武商集团：近年来，公司盈利质量持续提升

Core Viewpoint - The company emphasizes its distinct business positioning and competitive advantages compared to Sam's Club, focusing on long-term development strategies and exploring differentiated paths for growth [2] Financial Performance - The company has seen a continuous improvement in profit quality, with a projected 66.83% year-on-year growth in non-recurring net profit for 2024 [2] - For the first half of 2025, the non-recurring net profit is expected to grow by 21.45% year-on-year [2] - By the end of Q3 2025, the non-recurring net profit is anticipated to maintain a year-on-year growth of 12.74%, placing core profitability indicators among the top in the industry [2] Compliance and Governance - The company's financial statements have been audited and received standard unqualified opinions from auditing institutions [2] - The management strictly adheres to legal regulations and state-owned asset supervision requirements, ensuring no loss of state-owned assets [2] - Procedures for the election and appointment of management are conducted in accordance with the Company Law and the company's articles of association [2]