Core Viewpoint - The ongoing transformation of Gao Xin Retail, the parent company of RT-Mart, is marked by significant leadership changes and strategic shifts aimed at revitalizing the business and addressing declining performance metrics [3][4][9]. Leadership Changes - On November 30, Gao Xin Retail announced the resignation of CEO Shen Hui due to personal reasons, with Li Weiping appointed as the new CEO effective December 1, 2025. Li brings over 20 years of retail management experience, having previously held key positions at Hema and Lotte Supermarket [3][4]. - Li Weiping's appointment is seen as a strategic move, with a three-year service agreement and a fixed annual salary of 3.36 million yuan, reflecting the company's trust in her capabilities [3][4]. Organizational Restructuring - Since the acquisition by Dehong Capital in February 2025, Gao Xin Retail has undergone significant organizational changes, including a reduction in operational divisions from five to four and a focus on anti-corruption measures within the company [4][5]. - The company has initiated a product system overhaul, eliminating homogenized products and accelerating the development of private labels [4][5]. Strategic Initiatives - Gao Xin Retail has launched a "three-year strategy" aimed at enhancing product differentiation, improving supply chain efficiency, and transforming store formats to better serve community needs [5][6]. - The company has begun establishing front warehouses in several cities to improve logistics efficiency and reduce delivery times, while also closing underperforming stores and converting some into membership-based formats [5][6]. Financial Performance - Gao Xin Retail has faced declining revenues, with a reported 12.4% decrease in product sales revenue for the first half of the 2026 fiscal year compared to the previous year, attributed to increased market competition and consumer fatigue [14]. - The company has also seen a drop in same-store sales growth, with a reported decline of 11.7%, although online B2C sales have shown some growth [14][15]. Challenges Ahead - The company must navigate internal resistance to change and the competitive landscape, particularly in the areas of private label development and supply chain management, to achieve its strategic goals [7][16]. - Li Weiping's leadership will be critical in addressing these challenges and ensuring the successful execution of the company's transformation strategy [8][16].

Core Viewpoint - The transition of leadership at Gao Xin Retail, following Alibaba's divestment, marks a significant shift in strategy towards efficiency and product development, with a focus on transforming into a brand with research and development capabilities similar to Hema and Costco [1][2][3] Group 1: Leadership Changes - Gao Xin Retail announced the resignation of its CEO Shen Hui, effective December 1, with Li Weiping, former Chief Merchandise Officer at Hema, taking over [1][10] - Li Weiping has a strong background in retail management, having previously held key positions at Hema and other major retailers, indicating a strategic shift towards efficiency [1][10] Group 2: Alibaba's Investment and Divestment - Alibaba initially acquired a 36.16% stake in Gao Xin Retail for approximately HKD 224.25 billion, marking a high point for the company with revenues exceeding HKD 100 billion for three consecutive years [2][11] - Following a decline in performance, Alibaba announced the divestment of its stake in Gao Xin Retail, selling approximately 78.7% of its shares for up to HKD 131.38 billion, resulting in a significant financial loss for Alibaba [3][12] Group 3: Performance Decline - Gao Xin Retail's revenue fell to HKD 725.67 billion with a cumulative net loss of HKD 22.35 billion from FY2022 to FY2024, and the company's stock price dropped by 77.8% from its peak [3][12] - The company reported a revenue of HKD 715.52 billion for FY2025, a slight decrease of 1.4%, but managed to achieve a net profit of HKD 4.05 billion, primarily through cost-cutting measures [6][15] Group 4: Strategic Changes Under Dehong Capital - Dehong Capital has implemented significant changes in Gao Xin Retail's management and operational structure, aiming to enhance asset value and transform the company into a more competitive retail platform [4][13] - The restructuring includes reducing the number of operational zones and focusing on developing private label products, indicating a shift towards a more innovative retail model [5][14] Group 5: Financial Challenges and Future Outlook - Despite a temporary profit, Gao Xin Retail faces ongoing challenges with declining same-store sales and customer spending, leading to concerns about long-term sustainability [6][16] - The company’s cash flow situation remains precarious, with a downward trend in cash reserves, highlighting the need for continued financial support from Dehong Capital [7][17] - New business initiatives, such as membership programs and private label products, are still in their infancy, contributing minimally to overall revenue [8][17]

瑞银表示，对高鑫零售转型计划持乐观态度，但由于外送平台的激烈市场竞争以及线下食品零售门市的 转型升级，该行对短期前景仍持谨慎态度。瑞银表示，透过管理层减少SKU数量、缩小门市面积，加速 新品上市的计划，大润发的产品实力有望提升。管理层的目标是将自有品牌产品的销售占比从目前的 3%提升至三年内的10%，并在长期内达到20%。 本文源自：智通财经网 消息面上，近日，高鑫零售发布公告称，李卫平担任高鑫零售执行董事兼首席执行官，沈辉因家庭事务 原因辞任高鑫零售执行董事、首席执行官职务，相关人事变动均自2025年12月1日起正式生效。公告显 示，李卫平已在零售行业深耕26年，她于2018年加入盒马，曾先后担任华北北京大区总经理、盒马鲜生 CEO、盒马首席商品官等重要职务。 智通财经获悉，高鑫零售(06808)涨超3%，截至发稿，涨3.57%，报1.74港元，成交额536.93万港元。 ...

Group 1 - Gao Xin Retail (06808) saw a morning increase of over 3%, with the stock price rising by 3.57% to HKD 1.74 and a trading volume of HKD 7.7993 million [1] - The company announced that Li Weiping will take over as Executive Director and CEO, effective December 1, 2025, following the resignation of Shen Hui due to family reasons [1] - Li Weiping has 26 years of experience in the retail industry and has held significant positions at Hema, including General Manager of North China and CEO of Hema Fresh [1] Group 2 - UBS expressed optimism about Gao Xin Retail's transformation plan but remains cautious about the short-term outlook due to intense competition in delivery platforms and the need for offline food retail upgrades [1] - The management aims to reduce SKU numbers, shrink store sizes, and accelerate new product launches, which could enhance the product strength of RT-Mart [1] - The goal is to increase the sales proportion of private label products from the current 3% to 10% within three years, and eventually reach 20% in the long term [1]

Group 1 - Gao Xin Retail (06808) saw a stock increase of over 3%, specifically 3.57%, reaching HKD 1.74 with a trading volume of HKD 5.3693 million [1] - The company announced that Li Weiping will take over as Executive Director and CEO, effective December 1, 2025, following the resignation of Shen Hui due to family reasons [1] - Li Weiping has 26 years of experience in the retail industry and has held significant positions at Hema, including CEO and Chief Merchandising Officer [1] Group 2 - UBS expressed optimism regarding Gao Xin Retail's transformation plan but remains cautious about the short-term outlook due to intense competition in delivery platforms and the need for offline food retail upgrades [1] - The management aims to reduce SKU numbers, decrease store sizes, and accelerate new product launches, which could enhance the product strength of RT-Mart [1] - The goal is to increase the sales proportion of private label products from the current 3% to 10% within three years, and eventually to 20% in the long term [1]

Group 1 - Gao Xin Retail (06808) saw a stock increase of over 3%, currently up 3.57% at HKD 1.74, with a trading volume of HKD 5.3693 million [1] - Recently, Gao Xin Retail announced that Li Weiping will take over as Executive Director and CEO, effective December 1, 2025, following Shen Hui's resignation due to family reasons [1] - Li Weiping has 26 years of experience in the retail industry and has held significant positions at Hema, including CEO and Chief Merchandising Officer [1] Group 2 - UBS expressed an optimistic view on Gao Xin Retail's transformation plan but remains cautious about the short-term outlook due to intense competition in delivery platforms and the need for offline food retail upgrades [1] - The management aims to reduce SKU numbers, decrease store sizes, and accelerate new product launches to enhance the product strength of RT-Mart [1] - The goal is to increase the sales proportion of private label products from the current 3% to 10% within three years, and eventually reach 20% in the long term [1]

SUN ART RETAIL GROUP LIMITED 高鑫零售有限公司 (Incorporated in Hong Kong with limited liability) （於香港註冊成立之有限公司） (Stock Code 股份代號：6808) As a non-registered shareholder, if you wish to receive Corporate Communications* in electronic form pursuant to the Listing Rules, yo u should liaise with your bank(s), broker(s), custodian(s), nominee(s) or HKSCC Nominees Limited through which your shares in the Company are held (collectively, the "Intermediaries") and provide your email address to your Intermediaries. If the Comp ...

Dear registered shareholder(s), Sun Art Retail Group Limited (the "Company") - Notice of publication of 2025/2026 Interim Report (the "Current Corporate Communications") SUN ART RETAIL GROUP LIMITED 高鑫零售有限公司 (Incorporated in Hong Kong with limited liability) （於香港註冊成立之有限公司） (Stock Code 股份代號：6808) 8 December 2025 The English and Chinese versions of the Company's Current Corporate Communications are available on the Company's website at www.sunartretail.com (the "Company Website") and the website of Hong Kong ...

高鑫零售有限公司 （於香港註冊成立的有限公司） 股份代號：6808 最受顧客喜愛、信賴，員工引以為榮的零售商 成為三公里全客群首選的「菜籃子」，滿足家庭與年輕客群需求 中期報告 2025 目錄 | 公司資料 | 2 | | --- | --- | | 中期業績摘要 | 3 | | 管理層討論與分析 | 4 | | 企業管治及其他資料 | 17 | | 審閱報告 | 40 | | 簡明綜合損益及其他全面收益表 | 42 | | 簡明綜合財務狀況表 | 43 | | 簡明綜合權益變動表 | 45 | | 簡明綜合現金流量表 | 47 | | 簡明綜合財務資料附註 | 50 | 1 高鑫零售有限公司 二零二五年中期報告 公司資料 董事 執行董事 李衛平 （首席執行官）（於二零二五年十二月一日 獲委任） 沈輝 （首席執行官）（於二零二五年十二月一日辭任） 非執行董事 華裕能 （主席） 王冠男 梅夢雪 獨立非執行董事 張挹芬 陳尚偉 葉禮德 審核委員會 香港銅鑼灣 希慎道33號 利園一期 19樓1928室 陳尚偉 （主席） 張挹芬 葉禮德 梅夢雪 薪酬委員會 張挹芬 （主席） 葉禮德 陳尚偉 華裕能 提名委員會 葉禮德 ...

Core Insights - The primary challenge for the newly appointed CEO Li Weiping is to address the company's declining performance, with a reported revenue of 30.502 billion yuan for the six months ending September 30, 2025, representing a year-on-year decrease of 12.01% and a loss attributable to equity shareholders of 123 million yuan [1][6] Company Transition - High-end retail company Gao Xin Retail has appointed Li Weiping as the new CEO, succeeding Shen Hui, who resigned due to family matters. This leadership change is effective from December 1, 2025 [3][4] - Shen Hui's tenure lasted less than two years, during which he focused on returning to the essence of retail and enhancing brand competitiveness [4][6] Industry Context - The retail industry in China is currently facing intense competition, with traditional supermarkets like Gao Xin Retail struggling against e-commerce platforms and various retail formats [6][10] - Experts suggest that the recent leadership changes in the retail sector reflect a demand for experience in efficiently integrating online and offline operations [4][6] Strategic Direction - Li Weiping's extensive experience in the retail sector, particularly with Alibaba's Hema Fresh, positions her to lead Gao Xin Retail through its transformation [4][5] - The company aims to enhance its product offerings and operational efficiency, focusing on a multi-format strategy that includes large supermarkets, medium-sized supermarkets, and membership stores [8][10] Financial Performance - Gao Xin Retail reported a significant decline in operating profit, with a 56.4% drop to 271 million yuan, and a shift from a profit of 206 million yuan in the previous year to a loss of 123 million yuan [6][10] - The company has initiated several reforms, including closing underperforming stores and restructuring its operational framework to improve efficiency and competitiveness [10][11] Challenges Ahead - The transition to a multi-format retail strategy poses challenges in resource allocation and operational coordination, which may hinder the company's ability to respond effectively to market demands [7][10] - Experts emphasize the need for a balanced approach to immediate cost-cutting measures and long-term strategic development to enhance product differentiation and brand reputation [10][11]