ESG解读｜大润发高管贪腐被查；食品安全投诉居高不下， ESG AA级仍稳居行业首位

Core Viewpoint - Gao Xin Retail is undergoing significant changes in governance and operational efficiency, highlighted by recent internal corruption investigations and a shift in ownership to Dehong Capital, following Alibaba's exit [3][4]. Group 1: Governance and Compliance - A senior executive at Gao Xin Retail was taken away for investigation due to serious job-related crimes, which the company confirmed as an individual issue that would not affect overall operations [3]. - Gao Xin Retail has a robust anti-corruption mechanism involving multiple departments, with a focus on supplier integrity through mandatory signing of integrity commitments [3]. - The company reported two concluded corruption cases in its 2025 fiscal year, involving three individuals [3]. Group 2: Financial Performance - For the 2025 fiscal year, Gao Xin Retail reported revenue of 71.552 billion yuan, a decrease of 1.4% year-on-year, but a net profit of 386 million yuan, indicating a turnaround from a loss of 1.668 billion yuan in the previous year [5]. - The company achieved cost reductions, with operating expenses down by 16.2% to 15.232 billion yuan [5]. Group 3: Employment Trends - Gao Xin Retail's workforce has decreased for three consecutive years, with a total of 84,000 employees as of March 2025, reflecting a decline of 2.12%, 20%, and 11.66% over the past three years [6]. - The proportion of part-time employees increased by 35.23% in the 2025 fiscal year, while full-time employees decreased by 12.46% [6]. Group 4: Industry Context - The retail industry is facing challenges, with the top 100 supermarket companies in China reporting only a 0.3% increase in sales and a 9.8% decrease in total store numbers [5]. - Despite a general trend of workforce reduction in the industry, Gao Xin Retail's average salary decreased by 10.75% to 98,900 yuan, contrasting with the industry average increase of 7.54% [7][8]. Group 5: Customer Complaints and Quality Control - Gao Xin Retail has faced significant customer complaints, particularly regarding food safety, which accounted for over 50% of complaints received in the past month [9][10]. - The company has emphasized quality control and employee training but continues to face challenges in meeting customer expectations [9]. Group 6: ESG Performance - Gao Xin Retail received an AA rating in Wind ESG assessments, outperforming other domestic retail companies [12]. - The company has set clear carbon neutrality goals for 2030 and has made strides in environmental management, including the installation of solar power in new stores [14].