Core Viewpoint - Gao Xin Retail, under the management of Dehong Capital for over six months, reported disappointing mid-term results, indicating challenges in revenue and profitability amidst market competition and consumer fatigue [2][5]. Financial Performance - Gao Xin Retail achieved revenue of 30.502 billion RMB, a decrease of 12.1% year-on-year [4][5]. - Gross profit was 7.719 billion RMB, down 9.5% compared to the previous year [4][5]. - The company reported a net loss of 127 million RMB [2]. - Same-store sales growth was -11.7%, reflecting a decline in average transaction size and product prices [5]. Revenue Breakdown - Revenue from merchandise sales was 29.081 billion RMB, a decrease of 12.4% from 33.186 billion RMB in the previous year [5]. - Rental income was 1.403 billion RMB, down 7.0% from 1.508 billion RMB [6]. - Membership fee income increased by 28.6% to 18 million RMB from 14 million RMB [7]. Operational Adjustments - The company has 462 hypermarkets, 32 medium-sized supermarkets, and 7 membership stores as of the reporting period [8]. - Despite revenue decline, the gross margin improved to 25.3%, up from 24.6% year-on-year [9]. - Administrative expenses were reduced by 17.2% to 711 million RMB, primarily due to a decrease in personnel costs [10]. Strategic Initiatives - Gao Xin Retail is undergoing significant organizational restructuring, consolidating five operational regions into four [11]. - The company has initiated a front warehouse project, with five locations established by September 2025, each averaging 500 square meters [12]. - The focus on private label products is increasing, with the launch of "Super Savings" and "Runfa Selection" series aimed at enhancing price competitiveness and health trends [12]. Future Direction - The company aims to enhance customer experience and operational efficiency over the next three years, targeting family and young consumer needs [14]. - A special transformation team has been established to oversee the execution of the three-year strategy [14].

Core Viewpoint - Gao Xin Retail's interim performance report for the six months ending September 30, 2025, shows a decline in revenue and profit, but the company is focusing on online growth and operational efficiency to drive future performance [1][2][3] Financial Performance - The company reported revenue of RMB 30.502 billion, a decrease of 12.1% compared to RMB 34.708 billion in the same period last year [2] - Gross profit was RMB 7.719 billion, down 9.5% from RMB 8.526 billion year-on-year [2] - Operating profit fell significantly by 56.4% to RMB 271 million from RMB 621 million [2] - The company recorded a net loss of RMB 127 million, compared to a profit of RMB 186 million in the previous year [2] Business Operations - Online B2C business showed robust performance with a same-store order growth of approximately 7.4%, contributing to a same-store sales increase of about 2.1% [2][3] - The company initiated a front warehouse project aimed at exploring new growth points in online business, leveraging existing resources for efficient local delivery [3] - The self-owned brand strategy was upgraded with the launch of a "1+1 dual brand matrix," contributing over 2% to overall performance [3] Strategic Focus - The company plans to focus on three core areas: streamlining and differentiating products, enhancing store modifications to improve customer experience, and accelerating the front warehouse network expansion to capture online market growth [3] - Following the sale of Gao Xin Retail to Dehong Capital, which now holds a 79.16% stake, the company is entering a new phase of transformation away from Alibaba [3]

11月11日晚，高鑫零售在港交所公告，截至2025年9月30日止的上半财年，公司收入305.02亿元，同比 减少12.1%；公司权益股东应占亏损1.23亿元，去年同期溢利2.06亿元；每股基本亏损0.01元。报告期 内，集团已完成3家华东区门店的整店调改，集团将加速推进门店调改，本财年计划完成逾30家门店的 整店调改或区域调改，预计下财年之前完成逾200家门店调改。 ...

Core Insights - Gao Xin Retail Co., Ltd. reported a revenue of 30.502 billion yuan, with a gross margin of 25.3%, reflecting a year-on-year increase of 0.7% [1] - The company has a net cash position of 11.958 billion yuan [1] - Gao Xin Retail plans to implement a three-year strategy focusing on "healthy products + enjoyable experiences + attentive services" to cater to a diverse customer base [1] Financial Performance - Revenue reached 30.502 billion yuan [1] - Gross margin improved by 0.7% year-on-year, standing at 25.3% [1] - Net cash scale amounted to 11.958 billion yuan [1] Strategic Initiatives - The company aims to enhance its retail model by balancing experience and efficiency to meet the needs of families and younger customers [1] - Plans to complete over 30 store renovations or regional adjustments within the current fiscal year [1] - An expectation to finish over 200 store renovations before the next fiscal year [1]

Core Insights - Gao Xin Retail Co., Ltd. reported a revenue of RMB 30.502 billion for the six months ending September 30, 2025, with a gross margin of 25.3%, an increase of 0.7 percentage points year-on-year, and a net cash position of RMB 11.958 billion [1] Group 1: Financial Performance - The company's revenue reached RMB 30.502 billion, reflecting a solid financial performance [1] - The gross margin improved to 25.3%, indicating enhanced profitability [1] - The net cash position stood at RMB 11.958 billion, showcasing strong liquidity [1] Group 2: Business Operations - Online B2C business showed robust performance with a same-store order growth of approximately 7.4%, contributing to a same-store sales increase of about 2.1% [3] - The company initiated a front warehouse project to achieve efficient local delivery and attract online users, with warehouses established in five locations [3] - Significant advancements were made in national procurement to reduce costs and enhance efficiency, alongside an upgrade of the private label strategy [3] Group 3: Private Label and Logistics - The company leveraged national supply chain resources to build a comprehensive quality control system and pricing advantages for its private label products [5] - The "Chao Sheng" series focuses on direct factory connections to eliminate intermediaries, while the "Run Fa Zhen Xuan" series emphasizes health trends and local flavors [5] - The logistics chain was optimized by reducing external warehouse numbers and introducing competitive bidding for storage services, expected to save over RMB 100 million in costs over the next few years [5] Group 4: Store Development - The company is focusing on store renovations as a key development direction, with new stores in Jiangsu and Anhui serving as models for the next generation of hypermarkets [5] - The sales proportion of fresh and processed goods in the new stores exceeded 30%, significantly higher than the overall average [5] - Plans are in place to complete over 30 store renovations or regional adjustments within the current fiscal year, with an expectation to finish over 200 renovations before the next fiscal year [5]

Core Insights - Gao Xin Retail reported a revenue of 30.502 billion yuan for the six months ending September 30, 2025, with a gross margin of 25.3%, an increase of 0.7 percentage points year-on-year, and a net cash position of 11.958 billion yuan [1] - The company's online B2C business showed robust performance, with same-store order volume growing approximately 7.4%, leading to a same-store sales increase of about 2.1% [1] - The group initiated a front warehouse project to achieve efficient local delivery and acquire online incremental users, establishing front warehouses in five locations by September 2025 [1] Business Developments - The "Chao Sheng" private label series aims to connect directly with factories, eliminating intermediaries and brand premiums, while "Run Fa Zhen Xuan" promotes healthy eating from conceptualization to practical application [1] - The company plans to accelerate store renovations, with over 30 stores targeted for complete or regional renovations in the current fiscal year, and over 200 stores expected to be renovated before the next fiscal year [2] - New stores in Jiangsu and Anhui have adopted a comprehensive store renovation approach, with fresh and processed goods sales accounting for over 30% of total sales [2]

Core Viewpoint - Gao Xin Retail Co., Ltd. reported a solid performance for the six months ending September 30, 2025, with significant revenue growth and strategic initiatives in place to enhance operational efficiency [1] Financial Performance - Revenue reached RMB 30.502 billion, with a gross margin of 25.3%, an increase of 0.7 percentage points year-on-year [1] - Net cash position stood at RMB 11.958 billion [1] Online Business Performance - The online B2C segment showed robust performance, with same-store order volume growing approximately 7.4%, contributing to a same-store sales increase of about 2.1% [1] Strategic Initiatives - The company launched a front warehouse project aimed at low-cost warehousing, leveraging resources from large supermarkets and online operational capabilities for efficient local delivery [1] - As of September 2025, front warehouses have been established in five locations: Shanghai, Jiangyin, Luoyang, Jinan, and Qingyuan [1] - The front warehouses utilize large supermarket resources and tailor inventory plans based on local user demand, achieving daily or multiple deliveries per day [1] Store Renovation Plans - For the current fiscal year, Gao Xin Retail plans to complete renovations for over 30 stores or regional adjustments, with expectations to finish renovations for over 200 stores before the next fiscal year [1]

Core Insights - Gao Xin Retail Co., Ltd. reported a revenue of 30.502 billion RMB for the first half of the fiscal year 2026, with a gross margin of 25.3%, an increase of 0.7 percentage points year-on-year [1] - The company has a net cash position of 11.958 billion RMB, providing strong support for business operations and strategic initiatives [1] Business Performance - The online B2C business showed steady performance, with same-store order growth of approximately 7.4%, leading to a same-store sales increase of about 2.1% [3] - The company initiated a front warehouse project, establishing a low-cost model in cities such as Shanghai, Jiangyin, Luoyang, Jinan, and Qingyuan, leveraging resources from large supermarkets to enhance fulfillment efficiency and customer acquisition [3] - Gao Xin Retail is advancing a national joint procurement model, utilizing a four-in-one management system to reduce procurement costs and optimize product hierarchy and display standardization, thereby improving overall operational efficiency [3] - The company has developed a "1+1 dual brand matrix" for its private label products, with the "Chao Sheng" series directly connecting to factories to minimize intermediaries, while "Run Fa Zhen Xuan" focuses on health and local specialties, contributing over 2% to sales in September [3] Logistics and Store Development - Significant logistics optimization has been achieved through the integration of warehousing resources and the introduction of a market-based bidding mechanism, with expected cumulative savings exceeding 100 million RMB over the next few years, enhancing supply chain resilience [3] - Store renovations are a key focus for Gao Xin Retail, with new stores in Jiangsu Kunshan and Anhui Wuwei serving as models for the next generation of large supermarkets, where fresh and processed goods account for over 30% of sales [3] - The company plans to complete over 30 store renovations in the current fiscal year and aims to renovate more than 200 stores cumulatively before the next fiscal year [3] Future Strategy - Over the next three years, Gao Xin Retail will focus on "healthy products + enjoyable experiences + attentive service," targeting families and young customers within a three-kilometer radius, to enhance both experience and efficiency in its retail model, thereby unlocking operational resilience and long-term value [4]

公告称，收入来自销售货品、会员费及来自租户的租金收入。截至2025年9月30日止6个月，来自销售货 品的收入同比减少12.4%。该减少乃主要由于市场竞争加剧及消费疲软，导致平均每笔交易的购买件数 及商品平均售价走低，继而导致平均客单价下滑;及中秋节与国庆节重叠的日历效应。 高鑫零售(06808)发布截至2025年9月30日止6个月中期业绩，该集团取得收入305.02亿元，同比减少 12.12%;公司权益股东应占亏损1.23亿元，去年同期溢利2.06亿元;每股基本亏损0.01元。 ...

Core Viewpoint - The company, Gao Xin Retail (06808), announced a mid-term dividend of HKD 0.085 per share for the six months ending September 30, 2025, to be distributed on March 24, 2026 [1] Summary by Category - **Dividend Announcement** - Gao Xin Retail will distribute a mid-term dividend of HKD 0.085 per share [1] - The dividend pertains to the six-month period ending September 30, 2025 [1] - The payment date for the dividend is set for March 24, 2026 [1]