DS(SH:600694) Zheng Quan Ri Bao·2025-08-26 12:16Core Viewpoint - The company focuses on its core retail business and has established a multi-dimensional commercial ecosystem through the integration of various business formats and digital transformation, continuously consolidating its leading position in the regional market [1][2]. Business Performance - In the first half of the year, the company reported a revenue of 3.416 billion yuan, a year-on-year decrease of 6.89%, and a net profit attributable to shareholders of 384 million yuan, down 13.57% year-on-year [4]. - The decline in overall revenue was attributed to intense competition in the consumer market and structural adjustments in some stores, although key stores managed to control the revenue decline effectively [2][4]. Business Strategy - The company is driving its department store segment through "scene reconstruction and category optimization," expanding high-efficiency categories such as outdoor sports and gold jewelry, and enhancing the shopping environment with leisure and entertainment projects [1]. - In the supermarket segment, the company operates a dual-line strategy of "premium supermarkets and community fresh food," adapting flexibly to market changes while ensuring quality control through a self-operated model [1]. - The electrical appliance chain focuses on differentiated operations, creating experiential stores and flagship stores to provide immersive shopping experiences, which have gained consumer recognition [1]. Cost Management - The company has optimized its product structure and increased the sales proportion of high-margin categories, maintaining a relatively high gross margin, which has slightly increased despite the revenue decline [2]. - Through refined management, the company has continuously optimized costs, although the total expense reduction was less than the decline in gross profit [2]. Strategic Partnerships - The company has strengthened its strategic partnerships with over 20 leading brands, including Anta Group, Youngor Group, and MAC Cosmetics, to enhance brand strategy and drive sales growth [2].