In-Depth Analysis Report on Yonghui Supermarket's "De-Financialization" Case

Based on the collected information, I will systematically analyze Yonghui Supermarket’s full divestment of Yonghui Yunjin and its long-term impact on ROE from the perspective of a professional financial analyst.

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

[1]. This marks Yonghui Supermarket’s complete exit from the shareholder ranks of the fintech sector, and also signifies the official end of the last “financialization expansion” experiment in China’s retail industry[2].

:

• December 2019
  : Yonghui Yunjin Technology Co., Ltd. was established, fully owned by Yonghui Supermarket
• April 2024
  : Sold 65% of the stake to Shanghai Paihui Technology (an affiliate of FinVolution Technology) for the first time, recovering approximately RMB 336 million[1]
• September 2025
  : Continued to sell 6.905% of the stake, reducing the shareholding ratio to 28.095%
• December 2025
  : Plans to fully divest the remaining stake with a listing reserve price of RMB 178 million

From a financial perspective, Yonghui Yunjin’s performance has shown a “cliff-like decline” trend:

Financial Indicator	2023	2024	H1 2025
Operating Revenue (RMB 100 million)	1.46	0.245	0.739
Net Profit (RMB 100 million)	0.922	0.386	0.091
Net Profit Margin	63.21%	157.56%	12.28%

Data Source: Compiled based on announcement disclosures[1][2]

It is worth noting that the net profit margin soared abnormally to 157.56% in 2024, mainly due to relatively rigid costs after an 83.2% plummet in operating revenue, and the actual quality of profits deteriorated significantly.

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In recent years, financial regulation has continued to tighten, and internet finance platforms are facing higher compliance costs and operating risks.

, pointed out that non-bank financial institutions such as small loan companies, commercial factoring companies, and consumer finance companies generally face pressure to replenish capital; without active large-scale capital injections from strong shareholders, their business expansion will be greatly restricted[2].

Yonghui Supermarket is in a critical period of transformation to the “Pang Donglai” model, and needs to allocate all its limited management resources to the fresh food supply chain and the reconstruction of commodity competitiveness. The company’s asset-liability ratio is as high as

(as of Q3 2025), which is at a high level in the industry, and its capital chain is under obvious pressure[2].

Yonghui Yunjin’s net profit dropped from RMB 92.23 million in 2023 to only RMB 9.08 million in H1 2025, with a

. After Shanghai Paihui Technology took over the operation, although there was a rebound in operating revenue in H1 2025, there was no substantial improvement in profitability.

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According to the DuPont analysis method, Return on Equity (ROE) can be decomposed into three core driving factors:

$$ROE = Net Profit Margin \times Total Asset Turnover \times Equity Multiplier$$

:

• Net Profit Margin
  : Reflects profitability, representing the profit creation capacity per unit of revenue
• Total Asset Turnover
  : Reflects operational efficiency, representing the utilization efficiency of assets
• Equity Multiplier
  : Reflects financial leverage, representing the ability of shareholder equity to leverage assets

Impact Path	Specific Performance
Asset Disposal Gain	Selling the stake can generate one-time investment income, increasing net profit in the short term
Change in Revenue Structure	The stripping of financial business revenue leads to a decline in total revenue
Change in Cost Structure	Costs related to financial business (such as risk control, compliance) are reduced

: If the ROE of the financial business is higher than the company’s overall ROE, the divestment will lead to a decline in comprehensive ROE.

According to

[3], the contribution of operating activities to ROE ranges between , and the income improvement brought by financing activities only plays an auxiliary role.

:

┌─────────────────────────────────────────────────────────────┐
│                    Long-Term Transmission Path of De-Financialization on ROE                │
├─────────────────────────────────────────────────────────────┤
│                                                             │
│   Financial Business Divestment ──► Decrease in Equity Multiplier ──► Downward Pressure on ROE             │
│        │                                                      │
│        ▼                                                      │
│   Resource Release to Focus on Core Business ──► Increase in Total Asset Turnover ──► Partial Offset         │
│        │                                                      │
│        ▼                                                      │
│   Reduction in Compliance Costs ──► Improvement in Net Profit Margin ──► Further Offset            │
│        │                                                      │
│        ▼                                                      │
│              ┌───────────────────────┐                       │
│              │   Contribution of Net Operating Asset Profit Margin  │  ──► Core Driver of ROE    │
│              │   (Contribution Ratio: 70%-90%)     │                       │
│              └───────────────────────┘                       │
└─────────────────────────────────────────────────────────────┘

According to the latest financial data[0]:

Financial Indicator	Value	Industry Comparison
ROE (TTM)	-49.76%	Significantly lower than the industry average
Net Profit Margin	-3.78%	Negative value, continuous losses
Equity Multiplier	Approximately 7.5x	In a high-leverage state

: Yonghui Supermarket’s current ROE is negative, mainly due to the continuous negative net profit margin (loss-making state). Against this background, de-financialization by stripping loss-making financial assets can theoretically reduce the source of losses, having a marginal improvement effect on ROE.

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In recent years, the retail industry has shown a widespread trend of “focusing on core businesses”:

Enterprise	De-Financialization Measures	Time Period
Yonghui Supermarket	Sold stake in Yonghui Yunjin	2024-2025
Meituan	Divested Meituan Finance business	2020-2022
JD.com	Strategic adjustment of JD Digits	2020-2023

Business Type	Typical ROE Level	Characteristics
Consumer Finance/Small Loans	10%-15%	High return but high risk
Commercial Factoring	8%-12%	Capital-intensive
Retail Core Business	3%-5%	Low gross profit but stable

: The ROE of financial businesses is usually higher than that of retail core businesses, but with higher risks and greater capital consumption. Retail enterprises need to make strategic trade-offs between “high ROE + high risk” and “low ROE + low risk”.

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:

• Focusing on core business can release management resources and improve operational efficiency
• One-time recovery of approximately RMB 500 million in funds, easing short-term capital pressure
• Reduces compliance risks and regulatory uncertainties

:

• Loses the high return contribution of financial business
• Needs to rely on a significant improvement in core business ROA to make up for the decline in leverage
• Uncertainty exists regarding the effectiveness of transformation

According to the DuPont analysis framework, if Yonghui Supermarket wants to achieve long-term improvement in ROE, it should focus on the following paths:

Priority	Key Measures	Corresponding Factor	Expected Outcome
1	Increase core business gross profit margin	Net Profit Margin	Reduce losses to achieve profitability
2	Optimize store per square meter efficiency	Total Asset Turnover	Improve asset utilization efficiency
3	Moderately reduce leverage	Equity Multiplier	Reduce financial risks
4	Focus on core categories	Net Profit Margin + Turnover	Dual-factor improvement

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Yonghui Supermarket’s full divestment of Yonghui Yunjin is a typical case in the “de-financialization” wave of the retail industry. From the perspective of ROE analysis:

1. Short-Term
   : Asset disposal can generate one-time income, but if the financial business has a positive ROE, the divestment will have a negative impact on ROE
2. Mid-Term
   : Stripping high-risk financial assets can reduce compliance costs and financial risks, sending a signal of “focusing on core business” to the market
3. Long-Term
   : Sustained improvement in ROE depends on the fundamental enhancement of the operating efficiency of the core business. DuPont analysis shows that
   the contribution of operating activities is as high as 70%-90%
   , so whether the core business ROA can be significantly improved after de-financialization is the key to determining the trend of ROE

Currently, Yonghui Supermarket’s ROE is -49.76%, in a state of severe loss. Against this background, stripping the loss-making financial business is a reasonable choice on the margin, but the company needs to achieve substantial breakthroughs in

and to realize a long-term reversal of ROE.

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

[2] Time Weekly - “Yonghui’s Cash Flow Battle: 4 Trades of Hongqi Chain Shares in the Year, Plus Divestment of Financial Business for RMB 178 Million” (http://mp.cnfol.com/26046/article/1767196326-142194943.html)

[3] Huatai Securities - “Industry Panoramic Portrait: From the Perspective of Improved DuPont Decomposition” (https://crm.htsc.com.cn/doc/2020/10750101/7bbe6d23-078d-428b-acab-4418ff9bc34f.pdf)

[4] Debon Securities - “20-Year Review of A-Share Fundamentals: Return on Equity (ROE)” (https://pdf.dfcfw.com/pdf/H3_AP202107081502475198_1.pdf)

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: Jinling AI Financial Analysis System[0], Company Announcements, Public Market Data