Yonghui Superstores: Online Business Revenue Soars 243% in 1H 2020

Consumer Staples Author: Yue Liu Editor: Luke Sheehan Aug 29, 2020 11:56 AM (GMT+8)

The pandemic has fueled the company's online business.

Image credit: EqualOcean

Yonghui Superstores disclosed its semi-annual report on August 28. The company achieved revenue of CNY 50.52 billion, a year-on-year increase of 22.68%; the net profit attributable to shareholders of listed companies was CNY 1.85 billion, a year-on-year increase of 35.36%.

The gross profit margin was 22.37%, a year-on-year increase of 0.53%. Yonghui Superstores explained that the gross profit margin of fresh food and processing rose to 14.95%, a year-on-year increase of 1.03%; the gross profit margin of food products was 19.22%, a year-on-year increase of 0.64 percentage points.

From the perspective of business segments, among them, the fresh food and processing business income reached CNY 22.83 billion, a year-on-year increase of 27.51%, an increase of 9.67 percentage points from the same period last year, hitting a new high since 2012. Food products' business income was CNY 24.15 billion, a year-on-year increase of 19.39%, maintaining a steady growth rate of about 20%.

In terms of online business, as of June 30, the company had 32.84 million members and 7.72 million monthly active users during the reporting period. Online sales were CNY 4.56 billion, a YoY increase of 243%, accounting for 9.71% of the operating revenue.

Yonghui Superstores stated that, in addition to the regular livelihood products, it would gradually try to produce specialty products to meet the personalized consumption needs of users.