Experts interpret the Yonghui Supermarket Half -annual Report: Fierce retail competition is difficult to restore growth rate in the short term

Cover news reporter Zhang Yuexi

On the evening of August 26, Yonghui Supermarket issued a financial report. In the first half of the year, operating income achieved 48.732 billion yuan, an increase of 4.07%year -on -year; net profit of returning to the mother was 122 million yuan, and the loss of 1.08 billion yuan in the same period last year; the basis of basic earnings per share was 0.01 yuan. Essence The loss of net profit of home is mainly affected by the fall of the fair value of transactional financial assets. The gold arowana and KT held by the company held by the company during the reporting period have confirmed the loss of changes in the fair value of 436 million yuan due to the decline in the stock price.

How to think of Yonghui Supermarket Half -year transcripts? On August 28, Li Peng, a registered international investment analyst, analyzed that the stock price of Yonghui Supermarket not only did not rise in the past two years, but also fell down. Although it was in the first echelon of domestic businessmen, it had to admit that the impact of the times paired on it. The business format has a relatively obvious danger. In short, the industry is currently in the post -operating era. The diversified competition of the retail industry has gradually entered the fierce stage, and physical retail is facing unprecedented challenges.

This challenge comes from the impact of community group purchase. In Li Peng's view, the previous ten years of Yonghui and Gaoxin retail have eaten foreign funds, such as Wal -Mart and Carrefour, but in the past three years, community group purchases have been divided into their cakes, resulting in the difficulty of the entire industry's operation. "Community group purchases are constantly financing. Last year, the scale of community group purchase transactions in China was 120.5 billion, an increase of 60%, but Yonghui's turnover was about 90 billion yuan a year. According to this market structure, the scale of one year in the future will definitely exceed 120 billion yuan Community group purchase company. "Li Peng analyzed.

Based on such track pressure, Li Peng denied that Yonghui was a growth enterprise. "It can be said before, but it is not appropriate to put it now." He said that the growth logic is based on a high -speed expansion mode, but Yonghui has only covered 29 provinces and municipalities across the country to this day. Haidilao and Suning Gome can expand rapidly after logging in to the capital market, but this is a gameplay three years ago. "The emergence of the Internet cut off this growth logic." He concluded.

Compared with the Internet expansion mode and the Internet. It is also growth, but in mathematics, offline chain operations are arithmetic growth. The online business model is geometric growth. The two are logically different, and they are obviously different. Li Peng analyzed that domestic supermarkets also chose different ways to respond. Yonghui and Gaoxin retail chose to embrace technology or sell themselves technology, and have joined the camp of Internet giants.

"Yonghui's R & D expenses are about 1 million yuan per quarter, which directly dilutes the income per share. At the same time, there is a phenomenon that the management cost is moved to the R & D expenses. What kind of impact of this movement on the company's overall format cannot be evaluated and cannot be evaluated. He believes that combined with Yonghui data, it is difficult to recover in a short time. The community group purchase is fierce, and the market pattern is concentrated in the leader. Yonghui needs to rely on performance stability to become a large consumer stock. It is difficult to build its own moat like Wal -Mart.

"Yonghui has been relying on low gross profit margin to expand the market with cost -effective advantages. It is difficult to increase profits. In addition, the entire retail format is squeezed, which increases the gross profit margin about suicide. It is difficult to become the main type of fund, "he analyzed.

In response to the large losses in the second quarter of Yonghui Supermarket, Li Peng explained that the performance of the second quarter of the supermarket company was normal because the first quarter was affected by the Spring Festival in the first quarter. Investors and consumers do not have to panic because of short -term fluctuations. "Judging from the financial report in the second quarter, Yonghui's losses mainly come from the decline in holding financial assets and the impairment of long -term equity investment. It is normal for the group's long -term loss and preparation for the relevant asset extraction of the store."

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