永辉超市独立董事回应上交所对2025年年报关联交易的监管问询
2026年7月27日，永辉超市股份有限公司独立董事针对上海证券交易所下发的《关于永辉超市股份有限公司2025年年度报告的信息披露监管问询函》（上证公函【2026】1102号）中关于关联交易的监管问题，发表了详细回应。
报告要点
- 关联交易金额大：2025年，永辉超市与多家合营或联营企业发生了大额商品采购、销售及劳务往来，单项关联公司年度交易金额最高达6.61亿元。例如，向永辉彩食鲜发展有限公司及其子公司采购商品6.61亿元、销售商品1.40亿元，向北京友谊使者商贸有限公司采购5.18亿元。
- 交易结构复杂：多家关联方既为供应商，也为客户，涉及商品采购、销售及各类劳务往来。例如，四川永创耀辉供应链管理有限公司和一二三三国际供应链管理股份有限公司均与永辉超市互为供应商和客户。
- 交易定价与公允性：独立董事强调所有关联交易均遵循市场化标准，定价公允，交易条件与市场惯例一致，并不存在向关联方输送利益的情况。
- 商业合理性及实质性：独立董事认为上述关联交易为公司日常经营所需，具备商业实质和合理性，有助于提升公司的经营效率和效益。
- 对公司独立性与中小股东权益的影响：独立董事明确表示上述关联交易未对上市公司业务独立性构成不利影响，也未侵害上市公司及中小股东的合法权益。
对投资者的影响及潜在市场敏感点
- 关联交易金额显著：年度披露显示，与多家关联方的大额交易占据公司采购与销售的重要比重，若未来监管趋严、或市场对这些交易的公允性存疑，可能影响投资者信心与股价波动。
- 交易定价公允、无利益输送：独立董事再次强调各项交易均遵循市场化原则，这一点若被证实属实，有助于缓解市场对公司治理结构和管理层诚信的担忧，利好公司估值。
- 业务独立性和中小股东保护：独立董事的正面表态或有助于稳定市场预期，减少因关联交易导致的负面解读，保护中小投资者利益。
详细关联交易列表
| 关联方 | 采购商品金额 | 接受劳务金额 | 销售商品金额 | 提供劳务金额 |
|---|---|---|---|---|
| 永辉彩食鲜发展有限公司及其子公司 | 6.61亿元 | 669.80万元 | 1.40亿元 | 429.48万元 |
| 北京友谊使者商贸有限公司 | 5.18亿元 | – | – | 89.33万元 |
| 四川永创耀辉供应链管理有限公司 | 2.79亿元 | 3.79万元 | – | 1141.39万元 |
| 一二三三国际供应链管理股份有限公司及其子公司 | 4.00亿元 | 5022.23万元 | 21.66万元 | 889.64万元 |
| 永辉云金科技有限公司及其子公司 | – | 324.61万元 | – | 188.68万元 |
结论
总体来看，永辉超市2025年与多家关联方的大额交易已引起监管关注，但独立董事的意见表明，公司交易符合市场化原则，具备商业实质和公允性，未侵害中小股东权益。投资者需密切关注后续监管反馈以及年审会计师的最终意见，因相关事项具有一定的不确定性和敏感性，可能对公司估值及股价带来波动。
免责声明：
本文内容仅供参考，不构成任何投资建议。投资者应结合自身风险承受能力，谨慎决策。市场有风险，投资需谨慎。
Yonghui Superstores Independent Directors Respond to SSE Inquiry on 2025 Annual Report Related-Party Transactions
On July 27, 2026, the independent directors of Yonghui Superstores Co., Ltd. issued a detailed response to the Shanghai Stock Exchange’s inquiry letter (Doc No. 1102 [2026]) regarding related-party transactions in the company’s 2025 annual report.
Key Points from the Report
- Large Related-Party Transaction Amounts: In 2025, Yonghui Superstores engaged in significant procurement, sales, and service transactions with several joint ventures and associates. The largest single related-party procurement reached RMB 661 million. For example, procurement from Yonghui Caishixian Development Co., Ltd. and subsidiaries totaled RMB 661 million, with sales back to these parties at RMB 140 million, and procurement from Beijing Youyi Shizhe Trading Co., Ltd. at RMB 518 million.
- Complex Transaction Structure: Several related parties serve as both suppliers and customers, involving procurement, sales, and diverse services. For example, Sichuan Yongchuang Yaohui Supply Chain Management Co., Ltd. and 1233 International Supply Chain Management Co., Ltd. both act as suppliers and customers to Yonghui Superstores.
- Fairness and Pricing: The independent directors emphasized that all related-party transactions follow market-based standards, are fairly priced, and adhere to commercial norms. There are no circumstances of benefit transfer to related parties.
- Business Rationality and Substance: The independent directors believe these transactions are necessary for daily operations, commercially substantiated, and beneficial to improve company efficiency and effectiveness.
- Impact on Company Independence and Minority Shareholders: The directors clearly stated that these related transactions have not adversely impacted the company’s operational independence or harmed the interests of the company or minority shareholders.
Investor Impact and Potential Price Sensitivity
- Significant Related-Party Transaction Volumes: The disclosed annual data reveal that transactions with related parties constitute a major portion of procurement and sales. Any tightening of regulation or market concerns about the fairness of these dealings could impact investor confidence and share price volatility.
- Fair Pricing and No Benefit Transfer: The independent directors’ reaffirmation of market-based, fair pricing may help ease concerns about governance and management integrity, supporting company valuation if substantiated.
- Operational Independence and Minority Protection: The directors’ positive conclusions could help stabilize market expectations, reduce negative interpretations of related-party dealings, and protect minority investors.
Detailed Related-Party Transaction List
| Related Party | Procurement Amount | Services Received | Sales Amount | Services Provided |
|---|---|---|---|---|
| Yonghui Caishixian Development Co., Ltd. & Subsidiaries | RMB 661 million | RMB 6.698 million | RMB 140 million | RMB 4.295 million |
| Beijing Youyi Shizhe Trading Co., Ltd. | RMB 518 million | – | – | RMB 893,300 |
| Sichuan Yongchuang Yaohui Supply Chain Management Co., Ltd. | RMB 279 million | RMB 37,900 | – | RMB 11.4139 million |
| 1233 International Supply Chain Management Co., Ltd. & Subsidiaries | RMB 400 million | RMB 50.2223 million | RMB 216,600 | RMB 8.8964 million |
| Yonghui Yunjin Technology Co., Ltd. & Subsidiaries | – | RMB 3.2461 million | – | RMB 1.8868 million |
Conclusion
Overall, Yonghui Superstores’ large related-party transactions in 2025 have drawn regulatory attention. The independent directors’ statement asserts that these transactions are market-based, commercially reasonable, and fair, with no harm to minority shareholders. Investors should closely monitor subsequent regulatory feedback and the auditor’s final opinion, as these matters could introduce uncertainty and price sensitivity, potentially affecting the company’s valuation and share price.
Disclaimer:
This content is for informational purposes only and does not constitute investment advice. Investors should evaluate their own risk tolerance and make prudent decisions. The market involves risks; invest cautiously.
