永辉超市股份有限公司 向特定对象发行 A 股股票预案 证券代码：601933.SH 证券简称：永辉超市 永辉超市股份有限公司 二零二五年九月 永辉超市股份有限公司 向特定对象发行 A 股股票预案 公司声明 在虚假记载、误导性陈述或重大遗漏，并对本预案内容的真实性、准确性、完 整性承担个别和连带的法律责任。 自行负责；因本次向特定对象发行 A 股股票引致的投资风险，由投资者自行负 责。 之相反的声明均属不实陈述。 其他专业顾问。 股股票相关事项的实质性判断、确认、批准或核准。本预案所述本次向特定对 象发行 A 股股票相关事项的生效和完成尚待公司股东会审议通过、上海证券交 易所审核通过，并经中国证监会同意注册。 最终发行对象将在本次发行获得上海证券交易所审核通过并经中国证监会 作出同意注册决定后，按照相关规定，由公司董事会与保荐人（主承销商）根 据发行对象申购报价的情况，遵照价格优先等原则确定。 所有发行对象均以现金方式认购本次发行的股票。 行的发行期首日，发行价格不低于定价基准日前 20 个交易日公司股票交易均价 的 80%，且不低于本次发行前最近一期经审计的归属于母公司普通股股东的每 股净资产的金额。定价基准 ...

Core Insights - The article discusses the "new normal" in China's consumer market characterized by single-digit growth since Q2 2025, highlighting issues such as consumer confidence and consumption downgrade [1] - Despite challenges, the actual situation is more optimistic than some observers suggest, based on a nationwide survey of over 17,000 consumers conducted by McKinsey [1] Group 1: Consumer Trends - Trend 1: Consumers are adapting to the new normal, with GDP growth around 5% in 2024 and Q1 2025, showing resilience in sectors like tourism, dining, and health [2] - The expected consumption growth rate for 2025 is 2.3%, slightly down from 2.4% in 2024, driven by urbanization and stable consumer spending expectations [2] - Urbanization rate increased from 65.2% in 2022 to 67.0% in 2024, contributing to household growth [2] Group 2: Consumer Confidence - Trend 2: Consumer confidence is stabilizing, with 81% of respondents expressing more confidence in the macroeconomic outlook following stimulus policies from the People's Bank of China [4] - However, rural consumers show increased confidence due to government policies, with rural income growth at 6.6% in 2024 compared to 4.5% for urban residents [8] Group 3: Changing Consumer Behavior - Trend 3: Consumers are focusing more on personal achievement, with a shift towards spending on products and services that enhance quality of life [16] - Wealthy urban consumers plan to increase daily spending by 2.6% in 2025, indicating a return to normal consumption behavior [16] - Spending intentions are increasingly influenced by tangible factors like income and asset value rather than confidence levels [22]