国美的崩塌并非偶然，早在其巅峰时期，支撑其扩张的核心模式就已暗藏致命隐患，而对时代变革的集体误判则加速了危机的酝酿。 1. 模式原罪："类金融"帝国的脆弱根基 国美早期的崛起依赖"门店扩张-压榨供应商-资本运作"的铁三角模式。通过将供应商货款账期延长至3-6个月，巅峰时期其应付账款及票据规模达144亿 元，相当于年营收的120%，这种"空手套白狼"的资金占用模式，本质是将供应链当作无息融资工具。这种模式在渠道为王的时代尚可维系，但当零售话 语权向线上转移、供应商有更多选择时，脆弱的信任关系便不堪一击。2008年黄光裕入狱引发供应商恐慌性挤兑，应付账款周期从90天骤降至30天，银行 抽贷超50亿元，资金链首次濒临断裂，为后续危机埋下伏笔。 2. 战略失明：错失电商黄金十年 从3次问鼎中国首富、掌控4195家门店的零售巨头，到负债超413亿元、门店锐减86%的"被执行人"，国美用十余年时间完成了从巅峰到绝境的坠落。这场 崩塌绝非单一力量所致，而是内部战略溃败、管理失序与外部时代浪潮、行业变革共同绞杀的结果，其轨迹堪称中国传统零售转型失败的典型样本。 一、起因：埋下祸根的三重基因缺陷 2003年淘宝成立、2008年 ...

Core Insights - The article discusses the cyclical nature of AI investment, highlighting the trend of initial enthusiasm followed by disillusionment as projects fail to deliver returns [2][3] - It emphasizes the importance of a "mid-level landing" approach, where businesses must align AI technology with their specific operational needs to achieve profitability [7][16] Group 1: AI Investment Trends - Many companies experience a cycle of "initial hype and year-end cooling," leading to project abandonment due to lack of visible returns [2] - The AI landscape is characterized by a divide between grand narratives of large models and practical applications that fail to connect with business needs [2][3] - A significant number of enterprises abandon AI initiatives due to various challenges, with only a small fraction achieving tangible results [3] Group 2: Successful AI Implementation - Companies that successfully monetize AI have identified the "AI + business" mid-level integration path, focusing on practical applications rather than abstract concepts [4][7] - The "Chaos AI Commercial Landing Application White Paper" aims to bridge the gap between macro concepts and micro techniques, providing actionable insights for businesses [4][16] - Successful AI applications are characterized by their ability to enhance operational efficiency and generate revenue, rather than merely serving as technological novelties [10][21] Group 3: Common Pitfalls - Companies often fall into the trap of "showy investments" that do not address real business needs, leading to low usage rates and increased customer complaints [8] - There is a tendency for businesses to become overly focused on minor technical details, neglecting the core business objectives that drive profitability [9] Group 4: Identifying Real Opportunities - The article outlines a framework for identifying genuine opportunities in AI by focusing on mid-level integration that aligns technology with specific business scenarios [10][21] - Successful case studies demonstrate that AI can significantly improve efficiency in repetitive tasks, leading to quick returns on investment [10][19] Group 5: L1-L5 Implementation Framework - The L1-L5 framework provides a structured approach for businesses to implement AI, starting from low-cost, high-impact initiatives to more complex, ecosystem-level integrations [15][18] - Each level of the framework is tailored to different business needs, ensuring that companies can find suitable entry points for AI adoption [16][24] Group 6: Practical Recommendations - Small and medium-sized enterprises are encouraged to start with L1 initiatives, focusing on easily implementable tasks that yield quick results [28] - Mature companies should aim for L2-L3 breakthroughs by optimizing cross-departmental processes and embedding AI into core products [29] - Leading enterprises are advised to pursue L4-L5 strategies, developing AI-native products and building ecosystems to capture long-term value [31]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 國美零售控股有限公司 呈交日期: 2025年11月3日 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00493 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 47,891,079,199 | | 0 | | 47,891,079,199 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 47,891,079,199 | | 0 | | 47,891,079,199 | 第 2 頁 共 10 頁 v 1.1. ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本通告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本通告全部或任何部份內容而產生或因依賴 該等內容而引致之任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號：493） 有關解決核數師無法表示意見之行動計劃執行情況季度更新 茲提述國美零售控股有限公司（「本公司」，連同其附屬公司統稱為「本集團」）於 2025年4月30日刊發之截至2024年12月31日止年度（「2024年度」）年報（「該年 報」）及本公司日期為2025年7月30日之季度更新公告。除文義另有所指外，本公 告所用之詞彙與該年報所界定者具有相同涵義。 本公司董事會（「董事會」）希望提供本公司股東及潛在投資者本集團更新狀況。 如該年報所披露，由於涉及持續經營能力之多項不確定因素（詳見該年報第65至 66頁），本公司核數師未能對本集團2024年度之綜合財務報表發表意見（「無法表 示意見」）。本公司擬實施該年報第60頁所述之行動計劃（「行動計劃」）以解決無法 表示意見問題。 本公司謹此提供截至本公告日期行動計劃之執行進展： (i) 與部分供應商、服務提供商、房東、金 ...

Core Viewpoint - Gome's founder Huang Guangyu is making a significant pivot into the hydrogen energy sector, establishing Beijing Gome Hydrogen Energy Technology Co., Ltd. and quickly forming strategic partnerships, reflecting a desperate attempt to revive the struggling retail business [5][6][12]. Group 1: Company Overview - Beijing Gome Hydrogen Energy was established on September 10 with a registered capital of 10 million yuan, controlled by Huang Guangyu [5][12]. - The company aims to cover multiple core areas of the hydrogen energy industry, including hydrogen production, storage, fuel cells, and related technologies [13]. - Huang Guangyu's rapid actions, including attending a hydrogen energy conference and signing a strategic cooperation agreement with Guohua Technology, indicate a strong commitment to this new venture [12][13]. Group 2: Financial Challenges - Gome Retail has faced severe financial difficulties, with a market value dropping below 1 billion HKD as of September 19, a significant decline from its peak [5][6]. - The company has reported continuous losses since 2017, with a net profit loss of 11.63 billion yuan in 2024, marking a 15.63% increase in losses year-over-year [18]. - Gome's total liabilities reached 42.2 billion yuan, with a debt-to-asset ratio of 209.23%, indicating a precarious financial situation [18]. Group 3: Industry Context - The hydrogen energy sector is characterized by its early-stage development, requiring substantial investment and long-term technological accumulation [22][23]. - There are over 3,000 companies involved in the hydrogen industry in China, leading to challenges in industry chain collaboration and market maturity [23]. - The current hydrogen energy market faces uncertainties, including the need for policy support and the lack of clear carbon trading benefits for hydrogen energy companies [23][24].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 國美零售控股有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00493 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 200,000,000,000 | HKD | | 0.025 | HKD | | 5,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 200,000,000,000 | HKD | | 0.025 | HKD | | 5,000,000,000 ...

GOME RETAIL HOLDINGS LIMITED 國美零售控股有限公司* (Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） (Stock code 股份代號：493) NOTIFICATION LETTER 通知信函 Dear Registered Shareholders, 26 September 2025 GOME Retail Holdings Limited (the "Company") Notification of publication of Interim Report 2025 (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communications are now available on the Company's website at www.gome.com.hk and the website of The Stock E ...

GOME RETAIL HOLDINGS LIMITED 國美零售控股有限公司* (Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） (Stock code 股份代號：493) NOTIFICATION LETTER 通知信函 Dear Non-registered Holder(s) (Note 1) , GOME Retail Holdings Limited (the "Company") Notification of publication of Interim Report 2025 (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communications are available on the Company's website at www.gome.com.hk and the website of The Stock Exchange of ...

Financial Performance - In the first half of 2025, GOME Retail Holdings recorded revenue of RMB 297 million, a 75.74% increase compared to RMB 169 million in the same period of 2024[6]. - The gross profit for the first half of 2025 was RMB 20 million, up 11.11% from RMB 18 million in the previous year[8]. - The net loss attributable to the owners of the parent company was RMB 1,346 million, a significant reduction of 69.63% from RMB 4,432 million in the same period last year[6]. - The group's sales revenue for the reporting period was RMB 297 million, an increase of 75.74% compared to RMB 169 million in the same period last year[21]. - Other income and gains amounted to RMB 716 million, a 219.64% increase from RMB 224 million in the previous year, primarily due to gains from the disposal of subsidiaries and property[23]. - The group reported a total comprehensive loss of RMB 1,397,279 thousand for the six months ended June 30, 2025, compared to a total comprehensive loss of RMB 4,431,909 thousand for the same period in 2024, indicating a significant reduction in losses[61]. - The company reported a net loss attributable to owners of the parent of RMB 1.35 billion for the first half of 2025, compared to RMB 4.43 billion in the same period of 2024, marking a significant improvement[55]. Cost Management - Operating expenses decreased to RMB 512 million from RMB 747 million year-on-year, indicating a cost reduction strategy[8]. - Marketing expenses totaled RMB 130 million, a decrease of 32.64% from RMB 193 million in the previous year, with significant reductions in employee-related costs and advertising expenses[24]. - Management expenses were RMB 383 million, down 30.87% from RMB 554 million in the previous year, largely due to a decrease in depreciation expenses[25]. - Other expenses and losses recorded during the reporting period amounted to RMB 622 million, a decrease from RMB 1,926 million in the same period last year[28]. Debt and Financial Strategy - The group is actively working on debt resolution through various strategies, including debt-to-equity swaps and asset disposals, aiming to complete part of the debt resolution by 2025[12]. - The company has initiated discussions with financial institutions regarding a preliminary debt-to-equity swap agreement for a loan of RMB 550 million[69]. - The company has reached preliminary debt-to-equity swap agreements with two major suppliers totaling approximately RMB 537 million[70]. - The group has a capital commitment of RMB 480 million and is actively negotiating loan terms with relevant banks[46]. - The company is actively negotiating with banks to restructure loans and extend repayment terms to alleviate liquidity pressure[68]. Market and Economic Context - The domestic economy achieved a growth rate of 5.3% in the first half of 2025, slightly exceeding expectations, supported by active macro policies[9]. - The retail sales of consumer goods increased by 5.0% year-on-year, contributing 52% to GDP growth, with home appliances and automotive sectors showing strong performance[9]. - The government has allocated RMB 300 billion in special bonds to support consumption upgrades, doubling the funding scale from the previous year[10]. - The company is optimistic about the recovery of the retail market, driven by policies promoting consumption and the stabilization of the real estate market[10]. Business Development and Innovation - The company has made substantial progress in debt resolution and strategic transformation, focusing on light-asset business expansion and nurturing new growth points[11]. - GOME Retail is accelerating efforts in innovative franchise models and new business projects, achieving notable progress during the reporting period[8]. - The group has established a new automotive experience center, marking its entry into the automotive circulation sector, with the first center opening on April 29, 2025[14]. - The group continues to implement a light-asset franchise model, focusing on sales, revenue, and positive cash flow, with an emphasis on brand authorization and supply chain innovation[13]. Employee and Governance - The group has a total of 476 employees as of June 30, 2025, with ongoing efforts to optimize recruitment and training strategies[20]. - The group has adopted a corporate governance code, ensuring that independent directors constitute at least one-third of the board, enhancing overall governance standards[17]. - The group did not recommend the distribution of interim dividends for the six months ended June 30, 2025[89]. - All directors confirmed compliance with the standard code of conduct throughout the reporting period[135]. Assets and Liabilities - Total liabilities as of June 30, 2025, included secured accounts payable of RMB 339 million and interest-bearing bank and other borrowings of RMB 20.63 billion[52]. - Non-current assets totaled RMB 16.97 billion as of June 30, 2025, down from RMB 17.82 billion at the end of 2024, a decrease of about 4.8%[58]. - The group's cash and cash equivalents at the end of the reporting period were RMB 75 million, an increase from RMB 49 million at the end of 2024[37]. - Inventory at the end of the reporting period was RMB 96 million, a decrease of 20% from RMB 120 million at the end of 2024[38]. - The total assets as of June 30, 2025, were not explicitly stated but can be inferred from the liabilities and equity figures, indicating a challenging financial position[60]. Legal and Compliance - The total amount involved in unresolved litigation cases as of June 30, 2025, is RMB 4.6 billion, down from RMB 5.5 billion as of December 31, 2024[106]. - The group has 1,633 court-ruled cases involving a total amount of RMB 16.2 billion as of June 30, 2025, compared to RMB 14.6 billion as of December 31, 2024[106]. - The audit committee reviewed the company's interim performance and internal controls for the six months ended June 30, 2025[137].

Core Viewpoint - Huang Guangyu's entry into the hydrogen energy sector represents both a strategic attempt to find new growth avenues for Gome Group and a response to the stagnation of its retail business [2][5]. Group 1: Business Strategy and Developments - Huang Guangyu has diversified Gome's business beyond retail, including ventures into hydrogen energy and new energy vehicle sales, but these efforts have not significantly restored Gome's market position [1][2]. - Gome Hydrogen Energy Technology Co., Ltd. was registered on September 10, with a registered capital of 10 million yuan, aiming to cover all core aspects of the hydrogen energy industry [5]. - A strategic partnership was formed with State Power Investment Corporation's hydrogen technology subsidiary, focusing on operational capabilities while leveraging Gome's commercial network [5]. Group 2: Financial Performance and Challenges - Gome's revenue plummeted from 46.48 billion yuan in 2021 to 474 million yuan in 2024, with a total net loss of 46.05 billion yuan over four years [10]. - The number of Gome's stores decreased from 4,195 at the end of 2021 to just 163 by the end of 2024, alongside a significant reduction in employee count from 32,278 to 606 [10]. - As of June 30, the company faced a total current liability of 41.825 billion yuan, with cash and cash equivalents at only 7.5 million yuan, indicating severe cash flow issues [12]. Group 3: Future Outlook and Strategic Goals - Gome aims to address its debt burden and improve performance through a focus on light asset models and the cultivation of new growth points [14]. - The company is in a critical phase where it must navigate both debt resolution and performance improvement, akin to a new entrepreneurial venture [15].