Interpretation of Semi-Annual Report｜Yonghui Supermarket H1 Turns to Loss, Offline Warehousing Store Fights Back
From the Financial Association (Xiamen, reporter Li Zijian),On the evening of August 27, Yonghui Supermarket (601933.SH) disclosed a semi-annual report that showed a net loss of 1.083 billion yuan in the first half of this year, which turned from profit to loss. At the same time, Yonghui Supermarket pointed out in the semi-annual report that in 2021 the company’s net profit attributable to the parent may suffer a loss. But it is worth noting that new business formats in the form of “warehouse stores” are emerging in Yonghui Supermarket.
In the first half of 2021, Yonghui Supermarket achieved revenue of 46.827 billion yuan, a year-on-year decrease of 7.3%; a net loss of 1.083 billion yuan and a profit of 1.854 billion yuan in the same period last year. The company said that the decline in revenue in 2021 is mainly due to the combined effects of internal and external factors. The external impact is affected by the low-price expansion of community group purchases and the normalization of epidemic prevention and control, and the internal is affected by the company’s active structural adjustment and inventory reduction.
The company’s gross profit margin also dropped significantly. Among them, the comprehensive gross profit margin was 18.82%, a year-on-year decrease of 3.55%; the fresh and processed gross profit margin was 10.27%, a year-on-year decrease of 4.69%; and the food supplies gross profit margin was 15.68%, a year-on-year decrease of 3.54%.
Due to the impact of the epidemic, Yonghui Supermarket’s offline stores and online sales increased significantly last year, but it also brought pressure from a high base for this year’s performance. Except for Yonghui Supermarket, in the first half of this year, Renrenle (002336.SZ) suffered a loss of 365 million yuan; Jiajiayue (603708.SH)’s net profit dropped by 36.12% year-on-year.
But the low price expansion of community group buying may be the real problem facing Yonghui Supermarket. The research report of Ping An Securities pointed out that in 2020, the scale of fresh food in China will reach 5.04 trillion yuan, of which the penetration rate of fresh food e-commerce is only 9.1%, but the epidemic has significantly promoted the rapid development of fresh food e-commerce. It is expected that the scale of community group buying will reach More than 400 billion, the hourly e-commerce scale will reach 200.1 billion.
Yonghui Supermarket’s “Yonghui Life” APP business is mainly based on the “hourly delivery model”. At the end of the first half of the year, it has covered 995 stores and achieved sales of 3.68 billion yuan, accounting for 54% of online sales, with an average daily order volume of 279,000 orders.
However, some people in the industry said that the fresh food e-commerce track is becoming increasingly competitive. In addition to facing Dingdong grocery shopping, daily orchards, Hema fresh, more fresh, etc., it must also face the pressure of giants to deploy community group buying tracks. Commodities such as Dodobuy, Meituan Optimal, Orange Heart Optimal, Xingsheng Optimal, etc. are more cost-effective for users.
At the same time, Yonghui Supermarket also fought a “counterattack” in offline stores. Since the opening of the first Yonghui Minsheng Warehousing Membership Store in Fujian in May 2021, as of the end of June, 20 warehousing stores have been reopened across the country. During the reporting period, the sales of warehousing stores reached 150 million yuan, a year-on-year increase of 139% .
Yonghui Warehouse is a combination of three warehouses of “sales, warehouse, and home warehouse”. It uses selected SKUs for the general public to increase turnover and reduce product production and procurement costs. According to a research report, in the second quarter, the company was in a stage where traditional business was under pressure and warehouse stores had not yet increased the volume, or was expected to be a low point in recent years. The company’s new business form of warehouse stores is expected to become popular with the general public thanks to the advantages of low prices, good goods and low operating costs. The long-term retail scene of demand.
Yonghui Supermarket said that in July 2021, there will be 169 stores in Fujian, including 15 warehouse member stores. In the same period, the overall same-store ratio of sales in Fujian area increased by 12.1%, and the same store ratio of average daily passenger flow increased by 19.3%; the overall sales ratio of Fuzhou area increased by 16.8%, and the average daily passenger flow increased by 28.4%; and the first store of warehouse membership store Olympic Sports Store The overall sales in Cangshan District, Fuzhou City, where the same store ratio increased by 29.3%, and the average daily passenger flow same store ratio increased by 35.3%. It can be seen that the warehouse membership store model has a huge effect on the overall sales level of the surrounding areas.Return to Sohu to see more
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