The pressure is also reflected in the stock price. By the close of1October 4th 165438+, the share price of Yonghui Supermarket was 4. 17 yuan/share, which was nearly 60% lower than that of 10 yuan/share at the end of the first quarter of last year.
Sustained performance loss
10 year1On October 29th, Yonghui Supermarket released the third quarter report of 20021. The financial report shows that in the third quarter of 20021,Yonghui's operating income was 23.008 billion yuan, up 3.86% year-on-year and 12.28% quarter-on-quarter. The net profit attributable to shareholders of listed companies was-65.438+0.95 billion yuan, a year-on-year decrease of 726.56%.
In fact, Yonghui Supermarket's performance this year has been unsatisfactory. In the first three quarters of this year, the net profit attributable to shareholders of listed companies of Yonghui Supermarket was-265,438+78 million yuan, down 207.37% year-on-year.
Regarding the reasons for the loss, Yonghui Supermarket said in the financial report that the year-on-year decline of the company's net profit, non-net profit and earnings per share in the first three quarters was mainly affected by three aspects: the external environment such as epidemic situation and community group buying, and the comprehensive impact of the company's active restructuring and inventory reduction in the first half of the year, the company's revenue and gross profit margin decreased in the first three quarters; Affected by stock price fluctuations, the fair value of financial assets held by the company at the end of the period decreased by 566 million yuan in the first three quarters; The implementation of the new lease standard reduced the company's net profit in the first three quarters by 300 million yuan.
In fact, except Yonghui Supermarket, the performance of the whole industry in the third quarter was not satisfactory. Wind data shows that the profits of Jiajiayue and Hongqi chain in the first three quarters decreased compared with last year.
The new retail expert package said: "This year, the supermarket industry is mainly affected by the diversification of channels. Community group buying has a certain impact on supermarkets, but the volume of community group buying is still very small, which can not have a greater impact on the supermarket industry. Therefore, whenever there is a problem in the supermarket industry, it is not appropriate to say that it is caused by community group buying. In fact, the overall poor performance of Shang Chao's industry existed five or six years ago. "
Regarding the situation of Yonghui, Lai Yang, president of Beijing Jingshang Strategy Research Institute, said: "When other hypermarkets declined earlier, Yonghui was attractive to consumers because of its good freshness, which covered up the decline of hypermarkets. However, the format of hypermarkets is gradually dying out, and enterprises must transform into new supermarkets, but Yonghui has not successfully explored this aspect. In addition, at present, the competition of fresh food business is intensifying, and the daily excellent fresh and ding-dong shopping lead to the diversion of consumers, and other supermarkets are also increasing their investment in fresh food. In the absence of new growth points, Yonghui's core income mainly depends on hypermarkets, which is obviously not ideal at present. "
"Yonghui Style" Warehouse Member Store: One piece is also the wholesale price.
Warehousing member stores are facing fierce competition. In addition to Costco and Wal-Mart Sam member stores, domestic retail enterprises Box Horse and Carrefour have also entered.
In this context, Yonghui Supermarket has also entered the track of warehousing member stores. In May this year, Yonghui Supermarket opened its first warehouse member store in Fujian. By the end of June, there were 20 warehouse stores in China. Yonghui Supermarket's semi-annual report shows that during the reporting period, the sales of warehouse stores reached 65.438+0.5 billion yuan.
At the same time, in terms of commodity sales, it is also different from the way that Sam and other enterprises sell large packaging products. Yonghuicang member store is under the slogan "One piece is also the wholesale price". Yonghuicang member stores have few large packaging products similar to Sam member stores, and most of the products are similar in brand and specification to ordinary Yonghuicang members, but the prices will be cheaper.
Ding, a retail expert, said: "Yonghui's warehouse stores are different from Costco and Sam's, with different business logic and different profit models. Yonghui's so-called warehouse stores are only variants of hypermarkets and have not fundamentally changed. "
According to Li Weihua, an expert in chain operation, the advantages and disadvantages of Yonghui's entry into membership-based storage supermarkets are very obvious.
"The advantage lies in well-known brands, a certain supply chain foundation, a considerable number of consumers and member groups, ready-made teams and a good capital chain; The disadvantage lies in the late entry into the membership market, lack of experience accumulated by mature and successful stores, and unfamiliarity with the operation of the membership model. For example, no membership fee is charged, which is contrary to the main profit model of popular membership enterprises; Lack of professional membership warehouse supermarket team; The similarity between goods and supermarkets violates the difference and uniqueness of goods in membership warehouse supermarkets. Due to its long-term commitment to China, its supply chain has no ability to collect unique and well-known goods that the global middle class likes. " Li Weihua said.
Zhu Xiaojing, CEO of Wal-Mart China, once said in an interview with 36Kr that the essence of membership mode is that members pay to enter, hoping to get goods that can't be bought outside.
Regarding the model of Yonghui Warehouse Member Store, Hu Chuncai, general manager of Shanghai Shangyi Consulting, said: "At present, domestic warehouse member stores adopt differentiated competition, with strong commodity power and relatively high gross profit return. Judging from the model of Yonghuicang member store, it has a natural disadvantage compared with e-commerce because it is a standard product. It depends on whether the corresponding sales increment can bring back the whole gross profit when its gross profit drops. It is appropriate to be able to do it; If not, then Yonghui's strategy may fail. "
Explore in the fog
In the history of Yonghui, there have been many commercial explorations. In 20 17, under the background of the new retail concept, Yonghui explored the super species of "retail+catering +APP" mode, and opened nearly 30 stores that year. However, the super species continued to lose money, and it was not until the end of 20 18 that it was stripped out of the listed company. In addition, Yonghui also explored formats such as mini shops and boutique supermarkets.
On the operation of Yonghui Mini Store, Wen Zhihong, general manager of He Hong Consulting and expert of Hejun Consulting chain operation, said: "In the past year or so, we have rarely seen the progress of Yonghui Mini Store. According to my observation, Yonghui mini should not have any action, and even some stores are closed. In fact, big stores and small stores seem to be selling goods, but the business logic behind them is quite different. Community stores will have higher requirements for site selection, product selection and refined operation. In addition, it is not easy to make money in many chain fresh food stores, because although fresh food is of high frequency, consumers are more sensitive to the price of fresh food, so the gross profit is not high and the logistics cost is not low. In this case, the requirements for refined operation of enterprises are higher. In my opinion, fresh food stores are more suitable for expansion by joining rather than direct sales. The personnel cost and management cost of enterprises under the direct mode are very high. So in the mini store, I don't think Yonghui has found the best model. "
Interestingly, at the 30th meeting of the 4th Board of Directors of Yonghui Supermarket in August this year, director Liao raised an objection to the personnel flow. He believes that the candidate (Mr. Li) needs to make up for his experience, leadership and organizational skills in the retail industry, especially in the supermarket industry.
In this regard, Hu Chuncai believes: "Yonghui's huge investment in digital management will make its follow-up explosive. However, digital management helps to improve management efficiency, but it still needs accurate business positioning to play its role. China's next consumption upgrade is a bonus. If a physical store can't seize this dividend, it is difficult to have a big future. "
For the next wave of dividends, Hu Chuncai thinks: "The next wave of consumption dividends in physical stores is actually like fresh semi-finished products, fresh finished products, cooked food and pastry products. These products can significantly improve the quality of life of consumers. As people often say, they want to eat better. "