Yonghui's revenue declined by 20% last year! Same-store sales have recovered and grown, and the adjustment has entered the second phase.

Ask AI · Yonghui’s Transformation Reform Losses Reach 880 Million Yuan; Does Same-Store Growth Signal That the Turnaround Is Working?

On March 30, Yonghui Superstores released its 2025 annual performance quick report. In 2025, Yonghui Superstores’ revenue was 53.51B yuan, down 20.82% year over year; its net loss attributable to shareholders of listed companies was 255 million yuan, with the loss widening by 73.47% year over year.

This is also the year with the steepest decline in Yonghui Superstores’ revenue since 2021, and in that same year, Yonghui Superstores closed the largest number of stores. In 2025, it closed 381 stores that did not align with the company’s future strategic positioning; in 2024, the number of stores closed was 232.

Since May 6, 2024, Yonghui Superstores launched the胖东来 transformation reform. The strategy it adopted was to run transformation reform and store closures in parallel. In 2025, it transformed 315 stores. Based on 775 stores at the beginning of 2024, and considering store closures as well as a small number of newly opened stores, by the end of 2025, about 85 remaining stores of Yonghui Superstores may face transformation reform or closures.

In its financial report, Yonghui Superstores stated that the store transformation reform had a significant impact on profits, mainly including asset write-off losses related to the transformation, losses in business revenue from shutdown and renovation, one-time setup fee investments, and others; of these, the total of asset write-offs and one-time investments was approximately 880 million yuan. Meanwhile, closing stores also generated substantial losses, mainly including asset write-off losses, severance compensation for personnel optimization, breach damages related to leases, and the like.

After more than a year of transformation reform, Yonghui Superstores’ stores have shown an improvement in operations. According to data from Yonghui Superstores provided to Nandu Bay Finance and Economics, in 2025, Yonghui Superstores achieved growth in both same-store customer traffic and sales—marking the first time in nearly five years that it returned to positive growth.

On March 27, Yonghui Superstores CEO Wang Shoucheng, at the first annual meeting of Yonghui Superstores’ in-house brand “Quality Yonghui” in 2026, pointed out that from June 2024 to December 2025, during the first stage of Yonghui Superstores’ transformation reform, it quickly completed the restructuring of the store network and adjustments to its operating model. It focused on changes in sales floor space, merchandise assortment modes, compensation and benefits, among other areas, to reshape store operating quality and customer experience. This year, Yonghui entered the second stage of transformation reform, conducting fine-grained cultivation of existing transformed stores; the goal is to “achieve corporate health” before June 2027.

Reporting and writing: Nandu · Bay Finance and Economics reporter Zhan Danqing