flushfeverpoker| Yonghui Supermarket lost more than 8 billion yuan in three years after two senior executives were dismissed and some tail stores were closed
Reporter | Zhao Yangge
Yonghui supermarket (601933Flushfeverpoker.sh) the 2023 annual report is coming.FlushfeverpokerThe data show that the company still recorded a loss in 2023, which is the third year in a row, but fortunately the loss is decreasing year by year. At the same time, the senior management of the company has also appeared recently.FlushfeverpokerAfter some transfers, three vice presidents resigned, one due to "physical reasons", one due to "incompetent", one due to "personal reasons", and the position of secretary and financial director has been replaced, and the executive who is "incompetent" can be traced back to 2009 with nearly 15 years of service.
In order to invigorate assets, Yonghui supermarket has been selling assets recently, peddling the Red Flag chain (002697).Flushfeverpoker(SZ), as well as the shares of Dalian Wanda Business Management Group Co., Ltd. (hereinafter referred to as Wanda Business Management), and this time it plans to transfer the equity of the "Internet Financial Services platform" and withdraw hundreds of millions of yuan.
Losing money for three consecutive years
According to the disclosure on April 27th, the operating income of Yonghui supermarket reached 78.642 billion yuan in 2023, down 12.71% from the same period last year, with a net profit of-1.329 billion yuan and a loss less than in 2022. Yonghui supermarket lost 2.763 billion yuan in 2022 and 3.944 billion yuan in 2021. The company has lost money for three years in a row. The company said that this time there will be no distribution of profits, no capital accumulation fund to increase equity and other forms of distribution.
For the decline in business income in 2023, Yonghui supermarket said that on the one hand, because the company continued to adjust stores in recent years, taking the initiative to close stores that continued to lose money, on the other hand, the national economy continued to recover gradually in 2023, the physical retail industry as a whole suffered unprecedented challenges, in the case of a decline in residents' consumption will and spending power, store income also declined. As for the performance loss, Yonghui supermarket said that the gross profit decreased, the impairment loss of long-term equity investment was 436 million yuan, and the impairment of the assets and sales network of the group's long-term losses and stores ready to close stores was 87 million yuan.
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, supermarket business has entered 29 provinces and cities across the country, with a total of 1000 stores. It seems that in order to deal with the severe market challenges, closing some tail department stores is one of the ways for Yonghui supermarket to reduce costs and increase efficiency.
In 2023, the online business income of Yonghui supermarket is 16.1 billion yuan, accounting for 20.5%. Yonghui Life's self-operated business has covered 920 stores, with sales of 8.38 billion yuan, an average daily volume of 307000, and a monthly average repurchase rate of 50%. During the reporting period, the third-party platform-to-home business covered 910 stores, with sales of 7.7 billion yuan, an increase of 8.15% over the same period last year, with an average daily volume of 208000. Among them, the number of registered members of Yonghui Life APP, a self-supporting platform, has exceeded 115 million, an increase of 13.86% over the same period last year.
In 2024, Yonghui supermarket said that it will continue to focus on the main business, deepen the digital transformation, and innovate the food and beverage scene.
As for the first quarter of 2024, the data show that the operating income of Yonghui supermarket is 21.665 billion yuan, down 8.98% from the same period last year, and the net profit is 736 million yuan, up 4.57% from the same period last year. 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 201500.
Personnel change
With the output of periodic reports, Yonghui supermarket also has personnel changes.
It is reported that on April 25, the company held a board of directors to review and pass the "motion on the removal of senior managers of the company."
As the company is in a period of transition, after a comprehensive evaluation, Wu Guangwang, vice president of the company, is not qualified for the post of vice president, and requests that he be removed from the post of vice president. Lin Jianhua, vice president of the company, proposed to be removed from the post of vice president due to medical reasons, after consultation between both parties, the company has another appointment. After consideration by the board of directors of the company, it is considered that the above-mentioned personnel are no longer suitable for the position of senior management of the company, and agreed to remove the above-mentioned personnel from the post of vice president of the company.
On February 20, Yonghui supermarket announced that Peng Huasheng, vice president, submitted a written resignation report to the company's board of directors for personal reasons, and did not hold any position in the listed company after his resignation.
According to the announcement on February 7, Yonghui supermarket received a resignation letter from Xiong Houfu, chairman of the board of supervisors and chairman of the board of supervisors. He resigned from the 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 company, submitted an application for resignation and resigned due to the application for job transfer. after his resignation, he was supplementary nominated as a candidate for the Fifth Supervisory Board by the ninth meeting of the Fifth Supervisory Board of the company.
On January 3, Yonghui supermarket announced that Financial Director Huang Mingyue submitted his resignation due to job transfer, applying to resign as Chief Financial Officer, and became the head of the company's financial sharing center after resigning. The company also hired Wu Kaizhi as the company's financial director.
Interface News noted that the names of Wu Guangwang and Peng Huasheng can be seen in the 2010 prospectus. Wu Guangwang is the employee supervisor of Yonghui supermarket. Wu Guangwang served as the supervisor and information director of Yonghui supermarket as well as the manager and director of the information department of Yonghui Group. In 2008, he was rated as the excellent CIO of China's retail industry. Wu Guangwang and Peng Huasheng are also related to shareholders Fujian Huiyin Investment Co., Ltd. (hereinafter referred to as Fujian Huiyin Investment Co., Ltd.). Among them, Wu Guangwang is the supervisor and shareholder of Fujian Huiyin, Peng Huasheng is the legal person and shareholder of Fujian Huiyin. Fujian Huiyin is one of the sponsors of Yonghui supermarket, with a shareholding ratio of 6.62% before the offering. With the reduction of Fujian Huiyin's holdings, it has disappeared from the list of shareholders of Yonghui supermarket.
Invigorate assets
Investors familiar with Yonghui supermarket should notice that the company is also carefully trimming side branches to focus on the main business.
Shanghai Paihui Technology Co., Ltd. (hereinafter referred to as Paihui Technology) plans to purchase a 65% stake in Yonghui Yunjin Technology Co., Ltd. (hereinafter referred to as Yunjin Technology) from Yonghui supermarket, the company said on April 27. the transfer price is 336 million yuan (estimated). After the transaction is completed, Yonghui supermarket still holds a 35% stake in Yunjin Technology, and the transaction does not constitute a related transaction. The trading company said that the purpose is to invigorate assets and is in line with the company's strategy to reduce the scale of investment. Yonghui supermarket said that the consideration funds obtained from the transaction will be used for the daily operation of the company.
It is reported that Paihui Technology was founded 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 founded on December 27, 2019, and the legal person of the company is the above-mentioned Wu Guangwang. The operating income of Yunjin Technology in the first quarter of 2023 and 2024 was 146 million yuan and 12.38 million yuan, and the net profit was 92.23 million yuan and-21.06 million yuan respectively. It should be pointed out that in the past 12 months, Yonghui supermarket has provided Yunjin Technology and its subsidiaries with a total loan amount of 890 million yuan and a settlement of interest of 10.3194 million yuan. the above loan principal has been returned before the announcement, and the interest has been settled. The company has not provided any guarantee to Yunjin Technology subsidiary.
In addition, in December 2023, Yonghui supermarket plans to sell its 389 million Wanda business management shares to Dalian Yujin Trading Co., Ltd., accounting for 1.43% of Wanda's total share capital. The transfer price of 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. According to the announcement on April 19th, Yonghui supermarket received 300 million yuan for the first tranche and 391 million yuan for the second tranche as of April 8.
Also in December 2023, Yonghui supermarket decided to transfer 136 million shares of Red Flag chain to Sichuan Commercial Investment Co., Ltd., accounting for 10% of the total share capital of Red Flag chain. Yonghui supermarket still owns 11% of Red Flag chain after the completion of the transaction. The purpose of the transaction is also to invigorate the company's assets, in line with the company's strategy to reduce the scale of investment. As of April 26, the share price of Red Flag chain was 5.38 yuan per share.