持门店调改 2025 年 07 月 31 日 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) | 440.65 | 1,094.02 | | 同比（%） | 51.90 | (10.26) | 40.93 | 150.91 | 148.28 | | EPS-最新摊薄（元/股） | (0.15) | (0.16) ...

【永辉超市：拟定增募资不超过39.92亿元 用于门店升级改造等】永辉超市公告称，公司拟向特定对象 发行A股股票，募资不超过39.92亿元，用于门店升级改造、物流仓储升级改造及补充流动资金或偿还银 行贷款。(智通财经) ...

Core Viewpoint - Yonghui Supermarket (601933.SH) plans to issue A-shares to specific investors, aiming to raise up to 3.992 billion yuan for store upgrades, logistics improvements, and working capital [1] Group 1: Stock Issuance Details - The company intends to issue shares to no more than 35 specific investors [1] - The issuance price will be no less than 80% of the average trading price of the company's stock over the 20 trading days prior to the pricing date, and not lower than the latest audited net asset value per share [1] - The total number of shares issued will not exceed 30% of the company's total share capital before the issuance [1] Group 2: Fund Utilization - The total amount raised will not exceed 3.992 billion yuan, including issuance costs [1] - After deducting issuance expenses, the net proceeds will be used for store upgrades, logistics improvements, working capital, or repaying bank loans [1] Group 3: Store Upgrade Project - The store upgrade project is expected to utilize 3.213 billion yuan of the raised funds, with a total investment of 5.597 billion yuan [1] - The company plans to upgrade 298 stores using the "Fat Donglai model," enhancing the market environment and improving hardware and software facilities [1] - The upgrades aim to enhance the market image and service quality of the stores, improve consumer comfort and experience, and implement a series of reforms in product structure, shopping experience, organizational structure, and compensation to boost overall market competitiveness and profitability [1]

Core Viewpoint - Yonghui Supermarket (601933.SH) plans to issue A-shares to specific investors, raising up to 3.992 billion yuan for store upgrades, logistics improvements, and working capital [1] Group 1: Stock Issuance Details - The company intends to issue shares to no more than 35 specific investors [1] - The issuance price will be no less than 80% of the average trading price over the 20 trading days prior to the pricing date and not lower than the latest audited net asset value per share [1] - The total number of shares issued will not exceed 30% of the company's total share capital before the issuance [1] Group 2: Fund Utilization - The total amount raised will not exceed 3.992 billion yuan, which will be used for store upgrades, logistics improvements, working capital, or repaying bank loans [1] - The store upgrade project is expected to utilize 3.213 billion yuan of the raised funds, with a total investment of 5.597 billion yuan [1] Group 3: Project Details - The company plans to upgrade 298 stores using the "Fat Donglai model," enhancing the market environment and improving hardware and software facilities [1] - The upgrades aim to enhance the market image and service quality of the stores, improving consumer comfort and experience [1] - The project will involve reforms in product structure, shopping experience, organizational structure, and compensation to improve overall market competitiveness and profitability [1]