苏宁“1元店”迷局，12家商超只卖了12元，为保住上市公司地位？

Core Viewpoint - Suning.com is undergoing a significant asset disposal by transferring twelve former Carrefour stores for a symbolic price of 1 yuan, reflecting its struggle to alleviate financial distress and maintain its listing status [3][4][5]. Group 1: Asset Disposal and Financial Context - The twelve stores being sold were previously part of Carrefour China, acquired by Suning in 2019 for 4.8 billion yuan, indicating a dramatic shift in the company's asset management strategy [4]. - The decision to sell these stores at a mere 1 yuan raises questions about potential motives, including the possibility of interest transfer and the protection of shareholder rights [4][5]. - Suning's financial troubles have been exacerbated by a debt crisis, with the company having previously secured 12 billion yuan in funding from Alibaba-led consortiums, yet the situation remains dire [4][5]. Group 2: Store Performance and Liabilities - Each of the twelve stores has liabilities exceeding their total assets, with one store in Shijiazhuang showing total assets of 29.29 million yuan against liabilities of 684 million yuan, resulting in a net asset value of -655 million yuan [5][11]. - The stores are characterized as "burdens," facing ongoing losses and heavy debt, making them unsuitable for normal market transactions [5][6]. Group 3: Financial Restructuring and Impact - The divestiture aims to significantly reduce Suning's asset-liability ratio, which currently exceeds 90%, indicating that over 90 yuan of every 100 yuan in assets is debt [6]. - The transaction is projected to enhance the company's net profit by approximately 383 million yuan, providing a short-term boost to financial metrics [6][13]. Group 4: Challenges Ahead - Suning's efforts to maintain its listing status are complicated by its financial condition, with stock prices hovering below the 2 yuan threshold and triggering ST risk warnings [7]. - Despite reporting net profits of 610 million yuan and 48.69 million yuan for 2024 and the first half of 2025 respectively, these figures are largely attributed to asset disposals, with core operations still showing significant losses [7][13]. - The retail industry is facing transformative challenges due to the rise of e-commerce, and Suning's transition to an online-focused model has yet to yield substantial results [8][10].