百联股份：紧跟消费市场需求变化

Core Viewpoint - The company is focusing on adapting to changes in consumer market demand through policy alignment, deepening customer engagement, and integrating business formats, aiming to inject momentum into its operational development by the first half of 2025 [1] Financial Performance - In the first half of 2025, the company reported a 12.63% year-on-year decrease in operating revenue, while net profit attributable to shareholders increased by 14.06% year-on-year [1] Business Innovation - The company has made breakthroughs in areas such as first-store economy, dimensional consumption, and outlet upgrades, launching 14 high-profile first-store events and over 30 market activities in the first half of the year [2] - The company is implementing a "first-store + pop-up" model to attract global trendy brands for their launches [2] Future Development Path - The company plans to enhance internal management, reduce costs, and improve overall operations while focusing on light asset transformation, project adjustments, and collaborative brand creation [2] - Emphasis will be placed on scenario-based and experiential marketing, as well as digitalization [2] Industry Trends - The retail industry is leveraging government policies aimed at boosting consumption and expanding domestic demand, focusing on digital consumption and first-store economy [3] - The company is optimizing product structure to expand upgraded consumption and inbound consumption while maintaining a stable basic market in the short term and building differentiated advantages in the long term [3]