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苏宁易购(002024) - 2025 Q2 - 季度财报
SUNING.COMSUNING.COM(SZ:002024)2025-08-29 13:25

Part I Important Notes and Table of Contents This section provides important disclaimers, the report's table of contents, and a list of reference documents Important Notes The Board of Directors, Supervisory Board, and senior management guarantee the accuracy and completeness of the semi-annual report, with the financial report certified by key executives - The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, assuming legal responsibility4 - Company head Mr. Ren Jun, chief financial officer Mr. Zhou Bin, and head of accounting Mr. Zhang Jinyou declare that the financial report in this semi-annual report is true, accurate, and complete4 - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital5 Table of Contents This section lists the report's eight main chapters, covering company operations, finance, governance, and significant matters, with corresponding page numbers - The report comprises eight main chapters, covering company operations, finance, governance, and significant matters8 Reference Documents Reference documents include signed financial statements and original announcements of all publicly disclosed company documents during the reporting period - Reference documents include signed and sealed financial statements by the company head, chief financial officer, and head of accounting, as well as originals of all company documents publicly disclosed during the reporting period10 Part II Company Profile and Key Financial Indicators This section provides the company's basic information, contact details, and a summary of key financial data and indicators for the reporting period Company Profile Suning.com Group Co., Ltd., stock ticker "Yigou ST" (002024), is listed on the Shenzhen Stock Exchange, with Ren Jun as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Yigou ST | | Stock Code | 002024 | | Listed Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | 苏宁易购集团股份有限公司 | | Legal Representative | Ren Jun | Contact Persons and Information The company's Board Secretary is Huang Wei and Securities Affairs Representative is Liu Jie, with contact details provided for address, phone, and email Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Huang Wei | No. 1 Suning Avenue, Xuanwu District, Nanjing, Jiangsu Province | 025-84418888-888122/888480 | 025-83213880 | stock@suning.com | | Securities Affairs Representative | Liu Jie | No. 1 Suning Avenue, Xuanwu District, Nanjing, Jiangsu Province | 025-84418888-888122/888480 | 025-83213880 | stock@suning.com | Other Information The company's registered address, office address, website, and information disclosure locations remained unchanged during the reporting period, as detailed in the 2024 annual report - Company contact information and information disclosure locations remained unchanged during the reporting period, refer to the 2024 annual report1415 Key Accounting Data and Financial Indicators In H1 2025, revenue grew 0.44% to RMB 25.895 billion, and net profit attributable to shareholders increased 230.03% to RMB 48.693 million, despite a 63.24% wider loss in non-recurring net profit and a 33.48% decrease in net operating cash flow Key Accounting Data and Financial Indicators (Unit: Thousand Yuan) | Indicator | Current Period | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 25,894,760 | 25,782,585 | 0.44% | | Net Profit Attributable to Shareholders | 48,693 | 14,754 | 230.03% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | -864,713 | -529,714 | -63.24% | | Net Cash Flow from Operating Activities | 1,490,075 | 2,240,034 | -33.48% | | Basic Earnings Per Share (RMB/share) | 0.0054 | 0.0016 | 237.50% | | Diluted Earnings Per Share (RMB/share) | 0.0054 | 0.0016 | 237.50% | | Weighted Average Return on Net Assets | 0.39% | 0.13% | 0.26% | | End of Current Period | End of Prior Year | Change from Prior Year-End | | | Total Assets | 119,894,816 | 119,042,939 | 0.72% | | Net Assets Attributable to Shareholders | 12,486,926 | 12,430,605 | 0.45% | Differences in Accounting Data Under Domestic and Overseas Accounting Standards The company reported no differences in net profit and net assets between financial reports prepared under international or overseas accounting standards and those under Chinese accounting standards - No differences in accounting data under domestic and overseas accounting standards during the reporting period1920 Non-Recurring Gains and Losses and Amounts Non-recurring gains and losses totaled RMB 913.41 million, primarily from debt restructuring, disposal of long-term equity investments, fair value changes, and government subsidies Non-Recurring Gains and Losses and Amounts (Unit: Thousand Yuan) | Item | Amount | | :--- | :--- | | Non-current asset disposal gains/losses | 35,822 | | Government subsidies included in current profit/loss | 72,129 | | Fair value change gains/losses and gains/losses from disposal of financial assets and liabilities | 142,287 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 37,886 | | Debt restructuring gains/losses | 516,805 | | One-off expenses incurred due to cessation of related business activities | 1,284 | | Investment gains/losses from disposal of long-term equity investments | 399,437 | | Other non-operating income and expenses | -236,864 | | Less: Income tax impact | 26,538 | | Minority interest impact (after tax) | 28,842 | | Total | 913,406 | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor does it reclassify non-recurring gains and losses as recurring gains and losses2223 Part III Management Discussion and Analysis This section provides an in-depth analysis of the company's operations, financial performance, and risk management strategies during the reporting period Principal Businesses Engaged by the Company During the Reporting Period In H1 2025, Suning.com focused on home appliance and 3C retail, leveraging "trade-in" policies, expanding all channels with offline store sales growing 11.7%, optimizing supply chain, and integrating AI technology to enhance efficiency and user experience, reaching 10,100 retail cloud franchised stores Industry Development Overview The home appliance industry saw stable growth in H1 2025, driven by "trade-in" policies, but faced challenges from slowing incentives and intense competition, requiring enhanced supply chain management and innovation - In H1 2025, the home appliance industry experienced stable and progressive development, with national and local "trade-in" incentive policies continuing to expand from 8 to 12 categories, including digital products like mobile phones and tablets, stimulating upgrade consumption demand for home appliances and 3C products25 - The industry faces challenges such as slowing incentive effects, pressure on growth in some categories, and intense channel price competition, which demand higher requirements for enterprises' refined supply chain management, user demand insight, and product innovation and service upgrade capabilities25 - The company will seize the "trade-in" market opportunity, leveraging its national store network and localized retail service expertise to deepen its retail main business, continuously strengthening core competitiveness by enriching product categories, optimizing sales network layout, upgrading consumption scene experience, and improving service quality25 Company's Main Business Operations The company pursued a retail service provider strategy, focusing on home appliance and 3C retail, expanding all channels, building supply chains, and integrating AI, resulting in 11.7% offline sales growth and 10,100 retail cloud stores by June 30, 2025 - During the reporting period, the company firmly implemented its retail service provider development strategy, focusing on home appliance and 3C retail businesses, and advancing all-channel expansion, commodity supply chain construction, and service capability enhancement26 - In the first half of the year, the company's offline store sales revenue increased by 11.7% year-on-year, with comparable store revenue for home appliance 3C home life specialty stores growing by 14.45%26 - As of June 30, 2025, the number of Suning.com Retail Cloud franchised stores was 10,100, with 297 new stores opened in the second quarter28 - The company increased investment in artificial intelligence technology research and development, deepened the application of the Cambricon computing platform, innovatively adopted model distillation technology to integrate Suning.com's "Ling Si" large model, and promoted the implementation of over 800 intelligent agents, achieving multi-dimensional breakthroughs in enterprise management efficiency, store operation efficiency, supply chain decision-making efficiency, user service experience, and marketing conversion effectiveness3031 Store Operations During the Reporting Period As of June 30, 2025, the company operated 37 Suning.com Plazas, 895 home appliance 3C home life specialty stores, and 10,100 Retail Cloud franchised stores, with comparable store revenue for specialty stores growing 14.45% and per-square-meter efficiency increasing 11.12% Store Distribution as of June 30, 2025 (Unit: Stores, 10,000 sq.m.) | Store Type | Number | Area | | :--- | :--- | :--- | | Suning.com Plaza (Department Store & Appliance Integrated Store) | 37 | 99.15 | | Home Appliance 3C Home Life Specialty Store | 895 | 369.73 | | Suning.com Retail Cloud Franchised Store | 10,100 | / | - In the first half of 2025, the company's home appliance 3C home life specialty stores achieved a 14.45% year-on-year increase in comparable store revenue, and comparable store per-square-meter efficiency improved by 11.12%, further enhancing operational quality35 Home Appliance 3C Home Life Specialty Store Per-Square-Meter Efficiency and Sales Revenue YoY Change (Unit: Annualized, RMB/sq.m.) | Region | Per-Square-Meter Efficiency | H1 Sales Revenue YoY Change | | :--- | :--- | :--- | | East China I | 8,991.84 | 21.22% | | East China II | 10,436.78 | 15.83% | | Central China | 7,008.87 | 5.81% | | South China | 15,392.39 | 11.25% | | North China | 10,658.77 | 10.03% | | Southwest China | 8,624.46 | 13.64% | | Northwest China | 8,223.62 | 22.87% | | Northeast China | 5,394.90 | 6.07% | | Total | 9,375.39 | 14.45% | Core Competitiveness Analysis Suning.com boasts over 30 years in home appliance and 3C retail, with integrated online-offline channels, extensive national store network, comprehensive supply chain management, and leading self-built logistics and after-sales service infrastructure - The company has been deeply involved in home appliance 3C retail for over 30 years, possessing integrated online and offline full-scenario development and marketing capabilities, with a store network covering core urban business districts, community business districts, supermarkets, shopping centers, and county-level markets nationwide38 - The company possesses comprehensive and professional supply chain management capabilities and retail operation management capabilities in the home appliance 3C product sector, with product assortment and brand promotion capabilities across all retail channels, enabling large-scale customized procurement with upstream brand suppliers39 - Suning.com owns a leading national self-built logistics infrastructure and after-sales service network, committed to continuously improving supply chain fulfillment efficiency and service capabilities, particularly in the "last-mile" and integrated delivery-installation services for large appliances3940 Main Business Analysis In H1 2025, revenue grew 0.44% to RMB 25.895 billion, with offline sales up 11.7%, but gross margin declined 1.25%; net profit attributable to shareholders reached RMB 48.693 million, a 230.03% increase, driven by debt resolution and disposal of loss-making subsidiaries Overview This section's overview refers to the "Principal Businesses Engaged by the Company During the Reporting Period" section - The overview content for this section refers to the relevant content in "I. Principal Businesses Engaged by the Company During the Reporting Period"41 Year-on-Year Changes in Key Financial Data H1 revenue increased 0.44% to RMB 25.895 billion, with net profit attributable to shareholders up 230.03% to RMB 48.693 million, driven by significant growth in investment income and fair value changes, despite increased credit impairment losses and a 33.48% decrease in net operating cash flow, while overall expense ratio declined 0.53% Year-on-Year Changes in Key Financial Data (Unit: Thousand Yuan) | Indicator | Current Period | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 25,894,760 | 25,782,585 | 0.44% | | Net Profit Attributable to Shareholders | 48,693 | 14,754 | 230.03% | | Net Cash Flow from Operating Activities | 1,490,075 | 2,240,034 | -33.48% | | Net Cash Flow from Investing Activities | 1,714,996 | 90,371 | 1797.73% | | Net Cash Flow from Financing Activities | -3,468,376 | -2,386,359 | -45.34% | | Investment Income | 1,101,040 | 556,576 | 97.82% | | Fair Value Change Gains/Losses | 142,287 | -163,327 | 187.12% | | Credit Impairment Losses | -108,837 | -61,905 | -75.81% | | Asset Disposal Gains/Losses | 35,822 | 213,644 | -83.23% | | Income Tax Expense | 6,846 | -263,300 | 102.60% | - During the reporting period, the company's overall gross profit margin decreased by 1.25%, primarily due to intense industry price competition and an increased proportion of revenue from lower-margin consumer electronics products44 - The company's total expenses steadily decreased, with the overall expense ratio falling by 0.53%, mainly benefiting from improved internal management efficiency and financial debt interest reduction efforts44 - Net cash flow from operating activities was RMB 1.49 billion, a 33.48% decrease compared to the same period last year, primarily due to an increase in government subsidy receivables; if government subsidy collections are considered, cash flow is largely consistent with the prior year48 Operating Revenue Composition H1 operating revenue was RMB 25.895 billion, with main business revenue accounting for 91.70% (up 1.34%), and home appliance and consumer electronics revenue comprising 82.55% (up 2.28%); East China II and Northwest regions showed significant revenue growth of 26.85% and 31.48%, respectively Operating Revenue Composition (Unit: Thousand Yuan) | Item | Current Period Amount | Proportion of Operating Revenue | Prior Period Amount | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 25,894,760 | 100.00% | 25,782,585 | 100.00% | 0.44% | | Main Business Revenue | 23,746,238 | 91.70% | 23,432,571 | 90.89% | 1.34% | | Other Business Revenue | 2,148,522 | 8.30% | 2,350,014 | 9.11% | -8.57% | | Main Business by Product | | | | | | | Home Appliances & Consumer Electronics | 21,376,905 | 82.55% | 20,901,208 | 81.07% | 2.28% | | Daily Merchandise | 1,494,832 | 5.77% | 1,613,064 | 6.26% | -7.33% | | Services & Others | 874,501 | 3.38% | 918,299 | 3.56% | -4.77% | | Main Business by Region | | | | | | | East China I | 7,255,150 | 28.02% | 8,015,805 | 31.09% | -9.49% | | North China | 3,327,223 | 12.85% | 3,517,430 | 13.64% | -5.41% | | East China II | 4,006,084 | 15.47% | 3,158,020 | 12.25% | 26.85% | | South China | 2,818,843 | 10.89% | 3,010,906 | 11.68% | -6.38% | | Southwest China | 2,561,629 | 9.89% | 2,546,077 | 9.88% | 0.61% | | Central China | 1,836,881 | 7.09% | 1,541,002 | 5.98% | 19.20% | | Northwest China | 1,393,123 | 5.38% | 1,059,547 | 4.11% | 31.48% | | Northeast China | 547,305 | 2.11% | 583,784 | 2.26% | -6.25% | Non-Core Business Analysis Non-core businesses significantly impacted total profit, with investment income surging 3074.93% from debt restructuring and subsidiary disposals, and fair value changes and non-operating income also contributing, while credit impairment, asset impairment, and non-operating expenses had negative impacts, none of which are sustainable Impact of Non-Core Business on Total Profit (Unit: Thousand Yuan) | Item | Amount | Proportion of Total Profit | Explanation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Other Income | 74,647 | 208.47% | Mainly government subsidies during the reporting period | No | | Investment Income | 1,101,040 | 3074.93% | Mainly debt restructuring gains, disposal of subsidiaries, and 3 subsidiaries taken over by administrators | No | | Fair Value Change Gains/Losses | 142,287 | 397.37% | Mainly fair value changes of trading financial assets and other non-current financial assets | No | | Credit Impairment Losses | -108,837 | -303.95% | Mainly bad debt losses on accounts receivable and other receivables | No | | Asset Impairment Losses | -165,402 | -461.93% | Mainly impairment losses on right-of-use assets and inventories | No | | Asset Disposal Gains/Losses | 35,822 | 100.04% | Mainly gains from disposal of right-of-use assets | No | | Non-Operating Income | 140,175 | 391.47% | Mainly compensation income, fine income, etc. during the reporting period | No | | Non-Operating Expenses | -377,039 | -1052.98% | Mainly provision for estimated compensation for pending lawsuits during the reporting period | No | Analysis of Assets and Liabilities The company's asset and liability structure remained stable, with total assets at RMB 119.895 billion and net assets attributable to shareholders at RMB 12.487 billion; accounts receivable increased by 0.78% due to "trade-in" subsidies, while other equity instrument investments decreased by 1.38% due to sales, and the current ratio of 0.58 indicates short-term debt pressure, addressed by debt resolution and asset revitalization Significant Changes in Asset Composition At the end of the reporting period, total assets were RMB 119.895 billion and net assets attributable to shareholders were RMB 12.487 billion; accounts receivable increased by 0.78% to 3.55% due to "trade-in" government subsidies, other equity instrument investments decreased by 1.38% to 0.46% due to sales, and long-term payables increased by 0.47% to 1.29% due to reclassification Significant Changes in Asset Composition (Unit: Thousand Yuan) | Item | Amount at End of Period | Proportion of Total Assets | Amount at End of Prior Year | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable | 4,256,698 | 3.55% | 3,296,814 | 2.77% | 0.78% | Mainly due to the increase in government subsidies receivable from the "trade-in" policy | | Receivables Financing | 11,626 | 0.01% | 639 | 0.001% | 0.009% | Increase in notes receivable used for discounting, factoring, etc. | | Other Equity Instrument Investments | 548,533 | 0.46% | 2,194,897 | 1.84% | -1.38% | Mainly due to the company's disposal of other equity instrument investments during the reporting period | | Long-term Payables | 1,541,374 | 1.29% | 981,860 | 0.82% | 0.47% | Mainly due to reclassification of some other payables to long-term payables after arrangement for extension beyond one year | Major Creditor-Debtor Relationships (Unit: Thousand Yuan) | Item | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Short-term Borrowings | 26,905,105 | 26,271,758 | 2.41% | | Long-term Borrowings | 1,810,887 | 1,438,279 | 25.91% | | Non-current Liabilities Due Within One Year - Long-term Borrowings Due Within One Year | 1,670,136 | 3,483,738 | -52.06% | | Notes Payable | 3,864,647 | 4,018,444 | -3.83% | | Accounts Payable | 14,057,357 | 14,428,125 | -2.57% | Solvency Analysis | Item | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Current Ratio | 0.58 | 0.55 | 0.03 | | Quick Ratio | 0.49 | 0.47 | 0.02 | | Asset-Liability Ratio | 90.67% | 90.63% | 0.04% | - The company's current ratio is less than 1, indicating short-term debt repayment pressure, which will be addressed by strengthening the joint credit committee's operations, improving profitability, and accelerating asset revitalization59 - The company's asset-liability ratio remained largely stable, as it continued to promote debt resolution efforts, including subsidiary debt settlements and disposal of loss-making subsidiary equity, to alleviate its debt burden60 Asset Turnover Analysis | Item | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Accounts Receivable Turnover Days | 28.63 | 20.03 | 8.60 | | Inventory Turnover Days | 52.30 | 49.22 | 3.08 | | Notes Payable Turnover Days | 35.03 | 37.46 | -2.43 | | Accounts Payable Turnover Days | 126.57 | 128.19 | -1.62 | - The increase in accounts receivable turnover days is mainly due to an increase in the balance of subsidy receivables; the increase in inventory turnover days is due to appropriate stocking for the peak air conditioner season; the acceleration of accounts payable turnover is due to the company's continuous promotion of debt resolution60 Major Overseas Assets The company had no major overseas assets during the reporting period - The company had no major overseas assets during the reporting period61 Assets and Liabilities Measured at Fair Value At the end of the reporting period, financial assets measured at fair value totaled RMB 16.624 billion, including RMB 15.365 billion in trading financial assets, RMB 551 million in other equity instrument investments, and RMB 708 million in other non-current financial assets, with a fair value change gain of RMB 145 million for the period Assets and Liabilities Measured at Fair Value (Unit: Thousand Yuan) | Item | Opening Balance | Fair Value Change Gains/Losses for the Period | Accumulated Fair Value Changes Included in Equity | Amount Purchased During the Period | Amount Sold During the Period | Closing Balance | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Financial Assets | | | | | | | | 1. Trading Financial Assets | 15,398,796 | 122,986 | -191,735 | 160,000 | -125,171 | 15,364,876 | | 4. Other Equity Instrument Investments | 2,197,797 | / | 215,112 | / | -1,861,475 | 551,434 | | 5. Other Non-current Financial Assets | 687,841 | 21,943 | / | 4,100 | -5,750 | 708,134 | | Financial Assets Subtotal | 18,284,434 | 144,929 | 23,377 | 164,100 | -1,992,396 | 16,624,444 | - No significant changes in the measurement attributes of the company's major assets occurred during the reporting period63 Restricted Asset Rights as of the End of the Reporting Period As of June 30, 2025, the company's restricted assets totaled RMB 49.281 billion, primarily comprising trading financial assets, investment properties, fixed assets, monetary funds, long-term equity investments, intangible assets, Suning Department Store equity pledge, and inventories, restricted due to pledges, mortgages, and judicial seizures Company Asset Mortgages, Pledges, and Other Restricted Use Arrangements as of June 30, 2025 (Unit: Thousand Yuan) | No. | Restricted Asset | Value of Restricted Assets | Reason for Restriction | | :--- | :--- | :--- | :--- | | 1 | Trading Financial Assets | 12,169,842 | Borrowing pledge, supplier payment pledge | | 2 | Investment Properties | 8,272,021 | Borrowing mortgage, supplier payment mortgage, litigation seizure | | 3 | Fixed Assets | 8,970,923 | Borrowing mortgage, supplier payment mortgage, litigation seizure | | 4 | Monetary Funds | 9,655,129 | Bank acceptance bill margin, letter of guarantee margin, other margins, borrowing pledge, litigation freeze | | 5 | Long-term Equity Investments | 4,142,605 | Pledge guarantee for short-term borrowings and payables | | 6 | Intangible Assets | 3,253,345 | Borrowing mortgage, supplier payment mortgage, litigation seizure | | 7 | Suning Department Store Equity Pledge | 2,700,000 | Borrowing pledge | | 8 | Inventories | 117,395 | Borrowing mortgage, supplier payment mortgage, litigation seizure | | Total | | 49,281,260 | | - Fixed assets, investment properties, intangible assets, and inventories subject to litigation seizure are mainly properties held by Carrefour and some non-core operating assets of the company, which will not significantly impact daily operations65 Investment Analysis The company's investments totaled RMB 467 million, a 1359.38% increase, primarily for paid-in capital of 9 subsidiaries. No significant equity or non-equity investments occurred. Securities investments, mainly in China Unicom, E-House Enterprise Holdings, and LAOX stocks, had a book value of RMB 775 million at period-end. No derivative investments or raised capital utilization Overall Situation The company's investments totaled RMB 467 million, a 1359.38% increase, primarily for paid-in capital of 9 subsidiaries to meet new Company Law requirements Investment Amount for the Reporting Period (Unit: 100 Million Yuan) | Investment Amount for the Reporting Period | Investment Amount for the Prior Period | Change Rate | | :--- | :--- | :--- | | 4.67 | 0.32 | 1359.38% | - The significant increase in investment is mainly to meet the requirements of the new "Company Law" by contributing paid-in capital to 9 subsidiaries through debt-to-equity swaps and cash contributions66 Significant Equity Investments Acquired During the Reporting Period The company did not acquire any significant equity investments during the reporting period - The company did not acquire any significant equity investments during the reporting period67 Significant Non-Equity Investments Underway During the Reporting Period The company had no significant non-equity investments underway during the reporting period - The company had no significant non-equity investments underway during the reporting period67 Financial Asset Investments At the end of the reporting period, the company's securities investments had a total book value of RMB 775 million, primarily comprising China Unicom, E-House Enterprise Holdings, and LAOX stocks, with China Unicom at RMB 549 million and LAOX at RMB 223 million. No derivative investments were made Securities Investment Status (Unit: Thousand Yuan) | Security Type | Security Code | Security Name | Opening Book Value | Amount Sold During the Period | Gains/Losses for the Reporting Period | Closing Book Value | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic and Overseas Stocks | 600050.SH | China Unicom | 2,194,897 | -1,861,475 | 6,380 | 548,533 | | Domestic and Overseas Stocks | 2048.HK | E-House Enterprise Holdings | 2,900 | / | / | 2,901 | | Domestic and Overseas Stocks | 8202.T | LAOX | 232,516 | / | -28,961 | 223,236 | | Total | | | 2,430,313 | -1,861,475 | -22,581 | 774,670 | - The company had no derivative investments during the reporting period70 Use of Raised Funds The company did not use any raised funds during the reporting period - The company had no use of raised funds during the reporting period71 Significant Asset and Equity Disposals The company did not dispose of any significant assets but sold equity in four subsidiaries, including Shanghai Ningbo Carrefour Co., Ltd., which collectively increased net profit by approximately RMB 595 million, reducing debt burden and improving operational performance and risk management Disposal of Significant Assets The company did not dispose of any significant assets during the reporting period - The company did not dispose of any significant assets during the reporting period72 Disposal of Significant Equity The company sold equity in four subsidiaries: Shanghai Ningbo Carrefour Co., Ltd., Hangzhou Carrefour Supermarket Co., Ltd., Zhuzhou Carrefour Commercial Co., Ltd., and Shenyang Carrefour Commercial Co., Ltd., which collectively increased net profit by approximately RMB 595 million, reducing debt burden and improving operational performance and risk management - The company sold equity in Shanghai Ningbo Carrefour Co., Ltd., Hangzhou Carrefour Supermarket Co., Ltd., Zhuzhou Carrefour Commercial Co., Ltd., and Shenyang Carrefour Commercial Co., Ltd.74 - These transactions collectively increased the listed company's net profit by approximately RMB 595 million, helping to alleviate the listed company's debt burden, improve its operating performance, and reduce business and management risks74 Analysis of Major Holding and Participating Companies Key subsidiaries and associates include Beijing Suning.com Sales Co., Ltd., Sichuan Suning.com Sales Co., Ltd., Carrefour China, and Jiangsu Suning Bank Co., Ltd. Carrefour China reported a net profit of RMB 1.08 billion, primarily due to debt restructuring and business reorganization, while Wuhu Suning.com Procurement Center Co., Ltd.'s net profit was affected by credit impairment losses from subsidiary disposals Major Holding and Participating Companies (Unit: Thousand Yuan) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Suning.com Sales Co., Ltd. | Subsidiary | Retail business | 597,507 | 2,741,613 | 1,302,041 | 1,483,577 | 88,708 | 60,072 | | Sichuan Suning.com Sales Co., Ltd. | Subsidiary | Retail business | 359,142 | 2,066,113 | 724,805 | 802,434 | 122,740 | 100,091 | | Carrefour China | Subsidiary | Retail business | 1,153,437 | 6,762,751 | -15,430,941 | 258,585 | 1,075,944 | 1,079,791 | | Jiangsu Suning Bank Co., Ltd. | Associate | Financial business | 4,000,000 | 143,607,776 | 8,077,394 | 2,936,218 | 501,084 | 418,951 | | LAOX HOLDINGS Co., Ltd. | Associate | Retail business | 84,669 | 1,929,518 | 1,060,619 | 1,199,236 | -61,670 | -69,169 | | Suning Shenzhen Capital-Cloud Enjoy Warehousing Logistics Facilities Phase II Fund | Associate | Investment business | / | 2,132,856 | 1,065,512 | 89,109 | 12,780 | 16,565 | | Shanghai Xingtou Financial Services Group Co., Ltd. | Associate | Financial business | 1,356,349 | 19,679,387 | 15,765,760 | 1,165,202 | 64,969 | 20,371 | | Zhuhai Puhang Equity Investment Fund Partnership (Limited Partnership) | Associate | Investment business | 3,292,364 | 3,752,684 | 2,582,773 | 172,215 | -45,225 | -47,657 | - Carrefour China reported a net profit of RMB 1.08 billion, primarily due to debt restructuring gains from debt settlement agreements with 18 subsidiaries, including Dongguan Sufou Commercial Co., Ltd., and investment gains from business reorganization and subsidiary disposals78 - Wuhu Suning.com Procurement Center Co., Ltd.'s net profit was affected by credit impairment losses from subsidiary disposals during the reporting period78 - During the reporting period, the company acquired and disposed of subsidiaries through new establishments, deregistrations, and sales; specific details can be found in Note VII "Changes in Consolidation Scope" of the financial report79 Structured Entities Controlled by the Company The company did not control any structured entities during the reporting period - The company had no structured entities under its control during the reporting period80 Risks Faced by the Company and Countermeasures The company faces industry challenges, intense market competition, liquidity shortages, and exchange rate fluctuations; countermeasures include leveraging consumption policies, strengthening supplier cooperation, enhancing services, optimizing operations, accelerating asset revitalization, pursuing legal actions, and improving asset management - Industry development still faces challenges and pressures, including slowing incentive effects from "trade-in" policies, fluctuating consumer expectations, and intense market competition80 - The retail industry faces fierce competition, with new formats and channels diverting sales, persistent internet low-price competition, and the effectiveness of enterprise strategic upgrades and optimizations requiring time to materialize81 - The company's liquidity shortage remains prominent, with significant pressure on accounts payable, requiring continuous capital investment for supply chain recovery, store optimization and upgrades, expansion into lower-tier markets, and service experience enhancement83 - Exchange rate fluctuations bring risks of fair value volatility and exchange gains/losses for the company's overseas financial assets83 - The company's stock is subject to other risk warning situations, reminding investors to be aware of investment risks84 Implementation of Market Value Management System and Valuation Enhancement Plan The company has not established a market value management system nor disclosed a valuation enhancement plan - The company has not established a market value management system858687 Implementation of "Quality and Return Dual Improvement" Action Plan The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan87 Part IV Corporate Governance, Environment, and Society This section covers changes in the company's governance structure, profit distribution, employee incentive plans, environmental disclosures, and social responsibility initiatives Changes in Directors, Supervisors, and Senior Management There were no changes in the company's directors, supervisors, and senior management during the reporting period, as detailed in the 2024 annual report - There were no changes in the company's directors, supervisors, and senior management during the reporting period; specific details can be found in the 2024 annual report89 Profit Distribution and Capital Reserve Conversion to Share Capital for the Reporting Period The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period90 Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company had no equity incentive plans but implemented second and third employee stock ownership plans, with the fifth and sixth plans' shares to be handled according to rules due to unmet performance targets; some plan participants disposed of shares during the period - The company had no equity incentive plans during the reporting period91 All Effective Employee Stock Ownership Plans During the Reporting Period | Employee Stock Ownership Plan Name | Scope of Employees | Number of Employees at End of Period (persons) | Total Shares Held at End of Period (shares) | Proportion of Total Share Capital of Listed Company at End of Period | | :--- | :--- | :--- | :--- | :--- | | Suning.com Group Co., Ltd. - Second Employee Stock Ownership Plan | Company directors, supervisors, and senior management; middle and senior personnel in online/offline operations, supply chain, logistics; technical development backbone; middle and senior personnel in functional management; and other employees recognized for special contributions | 523 | 62,402,472 | 0.67% | | Suning.com Group Co., Ltd. - Third Employee Stock Ownership Plan | Company directors, senior management, middle and senior personnel and business backbone in retail, logistics, finance; core technical personnel in technical development; middle and senior personnel in functional management; and other employees deemed to have a direct impact on company performance and future development | 167 | 7,230,716 | 0.08% | - During the reporting period, participants in the employee stock ownership plans disposed of some shares, resulting in a reduction of 116,607 shares for the second employee stock ownership plan and 49,000 shares for the third employee stock ownership plan94 - For the fifth employee stock ownership plan, due to the company's failure to meet performance assessment targets, the proceeds from the sale of all underlying shares after the lock-up period will belong to the company97 - For the sixth employee stock ownership plan, due to unmet performance targets, after the repurchased shares are sold, the contributions will be returned to the holders at the lower of the contribution amount or the net value98 Environmental Information Disclosure The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law100 Social Responsibility Suning.com actively fulfills social responsibilities in corporate governance, supply chain, circular economy, environmental protection, community, and employee development, strengthening party building, optimizing governance, enhancing supply chain services, promoting "trade-in" policies, green operations, and talent development - The company firmly implements its retail service provider development strategy, continuously strengthening Party building leadership, optimizing governance, focusing on risk control and compliance, integrity in operations, intellectual property, and investor relations, thereby fulfilling its governance responsibilities100 - The company adheres to the philosophy that "service is Suning's only product," continuously building differentiated service advantages, strengthening retail channels, optimizing scenario experiences, improving service quality, and building core full-process supply chain service capabilities100 - The company actively responds to the 2025 national "trade-in" policy, promoting green and energy-efficient products through both online and offline channels to meet consumers' demand for low-carbon, green, smart, and fashionable home appliance consumption upgrades101 - Suning Logistics adopts "focusing on ecological civilization, concentrating on green development" as its core strategic direction, exploring and practicing green solutions covering warehousing, transportation, and last-mile delivery, and was selected as a "Green and Low-Carbon Typical Case for Warehousing and Distribution"102 - The company deeply cultivates the field of barrier-free services, earning the title of "Practicing Unit for High-Quality Development of Internet Aging-Friendly and Accessibility Construction"; it continuously implements talent engineering, safeguards employee rights, provides a comfortable working environment, organizes diverse employee activities, and innovates AI applications to care for employees103104 Part V Significant Matters This section details the fulfillment of commitments by related parties, absence of non-operating fund occupation, significant litigation, related party transactions, and other important events Fulfillment of Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period and Unfulfilled Commitments as of the End of the Reporting Period During the reporting period, former non-circulating shareholders, Mr. Zhang Jindong, Suning Appliance Group Co., Ltd., Ms. Chen Jinfeng, and Ms. Zhao Bei fulfilled their share reduction and non-compete commitments, with no overdue unfulfilled commitments - During the reporting period, the company's former non-circulating shareholders fulfilled their share reduction commitments108 - Mr. Zhang Jindong, Suning Appliance Group Co., Ltd., Ms. Chen Jinfeng, and Ms. Zhao Bei fulfilled their non-compete commitments108 - All committed parties fulfilled their commitments on time, with no overdue unfulfilled matters108 Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties The company reported no non-operating fund occupation by controlling shareholders or other related parties during the reporting period - The company had no non-operating fund occupation by controlling shareholders or other related parties during the reporting period109 Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period110 Appointment and Dismissal of Accounting Firms The company's semi-annual report was not audited - The company's semi-annual report was unaudited111 Board of Directors' and Supervisory Board's Explanation on "Non-Standard Audit Report" for the Current Period The company reported no "non-standard audit report" issued by the accounting firm for the current period - The company had no "non-standard audit report" issued by the accounting firm for the current period112 Board of Directors' Explanation on Matters Related to "Non-Standard Audit Report" for the Prior Year The Board continues to address prior year's non-standard audit report concerns by focusing on revenue growth, cost reduction, efficiency improvement, asset revitalization, and debt reduction; H1 revenue reached RMB 25.895 billion, with net profit attributable to shareholders at RMB 48.693 million, alongside ongoing debt resolution and disposal of loss-making subsidiaries - The company continues to resolve issues through development, firmly focusing on increasing revenue, reducing costs, and improving efficiency, vigorously advancing various operational tasks to enhance its profitability and improve its financial condition112 - The company seized the opportunity of the "trade-in" national subsidy policy, strengthened channel construction, and improved store image and shopping experience, achieving sales scale growth113 - In the first half of the year, the company achieved operating revenue of RMB 25.895 billion, a 0.44% increase year-on-year, with net profit attributable to shareholders of RMB 48.693 million113 - With the support of provincial and municipal governments, the company's joint credit committee continued to operate stably, maintaining existing credit lines, strengthening cooperation with financial institutions to seek incremental financing, and accelerating asset revitalization and recovery of external investments113114 - The company continued to promote the streamlining of non-core business units and resolve outstanding payables to suppliers and partners; as of June 30, 2025, the ending balance of accounts payable and commercial acceptance bills decreased by RMB 1.145 billion compared to the beginning of the period114 Bankruptcy Reorganization Matters The company did not undergo bankruptcy reorganization, but four subsidiaries (Guangzhou Jiaguang Supermarket Co., Ltd., Dongguan Carrefour Commercial Co., Ltd., Chengdu Carrefour Supermarket Co., Ltd., and Hefei Yuejia Commercial Co., Ltd.) were declared bankrupt and transferred to administrators, ceasing to be consolidated, collectively reducing net profit attributable to shareholders by RMB 483 million - The company had no bankruptcy reorganization matters during the reporting period115 - Guangzhou Jiaguang Supermarket Co., Ltd., Dongguan Carrefour Commercial Co., Ltd., and Chengdu Carrefour Supermarket Co., Ltd. were applied for bankruptcy by creditors and have been transferred to bankruptcy administrators, resulting in the company losing control and no longer consolidating them, collectively reducing net profit attributable to shareholders by RMB 173 million115 - Hefei Yuejia Commercial Co., Ltd. was applied for bankruptcy by creditors, accepted by the court, and a bankruptcy administrator was appointed, resulting in the company losing control and no longer consolidating it, reducing net profit attributable to shareholders by RMB 310 million115 Litigation Matters A tort liability dispute with Yunnan International Trust was withdrawn with no impact on profit/loss, and an arbitration with Wanda Group and Wanda Commercial Management regarding a strategic cooperation agreement was resolved without significant impact on daily operations; additionally, new lawsuits/arbitrations as plaintiff/applicant totaled RMB 725 million, and as defendant/respondent totaled RMB 1.324 billion, mainly for contract disputes and Carrefour subsidiary cases - The case involving the defendant Luo Jing and her controlled companies, Zhongcheng Company and Kangan Company, defrauding Yunnan International Trust of financing funds, was withdrawn by the plaintiff, with no impact on the company's profit or loss118 - The arbitration between the company and Wanda Group and Wanda Commercial Management regarding the strategic cooperation agreement has been ruled, which will not have a significant impact on the company's daily operations118 - From January to June 2025, the company and its controlled subsidiaries initiated new lawsuits and arbitrations totaling approximately RMB 725 million, primarily involving contract disputes120 - From January to June 2025, the company and its controlled subsidiaries were involved in new lawsuits and arbitrations as defendants/respondents totaling approximately RMB 1.324 billion, with an estimated liability of RMB 923 million, mainly for contract disputes and Carrefour subsidiary cases124 Penalties and Rectification The company reported no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period122 Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers The company has no controlling shareholder or actual controller; its shareholder, Hangzhou Haoyue Enterprise Management Co., Ltd., maintains good integrity, with no unfulfilled legal obligations or large overdue debts - The company has no controlling shareholder or actual controller123 - The company's shareholder, Hangzhou Haoyue Enterprise Management Co., Ltd., maintains good integrity, with no unfulfilled obligations determined by effective court legal documents or large overdue debts123 Significant Related Party Transactions The company engaged in various daily related party transactions, including commercial plaza operations, property services, store leases, third-party payment services, IT services, goods procurement, and promotion services, with significant transactions involving Alibaba Group. No related party transactions for asset/equity acquisition/disposal, joint external investment, non-operating related party receivables/payables, or financial company-related transactions occurred. Trademark licensing agreements with Suning Appliance Group and Suning Holdings Group are in place, with 2025 fees pending Related Party Transactions Related to Daily Operations The company engaged in various daily related party transactions with Suning Real Estate Group, Shanghai Xingtou Financial Services Group, Alibaba Group, and LAOX HOLDINGS Co., Ltd., including commercial plaza operations, property services, store leases, third-party payment, factoring, IT services, goods procurement, promotion, and logistics, all priced at market rates and within approved limits Related Party Transactions Related to Daily Operations (Unit: 10,000 Yuan) | Related Party | Related Transaction Type | Related Transaction Content | Related Transaction Amount (10,000 Yuan) | Proportion of Similar Transactions | | :--- | :--- | :--- | :--- | :--- | | Suning Real Estate Group Co., Ltd. | Acceptance of services from related parties | Providing commercial plaza operation services | 525.97 | 0.19% | | Suning Real Estate Group Co., Ltd. | Acceptance of services from related parties | Providing property services | 4,257.85 | 1.54% | | Suning Real Estate Group Co., Ltd. | Listed company leases assets | Store leasing | 2,213.55 | 0.80% | | Shanghai Xingtou Financial Services Group Co., Ltd. | Acceptance of services from related parties | Company extended warranty business entrusted to Xingtou Financial subsidiary for operation | 2,573.72 | 0.93% | | Shanghai Xingtou Financial Services Group Co., Ltd. | Acceptance of services from related parties | Providing third-party payment services | 3,747.23 | 1.35% | | Shanghai Xingtou Financial Services Group Co., Ltd. | Acceptance of services from related parties | Providing factoring financing services | Accounts receivable factoring balance RMB 2.071 billion, H1 financing interest RMB 64.1919 million | 77.02% | | Alibaba Group | Acceptance of services from related parties | Suning.com Tmall flagship store related business | 38,363.26 | 13.84% | | Alibaba Group | Services provided to related parties | Logistics business cooperation | 2,269.30 | 0.82% | | 25 subsidiaries of Suning Appliance Group | Property Lease | | 21,251.41 | 86.43% | Related Party Transactions for Asset or Equity Acquisition/Disposal The company did not engage in any related party transactions involving asset or equity acquisition/disposal during the reporting period - The company had no related party transactions for asset or equity acquisition/disposal during the reporting period136 Related Party Transactions for Joint External Investment The company did not engage in any related party transactions involving joint external investment during the reporting period - The company had no related party transactions for joint external investment during the reporting period137 Related Party Receivables and Payables The company had no non-operating related party receivables or payables during the reporting period - The company had no non-operating related party receivables or payables during the reporting period138 Dealings with Related Financial Companies The company had no deposits, loans, credit lines, or other financial business with related financial companies - The company had no deposits, loans, credit lines, or other financial business with related financial companies139 Dealings Between Company-Controlled Financial Companies and Related Parties The company's controlled financial companies had no deposits, loans, credit lines, or other financial business with related parties - The company's controlled financial companies had no deposits, loans, credit lines, or other financial business with related parties140 Other Significant Related Party Transactions The company has trademark licensing agreements with Suning Appliance Group and Suning Holdings Group for the "Suning" series trademarks, with the 2025 annual license fees yet to be paid - The company licenses the "SUNING" series registered trademarks and the "Suning" and "NS" combined series registered trademarks to Suning Appliance Group and its subsidiaries141 - The company licenses the "Suning" and "SUNING" series trademarks to Suning Appliance Group and its direct or indirect subsidiaries with over 20% shareholding142 - The company agrees that Suning Holdings Group and its subsidiaries may use trademarks containing "Suning" globally within the company's non-core business scope143 - Suning Appliance Group and Suning Holdings Group have not yet paid the 2025 annual trademark license fees143 Significant Contracts and Their Performance The company had no significant asset leases beyond normal operating leases. It provided significant guarantees totaling 44.90% of its net assets for related parties and subsidiaries, including Shanghai Xingtou Financial Services Group and Nanjing Suning Department Store Co., Ltd. The company also had entrusted wealth management with an outstanding balance of RMB 335 million, with no overdue amounts. Subsidiaries provided RMB 14.573 billion in actual used guarantees to the parent company Custody, Contracting, and Leasing Matters The company had no custody or contracting arrangements during the reporting period, nor any significant asset leases beyond normal operating leases, or any leasing projects contributing over 10% of total profit - The company had no custody arrangements during the reporting period144 - The company had no contracting arrangements during the reporting period144 - During the reporting period, the company had no significant asset leasing matters, either occurring in the current period or continuing from prior periods, other than normal leasing of properties for opening stores, offices, and logistics warehousing operations, and providing properties for external operations145 - The company h