Core Viewpoint - Yonghui Supermarket is expected to report a significant net loss of 2.14 billion yuan for 2025, driven by strategic adjustments and store closures as part of its transformation efforts [2][3] Financial Performance - The projected net loss of 2.14 billion yuan for 2025 represents an increase from the previous year's loss of 1.47 billion yuan [3] - The adjusted net profit loss (扣非净利润) is expected to reach 2.94 billion yuan, up from 2.41 billion yuan in the prior year, indicating a worsening operational performance [3] - The total losses attributed to the transformation efforts exceed 1.2 billion yuan, including asset write-offs and renovation costs [3][4] Strategic Adjustments - Yonghui Supermarket is shifting its strategy from "scale expansion" to "quality growth," rebranding itself as "New Yonghui, New Quality" [3] - The company closed 381 stores that did not align with its future strategic positioning and restructured 315 stores [3][4] Capital Raising Plans - The company plans to raise up to 3.114 billion yuan through a private placement, with approximately 2.4 billion yuan earmarked for store upgrades [5][6] - The funds will be allocated to three main areas: store upgrades (2.4 billion yuan), logistics and warehousing improvements (309 million yuan), and working capital (400 million yuan) [5][6] Store Upgrade Project - The store upgrade project aims to enhance 216 stores across various aspects, including product structure and shopping experience [6] - The internal rate of return for the store upgrade project is estimated at 21.57%, with a payback period of approximately 4.84 years [8] - Successful pilot projects have shown improved monthly sales per square meter and increased gross margins, indicating potential for future profitability [8]