证券代码：002024 证券简称：ST 易购 苏宁易购集团股份有限公司 苏宁易购 2021 年度业绩说明会 投资者活动记录表 编号：20220520 | --- | --- | --- | |----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------| | | □特定对象调研 | □分析师会议 | | | □媒体采访 √业绩说明会 | | | 投资者关系活动 | □新闻发布会 □路演活动 | | | 类别 | □现场参观 □电话会议 | | | | □其他： （请文字说明其他活动内容） | | | 参与单位名称 | 苏宁易购 2021 者 | ...

Financial Performance - The company's operating revenue for Q3 2022 was CNY 18,328,040, a decrease of 16.57% year-on-year, while the total revenue for the first nine months was CNY 55,537,738, down 51.95% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2022 was a loss of CNY 1,804,530, representing an increase in loss of 56.16% year-on-year, with a cumulative loss of CNY 4,545,351 for the first nine months, a decrease of 39.94% year-on-year[2]. - The company reported a net profit loss of CNY 4,952,867 for the first nine months of 2022, which is a 38.97% improvement compared to the same period last year[8]. - The net profit attributable to shareholders for the first three quarters was -4.545 billion yuan, a year-on-year reduction in losses of 39.94%[11]. - The company reported a net loss of CNY 11,994,190 for the period, compared to a loss of CNY 7,449,817 in the previous year[29]. - Total comprehensive income for the period was a loss of ¥3,397,216 thousand, compared to a loss of ¥8,518,847 thousand, showing a significant improvement[32]. - Basic earnings per share improved to -¥0.4981 from -¥0.8205, indicating a reduction in loss per share[32]. Cash Flow and Liquidity - The company's cash flow from operating activities for the first nine months was CNY 249,742, an increase of 105.61% compared to the previous year[2]. - Cash flow from operating activities turned positive at 249.742 million yuan, a 105.61% improvement year-on-year[15]. - Operating cash flow net amount was ¥249,742 thousand, a turnaround from a negative cash flow of ¥4,455,609 thousand in the previous period[34]. - Cash inflow from operating activities totaled ¥61,573,852 thousand, down from ¥159,283,001 thousand, a decrease of approximately 61.3%[33]. - Cash outflow from operating activities was ¥61,324,110 thousand, compared to ¥163,738,610 thousand, reflecting a decrease of about 62.6%[34]. - Cash flow from investing activities generated a net inflow of ¥2,245,073 thousand, down from ¥6,931,140 thousand in the previous period[34]. - Cash flow from financing activities resulted in a net outflow of ¥1,301,953 thousand, an improvement from a net outflow of ¥8,467,626 thousand[34]. - Cash and cash equivalents increased to CNY 19,336,255 from CNY 17,967,374, showing improved liquidity[28]. Operational Efficiency - The company closed 436 stores in the first nine months of 2022, focusing on operational efficiency in key cities[17]. - The company is focusing on cost control and operational efficiency to navigate the challenging market environment[30]. - Operating expenses decreased by 44.13% year-on-year, while total expenses fell by 36.82%[11]. - Total operating costs for Q3 2022 were CNY 62,187,577, down from CNY 127,754,150 year-on-year, indicating a cost reduction strategy[30]. - R&D expenses decreased to ¥713,377 thousand from ¥1,544,550 thousand, a reduction of approximately 53.8% year-over-year[31]. Sales and Market Performance - The retail cloud store count reached 9,796 by the end of Q3 2022, with a year-on-year increase in retail cloud merchandise sales of 6.72% and a quarter-on-quarter increase of 20.62%[10]. - The company's core home appliance 3C business achieved a sales growth of 3.20% year-on-year in Q3 2022, despite challenges from the pandemic[9]. - The sales revenue of home appliance 3C specialty stores increased by 12.18% year-on-year in Q3 2022, indicating a recovery in offline store sales[9]. - The overall merchandise sales scale for Q3 2022 decreased by 5.43% year-on-year, a significant narrowing compared to a 55.88% decline in the first half of the year[10]. - Comparable store sales in the home appliance 3C sector grew by 12.18% year-on-year, despite an overall sales decline of 5.43%[12]. Assets and Liabilities - The total assets at the end of Q3 2022 were CNY 161,038,652, a decrease of 5.68% from the end of the previous year[3]. - Total liabilities decreased to CNY 133,413,897 from CNY 139,709,335, indicating a reduction in overall debt levels[29]. - Non-current assets totaled CNY 90,456,159, down from CNY 95,458,753, reflecting a decrease in long-term investments[28]. - The company’s capital reserve decreased to CNY 32,072,761 from CNY 33,103,448, indicating a decline in retained earnings[29]. Shareholder Information - The company’s major shareholder, Taobao (China) Software Co., Ltd., holds a 19.99% stake, while Zhang Jindong holds 17.62%[18]. - The top ten shareholders hold a total of 4,000,000,000 shares, with the largest shareholder, Taobao (China) Software Co., Ltd., holding 1,861,076,927 shares, representing 16.96% of the total[21]. - The company has a total of 2,000,000,000 shares held by the top ten unrestricted shareholders, with Jiangsu New Retail Innovation Fund II holding 1,578,696,146 shares, representing 16.96%[21]. - The company has a total of 1,100,000,000 shares pledged by various shareholders, indicating a significant level of financial leverage[21]. Legal Matters - The company reported a total of RMB 1.35 billion in litigation and arbitration cases as a plaintiff, with RMB 0.04 billion already settled and RMB 1.31 billion still in litigation[26]. - The company is involved in litigation and arbitration cases as a defendant totaling RMB 6.189 billion, with RMB 6.09 billion settled and RMB 5.58 billion still in litigation[26]. Employee Stock Ownership Plans - The employee stock ownership plan for the second phase includes 1,180 employees holding a total of 65,919,578 shares, representing 0.71% of the company's total equity[23]. - The third phase employee stock ownership plan has 372 employees holding 11,868,916 shares, accounting for 0.13% of the total equity[23]. - The fifth phase employee stock ownership plan includes 1,780 employees holding 84,006,415 shares, which is 0.90% of the total equity[23].

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 37,209.7 million, a decrease of 60.25% compared to the same period last year[9]. - The net profit attributable to shareholders of the listed company was a loss of CNY 2,740.8 million, which is a 20.60% improvement year-on-year[9]. - The net cash flow from operating activities was CNY 896.5 million, down 38.53% from the previous year[9]. - The total assets at the end of the reporting period were CNY 165,938.99 million, a decrease of 2.81% compared to the end of the previous year[9]. - The net assets attributable to shareholders of the listed company were CNY 29,969.7 million, down 6.63% from the previous year[9]. - The company reported a net profit loss of CNY 10.32 million in the second quarter, with a year-on-year reduction in losses of 73.04%[9]. - Total revenue for the reporting period was CNY 37,209.70 million, a decrease of 60.25% compared to CNY 93,605.66 million in the same period last year[39]. - The company achieved an EBITDA of 859 million yuan in the first half of the year, with Q2 EBITDA at 599 million yuan, marking a continuous quarter-on-quarter growth since November 2021[16][17]. - The company reported a significant decline in product revenue, with communication products down 81.94% to CNY 3,796.11 million from CNY 21,014.58 million year-on-year[39]. - The company reported a 4.4% year-on-year increase in comparable store sales in June 2022, indicating some recovery efforts were effective[29]. Retail Environment - The retail industry faced challenges in the first half of 2022, with a 0.7% year-on-year decline in total retail sales, and a 14.1% decrease in retail sales among major retail enterprises[14]. - In June 2022, total retail sales turned to growth at 3.1% due to improved pandemic control and consumption stimulus policies[14]. - The company faced challenges from regional pandemic outbreaks and competition from e-commerce, impacting overall sales performance[30]. - The company is focusing on deepening its presence in the home appliance market and optimizing user experience while accelerating development in lower-tier markets[111]. Store Operations - The retail cloud business opened 1,111 new stores in the first half of the year, bringing the total to 9,749 stores, with a sales scale growth of 5% year-on-year and 53% in June alone[18]. - The total number of self-operated stores decreased by 274, with a net area reduction of 46.20 thousand square meters in the first half of 2022[25]. - The company closed underperforming stores and reduced rental costs to enhance offline profitability[17]. - The total number of retail cloud franchise stores increased by 571, reaching 9,749 stores as of June 30, 2022[28]. - The company opened 30 new stores but closed 304, resulting in a net decrease of 250 stores in the home appliances and 3C category[27]. Financial Management - The company will not distribute cash dividends or issue bonus shares for the reporting period[2]. - The company aims to improve operational efficiency and maintain a low-cost operation strategy[47]. - The company plans to enhance inventory levels and sales capabilities in the second half of the year, particularly in offline stores and Tmall flagship stores[41]. - The company is actively seeking to expand financing channels and enhance cash inflow through asset revitalization and strategic investments[112]. - The company has strengthened asset-liability management and liquidity management to ensure timely payment of interest and principal[173]. Investment and Capital Allocation - The company has cumulatively used CNY 29,085,309.4 thousand of raised funds, with CNY 96,688.4 thousand used in the first half of 2022[67]. - The company has made significant equity investments, but specific details on major equity investments during the reporting period are not applicable[62]. - The company plans to invest ¥1,600,000.0 thousand in the new regional distribution center construction project, enhancing logistics capabilities and operational efficiency[75]. - The company has reported a total of CNY 11,262,898 thousand in restricted trading financial assets due to loan pledges[60]. Corporate Governance - The company’s board of directors and senior management did not change during the reporting period[93]. - The company has made commitments to avoid competition and has fulfilled these commitments during the reporting period[106]. - The company has strengthened its governance and compliance measures, ensuring stable operations[103]. - The company has not engaged in any asset or equity acquisitions or sales during the reporting period[130]. Environmental and Social Responsibility - The company is committed to the national "3060 carbon peak and carbon neutrality" strategy, actively responding to climate change through improved environmental management systems[101]. - The company focuses on community service and rural revitalization, leveraging retail resources to support local economies[105]. - The company has implemented talent development initiatives, ensuring employee rights and providing a comfortable working environment[104]. Related Party Transactions - The total amount of related party transactions for the reporting period is 296,645.36 million yuan, accounting for 100% of similar transaction amounts[121]. - The company engaged in financing services with Shanghai Xingtou Financial Services Group, amounting to 192,750.10 million CNY, representing 64.98% of similar transactions[120]. - The company provided logistics services to Alibaba Group's Cainiao Network, generating revenue of 16,957.77 million CNY, representing 5.72% of similar transactions[119]. Shareholder Information - The total number of shares before the recent changes was 9,310,039,655, with 1,241,096,685 shares (13.33%) being limited shares after the changes[157]. - The company’s major shareholder, Jiangsu New Retail Innovation Fund II, holds 16.96% of the shares, totaling 1,578,696,146 shares[160]. - The company’s monitoring officer, Li Jianying, increased her shareholding by 10,000 shares during the reporting period, with 75% locked[158]. - The company has not undergone any changes in its controlling shareholder or actual controller during the reporting period[166].

Financial Performance - The company's operating revenue for Q1 2022 was CNY 19,374,303, a decrease of 64.13% compared to CNY 54,005,268 in the same period last year[2] - The net profit attributable to shareholders of the listed company was a loss of CNY 1,028,908, representing a decline of 325.55% from a profit of CNY 456,171 in the previous year[2] - The company achieved an EBITDA of CNY 2,260,000 in Q1 2022, marking a return to positive earnings before interest, taxes, depreciation, and amortization[8] - Net profit for Q1 2022 was -1,133,801 thousand, compared to a profit of 365,033 thousand in the same period last year, indicating a significant decline[24] - Total revenue from operating activities was 19,014,624 thousand, down from 73,234,197 thousand in the previous year[26] - Operating profit for the quarter was -1,296,347 thousand, compared to a profit of 481,721 thousand in the previous year[24] - Total comprehensive income for the quarter was -1,539,105 thousand, compared to 441,579 thousand in the same period last year[25] - Basic earnings per share were -0.1105, down from 0.0495 in the same period last year[25] Cash Flow and Liquidity - The net cash flow from operating activities increased by 176.83% to CNY 1,295,878, compared to CNY 468,109 in Q1 2021[2] - The company's net cash flow from operating activities turned positive, increasing significantly compared to the same period last year due to strict control over operating expenses and improved efficiency of working capital[10] - Cash flow from operating activities was 1,295,878 thousand, an increase from 468,109 thousand in the previous year[27] - Financing activities resulted in a net cash inflow of 764,072 thousand, a significant improvement from a net outflow of -4,586,642 thousand in the previous year[27] - The company received an incremental credit line of CNY 1,050,000,000 in Q1 2022, enhancing liquidity and ensuring operational stability[9] Assets and Liabilities - The total assets at the end of the reporting period were CNY 169,329,339, a decrease of 0.83% from CNY 170,738,086 at the end of the previous year[2] - The company's total current assets as of the end of the first quarter of 2022 were RMB 74.26 billion, a decrease from RMB 75.28 billion at the beginning of the year[20] - The total liabilities of the company as of March 31, 2022, were RMB 139.77 billion, slightly up from RMB 139.71 billion at the beginning of the year[22] - As of March 31, 2022, the company's bonds payable decreased by 93.73% compared to December 31, 2021, indicating a significant reduction in debt obligations[11] Expenses and Cost Management - The company reported a significant reduction in total expenses by 43.53% year-on-year, with a 46.44% decrease in three major expense categories excluding financial costs[8] - The total operating costs for the first quarter of 2022 were RMB 20.92 billion, down from RMB 55.54 billion in the previous year[23] - Research and development expenses decreased to 250,356 thousand from 579,691 thousand, reflecting a reduction of approximately 56.8%[24] Investments and Shareholder Information - The company sold 39% of its stake in Suning Consumer Finance Co., Ltd. for CNY 369,000,000 as part of its asset recovery strategy[9] - The investment income decreased by 93.68% to CNY 136,514, primarily due to the previous year's sale of warehouse properties and bond repurchases[7] - The total number of ordinary shareholders at the end of the reporting period was 284,632, with the top ten shareholders holding significant stakes, including Taobao (China) Software Co., Ltd. at 19.99%[14] - The company has implemented employee stock ownership plans, with 1,180 employees holding a total of 65,919,578 shares, representing 0.71% of the company's total equity[16] Store Operations - The total number of stores as of March 31, 2022, was 2,017, with a total area of 611.51 thousand square meters, reflecting a decrease in the number of stores and area compared to the previous year[12] - The company opened 17 new stores in the first quarter of 2022, covering an area of 1.66 thousand square meters, while 90 stores were closed, resulting in a net reduction[12] Fund Management - As of March 31, 2022, the balance of the raised funds account was 97,190.0 thousand yuan, with the majority allocated for repaying company bonds[17] - As of March 31, 2022, the total guarantees provided by the company to its subsidiaries amounted to RMB 4.31 billion, representing 18.50% of the audited net assets attributable to the parent company for 2021[18]

Financial Performance - The company's operating revenue for 2021 was CNY 138.90 billion, a decrease of 44.94% compared to CNY 252.30 billion in 2020[11]. - The net profit attributable to shareholders for 2021 was a loss of CNY 43.26 billion, representing a decline of 912.11% from a loss of CNY 4.27 billion in 2020[11]. - The net cash flow from operating activities for 2021 was a negative CNY 6.43 billion, a decrease of 296.48% compared to a negative CNY 1.62 billion in 2020[11]. - Total assets at the end of 2021 were CNY 170.74 billion, down 19.49% from CNY 212.08 billion at the end of 2020[11]. - The net assets attributable to shareholders decreased by 58.24% to CNY 32.10 billion in 2021 from CNY 76.86 billion in 2020[11]. - The company reported a basic earnings per share of -4.65 yuan in 2021, a significant decline from 1.07 yuan in 2019[11]. - The company recorded a total loss of CNY 85.63 billion when excluding impairment provisions and other factors[12]. - The weighted average return on equity was -79.42% in 2021, down from 11.77% in 2019[11]. - The company experienced a quarterly revenue decline, with Q4 2021 revenue at CNY 23.33 billion, down from CNY 54.01 billion in Q1 2021[15]. - In 2021, the company faced significant operational challenges, resulting in a net loss attributable to shareholders of 85.63 billion yuan after accounting for various asset impairment provisions and investment losses totaling 347.02 billion yuan[18]. Operational Adjustments - The company closed or adjusted several underperforming businesses, including the Tian Tian Express small parcel service and some loss-making home appliance stores, to focus on core retail operations[17]. - The company recognized a financial expense increase of 16.57 billion yuan due to the impact of new leasing standards and liquidity issues, although operational expenses excluding financial costs decreased by 20.30% compared to 2020[17]. - The company plans to continue enhancing operational efficiency and asset management to navigate the ongoing market challenges[19]. - The company is focusing on optimizing the Carrefour supermarket business to adapt to the rapid development of e-commerce and community group buying[31]. - The company is enhancing its logistics and service capabilities, particularly in large and medium-sized home appliance delivery and installation services[31]. Market Trends and Strategies - The retail market in China showed signs of recovery in 2021, but faced challenges such as demand contraction and rising costs, necessitating a shift in operational strategies[25]. - The company aims to enhance its core business in home appliances and 3C products, focusing on user demand for new and high-end appliances[28]. - The company is actively developing its e-commerce procurement business, leveraging its self-operated logistics and local service advantages[30]. - The company aims to expand its retail services in lower-tier markets through its retail cloud business[41]. - The company plans to enhance its physical store network through various projects, improving competitiveness in the "Internet+" environment[107]. Store and Inventory Management - The company opened 2,678 new retail cloud stores in 2021, bringing the total to 9,178 stores[29]. - As of December 31, 2021, the company had 11,281 offline stores, including 2,103 self-operated stores and 9,178 retail cloud franchise stores[32]. - The company’s inventory levels dropped to historical lows due to liquidity issues, impacting both sales and procurement scales[18]. - The total number of self-operated stores decreased by 546, with a total of 139 stores remaining open, covering an area of 19.31 million square meters[38]. - The company reported a net decrease of 373 stores in the home appliance and 3C category, with a total of 132 stores remaining open[41]. Financial Management and Investments - The company has established 19 new subsidiaries in 2021, while 37 subsidiaries were deregistered, indicating a strategic restructuring[60]. - The company plans to enhance liquidity and inventory levels in the second half of the year, focusing on promotional activities to boost sales[55]. - The company has implemented significant strategic adjustments in response to market conditions, particularly in fast-moving consumer goods and communication products[55]. - The company has repurposed CNY 1,930,712.0 thousand of interest income from raised funds to permanently supplement working capital[95]. - The company has allocated CNY 3,000,000.0 thousand for permanent working capital, achieving 100% investment progress[98]. Governance and Shareholder Engagement - The company held six shareholder meetings during the reporting period, ensuring effective communication and decision-making with shareholders[143]. - The board of directors and supervisory board operated efficiently, ensuring compliance and protecting the rights of shareholders[144]. - The company maintains a transparent performance evaluation and incentive mechanism for directors and senior management, promoting management performance improvement[145]. - The company has established an independent financial department and accounting system, ensuring no interference from controlling shareholders in financial decisions[150]. - The company has no controlling shareholder or actual controller since July 30, 2021, ensuring operational independence[150]. Future Outlook and Growth Plans - The company aims to restore profitability in its core home appliance and 3C business by achieving monthly profitability starting March 2022 and overall profitability for the year[137]. - The company plans to accelerate the development of three business systems: Retail Cloud, Easy Procurement Cloud, and Social Cloud, which are expected to drive significant growth and profitability in 2022[137]. - The company targets a 15%-20% contribution from its omnichannel strategy in the home appliance sector in 2022, which is anticipated to enhance gross profit levels[140]. - The company recognizes the need for a cultural shift to enhance individual responsibility and promote a work environment focused on efficiency and collective success[141]. - The company expresses confidence in the Chinese economy and retail market, driven by government policies and evolving consumer trends towards quality and personalized service[134].

Financial Performance - The company's operating revenue for Q3 2021 was CNY 21,968,102, a decrease of 64.82% year-on-year[2]. - The net profit attributable to shareholders for Q3 2021 was a loss of CNY 4,116,177, representing a decline of 676.73% compared to the same period last year[2]. - The company reported a net cash flow from operating activities of CNY -4,455,609, a decline of 83.43% year-on-year[2]. - The company experienced a 67.01% year-on-year decrease in asset impairment losses due to a reduction in inventory write-down provisions[10]. - The company reported a 141.31% increase in credit impairment losses year-on-year due to higher provisions for receivables[10]. - Other income decreased by 48.98% year-on-year, primarily due to a reduction in government subsidies received[10]. - The company's net profit loss led to a year-on-year decrease in income tax expenses by 2189.27%[11]. - The company's revenue for the year 2018 was 244.957 billion RMB, with a year-on-year growth of 30.35%[26]. - Net profit for the current period is -8,115,552 thousand yuan, compared to a net profit of -75,494 thousand yuan in the previous period[52]. - Basic earnings per share for the current period is -0.8205 yuan, compared to 0.0599 yuan in the previous period[53]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 209,644,094, a decrease of 1.15% from the end of the previous year[3]. - As of September 30, 2021, cash and cash equivalents decreased by 33.00% to CNY 17,345,843,000 due to a decline in sales during the reporting period[12]. - Accounts receivable decreased by 95.85% to CNY 70,467,000, primarily due to the maturity of receivables during the reporting period[12]. - The total current assets as of September 30, 2021, were 79,947,058,000 CNY, a decrease from 107,483,606,000 CNY as of December 31, 2020[48]. - The total liabilities as of September 30, 2021, were 141,174,257,000 CNY, compared to 135,243,397,000 CNY as of December 31, 2020[49]. - The total equity attributable to the parent company decreased to 69,061,056,000 CNY from 76,857,447,000 CNY year-over-year[50]. - The company's total assets as of September 30, 2021, were 209,644,094,000 CNY, slightly down from 212,075,200,000 CNY as of December 31, 2020[50]. - Total liabilities increased from CNY 135.24 billion to CNY 168.58 billion, an increase of CNY 33.34 billion[60]. - Non-current liabilities rose significantly from CNY 10.64 billion to CNY 39.09 billion, an increase of CNY 28.45 billion[60]. Cash Flow - The net cash flow from operating activities decreased by 83.43% year-on-year to CNY -4,455,609,000, mainly due to the company's profit loss[13]. - The net cash flow from investment activities increased by 399.23% year-on-year to CNY 6,931,140,000, influenced by the implementation of light asset operations in logistics and warehousing[14]. - The company’s financing activities generated a net cash flow of CNY -8,467,626,000, a year-on-year decrease of 181.07% due to the repayment of maturing corporate bonds and bank debts[14]. - Cash inflow from operating activities is 159,283,001 thousand yuan, a decrease of 28.8% from 223,562,168 thousand yuan in the previous period[54]. - The net cash flow from financing activities was -CNY 8.47 million, worsening from -CNY 3.01 million in the previous period, indicating a decline of 181.5%[56]. Investments and Projects - The total amount of committed investment projects is CNY 29,343,213.4 thousand, with a cumulative investment of CNY 28,319,719.4 thousand, achieving a progress rate of 97.37%[31]. - The automated sorting center project has a total committed investment of CNY 2,505,120.4 thousand, with 100% completion as of September 30, 2021[29]. - The regional distribution center construction project has a total committed investment of CNY 2,728,332.8 thousand, also achieving 100% completion[29]. - The logistics operation business development project has a total committed investment of CNY 3,500,000.0 thousand, with a cumulative investment of CNY 1,532,689.0 thousand, reaching 100% completion[29]. - The company has completed the investment of CNY 1,100,438.5 thousand in the cloud computing project, achieving 100% completion[30]. Employee Stock Ownership Plan - The total number of shares held by the employee stock ownership plan as of September 30, 2021, is 65,919,578 shares, accounting for 0.71% of the company's total share capital[22]. - The employee stock ownership plan sold 902,500 shares during the first three quarters, which is 0.0097% of the total share capital[25]. - The company confirmed management expenses of 0.25 billion RMB related to the employee stock ownership plan for the first three quarters of 2021[28]. - The employee stock ownership plan's funding sources include employees' self-raised funds and legal loans[22]. - The employee stock ownership plan can sell up to 40% of its shares within 12 months after the lock-up period if performance targets are met[25]. Strategic Focus - The company aims to significantly reduce operational losses in Q4 2021 compared to Q3 and strives for positive monthly EBITDA by year-end[10]. - The company is focusing on enhancing its online and offline integration to improve profitability in a competitive environment[40]. - The company is investing in cloud computing and big data projects to support its internet transformation and provide strong IT support for sustainable growth[41]. - The company plans to enhance logistics capabilities through the logistics operation development project, which is expected to improve service efficiency and reduce operational costs[38]. - The company aims to reduce outsourcing transportation costs and improve delivery efficiency through the logistics transportation development project[38].

Financial Performance - The company's operating revenue for the first half of 2021 was 93.61 billion yuan, a decrease of 20.96% compared to the same period last year[9]. - The net profit attributable to shareholders was -3.45 billion yuan, representing a decline of 1972.06% year-on-year[9]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -5.02 billion yuan, a decrease of 574.21% compared to the previous year[9]. - The gross profit margin decreased to 11.31% from 15.63% in the same period last year, a decline of 4.32 percentage points[45]. - The main business gross profit margin was 7.77%, down from 12.15% in the same period last year, a decrease of 4.38 percentage points[45]. - The revenue from the main business was CNY 90.07 billion, accounting for 96.22% of total operating revenue, down 20.93% from CNY 113.91 billion in the previous year[48]. - The company reported a net loss of RMB 32,523,054 thousand for the first half of 2021, compared to RMB 36,033,899 thousand in the same period of 2020, indicating a decline of about 9.2%[180]. - The total comprehensive income for the first half of 2021 was negatively impacted by a significant net loss and other comprehensive losses, totaling RMB 4,029,726 thousand[186]. Cash Flow and Liquidity - The company's cash flow from operating activities was 1.46 billion yuan, an increase of 613.03% year-on-year[9]. - Cash flow from operating activities showed a net increase of 1.46 billion yuan, a significant increase of 613.03% year-on-year, attributed to strict control over expenditures[59]. - Financing activities resulted in a net cash outflow of 9.58 billion yuan, a decline of 414.10% year-on-year, mainly due to the repayment of maturing corporate bonds and bank debts[60]. - The company reported a decrease in cash and cash equivalents by 4.03 billion yuan, a decline of 364.68% year-on-year[60]. - The company reported a current ratio of 0.81 and a quick ratio of 0.66, indicating a slight decline in liquidity compared to the previous year[64]. - The company maintained a loan repayment rate of 100%[176]. Assets and Liabilities - The total assets at the end of the reporting period were 215.73 billion yuan, an increase of 1.72% from the end of the previous year[9]. - The company's total liabilities reached RMB 142,767,391 thousand, compared to RMB 135,243,397 thousand at the end of 2020, showing an increase of about 5.6%[179]. - The company's equity attributable to shareholders was RMB 72,958,333 thousand, down from RMB 76,831,803 thousand, indicating a decrease of approximately 5.5%[179]. - The debt-to-asset ratio increased to 66.18% from 63.77%, an increase of 2.41%[176]. - The company has restricted assets valued at 29,826,120,000 CNY due to various pledges and guarantees[69]. Market and Sales Performance - The company's merchandise sales volume was 128.58 billion yuan, a decline of 33.76% year-on-year[14]. - The retail market in China saw a 23% year-on-year growth in total retail sales of consumer goods, indicating a recovering market[14]. - The company experienced a 10.26% year-on-year decline in retail sales revenue for comparable home appliance and 3C stores[29]. - The overall sales revenue for home appliances in first-tier markets decreased by 5.87% year-on-year, with a per square meter efficiency of 12,672.97 RMB[30]. - The company faced liquidity pressures that impacted supply and sales performance in the first half of the year[29]. Strategic Initiatives - The company plans to enhance its supply chain management capabilities through technology-driven, digital, and refined processes[18]. - The company is focusing on a "retail service provider" strategy, leveraging its supply chain and operational capabilities to better serve users and partners[19]. - The company aims to restore bank credit and improve inventory turnover to enhance sales capabilities[17]. - The company plans to enhance liquidity and inventory levels in the second half of the year, focusing on promotional activities to boost sales, especially in offline stores and Tmall flagship stores[49]. - The company is actively expanding its retail cloud services in lower-tier markets and enhancing its offerings for government and enterprise clients[49]. Employee and Organizational Changes - The company achieved an 11.41% year-on-year reduction in personnel costs through organizational streamlining and efficiency improvements[16]. - The company has launched a rural revitalization plan, establishing over 200 "Chinese Specialty Pavilions" to enhance local agricultural product sales and training thousands of e-commerce talents[99]. - The management expenses related to the employee stock ownership plan for the first half of 2021 amounted to 24 million yuan[96]. Future Outlook - The company has outlined future growth strategies, including market expansion and new product development initiatives[109]. - The company is committed to adjusting construction fees based on project changes, ensuring transparency in cost management[109]. - The company has set ambitious performance guidance for the upcoming quarters, projecting growth in revenue and market share[142]. - The company is focusing on strategic partnerships and collaborations to drive growth and innovation in the market[113].

Financial Performance - The total revenue for 2020 was CNY 252.30 billion, a decrease of 6.29% compared to CNY 269.23 billion in 2019[13]. - The net profit attributable to shareholders was CNY -4.27 billion, representing a decline of 143.43% from CNY 9.84 billion in the previous year[13]. - The basic earnings per share for 2020 was CNY -0.46, down 142.99% from CNY 1.07 in 2019[13]. - The company reported a net profit attributable to shareholders of CNY -4.822 billion in Q4, reflecting ongoing challenges[20]. - The company reported a significant decline in sales efficiency across various market levels, with the first-level market showing a 20.80% decrease in sales revenue[54]. - The company reported a net loss of CNY 5.36 billion, compared to a net profit of CNY 9.32 billion in 2019, marking a decline of 157.49%[70]. - The company reported a significant increase in contract liabilities to 11,518,134 thousand yuan, which is 5.43% of total assets, reflecting a reclassification of advance payments under new accounting standards[112]. - The company reported a significant decline in investment amounting to 30.19 billion yuan, a decrease of 84.41% compared to the previous year's investment of 193.67 billion yuan[123]. Cash Flow and Liquidity - The net cash flow from operating activities improved significantly to CNY -1.62 billion, a 90.92% improvement from CNY -17.86 billion in 2019[13]. - The company reported a cash flow from operating activities showed a net inflow of CNY 807.146 million in Q4, following a negative cash flow in previous quarters[20]. - The company’s liquidity ratios showed a decline, with the current ratio at 0.86 and the quick ratio at 0.62, down from 1.00 and 0.72 respectively[115]. - The net increase in cash and cash equivalents was -6,356,030 thousand yuan, an improvement of 48.33% compared to the previous year[106]. - The company’s accounts receivable turnover days increased to 10.91 days, compared to 8.61 days in the previous year, reflecting a slowdown in collections[115]. Revenue Sources and Sales Performance - The company's online platform sales reached CNY 290.335 billion, a year-on-year increase of 21.60%, accounting for nearly 70% of total sales[25]. - The company's merchandise sales reached CNY 416.31 billion, an increase of 9.92% year-on-year, with online platform sales accounting for nearly 70% at CNY 290.33 billion, up 21.60%[69]. - Retail sector revenue was CNY 238,502,552 thousand, a decline of 5.97% from CNY 253,655,530 thousand in 2019[84]. - Daily necessities sales increased by 11.22% to CNY 50,683,648 thousand, compared to CNY 45,570,496 thousand in 2019[85]. - The comparable store sales for home appliance and 3C category decreased by 24.31% year-on-year, while the comparable store sales for the mother and baby category decreased by 16.76%[48]. Store Operations and Expansion - The company opened 3,201 new retail cloud franchise stores in 2020, strengthening its channel advantage in lower-tier markets[29]. - As of December 31, 2020, the total number of self-operated stores was 2,649, and the number of Su Ning retail cloud franchise stores was 7,137[34]. - The company experienced a net decrease of 966 stores in 2020, with 1,047 stores closed and 81 new stores opened[45]. - The company adjusted underperforming stores in the first half of 2020, emphasizing "large store" layouts in first and second-tier markets[33]. - The company opened 3,201 new retail cloud franchise stores, bringing the total to 7,137 stores by the end of the reporting period[57]. Investment and Capital Management - The company plans to use the remaining raised funds for logistics operations, new regional distribution centers, and repayment of financial institution loans[133]. - The company has committed to using part of the raised funds for repaying financial institution loans, amounting to CNY 150,000,000[140]. - The company has pledged 2,700,000 thousand yuan in Wanda Department Store equity as part of its financing arrangements[121]. - The company’s financial liabilities increased to 103,762 thousand yuan from 3,383 thousand yuan, indicating a significant rise in financial obligations[118]. - The company completed acquisitions of various express delivery businesses, paying a total of 39.75 million yuan in the reporting period for the final payments of these acquisitions[123]. Strategic Focus and Future Plans - The company plans to continue developing its retail cloud business to enhance service revenue in lower-tier markets[57]. - The company plans to enhance logistics capabilities through the construction of automated sorting centers and regional distribution centers, which will lower operational costs and improve service efficiency[146]. - The company aims to leverage the growing trend of industrial internet development, enhancing its role as a retail service provider amidst the transformation of downstream e-commerce and upstream manufacturing[172]. - The company plans to achieve the goal of opening 4,000 retail cloud stores throughout the year, accelerating the coverage from rural to urban areas[174]. - The company is focused on optimizing the partner mechanism for small and medium-sized stores, aiming to penetrate niche markets through a light-asset model[174]. Dividend Policy and Shareholder Returns - The company plans to maintain a profit distribution policy that ensures cash dividends are at least 10% of the available distributable profit when conditions are met[194]. - The company has committed to not distributing cash dividends or bonus shares for the 2020 fiscal year[197]. - The cash dividend policy was adjusted for 2020 due to the net profit loss, with no dividends or stock bonuses proposed[184]. - The company’s cash dividend total for 2020 was 700,740,000 RMB, which was 243% of the available distributable profit amounting to 288,741,000 RMB[195]. - The company’s share repurchase program was executed within the range of RMB 1 billion to RMB 2 billion, with a maximum repurchase price of RMB 15 per share[185].

Financial Performance - The total revenue for the first quarter of 2021 was CNY 54,005,268, a decrease of 6.63% compared to CNY 57,839,184 in the same period last year[2]. - The net profit attributable to shareholders increased by 182.80% to CNY 456,171 from a loss of CNY 550,949 in the previous year[2]. - The net cash flow from operating activities improved by 111.93%, reaching CNY 468,109 compared to a negative CNY 3,925,437 in the same period last year[2]. - Basic earnings per share rose to CNY 0.0495, a 183.61% increase from a loss of CNY 0.0592 in the previous year[2]. - The company's operating revenue for Q1 2021 was CNY 54,005,268, a decrease of 6.63% compared to CNY 57,839,184 in Q1 2020[10]. - The net profit attributable to shareholders of the listed company reached CNY 456,171, marking an increase of 182.80% compared to a net loss of CNY 550,949 in the same period last year[10]. - The company's investment income surged by 827.16% to CNY 2,159,330, up from CNY 232,897 in Q1 2020[10]. - Operating profit improved significantly, increasing by 156.56% year-on-year[14]. - The company reported a net profit of CNY 8,909,284, an increase from CNY 8,251,892, representing a growth of 7.9%[55]. - Net profit for the period was CNY 365,033, compared to a net loss of CNY 739,434 in the previous period[56]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 314,246[5]. - Zhang Jindong, the largest shareholder, held 20.96% of the shares, amounting to 1,951,811,430 shares[5]. - The diluted earnings per share based on the latest share capital was CNY 0.0490[3]. Asset and Liability Management - Total assets at the end of the reporting period were CNY 235,640,521, reflecting an 11.11% increase from CNY 212,075,200 at the end of the previous year[2]. - The company's current liabilities totaled 118,239,703 thousand yuan, a decrease from 124,601,727 thousand yuan at the end of 2020, reflecting a reduction of about 5.5%[52]. - Total liabilities increased to CNY 157,012,804 from CNY 135,243,397, an increase of 16.1%[53]. - The company's total liabilities reached CNY 168,584,311, reflecting an increase of CNY 33,340,914[67]. - The company's asset-liability ratio has decreased following the repayment of part of its bank loans, optimizing its financial structure and enhancing profitability[43]. Operational Efficiency - The company has focused on improving operational efficiency and profitability, with an 11.84% reduction in sales expenses to CNY 6,288,431[10]. - The company's logistics business has reduced losses by 39.29% in the small parcel delivery segment compared to Q1 2020[10]. - The company has implemented effective cost control measures, resulting in reduced funding needs for store renovations and improved operational efficiency[37]. Investment Activities - The company reported non-recurring gains of CNY 1,394,285, primarily from the disposal of subsidiaries and government subsidies[4]. - The company plans to utilize 2,758.49 million CNY of unused fundraising for acquiring equity in TianTian Express, enhancing logistics capabilities[41]. - The total amount of entrusted financial management products reached 2,585.79 million CNY, with no overdue amounts reported[46]. Cash Flow Management - Cash flow from operating activities increased by 111.93% year-on-year, reaching a net cash flow of 468.1 million yuan[16]. - Cash outflow from operating activities decreased to 72,766,088 from 76,925,181, resulting in a net cash flow from operating activities of 468,109, compared to -3,925,437 in the previous period[61]. - Investment cash inflow totaled 5,746,620, down from 9,032,660, while investment cash outflow decreased to 3,564,631 from 8,335,056, leading to a net cash flow from investing activities of 2,181,989, up from 697,604[61]. Strategic Initiatives - The company plans to leverage its retail cloud technology to enhance community retail operations around Carrefour stores[12]. - The company plans to continue expanding its cloud store network while optimizing store opening costs and strategies in response to market changes[36]. - The company is undergoing significant internal management reforms to improve efficiency and performance metrics[13]. Employee Stock Ownership Plan - The second phase of the employee stock ownership plan holds 65,919,578 shares, accounting for 0.71% of the company's total equity[22]. - As of March 31, 2021, the employee stock ownership plan held a total of 24,121,216 shares, accounting for 0.26% of the company's total share capital[26]. - The company confirmed management expenses of RMB 0.13 million related to the employee stock ownership plan during the first quarter[27]. Fundraising and Financial Stability - The company plans to repurchase shares with a total amount not less than RMB 500 million and not exceeding RMB 1 billion, with a maximum repurchase price of RMB 11 per share[28]. - The company has a remaining unused raised fund amount of CNY 3,708,805.6 thousand, which will be allocated to logistics operations and new regional distribution centers[33]. - The company has shifted part of the raised funds to repay financial institution loans, indicating a focus on financial stability[36].

Financial Performance - The total revenue for 2020 was CNY 252.30 billion, a decrease of 6.29% compared to CNY 269.23 billion in 2019[13]. - The net profit attributable to shareholders was a loss of CNY 4.27 billion, representing a decline of 143.43% from a profit of CNY 9.84 billion in 2019[13]. - The basic earnings per share for 2020 was -CNY 0.46, down 142.99% from CNY 1.07 in 2019[13]. - The company reported a net profit attributable to shareholders of CNY -4.822 billion in Q4, with a total net profit of CNY -5.798 billion after excluding non-recurring gains and losses[22]. - The company reported a net loss of CNY 5.36 billion, compared to a net profit of CNY 9.32 billion in 2019, marking a decline of 157.49%[71]. - In 2020, the company reported a net loss of RMB 4,274.70 million, resulting in no cash dividends being distributed[180]. Cash Flow and Investments - The net cash flow from operating activities improved significantly to -CNY 1.62 billion, a 90.92% improvement from -CNY 17.86 billion in 2019[13]. - The net cash flow from operating activities in Q4 2020 was CNY 0.81 billion, indicating a positive turnaround[14]. - The company's cash flow from operating activities showed a net outflow of CNY -3.925 billion in Q1, followed by a net inflow of CNY 4.130 billion in Q2[22]. - The net cash flow from investment activities increased by 121.93% to 4,577,270 thousand yuan, attributed to strict control over capital expenditures[105]. - The net increase in cash and cash equivalents was -6,356,030 thousand yuan, showing a 48.33% improvement compared to the previous year[105]. Assets and Liabilities - Total assets at the end of 2020 were CNY 212.08 billion, a decrease of 10.46% from CNY 236.86 billion at the end of 2019[13]. - The net assets attributable to shareholders decreased by 12.58% to CNY 76.86 billion from CNY 87.92 billion in 2019[13]. - The company's accounts payable decreased by 30.03% to 31,051,572 thousand yuan, down from 44,380,475 thousand yuan in the previous year[113]. - The company’s long-term borrowings decreased by 100% to 0, down from 7,720,895 thousand yuan, indicating a significant reduction in long-term debt[113]. - The asset-liability ratio increased slightly to 63.77% from 63.21%, reflecting a marginal increase in financial leverage[114]. Store Operations and Expansion - The company opened 3,201 new retail cloud franchise stores in 2020, establishing a leading channel advantage in lower-tier markets[30]. - The total number of self-operated stores was 2,649, and the number of Su Ning retail cloud franchise stores was 7,137[35]. - The company opened 3,201 new retail cloud franchise stores, bringing the total to 7,137 stores by the end of the reporting period[58]. - The company plans to continue expanding its store network, particularly in lower-tier markets, to enhance market penetration[34]. - The company reported a significant reduction in the number of stores in the East China region, with a net decrease of 226 stores in 2020[45]. Revenue Sources and Sales Performance - The company's online sales reached CNY 290.335 billion, growing by 21.60% year-on-year, accounting for nearly 70% of total sales[26]. - The company's merchandise sales reached CNY 416.31 billion, an increase of 9.92% year-on-year, with online platform sales accounting for nearly 70% at CNY 290.33 billion, growing 21.60%[70]. - Daily necessities sales increased by 11.22% to 50,683,648 thousand yuan, driven by supply chain integration with Carrefour[81]. - The retail sector revenue was 238,502,552 thousand yuan, reflecting a decline of 5.97% year-over-year[78]. Cost Management and Efficiency - The company’s total expenses ratio decreased by 2.61% to 14.08% in 2020, driven by improved cost control and operational efficiency[74]. - The overall operating cost decreased by 2.54% to 223,444,744 thousand yuan, indicating improved cost management[89]. - The gross margin for the main business decreased to 9.01% from 13.03% in 2019, while the overall gross margin fell to 11.28% from 14.84%[71][73]. Strategic Initiatives and Future Plans - The company plans to enhance its online business strategy and explore independent listing opportunities, aiming to improve user experience and scale[29]. - The company aims to cover offline consumption scenarios comprehensively and empower partner stores around community business circles[34]. - The company plans to continue expanding its logistics and e-commerce capabilities through strategic investments and acquisitions[122]. - The company aims to transition from a "retailer" to a "retail service provider" over the next decade, focusing on technology-driven enhancements in supply chain, logistics, and service accessibility for small and medium retailers[168]. - The company is investing in cloud computing, big data, and smart home projects to support its internet transformation and enhance its market competitiveness, although these projects do not directly generate economic benefits[146].