Growth - Huayin Power reported a net profit of 207 million yuan for the first half of the year, a year-on-year increase of 4146.80% [1] - Guotou Zhonglu achieved a net profit of 25.08 million yuan, up 2149.03% year-on-year [1] - Jianfeng Group's net profit reached 618 million yuan, reflecting a year-on-year growth of 1196.93% [1] - Haixiang New Materials reported a net profit of 64.95 million yuan, with a year-on-year increase of 1099.05% [1] - Shanshan Co. posted a net profit of 207 million yuan, up 1079.59% year-on-year [1] - Huaxia Airlines achieved a net profit of 251 million yuan, a year-on-year increase of 858.95% [1] - Haitan Ruisheng reported a net profit of 3.80 million yuan, reflecting a year-on-year growth of 813.65% [1] - Wentai Technology's net profit was 474 million yuan, up 237.36% year-on-year [1] - ST Yigou reported a net profit of 48.69 million yuan, a year-on-year increase of 230.03% [1] - Youyan New Materials achieved a net profit of 130 million yuan, reflecting a year-on-year growth of 218.47% [1] - Guotai Haitong reported a net profit of 15.737 billion yuan, up 213.74% year-on-year [1] - Batian Co. posted a net profit of 456 million yuan, reflecting a year-on-year increase of 203.71% [1] - Changjiang Securities achieved a net profit of 1.737 billion yuan, up 120.76% year-on-year [1] - China Shipbuilding reported a net profit of 2.946 billion yuan, reflecting a year-on-year growth of 108.59% [1] - Shenwan Hongyuan posted a net profit of 4.284 billion yuan, up 101.32% year-on-year [1] - Zhongwei Semiconductor reported a net profit of 86.47 million yuan, reflecting a year-on-year increase of 100.99% [1] - Lankai Technology achieved a net profit of 1.159 billion yuan, up 95.41% year-on-year [1] - CICC reported a net profit of 4.33 billion yuan, reflecting a year-on-year growth of 94.35% [1] - TCL Technology posted a net profit of 1.883 billion yuan, up 89.26% year-on-year [1] - Guoxin Securities achieved a net profit of 5.367 billion yuan, reflecting a year-on-year increase of 71% [1] - Haowei Group reported a net profit of 2.028 billion yuan, up 48.34% year-on-year [1] - GF Securities posted a net profit of 6.47 billion yuan, reflecting a year-on-year growth of 48.31% [1] - Huatai Securities achieved a net profit of 7.549 billion yuan, up 42.16% year-on-year [1] - Lingyi Manufacturing reported a net profit of 930 million yuan, reflecting a year-on-year increase of 35.94% [1] - Guoxuan High-Tech achieved a net profit of 367 million yuan, up 35.22% year-on-year [1] - Zoomlion reported a net profit of 2.765 billion yuan, reflecting a year-on-year growth of 20.84% [1] - Yunnan Baiyao posted a net profit of 3.633 billion yuan, up 13.93% year-on-year [1] - BYD achieved a net profit of 15.511 billion yuan, reflecting a year-on-year increase of 13.79% [1] Decline and Loss - Agricultural Bank reported a net profit of 139.51 billion yuan, a year-on-year increase of 2.7% [2] - Gujing Gongjiu achieved a net profit of 3.662 billion yuan, up 2.49% year-on-year [2] - Bank of Communications reported a net profit of 46.016 billion yuan, reflecting a year-on-year increase of 1.61% [2] - Postal Savings Bank achieved a net profit of 49.228 billion yuan, up 0.85% year-on-year [2] - China Rare Earth reported a net profit of 16.2 million yuan, turning from loss to profit [2] - New Hope achieved a net profit of 75.5 million yuan, turning from loss to profit [2] - BeiGene reported a net profit of 450 million yuan, turning from loss to profit [2] - Shenghe Resources achieved a net profit of 37.7 million yuan, turning from loss to profit [2] - China Great Wall reported a net profit of 13.8 million yuan, turning from loss to profit [2] - Tianqi Lithium reported a net profit of 8.441 million yuan, turning from loss to profit [2] - Yunda Holdings reported a net profit of 52.9 million yuan, a year-on-year decline of 49.19% [2] - Magmi Te reported a net profit of 17.4 million yuan, down 44.82% year-on-year [2] - Youa Holdings reported a net profit of 5.348 million yuan, down 45.61% year-on-year [2] - Yanzhou Coal reported a net profit of 4.652 billion yuan, down 38.53% year-on-year [2] - Changfei Optical Fiber reported a net profit of 296 million yuan, down 21.71% year-on-year [2] - Pianzaihuang reported a net profit of 1.442 billion yuan, down 16.22% year-on-year [2] - China Shenhua reported a net profit of 246.41 billion yuan, down 12% year-on-year [2] - China Railway reported a net profit of 118.27 billion yuan, down 17.17% year-on-year [2] - Luzhou Laojiao reported a net profit of 766.3 million yuan, down 4.54% year-on-year [2] - Industrial and Commercial Bank reported a net profit of 168.103 billion yuan, down 1.4% year-on-year [2] - China Construction Bank reported a net profit of 162.076 billion yuan, down 1.37% year-on-year [2] - Jingwang Electronics reported a net profit of 64.9 million yuan, down 1.06% year-on-year [2] - Bank of China reported a net profit of 117.591 billion yuan, down 0.85% year-on-year [2] - Beijing-Shanghai High-Speed Railway reported a net profit of 6.316 billion yuan, down 0.64% year-on-year [2] - Baike Biotechnology reported a net loss of 73.5734 million yuan, turning from profit to loss [2] - ST Xintong reported a net loss of 95.1607 million yuan, turning from profit to loss [2] - Gemdale Group reported a net loss of 3.701 billion yuan [2] - China Eastern Airlines reported a net loss of 1.431 billion yuan [2] Additional Losses - Garden Holdings reported a net loss of 74.4346 million yuan [3] - Wantong Development reported a net loss of 28.0411 million yuan [3]

Core Viewpoint - Suning.com reported a slight increase in revenue and a significant rise in net profit for the first half of 2025, indicating a positive trend in financial performance despite a challenging market environment [1] Financial Performance - The company achieved an operating income of 25.895 billion yuan, representing a year-on-year growth of 0.44% [1] - Net profit attributable to shareholders reached 48.693 million yuan, showing a substantial year-on-year increase of 230.03% [1] Market Strategy - Suning.com capitalized on national subsidies and actively engaged in market competition by enhancing channel construction and upgrading store structures to improve customer experience and capture market share [1] - Store sales revenue increased by 11.7% year-on-year, with comparable store revenue in the home appliance and 3C home life specialty stores growing by 14.45% [1] - Comparable store efficiency improved by 11.12%, indicating enhanced operational quality [1] Store Expansion - To enhance customer experience and market coverage, Suning.com opened and renovated 37 Suning Max and Suning Pro stores in first and second-tier markets during the reporting period [1] - In the county and town markets, the company optimized and expanded its retail cloud franchise stores, opening 297 new stores in the second quarter, bringing the total number of retail cloud franchise stores to 10,100 as of June 30, 2025 [1]

Core Viewpoint - Suning.com reported a significant increase in revenue and net profit for the first half of 2025, indicating a solid market position and growth strategy [1] Financial Performance - The company achieved a revenue of 25.895 billion yuan in the first half of 2025 [1] - Net profit reached 48.693 million yuan, representing a year-on-year growth of 230.03% [1] Market Expansion - Suning.com opened and upgraded 37 Suning Max and Suning Pro stores in first and second-tier markets [1] - Offline store revenue grew by 11.7% year-on-year [1] - Comparable store sales in the home appliance, 3C, and home living specialty stores increased by 14.45% [1] Franchise Development - In the second quarter, 297 new retail cloud stores were opened in county and town markets [1] - The total number of franchise stores reached 10,100 [1]

Part I [Important Notes and Table of Contents](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95) This section provides important disclaimers, the report's table of contents, and a list of reference documents [Important Notes](index=2&type=section&id=1.1%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The Board of Directors, Supervisory Board, and senior management guarantee the accuracy and completeness of the semi-annual report, with the financial report certified by key executives - The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, assuming legal responsibility[4](index=4&type=chunk) - Company head Mr. Ren Jun, chief financial officer Mr. Zhou Bin, and head of accounting Mr. Zhang Jinyou declare that the financial report in this semi-annual report is true, accurate, and complete[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=1.2%20%E7%9B%AE%E5%BD%95) This section lists the report's eight main chapters, covering company operations, finance, governance, and significant matters, with corresponding page numbers - The report comprises eight main chapters, covering company operations, finance, governance, and significant matters[8](index=8&type=chunk) [Reference Documents](index=4&type=section&id=1.3%20%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) Reference documents include signed financial statements and original announcements of all publicly disclosed company documents during the reporting period - Reference documents include signed and sealed financial statements by the company head, chief financial officer, and head of accounting, as well as originals of all company documents publicly disclosed during the reporting period[10](index=10&type=chunk) Part II [Company Profile and Key Financial Indicators](index=5&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%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides the company's basic information, contact details, and a summary of key financial data and indicators for the reporting period [Company Profile](index=5&type=section&id=2.1%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Suning.com Group Co., Ltd., stock ticker "Yigou ST" (002024), is listed on the Shenzhen Stock Exchange, with Ren Jun as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Yigou ST | | Stock Code | 002024 | | Listed Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | 苏宁易购集团股份有限公司 | | Legal Representative | Ren Jun | [Contact Persons and Information](index=5&type=section&id=2.2%20%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) The company's Board Secretary is Huang Wei and Securities Affairs Representative is Liu Jie, with contact details provided for address, phone, and email Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Huang Wei | No. 1 Suning Avenue, Xuanwu District, Nanjing, Jiangsu Province | 025-84418888-888122/888480 | 025-83213880 | stock@suning.com | | Securities Affairs Representative | Liu Jie | No. 1 Suning Avenue, Xuanwu District, Nanjing, Jiangsu Province | 025-84418888-888122/888480 | 025-83213880 | stock@suning.com | [Other Information](index=5&type=section&id=2.3%20%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) The company's registered address, office address, website, and information disclosure locations remained unchanged during the reporting period, as detailed in the 2024 annual report - Company contact information and information disclosure locations remained unchanged during the reporting period, refer to the 2024 annual report[14](index=14&type=chunk)[15](index=15&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=2.4%20%E4%B8%BB%E8%A6%81%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, revenue grew 0.44% to RMB 25.895 billion, and net profit attributable to shareholders increased 230.03% to RMB 48.693 million, despite a 63.24% wider loss in non-recurring net profit and a 33.48% decrease in net operating cash flow Key Accounting Data and Financial Indicators (Unit: Thousand Yuan) | Indicator | Current Period | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 25,894,760 | 25,782,585 | 0.44% | | Net Profit Attributable to Shareholders | 48,693 | 14,754 | 230.03% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | -864,713 | -529,714 | -63.24% | | Net Cash Flow from Operating Activities | 1,490,075 | 2,240,034 | -33.48% | | Basic Earnings Per Share (RMB/share) | 0.0054 | 0.0016 | 237.50% | | Diluted Earnings Per Share (RMB/share) | 0.0054 | 0.0016 | 237.50% | | Weighted Average Return on Net Assets | 0.39% | 0.13% | 0.26% | | **End of Current Period** | **End of Prior Year** | **Change from Prior Year-End** | | | Total Assets | 119,894,816 | 119,042,939 | 0.72% | | Net Assets Attributable to Shareholders | 12,486,926 | 12,430,605 | 0.45% | [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=6&type=section&id=2.5%20%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) The company reported no differences in net profit and net assets between financial reports prepared under international or overseas accounting standards and those under Chinese accounting standards - No differences in accounting data under domestic and overseas accounting standards during the reporting period[19](index=19&type=chunk)[20](index=20&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=2.6%20%E9%9D%9E%E5%B8%B8%E8%A7%84%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Non-recurring gains and losses totaled RMB 913.41 million, primarily from debt restructuring, disposal of long-term equity investments, fair value changes, and government subsidies Non-Recurring Gains and Losses and Amounts (Unit: Thousand Yuan) | Item | Amount | | :--- | :--- | | Non-current asset disposal gains/losses | 35,822 | | Government subsidies included in current profit/loss | 72,129 | | Fair value change gains/losses and gains/losses from disposal of financial assets and liabilities | 142,287 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 37,886 | | Debt restructuring gains/losses | 516,805 | | One-off expenses incurred due to cessation of related business activities | 1,284 | | Investment gains/losses from disposal of long-term equity investments | 399,437 | | Other non-operating income and expenses | -236,864 | | Less: Income tax impact | 26,538 | | Minority interest impact (after tax) | 28,842 | | **Total** | **913,406** | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor does it reclassify non-recurring gains and losses as recurring gains and losses[22](index=22&type=chunk)[23](index=23&type=chunk) Part III [Management Discussion and Analysis](index=8&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) This section provides an in-depth analysis of the company's operations, financial performance, and risk management strategies during the reporting period [Principal Businesses Engaged by the Company During the Reporting Period](index=8&type=section&id=3.1%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) In H1 2025, Suning.com focused on home appliance and 3C retail, leveraging "trade-in" policies, expanding all channels with offline store sales growing 11.7%, optimizing supply chain, and integrating AI technology to enhance efficiency and user experience, reaching 10,100 retail cloud franchised stores [Industry Development Overview](index=8&type=section&id=3.1.1%20%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%91%E5%B1%95%E6%83%85%E5%86%B5) The home appliance industry saw stable growth in H1 2025, driven by "trade-in" policies, but faced challenges from slowing incentives and intense competition, requiring enhanced supply chain management and innovation - In H1 2025, the home appliance industry experienced stable and progressive development, with national and local "trade-in" incentive policies continuing to expand from 8 to 12 categories, including digital products like mobile phones and tablets, stimulating upgrade consumption demand for home appliances and 3C products[25](index=25&type=chunk) - The industry faces challenges such as slowing incentive effects, pressure on growth in some categories, and intense channel price competition, which demand higher requirements for enterprises' refined supply chain management, user demand insight, and product innovation and service upgrade capabilities[25](index=25&type=chunk) - The company will seize the "trade-in" market opportunity, leveraging its national store network and localized retail service expertise to deepen its retail main business, continuously strengthening core competitiveness by enriching product categories, optimizing sales network layout, upgrading consumption scene experience, and improving service quality[25](index=25&type=chunk) [Company's Main Business Operations](index=8&type=section&id=3.1.2%20%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) The company pursued a retail service provider strategy, focusing on home appliance and 3C retail, expanding all channels, building supply chains, and integrating AI, resulting in 11.7% offline sales growth and 10,100 retail cloud stores by June 30, 2025 - During the reporting period, the company firmly implemented its retail service provider development strategy, focusing on home appliance and 3C retail businesses, and advancing all-channel expansion, commodity supply chain construction, and service capability enhancement[26](index=26&type=chunk) - In the first half of the year, the company's offline store sales revenue increased by **11.7%** year-on-year, with comparable store revenue for home appliance 3C home life specialty stores growing by **14.45%**[26](index=26&type=chunk) - As of June 30, 2025, the number of Suning.com Retail Cloud franchised stores was **10,100**, with **297** new stores opened in the second quarter[28](index=28&type=chunk) - The company increased investment in artificial intelligence technology research and development, deepened the application of the Cambricon computing platform, innovatively adopted model distillation technology to integrate Suning.com's "Ling Si" large model, and promoted the implementation of over 800 intelligent agents, achieving multi-dimensional breakthroughs in enterprise management efficiency, store operation efficiency, supply chain decision-making efficiency, user service experience, and marketing conversion effectiveness[30](index=30&type=chunk)[31](index=31&type=chunk) [Store Operations During the Reporting Period](index=10&type=section&id=3.1.3%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E9%97%A8%E5%BA%97%E6%83%85%E5%86%B5) As of June 30, 2025, the company operated 37 Suning.com Plazas, 895 home appliance 3C home life specialty stores, and 10,100 Retail Cloud franchised stores, with comparable store revenue for specialty stores growing 14.45% and per-square-meter efficiency increasing 11.12% Store Distribution as of June 30, 2025 (Unit: Stores, 10,000 sq.m.) | Store Type | Number | Area | | :--- | :--- | :--- | | Suning.com Plaza (Department Store & Appliance Integrated Store) | 37 | 99.15 | | Home Appliance 3C Home Life Specialty Store | 895 | 369.73 | | Suning.com Retail Cloud Franchised Store | 10,100 | / | - In the first half of 2025, the company's home appliance 3C home life specialty stores achieved a **14.45%** year-on-year increase in comparable store revenue, and comparable store per-square-meter efficiency improved by **11.12%**, further enhancing operational quality[35](index=35&type=chunk) Home Appliance 3C Home Life Specialty Store Per-Square-Meter Efficiency and Sales Revenue YoY Change (Unit: Annualized, RMB/sq.m.) | Region | Per-Square-Meter Efficiency | H1 Sales Revenue YoY Change | | :--- | :--- | :--- | | East China I | 8,991.84 | 21.22% | | East China II | 10,436.78 | 15.83% | | Central China | 7,008.87 | 5.81% | | South China | 15,392.39 | 11.25% | | North China | 10,658.77 | 10.03% | | Southwest China | 8,624.46 | 13.64% | | Northwest China | 8,223.62 | 22.87% | | Northeast China | 5,394.90 | 6.07% | | **Total** | **9,375.39** | **14.45%** | [Core Competitiveness Analysis](index=12&type=section&id=3.2%20%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) Suning.com boasts over 30 years in home appliance and 3C retail, with integrated online-offline channels, extensive national store network, comprehensive supply chain management, and leading self-built logistics and after-sales service infrastructure - The company has been deeply involved in home appliance 3C retail for over **30 years**, possessing integrated online and offline full-scenario development and marketing capabilities, with a store network covering core urban business districts, community business districts, supermarkets, shopping centers, and county-level markets nationwide[38](index=38&type=chunk) - The company possesses comprehensive and professional supply chain management capabilities and retail operation management capabilities in the home appliance 3C product sector, with product assortment and brand promotion capabilities across all retail channels, enabling large-scale customized procurement with upstream brand suppliers[39](index=39&type=chunk) - Suning.com owns a leading national self-built logistics infrastructure and after-sales service network, committed to continuously improving supply chain fulfillment efficiency and service capabilities, particularly in the "last-mile" and integrated delivery-installation services for large appliances[39](index=39&type=chunk)[40](index=40&type=chunk) [Main Business Analysis](index=13&type=section&id=3.3%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) In H1 2025, revenue grew 0.44% to RMB 25.895 billion, with offline sales up 11.7%, but gross margin declined 1.25%; net profit attributable to shareholders reached RMB 48.693 million, a 230.03% increase, driven by debt resolution and disposal of loss-making subsidiaries [Overview](index=13&type=section&id=3.3.1%20%E6%A6%82%E8%BF%B0) This section's overview refers to the "Principal Businesses Engaged by the Company During the Reporting Period" section - The overview content for this section refers to the relevant content in "I. Principal Businesses Engaged by the Company During the Reporting Period"[41](index=41&type=chunk) [Year-on-Year Changes in Key Financial Data](index=13&type=section&id=3.3.2%20%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE%E5%90%8C%E6%AF%94%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) H1 revenue increased 0.44% to RMB 25.895 billion, with net profit attributable to shareholders up 230.03% to RMB 48.693 million, driven by significant growth in investment income and fair value changes, despite increased credit impairment losses and a 33.48% decrease in net operating cash flow, while overall expense ratio declined 0.53% Year-on-Year Changes in Key Financial Data (Unit: Thousand Yuan) | Indicator | Current Period | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 25,894,760 | 25,782,585 | 0.44% | | Net Profit Attributable to Shareholders | 48,693 | 14,754 | 230.03% | | Net Cash Flow from Operating Activities | 1,490,075 | 2,240,034 | -33.48% | | Net Cash Flow from Investing Activities | 1,714,996 | 90,371 | 1797.73% | | Net Cash Flow from Financing Activities | -3,468,376 | -2,386,359 | -45.34% | | Investment Income | 1,101,040 | 556,576 | 97.82% | | Fair Value Change Gains/Losses | 142,287 | -163,327 | 187.12% | | Credit Impairment Losses | -108,837 | -61,905 | -75.81% | | Asset Disposal Gains/Losses | 35,822 | 213,644 | -83.23% | | Income Tax Expense | 6,846 | -263,300 | 102.60% | - During the reporting period, the company's overall gross profit margin decreased by **1.25%**, primarily due to intense industry price competition and an increased proportion of revenue from lower-margin consumer electronics products[44](index=44&type=chunk) - The company's total expenses steadily decreased, with the overall expense ratio falling by **0.53%**, mainly benefiting from improved internal management efficiency and financial debt interest reduction efforts[44](index=44&type=chunk) - Net cash flow from operating activities was **RMB 1.49 billion**, a **33.48%** decrease compared to the same period last year, primarily due to an increase in government subsidy receivables; if government subsidy collections are considered, cash flow is largely consistent with the prior year[48](index=48&type=chunk) [Operating Revenue Composition](index=15&type=section&id=3.3.3%20%E8%90%A5%E4%B8%9A%E6%94%B6%E5%85%A5%E6%9E%84%E6%88%90) H1 operating revenue was RMB 25.895 billion, with main business revenue accounting for 91.70% (up 1.34%), and home appliance and consumer electronics revenue comprising 82.55% (up 2.28%); East China II and Northwest regions showed significant revenue growth of 26.85% and 31.48%, respectively Operating Revenue Composition (Unit: Thousand Yuan) | Item | Current Period Amount | Proportion of Operating Revenue | Prior Period Amount | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 25,894,760 | 100.00% | 25,782,585 | 100.00% | 0.44% | | Main Business Revenue | 23,746,238 | 91.70% | 23,432,571 | 90.89% | 1.34% | | Other Business Revenue | 2,148,522 | 8.30% | 2,350,014 | 9.11% | -8.57% | | **Main Business by Product** | | | | | | | Home Appliances & Consumer Electronics | 21,376,905 | 82.55% | 20,901,208 | 81.07% | 2.28% | | Daily Merchandise | 1,494,832 | 5.77% | 1,613,064 | 6.26% | -7.33% | | Services & Others | 874,501 | 3.38% | 918,299 | 3.56% | -4.77% | | **Main Business by Region** | | | | | | | East China I | 7,255,150 | 28.02% | 8,015,805 | 31.09% | -9.49% | | North China | 3,327,223 | 12.85% | 3,517,430 | 13.64% | -5.41% | | East China II | 4,006,084 | 15.47% | 3,158,020 | 12.25% | 26.85% | | South China | 2,818,843 | 10.89% | 3,010,906 | 11.68% | -6.38% | | Southwest China | 2,561,629 | 9.89% | 2,546,077 | 9.88% | 0.61% | | Central China | 1,836,881 | 7.09% | 1,541,002 | 5.98% | 19.20% | | Northwest China | 1,393,123 | 5.38% | 1,059,547 | 4.11% | 31.48% | | Northeast China | 547,305 | 2.11% | 583,784 | 2.26% | -6.25% | [Non-Core Business Analysis](index=16&type=section&id=3.4%20%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-core businesses significantly impacted total profit, with investment income surging 3074.93% from debt restructuring and subsidiary disposals, and fair value changes and non-operating income also contributing, while credit impairment, asset impairment, and non-operating expenses had negative impacts, none of which are sustainable Impact of Non-Core Business on Total Profit (Unit: Thousand Yuan) | Item | Amount | Proportion of Total Profit | Explanation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Other Income | 74,647 | 208.47% | Mainly government subsidies during the reporting period | No | | Investment Income | 1,101,040 | 3074.93% | Mainly debt restructuring gains, disposal of subsidiaries, and 3 subsidiaries taken over by administrators | No | | Fair Value Change Gains/Losses | 142,287 | 397.37% | Mainly fair value changes of trading financial assets and other non-current financial assets | No | | Credit Impairment Losses | -108,837 | -303.95% | Mainly bad debt losses on accounts receivable and other receivables | No | | Asset Impairment Losses | -165,402 | -461.93% | Mainly impairment losses on right-of-use assets and inventories | No | | Asset Disposal Gains/Losses | 35,822 | 100.04% | Mainly gains from disposal of right-of-use assets | No | | Non-Operating Income | 140,175 | 391.47% | Mainly compensation income, fine income, etc. during the reporting period | No | | Non-Operating Expenses | -377,039 | -1052.98% | Mainly provision for estimated compensation for pending lawsuits during the reporting period | No | [Analysis of Assets and Liabilities](index=17&type=section&id=3.5%20%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company's asset and liability structure remained stable, with total assets at RMB 119.895 billion and net assets attributable to shareholders at RMB 12.487 billion; accounts receivable increased by 0.78% due to "trade-in" subsidies, while other equity instrument investments decreased by 1.38% due to sales, and the current ratio of 0.58 indicates short-term debt pressure, addressed by debt resolution and asset revitalization [Significant Changes in Asset Composition](index=17&type=section&id=3.5.1%20%E8%B5%84%E4%BA%A7%E6%9E%84%E6%88%90%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) At the end of the reporting period, total assets were RMB 119.895 billion and net assets attributable to shareholders were RMB 12.487 billion; accounts receivable increased by 0.78% to 3.55% due to "trade-in" government subsidies, other equity instrument investments decreased by 1.38% to 0.46% due to sales, and long-term payables increased by 0.47% to 1.29% due to reclassification Significant Changes in Asset Composition (Unit: Thousand Yuan) | Item | Amount at End of Period | Proportion of Total Assets | Amount at End of Prior Year | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable | 4,256,698 | 3.55% | 3,296,814 | 2.77% | 0.78% | Mainly due to the increase in government subsidies receivable from the "trade-in" policy | | Receivables Financing | 11,626 | 0.01% | 639 | 0.001% | 0.009% | Increase in notes receivable used for discounting, factoring, etc. | | Other Equity Instrument Investments | 548,533 | 0.46% | 2,194,897 | 1.84% | -1.38% | Mainly due to the company's disposal of other equity instrument investments during the reporting period | | Long-term Payables | 1,541,374 | 1.29% | 981,860 | 0.82% | 0.47% | Mainly due to reclassification of some other payables to long-term payables after arrangement for extension beyond one year | Major Creditor-Debtor Relationships (Unit: Thousand Yuan) | Item | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Short-term Borrowings | 26,905,105 | 26,271,758 | 2.41% | | Long-term Borrowings | 1,810,887 | 1,438,279 | 25.91% | | Non-current Liabilities Due Within One Year - Long-term Borrowings Due Within One Year | 1,670,136 | 3,483,738 | -52.06% | | Notes Payable | 3,864,647 | 4,018,444 | -3.83% | | Accounts Payable | 14,057,357 | 14,428,125 | -2.57% | Solvency Analysis | Item | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Current Ratio | 0.58 | 0.55 | 0.03 | | Quick Ratio | 0.49 | 0.47 | 0.02 | | Asset-Liability Ratio | 90.67% | 90.63% | 0.04% | - The company's current ratio is less than 1, indicating short-term debt repayment pressure, which will be addressed by strengthening the joint credit committee's operations, improving profitability, and accelerating asset revitalization[59](index=59&type=chunk) - The company's asset-liability ratio remained largely stable, as it continued to promote debt resolution efforts, including subsidiary debt settlements and disposal of loss-making subsidiary equity, to alleviate its debt burden[60](index=60&type=chunk) Asset Turnover Analysis | Item | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Accounts Receivable Turnover Days | 28.63 | 20.03 | 8.60 | | Inventory Turnover Days | 52.30 | 49.22 | 3.08 | | Notes Payable Turnover Days | 35.03 | 37.46 | -2.43 | | Accounts Payable Turnover Days | 126.57 | 128.19 | -1.62 | - The increase in accounts receivable turnover days is mainly due to an increase in the balance of subsidy receivables; the increase in inventory turnover days is due to appropriate stocking for the peak air conditioner season; the acceleration of accounts payable turnover is due to the company's continuous promotion of debt resolution[60](index=60&type=chunk) [Major Overseas Assets](index=18&type=section&id=3.5.2%20%E4%B8%BB%E8%A6%81%E5%A2%83%E5%A4%96%E8%B5%84%E4%BA%A7%E6%83%85%E5%86%B5) The company had no major overseas assets during the reporting period - The company had no major overseas assets during the reporting period[61](index=61&type=chunk) [Assets and Liabilities Measured at Fair Value](index=19&type=section&id=3.5.3%20%E4%BB%A5%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E8%AE%A1%E9%87%8F%E7%9A%84%E8%B5%84%E4%BA%A7%E5%92%8C%E8%B4%9F%E5%80%BA) At the end of the reporting period, financial assets measured at fair value totaled RMB 16.624 billion, including RMB 15.365 billion in trading financial assets, RMB 551 million in other equity instrument investments, and RMB 708 million in other non-current financial assets, with a fair value change gain of RMB 145 million for the period Assets and Liabilities Measured at Fair Value (Unit: Thousand Yuan) | Item | Opening Balance | Fair Value Change Gains/Losses for the Period | Accumulated Fair Value Changes Included in Equity | Amount Purchased During the Period | Amount Sold During the Period | Closing Balance | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Financial Assets** | | | | | | | | 1. Trading Financial Assets | 15,398,796 | 122,986 | -191,735 | 160,000 | -125,171 | 15,364,876 | | 4. Other Equity Instrument Investments | 2,197,797 | / | 215,112 | / | -1,861,475 | 551,434 | | 5. Other Non-current Financial Assets | 687,841 | 21,943 | / | 4,100 | -5,750 | 708,134 | | **Financial Assets Subtotal** | **18,284,434** | **144,929** | **23,377** | **164,100** | **-1,992,396** | **16,624,444** | - No significant changes in the measurement attributes of the company's major assets occurred during the reporting period[63](index=63&type=chunk) [Restricted Asset Rights as of the End of the Reporting Period](index=20&type=section&id=3.5.4%20%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E7%9A%84%E8%B5%84%E4%BA%A7%E6%9D%83%E5%88%A9%E5%8F%97%E9%99%90%E6%83%85%E5%86%B5) As of June 30, 2025, the company's restricted assets totaled RMB 49.281 billion, primarily comprising trading financial assets, investment properties, fixed assets, monetary funds, long-term equity investments, intangible assets, Suning Department Store equity pledge, and inventories, restricted due to pledges, mortgages, and judicial seizures Company Asset Mortgages, Pledges, and Other Restricted Use Arrangements as of June 30, 2025 (Unit: Thousand Yuan) | No. | Restricted Asset | Value of Restricted Assets | Reason for Restriction | | :--- | :--- | :--- | :--- | | 1 | Trading Financial Assets | 12,169,842 | Borrowing pledge, supplier payment pledge | | 2 | Investment Properties | 8,272,021 | Borrowing mortgage, supplier payment mortgage, litigation seizure | | 3 | Fixed Assets | 8,970,923 | Borrowing mortgage, supplier payment mortgage, litigation seizure | | 4 | Monetary Funds | 9,655,129 | Bank acceptance bill margin, letter of guarantee margin, other margins, borrowing pledge, litigation freeze | | 5 | Long-term Equity Investments | 4,142,605 | Pledge guarantee for short-term borrowings and payables | | 6 | Intangible Assets | 3,253,345 | Borrowing mortgage, supplier payment mortgage, litigation seizure | | 7 | Suning Department Store Equity Pledge | 2,700,000 | Borrowing pledge | | 8 | Inventories | 117,395 | Borrowing mortgage, supplier payment mortgage, litigation seizure | | **Total** | | **49,281,260** | | - Fixed assets, investment properties, intangible assets, and inventories subject to litigation seizure are mainly properties held by Carrefour and some non-core operating assets of the company, which will not significantly impact daily operations[65](index=65&type=chunk) [Investment Analysis](index=20&type=section&id=3.6%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company's investments totaled RMB 467 million, a 1359.38% increase, primarily for paid-in capital of 9 subsidiaries. No significant equity or non-equity investments occurred. Securities investments, mainly in China Unicom, E-House Enterprise Holdings, and LAOX stocks, had a book value of RMB 775 million at period-end. No derivative investments or raised capital utilization [Overall Situation](index=20&type=section&id=3.6.1%20%E6%80%BB%E4%BD%93%E6%83%85%E5%86%B5) The company's investments totaled RMB 467 million, a 1359.38% increase, primarily for paid-in capital of 9 subsidiaries to meet new Company Law requirements Investment Amount for the Reporting Period (Unit: 100 Million Yuan) | Investment Amount for the Reporting Period | Investment Amount for the Prior Period | Change Rate | | :--- | :--- | :--- | | 4.67 | 0.32 | 1359.38% | - The significant increase in investment is mainly to meet the requirements of the new "Company Law" by contributing paid-in capital to 9 subsidiaries through debt-to-equity swaps and cash contributions[66](index=66&type=chunk) [Significant Equity Investments Acquired During the Reporting Period](index=20&type=section&id=3.6.2%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E8%8E%B7%E5%8F%96%E7%9A%84%E9%87%8D%E5%A4%A7%E7%9A%84%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) The company did not acquire any significant equity investments during the reporting period - The company did not acquire any significant equity investments during the reporting period[67](index=67&type=chunk) [Significant Non-Equity Investments Underway During the Reporting Period](index=21&type=section&id=3.6.3%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%AD%A3%E5%9C%A8%E8%BF%9B%E8%A1%8C%E7%9A%84%E9%87%8D%E5%A4%A7%E7%9A%84%E9%9D%9E%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) The company had no significant non-equity investments underway during the reporting period - The company had no significant non-equity investments underway during the reporting period[67](index=67&type=chunk) [Financial Asset Investments](index=21&type=section&id=3.6.4%20%E9%87%91%E8%9E%8D%E8%B5%84%E4%BA%A7%E6%8A%95%E8%B5%84) At the end of the reporting period, the company's securities investments had a total book value of RMB 775 million, primarily comprising China Unicom, E-House Enterprise Holdings, and LAOX stocks, with China Unicom at RMB 549 million and LAOX at RMB 223 million. No derivative investments were made Securities Investment Status (Unit: Thousand Yuan) | Security Type | Security Code | Security Name | Opening Book Value | Amount Sold During the Period | Gains/Losses for the Reporting Period | Closing Book Value | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic and Overseas Stocks | 600050.SH | China Unicom | 2,194,897 | -1,861,475 | 6,380 | 548,533 | | Domestic and Overseas Stocks | 2048.HK | E-House Enterprise Holdings | 2,900 | / | / | 2,901 | | Domestic and Overseas Stocks | 8202.T | LAOX | 232,516 | / | -28,961 | 223,236 | | **Total** | | | **2,430,313** | **-1,861,475** | **-22,581** | **774,670** | - The company had no derivative investments during the reporting period[70](index=70&type=chunk) [Use of Raised Funds](index=22&type=section&id=3.6.5%20%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) The company did not use any raised funds during the reporting period - The company had no use of raised funds during the reporting period[71](index=71&type=chunk) [Significant Asset and Equity Disposals](index=22&type=section&id=3.7%20%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company did not dispose of any significant assets but sold equity in four subsidiaries, including Shanghai Ningbo Carrefour Co., Ltd., which collectively increased net profit by approximately RMB 595 million, reducing debt burden and improving operational performance and risk management [Disposal of Significant Assets](index=22&type=section&id=3.7.1%20%E5%87%BA%E5%94%AE%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E6%83%85%E5%86%B5) The company did not dispose of any significant assets during the reporting period - The company did not dispose of any significant assets during the reporting period[72](index=72&type=chunk) [Disposal of Significant Equity](index=22&type=section&id=3.7.2%20%E5%87%BA%E5%94%AE%E9%87%8D%E5%A4%A7%E8%82%A1%E6%9D%83%E6%83%85%E5%86%B5) The company sold equity in four subsidiaries: Shanghai Ningbo Carrefour Co., Ltd., Hangzhou Carrefour Supermarket Co., Ltd., Zhuzhou Carrefour Commercial Co., Ltd., and Shenyang Carrefour Commercial Co., Ltd., which collectively increased net profit by approximately RMB 595 million, reducing debt burden and improving operational performance and risk management - The company sold equity in Shanghai Ningbo Carrefour Co., Ltd., Hangzhou Carrefour Supermarket Co., Ltd., Zhuzhou Carrefour Commercial Co., Ltd., and Shenyang Carrefour Commercial Co., Ltd.[74](index=74&type=chunk) - These transactions collectively increased the listed company's net profit by approximately **RMB 595 million**, helping to alleviate the listed company's debt burden, improve its operating performance, and reduce business and management risks[74](index=74&type=chunk) [Analysis of Major Holding and Participating Companies](index=24&type=section&id=3.8%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Key subsidiaries and associates include Beijing Suning.com Sales Co., Ltd., Sichuan Suning.com Sales Co., Ltd., Carrefour China, and Jiangsu Suning Bank Co., Ltd. Carrefour China reported a net profit of RMB 1.08 billion, primarily due to debt restructuring and business reorganization, while Wuhu Suning.com Procurement Center Co., Ltd.'s net profit was affected by credit impairment losses from subsidiary disposals Major Holding and Participating Companies (Unit: Thousand Yuan) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Suning.com Sales Co., Ltd. | Subsidiary | Retail business | 597,507 | 2,741,613 | 1,302,041 | 1,483,577 | 88,708 | 60,072 | | Sichuan Suning.com Sales Co., Ltd. | Subsidiary | Retail business | 359,142 | 2,066,113 | 724,805 | 802,434 | 122,740 | 100,091 | | Carrefour China | Subsidiary | Retail business | 1,153,437 | 6,762,751 | -15,430,941 | 258,585 | 1,075,944 | 1,079,791 | | Jiangsu Suning Bank Co., Ltd. | Associate | Financial business | 4,000,000 | 143,607,776 | 8,077,394 | 2,936,218 | 501,084 | 418,951 | | LAOX HOLDINGS Co., Ltd. | Associate | Retail business | 84,669 | 1,929,518 | 1,060,619 | 1,199,236 | -61,670 | -69,169 | | Suning Shenzhen Capital-Cloud Enjoy Warehousing Logistics Facilities Phase II Fund | Associate | Investment business | / | 2,132,856 | 1,065,512 | 89,109 | 12,780 | 16,565 | | Shanghai Xingtou Financial Services Group Co., Ltd. | Associate | Financial business | 1,356,349 | 19,679,387 | 15,765,760 | 1,165,202 | 64,969 | 20,371 | | Zhuhai Puhang Equity Investment Fund Partnership (Limited Partnership) | Associate | Investment business | 3,292,364 | 3,752,684 | 2,582,773 | 172,215 | -45,225 | -47,657 | - Carrefour China reported a net profit of **RMB 1.08 billion**, primarily due to debt restructuring gains from debt settlement agreements with 18 subsidiaries, including Dongguan Sufou Commercial Co., Ltd., and investment gains from business reorganization and subsidiary disposals[78](index=78&type=chunk) - Wuhu Suning.com Procurement Center Co., Ltd.'s net profit was affected by credit impairment losses from subsidiary disposals during the reporting period[78](index=78&type=chunk) - During the reporting period, the company acquired and disposed of subsidiaries through new establishments, deregistrations, and sales; specific details can be found in Note VII "Changes in Consolidation Scope" of the financial report[79](index=79&type=chunk) [Structured Entities Controlled by the Company](index=25&type=section&id=3.9%20%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company did not control any structured entities during the reporting period - The company had no structured entities under its control during the reporting period[80](index=80&type=chunk) [Risks Faced by the Company and Countermeasures](index=25&type=section&id=3.10%20%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces industry challenges, intense market competition, liquidity shortages, and exchange rate fluctuations; countermeasures include leveraging consumption policies, strengthening supplier cooperation, enhancing services, optimizing operations, accelerating asset revitalization, pursuing legal actions, and improving asset management - Industry development still faces challenges and pressures, including slowing incentive effects from "trade-in" policies, fluctuating consumer expectations, and intense market competition[80](index=80&type=chunk) - The retail industry faces fierce competition, with new formats and channels diverting sales, persistent internet low-price competition, and the effectiveness of enterprise strategic upgrades and optimizations requiring time to materialize[81](index=81&type=chunk) - The company's liquidity shortage remains prominent, with significant pressure on accounts payable, requiring continuous capital investment for supply chain recovery, store optimization and upgrades, expansion into lower-tier markets, and service experience enhancement[83](index=83&type=chunk) - Exchange rate fluctuations bring risks of fair value volatility and exchange gains/losses for the company's overseas financial assets[83](index=83&type=chunk) - The company's stock is subject to other risk warning situations, reminding investors to be aware of investment risks[84](index=84&type=chunk) [Implementation of Market Value Management System and Valuation Enhancement Plan](index=26&type=section&id=3.11%20%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not established a market value management system nor disclosed a valuation enhancement plan - The company has not established a market value management system[85](index=85&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=26&type=section&id=3.12%20%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan[87](index=87&type=chunk) Part IV [Corporate Governance, Environment, and Society](index=27&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) This section covers changes in the company's governance structure, profit distribution, employee incentive plans, environmental disclosures, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=27&type=section&id=4.1%20%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%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) There were no changes in the company's directors, supervisors, and senior management during the reporting period, as detailed in the 2024 annual report - There were no changes in the company's directors, supervisors, and senior management during the reporting period; specific details can be found in the 2024 annual report[89](index=89&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital for the Reporting Period](index=27&type=section&id=4.2%20%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[90](index=90&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=27&type=section&id=4.3%20%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%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company had no equity incentive plans but implemented second and third employee stock ownership plans, with the fifth and sixth plans' shares to be handled according to rules due to unmet performance targets; some plan participants disposed of shares during the period - The company had no equity incentive plans during the reporting period[91](index=91&type=chunk) All Effective Employee Stock Ownership Plans During the Reporting Period | Employee Stock Ownership Plan Name | Scope of Employees | Number of Employees at End of Period (persons) | Total Shares Held at End of Period (shares) | Proportion of Total Share Capital of Listed Company at End of Period | | :--- | :--- | :--- | :--- | :--- | | Suning.com Group Co., Ltd. - Second Employee Stock Ownership Plan | Company directors, supervisors, and senior management; middle and senior personnel in online/offline operations, supply chain, logistics; technical development backbone; middle and senior personnel in functional management; and other employees recognized for special contributions | 523 | 62,402,472 | 0.67% | | Suning.com Group Co., Ltd. - Third Employee Stock Ownership Plan | Company directors, senior management, middle and senior personnel and business backbone in retail, logistics, finance; core technical personnel in technical development; middle and senior personnel in functional management; and other employees deemed to have a direct impact on company performance and future development | 167 | 7,230,716 | 0.08% | - During the reporting period, participants in the employee stock ownership plans disposed of some shares, resulting in a reduction of **116,607 shares** for the second employee stock ownership plan and **49,000 shares** for the third employee stock ownership plan[94](index=94&type=chunk) - For the fifth employee stock ownership plan, due to the company's failure to meet performance assessment targets, the proceeds from the sale of all underlying shares after the lock-up period will belong to the company[97](index=97&type=chunk) - For the sixth employee stock ownership plan, due to unmet performance targets, after the repurchased shares are sold, the contributions will be returned to the holders at the lower of the contribution amount or the net value[98](index=98&type=chunk) [Environmental Information Disclosure](index=31&type=section&id=4.4%20%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[100](index=100&type=chunk) [Social Responsibility](index=31&type=section&id=4.5%20%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) Suning.com actively fulfills social responsibilities in corporate governance, supply chain, circular economy, environmental protection, community, and employee development, strengthening party building, optimizing governance, enhancing supply chain services, promoting "trade-in" policies, green operations, and talent development - The company firmly implements its retail service provider development strategy, continuously strengthening Party building leadership, optimizing governance, focusing on risk control and compliance, integrity in operations, intellectual property, and investor relations, thereby fulfilling its governance responsibilities[100](index=100&type=chunk) - The company adheres to the philosophy that "service is Suning's only product," continuously building differentiated service advantages, strengthening retail channels, optimizing scenario experiences, improving service quality, and building core full-process supply chain service capabilities[100](index=100&type=chunk) - The company actively responds to the 2025 national "trade-in" policy, promoting green and energy-efficient products through both online and offline channels to meet consumers' demand for low-carbon, green, smart, and fashionable home appliance consumption upgrades[101](index=101&type=chunk) - Suning Logistics adopts "focusing on ecological civilization, concentrating on green development" as its core strategic direction, exploring and practicing green solutions covering warehousing, transportation, and last-mile delivery, and was selected as a "Green and Low-Carbon Typical Case for Warehousing and Distribution"[102](index=102&type=chunk) - The company deeply cultivates the field of barrier-free services, earning the title of "Practicing Unit for High-Quality Development of Internet Aging-Friendly and Accessibility Construction"; it continuously implements talent engineering, safeguards employee rights, provides a comfortable working environment, organizes diverse employee activities, and innovates AI applications to care for employees[103](index=103&type=chunk)[104](index=104&type=chunk) Part V [Significant Matters](index=33&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) This section details the fulfillment of commitments by related parties, absence of non-operating fund occupation, significant litigation, related party transactions, and other important events [Fulfillment of Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period and Unfulfilled Commitments as of the End of the Reporting Period](index=33&type=section&id=5.1%20%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) During the reporting period, former non-circulating shareholders, Mr. Zhang Jindong, Suning Appliance Group Co., Ltd., Ms. Chen Jinfeng, and Ms. Zhao Bei fulfilled their share reduction and non-compete commitments, with no overdue unfulfilled commitments - During the reporting period, the company's former non-circulating shareholders fulfilled their share reduction commitments[108](index=108&type=chunk) - Mr. Zhang Jindong, Suning Appliance Group Co., Ltd., Ms. Chen Jinfeng, and Ms. Zhao Bei fulfilled their non-compete commitments[108](index=108&type=chunk) - All committed parties fulfilled their commitments on time, with no overdue unfulfilled matters[108](index=108&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties](index=33&type=section&id=5.2%20%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%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%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) The company reported no non-operating fund occupation by controlling shareholders or other related parties during the reporting period - The company had no non-operating fund occupation by controlling shareholders or other related parties during the reporting period[109](index=109&type=chunk) [Irregular External Guarantees](index=34&type=section&id=5.3%20%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[110](index=110&type=chunk) [Appointment and Dismissal of Accounting Firms](index=34&type=section&id=5.4%20%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual report was not audited - The company's semi-annual report was unaudited[111](index=111&type=chunk) [Board of Directors' and Supervisory Board's Explanation on "Non-Standard Audit Report" for the Current Period](index=34&type=section&id=5.5%20%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9A%84%E8%AF%B4%E6%98%8E) The company reported no "non-standard audit report" issued by the accounting firm for the current period - The company had no "non-standard audit report" issued by the accounting firm for the current period[112](index=112&type=chunk) [Board of Directors' Explanation on Matters Related to "Non-Standard Audit Report" for the Prior Year](index=34&type=section&id=5.6%20%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The Board continues to address prior year's non-standard audit report concerns by focusing on revenue growth, cost reduction, efficiency improvement, asset revitalization, and debt reduction; H1 revenue reached RMB 25.895 billion, with net profit attributable to shareholders at RMB 48.693 million, alongside ongoing debt resolution and disposal of loss-making subsidiaries - The company continues to resolve issues through development, firmly focusing on increasing revenue, reducing costs, and improving efficiency, vigorously advancing various operational tasks to enhance its profitability and improve its financial condition[112](index=112&type=chunk) - The company seized the opportunity of the "trade-in" national subsidy policy, strengthened channel construction, and improved store image and shopping experience, achieving sales scale growth[113](index=113&type=chunk) - In the first half of the year, the company achieved operating revenue of **RMB 25.895 billion**, a **0.44%** increase year-on-year, with net profit attributable to shareholders of **RMB 48.693 million**[113](index=113&type=chunk) - With the support of provincial and municipal governments, the company's joint credit committee continued to operate stably, maintaining existing credit lines, strengthening cooperation with financial institutions to seek incremental financing, and accelerating asset revitalization and recovery of external investments[113](index=113&type=chunk)[114](index=114&type=chunk) - The company continued to promote the streamlining of non-core business units and resolve outstanding payables to suppliers and partners; as of June 30, 2025, the ending balance of accounts payable and commercial acceptance bills decreased by **RMB 1.145 billion** compared to the beginning of the period[114](index=114&type=chunk) [Bankruptcy Reorganization Matters](index=35&type=section&id=5.7%20%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company did not undergo bankruptcy reorganization, but four subsidiaries (Guangzhou Jiaguang Supermarket Co., Ltd., Dongguan Carrefour Commercial Co., Ltd., Chengdu Carrefour Supermarket Co., Ltd., and Hefei Yuejia Commercial Co., Ltd.) were declared bankrupt and transferred to administrators, ceasing to be consolidated, collectively reducing net profit attributable to shareholders by RMB 483 million - The company had no bankruptcy reorganization matters during the reporting period[115](index=115&type=chunk) - Guangzhou Jiaguang Supermarket Co., Ltd., Dongguan Carrefour Commercial Co., Ltd., and Chengdu Carrefour Supermarket Co., Ltd. were applied for bankruptcy by creditors and have been transferred to bankruptcy administrators, resulting in the company losing control and no longer consolidating them, collectively reducing net profit attributable to shareholders by **RMB 173 million**[115](index=115&type=chunk) - Hefei Yuejia Commercial Co., Ltd. was applied for bankruptcy by creditors, accepted by the court, and a bankruptcy administrator was appointed, resulting in the company losing control and no longer consolidating it, reducing net profit attributable to shareholders by **RMB 310 million**[115](index=115&type=chunk) [Litigation Matters](index=36&type=section&id=5.8%20%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) A tort liability dispute with Yunnan International Trust was withdrawn with no impact on profit/loss, and an arbitration with Wanda Group and Wanda Commercial Management regarding a strategic cooperation agreement was resolved without significant impact on daily operations; additionally, new lawsuits/arbitrations as plaintiff/applicant totaled RMB 725 million, and as defendant/respondent totaled RMB 1.324 billion, mainly for contract disputes and Carrefour subsidiary cases - The case involving the defendant Luo Jing and her controlled companies, Zhongcheng Company and Kangan Company, defrauding Yunnan International Trust of financing funds, was withdrawn by the plaintiff, with no impact on the company's profit or loss[118](index=118&type=chunk) - The arbitration between the company and Wanda Group and Wanda Commercial Management regarding the strategic cooperation agreement has been ruled, which will not have a significant impact on the company's daily operations[118](index=118&type=chunk) - From January to June 2025, the company and its controlled subsidiaries initiated new lawsuits and arbitrations totaling approximately **RMB 725 million**, primarily involving contract disputes[120](index=120&type=chunk) - From January to June 2025, the company and its controlled subsidiaries were involved in new lawsuits and arbitrations as defendants/respondents totaling approximately **RMB 1.324 billion**, with an estimated liability of **RMB 923 million**, mainly for contract disputes and Carrefour subsidiary cases[124](index=124&type=chunk) [Penalties and Rectification](index=37&type=section&id=5.9%20%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company reported no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[122](index=122&type=chunk) [Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers](index=37&type=section&id=5.10%20%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) The company has no controlling shareholder or actual controller; its shareholder, Hangzhou Haoyue Enterprise Management Co., Ltd., maintains good integrity, with no unfulfilled legal obligations or large overdue debts - The company has no controlling shareholder or actual controller[123](index=123&type=chunk) - The company's shareholder, Hangzhou Haoyue Enterprise Management Co., Ltd., maintains good integrity, with no unfulfilled obligations determined by effective court legal documents or large overdue debts[123](index=123&type=chunk) [Significant Related Party Transactions](index=38&type=section&id=5.11%20%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engaged in various daily related party transactions, including commercial plaza operations, property services, store leases, third-party payment services, IT services, goods procurement, and promotion services, with significant transactions involving Alibaba Group. No related party transactions for asset/equity acquisition/disposal, joint external investment, non-operating related party receivables/payables, or financial company-related transactions occurred. Trademark licensing agreements with Suning Appliance Group and Suning Holdings Group are in place, with 2025 fees pending [Related Party Transactions Related to Daily Operations](index=38&type=section&id=5.11.1%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) The company engaged in various daily related party transactions with Suning Real Estate Group, Shanghai Xingtou Financial Services Group, Alibaba Group, and LAOX HOLDINGS Co., Ltd., including commercial plaza operations, property services, store leases, third-party payment, factoring, IT services, goods procurement, promotion, and logistics, all priced at market rates and within approved limits Related Party Transactions Related to Daily Operations (Unit: 10,000 Yuan) | Related Party | Related Transaction Type | Related Transaction Content | Related Transaction Amount (10,000 Yuan) | Proportion of Similar Transactions | | :--- | :--- | :--- | :--- | :--- | | Suning Real Estate Group Co., Ltd. | Acceptance of services from related parties | Providing commercial plaza operation services | 525.97 | 0.19% | | Suning Real Estate Group Co., Ltd. | Acceptance of services from related parties | Providing property services | 4,257.85 | 1.54% | | Suning Real Estate Group Co., Ltd. | Listed company leases assets | Store leasing | 2,213.55 | 0.80% | | Shanghai Xingtou Financial Services Group Co., Ltd. | Acceptance of services from related parties | Company extended warranty business entrusted to Xingtou Financial subsidiary for operation | 2,573.72 | 0.93% | | Shanghai Xingtou Financial Services Group Co., Ltd. | Acceptance of services from related parties | Providing third-party payment services | 3,747.23 | 1.35% | | Shanghai Xingtou Financial Services Group Co., Ltd. | Acceptance of services from related parties | Providing factoring financing services | Accounts receivable factoring balance **RMB 2.071 billion**, H1 financing interest **RMB 64.1919 million** | 77.02% | | Alibaba Group | Acceptance of services from related parties | Suning.com Tmall flagship store related business | 38,363.26 | 13.84% | | Alibaba Group | Services provided to related parties | Logistics business cooperation | 2,269.30 | 0.82% | | 25 subsidiaries of Suning Appliance Group | Property Lease | | 21,251.41 | 86.43% | [Related Party Transactions for Asset or Equity Acquisition/Disposal](index=44&type=section&id=5.11.2%20%E8%B5%84%E4%BA%A7%E6%88%96%E8%82%A1%E6%9D%83%E6%94%B6%E8%B4%AD%E3%80%81%E5%87%BA%E5%94%AE%E5%8F%91%E7%94%9F%E7%9A%84%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company did not engage in any related party transactions involving asset or equity acquisition/disposal during the reporting period - The company had no related party transactions for asset or equity acquisition/disposal during the reporting period[136](index=136&type=chunk) [Related Party Transactions for Joint External Investment](index=44&type=section&id=5.11.3%20%E5%85%B1%E5%90%8C%E5%AF%B9%E5%A4%96%E6%8A%95%E8%B5%84%E7%9A%84%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company did not engage in any related party transactions involving joint external investment during the reporting period - The company had no related party transactions for joint external investment during the reporting period[137](index=137&type=chunk) [Related Party Receivables and Payables](index=44&type=section&id=5.11.4%20%E5%85%B3%E8%81%94%E5%80%BA%E6%9D%83%E5%80%BA%E5%8A%A1%E5%BE%80%E6%9D%A5) The company had no non-operating related party receivables or payables during the reporting period - The company had no non-operating related party receivables or payables during the reporting period[138](index=138&type=chunk) [Dealings with Related Financial Companies](index=44&type=section&id=5.11.5%20%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%E7%9A%84%E5%BE%80%E6%9D%A5%E6%83%85%E5%86%B5) The company had no deposits, loans, credit lines, or other financial business with related financial companies - The company had no deposits, loans, credit lines, or other financial business with related financial companies[139](index=139&type=chunk) [Dealings Between Company-Controlled Financial Companies and Related Parties](index=44&type=section&id=5.11.6%20%E5%85%AC%E5%8F%B8%E6%8E%A7%E8%82%A1%E7%9A%84%E8%B4%A2%E5%8A%A1%E5%85%AC%E5%8F%B8%E4%B8%8E%E5%85%B3%E8%81%94%E6%96%B9%E7%9A%84%E5%BE%80%E6%9D%A5%E6%83%85%E5%86%B5) The company's controlled financial companies had no deposits, loans, credit lines, or other financial business with related parties - The company's controlled financial companies had no deposits, loans, credit lines, or other financial business with related parties[140](index=140&type=chunk) [Other Significant Related Party Transactions](index=44&type=section&id=5.11.7%20%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company has trademark licensing agreements with Suning Appliance Group and Suning Holdings Group for the "Suning" series trademarks, with the 2025 annual license fees yet to be paid - The company licenses the "SUNING" series registered trademarks and the "Suning" and "NS" combined series registered trademarks to Suning Appliance Group and its subsidiaries[141](index=141&type=chunk) - The company licenses the "Suning" and "SUNING" series trademarks to Suning Appliance Group and its direct or indirect subsidiaries with over **20%** shareholding[142](index=142&type=chunk) - The company agrees that Suning Holdings Group and its subsidiaries may use trademarks containing "Suning" globally within the company's non-core business scope[143](index=143&type=chunk) - Suning Appliance Group and Suning Holdings Group have not yet paid the 2025 annual trademark license fees[143](index=143&type=chunk) [Significant Contracts and Their Performance](index=45&type=section&id=5.12%20%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company had no significant asset leases beyond normal operating leases. It provided significant guarantees totaling 44.90% of its net assets for related parties and subsidiaries, including Shanghai Xingtou Financial Services Group and Nanjing Suning Department Store Co., Ltd. The company also had entrusted wealth management with an outstanding balance of RMB 335 million, with no overdue amounts. Subsidiaries provided RMB 14.573 billion in actual used guarantees to the parent company [Custody, Contracting, and Leasing Matters](index=45&type=section&id=5.12.1%20%E6%89%98%E7%AE%A1%E3%80%81%E6%89%BF%E5%8C%85%E3%80%81%E7%A7%9F%E8%B5%81%E4%BA%8B%E9%A1%B9%E6%83%85%E5%86%B5) The company had no custody or contracting arrangements during the reporting period, nor any significant asset leases beyond normal operating leases, or any leasing projects contributing over 10% of total profit - The company had no custody arrangements during the reporting period[144](index=144&type=chunk) - The company had no contracting arrangements during the reporting period[144](index=144&type=chunk) - During the reporting period, the company had no significant asset leasing matters, either occurring in the current period or continuing from prior periods, other than normal leasing of properties for opening stores, offices, and logistics warehousing operations, and providing properties for external operations[145](index=145&type=chunk) - The company h

证券代码：002024 证券简称：ST 易购 公告编号：2025-041 苏宁易购集团股份有限公司 关于 2025 年半年度计提资产减值准备的公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、误导性 陈述或重大遗漏。 苏宁易购集团股份有限公司（以下简称"公司"）为真实、准确、客观反映公 司的财务状况和经营成果，根据《企业会计准则》《深圳证券交易所股票上市规 则》等相关规定，公司本着谨慎性原则，对合并财务报表范围内发生减值损失的 相关资产计提减值准备。现将有关情况说明如下： 一、本次计提资产减值准备情况概述 考历史信用损失经验，结合当前状况以及对未来经济状况的预测，评估了不同场 景下可回收的现金流量，并根据其与合同应收的现金流量之间差额的现值，计提 预期信用损失 1.5 亿元，对归属于上市公司股东的净利润影响 1.1 亿元。 （二）资产减值损失 1、报告期内，公司部分门店销售收入未达预期，经营业绩亏损，公司将部 分长期资产所属的门店或公司作为资产组的账面价值与其可收回金额进行比较， 将可收回金额低于账面价值的差额计提长期资产减值准备 0.83 亿元，对归属于 上市公司股东的净利润影响 ...

证券代码：002024 证券简称：ST 易购 公告编号：2025-042 苏宁易购集团股份有限公司 第五期员工持股计划提示性公告 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。 苏宁易购集团股份有限公司（以下简称"公司"）于 2022 年 7 月 25 日召开 第七届董事会第三十次会议，并于 2022 年 8 月 11 日召开 2022 年第一次临时股 东大会决议通过了《苏宁易购集团股份有限公司第五期员工持股计划（草案）》 及其摘要，第五期员工持股计划（以下简称"本员工持股计划"）通过非交易过 户方式持有公司 84,006,415 股，本员工持股计划的存续期为 36 个月，自股东大 会审议通过且公司公告最后一笔标的股票过户至本员工持股计划名下之日（即 2022 年 9 月 5 日）起算，至 2025 年 9 月 4 日期满。依据《第五期员工持股计划 （草案）》，本员工持股计划存续期满后将自行终止。 依据普华永道中天会计师事务所（特殊普通合伙）出具的 2022 年年度审计 报告和公司 2023 年半年度财务报告结果情况，公司第五期员工持股计划业绩考 核条件未达成 ...

| 资金往来方名 | | 往来方与上市 | 上市公司核 | 2025 | 年期初往 | 2025 年半年度 往来累计发生 | 2025 年半年 度往来资金 | 2025 | 年半年度 | 2025 年半 年度期末 | 往来形成 | 往来性质 （经营性往 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 称 | | 公司的关联关 系 | 算的会计科 目 | | 来资金余额 | 金额(不含利 | 的利息(如 | 偿还累计发生 金额 | | 往来资金 | 原因 | 来、非经营 | 其他关联资金往来 | | | | | | | | 息) | 有) | | | 余额 | | 性往来） | | | 其他前控股股 | 东、实际控制 人及其附属企 | 其他前控股股 东、实际控制 人及其附属企 | 应收账款 | | 5,791 | 2,611 | | | 1,853 | 6,549 | 销 售 商 品 及 提 供 售 后服务等 | 经营性往来 | | | 业 | | 业 | | | | | | ...

苏宁易购集团股份有限公司 财务报告 （2025 年 01 月 01 日至 2025 年 6 月 30 日止） | 目录 | 页次 | | --- | --- | | 财务报表 | | | 合并资产负债表和母公司资产负债表 | 1-4 | | 合并利润表和母公司利润表 | 5-6 | | 合并现金流量表和母公司现金流量表 | 7-8 | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | 财务报表附注 | 1-125 | 苏宁易购集团股份有限公司 合并资产负债表 2025年6月30日 （除特别注明外，金额单位均为人民币千元） | 资产 | 附注五 | 期末余额 | 上年年末余额 | | --- | --- | --- | --- | | 流动资产： | | | | | 货币资金 | （一） | 12,556,658 | 11,289,046 | | 结算备付金 | | | | | 拆出资金 | | | | | 交易性金融资产 | （二） | 15,364,876 | 15,398,796 | | 衍生金融资产 | | | | | 应收票据 | （三） | 177 | 2,738 | | 应收 ...

Market Performance - On August 29, the internet e-commerce sector rose by 1.57%, led by Ruoyuchen [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Top Performers - Ruoyuchen (code: 003010) closed at 66.36, with a gain of 9.56% and a trading volume of 137,200 shares, amounting to a transaction value of 882 million [1] - Saiwei Times (code: 301381) closed at 22.76, up 5.42%, with a trading volume of 168,500 shares, totaling 382 million [1] - New Xunda (code: 300518) closed at 14.70, gaining 5.38% with a trading volume of 160,100 shares, amounting to 232 million [1] Underperformers - Jihong Co. (code: 002803) closed at 17.93, down 2.98%, with a trading volume of 183,000 shares, totaling 329 million [2] - Cross-Border Communication (code: 002640) closed at 5.66, down 2.41%, with a trading volume of 1,777,600 shares, amounting to 1.016 billion [2] - Star徽股份 (code: 300464) closed at 5.67, down 2.24%, with a trading volume of 117,600 shares, totaling 67 million [2] Capital Flow - The internet e-commerce sector experienced a net outflow of 17.44 million from institutional investors and 61.87 million from speculative funds, while retail investors saw a net inflow of 79.31 million [2][3] - Major stocks like Guolian Co. (code: 603613) had a net outflow of 80.49 million from institutional investors, while Ruoyuchen saw a net inflow of 75.90 million [3]

Core Insights - The "2025 China Private Enterprises Top 500" list was released, showing an increase in the entry threshold for companies, with Nanjing having 8 companies included, 3 more than last year [1][3] - Nanjing's private enterprises are demonstrating stable operations and continuous innovation, reflecting the strength and depth of the local private economy [3][6] Summary by Category Entry Thresholds and Rankings - The entry threshold for the "Top 500 Private Enterprises" increased to 27.023 billion yuan, for the "Top 500 Private Manufacturing Enterprises" to 15.701 billion yuan, and for the "Top 100 Private Service Enterprises" to 30.775 billion yuan [3][5] - Nanjing's 8 companies in the "2025 China Private Enterprises Top 500" include: Jiangsu Manyun Software Technology Co., Ltd., Hongyang Group Co., Ltd., Huitongda Network Co., Ltd., Suning.com Group Co., Ltd., Hongyang Group Co., Ltd., Nanjing Golden Eagle International Group Co., Ltd., Jiangsu Yingtai Supply Chain Group Co., Ltd., and Nanjing Xinhua Sea Technology Industry Group Co., Ltd. [3][5] Financial Performance - The total revenue of the 10 companies on the list reached 413.773 billion yuan in 2024, with 4 companies exceeding 50 billion yuan in revenue [5][6] - The total tax contribution was 12.511 billion yuan, with 4 companies paying over 1 billion yuan in taxes [5][6] - The total employment generated by these companies was 49,400, with 6 companies employing over 3,000 people [5][6] Research and Development - The companies are increasing R&D investments, with total R&D spending reaching 1.55 billion yuan and employing 3,287 R&D personnel, resulting in 922 effective domestic invention patents [6][9] Industry Distribution - The companies span various sectors, including software and information technology, intelligent manufacturing, modern services, and trade circulation, showcasing the diverse structure and vibrant dynamics of Nanjing's private economy [6][9] Digital Transformation - Companies like Huitongda are leveraging AI and digital technologies to enhance supply chain efficiency, with their self-developed "Qiancheng Cloud AI" model covering thousands of rural member stores [9][10] - Nanjing High-Speed Gear Manufacturing Co., Ltd. integrates digital technology with gearboxes, creating a health monitoring IoT platform [9][10] - Suning.com is expanding its presence in core urban areas with new product launches and smart home experience zones [9][10] Company Profiles - Nanjing Golden Foil Holdings has been on the "Top 500 Private Manufacturing Enterprises" list for nine consecutive years, emphasizing its commitment to practical industry and innovation [10][12] - Nanjing Golden Eagle International Group, established in 1992, has diversified into real estate development, trade circulation, hotel operations, and property services [12][14] - Hongyang Group has built a modern enterprise system integrating commercial operations, real estate development, and property services [13][14] Policy Support - Nanjing is actively implementing policies to promote the high-quality development of the private economy, signaling strong support for innovation and growth in the sector [14]