ZBJT(SZ:000759) Mei Ri Jing Ji Xin Wen·2026-01-23 16:40Core Viewpoint - The internal embezzlement case at Zhongbai Group, a leading regional supermarket chain, has resulted in a significant legal ruling, but the company continues to face severe financial challenges and operational setbacks. Group 1: Legal Proceedings - Zhongbai Group's subsidiary, Zhongbai Warehouse Supermarket, received a criminal judgment from the Wuhan Intermediate People's Court, sentencing the main defendant, Shao, to life imprisonment for embezzlement, along with fines totaling RMB 5 million for him and prison sentences for three accomplices [1][3]. - The embezzlement case involved an estimated total of RMB 219 million, with the court ruling indicating that the recovered amount is expected to be only RMB 50.22 million, less than a quarter of the initial estimated loss [4]. Group 2: Financial Performance - From 2021 to 2024, Zhongbai Group reported a cumulative net loss exceeding RMB 1.2 billion, with an additional loss of RMB 580 million in the first three quarters of 2025 [2][7]. - The company has closed 30 warehouse supermarkets, representing over 20% of its total stores as of the end of 2024, indicating a significant contraction in its business operations [2][7]. Group 3: Operational Impact - The closure of stores is expected to incur a one-time loss of approximately RMB 180 million, which includes various costs such as contract termination losses and employee compensation [8]. - The supermarket format has historically been a core revenue source for Zhongbai Group, contributing over RMB 57.56 million to the company's revenue of RMB 10.381 billion in 2024 [8].