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Leidi Network, Lei Jianping, April 16
Yonghui Superstores Co., Ltd. (Company Code: 601933, Company Abbreviation: Yonghui Superstores) today released its financial report for 2025. The report shows that Yonghui Superstores' revenue for 2025 was 53.5 billion, a decrease of 20.82% compared to 67.574 billion in the same period last year.
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Yonghui Superstores reported a net loss of 2.552 billion in 2025, compared to a net loss of 1.465 billion in the same period last year; the net loss after excluding non-recurring items was 3.417 billion, compared to a net loss of 2.41 billion in the same period last year.
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Yonghui Superstores' revenue for the fourth quarter of 2025 was 11.073 billion, with a net loss of 1.843 billion and a net loss of 1.915 billion after excluding non-recurring items.
Closed 381 Supermarket Stores
Yonghui Superstores stated that during the reporting period, the company opened 9 new supermarket stores and closed 381 supermarket stores, with 8 new signed stores.
As of December 31, 2025, the supermarket business has entered 24 provinces and cities nationwide, with a total of 403 stores.
In 2025, Yonghui Superstores accelerated the pace of store adjustments, with a total of 315 stores adjusted and opened nationwide by the end of 2025. The stores were upgraded and optimized in terms of product structure, shopping environment, service experience, and employee care, including streamlining SKUs and introducing more high-quality, differentiated products, widening aisles to create a comfortable shopping experience, adding convenience facilities and providing multiple value-added services, and strengthening employee incentives and capacity building. Through a series of measures, the ability to attract customers to the stores has been enhanced.
JD.com exits the top ten shareholders
As of December 31, 2025, Guangdong Jun Cai International Trade Co., Ltd., a subsidiary of Miniso, held 29.4%, Zhang Xuansong held 8.72%, Zhang Xuanning held 7%, Linzhi Tencent Technology Co., Ltd. held 5.27%, Hong Kong Central Clearing Limited held 1.31%, and Shen Jiehua held 1.06%;
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As of December 31, 2025, the equity structure of Yonghui Superstores
Shanghai Xishirun Investment Management Co., Ltd. - Xishirun HeRun No. 6 Private Securities Investment Fund holds 0.87%, Shanghai Xishirun Investment Management Co., Ltd. - Xishirun HeRun No. 7 Private Securities Investment Fund holds 0.85%, Beijing Taidesheng Private Fund Management Co., Ltd. - Taidesheng Investment Zhisheng Quantitative No. 1 Private Securities Investment Fund holds 0.84%, and Shanghai Xishirun Investment Management Co., Ltd. - Xishirun Jingshi No. 57 Private Securities Investment Fund holds 0.77%.
At the end of the reporting period, Zhang Xuansong and his concerted actors held a total of 1,184,237,806 shares, accounting for 13.05%. Zhang Xuanning and Zhang Xuansong are brothers.
As of December 31, 2024, Milk Co., Ltd. holds 21.08%, Zhang Xuansong holds 8.72%, Zhang Xuanning holds 7%, Beijing JD Century Trading Co., Ltd. holds 6.98%, and Linzhi Tencent Technology Co., Ltd. holds 5.27%;
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As of December 31, 2024, the equity structure of Yonghui Superstores
JD's Suqian Hanbang Investment Management Co., Ltd. holds 4.27%, Shanghai Xishirun Investment Management Co., Ltd. - Xishirun HeRun No. 6 Private Securities Investment Fund holds 1.87%;
Chi Weifen holds 0.89%, Shanghai Xishirun Investment Management Co., Ltd. - Xishirun HeRun No. 7 Private Securities Investment Fund holds 0.79%, and Shanghai Xishirun Investment Management Co., Ltd. - Xishirun HeRun No. 5 Private Securities Investment Fund holds 0.74%.
A comparison shows that JD, once an important shareholder of Yonghui Superstores, has exited the top ten shareholders, indicating that it has completely liquidated its position.
Previous announcements indicated that on September 23, 2024, Miniso invested 6.7 billion to sign a share transfer agreement with Milk Company and JD, and in February 2025, Miniso acquired a total of 2,668,135,376 unrestricted tradable shares held by Milk Co., Ltd. and JD (accounting for 29.40% of the total share capital), completing the transfer and becoming the largest shareholder.
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At that time, JD.com cashed out 1.774 billion yuan.
On July 2, 2025, Yonghui Superstores announced that its shareholder JD World Trade reduced its holdings by 90,750,277 shares through centralized bidding from April 2 to July 1, 2025, and reduced its holdings by 23,300,000 shares through block trading, with an average reduction price of 4.32 to 6.39 yuan per share, cashing out 604 million yuan.
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JD World Trade reduced its stake in Yonghui Superstores by a total of 1.2567%, bringing its holdings down to 1.6791%. If JD.com subsequently liquidated its holdings, it could potentially cash out over 1 billion yuan.
Zhang Xuansong cashed out 377 million
On February 10, 2021, Zhang Xuansong signed a concerted action agreement with private equity fund products (Xishirun He Run No. 3 Private Securities Investment Fund, Xishirun He Run No. 5 Private Securities Investment Fund, Xishirun He Run No. 6 Private Securities Investment Fund, Xishirun He Run No. 7 Private Securities Investment Fund, Xishirun He Run No. 8 Private Securities Investment Fund, Xishirun Jingshi No. 57 Private Securities Investment Fund).
In December 2025, Yonghui Superstores announced that it had received a notice from Zhang Xuansong and his concerted actors regarding the completion of their share reduction plan.
As of the date of this announcement, Shanghai Xishirun Investment Management Co., Ltd. - Xishirun He Run No. 6 Private Securities Investment Fund had reduced its holdings by a total of 90.75 million shares through centralized bidding, accounting for 1% of the company's total share capital, and this reduction plan has been completed.
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Shanghai Xishirun Investment Management Co., Ltd. - Xishirun He Run No. 6 Private Securities Investment Fund's average reduction price was between 3.85 yuan and 4.32 yuan, with a total reduction amount of 377 million yuan.
Wang Jianlin was arbitrated, and Yonghui Superstores demanded 3.8 billion
Recently, Yonghui Superstores received the &#34;Arbitration Award (Shang Guo Zhong (2024) No. 3170)&#34; delivered by the Shanghai International Economic and Trade Arbitration Commission (Shanghai International Arbitration Center) (referred to as &#34;Shang Guo Zhong&#34;).
On December 8, 2023, Yonghui Superstores signed a &#34;Share Transfer Agreement between Yonghui Superstores Co., Ltd. and Dalian Yujin Trading Co., Ltd.&#34; with Dalian Yujin, in which the company sold 388,699,998 shares of Dalian Wanda Commercial Management Group Co., Ltd. (referred to as &#34;Wanda Commercial Management&#34;) that it held (corresponding to 64,783,333 shares of Wanda Commercial Management before the capital increase on August 25, 2023)
The transfer price for the target shares is RMB 4.53 billion, to be paid by Dalian Yujin in eight installments.
On July 26, 2024, Yonghui Superstores, Dalian Yujin, Wang Jianlin, Sun Xishuang, and Yifang Group signed a supplementary agreement to the &#34;Share Transfer Agreement regarding Dalian Wanda Commercial Management Group Co., Ltd.&#34; (referred to as the &#34;Supplementary Agreement&#34;) after friendly consultations.
According to Article 1.1 of the Supplementary Agreement, the remaining transfer price for the share conversion totals RMB 3,839,089,070.93, to be paid in eight installments (specifically from the third to the tenth installment), with the payment date for the fourth installment set for September 30, 2024, and the payment amount being RMB 300,000,000.00. According to the Supplementary Agreement, Wang Jianlin, Sun Xishuang, and Yifang Group will provide guarantees for the payment of the remaining transfer price.
Given that Dalian Yujin has failed to fulfill its payment obligations as agreed, and Wang Jianlin, Sun Xishuang, and Yifang Group have not assumed their guarantee responsibilities, Yonghui Superstores has filed an arbitration application with the Shanghai International Economic and Trade Arbitration Commission to protect the company's legal rights.
Arbitration requests:
<ol>
<li>
Order the first respondent to immediately pay the applicant the remaining share transfer price of RMB 3,639,089,070.93;
</li>
<li>
Order the first respondent to immediately pay the applicant the accelerated due penalty of RMB 218,345,344.26;
</li>
<li>
Order the first respondent to immediately pay the applicant the attorney fees incurred in this case of RMB 2,001,017.21;
</li>
<li>
Order the first respondent to immediately pay the applicant the property preservation fee of RMB 45,000 and the property preservation insurance fee of RMB 1,783,329.41;
</li>
<li>
Order the second respondent, third respondent, and fourth respondent to bear joint guarantee responsibility for the first respondent's above-mentioned debts under items 1 to 4;
</li>
<li>
Order the respondents to bear all arbitration costs of this case.
</li>
</ol>
The company received the notice of acceptance of this arbitration from the Shanghai International Economic and Trade Arbitration Commission on October 12, 2024.
After hearing, the arbitration tribunal of the Shanghai International Economic and Trade Arbitration Commission made the following ruling:
(i) The first respondent shall pay the applicant the remaining share transfer price of RMB 3,639,089,070.93;
(ii) The first respondent shall pay the applicant the accelerated due penalty of RMB 218,345,344.26;
(iii) The first respondent shall pay the applicant the attorney fees incurred in this case of RMB 2,001,017.21;
(iv) The first respondent shall pay the applicant the property preservation fee of RMB 45,000 and the property preservation insurance fee of RMB 1,783,329.41;
(v) The second respondent, third respondent, and fourth respondent shall bear joint guarantee responsibility for the first respondent's debts under items (i) to (iv);
(6) The arbitration fee for this case is RMB 18,251,550, which shall be jointly borne by the respondents; given that the applicant has fully prepaid the arbitration fee for this case, the respondents shall jointly pay the applicant RMB 18,251,550.
The payment obligations determined by the above rulings shall be fulfilled by the respondents within twenty days from the effective date of this ruling.
This ruling is a final ruling and shall take effect from the date it is made.
As of today's closing, Yonghui Superstores' stock price is RMB 3.97, with a market value of RMB 36 billion.
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601933

Yonghui Superstores' 2025 financial report shows an annual revenue of 53.5 billion yuan, a year-on-year decrease of 21%. The net loss is 2.552 billion yuan, with a net loss of 3.417 billion yuan after excluding non-recurring items. The company closed 381 stores and opened 9 new ones, bringing the total number of stores to 403. JD.com exited the top ten shareholders, and Zhang Xuansong cashed out 377 million yuan

雷帝触网

Yonghui Superstores

Yonghui Superstores annual revenue 53.5 billion: a year-on-year decrease of 21%, net loss of 3.4 billion after deducting non-recurring items, Zhang Xuansong cashed out 377 million