Core Viewpoint - Suning, a well-known brand group, has been declared insolvent, facing a massive debt of 230 billion yuan and asset liquidation valued at approximately 41 billion yuan, leading to a potential adjustment or complete loss of shareholder equity [3][8]. Group 1: Company Overview - In 2019, Suning's revenue was approximately 269.23 billion yuan, with a GMV of 378.74 billion yuan, and it operated over 8,216 offline stores across China and internationally [12]. - Suning's brand value was estimated at 39 billion USD, making it one of the most valuable brands in China's retail sector [12]. - The company expanded from a single appliance retailer to a diversified "omni-channel retail ecosystem," including e-commerce, logistics, financial services, and more [16]. Group 2: Mistakes Made by Suning - Suning made significant strategic investments in real estate during 2017-2018, locking substantial funds in long-term projects, which strained liquidity [26]. - In 2019, Suning acquired a majority stake in Carrefour China, which subsequently faced continuous losses and goodwill impairment [29]. - The company struggled with high operational costs due to its large offline store network, which conflicted with its O2O strategy [31]. - Over the past decade, Suning's extensive investments in various sectors diluted its resources, leading to increased debt and liquidity issues [33]. - The COVID-19 pandemic exacerbated existing problems, revealing vulnerabilities in Suning's business model and asset management [34]. Group 3: Leadership Accountability - Zhang Jindong, the founder of Suning, and his son Zhang Kangyang have faced scrutiny for their management decisions, including the acquisition of Inter Milan, which ultimately did not yield the expected benefits [36][45]. - The financial strain from the Inter Milan investment, including a €275 million loan that could not be repaid, led to a loss of control over the club [45]. - Critics argue that while Zhang Kangyang has international experience, he lacks the expertise to manage large-scale businesses effectively, particularly in the competitive retail and sports sectors [46]. Group 4: Restructuring Efforts - Suning's restructuring plan aims to manage debt through a trust, selling valuable assets while continuing operations for viable companies [50]. - The restructuring proposal has faced multiple delays, indicating ongoing negotiations among creditors and potential legal uncertainties [50]. - If the restructuring plan is approved, it may allow for the continuation of core retail operations, but the path to recovery and debt repayment remains challenging [54].

Core Viewpoint - Carrefour's presence in the Chinese market is expected to further diminish as Suning.com continues to divest its non-core subsidiaries at symbolic prices, reflecting a strategic shift towards focusing on its core business of home appliances and 3C products [4][18]. Summary by Sections Asset Disposal - Suning.com announced the sale of 8 subsidiaries for a total of 8 yuan, with each subsidiary priced at 1 yuan, marking the third instance of such symbolic asset disposals within 2025 [5][11]. - The subsidiaries involved span various sectors, including liquor sales and supermarket operations, and will no longer be included in Suning's consolidated financial statements post-sale [7][11]. Financial Implications - The divested subsidiaries were generally in a state of insolvency, with negative equity values. For instance, one subsidiary had a book value of -161 million yuan and an assessed value of -35.38 million yuan [11]. - The transactions are expected to improve Suning's financial statements, with an anticipated increase in net profit of approximately 383 million yuan [11]. Strategic Focus - Suning.com is committed to streamlining its operations by focusing on its core business, which includes home appliances and 3C products, while reducing its debt levels [15][16]. - The company plans to enhance its offline store strategy by opening and upgrading 75 new stores in key cities, emphasizing a combination of product variety and deep service [16]. Historical Context - The recent disposals are part of a broader trend following Suning's acquisition of Carrefour China in 2019 for 4.8 billion yuan, which has now turned into a financial burden [18]. - The divestiture of these subsidiaries signifies a complete exit from the Carrefour brand in China, as the company has faced challenges due to changing consumer behavior and external market conditions [18]. Future Outlook - The effectiveness of Suning's strategy to focus on its core business and the success of its new store formats will be critical in generating sustainable operating cash flow moving forward [19].

来源：环球网 案例摘要： 本案例以苏宁易购在2025年全面落地的"大店战略"为核心，深度剖析标杆业态Suning Max店的创新实 践。面对消费升级与行业变革，苏宁易购不再局限于传统的商品交易，而是通过"科技+生活+社交"三 位一体的场景重构，将线下门店升级为沉浸式生活体验场与城市新消费地标。本案例展现了苏宁易购如 何以Suning Max店为载体，在场景力、商品力、服务力上进行系统性革新，吸引新客群、提升经营效 率，并联动上下游构建新智家电生态，为实体零售在高质量发展道路上的转型升级提供了新样本。 关键词： 苏宁易购；Suning Max店；场景零售；新质生产力；高质量发展；消费体验；新智家电；以旧换新 案例正文： 2025年，是中国消费市场从复苏迈向扩张、从规模增长转向质量创新的关键一年。 国家推动消费品以 旧换新政策扩围增效，消费者对品质化、场景化、个性化的需求日益凸显。在此背景下，苏宁易购敏锐 捕捉趋势，于2024年确立"开大店、开好店"的核心战略，并在2025年加快全国布局拓展。其倾力打造的 Suning Max（苏宁易购超级体验店）业态，正是对"发展新质生产力""推动高质量发展"国家战略的生动 商 ...

Core Insights - The number of students in China's "University City" continues to expand, with 10 cities now having over 800,000 students enrolled in undergraduate and vocational programs [1][4] - Guangzhou leads with over 1.5 million students, followed by cities like Zhengzhou, Wuhan, Chengdu, and Chongqing, which have surpassed 1 million students [1][4] - While enrollment numbers are increasing, the growth rate is slowing down, with 2020-2024 enrollment growth rates of 5.74%, 3.50%, 1.32%, 2.73%, and 2.56% respectively [1][4] Enrollment Trends - The total number of undergraduate students in the top 20 cities increased from 17.04 million in 2023 to 17.37 million in 2024, a growth of 1.97% [4] - South China cities like Nanchang have joined the "800,000 club," with a notable increase of 4.23% in student enrollment [5][6] - Some cities, such as Hefei and Harbin, are experiencing a decline in student enrollment, with Hefei's numbers dropping by 2.69% [5][6][7] Graduate Education Development - Many cities are focusing on developing graduate education, with 8 cities having over 1 million total higher education students when including graduate students [2][8] - Beijing has the highest number of graduate students at 475,000, while Shanghai follows with 269,300 [7][8] - Cities like Nanjing and Xi'an also report increases in graduate student enrollment, contributing to their overall higher education numbers exceeding 1 million [8] Employment and Talent Retention - Cities are implementing strategies to attract and retain university graduates, with initiatives like "Million College Students Stay in Wuhan" and "Ten Thousand College Students Stay in Hohhot" [11][12] - Employment opportunities and local industry development are critical factors influencing graduates' decisions to remain in their cities [11][12] - The cost of living is also a significant consideration, with cities like Chengdu being more attractive due to lower housing prices compared to first-tier cities [12][13] Recommendations for Cities - To retain graduates, cities should focus on job matching, salary competitiveness, and housing support [13] - Enhancing internship opportunities and creating tailored programs for students can improve employment rates [13] - Building a vibrant cultural and social environment is essential for attracting and retaining young talent [13]

对于密集剥离动作，苏宁易购也在公告中解释，当前坚定聚焦家电3C核心业务，持续推进非主营业务 单元的精简瘦身工作，将多措并举进一步降低企业债务水平，持续化解公司债务负担。 回顾其持有历程，苏宁易购2019年以48亿元收购家乐福中国80%股权。但受外部消费环境变化、消费行 为转变等因素影响，叠加自身流动性不足，家乐福的经营状况仍未能改善。从2023年开始，苏宁易购陆 续关闭家乐福商超业务。 目前，苏宁易购家用电器及消费电子收入占比达八成以上，日用百货收入占比仅半成。 财务数据显示，今年前三季度，苏宁易购实现营收381.31亿元，同比增长0.29%；归母净利润7333万 元，同比下滑87.76%。第三季度营收为122.36亿元，净利润为2464万元，扣非后净亏损为11.1亿元。 12月10日，苏宁易购发布公告称，全资子公司苏宁国际旗下控股子公司以合计8元价格，向上海启纾家 福出售8家子公司100%股权，每家公司转让对价均为1元。 出售完成后，公司将增加归母净利润约9.92亿元。 详细信息显示，此次出售的8家公司包括南京时光煮酒、曲靖客优仕、客优仕管理咨询等，均为苏宁国 际旗下家乐福中国体系内的资产。截至今年9月30 ...

苏宁易购宣布再次剥离家乐福系资产。 财报显示，今年前三季度，苏宁易购流动负债达846.27亿元，超出流动资产362.99亿元。公司实现营收 381.31亿元，同比增长0.29%；实现归母净利润0.73亿元，同比下滑87.76%。 截至12月11日收盘，ST易购（002024.SZ）跌0.57%，报1.73元/股，总市值为160亿元。 此前公告显示，家乐福中国于1995正式进入中国内地市场，是最早一批在中国开展业务的外资零售企业 之一，主营大型综合超市业务。2019年9月，苏宁易购全资子公司苏宁国际出资48亿元收购了荷兰家乐 福（中国）控股有限公司80%股份，成为家乐福中国控股股东。 苏宁易购认为，本次交易将对公司本期财务状况和经营成果产生积极影响，预计合计增加归母净利润约 9.92 亿元，具体金额以公司披露的经审计的定期报告数据为准。 苏宁易购表示，当前公司坚定聚焦家电3C核心业务，持续推进非主营业务单元的精简瘦身工作，将多 措并举进一步降低企业债务水平，持续化解公司债务负担。公开资料显示，今年以来，苏宁易购通过三 次交易，以总对价24元，合计剥离了24家子公司，预计增厚净利润超19亿元，剥离标的均为已停止经 ...

苏宁易购宣布再次剥离家乐福系资产。 12月10日，苏宁易购发布公告称，公司全资子公司苏宁国际旗下控股子公司以合计8元对价，向上海启纾家福出售8家公司股 权，每家公司交易对价均为1元。本次转让完成后，目标公司将不再纳入公司合并报表范围。 公告显示，截止评估基准日2025年9月30日，苏宁易购此次出售的八家公司中的七家100%股权价值评估值均为负值，另有南京 时光煮酒评估值为0元。本次交割完成后，目标公司的企业名称、字号、招牌、对外宣传不再使用"家乐福""Carrefour"等相关元 素。 苏宁易购表示，Carrefour China Holdings N.V.（家乐福在中国的运营主体）在中国下属子公司传统大型商超业务受外部环境及消 费行为转变影响，叠加自身流动性不足，加之公司因自身流动性问题无法为其提供持续的资金支持，自2023年起逐步关停传统 大型商超业务。相关子公司均已停止经营，债务负担较重。通过本次交易，引入有丰富经验的专业资管机构，发挥其资源优 势，能够有效开展资产、债务重组工作。 此前公告显示，家乐福中国于1995正式进入中国内地市场，是最早一批在中国开展业务的外资零售企业之一，主营大型综合超 市业务 ...

鼎阳科技：全新推出SPB3000X系列源载模拟器 12月11日，鼎阳科技(688112)发布公告称，公司全新推出SPB3000X系列源载模拟器,包含双通道直流电 源SPB3100X、双通道电子负载SPB3200X、电池模拟器SPB3300X三个机型，具有高精准度、低纹波噪 声、快速瞬态响应的性能优势，搭配可视化操作、多接口兼容的设计，覆盖电源供电测试、电子负载测 试、电池仿真分析等多种需求。本次发布的新产品未来要实现大规模销售，尚需通过更多客户对该产品 进行试用和评估，存在市场推广与客户开拓不及预期的风险。 宁波华翔：拟收购峰梅动力40%股权 12月11日，宁波华翔(002048)发布公告称，公司与实控人控制的企业峰梅控股拟共同以现金出资的方式 购买上汽大众持有的上海峰梅动力系统有限公司（简称"峰梅动力"）100%股权，其中宁波华翔购买峰 梅动力40%股权，峰梅控股购买峰梅动力60%股权，待新业务运行稳定并达成预期效果后，公司将进行 业务整合。 *ST交投：实施资本公积转增股本事项 股票停牌一天 12月11日，*ST交投(002200)发布公告称，根据昆明市中级人民法院于2025年11月28日裁定批准的《云 ...

谈及出售的原因，该公司强调，当前坚定聚焦家电3C核心业务，持续推进非主营业务单元的精简瘦身工作，将多措并 举进一步降低企业债务水平，持续化解公司债务负担。 苏宁易购提及，Carrefour China Holdings N.V.（家乐福中国业务的运营主体）在中国下属子公司传统大型商超业务受外 部环境及消费行为转变影响，叠加自身流动性不足，加之公司因自身流动性问题无法为其提供持续的资金支持，自2023 年起逐步关停传统大型商超业务。相关子公司均已停止经营，债务负担较重，通过本次交易，引入有丰富经验的专业资 管机构，发挥其资源优势，能够有效开展资产、债务重组工作。整体来看，本次交易有助于减轻上市公司债务负担，改 善公司经营业绩，降低企业经营和管理风险。 智通财经记者 | 宋佳楠 12月10日晚，苏宁易购发布公告披露，公司全资子公司苏宁国际旗下控股子公司以合计8元价格，向上海启纾家福企业 服务合伙企业出售8家子公司100%股权，每家公司转让对价均为1元。 交易完成后，南京时光煮酒酒业销售有限公司、曲靖客优仕超市有限公司、客优仕（上海）管理咨询有限公司、客优仕 （上海）电子商务有限公司、重庆客优仕商业有限公司、南昌悦 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002024 证券简称：ST易购 公告编号：2025-066 苏宁易购集团股份有限公司第八届 董事会第三十八次会议决议公告 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 苏宁易购集团股份有限公司第八届董事会第三十八次会议于2025年12月3日以电子邮件方式发出会议通 知，2025年12月9日在本公司会议室召开。本次会议以现场结合通讯表决方式召开。 本次会议应出席董事8人，实际出席会议董事8人，其中现场出席董事2人，以通讯表决方式出席董事6 人、委托出席董事0人。董事关成华先生、贾红刚先生、曹志坚先生、张康阳先生、独立董事陈志斌先 生、杨波先生因工作原因以通讯表决方式参加了本次会议。 本次会议由董事长任峻先生主持，公司部分高级管理人员列席了会议，会议的召开符合《公司法》和 《公司章程》的规定。 二、董事会会议审议情况 1、以8票同意、0票反对、0票弃权的结果审议通过了《关于取消监事会并修订〈公司章程〉的议案》， 该议案需提交公司2025年第五次临时股东大会审议。 具体内容详见2 ...