Core Insights - Suning.com recently hosted an investor research event to provide insights into its offline store operations [1] - The event took place on October 14, 2025, at the Suning Max store in Nanjing [1] - Participants included representatives from various institutions, allowing for a comprehensive understanding of store performance and strategies [1] Summary by Categories Investor Relations Activity - The investor relations activity was categorized as an on-site visit, allowing for direct observation of store operations [1] - The event was attended by representatives from Debon Fund and Western Securities, among others [1] Store Operations Insights - Investors were able to explore various aspects of the Suning Max store, including basic store conditions, customer traffic, and user demographics [1] - Discussions included marketing strategies, brand sales performance, and customer perceptions of different brands [1] Compliance and Information Disclosure - Suning.com adhered to its information disclosure management system, ensuring that all shared information was accurate and timely [1] - The company signed a commitment letter as required by the Shenzhen Stock Exchange, reinforcing its commitment to transparency [1]

Core Viewpoint - The company achieved a revenue of 14.875 billion yuan in H1 2025, representing a year-on-year increase of 39.3%, and a net profit attributable to shareholders of 2.693 billion yuan, up 42.9% year-on-year, showcasing impressive revenue growth and store expansion speed [1][2] Financial Performance - In H1 2025, the company's revenue from goods and equipment sales reached 14.495 billion yuan, a year-on-year increase of 39.6%, while franchise and related service income was 380 million yuan, up 29.8% year-on-year, primarily driven by store network expansion [2] - The gross profit margin for H1 2025 was 31.6%, a decrease of 0.3 percentage points year-on-year, with the gross margin for goods and equipment sales at 30.3%, down 0.2 percentage points year-on-year [2] - As of the end of H1 2025, the company had cash equivalents and time deposits of 176 million yuan, an increase of 58.5% compared to the end of 2024, benefiting from net cash from operating activities and proceeds from public offerings in Hong Kong [2] Store Expansion - The company maintained a rapid expansion momentum, with a total of 53,014 stores by the end of H1 2025, an increase of 9,796 stores compared to the end of H1 2024 [3] - The number of franchisees increased from 19,310 at the end of H1 2024 to 23,404 at the end of H1 2025 [3] Strategic Development - The company is focused on dual-line expansion both domestically and internationally, continuously iterating on multi-category and supply chain capabilities, aiming to build a competitive edge through "supply chain + brand IP + store operations" [4] - The company is deepening its presence in Southeast Asia while exploring new markets, with operational adjustments and optimizations in existing stores in Indonesia and Vietnam [4] - The company plans to focus on three main directions: consolidating domestic advantages while expanding overseas, enhancing infrastructure and operational systems, and strengthening brand building [4]