According to the Dongwu Securities Research Report, Yonghui Supermarket's H1 net profit of 250 million yuan turned a loss into a profit, and profit margins improved markedly. The net profit conversion from mother to profit is mainly due to the completion of a total of 331 store adjustments, which has greatly increased the overall profitability of the stores. The total number of regulated stores was 331, and capital expenditure changed back and forth with the restructuring stage. As the company continues to close long-term loss-making stores and increase the proportion of modified stores, the impact of adjustment expenses on reporting and revenue pressure is expected to be further reduced, and the company's overall profit will continue to improve. The company's restructuring continues to advance. The closure of loss-making stores and the restructuring in the early stages still put pressure on revenue, but gross margins and expense ratios are gradually recovering. By the end of June 2026, the company had completed a total of 331 store reforms, accounting for about 87% of the stores already opened. 2026H1 gross margin increased by 1.7 pct year on year, and the period cost ratio decreased by 1.8 pct year on year. It believes that the profitability of the adjustment model is gradually being verified and the “increase in holdings” rating is being maintained.

According to the Dongwu Securities Research Report, Yonghui Supermarket's H1 net profit of 250 million yuan turned a loss into a profit, and profit margins improved markedly. The net profit conversion from mother to profit is mainly due to the completion of a total of 331 store adjustments, which has greatly increased the overall profitability of the stores. The total number of regulated stores was 331, and capital expenditure changed back and forth with the restructuring stage. As the company continues to close long-term loss-making stores and increase the proportion of modified stores, the impact of adjustment expenses on reporting and revenue pressure is expected to be further reduced, and the company's overall profit will continue to improve. The company's restructuring continues to advance. The closure of loss-making stores and the restructuring in the early stages still put pressure on revenue, but gross margins and expense ratios are gradually recovering. By the end of June 2026, the company had completed a total of 331 store reforms, accounting for about 87% of the stores already opened. 2026H1 gross margin increased by 1.7 pct year on year, and the period cost ratio decreased by 1.8 pct year on year. It believes that the profitability of the adjustment model is gradually being verified and the “increase in holdings” rating is being maintained.