Group 1 - The board of directors of LQ Group held its second meeting of the tenth session on August 27, 2025, with all 9 directors present, ensuring compliance with legal and regulatory requirements [1][2] - The board approved the 2025 semi-annual report, confirming that the report's preparation process adheres to legal, regulatory, and internal management standards, and accurately reflects the company's financial and operational status for the first half of 2025 [1][2] - The voting results for the resolutions were unanimous, with 9 votes in favor, 0 against, and 0 abstentions [2][3] Group 2 - The company established new internal management systems, including the resignation management system for directors and senior management, internal audit system, and major internal reporting system [2][3]

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) [Board of Directors and Management Statement](index=2&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%8F%8A%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E4%BF%9D%E8%AF%81%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E5%86%85%E5%AE%B9%E7%9A%84%E7%9C%9F%E5%AE%9E%E6%80%A7%E3%80%81%E5%87%86%E7%A0%AE%E6%80%A7%E3%80%81%E5%AE%8C%E6%95%B4%E6%80%A7%EF%BC%8C%E4%B8%8D%E5%AD%98%E5%9C%A8%E8%99%9A%E5%81%87%E8%AE%B0%E8%BD%BD%E3%80%81%E8%AF%AF%E5%AF%BC%E6%80%A7%E9%99%88%E8%BF%B0%E6%88%96%E9%87%8D%E5%A4%A7%E9%81%97%E6%BC%8F%EF%BC%8C%E5%B9%B6%E6%89%BF%E6%8B%85%E4%B8%AA%E5%88%AB%E5%92%8C%E8%BF%9E%E5%B8%A6%E7%9A%84%E6%B3%95%E5%BE%8B%E8%B4%A3%E4%BB%BB%E3%80%82) The company's board of directors, directors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, and bear legal responsibility - The company's board of directors and senior management guarantee the **truthfulness, accuracy, and completeness** of the semi-annual report content, and bear legal responsibility[3](index=3&type=chunk) - All company directors attended the board meeting[4](index=4&type=chunk) - This semi-annual report was **not audited**[5](index=5&type=chunk) [Profit Distribution Plan](index=2&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%86%B3%E8%AE%AE%E9%80%9A%E8%BF%87%E7%9A%84%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E9%A2%84%E6%A1%88%E6%88%96%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E9%A2%84%E6%A1%88) The company's board of directors did not approve any profit distribution or capital reserve to share capital increase plan for this reporting period - There is **no profit distribution or capital reserve to share capital increase plan** for this reporting period[6](index=6&type=chunk) [Forward-Looking Statement Risk Disclosure](index=2&type=section&id=%E5%85%AD%E3%80%81%E5%89%8D%E7%9E%BB%E6%80%A7%E9%99%88%E8%BF%B0%E7%9A%84%E9%A3%8E%E9%99%A9%E5%A3%B0%E6%98%8E) The company reminds investors that forward-looking descriptions, such as business plans and development strategies, do not constitute substantial commitments and involve investment risks - Forward-looking descriptions in the report, such as business plans and development strategies, do **not constitute substantial commitments** by the company to investors[6](index=6&type=chunk) - Investors should be aware of **investment risks**[6](index=6&type=chunk) [Fund Occupation and External Guarantees](index=2&type=section&id=%E4%B8%83%E3%80%81%E6%98%AF%E5%90%A6%E5%AD%98%E5%9C%A8%E8%A2%AB%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, the company had no non-operating fund occupation by controlling shareholders or other related parties, nor any external guarantees provided in violation of decision-making procedures - There was **no non-operating fund occupation** by controlling shareholders or other related parties[7](index=7&type=chunk) - There were **no external guarantees provided in violation of decision-making procedures**[8](index=8&type=chunk) [Significant Risk Warning](index=2&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company's risks are detailed in "Section III Management Discussion and Analysis" under "V. Other Disclosures (I) Potential Risks," reminding investors to be aware of investment risks - The company's risks are detailed in “Section III Management Discussion and Analysis” under “V. Other Disclosures (I) Potential Risks”[7](index=7&type=chunk) - Investors should be aware of **investment risks**[7](index=7&type=chunk) [Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including company names, major shareholders, subsidiaries, and core businesses (commercial chain, logistics supply chain, food industry), ensuring clear understanding of the report content - “Company”, “the Company”, “Liqun Shares”, and “Liqun Commercial Group” all refer to **Liqun Commercial Group Co., Ltd**[14](index=14&type=chunk) - “Commercial Chain Business” encompasses offline formats such as department stores, shopping malls, hypermarkets, convenience stores, fresh food community stores, and category-specific stores, as well as online O2O and B2B formats[14](index=14&type=chunk) - “Logistics Supply Chain Business” refers to the company's brand agency and buyout operations, relying on a smart logistics warehousing system to meet internal distribution needs and provide goods to third-party distributors[14](index=14&type=chunk) - “Food Industry” refers to the company's food technology subsidiary specializing in food R&D, production, and sales[14](index=14&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%90%A5%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Company Basic Information](index=4&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section lists the company's Chinese name, abbreviation, foreign name, and abbreviation, and provides definitions of common terms used during the reporting period, clarifying the references to the company and its main related parties - The company's Chinese name is **Liqun Commercial Group Co., Ltd.**, abbreviated as **Liqun Shares**[13](index=13&type=chunk) - The company's foreign name is **Liqun Commercial Group Co.,Ltd.**, abbreviated as **Liqun Co.,Ltd.**[13](index=13&type=chunk) [Contact Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides the names, contact addresses, phone numbers, faxes, and email addresses of the company's Board Secretary and Securities Affairs Representative for investor communication - The Board Secretary is **Wu Lei**, and the Securities Affairs Representative is **Cui Na**[16](index=16&type=chunk) - Contact address for both is **No. 83 Haier Road, Laoshan District, Qingdao**, phone **0532-58668898**, fax **0532-58668998**, email **lqzhengquan@iliqun.com**[16](index=16&type=chunk) [Changes in Basic Information](index=5&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) The company's registered address is No. 78 Xiangjiang Road, Qingdao Economic and Technological Development Zone, and its office address is No. 83 Haier Road, Laoshan District, Qingdao, with no historical changes during the reporting period - The company's registered address is **No. 78 Xiangjiang Road, Qingdao Economic and Technological Development Zone**, and its office address is **No. 83 Haier Road, Laoshan District, Qingdao**[17](index=17&type=chunk) - There were **no historical changes** to the company's registered or office addresses during the reporting period[17](index=17&type=chunk) [Information Disclosure](index=5&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) The company designates China Securities Journal, Shanghai Securities News, Securities Times, and Securities Daily as information disclosure newspapers, with the semi-annual report published on www.sse.com.cn and available at the company's securities department, with no changes during the reporting period - The company's selected information disclosure newspapers are **China Securities Journal, Shanghai Securities News, Securities Times, and Securities Daily**[18](index=18&type=chunk) - The semi-annual report is published on **www.sse.com.cn**, and the physical location for inspection is the **company's securities department**[18](index=18&type=chunk) - There were **no changes** in information disclosure or storage locations during the reporting period[18](index=18&type=chunk) [Company Stock Information](index=5&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) The company's A-shares are listed on the Shanghai Stock Exchange, with the stock abbreviation Liqun Shares and stock code 601366, and no previous stock abbreviation - The company's stock type is **A-shares**, listed on the **Shanghai Stock Exchange**[19](index=19&type=chunk) - The stock abbreviation is **Liqun Shares**, and the stock code is **601366**[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%90%A5%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In H1 2025, the company's operating revenue decreased by 3.08% YoY to 3.718 billion yuan, and net profit attributable to parent company significantly decreased by 65.94% to 7.40 million yuan, mainly due to macro environment and store adjustments 2025 H1 Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,718,227,431.01 | 3,836,243,051.71 | -3.08 | | Total Profit | 20,707,787.60 | 48,303,120.39 | -57.13 | | Net Profit Attributable to Listed Company Shareholders | 7,400,759.37 | 21,728,230.86 | -65.94 | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Gains/Losses) | -44,784,745.01 | -43,128,312.96 | -3.84 | | Net Cash Flow from Operating Activities | 293,844,362.30 | 310,345,739.88 | -5.32 | | Net Assets Attributable to Listed Company Shareholders (Period-End/Prior Year-End) | 4,185,201,174.57 | 4,315,652,648.62 | -3.02 | 2025 H1 Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.01 | 0.03 | -66.67 | | Diluted Earnings Per Share (yuan/share) | 0.01 | 0.02 | -50.00 | | Basic Earnings Per Share (Excluding Non-Recurring Gains/Losses) (yuan/share) | -0.05 | -0.05 | 0.00 | | Weighted Average Return on Net Assets (%) | 0.17 | 0.51 | Decreased by 0.34 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains/Losses) (%) | -1.04 | -1.03 | Decreased by 0.01 percentage points | - The decrease in operating revenue was primarily due to the **macroeconomic environment**, insufficient resident consumption capacity and confidence, diversion of customer traffic by e-commerce platforms and emerging retail models, and the company's closure of underperforming leased stores[23](index=23&type=chunk) - The decline in operating revenue directly led to a **decrease in total profit and net cash flow from operating activities**[24](index=24&type=chunk) [Non-Recurring Gains and Losses](index=6&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) During the reporting period, the company's total non-recurring gains and losses amounted to 52.1855 million yuan, primarily from disposal gains/losses of non-current assets (54.7133 million yuan), due to early termination and recognition of asset disposal gains/losses from closing some leased stores 2025 H1 Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (yuan) | Notes (if applicable) | | :--- | :--- | :--- | | Disposal gains/losses of non-current assets, including the reversal of impairment provisions already made | 54,713,293.81 | Primarily due to the company closing some leased stores, leading to early termination and recognition of related asset disposal gains/losses | | Government grants recognized in current profit/loss, excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to established standards, and having a continuous impact on the company's profit/loss | 3,102,083.17 | | | Other non-operating income and expenses apart from the above items | -2,921,968.01 | | | Less: Income tax impact | 2,706,664.74 | | | Minority interest impact (after tax) | 1,239.85 | | | Total | 52,185,504.38 | | [Section III Management Discussion and Analysis](index=7&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Industry and Main Business Overview](index=7&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company's main business includes 'commercial chain, logistics supply chain, and food industry,' adhering to a 'full industry chain operation' strategy, with a focus on social distribution, food production, and integrated domestic and foreign trade [Company's Main Businesses](index=7&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's main businesses cover three segments: logistics supply chain, food industry, and commercial chain, focusing on internal retail needs, third-party distribution, R&D, production, sales of private-label products, and online/offline omni-channel development - The company's strategic orientation is “retail as the foundation, supply chain integration as the direction”, with main business formats including **commercial chain, logistics supply chain, and food industry**[30](index=30&type=chunk) - The logistics supply chain business operates **over 600,000 square meters of smart logistics centers**, nearly 30 brand operating companies, and distributes goods to over 2,000 third-party commercial enterprises, government, military, schools, and other social channels[32](index=32&type=chunk) - The food industry segment has built **over 110,000 square meters of food production and processing workshops**, developing over 500 types of products including soy products, fresh rice and noodle products, frozen rice and noodle products, baked bread, Chinese pastries, braised cooked food, marinated processed products, bento boxes, sushi, pre-made dishes, and sea cucumbers, with multiple private brands[35](index=35&type=chunk) - The commercial chain operates various offline formats such as **department stores, shopping malls, hypermarkets, convenience stores, fresh food community stores, and category-specific stores**, as well as online O2O and B2B formats[37](index=37&type=chunk) - As of the end of the reporting period, the company had **63 large stores** and **164 convenience stores and category-specific stores**[37](index=37&type=chunk) [Industry Situation Description](index=11&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) In H1 2025, the global economy faced growth challenges, while the domestic economy maintained steady development, with GDP growing by 5.3% YoY, and social consumer goods retail sales increasing by 5.0% - In H1 2025, China's GDP was **66.0536 trillion yuan**, a **5.3% YoY increase**[39](index=39&type=chunk) - Total retail sales of consumer goods in H1 were **24.5456 trillion yuan**, a **5.0% YoY increase**[40](index=40&type=chunk) - Commodity retail sales grew by **5.1%**, and catering revenue grew by **4.3%**[40](index=40&type=chunk) - National online retail sales reached **7.4295 trillion yuan**, an **8.5% YoY increase**[40](index=40&type=chunk) - The consumer goods trade-in policy continued to show effects, with retail sales of household appliances and audio-visual equipment increasing by **30.7%**[40](index=40&type=chunk) - Consumer expectations and confidence still have room for improvement, indicating **insufficient domestic effective demand**[40](index=40&type=chunk) [Analysis of Operating Performance](index=11&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) The company actively responded to market changes in H1, optimizing commercial chain operations, expanding logistics supply chain markets, and enhancing food industry R&D, achieving significant growth in external sales [Commercial Chain Segment Operating Optimization](index=11&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%95%86%E4%B8%9A%E8%BF%9E%E7%B4%A2%E6%9D%BF%E5%9D%97%E5%8A%A0%E5%A4%A7%E8%B0%83%E6%94%B9%E5%8A%9B%E5%BA%A6%EF%BC%8C%E4%BC%98%E5%8C%96%E5%8C%BA%E5%9F%9F%E5%B8%83%E5%B1%80%EF%BC%8C%E6%8F%90%E5%8D%87%E7%BB%8F%E8%90%A5%E8%B4%A8%E9%87%8F) The commercial chain segment optimized operations by intensifying store adjustments and regional layout, closing 9 hypermarkets and 27 small stores, while opening 9 new small stores, and achieving 21% YoY growth in home appliance sales and over 10% growth in e-commerce sales - The company intensified store adjustments, **closing 9 hypermarkets**, opening 8 convenience stores and fresh food community stores, 1 category-specific store, and **closing 20 convenience stores and fresh food community stores, and 7 category-specific stores**[42](index=42&type=chunk) - Nord Plaza introduced Qingdao's first **“Juchao Food Market”** project, creating a 24-hour supporting shopping center[43](index=43&type=chunk) - Zibo Shopping Plaza introduced Zibo's first **JD Outlet store**, with mall sales increasing by **4% YoY in July** after its opening[43](index=43&type=chunk) - In H1, the company's home appliance category sales increased by **21% YoY**[46](index=46&type=chunk) - In H1 2025, the company's online platforms achieved sales revenue of **252 million yuan**, an increase of **over 10% YoY**[47](index=47&type=chunk) [Logistics Supply Chain Segment Market Expansion](index=13&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E7%89%A9%E6%B5%81%E4%BE%9B%E5%BA%94%E9%93%BE%E6%9D%BF%E5%9D%97%E7%A7%AF%E6%9E%81%E6%8B%93%E5%B1%95%E5%A4%96%E9%83%A8%E5%B8%82%E5%9C%BA%EF%BC%8C%E6%8F%90%E9%AB%98%E4%BE%9B%E5%BA%94%E9%93%BE%E7%BB%BC%E5%90%88%E6%9C%8D%E5%8A%A1%E8%83%BD%E5%8A%9B) The logistics supply chain segment continuously optimized its system, actively expanded external markets, established partnerships with over 5,000 brands nationwide, and served over 2,000 clients, achieving sales revenue of 3.015 billion yuan in H1 - The company has established partnerships with **over 5,000 brands nationwide**, and the logistics supply chain serves **over 2,000 clients**[48](index=48&type=chunk) Logistics Supply Chain Business Sales Data | Indicator | Amount (billion yuan) | Share (%) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Logistics Supply Chain Business Sales Revenue | 3.015 | 52.66 (of total pre-consolidation revenue) | - | | Logistics Supply Chain External Sales Revenue | 1.118 | 37.09 (of total logistics supply chain revenue) | -4.50 | | External Sales Revenue as % of Total Company Revenue | - | 30.08 | -0.45 percentage points | [Food Industry Integrated Domestic and Foreign Trade](index=13&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E9%A3%9F%E5%93%81%E5%B7%A5%E4%B8%9A%E5%8A%A0%E5%BF%AB%E5%86%85%E5%A4%96%E8%B4%B8%E4%B8%80%E4%BD%93%E5%8C%96%E5%8F%91%E5%B1%95%EF%BC%8C%E7%94%A8%E5%93%81%E8%B4%A8%E9%93%B8%E9%80%A0%E5%93%81%E7%89%8C) The food industry segment intensified production and R&D, with cumulative outbound shipments of over 9,700 tons in H1, a nearly 80% YoY increase, of which external sales accounted for 7,816 tons, up over 110% YoY - In H1 2025, the company's food industry segment had cumulative outbound shipments of **over 9,700 tons**, a **nearly 80% YoY increase**[49](index=49&type=chunk) - External sales business outbound shipments reached **7,816 tons**, an increase of **over 110% YoY**[49](index=49&type=chunk) - In H1, Fushengjia Food's vermicelli export revenue exceeded **4 million yuan**, and Fumanxing Food's french fries export revenue exceeded **9 million yuan**, with external sales accounting for **over 40%**[49](index=49&type=chunk)[50](index=50&type=chunk) - The food industry segment has developed and produced **over 500 types of products**, with private brands accounting for **over 10%** in categories such as pastries, rice, flour, grains, oils, and soy products[45](index=45&type=chunk)[50](index=50&type=chunk) [Core Competitiveness Analysis](index=14&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness lies in its brand influence and terminal channel advantages, a mature smart logistics supply chain system, an experienced buyer team and brand operation capabilities, digital and information management, and a comprehensive talent reserve and training mechanism - The “Liqun” brand has a **90-year history**, strong influence in Shandong and nationwide, with **over 200 chain stores** across various formats, totaling **over 2 million square meters** of operating area[53](index=53&type=chunk) - The company operates **4 large smart logistics centers** with a total warehousing area exceeding **600,000 square meters**, utilizing international first-class intelligent warehousing and picking equipment for **unmanned operations**[55](index=55&type=chunk) - The company owns nearly **30 brand operating subsidiaries**, representing nearly **800 well-known domestic and international brands**, and has established partnerships with **over 5,000 brands nationwide**[56](index=56&type=chunk) - The company has built a **smart supply chain information management platform**, applying IoT, robotics, big data, and AI technologies to achieve **comprehensive digital transformation** of its main businesses[57](index=57&type=chunk) - With **over 20 years of retail operating history**, the company has cultivated a large number of professional talents and established a fair, open, and just promotion mechanism and compensation assessment system[58](index=58&type=chunk)[59](index=59&type=chunk) [Key Operating Performance](index=16&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%90%A5%E6%83%85%E5%86%B5) During the reporting period, the company's operating revenue, total profit, net profit attributable to parent company, and net cash flow from operating activities all decreased YoY, primarily due to macro-economic impacts and store adjustments [Main Business Financial Analysis](index=16&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company's operating revenue decreased by 3.08% YoY, mainly due to macro-economic conditions and store adjustments, while financial expenses decreased due to reduced lease financing costs and convertible bond interest Financial Statement Related Item Changes Analysis | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,718,227,431.01 | 3,836,243,051.71 | -3.08 | | Operating Cost | 2,554,871,959.45 | 2,624,615,440.62 | -2.66 | | Selling Expenses | 648,347,624.21 | 679,626,956.45 | -4.60 | | Administrative Expenses | 306,295,472.90 | 328,036,666.26 | -6.63 | | Financial Expenses | 163,706,761.46 | 172,454,690.29 | -5.07 | | Net Cash Flow from Operating Activities | 293,844,362.30 | 310,345,739.88 | -5.32 | | Net Cash Flow from Investing Activities | -123,899,712.85 | -139,964,117.55 | 11.48 | | Net Cash Flow from Financing Activities | -243,201,305.28 | -90,032,432.92 | -170.13 | - The decrease in operating revenue was primarily due to the **macroeconomic environment** and the company's closure of some leased stores[60](index=60&type=chunk) - The decrease in financial expenses was mainly due to **reduced lease financing expenses** from closing some leased stores, and **reduced interest** due to a decrease in the balance of convertible corporate bonds[61](index=61&type=chunk) - The change in net cash flow from financing activities was primarily due to an **increase in cash payments for share repurchases** in the current period compared to the same period last year[61](index=61&type=chunk) [Asset and Liability Situation Analysis](index=17&type=section&id=(%E4%B8%89)%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, the company's total assets were 15.153 billion yuan, total liabilities were 10.947 billion yuan, and the asset-liability ratio was 72.24%, with significant changes in various asset and liability items Asset and Liability Status Changes | Item Name | Current Period-End Amount (yuan) | Current Period-End % of Total Assets | Prior Year-End Amount (yuan) | Prior Year-End % of Total Assets | Change % from Prior Year-End | | :--- | :--- | :--- | :--- | :--- | :--- | | Prepayments | 550,037,467.94 | 3.63 | 750,855,687.96 | 4.63 | -26.75 | | Other Receivables | 237,082,438.90 | 1.56 | 181,329,030.04 | 1.12 | 30.75 | | Notes Payable | 304,242,361.58 | 2.01 | 567,284,896.12 | 3.50 | -46.37 | | Contract Liabilities | 379,151,342.10 | 2.50 | 623,911,346.66 | 3.85 | -39.23 | | Non-Current Liabilities Due Within One Year | 1,565,754,717.59 | 10.33 | 285,313,610.54 | 1.76 | 448.78 | | Other Current Liabilities | 47,370,801.93 | 0.31 | 83,937,107.39 | 0.52 | -43.56 | | Bonds Payable | 0 | 0 | 1,286,608,513.40 | 7.93 | -100.00 | | Treasury Stock | 331,622,197.05 | 2.19 | 211,029,271.12 | 1.30 | 57.15 | - Non-current liabilities due within one year increased by **448.78%**, primarily because convertible corporate bonds will mature in April 2026 and were reclassified to this item[64](index=64&type=chunk) - Overseas assets amounted to **225.3066 million yuan**, accounting for **1.49% of total assets**[65](index=65&type=chunk) Period-End Major Asset Restriction Status | Item | Book Balance (yuan) | Book Value (yuan) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 106,865,548.57 | 106,865,548.57 | Deposit | Notes payable deposit | | Cash and Bank Balances | 333,881.23 | 333,881.23 | Deposit | Letter of guarantee deposit | | Cash and Bank Balances | 4,573,831.56 | 4,573,831.56 | Deposit | Migrant worker wage deposit | | Cash and Bank Balances | 25,302,936.62 | 25,302,936.62 | Freeze | Litigation freeze | | Investment Properties | 23,233,619.76 | 14,191,536.33 | Mortgage | Loan mortgage | | Fixed Assets | 1,099,311,268.56 | 725,934,618.78 | Mortgage | Loan mortgage | | Intangible Assets | 28,445,027.08 | 22,951,610.01 | Mortgage | Loan mortgage | | Total | 1,288,066,113.38 | 900,153,963.10 | | | [Other Disclosures](index=19&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company faces macro-economic, industry competition, and cross-regional operating risks, while actively implementing profit distribution and share repurchase plans, and revising governance structures [Potential Risks](index=19&type=section&id=(%E4%B8%80)%20%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces macro-economic risks such as sluggish global economic growth and escalating trade frictions, with insufficient domestic demand and weak consumer confidence, alongside intensified retail industry competition and challenges in cross-regional operations - **Macroeconomic risks**: sluggish global economic growth, escalating trade frictions, insufficient domestic demand, and weak resident consumption confidence[70](index=70&type=chunk) - **Industry competition risks**: the retail industry faces challenges of insufficient consumption power and sluggish growth, with emerging retail models (instant retail, unmanned retail, discount stores) intensifying competition and restricting the development of offline retail enterprises[71](index=71&type=chunk) - **Cross-regional operating risks**: the company's operations cover multiple provinces and cities in East China, facing challenges in improving operational capabilities and efficiency, leveraging logistics base synergy, reserving professional talents and expanding brand influence[72](index=72&type=chunk) [Other Disclosures](index=20&type=section&id=(%E4%BA%8C)%20%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company actively implemented its "Quality Improvement, Efficiency Enhancement, and Return Focus" action plan, executing the 2024 profit distribution, distributing 17.03 million yuan in cash dividends, and cumulatively repurchasing 24.3081 million shares totaling 121 million yuan - The company implemented the 2024 profit distribution plan, distributing **17.03 million yuan in cash dividends**, accounting for **62.51%** of the net profit attributable to listed company shareholders for that year[73](index=73&type=chunk) - In H1 2025, the company cumulatively repurchased **24,308,069 shares**, with a repurchase amount of **121 million yuan**[73](index=73&type=chunk) - The company completed the revision of its articles of association and relevant internal control systems, **abolishing the supervisory board**, strengthening the functions of the audit committee, and improving the company's governance structure of two boards and one layer[74](index=74&type=chunk) - The company successfully completed the **re-election of the board of directors** and the appointment of the new management team[74](index=74&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=21&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) [Changes in Directors and Senior Management](index=21&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's board of directors underwent re-election, with Xu Ruize elected as Chairman, Wang Benpeng appointed as President, and new Vice Presidents, Assistant Presidents, CFO, Procurement Director, and Board Secretary appointed Changes in Directors and Senior Management | Name | Position Held | Change Type | | :--- | :--- | :--- | | Xu Ruize | Chairman | Election | | Wang Benpeng | Director/President | Election/Appointment | | Hu Peifeng | Director/Vice President | Election/Appointment | | Xu Decai | Director/CFO | Election/Appointment | | Li Weihong | Director/Procurement Director | Election/Appointment | | Gao Wei | Director | Election | | Wang Zhuquan | Independent Director | Election | | Jiang Hui | Independent Director | Election | | Li Yong | Independent Director | Election | | Wang Wen | Vice President | Appointment | | Lu Cuirong | Vice President | Appointment | | Zhang Yuanshuang | Assistant President | Appointment | | Zhang Bing | Assistant President | Appointment | | Wu Lei | Board Secretary | Appointment | | Xu Gongzao | Chairman | Resignation | | Ding Lin | Director | Resignation | | Wang Wen | Director | Resignation | | Dai Guoqiang | Independent Director | Resignation | | Sun Jianqiang | Independent Director | Resignation | | Jiang Shenglu | Independent Director | Resignation | - On May 15, 2025, the company held a staff and workers' representative meeting and elected **Li Weihong** as the employee representative director for the tenth board of directors[76](index=76&type=chunk) - On May 16, 2025, the company held its 2024 Annual General Meeting of Shareholders and conducted the **re-election of the board of directors**[77](index=77&type=chunk) - On the same day, the company held the first meeting of the tenth board of directors, electing **Xu Ruize as Chairman** and appointing the new senior management team[77](index=77&type=chunk) [Profit Distribution or Capital Reserve to Share Capital Increase Plan](index=21&type=section&id=%E4%B8%80%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company did not propose any profit distribution or capital reserve to share capital increase plan for this semi-annual period - The proposed profit distribution plan and capital reserve to share capital increase plan for this semi-annual period is **“No”**[78](index=78&type=chunk) [Equity Incentive and Employee Stock Ownership Plans](index=22&type=section&id=%E4%BA%8C%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) During the reporting period, there were no developments or changes in the company's equity incentive plans, employee stock ownership plans, or other employee incentive measures - During the reporting period, there were **no developments or changes** in the company's equity incentive plans, employee stock ownership plans, or other employee incentive measures[79](index=79&type=chunk) [Rural Revitalization Initiatives](index=22&type=section&id=%E5%9B%9B%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) The company supports rural revitalization through 'direct sourcing from origin' and 'contract farming,' procuring over 16,000 tons of fruits and vegetables worth over 50 million yuan in H1, and actively responding to paired assistance for Gansu - The company promotes rural revitalization and increases farmers' income through **“direct sourcing from origin” and “contract farming”**[79](index=79&type=chunk) - In H1, the company procured tens of thousands of vegetables and fruits, including pineapples, watermelons, star fruits, lychees, onions, potatoes, and garlic, with a procurement amount exceeding **50 million yuan** and a quantity exceeding **16,000 tons**[80](index=80&type=chunk) - The company consistently procures specialty agricultural products from areas such as Longnan and Wuwei in Gansu each year, helping local farmers increase income[80](index=80&type=chunk) - The company's food industry segment expanded cooperation with farmers in parts of Shandong, Hebei, and Inner Mongolia, reducing the risk of agricultural product overstocking through a **“contract farming + large-scale acquisition” model**[81](index=81&type=chunk) - As a Qingdao municipal grain emergency guarantee enterprise, the company completed the **“vegetable basket” project's summer reserve work** in H1, reserving over 1,200 tons of potatoes, onions, and garlic sprouts, over 900 tons of rice, over 800 tons of flour, and over 700 tons of edible oil[81](index=81&type=chunk) [Section V Significant Matters](index=24&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [Fulfillment of Commitments](index=24&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) All commitments made by the company's actual controllers, shareholders, related parties, and the company itself, either during or continuing into the reporting period, have been strictly fulfilled, primarily including commitments to resolve horizontal competition, related party transactions, implement return enhancement measures, and equity incentives Fulfillment of Commitments | Commitment Background | Commitment Type | Promisor | Commitment Date | Has Performance Deadline | Commitment Period | Timely and Strictly Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Commitments related to initial public offering | Resolve horizontal competition | Liqun Group, Juntai Industrial, Liqun Investment | 2017 | No | Long-term | Yes | | Commitments related to initial public offering | Resolve horizontal competition | Xu Gongzao, Zhao Qinxia, Xu Ruize | 2017 | No | Long-term | Yes | | Commitments related to initial public offering | Resolve related party transactions | Liqun Group, Juntai Industrial, Liqun Investment | 2017 | No | Long-term | Yes | | Commitments related to initial public offering | Resolve related party transactions | Xu Gongzao, Zhao Qinxia, Xu Ruize | 2017 | No | Long-term | Yes | | Commitments related to initial public offering | Other | Actual controllers, largest shareholders, company directors, senior management | 2017 | No | Long-term | Yes | | Commitments related to initial public offering | Other | Liqun Group | 2017 | No | Long-term | Yes | | Commitments related to refinancing | Other | Company directors, senior management | 2020 | No | Long-term | Yes | | Commitments related to refinancing | Other | Liqun Group, Xu Gongzao, Zhao Qinxia, Xu Ruize | 2020 | No | Long-term | Yes | | Commitments related to equity incentives | Other | Company | 2021 | No | Long-term | Yes | | Commitments related to equity incentives | Other | Incentive recipients | 2021 | No | Long-term | Yes | - Liqun Group, Juntai Industrial, Liqun Investment, and Xu Gongzao, Zhao Qinxia, Xu Ruize committed to **avoid horizontal competition** and grant Liqun Department Store **priority development rights**[84](index=84&type=chunk)[85](index=85&type=chunk) - Related parties committed to **minimize and reduce related party transactions** with Liqun Department Store, and if unavoidable, to conduct them according to fair and open market principles and fulfill approval procedures[86](index=86&type=chunk)[87](index=87&type=chunk) - The company and incentive recipients committed to **diligently implement return enhancement measures**, with equity incentive exercise conditions linked to the execution of these measures[89](index=89&type=chunk)[90](index=90&type=chunk) [Fund Occupation and Irregular Guarantees](index=26&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, the company had no non-operating fund occupation by controlling shareholders or other related parties, nor any irregular guarantees - There was **no non-operating fund occupation** by controlling shareholders or other related parties during the reporting period[91](index=91&type=chunk) - There were **no irregular guarantees** during the reporting period[91](index=91&type=chunk) [Significant Litigation and Arbitration](index=27&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) The company had no significant litigation or arbitration matters during this reporting period - The company had **no significant litigation or arbitration matters** during this reporting period[92](index=92&type=chunk) [Significant Related Party Transactions](index=27&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) In H1 2025, the company engaged in daily operating related party transactions, including commodity purchases and sales, labor services, property leasing, and commercial factoring, all within the annual estimated limits, and provided commercial factoring services to related parties [Daily Operating Related Party Transactions](index=27&type=section&id=(%E4%B8%80)%20%E4%B8%8E%E6%97%A5%E5%B8%B8%E7%BB%8F%E8%90%A5%E7%9B%B8%E5%85%B3%E7%9A%84%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) In H1 2025, the company engaged in various daily operating related party transactions, including purchasing 25.946 million yuan in goods, selling 26.6475 million yuan in goods, accepting 14.7541 million yuan in labor services, providing 4.5026 million yuan in labor services, leasing out 7.6114 million yuan in properties, leasing in 122.1992 million yuan in properties, and providing 9.7 million yuan in commercial factoring, all within annual estimated limits - In H1 2025, the company's actual purchases of goods from related parties amounted to **25.946 million yuan**, against an estimated amount of 100 million yuan[93](index=93&type=chunk) - In H1 2025, the company's actual sales of goods to related parties amounted to **26.6475 million yuan**, against an estimated amount of 100 million yuan[93](index=93&type=chunk) - In H1 2025, the company's actual acceptance of labor services from related parties amounted to **14.7541 million yuan**, against an estimated amount of 56 million yuan[94](index=94&type=chunk) - In H1 2025, the company's actual rental income from properties and counters leased to related parties amounted to **7.6114 million yuan**, against an estimated amount of 18 million yuan[94](index=94&type=chunk) - In H1 2025, the company's actual rental expenses for properties leased from related parties amounted to **122.1992 million yuan**, against an estimated amount of 280 million yuan[94](index=94&type=chunk) - In H1 2025, the company's actual provision of commercial factoring to related parties amounted to **9.7 million yuan**, against an estimated amount of 30 million yuan[94](index=94&type=chunk) [Related Party Financial Services](index=29&type=section&id=(%E4%BA%94)%20%E5%85%AC%E5%8F%B8%E4%B8%8E%E5%AD%98%E5%9C%A8%E5%85%B3%E8%81%94%E5%85%B3%E7%B3%BB%E7%9A%84%E8%B4%A2%E5%8A%A1%E5%85%AC%E5%8F%B8%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E8%82%A1%E8%B4%A2%E5%8A%A1%E5%85%AC%E5%8F%B8%E4%B8%8E%E5%85%B3%E8%81%94%E6%96%B9%E4%B9%8B%E9%97%B4%E7%9A%84%E9%87%91%E8%9E%8D%E4%B8%9A%E5%8A%A1) The company provided commercial factoring services to related parties Shandong Ruilang Pharmaceutical Co., Ltd. and Liqun Group Co., Ltd. Wholesale Branch, totaling 7.7 million yuan and 2 million yuan respectively, with actual amounts matching the total Related Party Credit or Other Financial Services | Related Party | Related Relationship | Business Type | Total Amount (yuan) | Actual Amount (yuan) | | :--- | :--- | :--- | :--- | :--- | | Shandong Ruilang Pharmaceutical Co., Ltd. | Subsidiary of largest shareholder | Provide commercial factoring | 7,700,000.00 | 7,700,000.00 | | Liqun Group Co., Ltd. Wholesale Branch | Branch of largest shareholder | Provide commercial factoring | 2,000,000.00 | 2,000,000.00 | [Fulfillment of Significant Contracts](index=30&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company had no external guarantees, but provided guarantees totaling 1.523 billion yuan to subsidiaries, accounting for 36.20% of the company's net assets, with 539 million yuan for entities with an asset-liability ratio exceeding 70% Company Guarantee Total Amount | Indicator | Amount (yuan) | | :--- | :--- | | Total guarantees provided to subsidiaries during the reporting period | 714,794,052.09 | | Total outstanding guarantees to subsidiaries at period-end (B) | 1,522,769,235.05 | | Total guarantees (A+B) | 1,522,769,235.05 | | Total guarantees as % of company's net assets | 36.20 | | Amount of guarantees provided to shareholders, actual controllers, and their related parties (C) | 0.00 | | Amount of debt guarantees provided directly or indirectly to guaranteed entities with an asset-liability ratio exceeding 70% (D) | 538,940,178.11 | | Amount of guarantees exceeding 50% of net assets (E) | 0.00 | | Total of the above three guarantee amounts (C+D+E) | 538,940,178.11 | - The company's external guarantees (excluding guarantees to subsidiaries) had **zero occurrence and zero outstanding balance** during the reporting period[100](index=100&type=chunk) - Explanation for potential joint and several liability for unexpired guarantees is **“None”**[100](index=100&type=chunk) [Section VI Share Changes and Shareholder Information](index=31&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [Share Capital Changes](index=31&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital increased by 616 shares due to convertible bond conversion, from 913,932,327 shares to 913,932,943 shares, with the proportion of unrestricted tradable shares remaining at 100% Share Change Table | | Quantity Before Change | % Before Change | Change Increase/Decrease (+,-) Other | Change Increase/Decrease (+,-) Subtotal | Quantity After Change | % After Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 0 | - | - | - | 0 | - | | II. Unrestricted Tradable Shares | 913,932,327 | 100 | 616 | 616 | 913,932,943 | 100 | | 1. RMB Ordinary Shares | 913,932,327 | 100 | 616 | 616 | 913,932,943 | 100 | | III. Total Shares | 913,932,327 | 100 | 616 | 616 | 913,932,943 | 100 | - During the reporting period, a total of **3,700 shares** were converted from convertible bonds, of which **3,084 shares** originated from the company's share repurchases, and **616 shares** from “newly issued shares,” leading to an increase in share capital[104](index=104&type=chunk) [Shareholder Information](index=32&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had 28,522 common shareholders, with Liqun Group Co., Ltd. as the largest shareholder (18.72%) and Qingdao Juntai Industrial Development Co., Ltd. as the second largest (13.37%) - As of the end of the reporting period, the total number of common shareholders was **28,522**[106](index=106&type=chunk) Top Ten Shareholders' Shareholding as of Period-End | Shareholder Name | Change During Reporting Period | Shares Held at Period-End | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Liqun Group Co., Ltd. | 0 | 171,129,589 | 18.72 | Domestic Non-State-Owned Legal Person | | Qingdao Juntai Industrial Development Co., Ltd. | 0 | 122,170,664 | 13.37 | Domestic Non-State-Owned Legal Person | | Qingdao Liqun Investment Co., Ltd. | 0 | 57,737,580 | 6.32 | Domestic Non-State-Owned Legal Person | | Qingdao Hengrongtai Asset Management Co., Ltd. | 0 | 42,049,587 | 4.60 | Domestic Non-State-Owned Legal Person | | Lianyungang Jiaruibao Commercial Development Co., Ltd. | -1,874,700 | 40,137,274 | 4.39 | Domestic Non-State-Owned Legal Person | | Xu Gongzao | 0 | 21,166,523 | 2.32 | Domestic Natural Person | | Qingdao Haitaixing Machinery Co., Ltd. | -5,075,000 | 20,540,084 | 2.25 | Domestic Non-State-Owned Legal Person | | Li Lin | -444,000 | 14,644,343 | 1.60 | Domestic Natural Person | | Shen Jun | +7,270,000 | 12,070,000 | 1.32 | Domestic Natural Person | | Zhang Yuehua | +35,000 | 9,750,474 | 1.07 | Domestic Natural Person | - At the end of the reporting period, Liqun Commercial Group Co., Ltd.'s dedicated securities account for share repurchases held **62,559,912 shares** of the company[108](index=108&type=chunk) - **Xu Gongzao, Zhao Qinxia, and Xu Ruize** are the company's actual controllers[108](index=108&type=chunk) [Section VII Bond-Related Information](index=34&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Convertible Corporate Bonds](index=34&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E6%83%85%E5%86%B5) On April 1, 2020, the company issued 1.8 billion yuan in convertible corporate bonds (Liqun Convertible Bonds) with a 6-year term, convertible from October 8, 2020, to March 31, 2026, with 11,945 bondholders and cumulative conversion of 103,487,670 shares - The company publicly issued **18 million A-share convertible corporate bonds** on April 1, 2020, with a total issuance amount of **1.8 billion yuan** and a term of **6 years**[111](index=111&type=chunk) - The conversion period is from **October 8, 2020, to March 31, 2026**[111](index=111&type=chunk) - At period-end, the number of convertible bondholders was **11,945**[112](index=112&type=chunk) Convertible Bond Changes During Reporting Period | Convertible Corporate Bond Name | Amount Before Change (yuan) | Change Increase/Decrease (Conversion) (yuan) | Amount After Change (yuan) | | :--- | :--- | :--- | :--- | | Liqun Commercial Group Co., Ltd. Convertible Corporate Bonds | 1,296,676,000 | 18,000 | 1,296,658,000 | Cumulative Convertible Bond Conversion Status During Reporting Period | Convertible Corporate Bond Name | Liqun Commercial Group Co., Ltd. Convertible Corporate Bonds | | :--- | :--- | | Conversion Amount During Reporting Period (yuan) | 18,000 | | Conversion Shares During Reporting Period (shares) | 3,700 | | Cumulative Conversion Shares (shares) | 103,487,670 | | Cumulative Conversion Shares as % of Total Shares Issued Before Conversion | 12.03 | | Unconverted Bond Amount (yuan) | 1,296,658,000 | | Unconverted Bonds as % of Total Bond Issuance | 72.0366 | - As of the end of this reporting period, the latest conversion price is **4.84 yuan**[119](index=119&type=chunk) - At the end of the reporting period, the company's total assets were **15.153 billion yuan**, total liabilities were **10.947 billion yuan**, and the asset-liability ratio was **72.24%**[120](index=120&type=chunk) - The company's main credit rating is **AA**, with a **stable outlook**[120](index=120&type=chunk) [Section VIII Financial Report](index=37&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [Financial Statements](index=37&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for H1 2025, showing total assets of 15.153 billion yuan and total liabilities of 10.947 billion yuan Consolidated Balance Sheet Key Data | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Total Current Assets | 4,461,378,508.48 | 5,099,514,276.38 | | Total Non-Current Assets | 10,691,835,602.79 | 11,120,932,118.66 | | Total Assets | 15,153,214,111.27 | 16,220,446,395.04 | | Total Current Liabilities | 8,978,086,506.93 | 8,317,262,954.39 | | Total Non-Current Liabilities | 1,968,590,661.56 | 3,560,656,230.81 | | Total Liabilities | 10,946,677,168.49 | 11,877,919,185.20 | | Total Owners' Equity Attributable to Parent Company | 4,185,201,174.57 | 4,315,652,648.62 | | Total Owners' Equity | 4,206,536,942.78 | 4,342,527,209.84 | Consolidated Income Statement Key Data | Item | 2025 H1 (yuan) | 2024 H1 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 3,718,227,431.01 | 3,836,243,051.71 | | Total Operating Costs | 3,731,844,852.70 | 3,848,658,007.28 | | Total Profit | 20,707,787.60 | 48,303,120.39 | | Net Profit | 1,861,966.36 | 18,025,629.74 | | Net Profit Attributable to Parent Company Shareholders | 7,400,759.37 | 21,728,230.86 | | Minority Interest Profit/Loss | -5,538,793.01 | -3,702,601.12 | | Basic Earnings Per Share (yuan/share) | 0.01 | 0.03 | | Diluted Earnings Per Share (yuan/share) | 0.01 | 0.02 | Consolidated Cash Flow Statement Key Data | Item | 2025 H1 (yuan) | 2024 H1 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 293,844,362.30 | 310,345,739.88 | | Net Cash Flow from Investing Activities | -123,899,712.85 | -139,964,117.55 | | Net Cash Flow from Financing Activities | -243,201,305.28 | -90,032,432.92 | | Net Increase in Cash and Cash Equivalents | -73,489,119.53 | 81,212,571.16 | | Cash and Cash Equivalents at Period-End | 615,462,646.47 | 583,906,129.51 | [Company Basic Information](index=66&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Liqun Shares first issued shares in April 2017, with registered capital changing to 860.5 million yuan, and in H1 2025, due to convertible bond conversion, total share capital increased to 913,932,943 shares, with Xu Ruize as the legal representative - The company first publicly issued shares on **April 6, 2017**, increasing its registered capital by **176 million yuan**, with the registered capital after change being **860.5 million yuan**[164](index=164&type=chunk) - On April 1, 2020, the company issued **18 million convertible corporate bonds**, totaling **1.8 billion yuan**[165](index=165&type=chunk) - In H1 2025, the company added **616 shares** due to convertible bond conversion, bringing the total share capital to **913,932,943 shares** as of June 30, 2025[165](index=165&type=chunk) - The company's legal representative is **Xu Ruize**, and its main businesses include department stores, supermarkets, appliance wholesale and retail, food processing, and commercial property leasing[166](index=166&type=chunk) [Basis of Financial Statement Preparation](index=66&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company's financial statements are prepared in accordance with "Enterprise Accounting Standards" and relevant regulations of the China Securities Regulatory Commission, presented on a going concern basis, with no significant doubts about its ability to continue as a going concern identified - The Group's financial statements are prepared in accordance with the **“Enterprise Accounting Standards”** promulgated by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission[168](index=168&type=chunk) - The Group evaluated its ability to continue as a going concern for the 12 months from June 30, 2025, and found **no significant doubts or circumstances** regarding its ability to continue as a going concern[169](index=169&type=chunk) [Significant Accounting Policies and Estimates](index=67&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the significant accounting policies and estimates followed in the company's financial statements, including classification, measurement, and impairment of financial instruments, inventory valuation and provision for impairment, as well as revenue recognition, government grants, and deferred income tax - The specific accounting policies and estimates formulated by the Group based on its actual production and operating characteristics include **bad debt provisions for receivables, inventory impairment provisions, depreciation of fixed assets, amortization of intangible assets, and revenue recognition and measurement**[170](index=170&type=chunk) - The company uses **RMB as its functional currency**, and the financial statements of overseas subsidiaries are translated into RMB[174](index=174&type=chunk) - The company classifies financial assets as measured at **amortized cost**, at **fair value through other comprehensive income**, or at **fair value through profit or loss**[185](index=185&type=chunk) - The company performs impairment assessments for accounts receivable, notes receivable, other receivables, etc., based on **expected credit losses**[195](index=195&type=chunk) - The company recognizes revenue when it has satisfied its performance obligations in the contract, i.e., when the customer obtains **control of the related goods or services**[249](index=249&type=chunk) [Taxation](index=90&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT (13%, 9%, 6%, 5%, 0%), consumption tax (5%), urban maintenance and construction tax (7%), and corporate income tax (25%, 20%, 16.5%), and it enjoys multiple tax incentives Main Tax Types and Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable value-added amount | 13%, 9%, 6%, 5%, 0% | | Consumption Tax | Gold and silver jewelry operating revenue | 5% | | Urban Maintenance and Construction Tax | Payable turnover tax | 7% | | Corporate Income Tax | Taxable income | 25%, 20%, 16.5% | | Education Surcharge | Payable turnover tax | 3% | | Local Education Surcharge | Payable turnover tax | 2% | - The company enjoys **VAT exemption** for contraceptives and related products, vegetables, and some fresh meat and egg products in circulation[277](index=277&type=chunk) - The company's subsidiaries Fuxingxiang Logistics Group Co., Ltd. and Huaian Fuxingxiang Logistics Co., Ltd. are eligible for a **50% reduction in urban land use tax** from January 1, 2023, to December 31, 2027[277](index=277&type=chunk) - The company is **exempt from VAT on wholesale and retail of books** from January 1, 2024, to December 31, 2027[278](index=278&type=chunk) - The company's income from the **initial processing of grain is exempt from corporate income tax**[278](index=278&type=chunk) - Some subsidiaries pay corporate income tax at a rate of **20%**, enjoying preferential policies for small low-profit enterprises[278](index=278&type=chunk) [Notes to Consolidated Financial Statement Items](index=91&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section details the consolidated financial statement items, noting that restricted cash reached 137 million yuan, non-current liabilities due within one year increased significantly by 448.78% to 1.566 billion yuan due to convertible bond reclassification, and treasury stock increased by 57.15% to 332 million yuan due to share repurchases - At period-end, other cash and bank balances amounted to **118 million yuan**, including bank acceptance bill deposits, letter of guarantee deposits, and migrant worker wage deposits, which are **restricted in use**[282](index=282&type=chunk) - At period-end, bank deposits included **25.3029 million yuan frozen by court order** due to litigation and **3.6738 million yuan for migrant worker wage deposits**, both restricted in use[282](index=282&type=chunk) - Accounts receivable balance at period-end was **262 million yuan**, with a bad debt provision of **3.1246 million yuan**, primarily calculated based on aging portfolios[289](index=289&type=chunk)[291](index=291&type=chunk) - Inventory book value at period-end was **2.252 billion yuan**, with an inventory impairment provision of **38.4268 million yuan**, primarily calculated based on product categories and inventory age[312](index=312&type=chunk)[314](index=314&type=chunk) - Non-current liabilities due within one year increased by **448.78% to 1.566 billion yuan**, mainly because convertible corporate bonds will mature in April 2026 and were reclassified to this item[64](index=64&type=chunk)[385](index=385&type=chunk) - Treasury stock increased by **57.15% to 332 million yuan**, primarily due to an increase in the company's share repurchases during the reporting period[64](index=64&type=chunk)[411](index=411&type=chunk) - Operating revenue decreased by **3.08% YoY to 3.718 billion yuan**, and operating cost decreased by **2.66% YoY to 2.555 billion yuan**[60](index=60&type=chunk)[418](index=418&type=chunk) - Financial expenses decreased by **5.07% YoY to 164 million yuan**, mainly due to reduced lease financing expenses and convertible bond interest[61](index=61&type=chunk)[427](index=427&type=chunk) - Credit impairment losses amounted to **-3.1588 million yuan**, and asset impairment losses amounted to **-18.7850 million yuan**[433](index=433&type=chunk)[434](index=434&type=chunk) [Changes in Consolidation Scope](index=144&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) During the reporting period, the company's consolidation scope changed, with the addition of three subsidiaries: Qingdao Fujicentral Kitchen Co., Ltd., Wuchang Zhenfeng Grain and Oil Co., Ltd., and Rizhao Qimu Youpin Commercial Co., Ltd., and the deregistration of Qingdao Qishang Footwear Co., Ltd - On March 13, 2025, the company's subsidiary Fuxingxiang Logistics Group Co., Ltd. established **Qingdao Fujicentral Kitchen Co., Ltd.**[466](index=466&type=chunk) - On April 29, 2025, the company's second-tier subsidiary Qingdao Zhenfeng Grain and Oil Trade Co., Ltd. established **Wuchang Zhenfeng Grain and Oil Co., Ltd.**[466](index=466&type=chunk) - On May 28, 2025, the company's subsidiary Rizhao Liqun Datang Shopping Center Co., Ltd. established **Rizhao Qimu Youpin Commercial Co., Ltd.**[466](index=466&type=chunk) - On April 3, 2025, the company's second-tier subsidiary **Qingdao Qishang Footwear Co., Ltd. was deregistered**[467](index=467&type=chunk) [Interests in Other Entities](index=145&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section lists the composition of the company's enterprise group, including numerous subsidiaries, and discloses the minority shareholder equity ratio, current period profit/loss, and period-end equity balance of the significant non-wholly-owned subsidiary Qingdao Jiaozhou Fuchang Tourism Development Co., Ltd - The company has numerous subsidiaries, covering sales, logistics, trade, investment, leasing, and other business natures, with most shareholding percentages at **100%**[469](index=469&type=chunk)[470](index=470&type=chunk)[471](index=471&type=chunk)[472](index=472&type=chunk)[473](index=473&type=chunk) Important Non-Wholly-Owned Subsidiary Financial Information | Subsidiary Name | Minority Shareholding Ratio (%) | Current Period Profit/Loss Attributable to Minority Shareholders (yuan) | Dividends Declared to Minority Shareholders in Current Period (yuan) | Minority Shareholder Equity Balance at Period-End (yuan) | | :--- | :--- | :--- | :--- | :--- | | Qingdao Jiaozhou Fuchang Tourism Development Co., Ltd. | 34.38 | -2,484,845.72 | 0 | 18,285,724.50 | Qingdao Jiaozhou Fuchang Tourism Development Co., Ltd. Current Period Amounts | Subsidiary Name | Operating Revenue (yuan) | Net Profit (yuan) | Total Comprehensive Income (yuan) | Cash Flow from Operating Activities (yuan) | | :--- | :--- | :--- | :--- | :--- | | Qingdao Jiaozhou Fuchang Tourism Development Co., Ltd. | 472,293.55 | -7,227,590.81 | -7,227,590.81 | 41,441.91 | Qingdao Jiaozhou Fuchang Tourism Development Co., Ltd. Period-End Balances | Subsidiary Name | Current Assets (yuan) | Non-Current Assets (yuan) | Total Assets (yuan) | Current Liabilities (yuan) | Non-Current Liabilities (yuan) | Total Liabilities (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Qingdao Jiaozhou Fuchang Tourism Development Co., Ltd. | 527,811,852.56 | 496,983,615.64 | 1,024,795,468.20 | 972,830,330.70 | 0 | 972,830,330.70 | [Government Grants](index=152&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) At the end of the reporting period, the company had no government grants recognized at receivable amounts, with deferred income as the main liability item related to government grants, totaling 34.6691 million yuan at period-end, all asset-related - Government grants recognized at receivable amounts were **0 yuan** at the end of the reporting period[478](index=478&type=chunk) Liability Items Involving Government Grants | Financial Statement Item | Opening Balance (yuan) | New Grants in Current Period (yuan) | Amount Recognized in Non-Operating Income in Current Period (yuan) | Transferred to Other Income in Current Period (yuan) | Other Changes in Current Period (yuan) | Closing Balance (yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 35,350,528.65 | 380,000.00 | 0 | 1,061,435.17 | 0 | 34,669,093.48 | Asset-related | | Total | 35,350,528.65 | 380,000.00 | 0 | 1,061,435.17 | 0 | 34,669,093.48 | / | Government Grants Recognized in Current Profit/Loss | Type | Amount in Current Period (yuan) | Amount in Prior Period (yuan) | | :--- | :--- | :--- | | Asset-related | 1,061,435.17 | 935,394.46 | | Income-related | 2,420,648.00 | 10,334,704.42 | | Total | 3,482,083.17 | 11,270,098.88 | [Financial Instrument Risk Management](index=153&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces market risks (exchange rate, interest rate, price), credit risk, and liquidity risk, managed through timely foreign exchange settlement, balancing fixed and floating rate debt, scientific pricing, inventory impairment tests, credit approval, bad debt provisions, and ensuring sufficient liquid funds and bank credit lines - The Group's objective in risk management is to achieve an appropriate balance between risk and return, minimizing the negative impact of risks on the Group's operating performance[483](index=483&type=chunk) - Exchange rate risk is primarily relate

| 证券代码：601366 | 证券简称：利群股份 | 公告编号：2025-041 | | --- | --- | --- | | 债券代码：113033 | 债券简称：利群转债 | | 利群商业集团股份有限公司 2025 年半年度经营数据 （一）主营业务分业态情况 注：（1）表内物流供应链业务数据为合并抵消后数据。物流供应链合并抵消前主营业务 收入为 29.50 亿元，占合并抵消前公司主营收入的 56.48%。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据上海证券交易所的相关规定，现将公司 2025 年半年度主要经营数据（未 经审计）公告如下： 一、报告期内公司门店变动情况 报告期内，公司新开便利店及生鲜社区店 8 家，新开品类专营店 1 家，关闭 综合超市 9 家，关闭便利店及生鲜社区店 20 家，关闭品类专营店 7 家。关闭的 综合超市情况如下： | 序号 | 地区 | 门店名称 | 经营业态 | | 闭店时间 | | | 经营面积 （平方米） | 来源 | | --- | --- | --- | --- ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, attributed to macroeconomic factors and changes in consumer behavior [1] Revenue Performance - The company's operating revenue for the first half of 2025 was 3.718 billion, a year-on-year decrease of 3.08% [1] - The decline in revenue is partly due to insufficient consumer spending power and confidence in the macro environment [1] Profitability - The net profit for the period was 7.4008 million, reflecting a significant year-on-year decrease of 65.94% [1] - The decrease in operating revenue has led to a reduction in total profit and net cash flow from operating activities [1] Market Dynamics - The company faced increased competition from expanding e-commerce platforms and emerging retail models, which diverted foot traffic from physical retail stores [1] - The company has intensified efforts to adjust its store operations, resulting in the closure of underperforming leased properties, contributing to the revenue decline [1]

Core Insights - The sales revenue of China's top 100 supermarket companies reached approximately 900 billion RMB, reflecting a slight growth of 0.3%, while the total number of stores decreased significantly by 9.8% to 25,200 stores, indicating transformation challenges in the supermarket industry due to diversified consumer trends and e-commerce impacts [1] - Only 14 companies achieved both sales and store number growth, showcasing a stark polarization in performance within the industry [1] - Notable companies in the lower half of the ranking include Chongqing Department Store, Costco (China), Tianhong Digital Technology, Pang Donglai, and Beiguo Mall, with Pang Donglai achieving sales of approximately 8.094 billion RMB and 12 stores, recognized for its exceptional customer service [1] Group 1 - The top ten companies include Walmart (China), RT-Mart, Hema, Yonghui Superstores, and Wumart, with Walmart leading at a sales scale of 158.84 billion RMB and 334 stores [4][5] - Hema's innovative business model resulted in a sales revenue of approximately 75 billion RMB and 420 stores, with plans to open nearly 100 new stores in over 50 new cities this year [5] - Lianhua Supermarket achieved sales of approximately 48.64 billion RMB with 3,152 stores, focusing on providing a rich selection of goods and creating a convenient shopping experience [5] Group 2 - Jibai Holdings, Lihua Group, Henan Dazhang, Aeon (China), and Guangzhou Yichulai ranked 11th to 15th, with Jibai Holdings reporting a sales scale of approximately 12.06 billion RMB and 3,179 stores [2] - The performance of the top 100 supermarket companies highlights the competitive landscape, where only a few have successfully adapted to market changes and consumer preferences [1][2]

Core Insights - The sales scale of China's top 100 supermarket companies reached approximately 900 billion yuan, with a year-on-year growth of 0.3%, while the total number of stores decreased by 9.8% to 25,200, indicating transformation challenges in the supermarket industry due to diversified consumer markets and e-commerce impacts [1][3] Group 1: Company Performance - Among the top 100 companies, 42 achieved positive sales growth, but only 25 increased their store numbers, with only 14 companies achieving both sales and store growth [1] - Walmart (China) led the list with a sales scale of 158.84 billion yuan and 334 stores, showcasing its strong supply chain and brand influence [5] - Hema (盒马) emerged as a strong competitor, achieving sales of approximately 75 billion yuan with 420 stores, demonstrating rapid growth and innovative strategies [6] Group 2: Operational Strategies - Some companies optimized resource allocation by closing underperforming stores and focusing on enhancing the service quality of core stores, such as Fat Donglai Supermarket, which is known for its exceptional service [3] - Companies like Jibai Holdings and Lihua Group displayed solid performance through stable operational strategies, with Jibai achieving a sales scale of approximately 12.06 billion yuan and 3,179 stores [3][5] Group 3: Market Trends - The overall decline in store numbers reflects the industry's adaptation to changing consumer preferences and the competitive landscape influenced by e-commerce [1] - The significant performance disparity among companies highlights the importance of precise market positioning, innovative business strategies, and superior service quality in navigating the competitive environment [1][3]

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Group 1: Report Industry Investment Rating - The report does not explicitly mention the industry investment rating [1] Group 2: Core Views of the Report - Maintain a relatively optimistic view of the convertible bond market in the second half of the year, due to the continuous imbalance between supply and demand and the "asset shortage" situation, the important role of convertible bonds in the asset portfolio, and the need to conduct high - low switching [1] - In the context of a slow - bull equity market, there are still opportunities for bank convertible bonds [1] - The top ten high - rating, medium - low - price convertible bonds with the greatest potential for par premium rate repair next week are Hexing Convertible Bond, Guangda Convertible Bond, etc. [1] Group 3: Summary According to the Directory 1. Week - to - Week Market Review 1.1. Equity Market Overall Rise, Most Industries Rise - From August 4th to 8th, the equity market rose overall, with the Shanghai Composite Index up 2.11%, the Shenzhen Component Index up 1.25%, the ChiNext Index up 0.49%, and the CSI 300 up 1.23%. The average daily trading volume of the two markets decreased by about 1121.60 billion yuan to 16748.23 billion yuan, a week - on - week decrease of 6.28% [6][8] - Among the 31 Shenwan primary industries, 25 industries closed up, with National Defense and Military Industry, Non - Ferrous Metals, etc. leading the gains [12] 1.2. Convertible Bond Market Overall Rise, Most Industries Fall - From August 4th to 8th, the CSI Convertible Bond Index rose 2.31%. Among the 29 Shenwan primary industries, 4 industries closed up, with Automobile, Social Services, etc. leading the gains. The average daily trading volume of the convertible bond market was 895.48 billion yuan, a significant increase of 72.55 billion yuan, a week - on - week change of 8.82% [15] - About 92.46% of convertible bond issues rose, and 51.72% of them had a gain of over 2% [15] - The overall market conversion premium rate rebounded, with an average daily conversion premium rate of 41.62%, an increase of 0.98 pct compared to last week [22] - 20 industries saw an expansion in the conversion premium rate, and 17 industries had an increase in conversion parity [28][33] 1.3. Stock - Bond Market Sentiment Comparison - From August 4th to 8th, the weekly weighted average and median of the convertible bond and underlying stock markets were positive, and the underlying stocks had a larger weekly gain. The trading volume of the convertible bond market increased by 5.07% week - on - week, and that of the underlying stock market decreased by 6.84% week - on - week. The trading sentiment of the underlying stock market was better [34] 2. Outlook and Investment Strategy - Maintain the previous view, be relatively optimistic about the convertible bond market in the second half of the year. In the context of a slow - bull equity market, there are still opportunities for bank convertible bonds [1][38] - The top ten high - rating, medium - low - price convertible bonds with the greatest potential for par premium rate repair next week are Hexing Convertible Bond, Guangda Convertible Bond, etc. [1]

Core Viewpoint - LQ Group's stock price remains stable at 4.67 yuan as of August 7, 2025, with a trading volume of 70,758 hands and a transaction amount of 0.33 billion yuan, indicating steady market performance [1] Company Overview - LQ Group primarily operates in the commercial retail sector, focusing on department stores and supermarkets [1] - The company has established a wholly-owned subsidiary, Qingdao Qingchao Youxuan New Retail Co., Ltd., which will engage in the retail of agricultural products, wholesale and retail of fresh meat, and wholesale of jewelry [1]