Core Insights - ST Yigou (also known as Suning Yigou) is focusing on the development of smart healthcare and elderly care solutions through its subsidiary, Suning Yiyi, which was established in 2022 [1][3] - The company is expanding its business into the silver economy with the launch of the "Suning Private Home" brand, targeting the needs of elderly consumers [3][4] Company Overview - ST Yigou was founded in 1990 and has over 30 years of experience in the retail sector, particularly in home appliances and 3C products [2] - The company was listed on the Shenzhen Stock Exchange in July 2004 and is headquartered in Nanjing [2] Financial Performance - In the first half of 2025, ST Yigou reported revenue of 25.895 billion yuan, a year-on-year increase of 0.44% [2] - The company achieved a net profit attributable to shareholders of 49 million yuan, a significant year-on-year increase of 230.03% [2] - However, the net profit after deducting non-recurring gains and losses was negative 865 million yuan, with a year-on-year loss increase of 63.24% [2] Subsidiary and Shareholding Structure - Suning Yiyi was established in November 2022 with a registered capital of 10 million yuan, and ST Yigou holds a 1% stake in it, translating to an indirect holding of 69.3% through Jiangsu Biying Technology Co., Ltd. [3] - Jiangsu Biying Technology Co., Ltd. owns 99% of Suning Yiyi, while ST Yigou holds 70% of Jiangsu Biying [3] Product and Service Innovations - The "Suning Private Home" brand focuses on home safety and health needs for the elderly, integrating various high-frequency scenarios such as bathroom safety and sleep health [3][4] - The company is adopting an innovative one-stop "design-installation" model, with plans to expand its service network to include various store formats and leverage national subsidies for elderly care renovations [4]

Core Insights - The home decoration market is entering a new consumption peak as the "golden September and silver October" approach, with Suning.com launching a central air conditioning promotion featuring customized solutions and significant subsidies [1][3]. Group 1: Promotion and Pricing Strategy - Suning.com has introduced a "three subsidies + one price package" discount model, combining national, manufacturer, and Suning subsidies, with discounts up to 50% [3]. - The price for a living room central air conditioning package is set at 2999 yuan, with a full house central air conditioning package starting at a 4000 yuan discount, and a one-to-four central air conditioning package available for as low as 16999 yuan [3]. - The "one price package" model aims to eliminate common additional charges in the industry, ensuring that the contract price is the final price, covering equipment, installation, materials, and warranty, potentially saving consumers up to 5860 yuan [3]. Group 2: Service and Installation Standards - Suning.com has established a "golden consultant + exclusive design" dual service system, providing 24-hour response, free on-site measurement, and design services through over 1000 stores nationwide [3][4]. - The company has implemented an "8-step standardized installation process" to address common installation issues, ensuring material standardization, process specification, and professional supervision [4]. - Consumers can enjoy up to 10 years of warranty, enhancing their peace of mind regarding the installation and service quality [4]. Group 3: Consumer Experience and Future Strategy - Suning.com is advancing the "Suning Private Home" scenario construction to meet comprehensive home heating and cooling needs, offering immersive experiences of central air conditioning and other systems [6]. - The industry is shifting from a product-oriented to a service-oriented approach, with after-sales service and long-term user experience becoming critical factors in consumer decision-making [6]. - Suning.com plans to collaborate with brand suppliers to create a product and service system covering the entire product lifecycle, ensuring quality service and comfort for consumers [6].