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爱吃狼的羊
2025-11-10

副总裁已经开始套现了。说明现在的永辉是高点的永辉。

“胖改”17个月，永辉超市还没上岸

永辉超市最新答卷最新财报显示，永辉超市2025年第三季度营业收入124.86亿元，同比下滑25.55%，归母净亏损达4.69亿元，同比扩大超三成。叶国富2025年3月，名创优品创始人兼CEO叶国富加入永辉超市董事会，并主导了永辉超市的变革。▲永辉超市近11年股价走势图，月K线截至2025年9月，“胖改”已17个月。

“胖改”17个月，永辉超市还没上岸

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14:53","market":"us","language":"zh","title":"“胖改”17个月，永辉超市还没上岸","url":"https://stock-news.laohu8.com/highlight/detail?id=2582891233","media":"金错刀","summary":"永辉超市最新答卷最新财报显示，永辉超市2025年第三季度营业收入124.86亿元，同比下滑25.55%，归母净亏损达4.69亿元，同比扩大超三成。叶国富2025年3月，名创优品创始人兼CEO叶国富加入永辉超市董事会，并主导了永辉超市的变革。▲永辉超市近11年股价走势图，月K线截至2025年9月，“胖改”已17个月。","content":"<html><body><div><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" nodeleaf=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/d37c60c14c5a486e9a417577bba3dd2e\"/></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" nodeleaf=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><img arial=\"\" auto=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" none=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" src=\"https://static.tigerbbs.com/ec08fbbf191a4e179dc43f135589a52c\" ui=\"\" visible=\"\" yahei=\"\"/></p><p><span><span leaf=\"\"><span textstyle=\"\"><a href=\"https://laohu8.com/S/601933\">永辉超市</a>用7年时间完成700多家门店的扩张，相当于再造2个自己，再用2年时间关闭约550家门店，这种大开大合，在中国零售业发展史上也属罕见。</span></span></span></p><p><span><span leaf=\"\"><span textstyle=\"\">10年光阴，永辉超市在资本的期待下经历大举扩张，又在现实面前不得不“刮骨疗伤”。一切似乎重归原点，但永辉超市早已不是曾经的永辉超市了。</span></span></span></p><p><span><span leaf=\"\"><span textstyle=\"\">永辉超市的下一个10年，并不在于能否再造一个胖东来，而在于能否在传承与创新中，找到独属于自己的路径。</span></span></span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" right=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span><span leaf=\"\"><span textstyle=\"\">作者 | 墨璇</span></span><span leaf=\"\"></span></span></p><p><span><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span leaf=\"\"><span textstyle=\"\">来源 | 财经天下WEEKLY （ID：</span><span textstyle=\"\">cjtxweekly</span><span textstyle=\"\">）</span></span></span></span></p><p><span><span leaf=\"\"><span textstyle=\"\">金错刀（ijincuodao）授权转载</span></span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">10月30日晚，</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">永辉超市</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">交出了一份备受市场关注的三季度成绩单。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">收入下滑、门店持续减少，资金吃紧……一系列数据显示，</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这家正在经历深度转型的零售巨头，仍在进行着一场深度的变革。</span></span></p><p arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" right=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" inherit=\"\" neue=\"\" nodeleaf=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/1637f3d9b1d34ad487280cb9ffb4fea1\" type=\"block\"/></p><p arial=\"\" gb=\"\" helvetica=\"\" justify=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" initial=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">永辉超市</span></span><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">最新答卷</span></span></p></span></p></span></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" initial=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><strong><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\"><img src=\"https://static.tigerbbs.com/46c4b08bddfe48b3b049f39937309f46\"/></span></span></strong></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">最新财报显示，永辉超市2025年第</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">三季度营业收入124.86亿元，同比下滑25.55%，归母净亏损达4.69亿元，</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">同比</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">扩大超三成</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">从累计数据看，前三季度永辉超市424.34亿元的收入同比下滑22.21%，下滑幅度同比持续扩大，扣非归母净亏损高达15亿元，同比扩大8.4亿元。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">与业绩大幅下滑相对应的是门店数量持续萎缩，截至9月末，永辉超市全国门店数量仅剩450家，相比巅峰时期的1057家大幅减少，相当于回到了</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">大幅扩张前的水平。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/9e16aeaecfc641e2a688a57122b613ef\"/></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">用7年时间完成700多家门店的扩展，相当于再造2个永辉超市，再用2年时间关闭约550家门店，这种大开大合，在中国零售业发展史上也属罕见。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">对于业绩持续承压，</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">永辉超市</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">财报指出两方面原因：零售行业竞争激烈，消费者习惯</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">的</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">改变导致客流与客单价双双下滑；公司主动进行门店优化调改，关闭亏损门店的同时对潜力门店进行改造。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">简单来说，即行业环境有待改善，“断臂求生”的<a href=\"https://laohu8.com/S/603278\">大业</a>也仍未完成。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">进一步来看，永辉超市持续闭店的代价有多大？永辉超市第六届董事会第八次会议决议公告显示，今年三季度永辉超市关闭104家超市产生的损失为6.12亿元（未经审计），平均每关一家超市就会产生近600万元的损失，相比2024年以来历次相关公告，永辉超市的单店闭店成本正在增加——从2024年第一季度的250万元，到2024年第三季度的372万元，逐步增加至今。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">门店减少、收入下滑，叠加沉重的闭店负担，永辉超市的经营性现金流持续缩水——2025年第三季度其经营活动产生的现金流量净额由上年同期的8.36亿元转为-0.68亿元，意味着</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">永辉超市的入不敷出。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">但闭店必须进行下去——公告显示，现存的450家门店中，已调改门店222家，即还有大约一半门店在等待调改，这必然也需要持续投入大量资金。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">单靠永辉超市的账面资金，显然不够用了——截至2025年9月末，其账面货币资金33.58亿元，是其近10年来最少的，且账面流动负债与流动资产的差额呈现扩大趋势，达到了65.97亿元，为有史以来最高，永辉超市的流动性愈趋紧张。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/5bdc0b0f490c4e3f8ebc6b1c958be1c5\"/></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">为了缓解这种资金压力，</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">与三季报同一时间披露的还有</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">永辉超市</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">的定增公告</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">申报稿，其计划</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">募资31.14亿元，用于门店升级改造、仓储物流升级以及偿还银行借款</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">。</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">值得注意的是，这一募资规模已从最初计划的39.92亿元调减了近9亿元，计划升级改造的</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">门店</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">数量也</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">由298家调整</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">为</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">216家，背后或是永辉超市在转型过程中的现实考量。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">所幸漫长的闭店、调改，终于看到尽头。</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">有市场人士对商业观察家称：“预计</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">永辉超市</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">11月底将可能结束这波闭店调整，随后，</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">永辉超市</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">总店数会维持在410~420家左右。”</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">至于要完成永辉超市所有门店的调改，根据此前叶国富的说法，还需要等到2026年。</span></span></p><p><span leaf=\"\"><img src=\"https://static.tigerbbs.com/9e9676c6fb54474ca49e7b0439ecd7b8\"/></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" line-height:=\"\" neue=\"\" normal=\"\" para=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">叶国富</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">2025年3月，<a href=\"https://laohu8.com/S/MNSO\">名创优品</a>创始人兼CEO叶国富加入永辉超市董事会，并主导了永辉超市的变革。此前，<a href=\"https://laohu8.com/S/09896\">名创优品</a>的子公司骏才国际以62.70亿元的价格收购永辉超市29.4%的股权，成为其第一大股东。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" inherit=\"\" neue=\"\" nodeleaf=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/cbf9805fe32647668040fb7c6e2f193d\"/></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" initial=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\" para=\"\"><span textstyle=\"\">“</span></span><span leaf=\"\"><span textstyle=\"\">胖改</span></span><span leaf=\"\" para=\"\"><span textstyle=\"\">”</span></span><span leaf=\"\"><span textstyle=\"\">之于</span></span><span leaf=\"\"><span textstyle=\"\">永辉超市</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" initial=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><strong><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\"><img src=\"https://static.tigerbbs.com/46c4b08bddfe48b3b049f39937309f46\"/></span></span></strong></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">回顾</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">永辉超市</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">为何需要调改，又通过调改</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">获得了什么，</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">才能更好地理解其当下的处境与困惑。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">本世纪初，为解决传统农贸市场食品安全问题，北京、上海、广州、福州等城市开始积极探索和实践，旨在用生鲜超市替代传统菜场，以改善市容、保障食品安全、提升居民消费体验。这为永辉超市的商业模式提供了强大的外部推力和政策红利。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">2000年，永辉超市在</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">福州开设了第一家“农改超”超市，成为这一模式的早期实践者，并借此走向全国。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">2015年左右，在资本期待与业绩压力下，结合当时的电商爆发期，永辉超市开始一系列的创新与扩张，截至2021年，永辉超市全国开业超市数量达到1057家，最远甚至开到了西藏、青海、甘肃，经营隐患也不断被埋下。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/be08b3cdf8c0495d810566adc9d6e85c\"/></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">事实上，永辉超市的持续扩张恰好撞上了电商爆发的黄金时期，永辉超市门店达到巅峰的2021年、2022年，电商赛道已如日中天。数据显示，国内网购用户规模从2014年的3.6亿增至2019年的6.4亿，2020年双11大促期间，社会消费品零售总额的增长均由线上电商贡献，线下实体零售额几乎零增长。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">更为关键的是，超市行业本就利润微薄——上市以来永辉超市净利率始终未超过3%，和其他传统超市模式相类似，</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">“高客流量×低客单价×低毛利率”</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">能够覆盖包含租金、人力、水电、仓储物流在内的“固定成本”，但也仅能保持小幅盈利的微妙状态。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">永辉超市的护城河是“生鲜引流，百货盈利”的模式，但在电商冲击下，不仅百货类商品份额大幅迁移至线上，生鲜品类也受到盒马、<a href=\"https://laohu8.com/S/MPNGY\">美团</a>买菜、多多买菜、朴朴超市等新兴平台的挤压。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">加上门店翻倍扩张的同时，供应链和管理能力未能同步跟上，这个零售巨头逐渐失速，越来越多门店失去“平衡”，进入“不经济”的状态，永辉超市也自2021年开始整体陷入亏损泥潭。同一时期，<a href=\"https://laohu8.com/S/002251\">步步高</a>等国内其他零售商超也大多面临相似的困境。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/1a2fd7fb57324034806a0b9cee57fc6e\"/></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">其实2022年和2023年，永辉超市就已经意识到问题，开始关闭部分尾部门店，只是市场反应较大，股价一路下跌至2024年4月的历史最低点2.08元/股。</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这时候，白衣骑士出现了。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">偏居河南许昌的零售神话胖东来，以“</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">胖改</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">”</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">面大旗，掩护</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">深陷扩张泥潭的永辉超市等零售商超，开启大刀阔斧的改革，而大规模关闭亏损门店就是改革的核心任务。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">股价首先被稳住了——2024年5月永辉超市启动胖东来调改后，永辉超市股价企稳回升，出现多次久违的大涨，目前已从最低点2.08元/股回到4.67元/股的位置，市值较最低点增长了235亿元。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/679553c6f16d4dfb9cdfae5dc164e4a2\"/></p><h1><font face=\"微软雅黑\"><font face=\"微软雅黑\"><font face=\"微软雅黑\"><font face=\"微软雅黑\"><span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">▲永辉超市近11年股价走势图，月<a href=\"https://laohu8.com/S/TKKD.SI\">K</a>线</span></span></span></font></font></font></font></h1><h1><font face=\"微软雅黑\"><font face=\"微软雅黑\"><font face=\"微软雅黑\"><font face=\"微软雅黑\"><span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><br/></span></span></font></font></font></font></h1><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">截至2025年9月，“胖改”已17个月。</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">在这一过程中，</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">站在</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">聚光灯</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">下的，是</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">调改门店</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">细致的服务、优化的</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">商品结构</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">、</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">增长的客流量，但作为更核心的“</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">暗</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">线”任务，关店也在大刀阔斧</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" para=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">地</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">持续推进。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">每一家被关闭的门店，或许都曾承载着永辉超市扩张时期的雄心。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">10年光阴，永辉超市在资本的期待下经历大举扩张，又在现实面前不得不“刮骨疗伤”。一切似乎重归原点，但永辉超市早已不是曾经的永辉超市了。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" inherit=\"\" neue=\"\" nodeleaf=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/e7cac1857c424cab8834084b4332c597\" type=\"block\"/></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" initial=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span arial=\"\" background-color:=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" box-sizing:=\"\" break-word=\"\" center=\"\" clear:=\"\" color:=\"\" font-family:=\"\" font-size:=\"\" font-style:=\"\" font-variant-caps:=\"\" font-variant-ligatures:=\"\" font-weight:=\"\" gb=\"\" initial=\"\" leaf=\"\" letter-spacing:=\"\" line-height:=\"\" margin:=\"\" max-width:=\"\" min-height:=\"\" neue=\"\" none=\"\" normal=\"\" orphans:=\"\" outline:=\"\" overflow-wrap:=\"\" padding:=\"\" para=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" text-align:=\"\" text-decoration-color:=\"\" text-decoration-style:=\"\" text-decoration-thickness:=\"\" text-indent:=\"\" text-transform:=\"\" transparent=\"\" ui=\"\" white-space:=\"\" widows:=\"\" word-spacing:=\"\" yahei=\"\"><span textstyle=\"\">新任CEO接棒，永辉超市能否顺利穿越周期？</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" initial=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><font face=\"宋体\"><b><font face=\"等线\"><span leaf=\"\"><img src=\"https://static.tigerbbs.com/f503c09d1489460eaba622bcfd8021ef\"/></span></font></b></font></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">自2018年</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">永辉超市创始人</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">张轩松、张轩宁两<a href=\"https://laohu8.com/S/002562\">兄弟</a>“分家”，张轩宁带领云创从永辉超市报表中剥离，2021年任命李松峰为首席执行官，再到2024年叶国富62.70亿元入股，永辉超市逐步进入了“后创始人时代”。</span></span></p><p><span leaf=\"\"><img src=\"https://static.tigerbbs.com/d524341c20eb41e4a33b9764c5e934e0\"/></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" line-height:=\"\" neue=\"\" normal=\"\" para=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">永辉超市创始人、董事长张轩松</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">2025年10月，永辉超市首届新品发布会上，永辉超市创始人、董事长张轩松并未露面，对外代表永辉超市发言的，是新任CEO的王守诚，其于2017年以“融才”管<a href=\"https://laohu8.com/S/PSO\">培生</a>身份进入永辉超市，后担任改革领导小组副组长，主导“学习胖东来”调改项目。</span></span></p><p><span leaf=\"\"><img src=\"https://static.tigerbbs.com/00d11d952984492f9be81391236cfd49\"/></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" center=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" para=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">新任CEO的王守诚</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" line-height:=\"\" neue=\"\" normal=\"\" para=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">在“胖改”的最后一段艰难时期，永辉超市确实需要托举一位能够平衡新旧利益方、承接胖东来流量与光环的“自己人”，但现年34岁、年薪116万元的王守诚，是否能够扛起大旗，助推永辉超市完成最后的周期穿越，仍需验证。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">经过一年多的调改，永辉超市从胖东来学到了精简SKU、打造自有品牌、供应链改革、打磨极致服务等等，但要真正从“形似”过渡到“神似”，并且找到符合自身的发展路径，永辉超市仍要解决许多问题。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">毕竟，胖东来之所以是胖东来，有一系列“天时地利人和”，比如偏居一隅不图扩张、在本地极具吸引力的薪资待遇、供应远高于本地消费水平的品质商品等等，这些都与永辉超市全国扩张的基因有本质区别。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">从市场反馈来看，不少永辉超市胖改店在开业爆火一段时间后，都会逐渐回归平静，原因就是一些消费者出于好奇“一日游”后会发现，胖改店内的商品并没有太稀奇。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">反而永辉超市早期沉淀下来的相当一部分消费群体，习惯于传统的卖场模式、现场“挑拣”果蔬商品的购买方式，对于转型之后突然变得“精致”的永辉超市，有些不太适应。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">如何在提高胖改店员工待遇的同时，平衡供应链改革与门店投入带来的财务压力，如何将胖改店的细致标准严格落实至全国数百家门店，又要如何开发真正有用户需求的100个亿元级大单品，这些都是永辉超市自己</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" para=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">要</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">解决的问题。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">除此之外，在即时零售浪潮席卷而来的当下，如何快速跟上节奏，提高线上业务占比，是永辉超市完成闭店后的下一个核心任务。2025年5月，永辉超市曾在年度股东大会上宣布，将加快在关店较多地区布局前置仓，填补关店地区的市场空白。在这之后，永辉超市在重庆、<a href=\"https://laohu8.com/S/1MZ.SI\">南昌</a>、西安等地开出多个前置仓，也在组织结构上设立了到家事业部，并在南京成立了全国到家事业部供应链公司总部，意味着线上业务与线下业务的分别独立。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">最新数据显示，永辉超市前三季度线上业务收入占比18.33%，</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">相比过去几份财报这一比例不升反降。</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">如何在线下业务尚未完成整顿的同时，开启线上业务的扩张与增长；如何解决自身<a href=\"https://laohu8.com/S/300959\">线上线下</a>业务互搏的问题，都是永辉超市的重要课题。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">如果说永辉超市的第一个10年借助了“农改超”的<a href=\"https://laohu8.com/S/600081\">东风</a>快速发展，第二个10年凭借资本的力量实现全国化布局，探索各种新零售业态，那么永辉超市的下一个10年，并不在于能否再造一个胖东来，而在于能否在传承与创新中，找到独属于自己的路径。</span></span></p><p><em arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" neue=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span><em><span><span leaf=\"\"><span textstyle=\"\">图片来源于网络，侵权请联系删除</span></span></span></em></span></em></p><p arial=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" neue=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><strong><span><span leaf=\"\"><span textstyle=\"\">@The End</span></span></span></strong></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/ebb45faa4bbc4b198f747d0511b0ade3\"/></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" initial=\"\" neue=\"\" nodeleaf=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/523b310040cb469f903ecbdc9e6d5ac5\" type=\"block\"/></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" initial=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span><img src=\"https://static.tigerbbs.com/2856537aecab42258666270f91fb82aa\"/></span></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" initial=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span><img src=\"https://static.tigerbbs.com/2021d2f7de7d4f2982edeca146fc7506\"/></span></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" initial=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span><img src=\"https://static.tigerbbs.com/9b7f99f6e396420199f16360879205e7\"/></span></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" initial=\"\" neue=\"\" nodeleaf=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/f85163446be14da1b40afa28eac1a9fb\"/></p></div></body></html>","source":"weixin_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>“胖改”17个月，永辉超市还没上岸</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ 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0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n“胖改”17个月，永辉超市还没上岸\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1023100042\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/bd95e24719f249c0bbc96822817a73e4);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">金错刀 </p>\n<p class=\"h-time\">2025-11-09 14:53</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><div><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" nodeleaf=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/d37c60c14c5a486e9a417577bba3dd2e\"/></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" nodeleaf=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><img arial=\"\" auto=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" none=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" src=\"https://static.tigerbbs.com/ec08fbbf191a4e179dc43f135589a52c\" ui=\"\" visible=\"\" yahei=\"\"/></p><p><span><span leaf=\"\"><span textstyle=\"\"><a href=\"https://laohu8.com/S/601933\">永辉超市</a>用7年时间完成700多家门店的扩张，相当于再造2个自己，再用2年时间关闭约550家门店，这种大开大合，在中国零售业发展史上也属罕见。</span></span></span></p><p><span><span leaf=\"\"><span textstyle=\"\">10年光阴，永辉超市在资本的期待下经历大举扩张，又在现实面前不得不“刮骨疗伤”。一切似乎重归原点，但永辉超市早已不是曾经的永辉超市了。</span></span></span></p><p><span><span leaf=\"\"><span textstyle=\"\">永辉超市的下一个10年，并不在于能否再造一个胖东来，而在于能否在传承与创新中，找到独属于自己的路径。</span></span></span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" right=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span><span leaf=\"\"><span textstyle=\"\">作者 | 墨璇</span></span><span leaf=\"\"></span></span></p><p><span><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span leaf=\"\"><span textstyle=\"\">来源 | 财经天下WEEKLY （ID：</span><span textstyle=\"\">cjtxweekly</span><span textstyle=\"\">）</span></span></span></span></p><p><span><span leaf=\"\"><span textstyle=\"\">金错刀（ijincuodao）授权转载</span></span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">10月30日晚，</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">永辉超市</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">交出了一份备受市场关注的三季度成绩单。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">收入下滑、门店持续减少，资金吃紧……一系列数据显示，</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这家正在经历深度转型的零售巨头，仍在进行着一场深度的变革。</span></span></p><p arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" right=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" inherit=\"\" neue=\"\" nodeleaf=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/1637f3d9b1d34ad487280cb9ffb4fea1\" type=\"block\"/></p><p arial=\"\" gb=\"\" helvetica=\"\" justify=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" initial=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">永辉超市</span></span><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">最新答卷</span></span></p></span></p></span></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" initial=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><strong><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\"><img src=\"https://static.tigerbbs.com/46c4b08bddfe48b3b049f39937309f46\"/></span></span></strong></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">最新财报显示，永辉超市2025年第</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">三季度营业收入124.86亿元，同比下滑25.55%，归母净亏损达4.69亿元，</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">同比</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">扩大超三成</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">从累计数据看，前三季度永辉超市424.34亿元的收入同比下滑22.21%，下滑幅度同比持续扩大，扣非归母净亏损高达15亿元，同比扩大8.4亿元。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">与业绩大幅下滑相对应的是门店数量持续萎缩，截至9月末，永辉超市全国门店数量仅剩450家，相比巅峰时期的1057家大幅减少，相当于回到了</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">大幅扩张前的水平。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/9e16aeaecfc641e2a688a57122b613ef\"/></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">用7年时间完成700多家门店的扩展，相当于再造2个永辉超市，再用2年时间关闭约550家门店，这种大开大合，在中国零售业发展史上也属罕见。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">对于业绩持续承压，</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">永辉超市</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">财报指出两方面原因：零售行业竞争激烈，消费者习惯</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">的</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">改变导致客流与客单价双双下滑；公司主动进行门店优化调改，关闭亏损门店的同时对潜力门店进行改造。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">简单来说，即行业环境有待改善，“断臂求生”的<a href=\"https://laohu8.com/S/603278\">大业</a>也仍未完成。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">进一步来看，永辉超市持续闭店的代价有多大？永辉超市第六届董事会第八次会议决议公告显示，今年三季度永辉超市关闭104家超市产生的损失为6.12亿元（未经审计），平均每关一家超市就会产生近600万元的损失，相比2024年以来历次相关公告，永辉超市的单店闭店成本正在增加——从2024年第一季度的250万元，到2024年第三季度的372万元，逐步增加至今。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">门店减少、收入下滑，叠加沉重的闭店负担，永辉超市的经营性现金流持续缩水——2025年第三季度其经营活动产生的现金流量净额由上年同期的8.36亿元转为-0.68亿元，意味着</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">永辉超市的入不敷出。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">但闭店必须进行下去——公告显示，现存的450家门店中，已调改门店222家，即还有大约一半门店在等待调改，这必然也需要持续投入大量资金。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">单靠永辉超市的账面资金，显然不够用了——截至2025年9月末，其账面货币资金33.58亿元，是其近10年来最少的，且账面流动负债与流动资产的差额呈现扩大趋势，达到了65.97亿元，为有史以来最高，永辉超市的流动性愈趋紧张。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/5bdc0b0f490c4e3f8ebc6b1c958be1c5\"/></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">为了缓解这种资金压力，</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">与三季报同一时间披露的还有</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">永辉超市</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">的定增公告</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">申报稿，其计划</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">募资31.14亿元，用于门店升级改造、仓储物流升级以及偿还银行借款</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">。</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">值得注意的是，这一募资规模已从最初计划的39.92亿元调减了近9亿元，计划升级改造的</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">门店</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">数量也</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">由298家调整</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">为</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">216家，背后或是永辉超市在转型过程中的现实考量。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">所幸漫长的闭店、调改，终于看到尽头。</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">有市场人士对商业观察家称：“预计</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">永辉超市</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">11月底将可能结束这波闭店调整，随后，</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">永辉超市</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">总店数会维持在410~420家左右。”</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">至于要完成永辉超市所有门店的调改，根据此前叶国富的说法，还需要等到2026年。</span></span></p><p><span leaf=\"\"><img src=\"https://static.tigerbbs.com/9e9676c6fb54474ca49e7b0439ecd7b8\"/></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" line-height:=\"\" neue=\"\" normal=\"\" para=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">叶国富</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">2025年3月，<a href=\"https://laohu8.com/S/MNSO\">名创优品</a>创始人兼CEO叶国富加入永辉超市董事会，并主导了永辉超市的变革。此前，<a href=\"https://laohu8.com/S/09896\">名创优品</a>的子公司骏才国际以62.70亿元的价格收购永辉超市29.4%的股权，成为其第一大股东。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" inherit=\"\" neue=\"\" nodeleaf=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/cbf9805fe32647668040fb7c6e2f193d\"/></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" initial=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\" para=\"\"><span textstyle=\"\">“</span></span><span leaf=\"\"><span textstyle=\"\">胖改</span></span><span leaf=\"\" para=\"\"><span textstyle=\"\">”</span></span><span leaf=\"\"><span textstyle=\"\">之于</span></span><span leaf=\"\"><span textstyle=\"\">永辉超市</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" initial=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><strong><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\"><img src=\"https://static.tigerbbs.com/46c4b08bddfe48b3b049f39937309f46\"/></span></span></strong></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">回顾</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">永辉超市</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">为何需要调改，又通过调改</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">获得了什么，</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">才能更好地理解其当下的处境与困惑。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">本世纪初，为解决传统农贸市场食品安全问题，北京、上海、广州、福州等城市开始积极探索和实践，旨在用生鲜超市替代传统菜场，以改善市容、保障食品安全、提升居民消费体验。这为永辉超市的商业模式提供了强大的外部推力和政策红利。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">2000年，永辉超市在</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">福州开设了第一家“农改超”超市，成为这一模式的早期实践者，并借此走向全国。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">2015年左右，在资本期待与业绩压力下，结合当时的电商爆发期，永辉超市开始一系列的创新与扩张，截至2021年，永辉超市全国开业超市数量达到1057家，最远甚至开到了西藏、青海、甘肃，经营隐患也不断被埋下。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/be08b3cdf8c0495d810566adc9d6e85c\"/></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">事实上，永辉超市的持续扩张恰好撞上了电商爆发的黄金时期，永辉超市门店达到巅峰的2021年、2022年，电商赛道已如日中天。数据显示，国内网购用户规模从2014年的3.6亿增至2019年的6.4亿，2020年双11大促期间，社会消费品零售总额的增长均由线上电商贡献，线下实体零售额几乎零增长。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">更为关键的是，超市行业本就利润微薄——上市以来永辉超市净利率始终未超过3%，和其他传统超市模式相类似，</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">“高客流量×低客单价×低毛利率”</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">能够覆盖包含租金、人力、水电、仓储物流在内的“固定成本”，但也仅能保持小幅盈利的微妙状态。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">永辉超市的护城河是“生鲜引流，百货盈利”的模式，但在电商冲击下，不仅百货类商品份额大幅迁移至线上，生鲜品类也受到盒马、<a href=\"https://laohu8.com/S/MPNGY\">美团</a>买菜、多多买菜、朴朴超市等新兴平台的挤压。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">加上门店翻倍扩张的同时，供应链和管理能力未能同步跟上，这个零售巨头逐渐失速，越来越多门店失去“平衡”，进入“不经济”的状态，永辉超市也自2021年开始整体陷入亏损泥潭。同一时期，<a href=\"https://laohu8.com/S/002251\">步步高</a>等国内其他零售商超也大多面临相似的困境。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/1a2fd7fb57324034806a0b9cee57fc6e\"/></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">其实2022年和2023年，永辉超市就已经意识到问题，开始关闭部分尾部门店，只是市场反应较大，股价一路下跌至2024年4月的历史最低点2.08元/股。</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这时候，白衣骑士出现了。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">偏居河南许昌的零售神话胖东来，以“</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">胖改</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">”</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">面大旗，掩护</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">深陷扩张泥潭的永辉超市等零售商超，开启大刀阔斧的改革，而大规模关闭亏损门店就是改革的核心任务。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">股价首先被稳住了——2024年5月永辉超市启动胖东来调改后，永辉超市股价企稳回升，出现多次久违的大涨，目前已从最低点2.08元/股回到4.67元/股的位置，市值较最低点增长了235亿元。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/679553c6f16d4dfb9cdfae5dc164e4a2\"/></p><h1><font face=\"微软雅黑\"><font face=\"微软雅黑\"><font face=\"微软雅黑\"><font face=\"微软雅黑\"><span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">▲永辉超市近11年股价走势图，月<a href=\"https://laohu8.com/S/TKKD.SI\">K</a>线</span></span></span></font></font></font></font></h1><h1><font face=\"微软雅黑\"><font face=\"微软雅黑\"><font face=\"微软雅黑\"><font face=\"微软雅黑\"><span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><br/></span></span></font></font></font></font></h1><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">截至2025年9月，“胖改”已17个月。</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">在这一过程中，</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">站在</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">聚光灯</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">下的，是</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">调改门店</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">细致的服务、优化的</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">商品结构</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">、</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">增长的客流量，但作为更核心的“</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">暗</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">线”任务，关店也在大刀阔斧</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" para=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">地</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">持续推进。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">每一家被关闭的门店，或许都曾承载着永辉超市扩张时期的雄心。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">10年光阴，永辉超市在资本的期待下经历大举扩张，又在现实面前不得不“刮骨疗伤”。一切似乎重归原点，但永辉超市早已不是曾经的永辉超市了。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" inherit=\"\" neue=\"\" nodeleaf=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/e7cac1857c424cab8834084b4332c597\" type=\"block\"/></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" initial=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span arial=\"\" background-color:=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" box-sizing:=\"\" break-word=\"\" center=\"\" clear:=\"\" color:=\"\" font-family:=\"\" font-size:=\"\" font-style:=\"\" font-variant-caps:=\"\" font-variant-ligatures:=\"\" font-weight:=\"\" gb=\"\" initial=\"\" leaf=\"\" letter-spacing:=\"\" line-height:=\"\" margin:=\"\" max-width:=\"\" min-height:=\"\" neue=\"\" none=\"\" normal=\"\" orphans:=\"\" outline:=\"\" overflow-wrap:=\"\" padding:=\"\" para=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" text-align:=\"\" text-decoration-color:=\"\" text-decoration-style:=\"\" text-decoration-thickness:=\"\" text-indent:=\"\" text-transform:=\"\" transparent=\"\" ui=\"\" white-space:=\"\" widows:=\"\" word-spacing:=\"\" yahei=\"\"><span textstyle=\"\">新任CEO接棒，永辉超市能否顺利穿越周期？</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" initial=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><font face=\"宋体\"><b><font face=\"等线\"><span leaf=\"\"><img src=\"https://static.tigerbbs.com/f503c09d1489460eaba622bcfd8021ef\"/></span></font></b></font></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">自2018年</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">永辉超市创始人</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">张轩松、张轩宁两<a href=\"https://laohu8.com/S/002562\">兄弟</a>“分家”，张轩宁带领云创从永辉超市报表中剥离，2021年任命李松峰为首席执行官，再到2024年叶国富62.70亿元入股，永辉超市逐步进入了“后创始人时代”。</span></span></p><p><span leaf=\"\"><img src=\"https://static.tigerbbs.com/d524341c20eb41e4a33b9764c5e934e0\"/></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" line-height:=\"\" neue=\"\" normal=\"\" para=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">永辉超市创始人、董事长张轩松</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">2025年10月，永辉超市首届新品发布会上，永辉超市创始人、董事长张轩松并未露面，对外代表永辉超市发言的，是新任CEO的王守诚，其于2017年以“融才”管<a href=\"https://laohu8.com/S/PSO\">培生</a>身份进入永辉超市，后担任改革领导小组副组长，主导“学习胖东来”调改项目。</span></span></p><p><span leaf=\"\"><img src=\"https://static.tigerbbs.com/00d11d952984492f9be81391236cfd49\"/></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" center=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" para=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">新任CEO的王守诚</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" line-height:=\"\" neue=\"\" normal=\"\" para=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">在“胖改”的最后一段艰难时期，永辉超市确实需要托举一位能够平衡新旧利益方、承接胖东来流量与光环的“自己人”，但现年34岁、年薪116万元的王守诚，是否能够扛起大旗，助推永辉超市完成最后的周期穿越，仍需验证。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">经过一年多的调改，永辉超市从胖东来学到了精简SKU、打造自有品牌、供应链改革、打磨极致服务等等，但要真正从“形似”过渡到“神似”，并且找到符合自身的发展路径，永辉超市仍要解决许多问题。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">毕竟，胖东来之所以是胖东来，有一系列“天时地利人和”，比如偏居一隅不图扩张、在本地极具吸引力的薪资待遇、供应远高于本地消费水平的品质商品等等，这些都与永辉超市全国扩张的基因有本质区别。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">从市场反馈来看，不少永辉超市胖改店在开业爆火一段时间后，都会逐渐回归平静，原因就是一些消费者出于好奇“一日游”后会发现，胖改店内的商品并没有太稀奇。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">反而永辉超市早期沉淀下来的相当一部分消费群体，习惯于传统的卖场模式、现场“挑拣”果蔬商品的购买方式，对于转型之后突然变得“精致”的永辉超市，有些不太适应。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">如何在提高胖改店员工待遇的同时，平衡供应链改革与门店投入带来的财务压力，如何将胖改店的细致标准严格落实至全国数百家门店，又要如何开发真正有用户需求的100个亿元级大单品，这些都是永辉超市自己</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" para=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">要</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">解决的问题。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">除此之外，在即时零售浪潮席卷而来的当下，如何快速跟上节奏，提高线上业务占比，是永辉超市完成闭店后的下一个核心任务。2025年5月，永辉超市曾在年度股东大会上宣布，将加快在关店较多地区布局前置仓，填补关店地区的市场空白。在这之后，永辉超市在重庆、<a href=\"https://laohu8.com/S/1MZ.SI\">南昌</a>、西安等地开出多个前置仓，也在组织结构上设立了到家事业部，并在南京成立了全国到家事业部供应链公司总部，意味着线上业务与线下业务的分别独立。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">最新数据显示，永辉超市前三季度线上业务收入占比18.33%，</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">相比过去几份财报这一比例不升反降。</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">如何在线下业务尚未完成整顿的同时，开启线上业务的扩张与增长；如何解决自身<a href=\"https://laohu8.com/S/300959\">线上线下</a>业务互搏的问题，都是永辉超市的重要课题。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">如果说永辉超市的第一个10年借助了“农改超”的<a href=\"https://laohu8.com/S/600081\">东风</a>快速发展，第二个10年凭借资本的力量实现全国化布局，探索各种新零售业态，那么永辉超市的下一个10年，并不在于能否再造一个胖东来，而在于能否在传承与创新中，找到独属于自己的路径。</span></span></p><p><em arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" neue=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span><em><span><span leaf=\"\"><span textstyle=\"\">图片来源于网络，侵权请联系删除</span></span></span></em></span></em></p><p arial=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" neue=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><strong><span><span leaf=\"\"><span textstyle=\"\">@The End</span></span></span></strong></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/ebb45faa4bbc4b198f747d0511b0ade3\"/></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" initial=\"\" neue=\"\" nodeleaf=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/523b310040cb469f903ecbdc9e6d5ac5\" type=\"block\"/></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" initial=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span><img src=\"https://static.tigerbbs.com/2856537aecab42258666270f91fb82aa\"/></span></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" initial=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span><img src=\"https://static.tigerbbs.com/2021d2f7de7d4f2982edeca146fc7506\"/></span></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" initial=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span><img 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（ID：cjtxweekly）金错刀（ijincuodao）授权转载10月30日晚，永辉超市交出了一份备受市场关注的三季度成绩单。收入下滑、门店持续减少，资金吃紧……一系列数据显示，这家正在经历深度转型的零售巨头，仍在进行着一场深度的变革。永辉超市最新答卷最新财报显示，永辉超市2025年第三季度营业收入124.86亿元，同比下滑25.55%，归母净亏损达4.69亿元，同比扩大超三成。从累计数据看，前三季度永辉超市424.34亿元的收入同比下滑22.21%，下滑幅度同比持续扩大，扣非归母净亏损高达15亿元，同比扩大8.4亿元。与业绩大幅下滑相对应的是门店数量持续萎缩，截至9月末，永辉超市全国门店数量仅剩450家，相比巅峰时期的1057家大幅减少，相当于回到了大幅扩张前的水平。用7年时间完成700多家门店的扩展，相当于再造2个永辉超市，再用2年时间关闭约550家门店，这种大开大合，在中国零售业发展史上也属罕见。对于业绩持续承压，永辉超市财报指出两方面原因：零售行业竞争激烈，消费者习惯的改变导致客流与客单价双双下滑；公司主动进行门店优化调改，关闭亏损门店的同时对潜力门店进行改造。简单来说，即行业环境有待改善，“断臂求生”的大业也仍未完成。进一步来看，永辉超市持续闭店的代价有多大？永辉超市第六届董事会第八次会议决议公告显示，今年三季度永辉超市关闭104家超市产生的损失为6.12亿元（未经审计），平均每关一家超市就会产生近600万元的损失，相比2024年以来历次相关公告，永辉超市的单店闭店成本正在增加——从2024年第一季度的250万元，到2024年第三季度的372万元，逐步增加至今。门店减少、收入下滑，叠加沉重的闭店负担，永辉超市的经营性现金流持续缩水——2025年第三季度其经营活动产生的现金流量净额由上年同期的8.36亿元转为-0.68亿元，意味着永辉超市的入不敷出。但闭店必须进行下去——公告显示，现存的450家门店中，已调改门店222家，即还有大约一半门店在等待调改，这必然也需要持续投入大量资金。单靠永辉超市的账面资金，显然不够用了——截至2025年9月末，其账面货币资金33.58亿元，是其近10年来最少的，且账面流动负债与流动资产的差额呈现扩大趋势，达到了65.97亿元，为有史以来最高，永辉超市的流动性愈趋紧张。为了缓解这种资金压力，与三季报同一时间披露的还有永辉超市的定增公告申报稿，其计划募资31.14亿元，用于门店升级改造、仓储物流升级以及偿还银行借款。值得注意的是，这一募资规模已从最初计划的39.92亿元调减了近9亿元，计划升级改造的门店数量也由298家调整为216家，背后或是永辉超市在转型过程中的现实考量。所幸漫长的闭店、调改，终于看到尽头。有市场人士对商业观察家称：“预计永辉超市11月底将可能结束这波闭店调整，随后，永辉超市总店数会维持在410~420家左右。”至于要完成永辉超市所有门店的调改，根据此前叶国富的说法，还需要等到2026年。叶国富2025年3月，名创优品创始人兼CEO叶国富加入永辉超市董事会，并主导了永辉超市的变革。此前，名创优品的子公司骏才国际以62.70亿元的价格收购永辉超市29.4%的股权，成为其第一大股东。“胖改”之于永辉超市回顾永辉超市为何需要调改，又通过调改获得了什么，才能更好地理解其当下的处境与困惑。本世纪初，为解决传统农贸市场食品安全问题，北京、上海、广州、福州等城市开始积极探索和实践，旨在用生鲜超市替代传统菜场，以改善市容、保障食品安全、提升居民消费体验。这为永辉超市的商业模式提供了强大的外部推力和政策红利。2000年，永辉超市在福州开设了第一家“农改超”超市，成为这一模式的早期实践者，并借此走向全国。2015年左右，在资本期待与业绩压力下，结合当时的电商爆发期，永辉超市开始一系列的创新与扩张，截至2021年，永辉超市全国开业超市数量达到1057家，最远甚至开到了西藏、青海、甘肃，经营隐患也不断被埋下。事实上，永辉超市的持续扩张恰好撞上了电商爆发的黄金时期，永辉超市门店达到巅峰的2021年、2022年，电商赛道已如日中天。数据显示，国内网购用户规模从2014年的3.6亿增至2019年的6.4亿，2020年双11大促期间，社会消费品零售总额的增长均由线上电商贡献，线下实体零售额几乎零增长。更为关键的是，超市行业本就利润微薄——上市以来永辉超市净利率始终未超过3%，和其他传统超市模式相类似，“高客流量×低客单价×低毛利率”能够覆盖包含租金、人力、水电、仓储物流在内的“固定成本”，但也仅能保持小幅盈利的微妙状态。永辉超市的护城河是“生鲜引流，百货盈利”的模式，但在电商冲击下，不仅百货类商品份额大幅迁移至线上，生鲜品类也受到盒马、美团买菜、多多买菜、朴朴超市等新兴平台的挤压。加上门店翻倍扩张的同时，供应链和管理能力未能同步跟上，这个零售巨头逐渐失速，越来越多门店失去“平衡”，进入“不经济”的状态，永辉超市也自2021年开始整体陷入亏损泥潭。同一时期，步步高等国内其他零售商超也大多面临相似的困境。其实2022年和2023年，永辉超市就已经意识到问题，开始关闭部分尾部门店，只是市场反应较大，股价一路下跌至2024年4月的历史最低点2.08元/股。这时候，白衣骑士出现了。偏居河南许昌的零售神话胖东来，以“胖改”这面大旗，掩护深陷扩张泥潭的永辉超市等零售商超，开启大刀阔斧的改革，而大规模关闭亏损门店就是改革的核心任务。股价首先被稳住了——2024年5月永辉超市启动胖东来调改后，永辉超市股价企稳回升，出现多次久违的大涨，目前已从最低点2.08元/股回到4.67元/股的位置，市值较最低点增长了235亿元。▲永辉超市近11年股价走势图，月K线截至2025年9月，“胖改”已17个月。在这一过程中，站在聚光灯下的，是调改门店细致的服务、优化的商品结构、增长的客流量，但作为更核心的“暗线”任务，关店也在大刀阔斧地持续推进。每一家被关闭的门店，或许都曾承载着永辉超市扩张时期的雄心。10年光阴，永辉超市在资本的期待下经历大举扩张，又在现实面前不得不“刮骨疗伤”。一切似乎重归原点，但永辉超市早已不是曾经的永辉超市了。新任CEO接棒，永辉超市能否顺利穿越周期？自2018年永辉超市创始人张轩松、张轩宁两兄弟“分家”，张轩宁带领云创从永辉超市报表中剥离，2021年任命李松峰为首席执行官，再到2024年叶国富62.70亿元入股，永辉超市逐步进入了“后创始人时代”。永辉超市创始人、董事长张轩松2025年10月，永辉超市首届新品发布会上，永辉超市创始人、董事长张轩松并未露面，对外代表永辉超市发言的，是新任CEO的王守诚，其于2017年以“融才”管培生身份进入永辉超市，后担任改革领导小组副组长，主导“学习胖东来”调改项目。新任CEO的王守诚在“胖改”的最后一段艰难时期，永辉超市确实需要托举一位能够平衡新旧利益方、承接胖东来流量与光环的“自己人”，但现年34岁、年薪116万元的王守诚，是否能够扛起大旗，助推永辉超市完成最后的周期穿越，仍需验证。经过一年多的调改，永辉超市从胖东来学到了精简SKU、打造自有品牌、供应链改革、打磨极致服务等等，但要真正从“形似”过渡到“神似”，并且找到符合自身的发展路径，永辉超市仍要解决许多问题。毕竟，胖东来之所以是胖东来，有一系列“天时地利人和”，比如偏居一隅不图扩张、在本地极具吸引力的薪资待遇、供应远高于本地消费水平的品质商品等等，这些都与永辉超市全国扩张的基因有本质区别。从市场反馈来看，不少永辉超市胖改店在开业爆火一段时间后，都会逐渐回归平静，原因就是一些消费者出于好奇“一日游”后会发现，胖改店内的商品并没有太稀奇。反而永辉超市早期沉淀下来的相当一部分消费群体，习惯于传统的卖场模式、现场“挑拣”果蔬商品的购买方式，对于转型之后突然变得“精致”的永辉超市，有些不太适应。如何在提高胖改店员工待遇的同时，平衡供应链改革与门店投入带来的财务压力，如何将胖改店的细致标准严格落实至全国数百家门店，又要如何开发真正有用户需求的100个亿元级大单品，这些都是永辉超市自己要解决的问题。除此之外，在即时零售浪潮席卷而来的当下，如何快速跟上节奏，提高线上业务占比，是永辉超市完成闭店后的下一个核心任务。2025年5月，永辉超市曾在年度股东大会上宣布，将加快在关店较多地区布局前置仓，填补关店地区的市场空白。在这之后，永辉超市在重庆、南昌、西安等地开出多个前置仓，也在组织结构上设立了到家事业部，并在南京成立了全国到家事业部供应链公司总部，意味着线上业务与线下业务的分别独立。最新数据显示，永辉超市前三季度线上业务收入占比18.33%，相比过去几份财报这一比例不升反降。如何在线下业务尚未完成整顿的同时，开启线上业务的扩张与增长；如何解决自身线上线下业务互搏的问题，都是永辉超市的重要课题。如果说永辉超市的第一个10年借助了“农改超”的东风快速发展，第二个10年凭借资本的力量实现全国化布局，探索各种新零售业态，那么永辉超市的下一个10年，并不在于能否再造一个胖东来，而在于能否在传承与创新中，找到独属于自己的路径。图片来源于网络，侵权请联系删除@The 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