人人乐连锁商业集团股份有限公司 证券代码：002336 证券简称：人乐退 公告编号：2025-041 人人乐连锁商业集团股份有限公司 关于公司股票进入退市整理期交易首日的风险提示公告 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、人人乐连锁商业集团股份有限公司（以下简称"公司"）股票进入退市 整理期的起始日为 2025 年 6 月 13 日，退市整理期为十五个交易日，预计最后交 易日期为 2025 年 7 月 3 日。 2、公司股票于退市整理期届满的次一交易日摘牌，公司股票终止上市。 3、公司股票将在退市整理期交易十五个交易日，截至本公告日已交易 0 个 交易日，剩余 15 个交易日，交易期满将被终止上市，敬请投资者审慎投资、注 意风险。 4、公司股票在退市整理期交易期间，公司将不筹划或实施重大资产重组事 项。 5、请投资者、证券公司等市场主体在股票摘牌前及时了结股票质押式回购、 约定购回、融资融券、转融通、深股通等业务。 6、对于将在股票摘牌后至完成退市板块初始登记期间到期的司法冻结业务， 建议有权机关在股票摘牌前通过原协助执行渠道提前办理续 ...

Core Viewpoint - The article discusses the decline and impending delisting of *ST Renle (人人乐), once known as the "first private supermarket stock" in China, highlighting its financial struggles and the broader challenges facing the retail industry in China [1][2][7]. Company Overview - *ST Renle was founded in 1996 and initially thrived, achieving peak sales of 12.913 billion yuan in 2012 and operating nearly 150 stores [2]. - The company went public in 2010, marking its status as a significant player in the retail sector [2]. - However, it faced a turning point in 2012 when it reported its first loss post-IPO, leading to a prolonged period of financial difficulties [2][3]. Financial Performance - By 2024, *ST Renle's net assets had deteriorated to -4.04 billion yuan, triggering delisting warnings [1][3]. - The company's revenue plummeted by 49.86% year-on-year to 1.43 billion yuan in 2024, with a further decline of 77.81% to 129.4 million yuan in Q1 2025 [1][3]. - Despite attempts to sell assets and restructure, the company reported a loss exceeding 17 million yuan for the year [4]. Strategic Missteps - The company attempted various business models, including premium supermarkets and community fresh food stores, but was criticized for lacking a coherent strategy [4]. - Management instability, with three changes in leadership within six years, contributed to inconsistent strategic direction [5]. Industry Context - The retail sector in China is experiencing a significant downturn, with at least 782 supermarket closures in 2024, including major players like Yonghui Supermarket [7]. - In contrast, new retail formats such as Sam's Club and the phenomenon of Pang Donglai are thriving, indicating a shift in consumer preferences and market dynamics [7][8]. - The article emphasizes that the essence of retail lies in trust and value rather than mere scale and capital [8].

作 者丨杨坪 编 辑丨孙超逸 视频编辑丨柳润瑛 南方财经旗下 21 数字传媒、经视传媒组成联合报道组，采访观察传统商超企业何以转型发 展。 曾经，逛"人人乐"是众多80后、90后"老广"的童年回忆。 如今，这家成立近30年的老牌连锁超市，即将告别A股。 6月5日晚，人人乐连锁商业集团股份有限公司（简称人人乐，证券代码：002336.SZ）发布了 终止上市决定的公告，公司股票将于7月4日正式摘牌。 在公告退市后的第二个交易日——6月9日上午，21世纪经济报道记者来到了人人乐位于深圳 的总部办公地点。 图 / 21世纪经济报道，杨坪摄 身处退市旋涡中心的人人乐公司，仍在经营运行，两层办公楼内， 员工均在正常办公，但室 内有不少座位空缺。 【编者按】被称为 " 民营超市第一股 " 的人人乐宣布退市，这一 " 老广人 " 耳熟能详的品牌从能 与沃尔玛、家乐福 " 硬碰硬 " 到行至退市，不仅是一家上市公司告别 A 股的悲情故事，更是中国 商超格局变化的缩影。 图 / 21世纪经济报道，杨坪摄 公司前台告诉记者， 目前除了西安、深圳外，人人乐其他地区的运营主体均已转让。 作为曾经可以与沃尔玛、家乐福"硬碰硬"的民营超市 ...

Group 1: Fund Market Trends - The active equity fund issuance market has seen a resurgence, with four new equity funds raising over 1 billion yuan since June, indicating a shift of funds towards high-performing funds [1] - A total of seven active equity funds have raised over 1 billion yuan this year, reflecting strong investor interest in top-performing fund managers [1] - The first batch of newly issued floating management fee funds has attracted over 5 billion yuan in subscriptions [1] Group 2: Bond ETF Growth - The total scale of bond ETFs has surpassed 300 billion yuan for the first time, marking a historical high [1] - Bond ETFs are becoming a key low-volatility investment option in a fluctuating market, with their advantages of strong liquidity, low fees, and efficient trading [1] - Despite short-term liquidity disturbances and policy uncertainties, high-quality credit bonds and core industry bonds still hold strong foundational value [1] Group 3: Retirement Trends in Fund Industry - The public fund industry is facing a retirement peak as early practitioners reach retirement age, with notable figures like Xie Wei and Han Yong stepping down [2] - The period from 2025 to 2030 is projected to see a significant increase in retirements within the public fund sector [2] Group 4: Banking Sector Adjustments - Several banks have suspended the issuance of five-year large-denomination certificates of deposit to reduce liability costs, with most now offering a maximum term of three years [2] - The trend of suspending long-term deposit products is aimed at maintaining reasonable net interest margins amid interest rate inversion in some deposit products [2] Group 5: IPO Market Recovery - The A-share IPO market has shown signs of recovery, with both the number of issuances and fundraising amounts increasing compared to the same period last year [3] - The Hong Kong IPO market has also performed well, with fundraising amounts increasing by over 700% in the first five months, benefiting the underwriting business of domestic brokers [3] Group 6: Corporate Governance Changes - Nearly 300 listed companies in the A-share market have announced plans to abolish their supervisory boards this year, reflecting a trend towards more flexible corporate governance structures [3] - This change is seen as a way to enhance governance efficiency and promote innovation within companies [3] Group 7: Electric Power Market Transformation - The electric power trading market in China is undergoing significant changes, driven by the marketization of renewable energy pricing and an increase in consulting and custody business volumes [4] - AI technology is being integrated into all aspects of electric power trading, leading to a shift from mechanism-driven to market-driven operations [4] Group 8: Aging Population and Market Opportunities - The market for senior-friendly toys is rapidly growing, driven by the increasing elderly population in China [4] - E-commerce platforms are responding to this trend by establishing new categories for senior-friendly toys and providing targeted support for their development [4] Group 9: Corporate Financial Performance - Berkshire Hathaway reported a slight decline in quarterly revenue to 89.725 billion USD, with operating profit down 14% year-on-year [6] - Siemens achieved a 7% year-on-year revenue growth in its second fiscal quarter, with a notable 29% increase in industrial business profit [7] - SoftBank Group reported a 7.2% increase in annual net sales, recovering from a previous net loss [9] - 3M Company reported a slight decline in quarterly net sales but an increase in operating profit compared to the previous year [10]

Financing Dynamics - Dolce & Gabbana has secured an additional €150 million in debt financing to support the expansion of its beauty and real estate sectors, with the new debt guaranteed by SACE SpA, an Italian government-backed credit insurance company [3] - Froneri, a joint venture between PAI and Nestlé, is seeking approximately €4.6 billion in debt financing to support its fund, which will increase its total debt to around €9 billion [5] Acquisition Dynamics - Prada Group has acquired a 10% stake in the leather manufacturer Rino Mastrotto Group, enhancing its vertical integration strategy, with the transaction expected to be completed between Q2 and Q3 of 2025 [12] Brand Dynamics - The subsidiary of the popular ice cream brand Zhong Xue Gao, Zhong Mao (Shanghai) Food Technology Co., Ltd., is undergoing bankruptcy review, indicating financial distress within the company [16] - Kiko Milano has appointed Drew Elliott as Chief Brand Officer to enhance its international influence and retail experience [22] - Burberry's corporate relations head, Andrew Roberts, has left the company, potentially creating a communication gap with external stakeholders [26] - Canada Goose has appointed Celine Xie as President for the China region, responsible for the direct operations in the mainland market [29]

Core Viewpoint - The announcement of the termination of the listing of Renrenle Chain Commercial Group Co., Ltd. (*ST Renrenle) highlights the increasing challenges faced by traditional retail companies in the context of intensified competition and the impact of online shopping and the pandemic [1][4][6]. Group 1: Company Overview - Renrenle was established in April 1996 and went public in 2010, primarily operating hypermarkets, high-end supermarkets, and online shopping platforms [3]. - At its peak, Renrenle had nearly 150 stores and achieved over 10 billion yuan in revenue for seven consecutive years from 2010 to 2016, with a maximum revenue of 12.91 billion yuan [4]. Group 2: Financial Performance - The company has faced significant financial decline, with revenues dropping from 5.981 billion yuan in 2020 to 1.429 billion yuan in Q1 2025, a decrease of 77.81% year-on-year [5][6]. - Renrenle reported net profits of 0.035 billion yuan in 2020, followed by losses of 0.857 billion yuan, 0.507 billion yuan, 0.498 billion yuan, and 0.017 billion yuan from 2021 to 2024 [4][6]. Group 3: Reasons for Delisting - Renrenle has incurred losses for four consecutive years since 2021, totaling nearly 2 billion yuan, leading to a negative net asset of -0.387 billion yuan in 2023 [6][7]. - The company received a notice of termination of listing due to financial conditions, including a negative net asset of -0.404 billion yuan for the fiscal year 2024 [6][11]. Group 4: Market Context - In 2025, 13 companies have completed delisting from the A-share market, indicating a trend of increasing delistings due to various reasons, including financial distress and regulatory compliance [9][11]. - The new delisting regulations introduced in 2024 have intensified the scrutiny of companies, leading to a stricter enforcement of delisting criteria [12].

Core Viewpoint - *ST Renle's stock will be delisted due to negative net assets and failure to meet financial reporting standards, with a trading suspension starting June 13 and a final trading date expected on July 3 [1][4][5]. Group 1: Delisting Announcement - On June 5, *ST Renle announced that it received a decision from the Shenzhen Stock Exchange to terminate its stock listing [1]. - The stock will enter a delisting preparation period for 15 trading days, with the last trading day anticipated to be July 3, and the official delisting date set for July 4 [4]. Group 2: Financial Performance - For the fiscal year 2024, *ST Renle reported an audited net asset of -404 million yuan, leading to a negative opinion in its financial audit report [5]. - The company achieved a revenue of 1.43 billion yuan in 2024, a year-on-year decline of 49.86%, and a net profit attributable to shareholders of -17 million yuan, compared to a loss of 498 million yuan in the previous year [6]. - In Q1 2025, the company reported a revenue of 129 million yuan, a year-on-year decrease of 77.81%, with a net loss of approximately 79.62 million yuan [6]. Group 3: Business Operations - *ST Renle operates primarily in the retail chain business, focusing on direct-operated stores, with a multi-format development model that includes large supermarkets, boutique supermarkets, community life supermarkets, and department stores [5]. - As of the end of 2024, the company had 32 stores, all of which were direct-operated, having opened 1 new store, closed 45, and transferred 15 during the year [6].

Group 1: Company News - Renrenle's stock will be delisted due to a negative net asset of -404 million yuan for the fiscal year 2024, with a 15-day delisting preparation period starting June 13, 2025 [1] - Xiaohongshu's valuation has surged to $26 billion, up from a previous $20 billion, primarily driven by its significant contribution to a major fund's asset value [3] - The franchisees of Hu Shang A Yi are facing profitability issues, with actual revenue rates only at 50-60%, leading to a wave of store closures and a 15.2% decline in net profit for 2024 [4] Group 2: Industry Developments - The first batch of 38 pilot cities for retail innovation has been announced, focusing on various enhancements such as supply chain improvements and digital empowerment [5][6] - The Asian retail digitalization market is projected to reach 94.7 billion yuan by 2029, with a compound annual growth rate of 22.5% from 2024 to 2029 [7] - Alibaba's Taobao is testing a primary traffic entry for flash sales on Alipay, which is expected to significantly increase traffic for Taobao's flash sales [9] Group 3: Financial Performance - Lululemon reported a 7% increase in net revenue for Q1 2025, reaching $2.4 billion, although comparable sales growth was only 1%, below expectations [19] - Didi's core platform gross transaction value (GTV) reached 101.6 billion yuan in Q1 2025, with a year-on-year growth of 13.5% [20] - IKEA Australia has introduced a new parcel locker service to enhance shopping convenience, allowing customers to pick up orders outside standard business hours [21]

Group 1 - Wang Ziru announced his return to Bilibili as "Wang Ziru AI," focusing on AI content creation and helping traditional industries with digital transformation, citing quick financial returns as a motivation [1] - ByteDance's overseas employees experienced food poisoning, leading to a lawsuit against the restaurant Yunhaiyao for violating food sales laws and public health regulations [2] - Yonghui Supermarket is set to open its 100th store redesigned in the "Fat Donglai" model, indicating a shift towards quality retail and a systematic approach to this model [4] Group 2 - Reports indicate that some regions in China have paused the "national subsidy" for home appliance replacements due to exhausted funds, with a total subsidy of approximately 1.2 billion [3] - The chairman of Xizi Elevator, Liu Wenchao, passed away at the age of 54, as confirmed by the company [6] - The company *ST Renle, known as the "first private supermarket stock," is facing delisting due to negative net assets of -387 million yuan as of 2023 [5] Group 3 - Lululemon reported a 7% year-on-year increase in global net revenue for Q1 2025, reaching $2.4 billion, with international business growing by 19% [16] - The AI video software PixVerse launched its domestic version "Pai Wo AI," attracting over 60 million global users and 16 million monthly active users [14] - The company North China Kangyuan completed a 200 million yuan A-round financing to develop clean energy projects [20]

Core Viewpoint - The company *ST Renle is facing delisting from the Shenzhen Stock Exchange due to continuous financial losses and negative net assets, marking a significant decline from its previous status as a leading retail enterprise in Shenzhen [1][2] Financial Performance - In 2024, the company's revenue was approximately 1.43 billion, a drastic decrease of 49.86% year-on-year [2] - Total assets decreased by 50.94%, and the net assets were reported at approximately -404 million [2] - The company had previously forecasted a profit of 410 million to 460 million for 2024, but the actual results showed a loss exceeding 17 million, marking the fourth consecutive year of losses [2] Operational Changes - As of December 31, 2024, the company operated 32 stores, having closed 45 stores and transferred 15 stores during the reporting period, with only one new store opened [2] - The company’s business coverage includes regions in South China and Northwest China [2] Delisting Timeline - The Shenzhen Stock Exchange announced the decision to terminate the listing of *ST Renle's stock, with the last trading date expected to be July 3, 2025, following a 15-day delisting preparation period starting from June 13, 2025 [1]