长江商报消息 ●长江商报记者 沈右荣 商超连锁巨头永辉超市（601933.SH）仍然处于"胖改"转型阵痛期。 8月20日晚，永辉超市披露了2025年半年度业绩报告。2025年上半年，公司实现营业收入299.48亿元， 同比下降逾20%；归母净利润为-2.41亿元，同比下降187.38%，上年同期，公司归母净利润为2.75亿 元。 永辉超市表示，自2024年5月启动学习胖东来模式以来，公司聚焦品质与幸福的商业模式，目前，调改 工作迈入规模化、系统化阶段。 针对2025年上半年的经营业绩，永辉超市表示，关闭长期经营亏损门店以及门店调改期歇业等因素，导 致营业收入下降。营业收入减少，商品供应链的改革，闭店过程中产生一定的租赁及人员赔偿、商品出 清等成本费用，导致净利润出现亏损。 2025年上半年，永辉超市闭店227家，调改开业门店124家。 永辉超市财务承压。截至2025年6月底，公司资产负债率为88.21%。 目前，永辉超市正在推进定增事项，计划募资不超过40亿元，用于门店改造及补血还贷。 调改继续中期盈转亏 永辉超市经营业绩转入亏损。 根据最新披露的半年度报告，2025年上半年，永辉超市实现营业收入299.48 ...

Core Points - The company "退市九有" (600462) has entered the delisting arrangement period as of June 24, 2025, marking another addition to the list of companies facing delisting risks this year [1][2] - The stock price of "退市九有" plummeted by 80.21% at closing, with an intraday drop exceeding 83%, indicating severe market reaction to its delisting status [2] - The company reported a negative net asset value at the end of 2023, leading to its stock being flagged for delisting risk starting May 6, 2024 [3] Company Overview - "退市九有" is officially known as 湖北九有投资股份有限公司, primarily engaged in comprehensive marketing services and cosmetics sales, with a focus on integrated marketing capabilities [2] - The company expanded its business by acquiring 40% of the shares in 佩冉化妆品 (Jiangsu) Co., Ltd. in March 2023, extending its service offerings to include brand promotion and sales for its own cosmetics [2] Financial Performance - In the 2024 fiscal year, "退市九有" reported a revenue of 504 million yuan and a net profit attributable to shareholders of 20.86 million yuan [3] - However, in the first quarter of 2025, the company recorded a net loss of 5.67 million yuan, highlighting ongoing financial struggles [3] Industry Context - More than 10 companies have entered the delisting arrangement period in 2025, indicating a troubling trend in the A-share market [1][4][7] - Recent examples include *ST卓朗, *ST普利, and others, which have also faced significant stock price declines upon entering the delisting period [4][5][6]

Core Viewpoint - The article highlights the increasing number of companies entering the delisting arrangement period in the A-share market, indicating a growing risk of delisting among listed companies [1][2][3]. Group 1: Company Specifics - Recently, Hubei Jiuyou Investment Co., Ltd. (退市九有, 600462) entered the delisting arrangement period, with its stock price plummeting by 80.21% at closing, and a peak drop of over 83% during trading [5][4]. - The company primarily engages in comprehensive marketing services and cosmetics sales, having expanded its business through the acquisition of a 40% stake in Peiran Cosmetics [5][6]. - The company has faced significant financial difficulties, reporting a negative net asset value at the end of 2023 and receiving a warning for delisting due to its financial instability [6]. Group 2: Market Trends - More than 10 companies are expected to enter the delisting arrangement period this year, reflecting a troubling trend in the A-share market [2][15]. - The article notes that companies entering the delisting arrangement period have generally experienced substantial declines in stock prices, indicating widespread risks associated with delisting [3][11]. - Several companies, including *ST Zhuolang and *ST Puli, have also entered the delisting arrangement period this year, with significant stock price drops observed [9][10].

Core Viewpoint - The article highlights the significant decline in the stock price of Renrenle Chain Commercial Group Co., Ltd. (Renrenle), which fell over 84% on its first day in the delisting arrangement period, indicating a broader trend of companies entering similar situations in the A-share market [1][2][7]. Group 1: Company Overview - Renrenle was once a well-known supermarket chain in China, recognized as a leading regional player in Shenzhen, with annual revenues exceeding 10 billion yuan for several consecutive years [6]. - The company received a notice from the Shenzhen Stock Exchange on June 5, 2025, regarding the termination of its stock listing due to financial issues, including a net asset deficit of 404 million yuan and adverse audit opinions [6]. Group 2: Market Trends - Several companies in the A-share market have recently entered the delisting arrangement period, experiencing significant stock price drops on their first trading day, similar to Renrenle [7]. - For instance, Longjin (002750) entered the delisting arrangement on June 6, with a first-day drop of 36.28%, while other companies like Pengbo (600804) and Longyu (603003) also faced severe declines of 62.90% and 35.16%, respectively [8]. - Upcoming companies expected to enter the delisting arrangement include *ST Haiyue (600387) on June 16 and *ST Gongzhi (000584) on June 20, indicating a continuing trend of companies facing delisting risks in the market [9].

Core Viewpoint - The article highlights the recent entry of two companies, Pengbo and Longyu, into the delisting arrangement period, indicating significant stock price risks in the A-share market [1][2][3]. Summary by Sections Company Overview - Pengbo, officially known as Pengbo Telecom Media Group Co., Ltd., has seen its stock price plummet, with a drop exceeding 64% to a low of 0.22 yuan. The company, once valued at over 600 billion yuan, now has a market capitalization of approximately 4 billion yuan, representing a decline of over 99% from its peak [4][6][7]. - Longyu, officially Shanghai Longyu Data Co., Ltd., also experienced a sharp decline, with its stock price falling over 45% during trading. The company is recognized as a green digital ecological service provider and a bulk commodity trading service provider [8][9][10]. Financial Reporting Issues - Both companies faced delisting due to their 2023 annual financial reports being issued with audit opinions that could not express a view. This led to the Shanghai Stock Exchange's decision to terminate their listings [7][10]. - Pengbo's stock was under delisting risk warning since May 6, 2024, and its 2024 annual report also received an audit opinion that could not express a view [7][10]. - Longyu similarly received a delisting warning and had its 2024 financial report audited with a negative opinion on internal controls [10]. Market Reactions - The stock prices of both companies saw drastic declines, with Pengbo's trading volume significantly increasing during the sell-off [4][8]. - The article notes that other companies, such as Longjin and Renrenle, are also entering the delisting arrangement period, indicating a broader trend of financial distress among A-share listed companies [12][13][14].

Core Viewpoint - Yonghui Supermarket is undergoing significant transformation pains, resulting in a continuous decline in revenue and increasing losses over the past four years [1][2][3]. Financial Performance - In 2024, Yonghui Supermarket reported revenue of approximately 676 billion yuan, a year-on-year decrease of about 14% [1][3]. - The net profit attributable to shareholders was a loss of 14.65 billion yuan, an increase in loss of over 10% compared to the previous year [1][3]. - Cumulatively, the company has incurred losses of approximately 95 billion yuan over the past four years [2][4]. - The net profit excluding non-recurring items for 2024 was a loss of 24.10 billion yuan, which is a year-on-year increase of 21.98% [3][4]. Strategic Transformation - The company is actively optimizing its store structure and procurement model amid fierce competition in the retail industry, which has pressured store sales [2][4]. - As of the end of 2024, Yonghui Supermarket had completed the transformation of 31 stores, with plans to exceed 124 transformed stores by June 2024 and reach 300 by the Lunar New Year in 2026 [2][6]. - The company is learning from competitors like Pang Donglai and is implementing a "quality retail" reform direction [6][7]. Supply Chain and Financial Management - Yonghui Supermarket is focusing on core suppliers and long-term partnerships to enhance its supply chain [7]. - To support its reforms, the company raised 18.15 billion yuan through asset sales, but it still faces financial pressure with a debt ratio of 88.73% as of the end of the first quarter [8]. - The company had cash and financial assets totaling 70.15 billion yuan against interest-bearing liabilities of 69.89 billion yuan [8].