---
title: "15 Supermarkets' Q3 2022 Reports: Multiple See Dual Declines, Local Supermarkets Yonghui, Lianhua, Hongqi, Sanjiang Recover"
description: "In the post-pandemic era, traditional supermarkets are transforming to meet personalized, comfortable, and convenient consumer demands. Among 15 supermarkets' Q3 2022 reports, Yonghui, Lianhua, Hongqi, and Sanjiang saw revenue and profit growth, while others faced declines or mixed results."
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published: "2022-11-26"
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# 15 Supermarkets' Q3 2022 Reports: Multiple See Dual Declines, Local Supermarkets Yonghui, Lianhua, Hongqi, Sanjiang Recover

> In the post-pandemic era, traditional supermarkets are transforming to meet personalized, comfortable, and convenient consumer demands. Among 15 supermarkets' Q3 2022 reports, Yonghui, Lianhua, Hongqi, and Sanjiang saw revenue and profit growth, while others faced declines or mixed results.

**Introduction:** Future supermarket enterprises will inevitably tend to meet customers' personalized, comfortable, and convenient consumption needs.

In the post-pandemic era, major traditional supermarkets have begun transformation. With the gradual recovery of the national economy, some supermarket enterprises have seen improved performance. However, internal competition remains fierce, whether among local supermarkets, foreign supermarkets, or e-commerce platforms, and whether in first- and second-tier cities or third- and fourth-tier sinking markets, the battle is intense.

Recently, the Q3 2022 reports of 15 supermarkets have all been released. In terms of growth trends, Yonghui Superstores, Lianhua Supermarket, Hongqi Chain, and Sanjiang Shopping achieved positive growth in both revenue and profit, but Yonghui and Lianhua still reported net losses.

Additionally, foreign supermarket Walmart saw overall performance growth, with its China e-commerce business performing exceptionally well.

Furthermore, Jiajiayue and Guoguang Chain increased revenue but not profit; Renrenle and China Shunkelong increased profit but not revenue; while Beijing Jingkelong, Zhongbai Group, Better Life, Liqun Shares, Hualian Comprehensive Supermarket, and RT-Mart fell into a situation of declining revenue and profit. Among them, Beijing Jingkelong and Zhongbai Group became the "hardest hit areas," with alarming declines.

Observing the financial reports of the above enterprises, it can be seen that supermarket enterprises mainly improve performance through three methods: first, adjusting product structure to increase overall gross margin; second, strengthening refined management, optimizing some stores to reduce costs and increase efficiency; third, developing business income beyond offline stores, such as online platforms and external sales agency.

It is foreseeable that future supermarket enterprises will become more complex and multifaceted, but they will inevitably tend to meet customers' personalized, comfortable, and convenient consumption needs.

**Revenue and Profit Both Increase**

**Yonghui Superstores:** In the first three quarters of 2022, it achieved operating revenue of 70.909 billion yuan, up 1.53% year-on-year; the comprehensive gross margin for the first three quarters was 19.94%, up 1.19 percentage points year-on-year. The net profit attributable to the parent company in the first three quarters was -887 million yuan, and the net profit after deducting non-recurring gains and losses was -642 million yuan, narrowing losses by 1.291 billion yuan and 1.186 billion yuan respectively compared with the same period last year. The external competitive environment improved, and both operating revenue and comprehensive gross margin achieved double growth, with the loss in the first three quarters narrowing significantly compared with the same period last year. However, due to the recurrence of the COVID-19 pandemic in various provinces and cities, residents' consumption capacity and willingness were affected to a certain extent; at the same time, as a guarantee supply enterprise, it assumed certain social responsibilities, so overall operating profit has not yet recovered to pre-pandemic levels.

**Lianhua Supermarket:** In the first three quarters of 2022, operating revenue was approximately 21.246 billion yuan, up 1.79% year-on-year; net loss was approximately 113 million yuan, narrowing by 31.93% year-on-year.

**Hongqi Chain:** In the first three quarters of 2022, operating revenue was 7.573 billion yuan, up 8.18% year-on-year, achieving net profit of 357 million yuan, up 2.27% year-on-year; after deducting investment income from New Net Bank and others, the main business net profit was 294 million yuan, up 16.67% from the same period last year. The growth in revenue and profit was mainly due to the effect of store integration.

**Sanjiang Shopping:** In the first three quarters of 2022, Sanjiang Shopping achieved revenue of 3.104 billion yuan, up 4.28% year-on-year; net profit of 105 million yuan, up 61.82% year-on-year; net profit after deducting non-recurring gains and losses of 81.75 million yuan, up 82.79% year-on-year. The company stated that the revenue increase was mainly due to store sales growth, while improving operational efficiency and reducing operating costs brought about efficiency gains.

**Walmart:** The Q3 fiscal 2023 financial report shows that total revenue in Q3 was $152.8 billion (approximately 1,087.921 billion yuan), up 8.7% or 9.8% (due to exchange rate effects), and operating profit was $6 billion (approximately 42.719 billion yuan), up 3.9% year-on-year. Net sales in Q3 increased 6.9%, and comparable sales increased 5.6%. Notably, Walmart China's e-commerce business performed excellently, with e-commerce net sales accounting for 41% of Walmart China's total net sales in Q3, growing 63%, and a two-year stacked growth rate of 159%. Globally, Walmart's Sam's Club sales and membership numbers both increased, with same-store sales in Q3 up 10% year-on-year, or 23.9% on a two-year basis, and membership income up 8.0%.

**Revenue Increase but Profit Not Increase**

**Jiajiayue:** In Q3 2022, the company achieved revenue of 4.584 billion yuan, up 4.13% year-on-year; net profit of 14.2039 million yuan, up 69.33% year-on-year; net profit after deducting non-recurring gains and losses of 2.064 million yuan, up 0.52% year-on-year. In the first three quarters, Jiajiayue achieved revenue of 13.963 billion yuan, up 5.76% year-on-year; net profit attributable to shareholders of the listed company was 187 million yuan, down 2.4% year-on-year; net profit after deducting non-recurring gains and losses was 158 million yuan, up 2.16% year-on-year. Revenue in other regions of Shandong grew rapidly, but gross margin declined slightly, mainly due to the impact of more new stores, and the new formats of membership stores and discount stores are mainly in this region; provinces outside the province are in the cultivation period, with relatively low gross margins during the same period, but through supply chain integration and product structure optimization, gross margins improved significantly.

In Q3 2022, the company opened 20 new directly-operated stores, including 16 in Shandong Province, 2 in Beijing, and 2 in other provinces; closed 11 stores in Q3. As of the end of the reporting period, the company had a total of 1,006 stores, including 969 directly-operated stores and 37 franchised stores.

**Guoguang Chain:** In Q3 2022, the company's operating revenue was 592 million yuan, up 9.48% year-on-year, and net profit was 8 million yuan, up 46.16% year-on-year. In the first three quarters, Guoguang Chain's operating revenue was 1.715 billion yuan, up 6.05% year-on-year, and net profit was 20 million yuan, down 45.27% year-on-year. The year-on-year increase in operating revenue was mainly due to the rise in sales of fresh and livelihood commodities. Although operating revenue and gross profit increased year-on-year, due to rising expenses and the fact that the company received government listing subsidies of 9.8 million yuan in the same period last year, but not this period, profit declined year-on-year.

**Profit Increase but Revenue Not Increase**

**Renrenle:** Renrenle released its Q3 financial report, with revenue of 943 million yuan, down 17.33% year-on-year; net profit attributable to shareholders of the listed company was -181 million yuan, up 33.66% year-on-year; net profit after deducting non-recurring gains and losses was -188 million yuan, up 28.64% year-on-year. In the first three quarters, the company achieved revenue of 3.041 billion yuan, down 22.04% year-on-year; net profit attributable to shareholders of the listed company was -416 million yuan, up 34.71% year-on-year, narrowing losses; net profit after deducting non-recurring gains and losses was -442 million yuan, up 27.54% year-on-year.

**China Shunkelong:** China Shunkelong released its first three quarters results, with operating revenue of approximately 498 million yuan (unaudited), operating costs of approximately 523 million yuan (unaudited), net loss attributable to shareholders of 22.7187 million yuan (unaudited), and asset size of approximately 387 million yuan (unaudited). The 2022 interim report showed that China Shunkelong achieved revenue of 313 million yuan, down 23.4% year-on-year; net loss attributable to shareholders of the listed company was 14.399 million yuan. Based on this, China Shunkelong still lost 8.3197 million yuan in Q3, with a trend of expansion.

**Revenue and Profit Both Decline**

**Beijing Jingkelong:** Beijing Jingkelong released its first three quarters results, with revenue of 7.652 billion yuan, down 9.84% year-on-year; net loss attributable to the parent company was 60.599 million yuan, compared with a loss of 4.033 million yuan in the same period last year, a significant expansion of losses. During the reporting period, Jingkelong opened 4 convenience stores (including 3 directly-operated convenience stores and 1 franchised convenience store) and closed 20 stores (including 3 comprehensive supermarkets, 16 directly-operated convenience stores, and 1 franchised convenience store). As of the end of the reporting period, its total retail stores were 145.

**Zhongbai Group:** Zhongbai Group released its Q3 results, with revenue of 2.971 billion yuan, down 1.08% year-on-year; net profit attributable to shareholders of the listed company was -76.4424 million yuan, down 135.64% year-on-year; net profit after deducting non-recurring gains and losses was -75.6461 million yuan, down 68.41% year-on-year. In the first three quarters, it achieved revenue of 9.211 billion yuan, down 1.36% year-on-year; net profit attributable to shareholders of the listed company was -116 million yuan, down 369.71% year-on-year. Net profit after deducting non-recurring gains and losses was -129 million yuan, down 69.26% year-on-year. Zhongbai Group stated that in 2022, due to industry environment and repeated pandemic impacts, the company's main business revenue decreased year-on-year, and operating gross profit decreased accordingly. In addition, some operating expenses increased to varying degrees, and other income decreased year-on-year, leading to an increase in losses in the first three quarters.

**Better Life:** In Q3 2022, operating revenue was 2.136 billion yuan, down 32.42% year-on-year; net profit attributable to shareholders of the listed company was -3.8557 million yuan, up 86.71% year-on-year; net profit after deducting non-recurring gains and losses was 1.2787 million yuan, up 103.68% year-on-year. In the first three quarters, the company's operating revenue was 7.958 billion yuan, down 24.00% year-on-year; net profit was 17.9297 million yuan, down 90.10% year-on-year. Net profit after deducting non-recurring gains and losses was -33.963 million yuan, up 79.55% year-on-year. Better Life stated that due to the normalization of pandemic prevention and control, residents' consumption recovery was slow, coupled with still fierce channel competition, the physical retail industry faced greater pressure, and performance in the reporting period declined compared with the same period last year. In addition, in the same period last year, the issuance of the Jinxing Road Better Life Plaza real estate asset securitization (REITs) project generated investment income.

**Liqun Shares:** In Q3 2022, operating revenue was 2.026 billion yuan, down 6.05% year-on-year; net profit was 4.8296 million yuan, down 94.01% year-on-year; net profit after deducting non-recurring gains and losses was approximately -1.2391 million yuan, up 97.28% year-on-year. In the first three quarters, Liqun Shares achieved operating revenue of 6.089 billion yuan, down 6.81% year-on-year; net profit attributable to shareholders of the listed company was 17.673 million yuan, down 83.31% year-on-year. Net profit after deducting non-recurring gains and losses was approximately -10.4415 million yuan, up 64.84% year-on-year. The company stated that the decline in operating revenue was mainly due to repeated pandemic outbreaks. Stores in retail areas such as Qingdao, Yantai, Rizhao, Weihai, Shanghai, Lianyungang, etc., were closed due to pandemic lockdowns, and normally operating stores also saw reduced customer traffic due to the pandemic. However, under the situation of the overall impact of the pandemic on the retail industry, the company actively explored growth points, strengthened social commodity distribution business, continued to expand brand agency external sales scale, with external sales business revenue increasing about 17% year-on-year; continuously strengthened online business expansion, with online business revenue increasing about 15% year-on-year. Notably, the company's net profit after deducting non-recurring gains and losses increased year-on-year, related to strengthening refined management, actively controlling costs, improving comprehensive gross margin, optimizing store adjustments in the East China region, strengthening social commodity distribution business, achieving growth in brand agency external sales profits, and continuously improving online business scale.

**Hualian Comprehensive Supermarket:** Hualian Comprehensive Supermarket released its Q3 financial report, with revenue of 1.502 billion yuan, down 19.82% from the same period last year; net loss of 102 million yuan, up 27.18% year-on-year. Net profit after deducting non-recurring gains and losses was approximately -90.257 million yuan, up 23.88% year-on-year. In the first three quarters, Hualian Comprehensive Supermarket achieved revenue of 5.514 billion yuan, down 10.29% from the same period last year; net loss of 169 million yuan, down 6% year-on-year. Net profit after deducting non-recurring gains and losses was a loss of 172 million yuan, down 18.81% year-on-year. Regarding the decline in revenue, Hualian Comprehensive Supermarket stated that it was mainly due to fierce competition in the retail industry, diversion from other channels, and the impact of the pandemic on operations in some key regions. The decline in net profit was mainly due to reduced operating revenue and decreased gross profit.

**Sun Art Retail Group (RT-Mart):** Sun Art Retail Group (RT-Mart) released its interim results for fiscal 2022 (April 1, 2022 - September 30, 2022), showing revenue of 40.611 billion yuan, down 2.22% year-on-year; net loss attributable to shareholders of the listed company was -69 million yuan, compared with a net profit of 117 million yuan in the same period of 2021, down 159.0% year-on-year. During the reporting period, Sun Art Retail Group (RT-Mart) opened 1 hypermarket and 2 medium-sized supermarkets, closed 4 stores, and 1 store was converted from a medium-sized supermarket to a hypermarket. As of September 30, 2022, Sun Art Retail Group (RT-Mart) had 488 hypermarkets, 10 medium-sized supermarkets, and 99 small supermarkets in China.

Currently, most supermarket enterprises are still exploring transformation, and there is still much room for performance recovery. The blows from internal and external factors in the past two years are both challenges and opportunities for them! It is believed that enterprises that can survive the darkest moment will have more stable operating capabilities.


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