“胖改”成效显现 步步高预计2025年扣非净利润减亏超八成

Core Viewpoint - The company Bubu Gao (步步高) is expected to significantly reduce its net profit loss in 2025, but its net profit will decline sharply due to a decrease in restructuring gains [1][2]. Group 1: Financial Performance - Bubu Gao anticipates a net profit attributable to shareholders of 100 million to 150 million yuan in 2025, representing a year-on-year decline of 87.62% to 91.75% [1]. - The company expects a net profit after deducting non-recurring items to be between -126 million and -189 million yuan, indicating a reduction in loss by 80.67% to 87.11% year-on-year [1]. - The decline in net profit is primarily attributed to a significant reduction in restructuring gains, which were 2.879 billion yuan in 2024 [1]. Group 2: Operational Improvements - Bubu Gao has implemented major reforms and received support from partner "胖东来" to enhance its "quality + service" operational strategy, focusing on core advantageous areas [1]. - The company has optimized store layouts and improved operational efficiency, which has effectively enhanced the overall performance and profitability of its stores, particularly single stores [1]. - The company has upgraded its store experience through scenario-based transformations, increasing the non-food sales ratio from 32% to 47%, which has also led to an increase in average transaction value [2]. Group 3: Future Developments - Bubu Gao plans to extend its reform initiatives to the shopping center segment, with several stores set to undergo renovations in the second half of 2025, featuring new brands, services, and images [2]. - The company has introduced its private label brand "BL" with a focus on "high cost-performance + differentiation" to enhance product offerings and improve operational efficiency [2].