Core Viewpoint - In 2024, the company demonstrated strong resilience and development potential in a challenging market environment through strategic initiatives and innovative practices [1] Business Structure Optimization - The company reported a revenue of 10.381 billion yuan in 2024, with the supermarket business generating 9.262 billion yuan, accounting for 89.22% of total revenue [2] - The company has focused on building a "quarter-hour convenient living circle," completing the transformation of 10 warehouse hypermarkets and launching the new "Zhongbai Neighbourhood" format to enhance consumer shopping experiences [2] - New store openings included 163 convenience stores, 18 community supermarkets, 1 rural supermarket, 5 community canteens, and 14 new brand stores "Zhongbai Qianshuang Xiaozhan," further solidifying its commercial layout [2] Operational Efficiency Improvement - The company improved operational management by accelerating supply chain development and optimizing product structure, achieving a product turnover rate of nearly 80% in transformed warehouse hypermarkets [3] - Over 10,000 low-efficiency SKUs were eliminated in convenience stores, and 265 new products were developed, enhancing market competitiveness [3] - Sales, management, and financial expenses decreased, with sales expenses down by 11.52% compared to the previous year, indicating effective measures in optimizing sales strategies and enhancing management efficiency [3] Accelerated Digital Transformation - The company advanced its digital transformation by completing projects like the financial management platform and launching procurement and asset management systems, enhancing data analysis and operational efficiency [4] - The self-developed online platform "Zhongbai Neighbourhood Purchase" saw a 66% year-on-year sales increase, showcasing significant growth potential [4] - The company conducted over 1,600 live broadcasts, attracting more than 260 million viewers, which broadened sales channels and improved brand influence [4] Organizational Management Innovation - The company recruited 230 young talents and implemented a "100 college students reserve training plan," injecting fresh energy into its development [5] - Financial management reforms included vertical management of subsidiary financial positions and appointed financial leaders to enhance financial oversight and effectiveness [5] - The company strengthened internal control risk prevention and management, focusing on financial, funding, procurement, and contract management areas [5] Social Responsibility Commitment - The company actively fulfills its social responsibilities and was recognized as a model case for social responsibility practices among Hubei listed companies [6] - Initiatives included community support for left-behind children and the elderly, providing essential goods to disadvantaged families, and offering exclusive member benefits to 18,000 veterans, resulting in direct savings of over 4 million yuan [6] - Participation in community service activities enhanced local convenience and fostered community engagement [6] Future Outlook - The company aims to enhance its core competitiveness and steadily progress towards becoming a century-old livelihood enterprise, aspiring to achieve remarkable performance in the retail sector [7]

华夏时报（www.chinatimes.net.cn）记者 黄兴利 北京报道 在传统零售业深度调整期，永辉超市正经历行业变革与自身转型的双重考验。4月25日晚间披露的财报数据显示， 永辉超市已连续四年陷入亏损，累计亏损额突破95亿元。而2025年一季度净利润同比骤降近八成的财务表现，更 将其盈利模式重构的紧迫性推至台前——随着名创优品系"操盘"，2025年将成为检验永辉转型成效的关键年份： 年内门店规模收缩至巅峰时期一半，能否在提速门店调改过程中减亏，将直接验证其转型路径的可持续性。 连亏四年 在一场漫长的结构性调整中，永辉超市交出了一份充满阵痛的成绩单。 2024年，永辉超市延续之前亏损态势，全年营业收入675.74亿元，同比下降14.07%；归属上市公司股东的净利润 为-14.65亿元，较上一年亏损增加1.36亿元。2021年到2024年四年间，永辉超市累计总亏损超95亿元。 对于去年收入下滑，永辉在财报中坦言，主要是由于公司主动进行门店优化以及战略和经营模式转型，"尽管截至 2024年底公司共完成了31家门店的调改，且调改门店迅速大幅提升客流和销售额，但这些门店主要是在下半年调 改开店，且门店数占比不大 ...

Core Points - The company has approved its 2024 operational work report, summarizing key business support and development plans for 2025 [1] - The company aims to transform by focusing on "quality retail" and implementing a strategy of "three increases and two decreases" in 2025 [1] - The company plans to close 88 supermarkets and 3 mini stores due to operational losses and other reasons, with an estimated loss of approximately 37.85 million [7][102] Financial Summary - The company reported a loan balance of 5.31 billion as of December 31, 2024, with total financial expenses of 179.15 million for the year [4] - The company plans to apply for a total credit limit of 21.89 billion from various banks for 2025 [5] - The company intends to spend approximately 3 billion on opening new stores and upgrading existing ones in 2025 [5] Asset Management - The company plans to dispose of fixed assets with an original value of 612.66 million, resulting in an estimated disposal loss of about 33.66 million [6] - The company has engaged Ernst & Young Huaming as the independent auditor for the 2024 annual audit [4] Internal Control and Governance - The company has conducted an internal control audit for 2024, with the results indicating no significant discrepancies [4][13] - The company has proposed to continue purchasing financial products to optimize the use of idle funds, with a total investment limit of 9 billion [104][106] Social Responsibility - The company has prepared a social responsibility report for 2024, detailing its performance in economic, environmental, and social aspects [118]

Financial Performance - The company's revenue for the first quarter of 2025 decreased due to a strategic and operational model transformation, with a total of 47 stores modified, leading to a decline in overall revenue as 273 stores were closed compared to the same period last year [1][2] - The net profit attributable to shareholders decreased primarily due to a 1.35 percentage point drop in gross margin, influenced by the optimization of product structure and procurement during the store modifications [1][2] - The fair value change loss of Advantage Solutions stock amounted to -172 million yuan, resulting in a profit decrease of 249 million yuan compared to the same period last year [1] Operational Highlights - As of March 31, 2025, online business revenue reached 3.15 billion yuan, accounting for 18.02% of total revenue [5] - The "Yonghui Life" app covered 670 stores, generating sales of 1.75 billion yuan, with an average daily order volume of 231,000 and a monthly repurchase rate of 47.6% [6] - The company accelerated store modifications, focusing on quality retail, with a total of 61 modified stores by the report date [7] Shareholder Information - The company proposed not to distribute cash dividends or implement other forms of distribution for the 2024 fiscal year, as the net profit attributable to shareholders was negative for four consecutive years [9][14] - The profit distribution plan has been approved by the board and will be submitted for shareholder meeting approval [10][12] Governance and Risk Management - The company plans to purchase liability insurance for directors, supervisors, and senior management to enhance risk management and protect the interests of the company and investors [18] - The board of directors has proposed to appoint Wang Shoucheng as a non-independent director, pending approval at the upcoming shareholder meeting [20] Audit and Compliance - The company intends to renew its contract with Ernst & Young Huaming for the 2025 financial audit, with the proposal having been approved by the board and requiring shareholder meeting approval [49][57]

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.7800 | -0.4700 | -65.96 | -0.5400 | | 每股净资产（元） | 0 | 3.38 | -100 | 3.86 | | 每股公积金(元) | 1.3 | 1.35 | -3.7 | 1.34 | | 每股未分配利润(元) | -0.24 | 0.48 | -150 | 0.98 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 103.81 | 116.39 | -10.81 | 121.97 | | 净利润(亿元) | -5.28 | -3.22 | -63.98 | -3.54 | | 净资产收益率(%) | -25.57 | -13.71 | -86.51 | -12.76 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 27352.57万股，累计占 ...

Core Viewpoint - Yonghui Supermarket reported a significant decline in revenue and increased net losses for 2024, primarily due to intense competition in the retail sector and strategic store optimizations [1][2]. Group 1: Financial Performance - In 2024, Yonghui Supermarket's revenue was 67.574 billion yuan, a decrease of 14.07% compared to the previous year [1]. - The company incurred a net loss of 1.465 billion yuan, an increase in losses by 136 million yuan year-on-year [1]. - For Q1 2025, the company reported revenue of 17.479 billion yuan, down 19.32% year-on-year, and a net profit of 148 million yuan, a decline of 79.96% [3]. Group 2: Strategic Changes - The revenue decline was attributed to the closure of 232 underperforming stores and the ongoing transformation of the company's strategic and operational models [1]. - The company completed the renovation of 31 stores, which improved customer traffic and sales, but these changes had a limited impact on overall revenue due to their timing [1]. Group 3: Online Business Development - In 2024, online business revenue reached 14.6 billion yuan, accounting for 21.7% of total revenue, with a gross margin increase of 0.5% due to improved product structure and cost optimization [2]. - The "Yonghui Life" self-operated home delivery service covered 959 stores, generating sales of 8.02 billion yuan, with an average daily order volume of 294,000 and a monthly repurchase rate of 57.2% [2]. Group 4: Supply Chain and Product Strategy - The company upgraded 120 self-owned brand products in 2024, with over 20 products achieving annual sales exceeding 50 million yuan [2]. - Significant changes in product selection and pricing strategies are expected following a supplier conference held at the end of March, which aims to restore and enhance gross margins [3].

Core Viewpoint - Yonghui Supermarket reported a revenue of 67.6 billion yuan for 2024, with a net loss of 1.465 billion yuan. In Q1 2025, the company achieved a revenue of 17.48 billion yuan and a net profit of 148 million yuan, indicating a strategic transformation impacting revenue and profitability [1][2]. Financial Performance - For 2024, Yonghui Supermarket's revenue was 67.6 billion yuan, with a net loss of 1.465 billion yuan. In Q1 2025, the company reported a revenue of 17.48 billion yuan and a net profit of 148 million yuan [1]. - The decline in revenue was attributed to the strategic transformation and the closure of 273 stores compared to the previous year, leading to a decrease in overall income [1]. - The net profit decline was primarily due to a 1.35 percentage point drop in gross margin, influenced by the optimization of product structure and procurement strategies during store renovations [1]. Store Transformation and Strategy - As of March 31, 2025, Yonghui Supermarket completed renovations on 47 stores, which significantly improved customer traffic and sales. The company aims to implement the "Pang Donglai" model for quality retail, with 61 stores already transformed under this model [2]. - The company plans to exceed 124 renovated stores by June 2025 and aims for 300 stores by the Lunar New Year in 2026, indicating a focused effort on store transformation [2]. Supply Chain and Online Business - Yonghui Supermarket is in procurement discussions with over 300 quality supply chain enterprises, including suppliers for major U.S. supermarkets [3]. - Online business revenue reached 3.15 billion yuan, accounting for 18.02% of total revenue. The "Yonghui Life" app covered 670 stores, generating sales of 1.75 billion yuan with a daily average of 231,000 orders and a monthly repurchase rate of 47.6% [3].

Core Insights - Yonghui Supermarket reported a total revenue of 67.574 billion yuan for the year 2024, with a net profit attributable to shareholders of -1.465 billion yuan. In Q1 2025, the revenue was 17.479 billion yuan, with a net profit of 148 million yuan [1] - The company is undergoing a strategic transformation, focusing on the "Pang Donglai" model adjustment, store optimization, and supply chain innovation, marking a critical phase in the "Quality Yonghui" reform [1] - As of the end of March 2025, 41 "steady-state stores" (stores open for more than three months) achieved a cumulative net profit of 14.7 million yuan [1] Store Transformation and Performance - Yonghui Supermarket has completed the transformation of 61 stores under the "Pang Donglai" model, with expectations to exceed 124 transformed stores by June 2025 and a target of 300 stores before the Lunar New Year in 2026 [1] - The next 12-18 months are anticipated to be a concentrated release period for the results of the reform, driven by an increase in the proportion of transformed stores and deepening supply chain reforms [1] Supply Chain Strategy - At the 2025 Global Supplier Conference, the company emphasized a supply chain upgrade strategy focusing on core suppliers, core big products, and long-termism, while opposing frequent changes in suppliers [2] - Yonghui Supermarket has initiated a "15-day rapid shelving" green channel for export-restricted enterprises, providing brand promotion and new product development support [2] - As of April 22, 2025, the company has entered procurement discussions with over 300 quality supply chain enterprises, including many Chinese manufacturers supplying to U.S. supermarkets [2] Future Development Strategy - The company remains committed to the "Pang Donglai" model and quality retail strategy, aiming to create a national supermarket more suitable for mainstream Chinese families [3] - The focus will be on core big products, with a goal to incubate 100 billion-level products in collaboration with suppliers, establishing itself as a quality choice [3]

Core Viewpoint - Yonghui Supermarket is undergoing a strategic transformation towards a "quality retail" model, focusing on store optimization and supply chain innovation, with significant progress in its "Pang Donglai" model reform and achieving sales and profit targets in the first quarter of 2025 [1][2][5] Financial Performance - In 2024, Yonghui Supermarket achieved a total revenue of 67.574 billion yuan, with a net profit attributable to shareholders of -1.465 billion yuan [1] - As of the end of March 2025, 41 "steady-state stores" that had been operational for over three months achieved a cumulative net profit of 14.7 million yuan [2] Strategic Transformation - The company has completed the "Pang Donglai" model reform in 61 stores, with expectations to exceed 124 reformed stores by June 2025 and a target of 300 stores by the Lunar New Year of 2026 [2] - Yonghui Supermarket is committed to enhancing its supply chain and product quality, focusing on core suppliers and long-term partnerships, while rejecting frequent supplier changes [3] Supply Chain Innovation - The supply chain transformation is a key driver for Yonghui's shift to "quality retail," with a focus on connecting with foreign trade enterprises to enhance supply chain efficiency and product renewal [3] - The company has initiated a "15-day rapid listing" green channel for foreign trade enterprises affected by global supply chain disruptions, facilitating over 300 procurement negotiations with quality suppliers [4] Social Responsibility and Community Engagement - Yonghui Supermarket is actively supporting foreign trade enterprises and enhancing food safety measures, investing over 100 million yuan in food safety upgrades and engaging in community support initiatives [4] - The company emphasizes its role as a "national supermarket," aiming to provide consumers with affordable access to international quality products while contributing to social growth [5]

永辉超市（601933）公告，2024年营业收入为675.74亿元，同比减少14.07%。归属于上市公司股东的净 亏损14.65亿元，去年同期净亏损13.29亿元。公司拟不分配现金股利，亦不实施包括资本公积转增股本 在内的其他形式的分配。 ...