On December 20, GeLonghui reported that HAITONG SEC's Research Reports pointed out that considering Yonghui Superstores (601933.SH) net margin is still in the early stage of recovery, a PS of 0.8-1 times is given for 2025, corresponding to a reasonable Market Cap range of 58.1 billion yuan to -72.6 billion yuan, with a reasonable value range of 6.4 to 8.0 yuan, maintaining an 'outperform the market' investment rating. Returning to the essence of retail, moving towards the stars and the sea. The bank believes that China's offline retail market has low concentration, intensified competition is an external factor, while inefficiency is the main internal cause. The new round of optimization transformation promotes comprehensive adjustments in front-end stores and back-end supply chains, with the core focus of supply chain reform being: ① differentiated Commodity strength, gradually forming channel brand awareness through proprietary brands and quality customization; ② large-scale cost reduction, promoting the profit model to move away from KA, and creating an efficient and transparent procurement and sales system. At the same time, the optimization of organizational mechanisms should be advanced synchronously. This round of adjustment strategy is correct, the road is obstructive and long, but progress will be made if action is taken.