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]

Core Insights - The National Federation of Industry and Commerce released the lists of the top 500 private enterprises in China for 2025, with Jiangsu province having 90, 82, and 15 companies in the respective categories of overall private enterprises, manufacturing private enterprises, and service private enterprises, showing increases from the previous year [1][2]. Group 1: Jiangsu's Economic Contribution - Jiangsu's private economy contributed a value-added of 7.98 trillion yuan in 2024, accounting for 58.2% of the province's GDP, highlighting its significant role in the economy [1]. - Jiangsu ranked second nationally in the number of companies included in the 2025 top 500 private enterprises list, with 71 from southern Jiangsu, 11 from central Jiangsu, and 8 from northern Jiangsu [1]. Group 2: Company Performance - Among the top 500 private enterprises, 11 companies in Jiangsu reported revenues exceeding 100 billion yuan, an increase of one from the previous year [1]. - The total R&D investment of the listed companies reached 75.17 billion yuan, with 83,000 R&D personnel and 24,000 effective domestic invention patents, representing increases of 7.5%, 5.1%, and 32.6% respectively compared to the previous year [1]. Group 3: Tax Contributions and Employment - The total tax contribution of the listed companies amounted to 135.36 billion yuan, with 28 companies paying over 1 billion yuan in taxes annually [1]. - The total employment generated by these companies reached 1.306 million [1].

Group 1 - The "2025 China Private Enterprises 500 Strong" list was released, with Nanjing having 8 companies included, an increase of 3 from last year [1][3] - The revenue threshold for the top 500 private enterprises increased to 27.023 billion yuan, while the thresholds for manufacturing and service sectors were set at 15.701 billion yuan and 30.775 billion yuan respectively [3] - The total revenue of the 10 listed companies reached 413.773 billion yuan, with 4 companies exceeding 50 billion yuan in revenue [4] Group 2 - Nanjing's private enterprises are showing robust performance, with a focus on innovation and steady operations [3][4] - The companies are investing significantly in R&D, with total R&D expenditure reaching 1.55 billion yuan and 3,287 R&D personnel [4] - The companies span various industries, including software and information technology, smart manufacturing, modern services, and trade circulation, reflecting a diverse economic structure [4] Group 3 - Companies like 汇通达 are leveraging AI and digital technologies to enhance their operations, showcasing a trend of digital empowerment in the private sector [5][6] - 南京金箔控股集团 has maintained its position in the manufacturing sector by focusing on innovation and international market expansion [7] - 南京金鹰国际集团 and 弘阳集团 have developed integrated business models across real estate, commerce, and services, demonstrating a collaborative development approach [8] Group 4 - Nanjing is actively implementing policies to promote the high-quality development of the private economy, signaling strong support for innovation and growth [9]

证券代码：002024 证券简称：ST 易购 公告编号：2025-037 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 苏宁易购集团股份有限公司 2025 年第二次临时股东大会决议公告 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。 特别提示： 1、本次股东大会无否决提案的情形。 （一）会议召开情况 1、召开时间： （1）现场会议召开时间：2025 年 8 月 27 日（星期三）下午 14:00。 （2）网络投票时间：2025 年 8 月 27 日。 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 8 月 27 日上午 9:15－9:25，9:30－11:30，下午 13:00－15:00。通过深圳证券交易 所互联网投票系统投票的具体时间为 2025 年 8 月 27 日上午 9:15 至下午 15:00 期间的任意时间。 2、现场会议召开地点：南京市玄武区苏宁大道 1 号苏宁易购总部办公楼会 议中心。 3、会议召集人：公司董事会。 4、会议方式：本次股东大会采取现场投票、网络投票相结合的方式召开。 5、 ...

江苏世纪同仁律师事务所关于 苏宁易购集团股份有限公司2025年第二次临时股东大会的 法律意见书 致:苏宁易购集团股份有限公司 根据《公司法》《证券法》和中国证监会《上市公司股东会规则》等法律、 法规和规范性文件以及公司《章程》的规定,本所受贵公司董事会的委托,指派 本律师出席贵公司 2025年第二次临时股东大会,并就本次股东大会的召集、召 开程序、出席会议人员资格、召集人资格、表决程序以及表决结果的合法有效性, 等事项出具法律意见。 为出具本法律意见书,本律师对本次股东大会所涉及的有关事项进行了审查, 查阅了相关会议文件,并对有关问题进行了必要的核查和验证。 本律师同意将本法律意见书随贵公司本次股东大会决议一并公告,并依法对 本法律意见书承担相应的责任。 本律师根据相关法律、法规和规范性文件的要求,按照律师行业公认的业务 标准、道德规范和勤勉尽责精神,出具法律意见如下: 一、关于本次股东大会的召集、召开程序和召集人资格 1.本次股东大会由董事会召集。2025年8月11日,贵公司召开第八届董事 会第三十一次会议,决定于 2025年 8 月 27 日召开 2025年第二次临时股东大会。 2025年8月12日,贵公 ...

Core Viewpoint - The article discusses the financial struggles of Suning Group, which has been significantly impacted by its investment in Evergrande Group, leading to a debt crisis and loss of control for its chairman Zhang Jindong [2][3][4]. Group 1: Investment and Financial Impact - Over 20 well-known companies have faced bankruptcy restructuring, debt defaults, or operational difficulties due to Evergrande Group, with the total amount involved exceeding 100 billion yuan [2]. - In 2017, Suning Group invested 20 billion yuan in Evergrande, acquiring approximately 4.7% equity, which was seen as a strategic move to integrate real estate and retail [2]. - By July 2021, Suning was in a debt crisis exceeding 140 billion yuan, prompting Zhang Jindong to seek the return of the 20 billion yuan investment, which ultimately proved unsuccessful [3]. Group 2: Strategic Missteps and Consequences - Suning's diversification strategy from 2012 to 2020 involved investments totaling 78 billion yuan, but most projects failed to create synergies, leading to a lack of successful business segments [3]. - Zhang Jindong's decision to transfer 16.96% of Suning's shares for 8.83 billion yuan and step down as CEO resulted in a significant loss of control over the company [3]. - The article reflects on Zhang Jindong's initial optimism in partnering with Evergrande, contrasting it with the current struggles of Suning, suggesting that his expectations were overly ambitious [4].

Core Insights - The article highlights the growing trend of AI-integrated air conditioning units, showcasing their advanced features such as voice control and personalized air solutions [3][5] - The demand for air conditioners has surged due to high temperatures and government subsidies, particularly in regions like Northeast China and traditional hot areas like Jiangsu, Zhejiang, and Shanghai [5][6] - Offline retail experiences are becoming increasingly important as consumers seek to physically interact with products before purchase, contrasting with the competitive online market [6][8] Group 1: AI Technology in Air Conditioning - AI advancements allow air conditioners to respond to voice commands and optimize energy efficiency through personalized settings [3] - The T3S "Ningjing Air Machine," a collaboration between Suning and Midea, exemplifies these innovations, achieving over 110% year-on-year sales growth since August [3][5] Group 2: Market Demand and Consumer Behavior - The combination of favorable policies and consumer incentives has led to a significant increase in sales of mid-to-high-end AI products, with sales of "wind-free" air conditioners rising over 80% since August [5] - The penetration rate of AI voice control in air conditioners priced above 5000 yuan has exceeded 65% [5] Group 3: Retail Experience and Market Dynamics - The offline retail environment is regaining importance as consumers prefer to experience products firsthand, with higher average prices maintained in physical stores compared to online [6] - The overall transaction price of air conditioners in Suning stores increased during the 818 promotion, indicating a shift towards more advanced products [6][8] Group 4: Broader Trends in Smart Home Appliances - The trend extends beyond air conditioners to other smart home appliances, such as large-screen TVs and integrated kitchen solutions, which are increasingly featured in physical retail spaces [8] - Suning is transforming its stores into experience centers for new products, enhancing the consumer journey from purchasing appliances to adopting new lifestyles [8]

Group 1 - Suning.com is attempting to regain visibility by rapidly expanding its offline stores in various cities since August, including Shanghai and Shandong [1][3] - The "National Subsidy" policy for home appliances has provided an opportunity for Suning.com to recover, with a projected retail sales growth of 6.4% in 2024, reaching 907.1 billion yuan [1] - In Chongqing, Suning.com reported a more than 50% increase in trade-in orders following the launch of the "National Subsidy" [1] Group 2 - Suning.com has opened multiple new stores, including Suning Max and Suning Pro, with a goal of exceeding 2 billion yuan in GMV for the second half of the year in Shanghai [3] - The company has emphasized the irreplaceable role of offline stores in product promotion and customer experience, a strategy that was hindered by previous debt issues [3] - As of mid-2023, Suning.com has established 10 Suning Max stores and over 100 Suning Pro stores nationwide [3] Group 3 - Suning.com has made progress in resolving its debt issues, with a recent agreement to settle 2.2 billion yuan in outstanding payments to Carrefour Group, which will improve its financial statements significantly [7] - The company has also reached a debt settlement agreement with 18 subsidiaries, reducing receivables by 5.02374 billion yuan [7] Group 4 - In Q1 2023, Suning.com reported a revenue of 12.894 billion yuan, a 2.5% increase year-on-year, driven by the "National Subsidy" policy and new store openings [11] - The net profit attributable to shareholders was 17.96 million yuan, marking a turnaround from previous losses, although the core business still showed a net loss of 199 million yuan [11] - The asset-liability ratio decreased to 90.38% as of March 31, 2023, but remains high [11] Group 5 - Suning.com faces ongoing competitive pressures as the market landscape has shifted towards online channels and improved services from brand-owned stores [12] - The company's stock price showed a slight increase, reflecting some market optimism following debt resolution, but the future success of its offline strategy remains uncertain [12]