消费市场承压回落，苏宁易购稳住基本盘

Core Viewpoint - The home appliance retail industry is experiencing structural differentiation due to multiple factors such as the reduction of national subsidies and intensified competition, making operational resilience and robust development capabilities the focus of market attention [1] Industry Overview - The core variable in the home appliance market in 2025 remains the "trade-in for new" national subsidy policy, which has seen a phase adjustment leading to a slowdown in industry growth [2] - From January to September 2025, the home appliance retail sales increased by 5.2% year-on-year to 670.1 billion yuan, but the market showed a "high before low" characteristic, with a significant decline in the third quarter [2] - In the third quarter, retail sales fell by 3.2% year-on-year, with September seeing a drop of 19.2%, directly impacting the growth rate for the first three quarters [2] - Major appliance categories such as televisions, air conditioners, refrigerators, and washing machines experienced double-digit declines, with television sales down 19.3% and air conditioner sales down 28.1% from January to September 2025 [2] Company Performance - Despite the overall pressure in the home appliance and commerce sectors, the company achieved a relatively stable operational performance, reporting a revenue of 38.131 billion yuan and a net profit of 73.33 million yuan for the first three quarters of 2025 [3] - The company has maintained profitability for six consecutive quarters, with third-quarter revenue reaching 12.236 billion yuan and a net profit of 24.637 million yuan [3] Business Segments - The company's core business remained stable, with a 3.5% year-on-year increase in store sales and a 5.4% increase in comparable store sales for home appliances and 3C products in the first three quarters [5] - The retail cloud business saw a 7% year-on-year increase in sales revenue, while the government and enterprise business also experienced rapid growth [5] - The company expanded its store network, adding 31 new stores in the first three quarters, excluding adjustments to certain supermarket electrical stores [5] Strategic Initiatives - The company is focusing on internal improvements, optimizing store scenarios, and implementing a large store strategy to enhance competitive differentiation [5] - To capitalize on the Mid-Autumn Festival and National Day, the company opened seven upgraded Suning Max stores in key cities, enhancing the retail experience [6] - The company is deepening supply chain collaboration and has announced an early start to the Double 11 shopping festival, launching a "True Benefit Supplement" product in partnership with major brands [8] - The company is actively addressing debt issues, with a reported decrease in the asset-liability ratio by 0.49% compared to the beginning of the period [8] Long-term Outlook - The home appliance industry is transitioning into an "AI" phase, with significant growth in AI-integrated products, indicating a shift in consumer preferences and expectations [11] - The company is investing in AI technology to enhance operational efficiency and is exploring partnerships to build a comprehensive AI ecosystem [9] - The company's long-term investments in store upgrades and renovations may lead to short-term cost increases but are expected to yield long-term benefits [13]