Core Viewpoint - The company reported better-than-expected financial performance for FY2025, with a revenue of 71.55 billion, a slight decline of 1.4%, but a 1.6% increase when excluding the impact of supply chain business contraction and store closures [1] Financial Performance - Revenue for FY2025 was 71.55 billion, down 1.4%, but up 1.6% when excluding supply chain impacts [1] - Operating profit reached 1.425 billion, compared to a net loss of 1.009 billion in the previous year [1] - Net profit was 0.405 billion, recovering from a net loss of 1.605 billion last year, exceeding expectations due to ongoing store optimization and significant cost reduction efforts [1] - The interim dividend announced was 0.17 HKD per share, yielding approximately 17.5% based on the closing price, surpassing market expectations [1] Development Trends - Same-store sales improved by 0.6%, driven by enhanced price competitiveness and stable growth in customer spending across channels [1] - Online B2C revenue increased by 6%, contributing to higher average transaction values [1] - Membership fee revenue surged by 125% to 0.36 billion, indicating strong growth in membership-related income [1] - The company closed 7 hypermarket stores, reducing the total to 465, while increasing the number of convenience stores by 1 to 33, with same-store sales growth of 5.9% [1] Cost Management and Profitability - Gross margin slightly decreased by 0.6 percentage points to 24.1%, with product gross margin also down by 0.6 percentage points to 20.7% [2] - The company focused on cost reduction through optimizing personnel costs, reducing headquarters expenses, and lowering rental costs, leading to a decrease in selling and administrative expense ratios [2] - Net profit margin improved by 2.8 percentage points to 0.6% due to these cost management efforts [2] Strategic Focus - The company is advancing a low-price, high-quality strategy, enhancing operational efficiency and competitiveness through better pricing strategies and product quality [2] - Efforts are being made to improve supply chain efficiency and digitalization to enhance overall operational effectiveness [2] Earnings Forecast and Valuation - The earnings forecast for FY2026 was raised from 0.38 billion to 0.67 billion, with a new forecast for FY2027 at 0.94 billion [2] - The current stock price corresponds to a price-to-earnings ratio of 29/21 for FY2026/FY2027, with a target price increase of 22% to 2.8 HKD, indicating a potential upside of 27% [2]

Core Viewpoint - High-end retail company Gao Xin Retail reported a revenue of 71.55 billion (down 1.4% year-on-year) and a net profit of 410 million, marking a turnaround from a loss of 1.605 billion in the same period last year, aligning with expectations [1] Group 1: Financial Performance - Revenue for FY25 was 71.55 billion, a decrease of 1.4% year-on-year, primarily due to a contraction in supply chain business and closure of underperforming stores [1] - The company declared a total dividend of 0.34 HKD per share, resulting in a dividend yield of approximately 16.6% [1] - Gross margin slightly declined by 0.6 percentage points to 24.1%, attributed to enhanced cost-effective strategies [2] Group 2: Operational Adjustments - The company implemented refined management strategies under new leadership, focusing on detailed adjustments in frontline stores and more efficient cost control, leading to a return to profitability [1] - Same-store sales saw a slight increase of 0.6%, driven by higher average transaction values due to a focus on high-cost performance products and improved quality control [1] - Membership fees generated revenue of 40 million, reflecting a year-on-year increase of 125% [1] Group 3: Future Outlook - The company plans to continue its "one store, one policy" transformation strategy, aiming for steady improvement in profitability through refined operations [1] - The operational focus will be on enhancing efficiency, reducing costs, and expanding new revenue sources, particularly through the development of membership stores [2] - The forecast for net profit for FY26 and FY27 is set at 500 million and 660 million respectively, with an introduction of an 850 million forecast for FY28 [2] Group 4: Valuation and Market Position - The average PE ratio for comparable companies in FY25 is 43x, down from 74x, primarily due to a valuation adjustment for Yonghui Supermarket [3] - The target price for FY26 has been adjusted down by 9.6% to 2.35 HKD, maintaining a "buy" rating [3]

Core Viewpoint - Gao Xin Retail, the parent company of RT-Mart, reported impressive financial results for the fiscal year 2025, with revenue of 71.5 billion and a net profit of 386 million, marking a turnaround from losses [2] Group 1: Online Business Performance - The online business, particularly instant retail, has been a key pillar in Gao Xin Retail's turnaround, with B2C revenue growing by 6% year-on-year and online business accounting for 36.5% of total revenue [4][5] - The self-owned app "RT-Mart Youxian" significantly contributed to this growth, offering a "1-hour home delivery service" within a 5-kilometer radius of stores, catering to consumer demand for instant shopping [4] - The integration with multiple platforms like TaoXianDa and Ele.me has expanded online order sources, attracting diverse consumer shopping habits [4] - The intelligent "warehouse picking and distribution" system improved order picking efficiency by 30% and reduced costs by 15% [4] Group 2: Store Format and Community Engagement - The "RT-Mart Super" format has become a highlight, with 4 new stores opened in fiscal year 2025, totaling 33 stores, and same-store sales growth of 5.9% [6] - The community can enjoy affordable meals at the community canteen, addressing dining needs for busy residents, thus increasing in-store dwell time and purchase frequency [6] - The self-owned brands "Chao Sheng" and "Run Fa Zhen Xuan" have increased their share to 15%, with a 10% reduction in procurement costs through direct sourcing [7] Group 3: Capital Changes and Strategic Challenges - Alibaba's exit from Gao Xin Retail, selling a 78.7% stake for 12.3 billion, marks the beginning of a "post-Alibaba" era, introducing uncertainties and testing strategic continuity [9][10] - The company has taken decisive actions, such as closing unprofitable stores and laying off 16,000 employees, resulting in a 12.06% reduction in sales expenses to 7.667 billion [10] - Future strategies include optimizing product structure, focusing on major products, enhancing self-owned brand capabilities, and improving customer experience [10] Group 4: Conclusion - Gao Xin Retail's fiscal year 2025 report demonstrates the feasibility of traditional supermarket transformation, yet raises concerns about sustainable growth amid market challenges [12] - The CEO emphasizes that the essence of retail is customer value creation, suggesting that a return to this principle is crucial for navigating future changes [12]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 2.35 [8][9]. Core Insights - The company reported a significant improvement in profitability for FY25, with revenue of HKD 71.55 billion (down 1.4% year-on-year) and a net profit of HKD 405 million, marking a turnaround from a loss of HKD 1.605 billion in the previous year [1][5]. - The new management has focused on fine-tuning operations at frontline stores and implementing more efficient cost control measures, leading to a return to profitability [1][4]. - The company plans to continue its strategy of tailored store operations and aims for steady improvement in profitability through enhanced operational efficiency [1][4]. Revenue and Business Segments - The company's merchandise sales revenue was HKD 68.48 billion, also down 1.4% year-on-year, primarily due to a contraction in supply chain operations and the closure of underperforming stores. However, the average transaction value increased, resulting in a same-store sales growth of 0.6% [2]. - Rental income slightly decreased to HKD 3.03 billion, down 2.8% year-on-year, attributed to store closures and tenant restructuring, with an overall vacancy rate of approximately 4.7% [2]. - Membership fees generated revenue of HKD 40 million, reflecting a substantial year-on-year growth of 125% [2]. Profitability and Cost Control - The gross margin slightly declined by 0.6 percentage points to 24.1%, mainly due to the enhanced focus on cost-effective product strategies [3]. - Cost control measures were effective, with total expenses (excluding impairment impacts) decreasing by HKD 2.2 billion, driven by reductions in personnel costs and rent [3]. - The net profit margin improved by 2.8 percentage points to 0.6%, with adjusted net profit reaching HKD 690 million, corresponding to a profit margin of 1.0% [3]. Future Outlook and Strategy - The company’s future operational plans will focus on three main areas: enhancing efficiency through a "daily low price + community life center" model, continuing cost-saving measures, and expanding revenue sources through improved store formats and membership offerings [4]. - The medium-sized supermarket segment is expected to see same-store sales growth of 8%, with positive cash flow anticipated as the business model stabilizes [4]. Earnings Forecast and Valuation - The report maintains net profit forecasts of HKD 500 million for FY26 and HKD 660 million for FY27, with an introduction of an FY28 forecast of HKD 850 million [5]. - The average PE ratio for comparable companies is projected at 43x for FY25, with a target price adjustment of 9.6% down to HKD 2.35, while maintaining the "Buy" rating [5].

证券研究报告 高鑫零售 (6808 HK) 港股通 FY25 盈利改善明显，股东回报优化 华泰研究 年报点评 2025 年 5 月 22 日│中国香港 零售 高鑫零售发布 2025 财年（截止 3 月 31 日）业绩，营收 715.5 亿（yoy-1.4%）， 归母净利 4.1 亿元，扭亏为盈（去年同期亏损 16.05 亿），符合我们预期（4.0 亿元）。公司在新管理层带领下，回归一线门店精细化调整，并通过更高效 的费控实现扭亏为盈。25 财年宣派中期及末期股息共 0.34 港元/股，股息率 约达 16.6%，盈利转正后增强股东回馈。展望后续，公司计划继续推动一店 一策改造，精细化运营下盈利能力有望稳步改善，维持"增持"评级。 经营调改助力同店温和修复，稳步培育新业态 分业态看，1）商品销售收入 684.8 亿元，同降 1.4%，主因供应链业务收缩 及尾部门店关闭，但客单价的增长推动同店提升 0.6%，主要得益于高性价 比的产品策略及品控优化，推动每单件数增长。线上化持续渗透，25 财年 同店线上业务实现中单位数增长。2）租金收入 30.3 亿元，同比略降 2.8%， 主因尾部门店关店以及租户结构调整，全年空 ...

Group 1 - The Hang Seng Index fell by 0.55%, down 131 points, closing at 23,695 points, while the Hang Seng Tech Index decreased by 0.66% [1] - The early trading volume in Hong Kong stocks reached HKD 1,076 million [1] - Robot-related stocks were active, with DCH Holdings (00179) rising nearly 6% and SUTENG (02498) increasing over 2% due to the upcoming CMG World Robot Competition [1] Group 2 - Eucan Vision Bio-B (01477) surged over 18% after OT-703 was approved for real-world research in Boao, Hainan [2] Group 3 - Smoore International (06969) rose over 5% as Glo Hilo is set to launch in Japan, with positive feedback from the trial market for heated non-combustible products [3] - Youjia Innovation (02431) increased over 5% after its L4 autonomous driving minibus received project designation, following a series of product showcases at the Shanghai Auto Show [3] Group 4 - Maanshan Iron & Steel (00323) saw a rise of over 7% as the steel industry showed improving performance in Q1, with institutions noting a marginal improvement in the sector's fundamentals [4] - InnoCare Pharma (02577) surged over 15% due to a partnership with NVIDIA for the next-generation 800V power architecture, drawing attention to third-generation semiconductors [4] Group 5 - Gu Ming (01364) increased by 4.5%, reaching a new high, with expectations of being included in the Hong Kong Stock Connect next month and a projected net increase of over 2,000 stores for the year [5] Group 6 - Dekang Agriculture and Animal Husbandry (02419) rose over 7%, with stock prices hitting a new high as institutions are optimistic about the company's valuation recovery potential [6] Group 7 - Gome Retail (06808) saw an early rise of nearly 7%, reporting a turnaround with a profit of RMB 410 million for the year, while Dehong Capital will promote the development of various store formats [7] - New Town Development (01030) fell over 3% amid reports of plans to issue guaranteed bonds domestically, aiming to raise RMB 1.5 to 2 billion [7] - Alibaba Health (00241) dropped over 4%, despite a year-on-year profit increase of over 62%, with analysts stating that profits did not meet expectations [7]

Group 1: Consumer Electronics Sector - The CSI Consumer Electronics Theme Index (931494) decreased by 0.13% as of May 22, 2025, with mixed performance among constituent stocks [1] - Leading gainers included Xunwei Communication (300136) up 3.30%, Wenta Technology (600745) up 2.63%, and Silan Microelectronics (600460) up 2.33% [1] - The Consumer Electronics ETF (561600) also fell by 0.13%, with a latest price of 0.78 yuan, but showed a 1.42% increase over the past month [1] - The ETF's trading volume was 287.16 million yuan with a turnover rate of 1.49% [1] - Over the past two weeks, the ETF's scale increased by 16.72 million yuan, ranking it in the top 1/5 among comparable funds [1] - The ETF's share count rose by 26 million shares in the same period, also placing it in the top 1/5 among comparable funds [1] - Recent capital inflow was balanced, with a total of 22.05 million yuan attracted over the last 10 trading days [1] Group 2: Artificial Intelligence Sector - The CSI Artificial Intelligence Theme Index (930713) declined by 0.06% as of May 22, 2025, with varied performance among its constituent stocks [2] - Top performers included Kunlun Wanwei (300418) up 7.89%, New Yisheng (300502) up 1.87%, and Shitou Technology (688169) up 1.82% [2] - The AI ETF (512930) decreased by 0.15%, with a latest price of 1.31 yuan, but recorded a 2.26% increase over the past month [2] - The ETF's trading volume was 28.19 million yuan with a turnover rate of 1.44% [3] - The latest scale of the AI ETF reached 1.95 billion yuan [3] - Recent net capital inflow was 1.31 million yuan, with a total of 32.98 million yuan attracted over the last five trading days [3] - Leveraged funds are actively participating, with the latest margin buying amounting to 4.44 million yuan and a margin balance of 90.18 million yuan [3] Group 3: Online Consumption Sector - The CSI Hong Kong-Shanghai Online Consumption Theme Index (931481) fell by 0.79% as of May 22, 2025, with mixed results among its constituent stocks [4] - Leading gainers included High Xin Retail (06808) up 10.24%, Kunlun Wanwei (300418) up 6.48%, and Youzu Network (002174) up 4.86% [4] - The Online Consumption ETF (159793) decreased by 0.78%, with a latest price of 0.89 yuan, but showed a 3.46% increase over the past month [4] - The index comprises 50 companies involved in online shopping, digital entertainment, online education, and telemedicine [13] - The top ten weighted stocks in the index account for 56.94% of the total weight, with Alibaba-W (09988) having the highest weight at 14.37% [13]

5月20日，大润发母公司高鑫零售发布截至3月31日的2025财年业绩报告。企业实现营收715.52亿元人民 币，同比减少1.4%；净利润3.86亿，同比上财年扭亏为盈。来自销售货品的收入为人民币684.82亿元， 同比减少1.4%。报告期内门店数量达到505家，覆盖207个城市。 高鑫零售是拥有大卖场及多渠道电商业务的中国领先零售商。集团以"大润发""大润发Super""M会员 店"品牌经营大卖场、中型超市以及会员店业务。今年1月份，阿里巴巴以每股1.38港元的价格向New Retail与德弘资本出售78.7%股权，就此退出了高鑫零售。 | 截至三月三十一日止年度 | | | | | | --- | --- | --- | --- | --- | | 二零二五年 二零二四年 | | | 爱唱 | 變幅自分比 | | 人民幣百萬元 | | | | | | 收入 71,552 | | 72.567 | (1.015) | (1.4)% | | 毛利 17,236 | | 17.958 | (722) | (4.0)% | | 學營浴利 /(虧損) 1.425 | | (1.009) | 2.434 | 不適用 | ...

在行政费用方面，高鑫零售同样实现了有效控制。截至2025年3月31日的年度，行政费用为17.09亿元，与上年同期的22.51亿元相比，减少了5.42亿元，减幅 高达24.1%。这一减少主要归因于商誉减值的减少以及管理层对总部组织的优化，使得人事开支大幅缩减。 近日，大润发母公司高鑫零售（股票代码：06808）对外公布了其截至2025年3月31日的年度财务报告。报告显示，该公司在过去一年中的营业收入为715.52 亿元，与前一年度的725.67亿元相比，出现了1.4%的小幅下滑。 在利润方面，高鑫零售的毛利为172.36亿元，与上一年度的179.58亿元相比，下降了4%，毛利率也由上年的24.7%下滑至24.1%。尽管面临挑战，但公司通过 一系列的成本控制措施，在销售及营销开支上取得了显著成效。数据显示，销售及营销开支从上年的181.78亿元减少至152.32亿元，降幅达到了16.2%。 | | | 截至三月三十 | 日 T | | --- | --- | --- | --- | | | | 零二五年 | | | | 例註 | 人民幣自萬元 | 人氏 | | 收入 | 4 | 71,552 | | | 成本 | ...

Core Viewpoint - Gao Xin Retail's financial performance for the fiscal year ending March 31, 2025, shows a slight revenue decline but a return to profitability, marking a significant turnaround under new management from Dehong Capital [1][2]. Financial Performance - Gao Xin Retail reported revenue of 71.552 billion yuan, a slight year-on-year decrease [1]. - The net profit reached 386 million yuan, indicating a return to profitability compared to the previous year [1]. - Same-store sales increased by 0.6% year-on-year, driven by improved price competitiveness and a steady rise in customer spending [2]. Online and Membership Growth - Online sales revenue grew by 6% year-on-year, supported by the performance of the proprietary app "Dai Run Fa You Xian" and the introduction of new instant retail channels [2]. - Membership fee income reached 36 million yuan, an increase of 20 million yuan year-on-year, reflecting the expansion of membership stores and growth in member numbers [3]. Cost Control and Efficiency - Gao Xin Retail implemented various cost control measures, resulting in a significant improvement in expense ratios and overall operational efficiency [3]. - The company focused on reducing costs while enhancing sales revenue, which helped alleviate pressure from narrowing gross margins [3]. Store Development Strategy - The new management emphasized the importance of customer traffic for future growth, planning to enhance the customer experience through a "daily low price + community life center" model [4]. - As of the end of the reporting period, Gao Xin Retail operated 505 stores across 207 cities, with the "Dai Run Fa Super" format showing strong performance and plans for further expansion [4][5]. Market Trends and Future Directions - The retail industry in China is experiencing structural changes, with a focus on meeting the needs of diverse consumer groups through quality and cost-effective products [2][5]. - The company aims to balance modern technology and digital tools to optimize costs, efficiency, and service in its operations [4].