Core Insights - Gao Xin Retail reported a preliminary net loss of approximately RMB 110 million to RMB 140 million for the first half of the year, compared to a net profit of RMB 186 million and a profit attributable to shareholders of RMB 206 million in the same period last year [1] Financial Performance - The company's net loss for the first half of the year is estimated to be between RMB 110 million and RMB 140 million [1] - In contrast, the previous year's net profit was RMB 186 million, indicating a significant decline in financial performance [1] - The profit attributable to the company's shareholders was RMB 206 million last year, further highlighting the downturn [1]

Core Viewpoint - The company anticipates a net loss of approximately RMB 110 million to RMB 140 million for the six months ending September 30, 2025, compared to a net profit of RMB 186 million in the same period last year, primarily due to increased market competition and weak consumer demand [1] Group 1: Financial Performance - The expected net loss is attributed to a decline in revenue caused by intensified market competition and weak consumer spending, leading to a decrease in average transaction value and a double-digit year-on-year revenue decline [1] - The profit decline is influenced by multiple factors, including a significant reduction in costs and efficiency measures that offset the revenue drop, alongside a one-time impact from store adjustments and a decrease in interest income [1] Group 2: Operational Strategy - The company's online B2C business continues to show low single-digit positive growth, reflecting its operational advantages and resilience [2] - The company is steadily advancing its three-year strategic plan, focusing on enhancing product strength, optimizing supply chain efficiency, adjusting existing stores, creating community living centers, expanding new stores, and piloting front warehouse models [2] - The company aims to deepen strategic execution to gradually improve operational performance [2]

Core Viewpoint - The company anticipates a net loss of approximately RMB 110 million to RMB 140 million for the six months ending September 30, 2025, compared to a net profit of RMB 186 million in the same period last year, primarily due to increased market competition and weak consumer demand [1] Group 1: Financial Performance - The expected net loss is attributed to a decline in revenue caused by intensified market competition and weak consumer spending, leading to a decrease in average transaction value and sales volume [1] - The company reported a significant drop in revenue, with a double-digit year-on-year decline influenced by the combined impact of the Mid-Autumn Festival and National Day [1] - Despite the pressure on net profit, the company's net cash position remains better than the same period last year [1] Group 2: Operational Strategy - The online B2C business continues to achieve low single-digit positive growth, demonstrating the company's operational resilience and advantages in online operations [2] - The company is steadily advancing its three-year strategic plan, focusing on enhancing product strength, optimizing supply chain efficiency, adjusting existing stores, creating community living centers, expanding new stores, and piloting front warehouse models [2] - The company aims to deepen strategic execution and drive gradual recovery in operational performance [2]

SUN ART RETAIL GROUP LIMITED 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。 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) 盈利預警 本公告乃由高鑫零售有限公司（「本公司」，連同其附屬公司，統稱為「本集團」）根 據《香港聯合交易所有限公司證券上市規則》（「《上市規則》」）第13.09(2)條及《證 券及期貨條例》（香港法例第571章）第XIVA部的內幕消息條文（定義見《上市規 則》）刊發。 本公司董事會（「董事會」）謹此通知本公司股東（「股東」）及潛在投資者，根據本 集團截至二零二五年九月三十日止六個月未經審核綜合管理帳目之初步審閱，預 期於有關期間內，按照香港財務報告準則計算本集團錄得淨虧損及本公司擁有人 應佔虧損同為約人民幣1.1億元至人民幣1.4億元（未經審計），而去年同期淨利潤 及歸屬於本公司擁有人應佔溢利分別為人民幣1.86億元及人民幣2.06億元。 預期淨虧損及本公司擁有人應佔虧損主 ...

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。 承董事會命 高鑫零售有限公司 執行董事兼首席執行官 沈輝 香港，二零二五年十月二十日 於本公告日期，本公司董事為： 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） 董事會召開日期 高鑫零售有限公司（「本公司」）董事會（「董事會」）茲通告謹定於二零二五年十一 月十一日（星期二）舉行董事會會議，其目的如下： 執行董事： 沈輝 （首席執行官） 非執行董事： 華裕能 （主席） 王冠男 梅夢雪 獨立非執行董事： 張挹芬 陳尚偉 葉禮德 (i) 考慮及批准本公司及其附屬公司截至二零二五年九月三十日止六個月之中期 業績及其發佈，及； (ii) 考慮派發中期股息之建議（如有），以及； (iii) 處理其他事項。 ...

Core Insights - The article discusses the strategic shift of RT-Mart towards private label brands in response to the challenges faced in the retail industry, particularly during a downturn in consumer spending [1][5][6] Group 1: Company Strategy - RT-Mart is launching a "Private Label Festival" in October 2025, featuring nearly 500 private label products across various categories, aiming to balance cost control and quality experience [5][10] - The private label strategy includes two main series: "Super Savings," which focuses on cost-effective products, and "RT-Mart Selection," which emphasizes quality and local specialties [5][10] - The company aims to leverage its supply chain to ensure quality control and competitive pricing, moving away from traditional brand partnerships [10][11] Group 2: Market Context - The traditional supermarket model is under pressure from online platforms and new retail formats, leading to a significant decline in the number of physical stores and sales [6][11] - Consumer behavior has shifted towards value-driven purchasing, with a growing demand for high-quality, cost-effective products [6][11] - The retail industry is transitioning from a "channel dividend" to a "supply chain dividend," necessitating a focus on supply chain integration and brand storytelling [11][16] Group 3: Financial Performance - Financial data indicates a decline in revenue for RT-Mart's parent company, with a drop from approximately 83.66 billion yuan to 71.55 billion yuan between 2023 and 2025 [7][10] - The gross profit also decreased slightly, from 20.58 billion yuan to 17.24 billion yuan during the same period [7] Group 4: Competitive Landscape - RT-Mart faces competition from established private label brands like Walmart's "Great Value" and Sam's Club's "Member's Mark," which have already gained market recognition [13][14] - The rise of hard discount chains and online platforms offering low-priced products poses additional challenges to RT-Mart's market position [14][15] - The company must quickly innovate and adapt to consumer preferences to remain competitive in a crowded market [15][16]

Core Insights - Dazhonghua has launched a "Private Brand Festival" across nearly 500 stores and online platforms, focusing on two core brands: "Chao Sheng" and "Runfa Selection," aimed at addressing the current trend of consumer segmentation with a strategy of "low price without low quality, high price without high coldness" [1][3] Group 1: Brand Strategy - The "Chao Sheng" series emphasizes extreme cost performance by directly connecting with factories and reducing intermediaries, offering high-repurchase rate products like 11.8 yuan/bag shredded pork jerky and 4.9 yuan/package of fresh-keeping film, directly competing with e-commerce prices [1][3] - The "Runfa Selection" series focuses on quality upgrades, introducing over 20 regional products such as organic milk from Inner Mongolia and rice from Panjin, aiming to meet consumer demands for "quality-price ratio" across health, flavor, and certification dimensions [3] Group 2: Future Plans - Dazhonghua plans to continue its 1+1 dual brand strategy, with "Chao Sheng" focusing on price competitiveness and maintaining product quality at or above national standards, while "Runfa Selection" targets consumers' needs for high quality at market prices, emphasizing health trends, local flavors, and authoritative certifications [3] - By September 2025, the two brands aim to launch nearly 500 SKUs covering over 50 categories, including snacks, beverages, grains, condiments, and household cleaning products [3] Group 3: Strategic Adjustments - Since acquiring Gaoxin Retail from Alibaba Group in February 2025, the company has been undergoing strategic adjustments, with plans to transform hypermarkets into community lifestyle centers [4]

Core Insights - Dazhonghua launched a "Private Brand Festival" across nearly 500 stores nationwide, coinciding with its 28th anniversary, aiming to stimulate consumer spending through its private label offerings [1] Group 1: Private Brand Strategy - The company is implementing a dual-brand strategy with "Super Savings" and "Runfa Selection" series, focusing on price competitiveness and quality [1] - The "Super Savings" series connects directly with factories to eliminate middlemen, emphasizing cost-effectiveness while maintaining product quality at or above national standards [1] - The "Runfa Selection" series targets consumer demands for high quality at affordable prices, addressing health trends and local flavors [1] Group 2: Product Offerings and Goals - By September 2025, the company plans to launch nearly 500 SKUs across over 50 categories, including snacks, beverages, grains, condiments, and household cleaning products [1] - The initiative aims to transform healthy eating from a conceptual idea into practical solutions for consumers, establishing trust in the brand as a reliable partner in daily life [1]

Core Viewpoint - The report highlights the changes in the Hong Kong Stock Connect holdings, indicating which companies have seen the largest increases and decreases in ownership percentages over recent trading days [1][2][3]. Summary by Category Recent Changes in Holdings - GX Hengsheng High Dividend (03110) saw an increase of 0.22% in its Hong Kong Stock Connect holding percentage, bringing it to 2.09% [2] - The largest decrease was observed in Southern Hengsheng Technology (03033), which dropped by 0.31% to 59.93% [2] Five-Day Changes - The most significant increase in holdings over the last five trading days was for Dazhong Public Utilities (01635), which rose by 8.30% to 67.37% [3] - Conversely, Kingsoft Cloud (03896) experienced the largest decrease, falling by 2.65% to 25.92% [3] Twenty-Day Changes - Over the past twenty days, Dazhong Public Utilities (01635) also led with a substantial increase of 34.28%, reaching a holding percentage of 67.37% [4] - The largest decrease was recorded for Yisou Technology (02550), which fell by 13.04% to 33.85% [4]

Core Viewpoint - Macquarie has published a report predicting that Gao Xin Retail's same-store sales will decline in the high single digits year-on-year for the fiscal year 2026, reflecting the impact of substantial delivery subsidies in real-time retail [1] Financial Performance - Gross margin is under pressure from discounting, although private label brands provide some assistance, their contribution is not significant [1] - Macquarie has reduced its earnings per share forecasts for Gao Xin Retail for the fiscal years 2026 and 2027 by 69% and 39% respectively, reflecting a substantial downward adjustment in the same-store sales forecast for fiscal year 2026 and the impact of operating leverage [1] Rating and Target Price - The rating for Gao Xin Retail has been downgraded to "Neutral," with the target price reduced from HKD 2.9 to HKD 1.7 [1]