本报讯 （记者李勇）大商股份有限公司（以下简称"大商股份"）8月26日晚间披露2025年半年度报告。 上半年，公司实现营业收入34.16亿元，同比下降6.89%；实现归属于上市公司股东的净利润3.84亿元， 同比下降13.57%。 据大商股份披露的店铺调改进展，上半年，新玛特大庆总店、新玛特佳木斯店、新玛特七台河店、新玛 特阜新店、新玛特鞍山店、千盛百货锦州店等店铺完成了调改，通过局部焕新调改升级，优化布局结 构，扩大优势品类，升级品牌形象，增强购物氛围和体验，促进店铺经营的可持续发展和经营效益的提 升。公司还全力开拓品牌战略联发，上半年与安踏集团、雅戈尔集团、绫致集团、滔搏运动、六福珠 宝、MAC化妆品、百胜集团等20余个行业头部品牌签订和巩固战略合作。 （文章来源：证券日报） 大商股份一直聚焦实体零售核心业务，已经构建了"百货、超市、电器"协同发展的立体商业生态体系， 并通过多业态的融合创新与数字化转型，持续巩固区域市场的领先地位。 半年报显示，百货业态方面，公司以"场景重塑与品类优化"驱动，扩大户外运动、黄金珠宝等高坪效品 类经营面积，增加休闲、娱乐等体验项目投入，引入特色餐饮、影院、儿童游乐区等，提升 ...

Core Insights - The "Xiyue Purchase·Fun Chang'an" consumption promotion policy is driving commercial development in Yanta District through various initiatives such as issuing consumption vouchers and supporting business upgrades [1][17] - Yonghui Supermarket's Park South Road store has reopened with a new look, marking the successful implementation of the "Fat Donglai model" in Yanta District, establishing a "dual-store pattern" [1][16] Group 1: Store Renovation and Product Strategy - The renovation involved a significant restructuring of the product lineup, with 6,732 items removed and 6,305 new items added, resulting in a 55.6% increase in new products [3] - The product structure now meets 80% of the Fat Donglai standards, with imported products accounting for 11% of the total [3] - The store focuses on high-end organic and local fresh produce, introducing various specialty items and collaborating with local suppliers to meet consumer demand [5] Group 2: Enhanced Customer Experience - The store features a diverse range of ready-to-eat products, including local specialties and trendy items, aimed at attracting younger customers [7] - A new convenience service area has been added, providing amenities such as blood pressure monitors and free charging stations, enhancing the shopping experience [12] - The store has implemented personalized services, including custom meat processing and seafood preparation, catering to diverse customer needs [12] Group 3: Employee Welfare and Operational Efficiency - The number of employees at the store increased from 54 to 84, with improved salary and benefits, including paid leave and employee meals [14] - The focus on employee satisfaction is seen as a key factor in delivering quality service [14] Group 4: Market Positioning and Future Outlook - The Park South Road store's opening complements the existing MOMOPARK store, creating a dual-core layout that enhances the commercial quality and consumer experience in the area [16] - Yonghui's nationwide store renovation initiative has surpassed 160 locations, with expectations to exceed 200 by the end of September, showcasing a replicable model for retail transformation [17]

Core Viewpoint - The leadership change at Yinzuo Group, with Xu Feng replacing Ma Yunpeng as chairman, is a critical step for the company to navigate its operational challenges and seek transformation in the retail sector [1][5][18]. Financial Performance - In 2024, Yinzuo Group reported a revenue of 5.419 billion yuan, a decrease of 2.17% from 5.539 billion yuan in 2023, and a net profit of 67.6519 million yuan, down 68.77% from 217 million yuan in the same period of 2023 [3][4]. - For Q1 2025, the company continued to face difficulties, with revenue of 1.6 billion yuan, a year-on-year decline of 4.32%, and a net profit of 72.2997 million yuan, down 20.66% [4]. Business Segments - The revenue breakdown for Q1 2025 shows: - Department stores: 576.5157 million yuan, with a gross margin of 30.45%, down 11.60% year-on-year - Large supermarkets: 595.7755 million yuan, with a gross margin of 19.61%, down 0.40% - Shopping centers: 128.5605 million yuan, with a gross margin of 41.96%, up 15.71% [4]. Leadership Transition - Ma Yunpeng's resignation was prompted by the company's ongoing struggles in the retail sector, and Xu Feng's appointment is seen as a strategic move to revitalize the company [5][12]. - Xu Feng brings extensive experience in financial management and cross-regional business coordination, which is crucial for Yinzuo's current needs [13][18]. Strategic Focus - Under Xu Feng's leadership, the company aims to enhance digital transformation, accelerate business innovation, and reshape its supply chain to improve competitiveness [18]. - The transition is viewed as an opportunity for Yinzuo to address the challenges left by Ma Yunpeng and to pursue a path of growth and market relevance in the evolving retail landscape [18].