ZBJT(SZ:000759) Shen Zhen Shang Bao·2025-12-04 12:14Core Viewpoint - The company, Zhongbai Group, is undergoing significant restructuring by closing unprofitable stores, with a total of 30 stores closed to date, and anticipates a one-time loss of approximately 180 million CNY due to these closures [1][2]. Group 1: Store Closures and Financial Impact - Zhongbai Group has closed 30 warehouse hypermarkets, with 13 closures occurring in the first half of 2025, and has no plans for further closures within the year [1]. - The closures are expected to result in a one-time loss of about 180 million CNY, which includes various costs such as contract termination losses, employee compensation, and asset write-offs [1]. - The company has followed necessary internal decision-making processes and is ensuring proper employee arrangements during the closures [1]. Group 2: Financial Performance - For the first three quarters, Zhongbai Group reported a revenue of 6.552 billion CNY, a year-on-year decrease of 19.41%, and a net loss attributable to shareholders of 580 million CNY, down 74.83% [2][3]. - The third quarter alone saw a revenue of 1.934 billion CNY, a decline of 20.08%, with a net loss of 325 million CNY, reflecting a 71.33% decrease year-on-year [3]. - The company has been experiencing continuous losses for four consecutive years, with losses of 46.22 million CNY in 2021, 354 million CNY in 2022, 322 million CNY in 2023, and 528 million CNY in 2024 [4]. Group 3: Industry Context and Challenges - The company attributes its declining performance to intense industry competition, macroeconomic fluctuations, and changing consumer habits, particularly the rise of online retail [3]. - Despite a slight increase in gross margin by 0.92 percentage points to 22.56%, the net profit margin significantly worsened from -4.08% to -8.86% [3]. - As of September 30, the company's debt-to-asset ratio stood at a high 86.79%, indicating significant financial strain [3].