中国商报（记者 彭婷婷）二十五载栉风沐雨，二十五载砥砺前行。北人集团的25年发展历程，恰好与中国商业巨变同频共振。从单一商场到区域商业龙 头，从传统零售到多元业态协同发展，北人集团凭借敏锐的市场洞察、坚定的战略定力与持续的创新实践，实现了销售总额近270亿元、跻身全国零售百强 第28位的亮眼成绩。面对当前复杂多变的市场环境与行业发展挑战，北人集团如何以供应链改革为核心抓手锻造核心商品力，又将如何锚定"十五五"规划布 局未来发展？近日，中国商报记者专访了北人集团党委书记、董事长徐建航。 锚定时代机遇，多维转型筑牢发展根基 中国商报：北人集团的25年，正是中国商业经历巨变的时期。回顾这段历程，集团是如何敏锐地把握住进入核心领域的契机？采取了哪些关键的应对策略， 实现了从单一商场到区域商业龙头的跨越？ 徐建航：北人集团25年发展历程，在筚路蓝缕的创业期，抓住时代机遇，坚定走多业态发展之路，奠定了自身的发展根基。在科技和网络推动商业频繁出现 新形势新变化的时代，集团深入研究生活方式转变引发的新消费需求，启动了一系列深化转型项目。在新发展阶段，集团树立新发展理念，通过探索新赛 道、布局新业态，走上多元发展之路。这些在不 ...

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to store closures and ongoing adjustments in its business model [1][2][3]. Financial Performance - For 25H1, the company generated revenue of 29.95 billion yuan, a year-on-year decrease of 20.7%, with a net profit attributable to shareholders of -240 million yuan and a non-recurring net profit of -800 million yuan, slightly better than previous forecasts [1][2]. - In 25Q2, revenue was 12.47 billion yuan, down 22.6% year-on-year, with a net profit of -390 million yuan and a non-recurring net profit of -940 million yuan [1]. - The company's gross margin for 25H1 was 20.8%, a decrease of 0.8 percentage points year-on-year, while the gross margin for fresh and processed goods improved to 14.5%, up 2.1 percentage points [2]. Operational Adjustments - The company has accelerated its store adjustment pace, with 124 stores modified in 25H1 and a target of over 208 modified stores by the end of Q3 [3]. - The company aims to complete adjustments for all existing stores by early 2026, with a focus on reducing the number of suppliers by 50% and increasing direct sourcing of fresh products to over 60% [3]. - The company has also launched new private label products, with a long-term goal of achieving a 40% share of private label products by 2029 [3]. Investment Outlook - The company is positioned as one of the two most promising national supermarket chains in China, alongside Hema, with a differentiated competitive strategy compared to existing players like Sam's Club and Costco [4]. - The estimated bottom market value is projected at 54 billion yuan based on a profit of 2.7 billion yuan and a 20x price-to-earnings ratio, with expectations for improved profitability as store adjustments progress [4]. - The company anticipates achieving operational breakeven by Q4, excluding the impacts of store closures and impairments [4].