Investment Rating - The report maintains a "Buy" rating for Yonghui Supermarket (601933.SH) [1] Core Views - The company is undergoing a painful reform period, with expectations for a turning point to come [1] - Revenue for H1 2025 was 29.95 billion RMB, a year-on-year decline of 20.73%, with a net loss attributable to shareholders of 240 million RMB, an increase in loss of 516 million RMB compared to the same period last year [1][2] - The decline in revenue is primarily due to store closures and the adjustment of stores, with a significant number of long-term loss-making stores being shut down [2][3] Summary by Sections Performance Analysis - The overall sales scale has decreased, and the company is experiencing short-term gross margin decline due to supply chain reforms [2] - The gross margin for the reporting period was 20.80%, down 0.78% year-on-year [2] - The company closed 227 loss-making stores during the reporting period, incurring costs related to leasing, personnel compensation, and asset write-offs [2] Operational Strategy - The company is accelerating its supply chain reform, having signed contracts for bare procurement with 2,860 standard product suppliers and reducing the number of suppliers by approximately 50% [2] - The fresh food segment has increased the proportion of source procurement to over 60% [2] - The self-operated sales ratio in the cooked food processing segment increased from 40.2% to 78.1% [2] Store Opening and Closing - The company opened 93 adjusted stores in H1 2025, with a total of 124 adjusted stores by the end of June 2025 [3] - The total number of stores decreased to 552, with adjusted stores accounting for 22% [3] - It is expected that by the end of the year, adjusted stores will account for over 50%, potentially leading to a performance turning point [3] Profit Forecast and Valuation - Revenue projections for 2025-2027 are 56.939 billion RMB, 97.996 billion RMB, and 111.198 billion RMB, with year-on-year changes of -15.74%, +72.11%, and +13.47% respectively [4] - The net profit attributable to shareholders is forecasted to be -426 million RMB, 1.291 billion RMB, and 1.805 billion RMB for the same period, with a significant recovery expected in 2026 [4] - The current stock price corresponds to a PE ratio of N/A for 2025, 35x for 2026, and 25x for 2027 [4]

（文章来源：每日经济新闻） 东吴证券8月21日发布研报称，给予永辉超市（601933.SH，最新价：4.97元）增持评级。评级理由主要 包括：1）调改过程中费用率和利润率短期承压；2）加速关店导致收入下滑，但利于长期减亏；3）调 改快速推进，截至目前已开业162家调改门店；4）供应链&自有品牌能力改善。风险提示：调改和关店 相关亏损；调改店模型持续性；消费需求波动等。 ...

Investment Rating - The report maintains an "Accumulate" rating for Yonghui Supermarket [1][3]. Core Views - Yonghui Supermarket is undergoing significant adjustments, including store closures and supply chain reforms, leading to fluctuations in revenue and net profit. The company is committed to the "Fat Donglai" strategy, which, combined with support from Fat Donglai and investment from Miniso, is expected to enhance its product offerings in the daily necessities category. The long-term outlook for the company's quality retail strategy is promising [1][7]. Financial Data and Valuation - Total revenue for 2023 is projected at 78,642 million, with a year-on-year decline of 13%. The revenue is expected to decrease further to 67,574 million in 2024, followed by a slight recovery in 2026 and 2027 with projected revenues of 78,680 million and 97,091 million respectively [2][10]. - The company is expected to report a net profit of -1,329 million in 2023, with a forecasted improvement to 727 million by 2026 and 1,521 million by 2027 [2][10]. - The earnings per share (EPS) is projected to be -0.15 in 2023, improving to 0.08 in 2026 and 0.17 in 2027 [2][10]. - The price-to-earnings (PE) ratio is expected to be -33.9 in 2023, improving to 29.7 by 2027 [2][10]. Operational Performance - In the first half of 2025, Yonghui Supermarket reported a revenue of 29,948 million, a decrease of 20.73% year-on-year, and a net profit of -241 million, compared to 275 million in the same period last year. The decline in revenue is attributed to the closure of underperforming stores and the impact of supply chain upgrades [7]. - The company has closed 227 old stores and has signed contracts for 79 new stores that have yet to open. As of the report's end, there are 124 stores undergoing adjustments [7]. - Online sales accounted for 18.33% of total revenue in the first half of 2025, with self-operated home delivery sales reaching 3,140 million [7]. Supply Chain and Product Strategy - Yonghui Supermarket is enhancing its supply chain efficiency by signing contracts with 2,860 suppliers under a direct procurement model, reducing the number of suppliers by approximately 50%. The sourcing ratio for fresh products has increased to over 60% [7]. - The company is also focusing on product innovation, launching customized products such as Yili's fresh milk and redefining its private label strategy to offer high-quality products at competitive prices [7].

Core Viewpoint - The article outlines the establishment and operational guidelines of the Strategic Development Committee of Yonghui Supermarket Co., Ltd., aimed at enhancing the company's core competitiveness and improving decision-making processes [2][5]. Group 1: General Provisions - The Strategic Development Committee is established to adapt to the company's strategic development needs and enhance core competitiveness [2]. - The committee is responsible for conducting feasibility studies on long-term development strategies and major investment decisions, providing recommendations to the board [2][5]. Group 2: Composition of the Committee - The committee consists of three to five directors [4]. - The chairman of the committee is the company's chairman, and the committee's term aligns with that of the current board [7]. Group 3: Responsibilities and Authority - The committee reviews the annual business plan and investment budget, proposing them for board approval [5]. - It studies significant strategic initiatives requiring board approval, including capital operations, asset management, and major investment projects [5]. - The committee has the authority to make decisions on investments exceeding 5% but not more than 10% of the company's latest audited net assets, with certain exceptions [5][9]. Group 4: Decision-Making Procedures - The committee is responsible for preparing materials for decision-making, including feasibility reports and agreements [10][11]. - Meetings must be held with at least two-thirds of the members present, and decisions require a majority vote [16][18]. - The committee can invite external experts for professional advice, with costs covered by the company [19].

永辉超市股份有限公司总裁工作细则 永辉超市股份有限公司 首席执行官（CEO）工作细则 （2025 年 8 月修订） 第一章 总则 《上市公司治理准则》、 第二章 CEO 聘任与解聘 首席执行官可以在任期届满以前提出辞职。 有关首席执行官任职与辞职的具体程序和办法由首席执行官与公司之间的劳务合 同规定。 得担任公司的高级管理人员。 《公司章程》第一百〇三条关于不得担任董事的情形, 同时适用于高级管理人员。 《公司章程》第一百〇五条关于董事的忠实义务和第一 百〇六关于勤勉义务的规定, 同时适用于高级管理人员。 第三章 首席执行官职权 第一条 为了适应建立现代企业制度的需要，确保公司法人治理结构规范运作，保证公司 经理层贯彻执行和组织实施董事会决议，切实履行公司日常经营管理的职权职责， 根据《中华人民共和国公司法》 、《中华人民共和国证券法》、 《上海证券交易所上市公司自律监管指引第1号——规范运作》和《永辉超市股份 有限公司章程》（以下简称《公司章程》 ）有关规定，特制定本细则。 第二条 本规则适用于公司首席执行官（CEO）、副总裁、首席财务官（CFO）等公司经 营高级管理人员。首席执行官及其他高级管理人员应当遵 ...

永辉超市股份有限公司 信息披露制度 （2025年8月修订） 第一章 总则 第一条 为规范永辉超市股份有限公司(以下简称"公司")信息披露, 促进公司依法规 范运作, 维护公司和投资者的合法权益, 依据《中华人民共和国公司法》《中 华人民共和国证券法》《上市公司治理准则》《上市公司信息披露管理办法》 (以下简称"《管理办法》")、 《上海证券交易所股票上市规则》(以下简称"《上 市规则》")、《永辉超市股份有限公司章程》(以下简称"《公司章程》")及 其他有关法律、法规、证券监管部门的相关规范性文件, 特制定本制度。 本制度所称的信息披露义务人，是指公司及其董事、高级管理人员、 股东、 实际控制人，收购人，重大资产重组、再融资、重大交易有关各方等自然人、 单位及其相关人员，破产管理人及其成员，以及法律、行政法规和中国证券 监督管理委员会（以下简称"中国证监会"）规定的其他承担信息披露义务 的主体。 第二章 信息披露的一般规定 第二条 本制度所称信息披露是指达到证券监管部门关于上市公司信息披露的标准 要求, 根据相关法律、法规、部门规章及证券监管部门的规范性文件, 将可 能对公司股票、公司债券、存托凭证和国务院依 ...

内部审计制度 永辉超市股份有限公司 内部审计制度 内部审计制度 第一章总则 第一条 为加强公司内部管理和审计监督，有效识别、控制风险，规范公司内 部审计工作，维护投资者合法权益，保障企业经营活动的健康发展， 根据《中华人民共和国审计法》、《中华人民共和国公司法》、上海 证 券交易所《股票上市规则》等有关法律、法规、规章和《公司章程》 的有关规定，特制订本制度。 作联络机构，负责审计委员会会议组织工作及内控管理委员会安排具 体实施的工作；在董事会审计委员会及内控管理委员会的领导下，根 据审计计划成立审计工作组，负责公司内部审计工作，依照国家法规、 政策和企业规章制度，独立行使内部审计职权，对董事会审计委员会 及内控管理委员会负责并报告工作。 第二条 本制度所称的内部审计，是指由公司内部机构或人员依据国家有关法 律法规和本制度的规定，对公司各内部机构、控股子公司以及具有重 大影响的参股公司的内控制度和风险管理的有效性、财务信息的真实 性和完整性以及经营活动的效率和效果开展一种评价工作。 第三条 本制度所称内部控制，是指公司董事会、高级管理人员及其他有关人 员为实现下列目标而提供合理保证的过程： （一）遵守国家法律 ...

学什么？ 导语 近日，《人民日报》对胖东来董事长于东来的采访报道迅速走红全网。东来哥 在采访中回应了诸多热点问题，而其中最让零售眼界印象深刻的，莫过于 那句 "对'人'的重视，是我们成功的关键"。因此，我们认为：当前零售行业正处于 "全员调改" 的关键阶段，此时更需跳出对调改流程、模式的单一聚 焦，从 "人" 的本质需求与价值出发，重新审视和思考调改的核心逻辑。 以下是正文部分 从去年开始，超市行业算是彻底撕下了那层"假装还能混"的遮羞布，正式跌跌撞撞闯入所谓的"调改期"。一堆企业做得稀烂、被消费者用脚投票抛弃之 后，终于随大流慌不择路地加入一场声势浩大、却流于表面的"学习胖东来调改运动"。 学胖东来发钱多？服务好？ 恐怕不是！ 这种不碰核心、只顾表面的"改革"，说难听点，就是"隔靴搔痒"，甚至是"自欺欺人"。不客气地说，这就是本末倒置的"东施效颦"，也是调改后被消费者 加倍反感的关键原因。 商品、供应链、价格？当然重要。 但在这场真正的生死变革中，它们统统只是"术"，但不是根源。 我们看到的，是一出出魔幻现实主义的表演： ——急着找渠道弄点胖东来自营货，贴个"胖东来同款"标签，就以为掌握了流量密码； ——盲 ...

调改热潮持续升温 "现在我们家附近的那个超市，熟食区确实比生鲜区热闹了一些。"生活在北京的白领张雯对《灵兽》说道。 32岁的张雯目前是一名互联网公司的产品经理，平时工作节奏较快、加班频繁，对于吃饭这件事，她的需求很明确——方便、健康、口感好。"以前下班 路过家门口的超市，主要是买点蔬菜、水果之类的，自从今年年初家附近的超市重新升级装修后，现在我发现它们的熟食和半成品样式多了好多，可选择 的余地也多了，口味谈不上特别出众，但也能解决一顿饭的问题，有些直接买回家就能吃了。" 她称，以前一周去超市1-2次，主要买蔬菜、水果、零食。但现在工作日下班后几乎都会进去买点吃的东西带回家，"每次买的东西不一样——今天买个酱 鸭腿，明天买份宫保鸡丁半成品，后天买点新鲜出炉的面包之类的。像其他生活用品比如洗发水、纸巾等等，基本都选择了网购，省时又省力。但像这种 熟食、蛋糕之类的商品，就图个现做的新鲜，肯定会到店买。"张雯对《灵兽》说。 张雯购物习惯的变化——偏向高频次、小批量的购买模式，正在重塑超市的商业逻辑，这也正是当前超市转型的一个趋势缩影——传统综合性超市正在 向"食品加强型"超市转型。 所谓食品加强型超市，是指在保持传统 ...

-投资动态- 英特尔获软银20亿美元投资 -收购&出售- 近日，雀巢和通用磨坊合资的早餐麦片企业Cereal Partners Worldwide（CPW）计划在法国和英国出售两家工厂。CPW表示，Ecco Group正在考虑收购这两 个工厂。Ecco Group总部位于德国慕尼黑，专门从事企业分拆。 近日，软银集团与英特尔公司宣布，双方已签署最终证券购买协议。根据该协议，软银将对英特尔普通股进行20亿美元的投资。根据协议条款，软银将向 英特尔每股支付23美元。（新浪财经） 小编评： 这笔投资使软银成为英特尔的第五大股东。软银和英特尔已经密切合作了几十年，通过这笔投资表达，市场也会对英特尔抱有更多信心。 未来，CPW预计将资源转向有机、高蛋白、无麸质等细分新品，并加大在电商和便利渠道的投入。（Just Food） 小编评： 事实上，雀巢等做出这一决策的直接诱因是欧洲传统早餐麦片销量持续下滑，交易成功后，前者可以将更多精力投注在核心业务上。 近日，知名新西兰乳企a2牛奶公司宣布，以总对价约为2.82亿新西兰元（折合人民币约12亿元）收购雅士利新西兰乳品有限公司，出售方为蒙牛乳业旗下 子公司雅士利国际集团有限公司 ...