Core Viewpoint - The company reported a decline in both revenue and net profit for the first three quarters of 2025, indicating financial challenges ahead [1] Financial Performance - The company achieved an operating revenue of 1.209 billion yuan, representing a year-on-year decrease of 15.39% [1] - The net profit attributable to shareholders was 72.3553 million yuan, down 37.74% year-on-year [1] - The net loss attributable to shareholders after deducting non-recurring gains and losses was 141 million yuan [1]

Core Viewpoint - The company, Gongxiao Daji, is a national O2O retail enterprise combining offline retail and online e-commerce, with a unique business model and a focus on the general retail sector [1] Group 1: Business Performance - For Q3 2025, Gongxiao Daji reported revenue of 1.209 billion yuan, ranking 11th in the industry, below the industry average of 1.866 billion yuan and significantly lower than the top competitors, Tianhong and Wangfujing, with revenues of 8.878 billion yuan and 7.709 billion yuan respectively [2] - The main business composition includes commercial operations - supermarkets at 453 million yuan (57.91%), commercial operations - others at 306 million yuan (39.09%), and trade logistics at 23.43 million yuan (2.99%) [2] - The net profit for the same period was 95.76 million yuan, ranking 7th in the industry, exceeding the industry average of 39.28 million yuan but lower than the top performers, Hangzhou Jiebei and Dongbai Group, with net profits of 316 million yuan and 162 million yuan respectively [2] Group 2: Financial Ratios - As of Q3 2025, Gongxiao Daji's debt-to-asset ratio was 50.47%, an increase from 45.78% in the previous year and above the industry average of 48.09% [3] - The company's gross profit margin for Q3 2025 was 31.00%, an increase from 26.60% year-on-year, but still below the industry average of 45.34% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 8.99% to 380,600, while the average number of circulating A-shares held per shareholder increased by 9.88% to 38,700 [5] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the newest shareholder, holding 211 million shares [5] Group 4: Leadership and Compensation - The controlling shareholder of Gongxiao Daji is Beijing Zhonghe Nongxin Enterprise Management Consulting Co., Ltd., with the actual controller being the All-China Federation of Supply and Marketing Cooperatives [4] - The president, Wang Rengang, has a salary of 846,900 yuan for 2024 and has previously worked in affiliated companies of the All-China Federation of Supply and Marketing Cooperatives [4]

审议通过《2025 年第三季度报告》 表决结果：7 票同意，0 票反对，0 票弃权，表决通过。 股票代码：000564 股票简称：供销大集 公告编号：2025-059 供销大集集团股份有限公司 第十一届董事会第十六次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 供销大集集团股份有限公司（以下简称"公司"）第十一届董事会第十六次会议于 2025 年 10 月 29 日召开。会议通知于 2025 年 10 月 23 日以电子邮件及电话的方式通 知各位董事。会议以现场视频加通讯方式召开，会议应出席董事 7 名，实际出席董事 7 名。会议由公司董事长主持，公司高级管理人员列席了会议。会议的召开符合《公 司法》及《公司章程》的有关规定。 二、董事会会议审议情况 报告内容详见公司同日《2025 年第三季度报告》（公告编号：2025-060）。 三、备查文件 第十一届董事会第十六次会议决议 特此公告 供销大集集团股份有限公司 董 事 会 二〇二五年十月三十一日 ...

Core Viewpoint - The company reported a significant decline in both revenue and net profit for the first three quarters of the year, indicating potential challenges in its operational performance [1] Financial Performance - The company's operating revenue for the first three quarters was 1.2 billion, representing a year-on-year decrease of 15.39% [1] - The net profit attributable to shareholders was 72.35 million, down 37.74% compared to the previous year [1] - The company experienced a non-recurring net loss of 140 million [1]

Core Insights - The company reported a revenue of 426 million yuan in Q3, representing a year-on-year decline of 10.12% [1] - The net profit attributable to shareholders for Q3 was 67.03 million yuan, showing a significant year-on-year increase of 783.66% [1] - For the first three quarters, the company achieved a total revenue of 1.209 billion yuan, down 15.39% year-on-year [1] - The net profit attributable to shareholders for the first three quarters was 72.36 million yuan, reflecting a year-on-year decrease of 37.74% [1]

Financial Performance - Q3 2025 revenue was CNY 426.46 million, a decrease of 10.12% compared to the same period last year[5] - Net profit attributable to shareholders was CNY 67.03 million, a significant increase of 783.66% year-on-year[5] - Basic and diluted earnings per share were CNY 0.0037, an increase of 825.00% year-on-year[5] - Total operating revenue for the current period was ¥1,208,993,590.32, a decrease of 15.4% compared to ¥1,428,824,224.48 in the previous period[33] - The net profit for the current period is 95,760,607.32, a decrease of 65.7% compared to 279,288,079.97 in the previous period[34] - The operating profit for the current period is 136,168,858.43, down from 337,405,986.88, reflecting a decline of 59.6%[34] - Total comprehensive income for the current period is 329,593,602.87, compared to 283,288,438.06 in the previous period, indicating an increase of 16.4%[35] Cash Flow and Liquidity - The net cash flow from operating activities was CNY -824.35 million, representing an 81.41% decline compared to the previous year[5] - Cash and cash equivalents decreased by 52.36% to CNY 647.61 million due to payments for acquisitions and debt settlements[10] - Cash flow from operating activities shows a net outflow of 824,353,354.53, worsening from a net outflow of 454,406,541.19 in the previous period[37] - Cash and cash equivalents at the end of the period stand at 538,166,725.54, down from 2,107,964,155.32 at the end of the previous period[37] - The company received cash inflows from financing activities totaling 2,351,785,372.24, a decrease of 63.7% compared to 6,464,213,320.04 in the previous period[37] Assets and Liabilities - Total assets at the end of the reporting period were CNY 34.92 billion, a decrease of 3.36% from the previous year[5] - Total liabilities decreased to ¥17,621,721,518.45 from ¥18,414,029,780.53, a reduction of 4.3%[31] - Total cash inflow from operating activities is 4,160,758,088.90, down from 6,427,144,381.35 in the previous period, a decline of 35.5%[36] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 380,596[19] - As of the end of the reporting period, Zhonghe Agricultural Credit and its concerted actions hold a total of 4,450,348,107 shares, accounting for 24.64% of the total shares[4] - HNA Commercial Holdings holds 318,675,668 shares, of which 310,468,878 shares have waived voting rights and other management-related rights[22] - HNA Commercial Holdings and its concerted actions hold a total of 2,585,731,549 shares, accounting for 14.32% of the total shares as of the end of the reporting period[23] Strategic Initiatives - The company completed the acquisition of 51% equity in Beijing New Cooperation Commercial Development Co., Ltd., impacting long-term equity investments[12] - The company signed an investment agreement with multiple financial investors, including New Cooperation Group and others, on December 30, 2024[3] - The company is undergoing a significant asset restructuring involving HNA Commercial Holdings and several subsidiaries[2] - New product launches are planned for Q4 2025, including two innovative logistics solutions aimed at enhancing operational efficiency[26] - The company is expanding its market presence by entering three new provinces in China, targeting a 25% increase in market share by the end of 2025[27] - A strategic acquisition of a regional logistics firm was completed, expected to contribute an additional 200 million RMB in annual revenue[26] - The company has initiated a new technology development program focused on AI-driven supply chain management, with an investment of 50 million RMB[27] Operational Efficiency - Sales expenses decreased by 38.22% to approximately ¥94.62 million, attributed to cost reduction and efficiency improvements[15] - Management expenses decreased by 36.63% to approximately ¥230.44 million, due to organizational efficiency optimization[15] - Financial expenses decreased by 38.29% to approximately ¥253.53 million, mainly from increased exchange gains and reduced borrowing costs[16] - The company reported a decrease in operational costs by 5% due to improved efficiency measures implemented in Q3 2025[28] Government Support - The company recognized government subsidies amounting to CNY 79.62 million during the reporting period[7] - Other income increased by 42.93% to approximately ¥245.53 million, primarily due to increased government subsidies[16] Future Outlook - The company provided guidance for the second half of 2025, expecting revenue to grow by an additional 10% compared to the first half[27] - The company plans to hold its annual shareholder meeting in December 2025 to discuss future strategies and performance updates[26] - A financial risk assessment report was released, indicating a stable outlook with a low risk rating for the upcoming fiscal year[27]

Core Insights - The company reported a third-quarter revenue of 426 million, a year-on-year decrease of 10.12% [1] - The net profit for the third quarter was 67.03 million, showing a significant year-on-year increase of 783.66% [1] - For the first three quarters, the total revenue was 1.209 billion, reflecting a year-on-year decline of 15.39% [1] - The net profit for the first three quarters was 72.36 million, which represents a year-on-year decrease of 37.74% [1]

Market Overview - The general retail sector increased by 0.21% compared to the previous trading day, with Quanxinhao leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Top Gainers in General Retail Sector - Quanxinhao (000007) closed at 7.99, with a rise of 7.97% and a trading volume of 213,100 shares, totaling a transaction value of 167 million yuan [1] - Zhejiang Dongri (600113) closed at 49.15, up 5.45%, with a trading volume of 82,100 shares and a transaction value of 391 million yuan [1] - Ningbo Zhongbai (600857) closed at 16.05, increasing by 3.88%, with a trading volume of 140,500 shares and a transaction value of 224 million yuan [1] Top Losers in General Retail Sector - Guangbai Co. (002187) closed at 6.38, down 3.92%, with a trading volume of 195,800 shares and a transaction value of 125 million yuan [2] - Debi Group (300947) closed at 18.88, decreasing by 3.82%, with a trading volume of 43,900 shares and a transaction value of approximately 83.43 million yuan [2] - Tianhong Co. (002419) closed at 5.40, down 3.74%, with a trading volume of 357,700 shares and a transaction value of 193 million yuan [2] Capital Flow Analysis - The general retail sector experienced a net outflow of 309 million yuan from institutional investors, while retail investors saw a net inflow of 364 million yuan [2] - The main stocks with significant capital inflow included Supply and Marketing Cooperative (000564) with a net inflow of 33.15 million yuan [3] - Hemei Group (002356) had a net inflow of 20.62 million yuan, while Agricultural Products (000061) saw a net inflow of 18.06 million yuan [3]

Market Overview - The Hainan Free Trade Zone concept declined by 0.80%, ranking among the top declines in concept sectors as of the market close on October 27 [1] - Within the sector, Haikou Group, Kangzhi Pharmaceutical, and Haixia Co. saw significant declines, while nine stocks experienced price increases, with Jinpan Technology, Junda Co., and *ST Shuangcheng leading the gains at 4.44%, 1.64%, and 1.62% respectively [1] Sector Performance - The top-performing concept sectors today included: - Storage Chips: +3.49% - AI PC: +3.20% - National Big Fund Holdings: +3.01% - Conversely, sectors such as E-sports and Hainan Free Trade Zone experienced declines of -0.84% and -0.80% respectively [1] Capital Flow - The Hainan Free Trade Zone concept saw a net outflow of 458 million yuan, with 17 stocks experiencing net outflows, and six stocks seeing outflows exceeding 30 million yuan [1] - Haixia Co. led the net outflow with 259.24 million yuan, followed by Gongxiao Daji, Haikou Group, and ST Huawen with outflows of 94.14 million yuan, 65.09 million yuan, and 57.09 million yuan respectively [1][2] Notable Stocks - Stocks with significant net inflows included: - Jinpan Technology: +65.42 million yuan - Caesar Travel: +36.09 million yuan - Hainan Huatie: +26.97 million yuan [1][2] - Other notable stocks with declines included: - Haixia Co.: -4.15% - Haikou Group: -4.74% - ST Huawen: -4.01% [2]

Core Viewpoint - The event organized by the Shouguang Supply and Marketing Cooperative aims to innovate consumption scenarios, enrich consumer experiences, and unleash consumption potential through the promotion of local agricultural products [3][5]. Group 1: Event Overview - The "Welcoming Chongyang, Promoting Consumption" event took place on October 24-25, featuring over 50 agricultural product producers from Shouguang, Qingzhou, and Rongcheng [3]. - More than 100 high-quality agricultural products were showcased, including items like tiger head chicken, traditional cloth, pickled vegetables, chili sauce, and various types of grains and oils [3]. Group 2: Objectives and Impact - The event serves as a practical measure for the Shouguang Supply and Marketing Cooperative to fulfill its fundamental purpose of serving farmers and is a concrete action to expand domestic demand and promote consumption [5]. - The initiative is part of a broader strategy to establish an efficient agricultural product circulation system that supports rural revitalization [5]. - The cooperative has been actively promoting the "Shouguang Supply and Marketing Fair" to enhance consumer policy implementation and optimize the consumption environment [5].