RENRENLE(SZ:002336) Nan Fang Du Shi Bao·2025-05-12 12:31Core Viewpoint - The announcement of *ST Renle's impending delisting from the Shenzhen Stock Exchange marks the end of a once-prominent retail company, highlighting the challenges faced by traditional supermarkets in adapting to new market dynamics [2][5][6]. Company Summary - *ST Renle received a delisting notice on May 6, 2025, due to a net asset deficit of 404 million yuan and an audit report that expressed an inability to provide an opinion, triggering delisting clauses [5][6]. - The company has reported negative net profits for three consecutive years from 2021 to 2023, with the 2023 financial report indicating significant uncertainties regarding its ongoing operations [6][7]. - Following a series of capital operations in 2024 aimed at preserving its listing status, *ST Renle's anticipated turnaround was contradicted by actual financial results, leading to a failure in its "shell protection" strategy [7][8]. - Once valued at over 13 billion yuan, *ST Renle's market capitalization fell to 1.624 billion yuan before being suspended from trading [7]. Industry Summary - The challenges faced by *ST Renle reflect broader issues within the traditional supermarket sector, including rising operational costs and competition from e-commerce and new retail formats [8][9]. - Traditional supermarkets, including *ST Renle, have struggled with low profit margins and have been overly reliant on supplier fees, weakening their supply chain management capabilities [8]. - Leadership instability has hindered strategic consistency, with *ST Renle changing its chairman three times in six years, leading to frequent shifts in operational direction [8]. - The retail landscape is evolving, with successful companies adapting through digital upgrades, partnerships, and innovative business models, emphasizing the need for agility and specialization in the sector [9].