In-depth Analysis Report on Yonghui Supermarket's Full Disposal of Yonghui Yunjin Equity and New Retail Transformation

On December 29, 2025, Yonghui Supermarket Co., Ltd. (Stock Code: 601933.SH) issued a major asset disposal announcement, planning to fully dispose of its 28.095% equity stake in Yonghui Yunjin Technology Co., Ltd. via the Chongqing United Assets and Equity Exchange at a

[1][2]. Upon completion of the transaction, Yonghui Supermarket will completely withdraw from the shareholder roster of this fintech company.

• Transaction Subject
  : Yonghui Yunjin Technology Co., Ltd., registered capital of RMB 500 million
• Current Shareholding Structure
  : Shanghai Paihui Technology holds 71.905%, Yonghui Supermarket holds 28.095%
• Transaction Method
  : Public listing transfer, reserve price determined based on a discount of Yunjin Technology’s net asset valuation of RMB 632 million as of November 30, 2025
• Official Rationale
  : Revitalize assets and focus on core operations [1][2]

[1]:

Time	Share Reduction Ratio	Transaction Price	Transaction Counterparty
April 2024	65%	Approximately RMB 336 million	Shanghai Paihui Technology (backed by FinVolution Group)
December 2025	28.095%	RMB 178 million (listing price)	To be determined

: Approximately RMB 514 million in total from the two sales.

---

Yonghui Supermarket’s eagerness to fully dispose of its remaining stake in Yunjin Technology stems from the

[1][2][3]:

Financial Indicator	2023	2024	Change Rate	H1 2025
Operating Revenue	RMB 146 million	RMB 24.4977 million	-83.2%	RMB 73.9433 million
Net Profit	RMB 92.23 million	RMB 38.5966 million	-58.1%	RMB 9.0803 million
Profitability	Net Profit Margin 63.2%	157.6%	—	12.3%

1. Cliff-like Drop in Operating Revenue
   : Yunjin Technology’s 2024 operating revenue plummeted 83.2% compared to 2023. Although there was a rebound in H1 2025, profitability continued to be under pressure, with the net profit margin dropping sharply from 63.2% in 2023 to 12.3% in H1 2025 [1][2]

2. Shrinkage of Core Business
   : Yunjin Technology’s business scope includes Class 1 and Class 2 value-added telecommunications services, mainly providing financial services for Yonghui Supermarket’s supply chain. As Yonghui Supermarket’s core business contracted, its fintech business lost its support

3. Intensified Industry Competition
   : The fintech industry faces stricter regulation, coupled with fierce competition in the consumer finance market, putting dual pressure on Yunjin Technology

: From receiving RMB 336 million from selling 65% of the stake in April 2024 to now fully disposing of the remaining 28% stake for only RMB 178 million, Yunjin Technology’s valuation has shrunk significantly over two years, which confirms the necessity of Yonghui’s timely loss-cutting.

---

Yonghui Supermarket’s own core business operations are also facing severe challenges [1][2]:

Financial Indicator	2022	2023	2024	First Three Quarters of 2025
Operating Revenue	Approximately RMB 90 billion	Approximately RMB 78.6 billion	Approximately RMB 67.4 billion	RMB 42.434 billion
Net Profit Attributable to Parent	-RMB 2.763 billion	-RMB 1.329 billion	-RMB 1.465 billion	-RMB 710 million
YoY Change in Operating Revenue	—	-12.7%	-14.3%	-22.21%
Operating Cash Flow	—	—	—	RMB 1.14 billion (-69.82%)

: From 2021 to 2024, Yonghui Supermarket has accumulated losses of approximately [2], and years of performance pressure have forced the company to make strategic trade-offs.

In recent years, Yonghui Supermarket’s asset disposal actions can be summarized under the strategic theme of

:

1. Sale of Yunjin Technology
   : Complete divestment of the fintech business
2. Share Reduction in Hongqi Chain
   : Recover non-core investments
3. Closure of Loss-making Stores
   : 227 long-term loss-making stores were closed in H1 2025 [1]

: Revitalize funds through asset disposal to fully support the transformation and upgrading of the offline retail core business.

---

Ye Guofu, Head of Yonghui Supermarket’s Reform Leading Group, clearly stated at the extraordinary general meeting in March 2025:

[1][4]. The company’s strategic positioning has been upgraded from “People’s Yonghui” to “Quality Yonghui”.

:

• Focus on small supermarkets with an area of 2,000-3,000 square meters
• Develop high-quality community supermarkets
• Build “high cost-performance” product strength
• Restructure the supply chain system

Since the opening of Yonghui’s first “Pang Donglai-style renovated store” (Zhengzhou Xinwan Plaza Store) in June 2024, the renovation work has progressed rapidly [1][4][5]:

:

Time Node	Cumulative Number of Renovated Stores	Number of Covered Cities
June 2024 (First Store)	1	1
December 2024	17	—
Before Spring Festival 2025	41	—
March 2025	83	—
June 27, 2025	124	66
End of August 2025 (Projected)	178	—
December 30, 2025	222	—

: Plan to renovate approximately 200 stores in 2025, close 250-350 loss-making stores, and complete the adjustment of all existing stores by 2026 [1][4].

Operating data of renovated stores shows that the model transformation has achieved initial results [4][5]:

• Zhengzhou Xinwan Plaza Store
  : After resuming operations, its average daily sales increased from approximately RMB 200,000 to over RMB 1 million
• Xi’an Zhongmao Plaza Store
  : Before renovation, average daily sales were approximately RMB 200,000, with an average daily foot traffic of 3,000 people; after renovation, average daily sales reached
  RMB 1.6 million
  in two days, with average daily foot traffic exceeding
  14,000 people
• Six New Stores Including Nanjing Jiangning Wanda Plaza Store
  : On June 15, 2025, the six stores together attracted over
  76,000 paying customers
  in a single day, achieving a GMV of nearly
  RMB 10 million
  [4]

According to a September 2025 report from Shanghai Observer, after Yonghui completed the “drastic Pang Donglai-style renovation” of 11 supermarkets in Shanghai,

[5].

• On September 2, 2025, the Shanghai Fengxian Jinhui Longhu Store reopened after renovation, marking the completion of the “Pang Donglai model” renovation of all
  11 Yonghui stores in Shanghai
• As the first city to complete the renovation, Shanghai provides valuable experience for Yonghui’s national promotion
• The “Shanghai Model” will be replicated and promoted in the Yangtze River Delta region [5]

Yonghui’s renovation is not just a change in store image, but also an

[1][4]:

Reform Area	Specific Measures	Results
Supplier Streamlining	Streamlined approximately 50% of suppliers	Focus on core suppliers
Naked Sourcing & Direct Sourcing	Signed naked sourcing contracts with 2,860 standard product suppliers	Eliminated markup from middlemen
Core Supplier Mechanism	Selected 200 core suppliers and established an annual dialogue mechanism	Strengthened strategic cooperation
Product Structure Optimization	Eliminated low-efficiency products and introduced high cost-performance items	Increased customer unit price

: Ye Guofu believes that “markup from middlemen is no longer compatible with the development of the times; Yonghui Supermarket will cut out small suppliers, eliminate entry fees, and adopt a naked-price direct sourcing model” [4].

The renovation has not only brought changes to products and environment, but also

[5]:

• Employee salaries increased by
  15%-20%
• Increased annual leave
• Significant improvement in service quality
• Employees are more motivated, forming a positive cycle

This “people-oriented” philosophy is the core essence of learning from Pang Donglai.

---

Although renovated stores have shown strong performance, Yonghui Supermarket as a whole is still in a stage of

[1][4]:

:

• Net Profit Attributable to Shareholders of Listed Company:
  -RMB 240 million
• Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses:
  -RMB 830 million

:

1. Costs related to store renovation: closed-store decoration, equipment investment, asset write-offs, and re-opening expenses
2. Short-term impact from supply chain reform: upgrading and replacing a large number of suppliers and products
3. Asset disposal losses from the closure of 227 long-term loss-making stores

In a research report released in August 2025, Kaiyuan Securities pointed out:

[4].

The market has given positive feedback amid wait-and-see. Wang Shoucheng, Yonghui Supermarket’s new CEO, stated at a new product launch conference in October 2025:

[4].

---

As of the close of trading on January 6, 2026, Yonghui Supermarket’s share price has shown a pattern of

[0]:

Indicator	Value
Latest Closing Price	RMB 4.96
2025 Highest Price	RMB 6.97
2025 Lowest Price	RMB 3.78
52-Week Change	-27.06%

:

• May-June 2025: The share price peaked at RMB 6.97, as the market gave optimistic expectations for the renovation results
• Second Half of 2025: As renovation investment increased and performance continued to be under pressure, the share price fluctuated downward
• December 30, 2025: Affected by the announcement of fully disposing of Yunjin Technology, the share price dropped 6.46% in a single day, closing at RMB 4.92 [2]

1. Negative Factors
   : Continuous losses, short-term financial pressure from asset disposal, weak consumer spending due to macroeconomic factors
2. Positive Factors
   : Sales data of renovated stores verifies the feasibility of the model, the store profitability model has initially been proven viable, regional profitability has been achieved in Shanghai and other areas

: The current share price has pulled back approximately 29% from its 2025 high, and the market may have fully priced in pessimistic expectations. Subsequent attention should be paid to the sustained profitability of renovated stores and the progress of loss reduction.

---

Currently, offline supermarkets in China are facing a

[4]:

:

• Sustained impact from e-commerce
• Changes in consumer habits
• Diversion by community group buying
• Rising operating costs

:

• The Pang Donglai model has verified the feasibility of “quality retail”
• Policies are being implemented to boost consumer willingness
• Consumers still have demand for offline experiences

In addition to Yonghui, other A-share retail supermarket enterprises have also gradually promoted store renovations [4]. According to data from the National Bureau of Statistics:

• Since October 2024, the decline in sales of 50 key large-scale retail enterprises has narrowed rapidly
• In April 2025, the sales of 50 key large-scale retail enterprises turned positive year-on-year

: With the implementation of counter-cyclical policies and the gradual progress of renovations, the sales of retail supermarkets are expected to reverse the continuous decline trend in recent years.

---

Phase 1 (2024-2025): Strategic Contraction and Model Exploration
├── Asset Disposal: Full disposal of Yunjin Technology, share reduction in Hongqi Chain
├── Store Renovation: Learning from the Pang Donglai model, first batch of pilot stores
├── Supply Chain Reform: Streamline suppliers, implement naked sourcing & direct sourcing
└── Organizational Change: Increase employee salaries and benefits

Phase 2 (2025-2026): Model Replication and Scale Effect
├── Store Renovation: Cover all existing stores nationwide
├── Regional Profitability: Model verification successful in Shanghai and other regions
├── Store Optimization: Eliminate low-efficiency stores
└── Supply Chain Maturity: Form differentiated product strength

Phase 3 (After 2027): Leader in Quality Retail
├── Stable Profitability: Achieve sustainable profitability
├── Brand Upgrade: From "People's Yonghui" to "Quality Yonghui"
└── Industry Benchmark: Become a sample for traditional supermarket transformation

1. Sustained Profitability of Renovated Stores
   : Need to verify whether renovated stores can maintain foot traffic and sales growth after the novelty period
2. Implementation Effect of Supply Chain Reform
   : Whether the naked sourcing & direct sourcing model can truly achieve “high quality at low price”
3. Cash Flow Management Capability
   : Maintain healthy cash flow to support transformation during the continuous loss period
4. Talent Team Building
   : Cultivation and promotion of independent renovation capabilities

Risk Type	Specific Content
Performance Risk	Continuous losses may lead to cash flow pressure
Competition Risk	Sustained diversion by e-commerce and community group buying
Consumption Risk	Macroeconomic downturn affects consumer willingness
Execution Risk	Whether the renovation model can be successfully replicated nationwide

---

1. Full Disposal of Yunjin Technology is a Correct Decision
   : Facing the drastic shrinkage of the fintech business and the dilemma of its own core business, focusing on retail core business is a pragmatic choice. The two sales have cumulatively recovered approximately RMB 514 million, providing financial support for transformation [1][2].
2. New Retail Transformation is Progressing Smoothly but Still in a Painful Period
   : 222 stores have been renovated, profitability has been achieved in the Shanghai region, and sales data of renovated stores verifies the feasibility of the model, all indicating that the transformation direction is correct. However, the company as a whole is still in a loss-making state, and continuous attention should be paid to the progress of loss reduction [4][5].
3. The Pang Donglai Model is Replicable
   : From the first store in Zhengzhou to the full renovation of stores in Shanghai, it proves that the model can be successfully replicated in different cities. The key lies in the implementation of supply chain reform and service philosophy [4][5].
4. Share Price Has Fully Priced in Pessimistic Expectations
   : After a 27% drop over 52 weeks, the current valuation may have reflected the market’s concerns about short-term performance; medium- and long-term attention should be paid to the effectiveness of transformation.

• Short-term
  : Focus on 2025 annual report performance and the progress of loss reduction
• Medium-term
  : Focus on the sustained profitability of renovated stores and same-store growth
• Long-term
  : Focus on gross margin improvement brought by supply chain reform and the effect of brand upgrading

---

[1] Eastmoney.com - “Yonghui Supermarket Fully Disposes of Yunjin Technology for RMB 178 Million! Accumulated Losses of Nearly 90% in Two Years, Can Core Business Restructuring Turn the Tide?” (https://caifuhao.eastmoney.com/news/20251229232210021478790)

[2] Economic Information Daily - “Yonghui Supermarket Plans to Fully Dispose of Its Subsidiary Yunjin Technology” (http://jjckb.xinhuanet.com/20251230/92c0f56278b842d1b13cc3bcfb7fccea/c.html)

[3] Eastmoney.com - “Yonghui Supermarket Plans to Fully Dispose of Its 28.095% Stake in Yunjin Technology with a Listing Reserve Price of RMB 178 Million” (https://finance.eastmoney.com/a/202512293604605490.html)

[4] Dongguan Securities - “In-depth Report on Yonghui Supermarket (601933)” (https://pdf.dfcfw.com/pdf/H3_AP202507221713619745_1.pdf)

[5] Jiefang Daily/Shanghai Observer - “Yonghui Completes ‘Drastic Pang Donglai-style Renovation’ of 11 Supermarkets in Shanghai; Shanghai Model to Be Promoted in Yangtze River Delta” (https://www.jfdaily.com/news/detail?id=975615)

[6] Southern Window - “The New Yonghui After ‘Pang Donglai-style Renovation’ is Selling Like Hot Cakes” (https://www.nfcmag.com/sv/4466.html)

[0] Jinling AI Financial Database - Real-time Market and Technical Analysis Data of Yonghui Supermarket (601933)