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Yonghui Superstores: Online Business Revenue Soars 243% in 1H 2020
COVID-19 and China
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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.

Editor: Luke Sheehan
ANALYST
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