Core Insights - The company is actively adapting to new trends in the retail industry during the "14th Five-Year Plan" period, focusing on enhancing operational quality and brand influence while implementing innovative marketing and service experience strategies [1][2] Strategic Layout of the First Store Economy - The opening of the dinosaur museum in Shenyang has attracted significant foot traffic, exemplifying the company's efforts to innovate its business model and create a cultural super IP [1][2] - The company has introduced various first stores, including notable brands in outdoor sports and high-end beauty, enhancing its product offerings and meeting diverse consumer demands [2][3] - A total of 73 first stores and flagship stores have been introduced since the beginning of the "14th Five-Year Plan," significantly enriching the product and service supply [3] Marketing and Consumer Engagement - The company has adopted a "three attractions" marketing strategy aimed at drawing in young consumers and families, enhancing the overall shopping experience [4] - By integrating cultural, dining, and entertainment elements into its operations, the company aims to stimulate consumer enthusiasm and increase foot traffic [4][5] Digital Transformation and Upgrading - The company is pursuing a dual-channel development strategy, enhancing its online sales capabilities while maintaining a strong offline presence [5][6] - The launch of the "ZTE Building+" mini-program and the introduction of e-commerce live streaming have positioned the company as a pioneer in its industry [6] - Investments in digital infrastructure and IoT platforms are aimed at improving operational efficiency and customer experience [6]

Core Viewpoint - Zhongxing Commercial reported a significant increase in net profit for the first three quarters of 2025, achieving a non-GAAP net profit of 57.33 million yuan, a year-on-year growth of 29.28%, indicating a notable improvement in profitability [2]. Group 1: Business Strategy and Performance - The "first-store economy" has become a key indicator of the core competitiveness of commercial entities and urban consumption vitality, with Zhongxing Commercial focusing on expanding its first-store matrix and innovating consumption scenarios to create a differentiated competitive advantage [3][4]. - The operation of the Shenyang Zhongxing Dinosaur Museum, the first dinosaur-themed museum located within a commercial complex in China, has successfully integrated cultural tourism and retail, becoming a popular landmark that drives family consumer traffic [3]. - Zhongxing Commercial has introduced a variety of first-store brands, including the first eco-friendly flagship store of Diconi and the first store of Elizabeth Arden in Liaoning, enhancing its product structure and aligning with consumer demands for quality and individuality [4][5]. Group 2: Marketing and Service Innovation - The company has shifted its retail identity from merely selling products to providing experiential scenarios, employing innovative marketing strategies to attract diverse consumer groups and enhance service experiences [6][7]. - The implementation of various themed events, such as music concerts and sports competitions, has effectively captured the interest of younger consumers, transforming shopping habits from "buying to browse" into "browsing to buy" [8]. Group 3: Digital Transformation and Efficiency - During the "14th Five-Year Plan" period, Zhongxing Commercial has made steady progress in digital transformation, enhancing operational efficiency and consumer experience through the integration of technology [9][10]. - The launch of the "Zhongxing Building+" mini-program and the first Douyin e-commerce live broadcast in the Shenyang business circle has created a new social ecosystem that effectively connects online and offline consumer experiences [9]. Group 4: Financial Performance and Future Outlook - In 2023, Zhongxing Commercial achieved a total merchandise sales volume of 3.243 billion yuan, a year-on-year increase of 28.13%, with net profit reaching 134 million yuan, marking a 56.90% growth [11]. - The company aims to solidify its leading position in Northeast retail by continuing to promote the first-store economy, digital transformation, and service system upgrades, contributing to the vitality of the regional consumer market [12].

Core Viewpoint - Zhongxing Commercial has been deeply engaged in the retail industry for over 30 years, adapting to rapidly changing consumer habits by implementing innovative marketing strategies and enhancing service experiences to meet core consumer needs. Group 1: Attracting Young Consumers - The rise of the "Z Generation" has led to a shift in consumption motivations, with young consumers valuing emotional experiences and social interactions [1] - Zhongxing Commercial has created engaging offline activities to attract young consumers, transforming the shopping experience into a leisure destination [2] - The company has successfully shifted consumer habits from "shopping to buy" to "shopping for leisure," achieving significant operational and innovative breakthroughs [2] Group 2: Family-Oriented Shopping Experience - Zhongxing Commercial emphasizes a service philosophy that integrates "goodwill" into daily operations, enhancing the shopping experience for families [3] - The company offers diverse activities and products that cater to all family members, encouraging longer visits and multi-generational shopping [3] - The focus has shifted from merely facilitating purchases to creating immersive experiences for families [3] Group 3: Attracting Provincial Consumers - The company has leveraged local policy incentives to enhance operational quality and stimulate consumer spending [6] - Zhongxing Commercial has introduced several first-store brands in the region, enhancing its market presence and attracting more customers [6] - The establishment of the Shenyang Zhongxing Dinosaur Museum has created a new model for integrating cultural tourism with retail, boosting foot traffic and customer retention [6] Group 4: Policy and Economic Impact - Zhongxing Commercial has become a pioneer in implementing the "immediate refund" policy for outbound tourists, enhancing the shopping experience and supporting local economic growth [7] - The company has seen increases in transaction numbers and customer engagement metrics, indicating successful adaptation to market demands [7] - By focusing on innovative marketing and quality service, Zhongxing Commercial has transformed transient customer traffic into long-term assets for the business [7]

Core Viewpoint - The company aims to leverage policy and market opportunities to enhance operational efficiency, diversify product offerings, and establish itself as a benchmark in the retail industry, focusing on the "first store economy" and other innovative practices [1][2]. Supply Side Efforts - The company has seen increased foot traffic in its commercial complexes, particularly in Shenyang, during the summer tourism peak, with a total building area of 240,000 square meters [2]. - Since its mixed-ownership reform in April 2019, the company has entered a new development phase under the leadership of its largest shareholder, Liaoning Fangda Group [2]. - The company has actively explored the "cultural tourism" integration model, exemplified by the establishment of the first dinosaur-themed museum within a commercial complex, which has become a new landmark for tourism and education in the region [3]. First Store Economy - The company has strategically planned the layout of first stores, including flagship stores for various brands, to capture market trends and meet diverse consumer needs [3]. - The introduction of several first stores and well-known dining brands has enhanced the company's competitive edge and demonstrated the effectiveness of the first store economy in attracting customers and driving consumption [3][5]. Digital Transformation - The company is committed to integrating online and offline channels to create new business models and enhance operational efficiency [6]. - It has implemented a comprehensive digital upgrade, including payment system enhancements that streamline consumer transactions and improve customer experience [7]. - The use of IoT platforms for remote monitoring has significantly improved operational efficiency and reduced costs [7]. Service Quality Enhancement - The company emphasizes a service philosophy focused on brand care, customer care, and employee engagement to improve service quality and customer experience [8]. - It has initiated a "Top Ten Service Experts" evaluation to enhance the capabilities of its sales staff and improve overall service standards [8]. - The company is also transforming its membership system to increase customer loyalty and enhance the value of its membership offerings [8]. Performance Metrics - In the first half of the year, the company reported a 1.6% increase in member consumption numbers and an 8.3% rise in member spending, indicating a growing customer base and increased spending per member [9]. - Promotional activities accounted for 65% of total sales, showcasing the effectiveness of marketing strategies in driving revenue [9][10]. - The company aims to convert foot traffic into actual sales through enhanced customer service and a robust membership system, creating a sustainable business model [10].

Core Viewpoint - The company aims to leverage policy and market opportunities to enhance operational efficiency, diversify product offerings, and establish itself as a benchmark in the retail industry, thereby continuously improving its business performance [1] Supply Side Efforts - The company is experiencing increased foot traffic in its commercial complexes, particularly during the summer tourism peak, with a total building area of 240,000 square meters [1] - Following a mixed-ownership reform in April 2019, the company entered a new development phase under the leadership of its largest shareholder, Liaoning Fangda Group [1] - The company has actively explored the "first store economy" and "cultural tourism" integration, achieving significant results and enhancing market recognition [2] First Store Economy - The establishment of the Shenyang Zhongxing Dinosaur Museum as the first dinosaur-themed museum within a commercial complex has created a new model for "cultural tourism" integration, becoming a landmark for tourism and family education in the region [2] - The company has strategically planned the introduction of several first stores, including eco-friendly flagship stores and various well-known brands, to capture market trends and meet diverse consumer needs [2] Digital Transformation - The company is promoting an integrated online and offline development model, enhancing its market resources through a combination of online services and offline experiences [4] - The implementation of a "dual micro and one shake" strategy focuses on new channel development and operations, including live streaming and promotional activities [4] - The company has upgraded its payment systems to improve customer interaction and operational efficiency, utilizing IoT platforms for better monitoring and cost reduction [5] Service Quality Enhancement - The company is reinforcing its service quality by integrating a "four concerns" philosophy and enhancing marketing strategies to improve customer experiences [6] - Aiming for continuous improvement, the company plans to implement a "service expert" selection process to elevate service standards across its staff [6] - The company is transforming its membership operations to enhance customer loyalty and engagement through enriched benefits and community marketing [6] Performance Metrics - In the first half of the year, the company reported a 1.6% increase in member consumption numbers and an 8.3% rise in member spending, with a 6.3% growth in new member acquisition [7] - Promotional activities accounted for 65% of total sales, indicating a successful strategy in attracting customers back to physical stores [7] - The company aims to convert foot traffic into actual sales through enhanced service and marketing efforts, creating a sustainable business model [7]

Core Insights - Zhongxing Commercial has become one of the first retail enterprises in Liaoning Province to join the "immediate refund" policy for outbound tax refunds, setting a benchmark for the industry and driving economic growth in the region [1][2] Group 1: Company Overview - Established in 1987, Zhongxing Commercial is a large-scale commercial complex in Northeast China, with a total construction area of 240,000 square meters, integrating retail, leisure, dining, and entertainment [2] - The company underwent a mixed-ownership reform in April 2019, with Liaoning Fangda Group becoming the largest shareholder, marking a new chapter in its high-quality development [2] Group 2: Economic Impact and Strategy - The Chinese government has emphasized the importance of consumption as a key driver of economic growth, promoting policies to stimulate domestic demand and enhance consumer spending [2] - Zhongxing Commercial is strategically planning to open flagship stores in the region to meet diverse consumer needs, enhancing brand strength and customer appeal [2] Group 3: Digital Transformation - In line with the "14th Five-Year Plan" for digital economy development, Zhongxing Commercial is accelerating its online and offline channel development, launching the "Zhongxing Building+" mini-program and pioneering Douyin e-commerce live streaming in the region [3] - The company is creating a new social ecosystem by integrating online traffic with offline experiences, utilizing social media platforms for targeted marketing [3] Group 4: Marketing Innovations - In response to the call for boosting consumption, Zhongxing Commercial has implemented a "three-in-three-out" marketing strategy, hosting various cultural and sports events to enhance customer engagement and create immersive experiences [4] - The company aims to foster a family-oriented consumption culture and has achieved significant breakthroughs in both economic and social benefits through innovative marketing [4]