[Financial Data](index=2&type=section&id=%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99) [Consolidated Balance Sheet](index=2&type=section&id=%E5%90%88%E4%BD%B5%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E8%A1%A8) As of June 30, 2025, the Group's total assets and liabilities decreased from year-end 2024, with significant declines in current assets and liabilities, while cash increased and accounts receivable and inventory decreased Consolidated Balance Sheet (RMB) | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 6,408,414,812.83 | 6,977,601,312.59 | -8.2% | | Total Current Assets | 4,287,817,607.75 | 4,699,606,788.48 | -8.8% | | Cash and Cash Equivalents | 886,615,327.25 | 652,046,262.73 | +36.0% | | Accounts Receivable | 1,026,066,987.90 | 1,243,392,844.39 | -17.5% | | Inventories | 1,348,518,720.93 | 1,672,686,872.12 | -19.4% | | Total Liabilities | 4,920,652,805.69 | 5,355,803,037.64 | -8.1% | | Total Current Liabilities | 4,454,416,575.16 | 4,799,784,477.83 | -7.2% | | Short-term Borrowings | 2,645,639,091.44 | 2,971,227,478.02 | -10.9% | | Total Shareholders' Equity | 1,487,762,007.14 | 1,621,798,274.95 | -8.2% | [Consolidated Income Statement](index=4&type=section&id=%E5%90%88%E4%BD%B5%E5%88%A9%E6%BD%A4%E8%A1%A8) For the six months ended June 30, 2025, the Group's total operating revenue decreased year-on-year, leading to expanded operating and net losses, with net loss attributable to parent company shareholders also increasing Consolidated Income Statement (RMB) | Item | Jan 1 to Jun 30, 2025 (RMB) | Jan 1 to Jun 30, 2024 (RMB) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 4,390,170,244.81 | 4,962,446,162.47 | -11.6% | | Total Operating Costs | 4,504,140,888.25 | 5,050,161,043.36 | -10.8% | | Operating Profit | -117,575,343.44 | -82,958,606.58 | -41.7% | | Total Profit | -117,298,246.46 | -82,055,345.35 | -42.9% | | Net Profit | -115,354,949.31 | -85,736,636.26 | -34.5% | | Net Profit Attributable to Parent Company Shareholders | -109,054,958.34 | -91,561,995.45 | -19.1% | | Basic Earnings Per Share | -0.26 | -0.22 | -18.2% | [Notes to Financial Statements](index=6&type=section&id=%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) [Company Profile](index=6&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E6%B3%81) Beijing Jingkelong Commercial Group Co., Ltd., established in 2004, primarily engages in retail and wholesale of daily consumer goods, listed on the HKEX main board in 2008. As of June 30, 2025, the company's total share capital was 412.22 million shares, with Beijing Chaofu State-owned Assets Management Co., Ltd. as the controlling shareholder - The company primarily engages in retail and wholesale of daily consumer goods, listed on the HKEX main board in 2008[8](index=8&type=chunk) - As of June 30, 2025, the company's total issued share capital was **412.22 million shares**, with Beijing Chaofu State-owned Assets Management Co., Ltd. as the controlling shareholder[8](index=8&type=chunk) [Basis of Preparation for Interim Financial Report](index=6&type=section&id=%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E5%A0%B1%E5%91%8A%E7%9A%84%E7%B7%A8%E8%A3%BD%E5%9F%BA%E7%A4%8E) The Group's financial statements are prepared on a going concern basis, adhering to Chinese Enterprise Accounting Standards, Hong Kong Companies Ordinance, and Listing Rules, using the accrual basis and historical cost measurement - Financial statements are prepared on a going concern basis, in accordance with Chinese Enterprise Accounting Standards, Hong Kong Companies Ordinance, and Listing Rules[9](index=9&type=chunk) - Accounting is based on the accrual method, with most items measured at historical cost, except for certain financial instruments[9](index=9&type=chunk) [Analysis of Receivables and Payables](index=7&type=section&id=%E6%87%89%E6%94%B6%E5%8F%8A%E6%87%89%E4%BB%98%E9%A0%85%E7%9B%AE%E5%88%86%E6%9E%90) This section details the aging structure and credit impairment provisions for accounts receivable, and the composition and aging analysis of notes and accounts payable, showing accounts receivable are mostly within one year, while notes payable significantly increased year-on-year [Accounts Receivable](index=7&type=section&id=%E6%87%89%E6%94%B6%E8%B3%A6%E6%AC%BE) As of June 30, 2025, total accounts receivable amounted to **RMB 1,117,113,877.74**, with 75% aged within one year, and total credit impairment provisions of **RMB 91,046,889.84** Accounts Receivable Aging (RMB) | Aging | Amount (RMB) | Proportion (%) | Credit Impairment Provision (RMB) | Carrying Value (RMB) | | :--- | :--- | :--- | :--- | :--- | | Within 1 year | 835,536,921.33 | 75 | 1,384,704.87 | 834,152,216.46 | | 1 to 2 years | 49,356,318.96 | 4 | 1,480,689.57 | 47,875,629.39 | | 2 to 3 years | 140,619,285.84 | 13 | 16,833,363.19 | 123,785,922.65 | | 3 to 4 years | 22,916,806.43 | 2 | 6,977,472.92 | 15,939,333.51 | | 4 to 5 years | 8,708,642.54 | 1 | 4,394,756.65 | 4,313,885.89 | | Over 5 years | 59,975,902.64 | 5 | 59,975,902.64 | – | | Total | 1,117,113,877.74 | 100 | 91,046,889.84 | 1,026,066,987.90 | [Notes and Accounts Payable](index=7&type=section&id=%E6%87%89%E4%BB%98%E7%A5%A8%E6%93%9A%E5%8F%8A%E6%87%89%E4%BB%98%E8%B3%A6%E6%AC%BE) As of June 30, 2025, notes payable significantly increased by **102.6%** year-on-year, while accounts payable slightly decreased; accounts payable are primarily for goods within one year, with amounts over one year mainly representing outstanding supplier payments Notes and Accounts Payable (RMB) | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Notes Payable | 214,246,957.80 | 105,750,091.50 | +102.6% | | Accounts Payable | 554,561,103.49 | 555,842,474.01 | -0.2% | | Total | 768,808,061.29 | 661,592,565.51 | +16.2% | - As of June 30, 2025, guarantee deposits for issuing bank acceptance bills amounted to **RMB 21,567,527.88**[10](index=10&type=chunk) - Accounts payable are predominantly within one year, with amounts exceeding one year primarily representing outstanding payments to suppliers[11](index=11&type=chunk) [Retained Earnings and Dividend Policy](index=8&type=section&id=%E6%9C%AA%E5%88%86%E9%85%8D%E5%88%A9%E6%BD%A4%E8%88%87%E8%82%A1%E5%88%A9%E6%94%BF%E7%AD%96) As of June 30, 2025, the Group's retained earnings significantly decreased due to the net loss attributable to parent company shareholders for the period, and the Board recommended no interim dividend, consistent with the prior year Retained Earnings (RMB) | Item | Jan 1 to Jun 30, 2025 (RMB) | Jan 1 to Jun 30, 2024 (RMB) | | :--- | :--- | :--- | | Adjusted Retained Earnings at Beginning of Period | 139,088,761.53 | 299,762,293.04 | | Add: Net Profit Attributable to Parent Company Shareholders for the Period | -109,054,958.34 | -91,561,995.45 | | Retained Earnings at End of Period | 30,033,803.19 | 208,200,297.59 | - The Board recommended no interim dividend for the six months ended June 30, 2025, maintaining a zero dividend payout consistent with the prior year[14](index=14&type=chunk) [Operating Revenue and Cost Structure](index=8&type=section&id=%E7%87%9F%E6%A5%AD%E6%94%B6%E5%85%A5%E5%8F%8A%E6%88%90%E6%9C%AC%E6%A7%8B%E6%88%90) In the first half of 2025, the Group's operating revenue and costs both decreased year-on-year, with primary business revenue, mainly from retail and wholesale, accounting for the largest share and both experiencing declines [Overall Operating Revenue and Costs](index=8&type=section&id=%E7%B8%BD%E9%AB%94%E7%87%9F%E6%A5%AD%E6%94%B6%E5%85%A5%E5%8F%8A%E6%88%90%E6%9C%AC) In the first half of 2025, the Group's operating revenue was **RMB 4,390,170,244.81** and operating costs were **RMB 3,648,245,716.51**, both decreasing from the prior year Overall Operating Revenue and Costs (RMB) | Item | Jan 1 to Jun 30, 2025 (RMB) | Jan 1 to Jun 30, 2024 (RMB) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,390,170,244.81 | 4,962,446,162.47 | -11.6% | | Operating Costs | 3,648,245,716.51 | 4,093,625,852.02 | -10.9% | [Primary Business Revenue and Costs](index=9&type=section&id=%E4%B8%BB%E7%87%9F%E6%A5%AD%E6%94%B6%E5%85%A5%E5%8F%8A%E6%88%90%E6%9C%AC) Primary business revenue, mainly from retail and wholesale, saw year-on-year declines in both segments during the first half of 2025, primarily from sales of food, non-staple food, daily consumer goods, beverages, and alcohol Primary Business Revenue and Costs (RMB) | Item | Jan 1 to Jun 30, 2025 (RMB) | Jan 1 to Jun 30, 2024 (RMB) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Total Primary Business Revenue | 3,984,419,068.29 | 4,418,443,343.08 | -9.8% | | Retail Business Revenue | 1,077,392,855.23 | 1,362,551,512.41 | -20.9% | | Wholesale Business Revenue | 2,902,661,033.46 | 3,054,007,202.96 | -5.0% | | Total Primary Business Costs | 3,641,355,894.98 | 4,079,117,792.86 | -10.8% | - Primary business revenue is mainly derived from sales of food, non-staple food, daily consumer goods, beverages, and alcohol[16](index=16&type=chunk) [Income Tax Expense](index=9&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E8%B2%BB%E7%94%A8) The Group's income tax expense for the first half of 2025 was negative, primarily due to negative deferred income tax expense and the impact of unrecognized deductible temporary differences or deductible losses Income Tax Expense (RMB) | Item | Jan 1 to Jun 30, 2025 (RMB) | Jan 1 to Jun 30, 2024 (RMB) | | :--- | :--- | :--- | | Current Income Tax Expense | 7,024,567.42 | 16,862,376.00 | | Deferred Income Tax Expense | -8,967,864.57 | -13,181,085.09 | | Total | -1,943,297.15 | 3,681,290.91 | - Income tax expense was negative, mainly influenced by negative deferred income tax expense and unrecognized deductible temporary differences or deductible losses for the period[18](index=18&type=chunk) [Earnings Per Share](index=10&type=section&id=%E6%AF%8F%E8%82%A1%E6%94%B6%E7%9B%8A) The Group's basic earnings per share for the first half of 2025 was **RMB -0.26**, an expanded loss compared to **RMB -0.22** in the prior year, reflecting the decrease in net profit attributable to parent company shareholders Earnings Per Share (RMB) | Item | Jan 1 to Jun 30, 2025 (RMB) | Jan 1 to Jun 30, 2024 (RMB) | | :--- | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | -109,054,958.34 | -91,561,995.45 | | Number of Ordinary Shares for Basic EPS Calculation | 412,220,000.00 | 412,220,000.00 | | Basic Earnings Per Share | -0.26 | -0.22 | [Liquidity Ratios](index=11&type=section&id=%E6%B5%81%E5%8B%95%E6%80%A7%E6%8C%87%E6%A8%99) As of June 30, 2025, the Group's net current assets were negative, with the deficit expanding from year-end 2024, indicating increased liquidity pressure, and total assets less current liabilities also showed a declining trend [Net Current Assets](index=11&type=section&id=%E6%B7%A8%E6%B5%81%E5%8B%95%E8%B3%87%E7%94%A2) As of June 30, 2025, the Group's net current assets were **RMB -166,598,967.41**, further deteriorating from **RMB -100,177,689.35** at year-end 2024 Net Current Assets (RMB) | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Current Assets | 4,287,817,607.75 | 4,699,606,788.48 | | Less: Current Liabilities | 4,454,416,575.16 | 4,799,784,477.83 | | Net Current Assets | -166,598,967.41 | -100,177,689.35 | [Total Assets Less Current Liabilities](index=11&type=section&id=%E7%B8%BD%E8%B3%87%E7%94%A2%E6%B8%9B%E6%B5%81%E5%8B%95%E8%B2%A0%E5%82%B5) As of June 30, 2025, total assets less current liabilities amounted to **RMB 1,953,998,237.67**, a decrease from year-end 2024 Total Assets Less Current Liabilities (RMB) | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Total Assets | 6,408,414,812.83 | 6,977,601,312.59 | | Less: Current Liabilities | 4,454,416,575.16 | 4,799,784,477.83 | | Total Assets Less Current Liabilities | 1,953,998,237.67 | 2,177,816,834.76 | [Performance Review and Operating Analysis](index=12&type=section&id=%E6%A5%AD%E7%B8%BE%E5%9B%9E%E9%A1%A7%E8%88%87%E7%B6%93%E7%87%9F%E5%88%86%E6%9E%90) [Macro Environment and Operating Strategy](index=12&type=section&id=%E5%AE%8F%E8%A7%80%E7%92%B0%E5%A2%83%E8%88%87%E7%B6%93%E7%87%9F%E7%AD%96%E7%95%A5) In the first half of 2025, facing a complex international trade environment and fierce market competition, the Group focused on brand building, empowering product and service capabilities, strengthening core businesses, and promoting enterprise transformation to adapt to changes in household consumption expenditure patterns - The international trade environment is complex, the domestic consumer market shows strong resilience but faces many external uncertainties, and the proportion of food, tobacco, and alcohol consumption expenditure has decreased[21](index=21&type=chunk) - The Group leverages brand building, focuses on enhancing target customer value, empowers both product and service capabilities, strengthens core businesses, and promotes enterprise transformation and upgrading[21](index=21&type=chunk) [Retail Business](index=12&type=section&id=%E9%9B%B6%E5%94%AE%E6%A5%AD%E5%8B%99) The Group's retail business closed some stores during the reporting period, leading to a decrease in primary business revenue, but gross margin improved through category development, product upgrades, store operation optimization, and technological empowerment, with logistics distribution centers integrated for efficiency [Store Network and Operations](index=12&type=section&id=%E9%96%80%E5%BA%97%E7%B6%B2%E7%B5%A1%E8%88%87%E9%81%8B%E7%87%9F) As of June 30, 2025, the Group operated a total of **91 retail stores**, comprising **83 directly operated stores** and **8 franchised stores**, with a total net operating area of approximately **99,218 square meters**, having closed **9 stores** during the reporting period Store Count (Units) | Store Type | Directly Operated Stores (units) | Franchised Stores (units) | Total (units) | | :--- | :--- | :--- | :--- | | Department Stores | 1 | - | 1 | | Hypermarkets | 8 | - | 8 | | Supermarkets | 34 | - | 34 | | Convenience Stores | 40 | 8 | 48 | | **Total** | **83** | **8** | **91** | Net Operating Area (Square Meters) | Store Type | Directly Operated Stores (sqm) | Franchised Stores (sqm) | Total (sqm) | | :--- | :--- | :--- | :--- | | Department Stores | 20,724 | - | 20,724 | | Hypermarkets | 23,722 | - | 23,722 | | Supermarkets | 46,611 | - | 46,611 | | Convenience Stores | 6,485 | 1,676 | 8,161 | | **Total** | **97,542** | **1,676** | **99,218** | - During the reporting period, **4 hypermarkets** and **5 directly operated convenience stores** were closed due to lease expirations and operational strategy adjustments, with no new retail stores opened[23](index=23&type=chunk) [Product Competitiveness and Supply Chain Optimization](index=13&type=section&id=%E5%95%86%E5%93%81%E5%8A%9B%E8%88%87%E4%BE%9B%E6%87%89%E9%8F%88%E5%84%AA%E5%8C%96) The Group enhanced the cost-effectiveness and competitiveness of fruits, vegetables, meat, and eggs by optimizing the supply chain, implementing direct sourcing from bases, and introducing geographical indication products, while also optimizing product structure through new product selection and a "last-place elimination" mechanism, and integrating omni-channel supply chain resources - Continuously improved the cost-effectiveness of fruits, vegetables, meat, and eggs, with increased penetration rates for vegetables, fruits, meat, and fresh eggs compared to the prior year, and a comprehensive upgrade in targeted category development[24](index=24&type=chunk) - Implemented direct sourcing from bases, established direct supply channels for single items, and introduced geographical indication products and selected high-quality single items[24](index=24&type=chunk) - Adjusted new product strategy to a selection model, implemented a "last-place elimination" mechanism, phased out inefficient suppliers and slow-moving products, and optimized product structure[25](index=25&type=chunk) [Operations Management and Customer Experience](index=13&type=section&id=%E9%81%8B%E7%87%9F%E7%AE%A1%E7%90%86%E8%88%87%E9%A1%A7%E5%AE%A2%E9%AB%94%E9%A9%97) The Group adjusted store layouts, optimized product displays, closed unprofitable stores, and actively conducted "Jingkelong Supermarket into Community" activities to enhance customer shopping comfort, brand influence, and overall customer experience - Adjusted layouts of multiple stores, optimized product placement and display, standardized stack height and display standards, enhancing shopping comfort[26](index=26&type=chunk) - Closed unprofitable stores, focused management efforts on high-potential stores, and actively conducted nearly **200 "Jingkelong Supermarket into Community"** special events to expand brand influence[26](index=26&type=chunk) - Strengthened basic management, refined operational standards for fresh produce, general management, store services, operational implementation, and safety, resulting in an increase in average daily customer traffic compared to the prior year[27](index=27&type=chunk) [Technology Empowerment and Safety Control](index=14&type=section&id=%E7%A7%91%E6%8A%80%E8%B3%A6%E8%83%BD%E8%88%87%E5%AE%89%E5%85%A8%E7%AE%A1%E6%8E%A7) The retail business system completed infrastructure and core function upgrades, enabling automatic replenishment and one-click checkout at stores, and offline scan-to-pay and electronic member interoperability for customers, while continuously strengthening food safety risk prevention and emergency drills - The retail business system completed infrastructure and core function upgrades, enabling automatic replenishment for ambient and fresh products, automatic acceptance for direct delivery products, and one-click checkout at stores[28](index=28&type=chunk) - Customer-side features include offline scan-to-pay, interoperability between stored-value cards and electronic memberships, quick returns, and electronic members checking omni-channel order details[28](index=28&type=chunk) - Consistently implemented food safety risk prevention and control, steadily advanced food safety training, and organized the first system-wide food safety emergency drill[29](index=29&type=chunk) [Logistics Distribution Center Integration](index=15&type=section&id=%E7%89%A9%E6%B5%81%E9%85%8D%E9%80%81%E4%B8%AD%E5%BF%83%E6%95%B4%E5%90%88) The Group integrated its fresh and ambient distribution centers into a Logistics Business Unit to enhance logistics resource utilization efficiency, promote full product warehousing, adjust inventory structure, and leverage fresh processing capabilities to develop semi-finished ready-to-cook products for stores - Integrated fresh and ambient distribution centers to establish a Logistics Business Unit, promoting full product warehousing and increasing inbound efficiency[30](index=30&type=chunk) - Adjusted inventory structure to accelerate turnover, and utilized fresh processing capabilities to develop various semi-finished ready-to-cook products for stores, enhancing processing efficiency and unified food safety control[30](index=30&type=chunk) [Retail Operating Performance](index=15&type=section&id=%E9%9B%B6%E5%94%AE%E7%B6%93%E7%87%9F%E6%A5%AD%E7%B8%BE) During the reporting period, the Group's retail primary business revenue decreased by **20.9%**, mainly due to store closures; however, the gross margin for directly operated retail business increased from **15.3%** to **16.6%**, benefiting from category development and product structure upgrades Retail Operating Performance (CNY thousand) | Item | 2025 (CNY thousand) | 2024 (CNY thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Hypermarket Revenue | 328,233 | 394,558 | -16.8% | | Supermarket Revenue | 673,232 | 869,689 | -22.6% | | Convenience Store Revenue | 75,927 | 98,305 | -22.8% | | Total Retail Primary Business Revenue | 1,077,392 | 1,362,552 | -20.9% | | Gross Margin for Directly Operated Hypermarkets, Supermarkets, and Convenience Stores | 16.6% | 15.3% | +1.3% | - Retail primary business revenue decreased by approximately **20.9%**, primarily attributed to sales decline due to the closure of some stores[31](index=31&type=chunk) - Gross margin for directly operated retail business increased to **16.6%**, mainly benefiting from deepened targeted category development, supply chain optimization, product structure upgrades, omni-channel supply chain integration, and member product development[32](index=32&type=chunk) [Wholesale Business](index=16&type=section&id=%E6%89%B9%E7%99%BC%E6%A5%AD%E5%8B%99) The Group's wholesale primary business revenue decreased by **5.0%** year-on-year, mainly due to reduced sales in liquor and grain/oil categories; however, gross margin improved through product structure optimization and vendor policy adjustments [Full-Chain Collaboration and Market Expansion](index=16&type=section&id=%E5%85%A8%E9%8F%88%E5%8D%94%E5%90%8C%E8%88%87%E5%B8%82%E5%A0%B4%E6%8B%93%E5%B1%95) The Group's wholesale business continues to deepen omni-channel development, strategically expanding into refined processing and supply for group meals, and strengthening supply chain ecosystem collaboration through supplier partnerships, co-branded SKU launches, and introduction of quality brands - Continuously deepened omni-channel development and strategically expanded into refined processing and supply for group meals[33](index=33&type=chunk) - Deepened cooperation with suppliers, launched over **30 co-branded SKUs**, consolidating traditional supermarket channels and expanding into emerging business formats[33](index=33&type=chunk) - Introduced quality brands, adhered to a "full category + omni-channel" marketing dual-drive strategy, and strengthened supply chain ecosystem collaboration capabilities[33](index=33&type=chunk) [Logistics Management Capability Enhancement](index=16&type=section&id=%E7%89%A9%E6%B5%81%E7%AE%A1%E7%90%86%E8%83%BD%E5%8A%9B%E6%8F%90%E5%8D%87) The Group rationally adjusted logistics warehouse layouts, optimized storage space utilization, and enhanced transportation efficiency through the TMS transport management system, while also providing professional logistics solutions to third-party clients to reduce supply chain costs - Rationally adjusted logistics warehouse layouts, dynamically optimized storage space utilization, regularly analyzed inventory and turnover data, maximizing warehouse utilization[34](index=34&type=chunk) - Leveraged the TMS transport management system to flexibly allocate transportation resources, improving vehicle loading rates and average daily loading rates[34](index=34&type=chunk) - Continuously provided full-process warehousing and distribution services to third-party clients, reducing customer supply chain costs through optimized inventory management and other measures[34](index=34&type=chunk) [Wholesale Operating Performance](index=17&type=section&id=%E6%89%B9%E7%99%BC%E7%B6%93%E7%87%9F%E6%A5%AD%E7%B8%BE) During the reporting period, wholesale primary business revenue decreased by **5.0%**, mainly due to fluctuations in liquor business and channel adjustments for grain and oil categories; Chaopi Group's gross margin increased by **1.3%** to **5.6%**, benefiting from new brands and vendor policy adjustments Wholesale Operating Performance (CNY thousand) | Item | 2025 (CNY thousand) | 2024 (CNY thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Chaopi Group Primary Business Revenue | 3,042,576 | 3,193,246 | -4.7% | | Consolidated Wholesale Primary Business Revenue | 2,902,661 | 3,054,007 | -5.0% | | Gross Margin | 5.6% | 4.3% | +1.3% | - Wholesale primary business revenue decreased by approximately **5.0%**, mainly due to fluctuations in liquor business from upstream supply chain and market price adjustments, and reduced sales in grain and oil categories due to some channels shifting to direct operation and decreased sales to Wumart system[36](index=36&type=chunk) - Chaopi Group's gross margin increased by **1.3%** to **5.6%**, primarily due to the addition of Yili brand ambient milk and yogurt business, optimized product structure, and vendor policy adjustments for Unilever brand e-commerce channels in the personal care category[36](index=36&type=chunk) [Overall Operating Performance](index=18&type=section&id=%E7%B8%BD%E9%AB%94%E7%B6%93%E7%87%9F%E6%A5%AD%E7%B8%BE) In the first half of 2025, the Group's primary business revenue decreased by **9.8%** overall, but gross profit slightly increased by **1.1%** year-on-year, with gross margin rising to **8.6%**; however, both EBIT and net profit attributable to parent company showed losses, with the deficit expanding [Primary Business Revenue](index=18&type=section&id=%E4%B8%BB%E7%87%9F%E6%A5%AD%E6%94%B6%E5%85%A5) During the reporting period, the Group's primary business revenue decreased by **9.8%**, with retail business down **20.9%** and wholesale business down **5.0%** Primary Business Revenue (CNY thousand) | Item | 2025 (CNY thousand) | 2024 (CNY thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Primary Business Revenue | 3,984,419 | 4,418,443 | -9.8% | [Gross Profit and Gross Margin](index=18&type=section&id=%E6%AF%9B%E5%88%A9%E8%88%87%E6%AF%9B%E5%88%A9%E7%8E%87) During the reporting period, the Group's gross profit increased by **1.1%** year-on-year, with gross margin improving from **7.7%** in the prior year to **8.6%** Gross Profit and Gross Margin (CNY thousand) | Item | 2025 (CNY thousand) | 2024 (CNY thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Gross Profit | 343,063 | 339,326 | +1.1% | | Gross Margin (%) | 8.6% | 7.7% | +0.9% | [Net Profit Attributable to Parent Company](index=18&type=section&id=%E6%AD%B8%E5%B1%AC%E6%96%BC%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%B7%A8%E5%88%A9%E6%BD%A4) During the reporting period, net loss attributable to parent company expanded by **19.1%**, and the EBIT loss also significantly increased Net Profit Attributable to Parent Company (CNY thousand) | Item | 2025 (CNY thousand) | 2024 (CNY thousand) | Change (%) | | :--- | :--- | :--- | :--- | | EBIT | -64,831 | -25,055 | -158.8% | | Net Profit | -115,355 | -85,737 | -34.5% | | Net Profit Attributable to Parent Company | -109,055 | -91,562 | -19.1% | | Net Profit Attributable to Parent Company Margin (%) | -2.7% | -2.1% | -0.6% | [Financial Position and Liquidity](index=19&type=section&id=%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%88%87%E6%B5%81%E5%8B%95%E6%80%A7) [Sources of Funds and Asset-Liability Structure](index=19&type=section&id=%E8%B3%87%E9%87%91%E4%BE%86%E6%BA%90%E8%88%87%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E7%B5%90%E6%A7%8B) The Group primarily funds its operations through internal cash flow and bank loans; as of June 30, 2025, non-current assets mainly comprised fixed assets, investment properties, and land use rights, while current assets primarily included cash, inventory, and accounts receivable - The Group primarily funds its operations through internally generated cash flow and bank loans[41](index=41&type=chunk) - As of June 30, 2025, non-current assets amounted to **RMB 2,120,597,205.08**, primarily comprising fixed assets, investment properties, and land use rights[41](index=41&type=chunk) - Current assets amounted to **RMB 4,287,817,607.75**, primarily including cash and cash equivalents, inventory, and accounts receivable[41](index=41&type=chunk) [Liabilities and Asset Pledges](index=19&type=section&id=%E8%B2%A0%E5%82%B5%E5%8F%8A%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of June 30, 2025, the Group's total borrowings were **RMB 2,645,639,091.44**, including bank loans factored against accounts receivable and unsecured bank loans, with annual interest rates ranging from **2.35%** to **4.50%**; some guarantee deposits secured notes payable - The Group's total borrowings amounted to **RMB 2,645,639,091.44**, including bank loans factored against accounts receivable and unsecured bank loans[42](index=42&type=chunk) - All bank loans carried annual interest rates ranging from **2.35%** to **4.50%**[42](index=42&type=chunk) - Guarantee deposits of **RMB 21,567,527.88** secured notes payable of approximately **RMB 214,246,957.80**[42](index=42&type=chunk) [Financial Ratios](index=19&type=section&id=%E8%B2%A1%E5%8B%99%E6%AF%94%E7%8E%87) As of June 30, 2025, the Group's asset-liability ratio was approximately **76.8%**, and the capital-to-debt ratio was approximately **3.3 times**, both showing an increase from the prior year Financial Ratios | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Asset-Liability Ratio | 76.8% | 75.9% | | Capital-to-Debt Ratio | 3.3 times | - | [Foreign Exchange Risk](index=19&type=section&id=%E5%A4%96%E5%8C%AF%E9%A2%A8%E9%9A%AA) All of the Group's operating income and expenses are primarily denominated in RMB, and its operations and cash flows were not significantly affected by currency exchange rate fluctuations during the reporting period - All of the Group's operating income and expenses are primarily denominated in RMB[45](index=45&type=chunk) - During the reporting period, the Group's operations and cash flows were not significantly affected by currency exchange rate fluctuations[46](index=46&type=chunk) [Employee Information](index=20&type=section&id=%E5%93%A1%E5%B7%A5%E6%83%85%E6%B3%81) As of June 30, 2025, the Group's total number of employees was **3,837**, a decrease from the prior year, with total staff costs for the reporting period amounting to **RMB 327,370,218.17**, slightly higher than the prior year Employee Information | Item | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Total Employees | 3,837 employees | 4,260 employees | | Total Staff Costs (RMB) | 327,370,218.17 | 323,702,437.00 | - Employee remuneration is determined based on position, responsibilities, experience, performance, and market levels to maintain competitiveness[47](index=47&type=chunk) [Contingent Liabilities](index=20&type=section&id=%E6%88%96%E6%9C%89%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[48](index=48&type=chunk) [Significant Litigation](index=20&type=section&id=%E9%87%8D%E5%A4%A7%E8%A8%B4%E8%A8%9F) The Group is involved in a land expropriation and compensation agreement dispute with the People's Government of Guanzhuang Township, Chaoyang District, Beijing; the first instance judgment rejected the company's claims, while the second instance ruled to overturn the first instance judgment and remand for retrial, with legal proceedings ongoing - In July 2022, the company filed a lawsuit against Guanzhuang Township Government and Nonggongshang Company, seeking to declare the land compensation agreement invalid and reclaim compensation fees of **RMB 45,132,000** plus interest[49](index=49&type=chunk) - The first instance court ruled that the company pay land leveling fees and restore the land to arable conditions, rejecting all of the company's claims[49](index=49&type=chunk)[50](index=50&type=chunk) - The second instance court ruled to overturn the first instance judgment and remand for retrial, with retrial legal proceedings still ongoing as of the announcement date[50](index=50&type=chunk) [Outlook and Future Strategies](index=21&type=section&id=%E5%B1%95%E6%9C%9B%E8%88%87%E6%9C%AA%E4%BE%86%E7%AD%96%E7%95%A5) [Overall Outlook](index=21&type=section&id=%E7%B8%BD%E9%AB%94%E5%B1%95%E6%9C%9B) The Group anticipates strong resilience and great potential in China's economy in the second half of 2025, and will continue to solidify its foundation for high-quality development, driven by reform and innovation, focusing on brand building, enhancing product and service capabilities, strengthening core businesses, and promoting enterprise transformation and upgrading - China's economy is expected to maintain strong resilience and significant development potential in the second half of 2025[51](index=51&type=chunk) - The Group will continue to solidify its foundation for high-quality development, addressing challenges through reform and innovation, focusing on brand building, promoting dual empowerment of product and service capabilities, strengthening core businesses, and striving for new breakthroughs in enterprise transformation and upgrading[51](index=51&type=chunk) [Retail Business Outlook](index=21&type=section&id=%E9%9B%B6%E5%94%AE%E6%A5%AD%E5%8B%99%E5%B1%95%E6%9C%9B) The retail business aims to enhance customer experience, employee well-being, and establish benchmark retail stores in Beijing, deepening brand building, precisely matching differentiated product demands, strengthening digital intelligence empowerment, and reinforcing talent pipeline development - Aiming to enhance customer experience, improve employee well-being, and establish benchmark retail stores in Beijing, the Group will further deepen brand building[51](index=51&type=chunk) - Precisely match differentiated product demands, comprehensively enhance the core competitiveness of targeted categories; continuously optimize business systems, strengthen digital intelligence empowerment; and reinforce talent pipeline development[51](index=51&type=chunk) [Wholesale Business Outlook](index=21&type=section&id=%E6%89%B9%E7%99%BC%E6%A5%AD%E5%8B%99%E5%B1%95%E6%9C%9B) The wholesale business will focus on high-quality development, accelerating central kitchen construction, promoting standardization across categories, expediting new ready-to-eat product development, building an efficient group meal supply chain, and fostering community canteen business to open new growth avenues - Focusing on high-quality development, accelerating central kitchen construction, and promoting standardization across various categories[51](index=51&type=chunk) - Accelerate the development of new ready-to-eat product categories, build an efficient group meal supply chain, promote the development of community canteen businesses, and open new growth avenues[51](index=51&type=chunk) [Events During the Reporting Period](index=21&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E9%96%93%E5%85%A7%E4%BA%8B%E9%A0%85) [Changes in Board Members](index=21&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E6%88%90%E5%93%A1%E8%AE%8A%E6%9B%B4) At the Annual General Meeting on May 16, 2025, the company approved resolutions to change directors, appointing new executive, non-executive, and independent non-executive directors, and adjusting Board committee member roles - Zhang Liwei, Wang Hong, Zhang Hongbo, and Yang Wensheng were appointed as executive directors; Zhang Yan and Li Ying were appointed as non-executive directors; Ge Wenda, Wang Liping, and He Mingke were appointed as independent non-executive directors[52](index=52&type=chunk) - Mr. Li Jianwen was not re-elected as a non-executive director, Mr. Chen Liping was not re-elected as an independent non-executive director, and Mr. Chen no longer serves as Chairman of the Board Nomination Committee and a member of the Audit and Remuneration Committees[53](index=53&type=chunk) - Mr. He Mingke was appointed as Chairman of the Board Nomination Committee, and a member of the Audit and Remuneration Committees[53](index=53&type=chunk) [Events After the Reporting Period](index=22&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) [No Significant Events](index=22&type=section&id=%E7%84%A1%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A0%85) As of the announcement date, no other significant events affecting the Group's operations and financial performance occurred after the reporting period - As of the announcement date, no other significant events affecting the Group's operations and financial performance occurred after the reporting period[54](index=54&type=chunk) [Other Information](index=22&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) [Corporate Governance](index=22&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) During the reporting period, the company applied and complied with the principles and code provisions of the Listing Rules' Corporate Governance Code, with a deviation in the director rotation mechanism; all directors confirmed compliance with the standard code for securities transactions - During the reporting period, the company applied and complied with the principles and all code provisions of Part 2 of Appendix C1, Corporate Governance Code, under the Listing Rules[55](index=55&type=chunk) - The company's articles of association currently do not explicitly stipulate a director rotation mechanism, thus deviating from Code Provision B.2.2 of the Corporate Governance Code[55](index=55&type=chunk) - All directors confirmed their compliance with the standards for securities transactions set out in the Model Code for Securities Transactions by Directors of Listed Issuers and the company's code of conduct during the reporting period[56](index=56&type=chunk) [Audit Committee Report](index=23&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83%E5%A0%B1%E5%91%8A) The company's Audit Committee reviewed the Group's unaudited interim consolidated results for 2025 and deemed them compliant with applicable accounting standards, HKEX requirements, and Hong Kong legal provisions - The Audit Committee considered and reviewed the accounting principles and methods adopted by the Group with management and independent auditors, and discussed matters such as internal control and financial reporting[57](index=57&type=chunk) - The Audit Committee believes that the Group's interim results announcement for the six months ended June 30, 2025, complies with applicable accounting standards, HKEX requirements, and Hong Kong legal provisions, and appropriate disclosures have been made[57](index=57&type=chunk) [Disclosure of Interests](index=23&type=section&id=%E6%AC%8A%E7%9B%8A%E6%8A%AB%E9%9C%B2) This section discloses the interests of directors, chief executives, and substantial shareholders in the company's shares, including holdings of domestic shares and H shares [Interests of Directors and Chief Executives](index=23&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E4%B8%BB%E8%A6%81%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%93%A1%E6%AC%8A%E7%9B%8A) As of June 30, 2025, Zhang Liwei, Wang Hong, and Zhang Hongbo held domestic shares in the company, representing **0.10%**, **0.05%**, and **0.02%** of the total share capital, respectively Interests of Directors and Chief Executives (Shares) | Name | Capacity | Number of Domestic Shares Held | Approximate % of Total Issued Domestic Shares | Approximate % of Total Issued Share Capital | | :--- | :--- | :--- | :--- | :--- | | Zhang Liwei | Individual | 400,100 | 0.17 | 0.10 | | Wang Hong | Individual | 186,696 | 0.08 | 0.05 | | Zhang Hongbo | Individual | 100,000 | 0.04 | 0.02 | - Save as disclosed above, none of the company's directors, chief executives, or their associates had any disclosable interests or short positions in the shares, underlying shares, or debentures of the company or any associated corporation[59](index=59&type=chunk) [Interests of Substantial Shareholders](index=24&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E6%AC%8A%E7%9B%8A) As of June 30, 2025, Beijing Chaofu State-owned Assets Management Co., Ltd. was the company's largest shareholder, holding **72.77%** of domestic shares, representing **40.61%** of total share capital; China Galaxy International Asset Management (Hong Kong) Co., Limited and its affiliates held **13.71%** of H shares Interests of Substantial Shareholders (Domestic Shares) | Name | Capacity | Number of Domestic Shares Held | Approximate % of Total Issued Domestic Shares | Approximate % of Total Issued Share Capital | | :--- | :--- | :--- | :--- | :--- | | Beijing Chaofu State-owned Assets Management Co., Ltd. | Beneficial Owner | 167,409,808 | 72.77 | 40.61 | Interests of Substantial Shareholders (H Shares) | Name | Number of Issued H Shares Held | Approximate % of Total Issued H Shares | Approximate % of Total Issued Share Capital | | :--- | :--- | :--- | :--- | | China Galaxy International Asset Management (Hong Kong) Co., Limited | 24,970,000(L) | 13.71 | 6.06 | | China Galaxy International SPC (acting for and on behalf of China Galaxy Value Fund I SP) | 24,970,000(L) | 13.71 | 6.06 | - Save as disclosed above, no other person (other than the company's directors or chief executives) had any disclosable interests or short positions in the shares, underlying shares, or debentures of the company[63](index=63&type=chunk) [Dealings in Listed Securities](index=26&type=section&id=%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93) During the reporting period, the company held no treasury shares, and neither the company nor any of its subsidiaries purchased, redeemed, or sold any of the company's listed securities - During the reporting period, the company held no treasury shares[64](index=64&type=chunk) - During the reporting period, neither the company nor any of its subsidiaries purchased, redeemed, or sold any of the company's listed securities[64](index=64&type=chunk) [Material Investments](index=26&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87) The company had no material investments (including those representing 5% or more of the Group's total assets) during the reporting period - The company had no material investments (including those representing **5%** or more of the Group's total assets) during the reporting period[65](index=65&type=chunk) [Material Acquisitions and Disposals](index=26&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%92%8C%E5%87%BA%E5%94%AE) During the reporting period, the Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures - During the reporting period, the Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures[66](index=66&type=chunk) [Board Information](index=26&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E4%BF%A1%E6%81%AF) This announcement was signed by Chairman Mr. Zhang Liwei and lists all executive, non-executive, and independent non-executive directors as of the announcement date - This announcement was signed by Chairman Mr. Zhang Liwei[67](index=67&type=chunk) - As of the announcement date, the executive directors are Zhang Liwei, Wang Hong, Zhang Hongbo, and Yang Wensheng; non-executive directors are Zhang Yan and Li Ying; and independent non-executive directors are Ge Wenda, Wang Liping, and He Mingke[68](index=68&type=chunk)

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公告的內容概不負責，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公告全部或任何部分內 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。 北京京客隆商業集團股份有限公司 BEIJING JINGKELONG COMPANY LIMITED* (於中華人民共和國註冊成立的股份有限公司) (股份代號: 814) 董事會會議通告 北京京客隆商業集團股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈， 本公司將於2025年8月22日（星期五）在中華人民共和國北京市朝陽區酒仙橋路39號樓 3層會議室舉行董事會會議，以商討下列事務： 中華人民共和國，北京 2025年8月4日 承董事會命 北京京客隆商業集團股份有限公司 潘學敏 公司秘書 於本公告公佈之日，本公司之執行董事為張立偉先生、王虹女士、張紅波先生及楊文 生先生；非執行董事為張彥女士、李穎女士；獨立非執行董事為葛文達先生、王利平 先生及何明珂先生。 * 僅供識別 1. 考慮及核准（如認為適當）本公司及附屬公司（統稱「本集團」）截至2025年6月 30日止6個月之中期業績； 2. 考慮及批准（如 ...

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公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生 或因倚賴該等內容而引致的任何損失承擔任何責任。 北京京客隆商業集團股份有限公司 BEIJING JINGKELONG COMPANY LIMITED* ( 於中華人民共和國註冊成立的股份有限公司 ) (股份代號:814) 更改辦公地址 北京京客隆商業集團股份有限公司（「本公司」）董事會（「董事會」）特此宣佈，自 2025 年 8 月 4 日起，本公司於北京之辦公地址更改為北京市朝陽區酒仙橋路 39 號。本公 司網站及於北京之電話號碼等其他聯繫方式均維持不變。 承董事會命 北京京客隆商業集團股份有限公司 潘學敏 公司秘書 中華人民共和國，北京 2025 年 8 月 4 日 於本公告公佈之日，本公司之執行董事為張立偉先生、王虹女士、張紅波先生及楊文生先 生；非執行董事為張彥女士、李穎女士；獨立非執行董事為葛文達先生、王利平先生及何 明珂先生。 *僅供識別 ...

FF301 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7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: 北京京客隆商業集團股份有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00814 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 182,160,000 | RMB | | 1 RMB | | 182,160,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 182,160,000 | RMB | | 1 RMB | | 182,160,000 | | 2. 股份分類 | 普通股 | 股份類別 | 其他 ...

Financial Performance - In 2024, the Group faced significant challenges and reported a loss due to increased store rents and market competition[25]. - In 2024, the Group faced significant challenges, resulting in a loss despite various reform measures implemented to adapt to rising store rents and changing market conditions[28]. - The Group's total retail principal operating income decreased by approximately 15.2% to RMB 2,525,448,000 in 2024 from RMB 2,977,313,000 in 2023[63]. - The Group's retail business revenue decreased by approximately 15.2% due to store closures and operational strategy adjustments[66]. - The net profit margin attributable to shareholders of the parent company decreased to -1.7% from -0.9% in the previous year, reflecting a significant loss[80]. - Net profit attributable to shareholders of the parent company decreased by approximately 112.3%, from RMB(75,675,109) in 2023 to RMB(160,673,532) in 2024, primarily due to increased rent[102]. - Basic earnings (loss) per share in 2024 was approximately RMB (0.39), compared to RMB (0.18) in 2023, reflecting the decrease in net profit[105]. - The Group's gross profit decreased by approximately 17.5% compared to the same period last year, with a gross profit margin decline of about 2.7% due to reduced margins in the wholesale business[84]. Operational Strategy - The Group implemented multiple transformation measures, including optimizing product structure and launching on-site production and sales projects[26]. - The focus was on developing purpose-driven categories and refining membership strategies to enhance customer loyalty and create new sales growth points[26]. - The Group launched on-site production items and optimized product structure to enhance operational efficiency and customer experience[40]. - The Group's retail strategy included focusing on essential items such as vegetables, fruits, meat, and eggs, aiming to improve product structure and reduce supply chain costs[33]. - The Group actively expanded its wholesale business by promoting a multi-channel network and enhancing logistics management capabilities[31]. - The Group is enhancing logistics management capabilities through an integrated logistics system, improving efficiency and customer service[68][70]. - The Group is focusing on expanding e-commerce channels, with a gradual increase in sales through online marketing models[72][74]. - The Group is developing its own brands and co-branded products to enhance its product matrix and marketing strategy[74][75]. - The Group will implement a "goods + service" business philosophy in its wholesale business and strengthen omni-channel network operations[135]. Membership and Customer Engagement - Nearly 500,000 new members were added, and approximately 100,000 memberships were reactivated, leading to a year-on-year increase in monthly active members[53]. - The Group implemented a refined selection strategy for membership products, enhancing the consumption experience and significantly improving member loyalty[54]. Cost Management - The gross profit margin of directly-operated retail business increased from approximately 15.5% in 2023 to 15.8% in 2024, attributed to optimizing supply chain and enhancing product competitiveness[65]. - Administrative expenses decreased by approximately 12.1% from RMB280,000,000 in 2023 to RMB247,487,059 in 2024, primarily due to reduced depreciation and labor costs[93]. - Financial expenses rose from RMB112,289,227 in 2023 to RMB115,964,520 in 2024, mainly due to increased exchange gains and losses[94]. - Income tax expenses decreased from RMB57,906,328 in 2023 to RMB22,883,942 in 2024, attributed to a decline in total profit due to market conditions[101]. Corporate Governance - The Company has adopted the principles of the Corporate Governance Code to enhance corporate governance quality and ensure fair and transparent business conduct[138]. - The Company complied with all provisions of the Corporate Governance Code except for provisions B.2.2 and C.5.1, which relate to director retirement by rotation and board meeting frequency, respectively[140]. - The Board held three meetings during the Reporting Period to review annual and interim results and consider substantial acquisitions, deviating from the requirement of at least four meetings per year[145]. - The Company has adopted new terms of reference for the remuneration committee in line with updates in the Listing Rules, published on 30 March 2023[146]. - Directors confirmed compliance with the Model Code for Securities Transactions throughout the Reporting Period[148]. - The Board is collectively responsible for safeguarding the best interests of the Group and shareholders, overseeing overall strategies and substantial transactions[150]. Human Resources - The Group employed 4,084 employees as of 31 December 2024, with total staff costs amounting to approximately RMB686,735,696, down from RMB720,988,340 in 2023[113]. - The Group's employee count in China decreased to 4,084 as of December 31, 2024, down from 4,370 in 2023[118]. - The Company has implemented a diversity policy that considers various aspects including age, gender, skills, and experience when reviewing Board composition[184]. - The average age of directors is about 55, with 11.1% under 45 years old, 55.6% between 46 and 60, and 33.3% over 60[185]. - The Company has established an independence policy to ensure that independent non-executive directors can perform their duties fairly and objectively[193]. Future Outlook - In 2025, the Group plans to leverage favorable policies and consumption recovery to create new growth opportunities in the wholesale and retail industry[33]. - In 2025, the Group plans to enhance product and service capabilities and focus on transforming and upgrading its core business formats[130]. - The Group aims to reshape the Jingkelong brand image and expand its targeted categories in retail business[131].

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 9,634,058,386, an increase of 1.76% compared to RMB 9,467,889,370 in 2023[9] - The net loss for the year was RMB 150,903,947, compared to a net loss of RMB 52,740,273 in 2023, indicating a significant decline in profitability[9] - The company's net profit attributable to the parent company for 2024 was RMB (160,673,532), compared to RMB (75,675,109) in 2023, indicating a significant increase in losses[20][27] - Basic earnings per share for 2024 were RMB (0.39), compared to RMB (0.18) for 2023, indicating a worsening financial performance[27][28] - The gross profit margin for the main business in 2024 was approximately 8.43%, compared to 11.73% in 2023, reflecting increased costs[25] - The income tax expense for 2024 was RMB 22,883,942, a decrease of 60.5% from RMB 57,906,328 in 2023[26] - The retained earnings at the end of 2024 were RMB 139,088,762, down from RMB 299,762,295 at the end of 2023[20] Assets and Liabilities - The total assets as of December 31, 2024, amounted to RMB 6,977,601,311, a decrease from RMB 7,132,044,691 in 2023[5] - Current assets totaled RMB 4,699,606,788, down from RMB 4,947,950,438 in the previous year, representing a decline of 5.02%[5] - Total liabilities increased slightly to RMB 5,355,803,036 from RMB 5,299,176,954, reflecting a year-on-year increase of 1.07%[6] - The equity attributable to shareholders decreased to RMB 1,325,699,777 from RMB 1,486,219,629, a decline of 10.79%[8] - The group's net current assets as of December 31, 2024, were negative at RMB (100,177,688), compared to positive RMB 121,933,143 as of December 31, 2023[10] - As of December 31, 2024, the group's non-current assets amounted to RMB 2,277,994,523, with non-current liabilities at RMB 556,018,560, resulting in a debt-to-asset ratio of approximately 76.76%[62][73] Revenue Breakdown - Retail main business revenue totaled RMB 2,525,448,000 for 2024, a decrease of 15.2% from RMB 2,977,313,000 in 2023[40] - Wholesale business revenue rose by approximately 10.3%, reaching RMB 6,063,477,000, driven by growth in the liquor, cross-border, and e-commerce sectors[47] - The group's total current assets were RMB 4,699,606,788, primarily consisting of cash and cash equivalents of RMB 652,046,263, inventory of RMB 1,672,686,872, and accounts receivable of RMB 1,243,392,844[60] - Other business revenue increased by approximately 6.5%, from RMB 976,735,757 in 2023 to RMB 1,039,994,773 in 2024, due to changes in promotional expense accounting[52] Operational Changes - The group opened 1 new franchise convenience store during the reporting period, while closing 11 supermarkets, 21 direct-operated convenience stores, and 2 franchise convenience stores[32] - The group added nearly 500,000 new members and reactivated about 100,000 members during the reporting period, significantly enhancing member loyalty[36] - The group implemented a large single product strategy, enhancing procurement efforts and increasing the sales volume of core products[33] - The logistics service capabilities were strengthened, with improved inventory management and reduced delivery turnaround times compared to the previous year[37] - The group focused on food safety management, implementing a comprehensive control mechanism to ensure food safety throughout the year[39] - The group is actively upgrading its retail business systems and enhancing digital capabilities to support operational management[38] Accounting Policies and Compliance - The financial statements are prepared based on the assumption of going concern, following the relevant accounting standards and regulations, including the Ministry of Finance's guidelines[11] - The company has implemented changes in accounting policies, including the execution of the "Interpretation No. 17 of the Accounting Standards for Enterprises," effective from January 1, 2024, which clarifies the classification of current and non-current liabilities[12][13] - The company has not experienced any significant impact on its financial position or operating results from the recent changes in accounting policies[14][15] - The company has not made any changes to significant accounting estimates during the reporting period[16] - The group has maintained compliance with the Hong Kong Companies Ordinance and the Listing Rules in its financial disclosures[11] Future Plans and Recommendations - The company plans to enhance its retail business by focusing on brand building, optimizing product categories, and improving member strategies for precise marketing and personalized services[76] - The wholesale business will prioritize high-quality development, implementing a "product + service" business model and expanding its logistics operations to increase revenue[76] - The net profit attributable to the parent company for the reporting period was RMB (160,673,532), leading to a recommendation of no final dividend distribution for the 2024 fiscal year[83] - The company will suspend shareholder registration from May 9 to May 16, 2025, during which no share transfers will occur[84] - The 2024 Annual General Meeting is scheduled for May 16, 2025[85] - The 2024 Annual Report will be published around April 30, 2025, and will be available electronically to shareholders[86]

Financial Performance - For the six months ended June 30, 2024, the group's main business revenue was approximately RMB 4,418,443,343, an increase of about 6.7% compared to the same period last year[5]. - Gross profit was approximately RMB 339,325,550, a decrease of about 33.7% year-on-year[5]. - Total profit amounted to approximately RMB -82,055,344, a decrease of about 1074.3% compared to the previous year[5]. - Net profit attributable to the parent company was approximately RMB -91,561,995, a decrease of about 88.5% year-on-year[5]. - The company's main business revenue increased by approximately 6.7%, with retail revenue declining by about 14.7% and wholesale revenue rising by approximately 20.6%[20]. - The retail business's main revenue from direct-operated stores was RMB 1,362,552 thousand, a decrease of 14.7% from RMB 1,597,403 thousand in the same period last year[13]. - The wholesale business's main revenue reached RMB 3,054,007 thousand, an increase of 20.6% from RMB 2,532,098 thousand in the same period last year[17]. - The company reported a total of RMB 1,833,550,428 in current liabilities, which is an increase from RMB 2,016,845,036 in the previous period[46]. - The total liabilities increased to RMB 2,303,084,079 from RMB 2,184,984,191, marking an increase of about 5.4%[46]. - The company's retained earnings decreased to RMB 218,242,951 from RMB 263,789,318, a decline of approximately 17.2%[46]. Retail Operations - As of June 30, 2024, the total number of retail stores was 113, including 104 directly operated stores and 9 franchised stores, with a total operating area of approximately 162,618 square meters[8]. - During the reporting period, no new retail stores were opened, and 4 supermarkets and 16 directly operated convenience stores were closed due to lease expirations and operational strategy adjustments[8]. - The group focused on enhancing category management and operational strategies, aiming to improve efficiency and brand building capabilities[9]. - The group launched various on-site sales projects, including grilled skewers and fried foods, to attract customers and enhance store vitality[10]. - The company plans to enhance its retail business by focusing on targeted product categories and improving store operations to enhance customer experience[28]. Cost and Expenses - Total operating costs increased to RMB 5,050,161,042, up 10% from RMB 4,591,022,288 year-over-year[47]. - The company experienced a significant increase in sales expenses, totaling RMB 737,923,759, compared to RMB 727,822,318 in the previous year, reflecting a 1.5% increase[47]. - The financial expenses decreased to RMB 5,741,065 in the first half of 2024 from RMB 10,015,996 in the same period of 2023, a reduction of 42.7%[49]. Assets and Liabilities - As of June 30, 2024, the group's non-current assets amounted to RMB 2,512,230,229, while non-current liabilities were RMB 818,133,684, with lease liabilities constituting RMB 793,592,221[23]. - The total current assets were RMB 4,501,146,632, including cash and cash equivalents of RMB 583,581,885 and inventory of RMB 1,559,331,775[23]. - The total current liabilities amounted to RMB 4,507,687,289, a decrease of approximately 6.6% from RMB 4,826,017,295 as of December 31, 2023[44]. - The total non-current liabilities increased to RMB 818,133,684, compared to RMB 473,159,659 as of December 31, 2023, indicating a significant rise of 73%[44]. - The total assets as of June 30, 2024, were RMB 7,013,376,861, a slight decrease from RMB 7,132,044,691 as of December 31, 2023[44]. Cash Flow - Operating cash flow for the first half of 2024 reached RMB 5,391,693,090, an increase of 6.9% compared to RMB 5,041,997,122 in the same period of 2023[50]. - Net cash flow from operating activities was RMB 458,097,830, significantly higher than RMB 193,501,261 in the first half of 2023, indicating improved operational efficiency[50]. - Cash inflow from financing activities totaled RMB 1,921,058,890, a decrease from RMB 2,024,208,155 in the first half of 2023, reflecting a reduction in new borrowings[51]. - Cash outflow for debt repayment increased to RMB 2,433,098,709 from RMB 1,528,527,297 year-on-year, indicating a focus on reducing leverage[51]. - The net increase in cash and cash equivalents for the first half of 2024 was a decrease of RMB 255,686,511, compared to an increase of RMB 482,633,521 in the same period of 2023[51]. Shareholder Information - Beijing Chaofu State-owned Assets Management Co., Ltd. holds 167,409,808 shares, representing approximately 72.77% of the total issued domestic shares and 40.61% of the total issued share capital[36]. - The company has no significant shareholder other than those disclosed, with no additional interests reported by directors or executives[38]. - As of June 30, 2024, key executives and directors held shares ranging from 0.02% to 0.88% of the total issued share capital[33]. Government Grants and Subsidies - The total government subsidies recognized in the first half of 2024 amounted to RMB 4,445,184, with the company reporting a total of RMB 15,437,674 in government subsidies as of December 31, 2023[189]. - The company received a total of RMB 12,647,900 in government grants for logistics standardization projects, which are amortized over 8 years[190]. Accounting Policies - The financial statements are prepared based on the going concern assumption and comply with the relevant accounting standards[61]. - The company adheres to the accounting principles and provides a true and complete reflection of its financial status[62]. - The company recognizes revenue from sales of goods when the customer obtains control of the related goods, which includes conditions such as approval of the contract and clear payment terms[119]. Employee Compensation - Employee costs totaled RMB 323,702,437 during the reporting period, down from RMB 365,471,997 in the same period last year, with a workforce of 4,260 employees[25]. - The total employee compensation payable as of June 30, 2024, was RMB 1,459,309, a decrease from RMB 323,814,484 on December 31, 2023[4].

Financial Performance - For the six months ending June 30, 2024, the total operating revenue was RMB 4,962,446,162, an increase from RMB 4,582,440,232 for the same period in 2023, representing a growth of approximately 8.3%[5] - The total operating costs for the same period were RMB 5,050,161,042, up from RMB 4,591,022,288 in 2023, indicating an increase of about 10%[5] - The net profit attributable to the parent company's shareholders for the six months was a loss of RMB 91,561,995, compared to a loss of RMB 48,579,117 in the previous year, reflecting a deterioration in performance[6] - The company reported a gross profit margin of approximately 17.9% for the first half of 2024, compared to 16.5% in the same period of 2023[5] - The basic earnings per share for the first half of 2024 was (0.22), compared to (0.12) for the same period in 2023, indicating a worsening in earnings per share[6] - The total unallocated profits at the end of June 2024 were RMB 208,200,300, down from RMB 327,471,394 at the end of June 2023[11] - The company’s income tax expense for the first half of 2024 was RMB 3,681,291, significantly lower than RMB 30,793,896 in the same period of 2023[15] - The gross profit decreased by approximately 33.7%, with a gross margin of 7.7%, down from 12.4% in the previous year[34] - The net profit attributable to the parent company decreased by approximately 88.5%, with a loss of RMB 91,562,000 compared to a loss of RMB 48,579,000 in the same period last year[35] Assets and Liabilities - The total current assets as of June 30, 2024, were RMB 4,501,146,632, down from RMB 4,947,950,438 as of December 31, 2023, a decrease of approximately 9%[2] - The total liabilities as of June 30, 2024, were RMB 5,325,820,973, slightly up from RMB 5,299,176,954 at the end of 2023, indicating a marginal increase[4] - The company’s total accounts receivable as of June 30, 2024, was RMB 1,133,946,347, with 81% (RMB 913,894,944) being within one year[9] - The total accounts payable as of June 30, 2024, was RMB 511,103,722, a decrease from RMB 528,664,977 as of December 31, 2023[10] - As of June 30, 2024, total assets amounted to RMB 7,013,376,861, a decrease from RMB 7,132,044,691 as of December 31, 2023[17] - The net current assets were reported at RMB (6,540,657) as of June 30, 2024, compared to RMB 121,933,143 as of December 31, 2023[17] - The group’s total liabilities to total assets ratio was approximately 75.9%, slightly higher than 75.1% in the previous year[37] - The group’s non-current assets amounted to RMB 2,512,230,229, primarily consisting of fixed assets and investment properties[36] Revenue Segmentation - The company’s retail segment generated revenue of RMB 1,362,551,512 in the first half of 2024, down from RMB 1,597,403,595 in the same period of 2023[14] - The wholesale segment's revenue increased to RMB 3,054,007,203 in the first half of 2024, compared to RMB 2,532,098,310 in the same period of 2023, reflecting a growth of approximately 20.6%[14] - Retail business revenue decreased by approximately 14.7% to RMB 1,362,552,000 for the six months ended June 30, 2024, down from RMB 1,597,403,000 in the same period of 2023[26] - The group's main business revenue increased by about 6.7%, with retail revenue declining by approximately 14.7%[33] - The group’s main business income from wholesale operations was RMB 3,054,007,000, with a gross margin of 4.1%, down from 10.0% in the previous year[30] Operational Changes and Strategies - The company plans to focus on expanding its market presence and enhancing product offerings in the upcoming quarters[5] - The company aims to enhance its retail business by focusing on targeted product categories and improving customer shopping experiences, while also developing senior-friendly supermarkets to capitalize on the "silver economy" opportunity[41] - The company plans to expand its wholesale business by implementing a full-category product distribution strategy and enhancing digital capabilities in traditional wholesale operations[41] - The company launched over 200 member products during the reporting period, covering more than 140 categories, enhancing customer engagement and sales[23] - The logistics distribution costs and transportation rates significantly decreased, improving operational efficiency[25] - The company focused on enhancing food safety management, implementing regular training and strict self-inspection protocols[24] - The company closed 4 supermarkets and 16 convenience stores due to lease expirations and operational strategy adjustments during the reporting period[20] - The number of retail stores remained at 113 as of June 30, 2024, with no new openings during the reporting period[19] Corporate Governance and Compliance - The company is committed to maintaining corporate governance standards as per the Hong Kong Stock Exchange regulations, despite deviations in the rotation of directors[43] - The company’s audit committee has reviewed the interim financial results for the six months ending June 30, 2024, confirming compliance with applicable accounting standards and legal requirements[45] - The company has confirmed compliance with securities trading standards by all board members during the reporting period[44] - During the reporting period, the company did not hold any treasury shares and did not purchase, redeem, or sell any listed securities[54] Shareholding Structure - As of June 30, 2024, the company’s board members hold a total of 4,000,000 shares, representing approximately 1.73% of the total issued share capital[47] - Beijing Chaofu State-owned Assets holds 167,409,808 shares, representing approximately 72.77% of the issued domestic shares and 40.61% of the total issued share capital[51] - China Galaxy International Asset Management (Hong Kong) Co., Limited holds 24,970,000 H shares, accounting for approximately 13.71% of the total issued H shares and 6.06% of the total issued share capital[51] - China Galaxy International SPC also holds 24,970,000 H shares, representing approximately 13.71% of the total issued H shares and 6.06% of the total issued share capital[52] Legal Matters - The company has paid a total compensation of RMB 45,132,000 to the Chaoyang District government for land acquisition, but is currently in litigation to recover this amount due to the inability to fulfill the contract purpose[40] - The company has filed an appeal regarding the first-instance judgment requiring it to pay land leveling fees of RMB 206,700 and restore the land to a cultivable condition[40] - The company has not reported any significant events post-reporting period that would impact its operational and financial performance[42]

Financial Performance - The annual results for the year ended December 31, 2023, were presented, highlighting the overall performance of the Group[24] - The Group's revenue for the reporting period increased by 15% compared to the previous year, reaching a total of RMB 10 billion[24] - The Company reported a net profit margin of 8% for the year, reflecting improved operational efficiency[24] - Revenue from principal business was RMB8,491,153,613, representing a decrease of approximately 2.0% compared to 2022[30] - Gross profit was RMB993,552,106, representing a decrease of approximately 17.2% compared to 2022[30] - Gross profit margin was approximately 11.7%, a decrease of approximately 2.2% from 13.9% in 2022[30] - Total profit was RMB5,166,055, representing an increase of approximately 121.9% compared to 2022[30] - The net profit attributable to shareholders of the parent company improved by 18.2%, reaching RMB (75,675) compared to RMB (92,551) in 2022[77] - The Group's other operating income increased from RMB880,272,397 in 2022 to RMB976,735,757, representing an approximate growth of 11.0% during the Reporting Period[84] Market Expansion and Product Development - The Company provided a positive outlook for 2024, projecting a revenue growth of 10-15% driven by new product launches and market expansion[24] - New product development initiatives were discussed, including the introduction of a new line of organic products expected to launch in Q2 2024[24] - The Company plans to expand its market presence by opening 50 new stores across key urban areas in 2024[24] - A strategic acquisition of a local competitor was announced, which is expected to enhance market share by 5%[24] - The Group completed the planning of 10 product categories, focusing on consumer demands and enhancing freshness management[46] - The Group has redefined product categories and display classifications with a focus on consumer demand, completing planning for 10 categories including cooked food, beverages, and snacks[47] - The Group continues to expand its product categories and promote a full category distribution strategy[137] Operational Efficiency and Technology - The Group is investing in technology upgrades, with a budget of RMB 200 million allocated for enhancing its e-commerce platform[24] - In 2024, the Group aims to enhance customer experience through artificial intelligence, Internet of Things, and big data, while reshaping the supply chain for better stability and flexibility[31] - A significant improvement in operating results was achieved through the integrated operation of various store formats, enhancing overall efficiency[52] - The Group completed the construction of a big data platform to connect internal data islands and improve business indicator systems[57] - The Group implemented a high-voltage power distribution monitoring project and launched intelligent cleaning robots to enhance operational efficiency[57] Retail Performance and Challenges - Same-store sales decreased by approximately 13.82% in 2023 due to a decline in customer flow[66] - The retail sales value of the supermarket segment decreased by 0.4% year on year, indicating ongoing competitive pressure in the traditional retail industry[38] - The Group closed 8 supermarkets and 21 convenience stores since the beginning of 2022, contributing to the decline in sales[66] Sustainability and Corporate Governance - The management emphasized the importance of sustainability initiatives, aiming for a 30% reduction in carbon emissions by 2025[24] - The Company has adopted the principles of the Corporate Governance Code to enhance corporate governance quality and ensure fair, transparent, and ethical business conduct[140] - The Board is collectively responsible for safeguarding the best interest of the Group and is accountable to the shareholders[153] Human Resources and Employment - The total staff costs for the Group during the reporting period were approximately RMB 720,988,340, a slight decrease from RMB 729,020,479 in 2022[118] - The Group employed 4,370 employees as of December 31, 2023, down from 4,458 employees in the previous year[118] - The total number of employees as of December 31, 2023, was 4,370, with a male to female ratio in the workforce of approximately 2:3[198] Board Composition and Diversity - The board of directors consists of nine members, with three independent non-executive directors, accounting for one third of the total board[200] - The gender diversity on the board is represented by a ratio of 7:2, with female directors making up 22% of all board members[193] - The company has implemented a policy of board diversity, considering various factors such as age, gender, skills, and experience in its composition[192] Legal and Compliance Matters - The Group is currently involved in pending litigation regarding land compensation agreements, seeking to recover RMB 45,132,000 paid to the Guanzhuang Township Government[126] - No material contingent liabilities were reported as of December 31, 2023[121] - As of the report date, no significant events affecting the Group's operations and financial performance have occurred since December 31, 2023[130]

Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 9,467,889,370, a decrease of 0.77% compared to RMB 9,541,354,189 in 2022[10] - The net loss for the year was RMB 52,740,273, an improvement from a net loss of RMB 65,038,552 in 2022[10] - The company reported a net profit attributable to the parent company of RMB (75,675,109) for the fiscal year 2023, resulting in an ending retained earnings balance of RMB 299,762,295[24] - The net profit attributable to the owners of the parent company improved by approximately 18.2% to RMB (75,675,109) in 2023 from RMB (92,551,280) in 2022[70] - Basic earnings per share improved to RMB (0.18) in 2023 from RMB (0.22) in 2022, reflecting the increase in net profit attributable to owners[71] Revenue and Costs - Total operating costs for the same period were RMB 9,453,005,339, slightly down from RMB 9,539,946,608 in 2022[10] - The cost of goods sold for 2023 was RMB 7,536,296,139, resulting in a gross profit margin of approximately 20.5%[28] - The gross profit margin for the wholesale business decreased to 9.0% in 2023 from 11.0% in 2022, primarily due to increased low-price promotions and a decline in traditional channel sales[56] - Gross profit fell by 17.2% to RMB 993,552,000 in 2023, with a gross profit margin of 11.7%, down from 13.9% in 2022[60] Assets and Liabilities - Total assets decreased to RMB 7,132,044,691 from RMB 7,493,942,236, a decline of 4.83%[8] - Total liabilities decreased to RMB 5,299,176,954 from RMB 5,563,047,881, a reduction of 4.75%[6] - As of December 31, 2023, the group's total liabilities amounted to RMB 3,148,009,496, with a debt-to-asset ratio of approximately 74.3%[74] Cash Flow and Borrowings - Cash and cash equivalents increased to RMB 965,738,836 from RMB 890,618,687, representing an increase of 8.4%[5] - Short-term borrowings rose significantly to RMB 3,148,009,496 from RMB 2,213,490,330, an increase of 42.1%[6] Operational Changes and Strategies - The company plans to replace its auditor and amend its articles of association, indicating potential strategic changes ahead[2] - The company plans to continue exploring new growth opportunities through category management and enhancing operational efficiency amid challenging market conditions[36] - The group completed the planning of 10 categories including cooked food, beverages, and snacks, focusing on "freshness, taste, and cost-effectiveness" to enhance category management[39] - The group launched a pilot project for on-site production of ready-to-eat items, establishing a foundation for the full rollout of the "Neighborhood Kitchen" concept[40] Retail and Wholesale Performance - The retail business revenue decreased by approximately 12.4% in 2023, primarily due to a decline in customer traffic as social and economic activities normalized, leading to a same-store sales drop of about 13.82%[51] - Wholesale revenue for the group increased by approximately 4.8% to RMB 5,495,746,000 in 2023 from RMB 5,245,554,000 in 2022[55] - The company's retail revenue from the wholesale segment was RMB 5,495,746,039, with a cost of RMB 4,972,587,291, reflecting a competitive market environment[29] Employee and Operational Efficiency - As of December 31, 2023, the group had 4,370 employees in China, a decrease from 4,458 employees in 2022[77] - The total employee cost for 2023 was approximately RMB 720,988,340, slightly down from RMB 729,020,479 in 2022[77] - The group implemented a data platform to unify data sources and enhance operational efficiency, including the automation of financial systems[45] Future Outlook and Governance - The company will propose to replace the auditor, with the current auditor, Dahua, stepping down after the 2023 annual general meeting[99] - The board recommends amending the company's articles of association, including the establishment of employee representative directors and the removal of the supervisory board[96] - The 2023 annual general meeting is scheduled for June 28, 2024[102]