Core Viewpoint - Yonghui Supermarket continues to struggle despite ongoing store closures and adjustments, reporting significant revenue decline and net losses in the first half of 2025 [2][3][4]. Financial Performance - In the first half of 2025, Yonghui Supermarket achieved revenue of 29.948 billion yuan, a year-on-year decrease of 20.73%, with a net loss attributable to shareholders of 241 million yuan [3][5]. - The company has incurred total losses exceeding 9.5 billion yuan over the past four years, although the loss amount is showing signs of narrowing [4][5]. - The comprehensive gross margin for the reporting period was 20.80%, down 0.78% from the previous year [5]. Strategic Adjustments - The revenue decline is attributed to the company's deep strategic transformation initiated in the second half of 2024, which includes closing long-term loss-making stores and undergoing store adjustments [5][6]. - Yonghui Supermarket closed 227 loss-making stores during the reporting period, incurring costs related to leasing and employee compensation [5][6]. Management Outlook - The management remains pessimistic about the overall revenue for the year, expecting it to be lower than in 2024 due to the high number of store closures [6]. - However, they anticipate significant sales growth in the second half of the year as the remaining operational stores undergo steady transformation [6]. Online Business Performance - The online business generated revenue of 5.49 billion yuan, accounting for 18.33% of total revenue, but it still operates at a loss despite a reduction in losses compared to the previous year [6][7]. - The company is exploring various innovative models for its online channels, including an O2O (online-to-offline) model [6][7]. Store Transformation Efforts - Yonghui Supermarket is focusing on a transformation strategy inspired by the "Fat Donglai model," emphasizing quality retail [7][8]. - As of August 15, 2025, the company had completed adjustments on 160 stores, with plans to reach 200 by the end of September [7][8]. Market Perception - Analysts express skepticism about the effectiveness of Yonghui's transformation efforts, noting that while the company has adopted some successful strategies, it still lacks strong brand recognition compared to competitors [8][9]. - Following the release of the mid-year report, Yonghui's stock price fell to 4.93 yuan per share, reflecting market concerns [9].

8月21日，沃尔玛发布2026财年第二季度业绩。数据显示，沃尔玛第二季度实现总营收1774亿美元，同 比增长4.8%（剔除汇率波动影响后，总营收为1789亿美元，同比增长5.6%）；第二季度调整后营业利 润为80亿美元，同比增长0.4%。 其中，沃尔玛中国第二季度实现净销售额58亿美元，同比增长30.1%；可比销售额增长21.5%，电商业 务净销售额增长39%，电商销售额占比超过50%。第二季度山姆会员商店保持强劲的增长势头，其中交 易单量实现了双位数增长。山姆在过去12个月增加了8家新店（含本季度新增2家）。由于业态占比的变 化，本季度毛利率有所下降。但得益于强劲的销售增长，业态占比的变化，以及营运效率的提升，营运 费率下降，营业利润增长。 （企业公众号） (编辑：王璨 林辰) ...

Group 1 - Major U.S. stock indices opened lower, with the Dow Jones down 0.4%, S&P 500 down 0.27%, and Nasdaq down 0.3% [2] - Walmart's stock fell over 3% after reporting Q2 earnings that missed expectations, with revenue of $177.4 billion, a year-on-year increase of 4.8%, and adjusted EPS of $0.68 [3] - Xpeng Motors' stock rose over 5%, supported by CEO He Xiaopeng's purchase of 3.1 million shares at an average price of HKD 80.49 [2][3] Group 2 - The U.S. initial jobless claims for the previous week were reported at 235,000, up from 224,000 [2] - The U.S. plans to impose tariffs of up to 15% on a range of EU goods, including automobiles, pharmaceuticals, semiconductors, and timber [2] - The EU will eliminate tariffs on all U.S. industrial goods and provide preferential market access for U.S. agricultural products [2]

胖东来模式难救永辉超市。 8月21日上午，永辉超市（601933）召开2025年上半年业绩说明会，根据前一天晚间披露的财报，今年上半年公司营收299.48亿元，同比下滑20.73%；且 由盈转亏，归母净利润由去年同期的2.75亿元转为亏损2.41亿元。 可以预见的是，这种阵痛仍将持续。 自从去年开始"学习胖东来"、以品质零售作为战略核心后，永辉超市开启了一系列调整 和关店动作，目前仍处于阵痛期，管理层预计公司盈利情况将在 四季度好转，全年来看将继续承压。 未披露调改后门店经营数据 今年3月的股东大会上，永辉超市正式成立"学习胖东来"深度转型的改革领导小组，由名创优品创始人叶国富亲自挂帅。 按照当时的规划，今年预计调改200家门店，实际进展比预期的更快。 永辉超市官网数据显示，截至8月21日，其全国调改完成并开业的门店达162家，占存量门店总数（552家）的29%；9月底的目标是完成200家门店调改。 去年调改的一批门店目前已进入稳定运营期，其经营情况如何一直是市场关注的核心问题，多位投资者在业绩交流会上就此向永辉超市管理层提问。 公司CFO吴凯之表示，调改店的销售相比之前取得非常明显的增长，已经进入稳定经营期 ...

沃尔玛第二季度营收达1774亿美元，超出分析师预期的1761.6亿美元。 沃尔玛美国同店销售增长4.6%，高于分析师预期的4%，电商销售在美国市场增长26%。 调整后每股收益0.68美元，不及预期的0.74美元，为三年来首次不及预期。保险索赔、法律 费用和重组成本的增加是主要拖累因素。 首席财务官John David Rainey在财报声明中表示，关税影响的成本"正在持续上升"，但公司正努力通过 加速进口和增加限时折扣来保持低价策略。 沃尔玛二季度营收超预期，电商业务继续保持强劲增长势头，并上调全年销售和盈利预期。但受关税冲 击，成本持续上升，导致其利润三年来首次不及预期。 周四公布的财报显示： 沃尔玛将2026财年净销售增长预期从此前的3%-4%上调至3.75%-4.75%，调整后每股收益预期也小幅 上调至2.52-2.62美元。 受盈利不及预期影响，沃尔玛股价盘前下跌超过3%，投资者对关税成本上升对零售业利润率的潜在冲 击表示担忧。 电商业务强劲增长 沃尔玛电商业务继续保持强劲增长势头，全球电商销售增长25%，美国市场增长26%。公司通过门店配 送的杂货和其他商品销售同比增长近50%，其中三分之一的订单为 ...

Core Viewpoint - Yonghui Supermarket reported a significant decline in revenue and a shift to net loss in the first half of 2025, attributed to strategic transformations and store closures [1][2][3]. Financial Performance - The company achieved a revenue of 29.948 billion yuan, a decrease of 20.73% year-on-year [2]. - The net profit attributable to shareholders was a loss of 240.57 million yuan, compared to a profit of 275.31 million yuan in the same period last year [1][2]. - The total profit was reported as a loss of 207.06 million yuan, with a comprehensive gross margin of 20.80%, down 0.78 percentage points from the previous year [3]. Strategic Changes - The revenue decline is primarily due to the company's deep strategic and operational transformation initiated in the second half of 2024, which included closing long-term loss-making stores and temporary closures for store renovations [2][3]. - During the reporting period, the company closed 227 loss-making stores, incurring costs related to leases, employee compensation, and asset write-offs [4]. Supply Chain and Online Business - The company underwent significant reforms in its supply chain, resulting in a temporary decrease in gross profit margins due to the upgrade and replacement of suppliers and products [3]. - Online business revenue reached 5.49 billion yuan, accounting for 18.33% of total revenue, with a reduction in losses compared to the previous year [5]. Future Plans - The company plans to further enhance its transformation efforts in 2025, focusing on core suppliers and key products, with a goal to incubate 100 billion-yuan level products over the next three years [11]. - The CEO emphasized the importance of adopting the "Fat Donglai model" for quality retail as a path forward for Yonghui Supermarket [10].

8月21日，沃尔玛公布2025年第二季度业绩，营收为1774亿美元，同比增长4.8%，按固定汇率增长 5.6%；调整后每股收益0.68美元。 ...

调改与关店并行之下，永辉超市（601933）仍然没能走出谷底。 8月20日，永辉超市发布2025年中报。今年上半年，永辉超市实现营收299.48亿元，同比下降20.73%， 归母净亏损2.41亿元；扣非后归母净亏损8.02亿元。 在此之前，永辉超市已经连续亏损四年，总亏损额逾95亿元。虽然亏损额呈现收窄的趋势，但是这份业 绩报告仍让资本市场存在忧虑。 永辉超市给出的亏损理由是，由于关闭长期经营亏损门店，以及门店调改期歇业等因素，报告期营业收 入同比下滑。此外，整体销售规模减少、商品供应链改革带来的短期毛利率下降，叠加闭店过程中产生 的成本费用，以及Advantage Solutions股票本年公允价值变动损益，共同导致今年上半年业绩亏损。 永辉超市认为这是"短期"的影响，但这难以让投资者信服。 去年9月，永辉超市迎来名创优品的入主，后者以62.7亿元收购永辉超市29.4%的股权。迎来名创优品 后，永辉超市的"止损"路线是学习"胖东来模式"，继续调改，走品质零售路线。 可惜的是，在永辉超市最新的这份财报中，永辉超市对调改的详细数据以及具体进度着墨较少，在业绩 会上也并未过多回应调改的成果。这是永辉超市的"不确定 ...

图片来 源：CNN 虽然该批次货物并未进入美国市场，但来自同一供应商的两磅装Great Value白虾产品已分发到美国至少 13个州的沃尔玛门店，包括阿拉巴马州、阿肯色州、佛罗里达州、佐治亚州、肯塔基州、路易斯安那 州、密苏里州、密西西比州、俄亥俄州、俄克拉荷马州、宾夕法尼亚州、德克萨斯州和西弗吉尼亚州。 沃尔玛称已对该产品进行召回。 港口扣留的货品中铯检出量为68Bq/Kg，远低于规定干预标准（1200Bq/Kg），但FDA（美国食品药品 管理局）出于谨慎考虑仍然发布了警告，敦促公众丢弃或退回相关产品，不要食用。FDA表示，该供应 商的产品"似乎在不卫生的条件下准备、包装或存放，可能受到铯-137的污染"，并称长期低剂量接触放 射性元素可能存在致癌风险。FDA还表示正在与印尼海鲜监管机构联合展开调查。 来源：环球网 【环球网编译 记者 黄诗瑞】据美国有线电视新闻网8月20日报道，美国食品药品监督管理局称，在美国 洛杉矶、休斯顿、萨凡纳和迈阿密港口扣留一批来自印尼供应商BMS Foods的冷冻虾样本，其中检测出 放射性同位素铯-137。 ...

格隆汇8月21日｜在业绩公布前，沃尔玛盘前跌逾2%。 ...