ST易购分析师会议-2025-03-17

Investment Rating - The report focuses on the commercial retail industry, specifically analyzing ST Yigou, but does not provide a specific investment rating [1]. Core Insights - Investors are particularly interested in the implementation of the national subsidy policy post-2025 and its impact on sales performance [17]. - The meeting included a visit to the SuningMax store in Nanjing, where discussions covered various aspects such as national subsidy policies, supply sources, settlement, distribution, online and offline sales, category and brand performance, and the role of additional subsidies for 3C digital products [17]. - The company ensured compliance with information disclosure regulations, maintaining the accuracy and completeness of the information shared during the meeting [17]. Summary by Sections 1. Basic Research Information - The research was conducted on ST Yigou in the commercial retail sector on March 14, 2025, with representatives from the company present [13]. 2. Detailed Research Institutions - The institutions participating in the research included Zhejiang Merchants Securities, Pengyang Fund, HSBC Jintrust, Taixin Fund, and Xing Shi Investment, among others [14]. 3. Research Institution Proportions - The report does not provide specific data on the proportions of the research institutions involved [15]. 4. Main Content Information - The meeting emphasized the importance of the national subsidy policy and its expected effects on sales, alongside a comprehensive overview of the company's operational aspects [17].