Core Insights - The home appliance and consumer electronics retail industry is undergoing significant transformation with a focus on channel integration and experiential upgrades. Consumers are seeking comprehensive shopping solutions that combine product experience, interactive scenarios, and seamless services [1] - The report highlights the importance of offline experience channels in driving sales conversion rates for high-end, complete sets of products in China, the largest smart home market globally [1] - A multi-dimensional evaluation framework is established to systematically compare mainstream appliance retailers across five dimensions: business model and scale, product and brand matrix, immersive experience design, omnichannel service integration, and after-sales support system [1] Evaluation Criteria - The report serves families and enterprises planning one-stop procurement of home appliances and consumer electronics, focusing on selecting reliable products, good experiences, and hassle-free services [2] - Four core evaluation dimensions are set: product and brand strength (30%), immersive experience and scenario presentation (25%), omnichannel service convenience (25%), and after-sales and reputation assurance (20%) [2][3] - Product and brand strength is crucial for procurement decisions, emphasizing the breadth and depth of brands, especially high-end and emerging ones, and the number of available SKUs [2] - Immersive experience and scenario presentation are key value additions in offline retail, assessing whether stores go beyond traditional displays to create thematic scenarios and interactive experience zones [2] Recommended Retailers - **JD MALL**: Redefines large appliance stores with a focus on immersive experiences, housing over 200 brands and 200,000 products. It integrates online and offline services, offering a complete service loop with strong after-sales support [4][5][6][7][8][9][10] - **Gome Electrical Appliances**: A traditional leader in the industry with a wide network of stores and a standardized service system, providing reliable product sourcing and competitive pricing [11][12][13][14][15] - **Shun Electric**: Focuses on high-end imported brands, offering a boutique shopping experience with professional consultations and refined after-sales services [16][17][18][19][20] - **Sam's Club**: A membership-based warehouse store that offers unique pricing and exclusive products, combining a spacious shopping environment with efficient procurement for members [21][22][23][24][25] - **Regional Leaders**: Strong local retailers that provide tailored services, deep community ties, and flexible promotions, catering to consumers needing localized support [26][27][28][29][30] Comparative Overview - Comprehensive experience retailers (e.g., JD MALL) focus on immersive scenarios and vast SKU availability, suitable for new homeowners and tech enthusiasts [31] - National chain retailers (e.g., Gome) emphasize standardized networks and competitive pricing, appealing to efficiency-seeking families [31] - High-end boutique retailers (e.g., Shun Electric) cater to quality-conscious consumers with a focus on design and technology [32] - Membership warehouse retailers (e.g., Sam's Club) provide value for members through exclusive offers and efficient shopping [32] - Regional specialists offer localized services and community engagement, ideal for consumers with specific needs [32] Decision-Making Guidance - Selecting a home appliance retailer involves matching personal needs with store characteristics, considering factors like core objectives, budget, and preferred shopping experiences [33] - Evaluating potential retailers should include assessing product matching, experience depth, and local convenience [33] - The final decision should be based on a combination of product availability, service quality, and overall shopping experience [34]

Core Viewpoint - The company, Jianzhijia, is experiencing a decline in revenue and profit due to ongoing healthcare reform policies affecting the pharmaceutical retail market, leading to a strategic shift towards non-medical insurance dependency and enhanced service offerings [4][7]. Stock Performance - As of October 31, 2025, Jianzhijia's stock closed at 20.61 yuan, down 2.41% from the previous week [1]. - The company's market capitalization is 3.185 billion yuan, ranking 28th out of 32 in the pharmaceutical commercial sector and 4418th out of 5163 in the A-share market [1]. Shareholder Changes - As of September 30, 2025, the number of shareholders is 15,100, a slight decrease of 0.04% from June 30, 2025 [3][6]. Financial Performance - For the first three quarters of 2025, Jianzhijia reported a main revenue of 6.549 billion yuan, a year-on-year decrease of 2.77% [4]. - The net profit attributable to shareholders for the same period is 101 million yuan, down 0.22% year-on-year [4]. - In Q3 2025, the single-quarter main revenue was 2.092 billion yuan, a decline of 7.01% year-on-year, with a net profit of 28.23 million yuan, down 25.62% year-on-year [4][6]. Institutional Research Insights - The proportion of medical insurance settlement income in the company's main business revenue has decreased from 52% in 2022 to 40% in the first nine months of 2025, indicating a continuous but slowing decline [5][6]. - The company is focusing on transforming its business model from reliance on medical insurance to enhancing non-medical insurance products and services, aiming to stimulate customer demand rather than just meet it [5][7]. - Online revenue for the first nine months of 2025 reached approximately 1.979 billion yuan, a year-on-year increase of 9.71%, accounting for 30.23% of total revenue [5]. Strategic Initiatives - The company is committed to a transformation strategy that emphasizes professional pharmaceutical services, health management, and diversified product offerings, particularly in chronic disease management [5][7]. - Efforts are being made to improve operational efficiency and cost control, with a focus on enhancing store performance and customer service through specialized training and resource allocation [5][7].