中兴商业：多维创新结硕果 区域龙头再腾飞

Core Insights - Zhongxing Commercial (000715) demonstrated robust growth with a year-on-year increase in net profit attributable to shareholders and net profit excluding non-recurring items of 32.34% and 66.89% respectively in Q1 2025, indicating excellent overall financial health [1] - The successful mixed-ownership reform in April 2019, with Liaoning Fangda Group (000055) becoming the largest shareholder, has injected new vitality into the company, marking a new chapter in high-quality development [1] - The company has adopted innovative marketing strategies, including cultural marketing activities, to enhance consumer engagement and adapt to market changes [1] Financial Performance - Compared to 2018, total assets increased by 489 million yuan, a growth of 23%; total profit rose by 14.83 million yuan, a growth of 12%; net profit increased by 10.18 million yuan, a growth of 11%; and the debt-to-asset ratio decreased by 10.49 percentage points [1] - In Q1 2025, the cumulative welfare expenditure since the mixed reform exceeded 130 million yuan, benefiting nearly 2,700 family members of employees [3] Digital Transformation - Zhongxing Commercial has successfully integrated online and offline channels, launching the "Zhongxing Building+" mini-program in 2019 and pioneering Douyin e-commerce live streaming in 2022, leading to an 18% year-on-year increase in mini-program membership and an 11% increase in online transaction volume in 2024 [2] Market Expansion - The opening of the Shenyang Zhongxing Dinosaur Museum is part of the company's strategy to capture the "first economy," with 77 new stores and 33 national flagship stores established in popular sectors, enhancing brand strength and customer appeal [3] Employee Welfare - The company has developed a comprehensive employee welfare system covering all life stages, including bonuses, medical assistance, and retirement benefits, ensuring that employees and their families feel secure and supported [3]