学胖东来，关227店，砸7亿多！永辉转型半年预亏2.4亿
<!----><style type="text/css">html{font-size:375%}</style><link href="https://pic.app.fqlook.com/static/publish/css/style.css?v=20240712" rel="stylesheet" position="1" data-qf-origin="/static/publish/css/style.css?v=20240712"><!-- 付费贴--> <div class="preview_article "> <!----> <p style="text-align: justify;margin-left: 0;text-indent: 0;font-size: 16px;font-family: Calibri;line-height: 25px;break-after: auto;margin-bottom: 16px;visibility: visible"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal;visibility: visible"><span leaf="" style="visibility: visible"><span textstyle="" style="font-size: 16px;visibility: visible">永辉超市作为中国零售行业的标杆企业，其</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal;visibility: visible"><span leaf="" style="visibility: visible"><span textstyle="" style="font-size: 16px;visibility: visible">经营</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal;visibility: visible"><span leaf="" style="visibility: visible"><span textstyle="" style="font-size: 16px;visibility: visible">业绩</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal;visibility: visible"><span leaf="" style="visibility: visible"><span textstyle="" style="font-size: 16px;visibility: visible">引发</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal;visibility: visible"><span leaf="" style="visibility: visible"><span textstyle="" style="font-size: 16px;visibility: visible">市场广泛关注。</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal;letter-spacing: 1px;visibility: visible"><span leaf="" style="visibility: visible"><span textstyle="" style="font-size: 16px;visibility: visible">7月14日，永辉超市（601933.SH）发布</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal;color: rgb(0, 82, 255);letter-spacing: 1px;font-weight: bold;visibility: visible"><span leaf="" style="visibility: visible"><span textstyle="" style="font-size: 16px;color: rgb(2, 69, 170);visibility: visible">上半年业绩预告</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal;letter-spacing: 1px;visibility: visible"><span leaf="" style="visibility: visible"><span textstyle="" style="font-size: 16px;color: rgb(2, 69, 170);visibility: visible">，</span><span textstyle="" style="font-size: 16px;visibility: visible">预计2025年半年度归属于上市公司股东的</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal;color: rgb(0, 82, 255);letter-spacing: 1px;font-weight: bold;visibility: visible"><span leaf="" style="visibility: visible"><span textstyle="" style="font-size: 16px;color: rgb(2, 69, 170);visibility: visible">净利润-2.4亿元，</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal;letter-spacing: 1px;visibility: visible"><span leaf="" style="visibility: visible"><span textstyle="" style="font-size: 16px;visibility: visible">预计2025年半年度归属于上市公司股东扣除非经常性损益后的</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal;color: rgb(0, 82, 255);letter-spacing: 1px;font-weight: bold;visibility: visible"><span leaf="" style="visibility: visible"><span textstyle="" style="font-size: 16px;color: rgb(2, 69, 170);visibility: visible">净利润-8.3亿元。</span></span></span></p><p><br/></p><section style="text-align: center;visibility: visible" nodeleaf=""><div style="text-align: center;"><img aid="529759" src="https://pic.bbs.fqlook.com/forum/202507/17/172710xysq0260giyw9z03.jpeg" /></div></section><p><br/></p><p style="text-align: justify;margin-left: 0;text-indent: 0;font-size: 16px;font-family: Calibri;line-height: 25px;break-after: auto;margin-bottom: 16px;visibility: visible"><br/></p><p style="text-align: justify;margin-left: 0;text-indent: 0;font-size: 16px;font-family: Calibri;line-height: 25px;break-after: auto;margin-bottom: 16px;visibility: visible"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal;color: rgb(2, 30, 170);letter-spacing: 1px;font-weight: bold;visibility: visible"><span leaf="" style="visibility: visible"><span textstyle="" style="font-size: 18px;color: rgb(168, 7, 7);visibility: visible">上半年调改开业93家、关闭227家门店</span></span></span></p><p style="margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;text-align: justify;break-after: auto;margin-bottom: 16px;visibility: visible"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal;visibility: visible"><span leaf="" style="visibility: visible"><span textstyle="" style="font-size: 16px;visibility: visible">2021年-2024年</span><span textstyle="" style="font-size: 16px;visibility: visible">，永辉超市已经连续亏损4年之久，累计亏损额达95亿元。</span></span></span></p><p style="margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;text-align: justify;break-after: auto;margin-bottom: 16px;visibility: visible"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal;color: rgb(0, 82, 255);letter-spacing: 1px;font-weight: bold;visibility: visible"><span leaf="" style="visibility: visible"><span textstyle="" style="font-size: 16px;color: rgb(0, 0, 0);font-weight: normal;visibility: visible">但2025上半年永辉超市仍创下除2021年行业特殊情况外的最大亏损纪录。</span></span></span></p><p style="margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;text-align: justify;break-after: auto;margin-bottom: 16px;visibility: visible"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal;visibility: visible"><span leaf="" style="visibility: visible"><span textstyle="" style="font-size: 16px;visibility: visible">对于</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal;visibility: visible"><span leaf="" style="visibility: visible"><span textstyle="" style="font-size: 16px;visibility: visible">亏损原因，永辉超市在公告中给出了三点解释：</span></span></span></p><p style="margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;text-align: justify;break-after: auto;margin-bottom: 16px;visibility: visible"><span style="font-size: 16px;font-family: 宋体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal;visibility: visible"><div style="text-align: center;"><img aid="529758" src="https://pic.bbs.fqlook.com/forum/202507/17/172710js08vjhqjjskzkvn.jpeg" /></div></span></p><p style="text-align: justify;margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;break-after: auto;margin-bottom: 16px"><strong style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px;font-weight: normal">不难看出，</span><span textstyle="" style="font-size: 16px">门店调改的高额投入</span></span></strong><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">是业绩承压的首要因素。2025年上半年，永辉超市共调改开业93家门店，截至6月30日调改门店总数达124家</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">。</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">这种调改绝非简单的店面翻新，而是涉及经营理念、商品结构、服务标准等全方位的变革。单店调改成本约800万元，</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal;font-weight: bold"><span leaf=""><span textstyle="" style="font-size: 16px">仅上半年调改投入就达7-8亿元</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">。调改过程需要经历平均3个月的歇业装修期，期间门店无法产生正常营收却仍需承担固定成本。</span></span></span></p><p><br/></p><section style="text-align: center" nodeleaf=""><div style="text-align: center;"><img aid="529757" src="https://pic.bbs.fqlook.com/forum/202507/17/172710ag7sacebf894vbl3.jpeg" /></div></section><p><br/></p><p style="text-align: justify;margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;break-after: auto;margin-bottom: 16px"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><br/></span></p><p style="text-align: justify;margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;break-after: auto;margin-bottom: 16px"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">永辉超市副总裁王守诚对外表示：我们希望前三个月给顾客持续往上的满足，所以带有一些投入，前期有异常费用金额。这种经营模式的彻底革新，必然伴随着短期业绩的下滑。</span></span></span></p><p style="text-align: justify;margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;break-after: auto;margin-bottom: 16px"><strong style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">关闭亏损门店的善后成本</span></span></strong><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">构成了业绩压力的第二重来源。2025年上半年，永辉以壮士断腕的决心关闭了227家长期亏损门店</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">。</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">闭店过程中产生了租赁赔偿、人员补偿、商品清仓和资产报废等多重成本。这些一次性支出对上半年业绩造成显著冲击。但从长远看，关闭这些尾部门店有利于优化门店网络，集中资源提升整体经营效率。</span></span></span></p><p style="text-align: justify;margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;break-after: auto;margin-bottom: 16px"><strong style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">供应链深度改革</span></span></strong><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">是影响业绩的第三个关键因素。永辉正对商品供应链进行大刀阔斧的改革，目标是建立品质零售的商品定位和合作共生的供零关系</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">。</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">在具体操作上，公司完成了大量供应商和商品的升级汰换，超过五成的老商品被清仓处理，且这部分折价成本由永辉自行承担而非转嫁给供应商。</span></span></span></p><p style="text-align: justify;margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;break-after: auto;margin-bottom: 16px"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">永辉首席商品官佘咸平解释：在改革的阵痛期，永辉超过五成的老商品会被汰换。需要进行清仓折价处理，并由永辉承担前述成本压力，而不是通过供应商伙伴去转嫁。这种供应链的彻底革新虽然在短期内影响了毛利率和利润表现，但从长远看，有利于建立更加健康、可持续的供零关系。</span></span></span></p><h2 style="text-align: justify;margin-left: 0;text-indent: 0;font-size: 16px;font-family: Calibri;font-weight: normal;line-height: 25px;break-after: auto;margin-bottom: 16px"><span leaf="" style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal;color: rgb(2, 30, 170);letter-spacing: 1px;font-weight: bold"><span textstyle="" style="font-size: 18px;color: rgb(168, 7, 7)">学“胖东来”这一年</span></span></h2><p style="text-align: justify;margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;break-after: auto;margin-bottom: 16px"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span style="font-size: 19px;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf="" data-pm-slice="1 1 "><span textstyle="" style="font-size: 16px">自2024年6月开始，永辉超市向“零售巨头”胖东来求援，以胖东来模式对全国范围内的门店进行调改，至今已1年有余，然而运营情况呈现“短期阵痛与局部成效并存”的复杂局面。</span></span></span></span></p><p><br/></p><section style="text-align: center" nodeleaf=""><div style="text-align: center;"><img aid="529761" src="https://pic.bbs.fqlook.com/forum/202507/17/172711qbchhbh5wzwmcll8.png" /></div></section><p><br/></p><p style="text-align: justify;margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;break-after: auto;margin-bottom: 16px"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><br/></span></p><p style="text-align: justify;margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;break-after: auto;margin-bottom: 16px"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">截至2025年7月，全国已完成</span></span></span><strong style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">132家门店</span></span></strong><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">调改（占门店总数534家的25%），其中2025年上半年新增93家</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">。</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">调改门店在商品结构、服务体验和员工政策上显著优化，</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">郑州首店调改后首日销售额达188万元（为调改前13.9倍），端午节80余家调改店销售额同比增87%</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">。</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">41家开业满3个月的稳态店一季度累计利润7472万元，单店月均利润约60万元。</span></span></span></p><p style="text-align: justify;margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;break-after: auto;margin-bottom: 16px"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">但调改后的挑战和潜在风险依旧存在，甚至有观点认为永辉“胖改”或会失败，原因有三：</span></span></span></p><p style="text-align: justify;margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;break-after: auto;margin-bottom: 16px"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal;font-weight: bold"><span leaf=""><span textstyle="" style="font-size: 16px">其一，模式水土不服。</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">胖东来依赖“区域密集直采”，而永辉132家调改店分散于75城，平均每城不足2家，难以支撑直采规模效应</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">。</span></span></span></p><p style="margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;text-align: justify;break-after: auto;margin-bottom: 16px"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal;font-weight: bold"><span leaf=""><span textstyle="" style="font-size: 16px">其二，</span></span></span><strong style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">成本压力</span></span></strong><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal;font-weight: bold"><span leaf=""><span textstyle="" style="font-size: 16px">。</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">胖东来人效比仅为永辉1/3，复制同等服务需多雇佣2倍员工，人力成本激增。</span></span></span></p><p style="margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;text-align: justify;break-after: auto;margin-bottom: 16px"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">其三，</span></span></span><strong style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">供应链重塑难度</span></span></strong><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">。胖东来耗时20年构建200家核心供应商体系，永辉计划1年内替换30%供应商，激进策略易引发渠道震荡。</span></span></span></p><p><br/></p><section style="text-align: center" nodeleaf=""><div style="text-align: center;"><img aid="529760" src="https://pic.bbs.fqlook.com/forum/202507/17/172711pdcndvgn1j14cdzw.jpeg" /></div></section><p><br/></p><p style="margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;text-align: justify;break-after: auto;margin-bottom: 16px"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><br/></span></p><p style="text-align: justify;margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;break-after: auto;margin-bottom: 16px"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">胖东来创始人于东来曾提醒永辉“用2-3年回归健康”，当前转型仍处阵痛攻坚期</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">。</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">若未来1-2年能优化区域供应链密度、平衡服务成本与盈利模型，或有望逐步减亏；若忽视规模差异与基因矛盾，则可能陷入长期困境。</span></span></span></p><p style="text-align: justify;margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;margin-bottom: 16px"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">永辉转型在当下是必然的选择，曲折中前进，前进中有曲折，这艘零售航母未来如何？让我们拭目以待。</span></span></span></p><p><br/></p><section powered-by="xiumi.us" style="margin-bottom: 0px;text-align: right;font-size: 13px;color: rgb(160, 160, 160)"><p><span style="letter-spacing: 0.034em">来源：闽商网（综合整理）</span></p></section><p><br/></p><p><br/></p><link rel="stylesheet" href="//www.fqlook.cn/source/plugin/wcn_editor/public/wcn_editor_fit.css?v134_cKz" id="wcn_editor_css"/> <!----></div> 压力山大 福清永辉打不过本地佳源超市 还没去过，下次和家人一起去瞧瞧{:5_248:}
永辉这次可真是下血本了啊
做啥都不容易了， 哇
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