Core Viewpoint - Gao Xin Retail announced the appointment of Li Weiping as the new CEO, succeeding Shen Hui, who resigned for personal reasons, effective December 1, 2025 [1][3] Group 1: Leadership Transition - Shen Hui is recognized for his contributions to the company's strategic implementation and business upgrades, focusing on "returning to the essence of retail" and enhancing brand competitiveness [3] - Li Weiping has 26 years of experience in the retail industry and previously held key positions at Hema, including CEO and Chief Merchandising Officer, leading the team to profitability [3][4] Group 2: Future Strategy - Li Weiping outlines a three-dimensional blueprint for the company: enhancing product quality to meet new customer standards, optimizing supplier collaboration for efficiency, and maintaining a competitive edge through quality and differentiation [4] - The organization aims to revive the entrepreneurial spirit and agility, encouraging iterative learning and providing clear career development paths to motivate employees [4] - The company plans to enhance consumer experience through cultural engagement, accelerate store upgrades, and deepen online-offline integration to expand user base and brand influence [4] Group 3: Current Operations - Gao Xin Retail operates three main brands: RT-Mart, RT-Mart Super, and M Membership Store, with over 500 stores across 205 cities in 29 provinces and regions [4] - The online platform, including RT-Mart Fresh, has reached 100 million users [4]

Group 1 - Gao Xin Retail announced the appointment of Li Weiping as the new Executive Director and CEO, effective December 1, 2025, following the resignation of Shen Hui due to family reasons [1] - Li Weiping, aged 47, has over 20 years of management experience in the retail industry and previously held significant positions at Hema, including CEO and Chief Merchandising Officer [1] - Li Weiping will have a three-year service agreement with a fixed annual salary of 3.36 million RMB, while not receiving any director's fees [1] Group 2 - During Shen Hui's tenure, Gao Xin Retail focused on "returning to the essence of retail," enhancing brand price competitiveness and product strength, and exploring the implementation of the "Central Supermarket Model" [1] - Since Dehong Capital took over in February, Gao Xin Retail has undergone significant changes [1] - The retail industry is experiencing a leadership shift, with an increasing number of female executives, including Li Weiping and Chen Jia from Aoleqi China [2]

Core Viewpoint - Gao Xin Retail announced the appointment of Li Weiping as the new Executive Director and CEO, effective December 1, following the resignation of Shen Hui due to family reasons. This leadership change is seen as a strategic move for the company's ongoing reform efforts [1]. Group 1: Leadership Transition - Shen Hui's contributions to the company's strategic implementation and business upgrades were acknowledged, particularly his focus on "returning to the essence of retail" and enhancing brand competitiveness [1]. - Li Weiping's appointment is viewed as a significant step in Gao Xin Retail's strategic layout, as the company is at a critical juncture in its reform process [1]. - Li Weiping has 26 years of experience in the retail industry and previously held key positions at Hema, where she successfully led the team to profitability and national operations [1]. Group 2: Strategic Vision - Li Weiping plans to develop Gao Xin Retail's blueprint from three dimensions: enhancing product quality to meet new customer standards, creating an agile decision-making mechanism, and accelerating store upgrades and multi-format collaboration [2]. - The company currently operates three main brands: RT-Mart, RT-Mart Super, and M Membership stores, with over 500 stores across 205 cities in 29 provinces and regions [2]. - Online platforms like RT-Mart Fresh have reached a user base of 100 million, indicating significant growth in brand influence and customer reach [2].

Core Viewpoint - Gao Xin Retail announced a leadership change with Li Weiping appointed as the new Executive Director and CEO, effective December 1, 2025, following Shen Hui's resignation due to family reasons [1] Group 1: Leadership Change - Li Weiping has 26 years of experience in the retail industry and joined Hema in 2018, where she held significant positions including General Manager of North China and CEO of Hema Fresh [1] - The board anticipates that Li Weiping's innovative management style will align with Gao Xin Retail's strategic planning and inject new growth momentum into the company [1] Group 2: Background of New CEO - Li Weiping successfully led the Hema team from regional losses to national operations, showcasing her capability in driving profitability and growth [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 SUN ART RETAIL GROUP LIMITED （於香港註冊成立之有限公司） （股份代號：06808） 董事名單與其角色和職能 自二零二五年十二月一日起生效，高鑫零售有限公司的董事會（「董事會」）成員載 列如下： 執行董事 李衛平 （首席執行官） 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 高鑫零售有限公司 董事會設立了3個委員會，分別為審核委員會、提名委員會、薪酬委員會。下表 提供各董事會成員在這些委員會中所擔任的職位。 1 | | 委員會 | 審核委員會 | 提名委員會 | 薪酬委員會 | | --- | --- | --- | --- | --- | | 董事 | | | | | | 華裕能 | | – | – | M | | 李衛平 | | – | – | – | | 王冠男 | | – | M | – | | 梅夢雪 | | M | – | ...

Core Points - Gao Xin Retail (06808) announced that Mr. Shen Hui will resign as Executive Director, CEO, and Authorized Representative effective December 1, 2025 [1] - Ms. Li Weiping has been appointed as Executive Director, CEO, and Authorized Representative of the company [1] Company Changes - Mr. Shen Hui's resignation marks a significant leadership change within Gao Xin Retail [1] - The appointment of Ms. Li Weiping indicates a transition in the company's executive management [1]

Core Viewpoint - Gao Xin Retail Co., Ltd. announced the appointment of Li Weiping as the new Executive Director and CEO, effective December 1, 2025, following the resignation of Shen Hui due to family reasons [1] Group 1: Management Changes - Li Weiping has 26 years of experience in the retail industry and joined Hema in 2018, where she held several key positions including General Manager of North China and CEO of Hema Fresh [1] - Shen Hui will resign from his roles as Executive Director and CEO of Gao Xin Retail due to personal family matters, with the changes taking effect on December 1, 2025 [1] Group 2: Leadership Background - Li Weiping successfully led the Hema team from regional profitability to overseeing national operations, demonstrating her agile and innovative management skills [1] - The board of directors expects Li Weiping to inject new development momentum into Gao Xin Retail, aligning with the company's strategic planning needs [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 高鑫零售有限公司（「本公司」，連同其附屬公司統稱為「本集團」）董事（「董事」） 會（「董事會」）宣佈： SUN ART RETAIL GROUP LIMITED 高鑫零售有限公司 （於香港註冊成立之有限公司） （股份代號：06808） 有關 (1) 執行董事變更； (2) 首席執行官變更；及 (3) 授權代表變更的公告 本公告乃根據香港聯合交易所有限公司（「聯交所」）《證券上市規則》（「《上市規 則》」）第13.51(2)條作出。 (1) 沈輝先生辭任本公司執行董事兼首席執行官 董事會謹此宣佈，沈輝先生（「沈先生」）因需要投入更多時間於其家庭事務， 辭任本公司執行董事兼首席執行官，由二零二五年十二月一日起生效。沈先 生已確認，彼與董事會並無任何意見分歧，且概無有關其辭任執行董事兼首 席執行官之其他事宜須提請本公司股東（「股東」）或聯交所垂注。 1 (1) 由二零二五年十二月一日起，沈輝先生辭任本公司執行 ...

Core Insights - The case of the former head of the East China Operations of RT-Mart, Guan, highlights systemic corruption within the retail supply chain, revealing a three-year power-money transaction chain involving over 7 million yuan [1][2][3] Group 1: Corruption Case Details - The investigation into Guan's case began with anonymous reports of his interference in bidding processes and asset misappropriation, leading to a two-month police investigation that uncovered a clear trajectory of gradual corruption [2] - Guan established a relationship with a logistics supplier, Xiao, during his tenure in Anhui, receiving gifts to facilitate future corrupt transactions, culminating in a "loan" of over 300,000 yuan without formal agreements [2][3] - Guan's corrupt activities became normalized, with him receiving over 7 million yuan in total, using a complete chain of "bribery-transfer-concealment" to hide his illegal gains [3] Group 2: Corporate Governance and Anti-Corruption Efforts - The timing of Guan's case coincides with a critical period for Gao Xin Retail, the parent company of RT-Mart, as it undergoes a shift in ownership and governance, reflecting varying attitudes towards corporate integrity among different capital stakeholders [4] - Following the acquisition by Dehong Capital, Gao Xin Retail has implemented a multi-level supervision system to investigate corruption cases, requiring suppliers to sign integrity commitments and establishing a public reporting channel for violations [6] - The company has emphasized that individual misconduct does not reflect its overall values, committing to compliance and integrity as core principles, and has initiated personnel adjustments to ensure stable business operations [5][8] Group 3: Financial Performance and Long-term Implications - 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%, indicating a slight year-on-year improvement [7] - The anti-corruption measures have caused short-term disruptions, including increased logistics costs and operational fluctuations, but are expected to enhance supply chain efficiency and cost control in the long run [7][8] - The retail industry generally faces low profit margins, and reducing hidden costs through anti-corruption efforts is seen as a crucial strategy for improving net profit levels [8] Group 4: Industry-Wide Implications - Guan's case serves as a warning for the entire retail sector, highlighting the significant potential for power rent-seeking in operations, procurement, and logistics, necessitating effective supervision mechanisms [9] - The governance practices of Gao Xin Retail illustrate that ownership changes can drive governance reforms, which must be institutionalized to achieve lasting effects [9] - Companies are encouraged to build transparent supply chains, enhance reporting and accountability mechanisms, and link integrity initiatives to performance assessments to foster a culture of compliance and integrity [9]

Core Insights - The company's FY26 interim performance is below expectations, with a revenue of 30.5 billion yuan, a year-on-year decline of 12.1%, and a net loss attributable to shareholders of 120 million yuan, compared to a net profit of 210 million yuan in the same period last year [1][2] Revenue and Performance - Revenue from merchandise retail is 29.08 billion yuan, down 12.4% year-on-year, primarily due to intensified market competition leading to a decrease in average transaction value; same-store sales fell by 11.7% [1] - Online B2C business remains resilient, with order volume increasing by 7.4%, contributing to a 2.1% increase in online same-store sales [1] - Rental income is 1.4 billion yuan, a year-on-year decrease of 7.0%, attributed to rental reductions, tenant structure optimization, and shopping street adjustments [1] - Membership fees generated 18 million yuan, an increase of 28.6% [1] Profitability and Cost Structure - Gross margin increased by 0.7 percentage points to 25.3%, driven by the elimination of low-performing products and improved private label penetration [2] - Sales expense ratio increased by 1.8 percentage points to 23.9% due to rigid costs such as rent; administrative expense ratio decreased by 0.2 percentage points to 2.5% due to organizational optimization [2] - Net profit margin decreased by 0.9 percentage points to -0.4% [2] Strategic Developments - The company announced a three-year strategy to accelerate channel restructuring and product enhancement, aiming to complete over 200 store adjustments by the end of FY27, reducing the number of stores to approximately 6,000 and simplifying SKUs to 15,000 [2] - The company plans to increase the share of private label revenue to 10% by FY28, focusing on health trends and cost-effectiveness [2] - The goal is to expand online sales to account for 40-50% of total sales [2] Earnings Forecast and Valuation - Due to pressure on same-store sales and adjustment costs, FY26/FY27 earnings forecasts have been revised down by 86% and 28% to 100 million yuan and 680 million yuan, respectively [2] - The current stock price corresponds to a FY27 price-to-earnings ratio of 22.8 times; the target price has been adjusted down by 21% to 2.2 HKD, reflecting a 20% upside potential [2]