The cumulative loss in three years exceeds 8 billion! How should Yonghui Supermarket "break the game"?

Kanjian Finance

2024-05-16 09:05Posted in Guangdong financial field creators

Sigh! Yonghui Supermarket, a supermarket giant with a market value of 100 billion yuan, is now in an embattled situation.

Previously, Yonghui Supermarket had announced that Suqian Hanbang, a 5.27% shareholder of JD.com, intends to reduce its holdings of the company's shares by no more than 90,750,300 shares through centralized bidding transactions, accounting for no more than 1% of the company's total share capital.

According to the stock price at that time and the top price reduction, Suqian Hanbang cashed out about 220 million yuan.

It is worth mentioning that the share price of Yonghui Supermarket has fallen by eighty percent at the time of the disclosure announcement, but it still chooses to reduce its holdings at such a low position, which is enough to explain the problem.

It is reported that JD.com is not the only one that is reducing its holdings in Yonghui Supermarket.

From the perspective of institutional holdings, in the first half of last year, the number of institutional positions in Yonghui Supermarket was 53, with a total market value of 12.76 billion, and in the first half of 2022, these two data were 190 and 18.73 billion respectively.

Whether it is the reduction of shareholder holdings or the flight of institutions, it reflects that the current situation of Yonghui Supermarket is not optimistic.

A "declining trend" that is difficult to reverse

In fact, Yonghui Supermarket has also had its time in the limelight.

In 2010, Yonghui Supermarket, which has the halo of "the first fresh stock", was successfully listed on the A-share market.

In that era when there was no community group buying, "fresh +" was still a new concept, and Yonghui Supermarket was highly sought after by the capital market, with a market value of nearly 40 billion when it was first listed.

After the listing, Yonghui Supermarket, which was in the capital market behind it, began to expand in a big way, and its volume expanded rapidly. Judging from the revenue data, when it was listed in 2010, the revenue of Yonghui Supermarket was 12.318 billion, and by 2013, the revenue of Yonghui Supermarket had increased to 30.543 billion, and in just three years, Yonghui Supermarket's revenue has doubled.

From 2017 to 2020, Yonghui Supermarket has gone up "one step a year", achieving revenue of 58.591 billion, 70.517 billion, 84.722 billion and 93.199 billion respectively in the past four years.

However, in 2021, Yonghui Supermarket's business situation began to take a sharp turn for the worse. First of all, there was a performance loss, and in 2021, Yonghui Supermarket suffered a loss of 3.944 billion, which is worth noting that this is the first time that Yonghui Supermarket has suffered a loss since its listing.

However, this loss is out of control, and it will lose another 2.763 billion in 2022. Along with the performance loss, there is also the stagnation of revenue growth, the financial report shows that in 2021 and 2022, Yonghui Supermarket's revenue growth rate will only be -2.29% and -1.07% respectively.

Why did Yonghui Supermarket suddenly fall off the altar?

There are both external and self-evident reasons behind this.

The internal reason is the difference of opinion of the founder, which is undoubtedly an important reason for the decline of Yonghui Supermarket. As early as 2017, there was news in the media that the Zhang brothers disagreed, and the conflict officially broke out in 2018, when Yonghui Supermarket issued an announcement announcing the termination of the concerted action relationship, with his brother Zhang Xuanning leading Yonghui's new retail business and Zhang Xuansong at the helm of Yonghui Supermarket.

The external reason is that the recession in the retail industry has also had a huge impact on Yonghui Supermarket. In the past three years, the entire supermarket industry has entered a "cold winter", and under the double impact of reduced demand and live streaming, the supermarket industry has begun to see a "wave of closures". Taking 2022 as an example, according to the statistics of the Retail Research Center of Lianshang.com, 12 supermarket listed companies will open 481 new stores in 2022, but close 646 stores, and the overall number of stores has decreased but not increased.

Tremendous pressure

At present, Yonghui Supermarket is facing tremendous pressure.

First of all, in terms of performance, according to the financial report data disclosed on April 27, the net profit of Yonghui Supermarket in 2023 is expected to be 132.9 billion, plus the losses of 3.944 billion and 2.763 billion in 2021 and 2022, and the cumulative loss of Yonghui Supermarket has exceeded 8 billion in three years.

As a traditional industry, continuous large losses are not a good sign for Yonghui Supermarket.

In order to cope with the loss, Yonghui Supermarket has also continued to close stores, and its number of stores has dropped from more than 1,400 in 2019 to less than 1,000 now.

As of the third quarter of last year, Yonghui Supermarket's total liabilities were 47.24 billion, and the asset-liability ratio had climbed to 86.54%. You must know that in 2018, Yonghui Supermarket's total liabilities were only 20.194 billion, and the asset-liability ratio was only 50.96%.

In terms of breakdown, among the total liabilities of 47.24 billion, the current liabilities are 25.26 billion, of which only short-term borrowings and notes payable and accounts payable reached 4.763 billion and 9.923 billion respectively. During the same period, Yonghui Supermarket's monetary funds were 6.795 billion yuan, and the trading financial assets were 731.3 million yuan, and the total of the two was only about 7.5 billion yuan, which was not enough to pay the notes payable and accounts payable.

In order to alleviate the pressure on cash flow, Yonghui Supermarket is also constantly selling assets.

At the end of 2023, Yonghui Supermarket issued an announcement on the sale of assets, Sichuan Commercial Investment Co., Ltd. intends to purchase 136 million shares of Chengdu Hongqi Chain Co., Ltd. held by the company in cash at a price of 5.88 yuan per share to Yonghui Supermarket Co., Ltd., with a total transfer price of about 800 million yuan, and in an earlier period, Yonghui Supermarket sold 389 million shares of Wanda to Dalian Yujin Trading Co., Ltd. at a transfer price of 4.53 billion yuan.

It is true that if the assets can be sold smoothly, Yonghui Supermarket will also have more room for capital maneuvering. However, according to the announcement issued by Yonghui Supermarket on April 19, in the transaction of transferring Wanda's equity, more than 100 million yuan of the share transfer price of about 400 million yuan that should have been collected on April 8 has not yet been received, which shows that the equity transfer is not smooth. Looking at the equity transfer transaction of Hongqi Chain, the agreed equity transfer price at that time was 5.88 yuan / share, and now the latest stock price of Hongqi Chain is only 5.36 yuan / share, which shows that this transaction also has great uncertainty.

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