On December 29, Yonghui Superstores (601933.SH) announced its intention to transfer its remaining 28.095% equity stake in its associate company, Yonghui YunJin Technology Co., Ltd. (hereinafter referred to as "YunJin Technology"), through a public listing, with an initial minimum listing price of 178 million yuan.
Currently, the equity structure of YunJin Technology shows that Paihui Technology holds a 71.905% stake, while Yonghui Superstores holds the remaining 28.095%.
Yonghui Superstores stated that the counterparty for this transaction is yet to be determined, and the post-transaction ownership structure remains uncertain.
This is not the first time Yonghui has sold its stake in YunJin Technology; the company had already divested a 65% equity share back in April 2024.
The total consideration for that earlier transaction was approximately 336 million yuan.
The core reason behind Yonghui Superstores' urgency to fully liquidate its remaining stake in YunJin Technology is the subsidiary's sharply deteriorating financial performance.
According to the announcement, YunJin Technology has a registered capital of 500 million yuan and its business scope includes permitted projects such as Category One and Category Two Value-Added Telecom Services.
In 2023, YunJin Technology reported operating revenue of approximately 146 million yuan.
However, according to the latest announcement, its full-year operating revenue for 2024 plummeted to just 24.4977 million yuan, representing a drastic decline of 83.2% compared to 2023.
Entering 2025, YunJin Technology's revenue situation showed some rebound.
In the first half of 2025, YunJin Technology achieved operating revenue of 73.9433 million yuan.
Furthermore, in 2023, the net profit attributable to the company's shareholders of YunJin Technology was 92.23 million yuan, which fell to 38.5966 million yuan in 2024, a year-on-year decrease of nearly 58%.
By 2025, YunJin Technology's profitability declined further.
Its net profit for the first half of 2025 was merely 9.0803 million yuan, indicating continued pressure on its profit-generating ability.
Yonghui Superstores stated that this divestment aims to revitalize assets and refocus on its core business.
Upon completion of this transaction, the company will no longer hold any equity in YunJin Technology.
Yonghui Superstores' own performance in recent years has been far from optimistic.
Cumulatively from 2021 to 2024, Yonghui Superstores has reported total losses of approximately 9.5 billion yuan.
According to the Q3 report disclosed this year, the company's operating revenue for the first three quarters of 2025 was 42.434 billion yuan, a decrease of 22.21% year-on-year, while the net loss was 710 million yuan, compared to a loss of 78 million yuan in the same period last year.
Net cash flow from operating activities was 1.14 billion yuan, down 69.82% year-on-year.
By the end of the third quarter of 2025, Yonghui Superstores had completed the remodeling of 222 stores based on the Pang Donglai model, aiming to achieve economies of scale.
Facing intensified competition in the retail sector and evolving consumer habits, Yonghui Superstores has adopted a dual strategy of large-scale store remodeling and closing unprofitable outlets in an effort to overcome its difficulties.
As of the market close on December 30, Yonghui Superstores' share price was 4.92 yuan per share, down 6.46%.
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