Group 1 - The core viewpoint of the article indicates that the China Retail Industry Prosperity Index (CRPI) for June 2025 is at 50.1%, showing a slight decrease of 0.4 percentage points from the previous month, while remaining in the expansion zone for ten consecutive months [1] - The commodity operation index is at 49.5%, which is the main factor affecting the decline of the comprehensive index, while the e-commerce operation index is at 50.8%, an increase of 0.8 percentage points from last month [1][3] - The analysis suggests that the online retail growth has significantly expanded due to the "618" online promotion and the "old-for-new" policy, indicating a structural shift in the consumption market between online and offline [1] Group 2 - The commodity operation index has dropped to 49.5%, indicating a decline of 0.9 percentage points from last month, as the offline retail market enters a seasonal downturn due to rising temperatures and increased online promotional activities [5] - The sales index for commodities is at 49.5%, down 1.3 percentage points, reflecting weakened expectations for offline retail sales [7] - The profitability index for commodity operations is at 49.0%, a decrease of 2.3 percentage points, indicating low profit expectations for June [8] Group 3 - The rental operation index is at 51.3%, showing a slight decrease of 0.5 percentage points but still maintaining an expansion status, indicating ongoing operational pressures in the rental market [13] - The average single-store rental income index is at 52.8%, down 0.6 percentage points, suggesting a decline in revenue expectations for rental businesses [15] - The shop rental rate index is at 52.1%, down 1.5 percentage points, indicating a decrease in rental activity [16] Group 4 - The e-commerce operation index is at 50.8%, an increase of 0.8 percentage points, driven by positive expectations from the "618" promotional activities [20] - The total sales index for e-commerce is at 51.8%, up 1.2 percentage points, reflecting strong sales expectations due to extended promotional activities [22] - The total cost index for e-commerce operations is at 50.2%, an increase of 0.9 percentage points, indicating ongoing cost pressures but improved conditions due to government policies [26]

Core Viewpoint - The China Retail Prosperity Index (CRPI) for May stands at 50.5%, remaining stable compared to the previous month, indicating continued expansion for nine consecutive months. The positive impact of the "May Day" holiday on offline retail is significant, supported by various government initiatives to boost consumption [1]. Group 1: Retail Sector Overview - The CRPI for the goods retail sector is at 50.4%, a slight increase of 0.3 percentage points from last month, indicating a positive trend in offline retail performance [2]. - The rental business index is at 51.8%, a decrease of 0.9 percentage points from the previous month, suggesting challenges in the rental sector due to adjustments in store income and operational spaces [3]. - The e-commerce index is at 50.0%, a minor decline of 0.1 percentage points, reflecting stable development in the e-commerce sector [3]. Group 2: Goods Retail Sector Details - The sales index for goods retail is at 50.8%, up by 0.3 percentage points, while the profitability index is at 51.3%, an increase of 0.4 percentage points, indicating positive profit expectations for May [2]. - The average transaction value index is at 49.8%, showing a slight increase of 0.5 percentage points, the highest growth since February, signaling a positive market trend [2]. - The operational cost index for goods retail is at 49.5%, a slight increase of 0.1 percentage points, indicating expectations of stable operational costs [2]. Group 3: E-commerce Sector Insights - The total sales index for e-commerce is at 50.6%, down by 1.3 percentage points, while the total number of online products index is at 52.0%, a slight decrease of 0.5 percentage points, indicating stable inventory levels [3]. - The average transaction value index for e-commerce is at 48.9%, with a small increase of 0.6 percentage points, reflecting a positive consumer trend [3]. - The total cost index for e-commerce is at 49.3%, an increase of 1.1 percentage points, suggesting a reduction in cost inputs for e-commerce businesses [3].