Yonghui Superstores reported a revenue of 67.6 billion yuan in 2024 and has completed the renovation of 61 stores | Earnings Report

On April 25th, Yonghui Superstores released its financial reports for the year 2024 and the first quarter of 2025. The reports show that the company's revenue in 2024 was 67.6 billion yuan, with a net profit of -1.465 billion yuan. In the first quarter of 2025, Yonghui Superstores achieved an operating revenue of 17.48 billion yuan and a net profit of 148 million yuan.

Yonghui Superstores pointed out in the financial report that the decline in current operating revenue was mainly due to the company's active transformation of its strategy and business model. As of the end of March 2025, the company had completed the renovation of 47 stores, and the renovated stores quickly and significantly increased customer flow and sales. Since the proportion of renovated stores was not large, and the number of stores decreased by 273 in the first quarter of this year compared with the same period last year (by closing under - performing stores), the company's overall revenue from January to March 2025 declined.

The decline in current net profit was mainly due to a 1.35 - percentage - point decrease in the gross profit margin compared with the same period last year. During the store renovation process, the company actively optimized the product structure and procurement model, and actively promoted the strategies of bare - price sales and back - end cost control in the process of phasing out old products and introducing new ones. In this process, the company's overall gross profit margin was affected to a certain extent. With the convening of the supplier conference at the end of March, the company's product selection and pricing strategies will change significantly in the future. On this basis, the product gross profit margin will be further restored and increased.

In May 2024, with the assistance of Yu Donglai and his team, Yonghui Superstores renovated its stores across the country through two models: assistance from Fat Donglai and self - renovation by learning from Fat Donglai. After the renovation, the stores saw significant growth in reputation, quality, customer flow, and sales. This made Yonghui Superstores determined to pursue the high - quality retail route of the Fat Donglai model.

According to Yonghui Superstores, in the first quarter of 2025, the "stable - state stores" that had been renovated (stores that had been open for more than 3 months) maintained stable profitability. As of the end of March, 41 "stable - state renovated stores" that had been open for more than 3 months achieved a profit of 14.7 million yuan in March alone and a cumulative profit of 74.72 million yuan in the first quarter.

As of the date of the financial report release, Yonghui Superstores had completed the renovation of 61 stores according to the Fat Donglai model. It is estimated that by the end of June 2025, the number of renovated stores across the country will exceed 124, and the target is set at 300 before the Spring Festival in 2026. As the proportion of renovated stores increases, the store - closing process ends, and the supply - chain reform deepens, the next 12 - 18 months will be a period when the reform results are concentratedly realized.

On March 29th, at the 2025 Global Supplier Conference of Yonghui Superstores, Ye Guofu, the founder, chairman of the board, and CEO of Miniso Group, and the leader of the Yonghui Superstores Reform Leading Group, clearly put forward the supply - chain upgrade strategy, namely "Three Focuses and One Opposition": focus on core suppliers, focus on core best - selling products, focus on long - termism, and firmly oppose changing a group of suppliers just because of a change in the purchaser.

As of April 22nd, 2025, Yonghui Superstores had entered the procurement negotiation stage with more than 300 high - quality supply - chain enterprises, including many Chinese manufacturing enterprises that supply to American supermarkets such as Sam's Club and Costco.

In addition, the financial report shows that as of March 31st, 2025, the online business revenue of Yonghui Superstores was 3.15 billion yuan, accounting for 18.02% of the company's operating revenue. During the reporting period, the "Yonghui Life" APP covered 670 stores, achieving sales of 1.75 billion yuan, with an average daily order volume of 231,000 and a monthly average repurchase rate of 47.6%. The home - delivery business on third - party platforms covered 670 stores, achieving sales of 1.4 billion yuan, with an average daily order volume of 153,000.

(36Kr Future Consumption is continuously following the progress of Yonghui's renovation. Welcome to add WeChat xhht100 to communicate.)