Group 1 - JD has completed the acquisition of Hong Kong-based supermarket chain Jia Bao, marking its entry into the Hong Kong physical retail market [1] - The acquisition aims to leverage JD's supply chain advantages to enhance Jia Bao's omnichannel business and expand JD's fresh supply chain in the Guangdong-Hong Kong-Macao Greater Bay Area [1] - JD has established an Innovation Retail-Jia Bao business unit, appointing Jia Bao's founder, Lin Xiaoyi, as the head of this unit [1] Group 2 - Other e-commerce giants like Alibaba and Pinduoduo are also targeting the Hong Kong market, with Alibaba investing 1 billion yuan to make Hong Kong a free shipping zone [2] - Pinduoduo has introduced a "one item free shipping" policy in Hong Kong to attract price-sensitive consumers [2] - Pinduoduo has partnered with SF Express Hong Kong to provide local logistics services, maintaining its "one item free shipping" offer [2]

Group 1: Report Overview - The report is about the analyst meeting of Zhongbai Group, a company in the commercial department store industry, with a research date of June 12, 2025 [1][2] Group 2: Core Views - The company focuses on its main business, with key work on deep - seated reform and reducing losses and turning deficits. It aims to enhance single - store profitability, explore new business models, and expand online business [24] - The company is actively seeking transformation and development, including digital transformation, supply - chain optimization, and full - channel business expansion [28] - In 2025, as the end - year of the "14th Five - Year Plan", the company will strive to build core competitiveness, strengthen management, and reshape development momentum [26] Group 3: Research Basic Information - The research object is Zhongbai Group, belonging to the commercial department store industry. The reception time is June 12, 2025, and the reception staff are Deputy General Manager and Board Secretary Li Huibin, and Deputy General Manager Hu Jian [17] Group 4: Detailed Research Institutions - The reception objects include investors' online questions and others [20] Group 5: Main Content Details Investment Direction - The company focuses on its main business, promotes hierarchical adjustment of stores, formulates "one - store - one - policy" adjustment strategies, and closes long - term loss - making stores. It also expands in the sinking market and mature areas [24] Loss - making Industry Disposal - The company is actively seeking transformation and development, with no major undisclosed matters [25] Market Value Management and Reorganization - The company focuses on its main business to increase market value. There are no major undisclosed matters about the company, its controlling shareholder, and actual controller [26] Future Development Policy - In 2025, the company will deepen reform, reduce losses, and promote business model innovation and upgrading [26] Asset Injection Rumor - The company states that all information should be based on disclosures in selected media [27] Online Sales Transformation - The company cooperates with third - party online platforms and has its own e - commerce platform to expand online business [27] 618 Activity Plan - The company's various business forms will hold mid - year promotion activities. Details can be found on the "i Zhongbai" WeChat official account [28] Development Plan - The company will deepen reform, strengthen corporate governance, and improve core competitiveness [28] Stock Repurchase Plan - The company has no stock repurchase plan for now [28] Dividend Policy - Due to losses in 2024, the company does not conduct profit distribution. It will roll over the accumulated undistributed profits to the next year [28]