展望未来，供销大集表示，将继续响应国家战略号召，充分发挥城乡网络覆盖广、资源整合能力强的优 势，以三大产业协同发展为纽带，推动城乡优质消费资源双向流通，为城乡融合高质量发展注入动力。 （编辑 张伟） 分业务板块来看，商业运营板块，供销大集旗下北京新合作商业发展有限公司倾力打造的核心商业品 牌"星悦茂"，先后在全国30余个城市布局地下商业街。近期，公司加速拓展步伐，贵州黔西、贵州遵义 （二期）、新疆伊宁、四川攀枝花等多个项目相继亮相，通过将标准化的跨区域成熟连锁商业体系与优 质的品牌资源引入城市核心区及县域地下空间，并深入贯彻"平时服务、战时防空、应急支援"的"平急 两用"理念，成功实现了商业价值与公共安全的有机统一，为行业探索地下空间综合利用提供了可复制 的实践样本。 商贸物流板块，2025年，湖北宜都、湖南麻阳商贸物流园相继投入运营，旨在打通城乡商品流通的关键 节点，有力助推"工业品下行、农产品上行"双向流通格局加速形成。据悉，供销大集目标是在全国以区 域带动全域，构建基于区域的物流枢纽和平台，聚焦消费品物流配送、农产品上行展示、商贸物流整合 提质增效，同时对接地方政府，促进民生物品保供稳价。 商品贸易板块 ...

Core Viewpoint - Company focuses on a three-in-one development engine of "supermarket + asset leasing + management output" centered around physical stores, covering regions such as Hainan, Guangdong, Shaanxi, Hunan, Jiangsu, and Jilin [1] Group 1: Business Operations - The company continues to optimize its business model in response to new consumption trends, with the supermarket chain segment centered on Shun Kelong, leveraging the Guangdong-Hong Kong-Macao Greater Bay Area policies [1] - Aiming to build an ecosystem of "fresh direct procurement + instant retail + community services" through "regional deep cultivation + scenario innovation" to create an omnichannel network [1] - The company utilizes digital and AI technologies to enhance the "online ordering + community self-pickup" model, deepening cooperation with Meituan and JD Daojia for improved short-distance delivery efficiency [1] Group 2: Real Estate Projects - The commercial real estate projects focus on the trend of consumption upgrades, with innovations in business formats to stimulate revenue, such as the Changchun project which creates a "night economy complex" led by entertainment, supplemented by e-commerce and specialty dining [1] - The company emphasizes the operation of industrial properties in major national and regional center cities, focusing on "commercial operation + urban integration" to create a smart, high-value-added industrial ecosystem [1] Group 3: Brand Development - The company operates the Xingyue MALL, a dual-use underground commercial space that integrates shopping and leisure with national defense emergency functions, participating in urban safety system construction [1] - During the reporting period, the total foot traffic in the operated Xingyue MALL districts increased by 11% year-on-year, with key stores in Zunyi, Guiyang, Panzhihua, and Yining successfully established [1] - In brand output, the company signs light-asset projects using the "TOD + dual-use" standardized model to expand the "Xingyue MALL" brand, generating revenue from commercial operations [1]

Core Viewpoint - The company has successfully turned around its financial performance, projecting a net profit of 4.5 million to 6.5 million yuan for the first half of 2025, compared to a loss of 44.27 million yuan in the same period of 2024, indicating a significant recovery in profitability [1][2]. Financial Performance - The company expects a net profit attributable to shareholders of 4.5 million to 6.5 million yuan for the first half of 2025, marking a turnaround from a loss of 44.27 million yuan in 2024 [1]. - The anticipated non-recurring net profit loss for the first half of 2025 is projected to be between 50 million and 90 million yuan, a substantial improvement from a loss of 185 million yuan in the previous year [1]. - The basic earnings per share for the first half of 2025 are expected to be between 0.00025 yuan and 0.00036 yuan, compared to a loss of 0.0023 yuan per share in the same period last year [1]. Operational Strategy - The company has implemented a "real economy + capital" dual-driven strategy, focusing on the integration of quality assets and business operations, and promoting the collaborative development of its three main businesses: commercial operations, trade logistics, and commodity trading [1][2]. - The company has optimized its industrial layout and improved debt management, which has contributed to a significant reduction in losses, with a 95.18% decrease in quarterly losses in Q1 2025 [2]. Business Development - The company has adopted a dual-track strategy of "business format renewal + scene upgrade" to enhance its existing retail assets, with successful transformations in key projects like the "Star Joy MALL" [3]. - The acquisition of a 51% stake in the commercial development company has been completed, which is expected to create significant synergies with the company's existing operations in commercial networks, logistics, and commodity trading [4][5]. Future Outlook - The company plans to leverage its dual-driven strategy to build an ecosystem focused on urban-rural commodity circulation, enhancing the flow of daily goods and agricultural products [6]. - Future initiatives include developing comprehensive logistics parks centered around local specialty industries and optimizing existing assets to ensure a healthy financial cycle and sustainable growth [5][6].