Core Viewpoint - Gao Xin Retail (06808.HK), the parent company of RT-Mart, announced significant personnel changes, appointing Chairman Hua Yuning as CEO and removing Li Weiping from her executive roles due to her prolonged absence without leave [1][3]. Group 1: Personnel Changes - Li Weiping, who joined Gao Xin Retail as Executive Director and CEO on December 1, 2025, was removed from her position just over three months later due to her inability to be contacted [3]. - The board of directors decided to relieve Li of her duties effective March 8, 2025, while she will remain an employee of the group [1][3]. - Hua Yuning, who has been with the company since March 6, 2025, will temporarily oversee daily operations during this transition [3]. Group 2: Company Background - Gao Xin Retail is a leading Chinese retailer operating hypermarkets and multi-channel e-commerce businesses under the "RT-Mart," "RT-Mart Super," and "M Membership Store" brands [4]. - As of September 30, 2025, the company operates 462 hypermarkets, 32 medium-sized supermarkets, and 7 membership stores across 205 cities in 29 provinces and regions, covering a total area of approximately 13.4 million square meters [5]. Group 3: Financial Performance - Gao Xin Retail has faced declining revenues since reaching a peak of 102.3 billion yuan in the 2017 fiscal year, with a notable loss of 826 million yuan in the 2022 fiscal year, marking its first loss since going public [5]. - The company's net loss further increased to 1.668 billion yuan in the 2024 fiscal year, but it returned to profitability in the 2025 fiscal year with a net profit of 386 million yuan [5]. - However, in the first half of the 2026 fiscal year, Gao Xin Retail reported a net loss of 127 million yuan, with gross profit decreasing by 9.5% to 7.719 billion yuan year-on-year [5].

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。 梅夢雪 劉昊 獨立非執行董事 SUN ART RETAIL GROUP LIMITED 高鑫零售有限公司 （於香港註冊成立之有限公司） （股份代號：06808） 董事名單與其角色和職能 自二零二六年三月八日起生效，高鑫零售有限公司的董事會（「董事會」）成員載列 如下： 執行董事 華裕能 （主席兼首席執行官） 非執行董事 張挹芬 陳尚偉 葉禮德 董事會設立了3個委員會，分別為審核委員會、提名委員會、薪酬委員會。下表 提供各董事會成員在這些委員會中所擔任的職位。 | | 委員會 審核委員會 | 提名委員會 | 薪酬委員會 | | --- | --- | --- | --- | | 董事 | | | | | 華裕能 | – | – | M | | 梅夢雪 | M | – | – | | 劉昊 | – | M | – | | 張挹芬 | M | M | C | | 陳尚偉 | C | M | M | | 葉禮德 ...

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。 SUN ART RETAIL GROUP LIMITED 1 於本公告日期，華先生被視為於本公司7,551,524,756股股份中擁有證券及期貨條 例第XV部所界定的權益。 高鑫零售有限公司 （於香港註冊成立之有限公司） （股份代號：06808） 首席執行官、董事會成員及授權代表變動 本公告乃高鑫零售有限公司（「本公司」連同其附屬公司「本集團」）根據香港聯合交 易所有限公司（「聯交所」）《證券上市規則》（「《上市規則》」第13.51(2)條作出。 本公司董事（「董事」）會（「董事會」）僅此宣佈，董事會主席（「董事會主席」）華裕 能（「華先生」）已(i)獲委任為本公司首席執行官（「首席執行官」）；(ii)由非執行董 事調任為執行董事（「調任」）；及(iii)獲委任為本公司之授權代表，自二零二六年 三月八日起生效。 華先生的履歷詳情如下： 華先生，52歲，自二零二五年三月六日起擔任董事及董事會主席。彼擔任D ...

| | 合和中心17樓 | | --- | --- | | | 1712-1716室 | | | 香港 | | 代扣所得稅信息 | | | 股息所涉及的代扣所得稅 | 不適用 | | 發行人所發行上市權證/可轉換債券的相關信息 | | | 發行人所發行上市權證/可轉換債券 | 不適用 | | 其他信息 | | | 其他信息 | 不適用 | | 發行人董事 | | | 於本公告日期，本公司董事為： | | | 執行董事： | | | 李衛平（首席執行官） | | | 非執行董事： | | | 華裕能（主席） | | | 梅夢雪 | | | 劉昊 | | | 獨立非執行董事： | | | 張挹芬 | | | 陳尚偉 | | | 葉禮德 | | 第 2 頁 共 2 頁 v 1.1.1 免責聲明 | 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 | | | --- | --- | | 公告全部或任何部份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。 | | | | 股票發行人現金股息（可選擇貨幣）公告 | | 發行人名稱 | ...

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: | 2026年2月28日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 高鑫零售有限公司 | | | 呈交日期: | 2026年3月3日 | | | I. 法定/註冊股本變動 | 不適用 | | FF301 第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 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) 06808 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 9,540,504,700 0 9,540,504,700 增加 / 減少 (-) 0 0 本月底結存 9,540,504,700 0 9,540,504,700 足夠公眾持股量的確認(註4) 減少庫存股份: 0 普通股 (AA2) 本月內因行使期權所得資金總額： HKD 0 FF301 第 3 頁 共 10 頁 v 1.2.0 ...

Core Insights - The retail landscape in lower-tier cities is undergoing intense competition as traditional supermarkets face challenges from both local and national players, leading to a price war characterized by low-cost offerings like the "99 yuan four-box gift set" [1][2][4][11]. Group 1: Market Dynamics - The competition in lower-tier markets has shifted from a focus on price to a battle for product quality and differentiation, as consumer expectations evolve beyond just low prices [14][16]. - Traditional market leaders, such as Dennis, are experiencing significant declines in sales due to aggressive pricing strategies from new entrants like Taoxiaopang and Hema Fresh, which have quickly gained popularity [12][13][11]. Group 2: Pricing Strategies - The "99 yuan four-box gift set" has become a prevalent promotional strategy among supermarkets in Shangqiu, reflecting the intense price competition in the market [4][8]. - Major players are adopting various pricing tactics, including launching their own brands and offering discounts to attract customers, but this often leads to reduced profit margins and a cycle of losses for smaller stores [9][15]. Group 3: Competitive Landscape - The entry of established brands and new local players is reshaping the competitive landscape, with companies like Hema Fresh and Taoxiaopang successfully capturing market share from traditional leaders [12][13]. - The differentiation in product offerings and the development of private labels are becoming essential for survival in this competitive environment, as consumers increasingly seek quality and unique products [14][15][16]. Group 4: Future Outlook - The ongoing retail transformation in lower-tier markets indicates that companies must adapt by enhancing their supply chains and focusing on product differentiation to remain competitive [16]. - The current price war may provide short-term gains, but long-term success will depend on the ability to meet evolving consumer demands through quality and service [9][14].

Core Viewpoint - The sudden disappearance of Gao Xin Retail's CEO, Li Weiping, has raised significant concerns about the company's stability and management, leading to a trust crisis among investors and consumers [2][5][35]. Group 1: CEO Disappearance - Li Weiping, who had only been in the CEO position for two months, has reportedly been taken away by authorities for investigation, which has shocked the retail industry [2][5]. - Just a day before the announcement of his disappearance, Gao Xin Retail firmly denied the rumors and claimed that Li was at work, even stating that they had reported the rumors to the police [4][7]. - The company's contradictory statements have severely damaged trust, as they initially dismissed the rumors only to later confirm the CEO's absence without providing any explanation [5][9][11]. Group 2: Company Management and Internal Issues - Gao Xin Retail is already undergoing a challenging transition period, having recently lost a significant stake from Alibaba, which has contributed to internal instability [13][19]. - The company has faced previous management issues, including the arrest of a former executive for bribery just a month before Li's appointment, indicating deeper management vulnerabilities [19][20]. - Frequent changes in the core management team have led to a lack of consistent direction, making it difficult for the company to implement effective transformation strategies [27][29]. Group 3: Industry Context and Future Outlook - The retail giant is struggling to adapt to the rise of online shopping, which has diminished the relevance of traditional large-format stores [23][24]. - Despite attempts to transform its business model and improve performance, Gao Xin Retail has not achieved the desired results, leading to store closures and reduced operational scale [24][26]. - The current crisis, marked by the CEO's disappearance and ongoing management issues, poses a significant threat to the company's future, raising questions about its ability to recover and redefine its strategic direction [31][35].

Core Insights - The sudden announcement from Gao Xin Retail, the parent company of RT-Mart, regarding the inability to contact CEO Li Weiping has raised market concerns, although the board claims it does not impact business operations significantly [3][4] - Gao Xin Retail's recent financial report shows a revenue decline of 12.1% year-on-year, totaling 30.502 billion yuan for the six months ending September 30, 2025, alongside a net loss of 127 million yuan [5][6] - The company has initiated a front warehouse project to enhance its logistics and online sales capabilities, aiming to increase online revenue contribution to 40%-50% over the next three years [8][9] Group 1: Management and Operational Changes - Li Weiping, who recently became CEO on December 1, 2025, has extensive experience in the retail sector, having held various senior positions in companies like China Resources and Hema [4] - During Li's absence, the chairman, Hua Yuning, will temporarily oversee daily operations [3] Group 2: Financial Performance - For the six months ending September 30, 2025, Gao Xin Retail reported a revenue of 30.502 billion yuan, down 12.1% from the previous year, with a gross profit of 7.719 billion yuan, a decrease of 9.5% [5] - The decline in revenue is attributed to intensified market competition, weak consumer spending, and a calendar effect from overlapping holidays [6] Group 3: Strategic Initiatives - Gao Xin Retail has launched a front warehouse initiative to leverage existing resources for efficient local delivery, with five warehouses established in cities like Shanghai and Jinan, each averaging 500 square meters [8] - The company aims to enhance its supply chain and product offerings, focusing on private labels and fresh food to adapt to changing consumer preferences [6][9]

Group 1 - The core viewpoint of the article highlights the strong performance of Hong Kong consumer stocks, with notable increases in share prices for companies such as Mengniu Dairy and Sun Art Retail, both rising over 2% [1] - Other companies in the consumer sector, including Haidilao, Zhou Hei Ya, and Bosideng, also experienced share price increases, indicating a positive trend in the market [1]

Core Viewpoint - The announcement from Gao Xin Retail indicates that the company is currently unable to contact its CEO, Li Weiping, but the board believes this matter does not adversely affect the group's business operations [1][3]. Group 1: Company Operations - The board of directors is confident that the inability to contact the CEO is unrelated to the group's business and operations, and they believe it does not have a significant negative impact on the group [3]. - During this period, the daily business operations and management will be temporarily overseen by the board chairman, Hua Yuneng [3]. - Gao Xin Retail reports that all business activities are proceeding normally, with the peak sales season for the New Year being managed effectively, and there are no disruptions in product supply or service guarantees [5]. Group 2: Leadership Changes - Li Weiping has been in the CEO position for less than three months and receives an annual fixed salary of 3.36 million yuan, along with annual management bonuses [5]. - Prior to joining Gao Xin Retail, Li Weiping had extensive experience in the retail industry, including roles at Hema and Lotte Supermarket [7]. - His appointment is seen as part of Alibaba's retail transformation strategy, following a significant transaction where Alibaba announced the sale of its entire stake in Gao Xin Retail for approximately 13.138 billion HKD, representing 78.7% of the company's issued shares [8].