Reporter |
Yonghui Supermarket (601933. SH) 2023 annual report is long overdue, and the data shows that the company still recorded a loss in 2023, which is the third consecutive year of losses, but fortunately, the loss is decreasing year by year. At the same time, there have been some recent changes in the company's senior management, three vice presidents resigned, one due to "physical reasons", one due to "incompetence", one due to "personal reasons", and the position of board secretary and chief financial officer has been replaced, and the "incompetent" executive, the earliest can be traced back to 2009, with nearly 15 years of service.
In order to revitalize assets, Yonghui Supermarket has also been selling assets recently, and has sold the Hongqi chain (002697. SZ), as well as the shares of Dalian Wanda Commercial Management Group Co., Ltd. (hereinafter referred to as Wanda Commercial Management), and this time it intends to transfer the equity of the "Internet financial service platform" and return hundreds of millions of yuan.
Lost for 3 years in a row
According to the disclosure on April 27, Yonghui Supermarket will achieve an operating income of 78.642 billion yuan in 2023, a year-on-year decrease of 12.71%, and a net profit of -1.329 billion yuan, a decrease in loss compared with 2022. In 2022, Yonghui Supermarket lost 2.763 billion yuan, and in 2021, it lost 3.944 billion yuan, which makes the company lose money for 3 consecutive years. The company said that it will not distribute profits this time, and will not carry out capital reserve conversion to share capital and other forms of distribution.
Regarding the decline in operating income in 2023, Yonghui Supermarket said that on the one hand, it is because the company has continued to adjust its stores in recent years and actively closed stores that continue to lose money, and on the other hand, the national economy will continue to recover gradually in 2023. For the performance loss, Yonghui Supermarket said that one was a decline in revenue and a decrease in gross profit, the second was an impairment loss of 436 million yuan on long-term equity investment, and a third was an impairment of 87 million yuan on the group's long-term losses and the assets and sales network of stores ready to close.
It is reported that Yonghui Supermarket will open 12 new stores, close 45 stores, and sign 10 new stores in 2023. As of December 31, 2023, the supermarket business has entered 29 provinces and cities across the country, with a total of 1,000 stores. It seems that in order to cope with severe market challenges, the closure of some tail stores is one of the ways to reduce costs and increase efficiency of Yonghui Supermarket.
In 2023, the operating income of Yonghui Supermarket's online business will be 16.1 billion yuan, accounting for 20.5%. "Yonghui Life" self-operated home delivery business has covered 920 stores, achieved sales of 8.38 billion yuan, an average daily order volume of 307,000 orders, and an average monthly repurchase rate of 50%. During the reporting period, the third-party platform Daojia business has covered 910 stores, achieving sales of 7.7 billion yuan, a year-on-year increase of 8.15%, and an average daily order volume of 208,000 orders. Among them, the number of registered members of the self-operated platform "Yonghui Life" APP has exceeded 115 million, a year-on-year increase of 13.86%.
In 2024, Yonghui Supermarket said that it will continue to focus on its main business, deepen digital transformation, and innovate processing and catering scenarios.
As for the first quarter of 2024, the data shows that Yonghui Supermarket's operating income was 21.665 billion yuan, down 8.98% year-on-year, and its net profit was 736 million yuan, a year-on-year increase of 4.57%. In the first quarter, the company opened 3 new stores and signed 2 new supermarket stores. The total number of shareholders at the end of March was 201,500.
Personnel changes
Along with the output of regular reports, Yonghui Supermarket also has personnel changes.
It is reported that on April 25, the company held a board of directors meeting and deliberated and passed the "Proposal on the Removal of the Company's Senior Managers".
Because the company is in a period of transition, after a comprehensive assessment, the company's vice president Wu Guangwang's ability is not qualified to take up the post of vice president, and he proposed to be removed from the post of vice president; Lin Jianhua, vice president of the company, due to physical reasons, after consultation between the two parties, proposed to be removed from the post of vice president, and the company has another appointment; after deliberation by the board of directors of the company, it is believed that the above-mentioned personnel are no longer suitable for the position of senior management of the company, and it is agreed to remove the above-mentioned personnel from the post of vice president of the company.
Previously, on February 20, Yonghui Supermarket announced that Vice President Peng Huasheng submitted a written resignation report, and submitted his resignation to the company's board of directors for personal reasons, and did not hold any position in the listed company after his resignation.
On February 7, Yonghui Supermarket announced that Yonghui Supermarket received a letter of resignation from Xiong Houfu, a supervisor and chairman of the board of supervisors, and resigned from the company's board of supervisors and chairman of the board of supervisors due to work reasons, and still held other positions in the company after his resignation. Immediately, Wu Lefeng, the secretary of the board of directors of the company, submitted an application for resignation, resigned from the position of secretary of the board of directors due to work transfer, and was nominated as a candidate for the supervisor of the fifth board of supervisors by the ninth meeting of the fifth board of supervisors of the company after his resignation.
On January 3, Yonghui Supermarket announced that Huang Mingyue, the chief financial officer, submitted an application for resignation due to work transfer, applying for resignation from the position of chief financial officer, and served as the head of the company's financial sharing center after resignation. The company also hired Wu Kaizhi as the company's chief financial officer.
Jiemian News noticed that in the 2010 prospectus, you can see the names of Wu Guangwang and Peng Huasheng, Wu Guangwang is the employee supervisor of Yonghui Supermarket, as early as August 2009 as the supervisor and information director, but also served as the manager and director of the information department of Yonghui Group, and was also rated as an outstanding CIO in China's retail industry in 2008. Wu Guangwang and Peng Huasheng are also related to shareholders Fujian Huiyin Investment Co., Ltd. (hereinafter referred to as Fujian Huiyin), of which Wu Guangwang is a supervisor and shareholder of Fujian Huiyin, Peng Huasheng is a legal person and shareholder of Fujian Huiyin, and Fujian Huiyin is one of the promoters of Yonghui Supermarket, holding 6.62% of the shares before the issuance. Subsequently, with the reduction of Fujian Huiyin, it has disappeared from the list of shareholders of Yonghui Supermarket.
Revitalize assets
Investors familiar with Yonghui Supermarket will be aware that the company is also deliberately pruning side branches to focus on its main business.
On April 27, the company said that Shanghai Paihui Technology Co., Ltd. (hereinafter referred to as Paihui Technology) intends to purchase 65% of the equity of Yonghui Yunjin Technology Co., Ltd. (hereinafter referred to as Yunjin Technology) held by the company from Yonghui Supermarket in cash, with a transfer price of 336 million yuan (estimated), and after the transaction is completed, Yonghui Supermarket still holds 35% of the equity of Yunjin Technology, and the transaction does not constitute a related party transaction. The purpose of the transaction is to revitalize assets, which is in line with the company's strategy to reduce the size of its investment. Yonghui Supermarket said that the consideration proceeds from the transaction will be used for the company's daily operations.
It is reported that Paihui Technology was established on April 28, 2018, with an operating income of 12.547 billion yuan and a net profit of 2.341 billion yuan in 2023. Yunjin Technology was established on December 27, 2019, and the company's legal person is the above-mentioned Wu Guangwang. Yunjin Technology's operating income in the first quarter of 2023 and 2024 will be 146 million yuan and 12.38 million yuan, and the net profit will be 92.23 million yuan and -21.06 million yuan, respectively. It should be pointed out that Yonghui Supermarket has provided a total of 890 million yuan of loans to Yunjin Technology and its subsidiaries in the past 12 months, with an interest settlement of 10.3194 million yuan, and the principal of the above loans has been repaid before the announcement date, and the interest has been settled. The company has not provided any guarantee to Yunjin Technology and its subsidiaries.
In addition, in December 2023, Yonghui Supermarket also plans to sell its 389 million shares of Wanda Commercial Management to Dalian Yujin Trading Co., Ltd., accounting for 1.43% of the total share capital of Wanda Commercial Management, and the transfer price corresponding to the underlying shares is 4.53 billion yuan. According to the relevant agreement, the transaction funds will be paid by Dalian Yujin in eight installments. On April 19, Yonghui Supermarket announced that as of April 8, Yonghui Supermarket received the first phase of the transfer price of 300 million yuan and the second phase of 391 million yuan.
Also in December 2023, Yonghui Supermarket decided to transfer 136 million shares of Hongqi Chain to Sichuan Commercial Investment Investment Co., Ltd., accounting for 10% of the total share capital of Hongqi Chain, at 5.88 yuan per share, the total transfer price is 800 million yuan, and after the transaction is completed, Yonghui Supermarket still holds 11% of Hongqi Chain. The purpose of the transaction is also to revitalize the company's assets, which is in line with the company's strategy to reduce the scale of investment. As of the close of trading on April 26, the share price of Hongqi Chain was 5.38 yuan per share.