曾深陷债务泥潭的苏宁易购（002024.SZ）正尝试重新回归人们视野。根据媒体报道，8月以来，上海、 山东等多地线下门店开业，曾经的线下家电门店巨头实体店扩张速度正在提速。 业内人士指出，家电"国补"政策给了苏宁易购卷土重来的机会。奥维云网数据显示，2024年全国家电全 品类(不含3C)零售额9071亿元，同比增长6.4%。另有数据称，2024年启动"国补"后，苏宁易购在重庆的 多家门店以旧换新订单增长超过50%。 图 来自苏宁易购官网 重整线下门店 近几个月，苏宁易购在全国多地掀起了开店热潮。仅8月以来，就在上海、济南、济宁、徐州、太原等 城市开出了多家Suning Max（苏宁易购超级体验店）、Suning Pro（苏宁易购超级旗舰店）。 8月12日，"上海苏宁易购城市攻略暨上海苏宁易购五角场Max2.0首店发布会"上，上海苏宁易购有关负 责人表示，今年下半年，上海苏宁易购GMV目标是超20亿元，同时下半年将新开5家年销售规模过亿的 门店，升级6家Pro以上门店。 据了解，截至今年上半年，苏宁易购已在全国布局10家Suning Max门店和超百家Suning Pro门店，新开 升级门店超过百家。 在线上渠 ...

苏宁似乎正从线下看到一条"翻身"的可能路径，但这条路同样险峻。 仍戴着ST帽子的苏宁易购在2025年打开了线下扩张的野心。 近几个月，在江苏、山东等城市，不少消费者发现，沉寂已久的苏宁易购开始在城市商圈开出惹人瞩目的大店，巨型的"suning"标牌下，这家过往深陷债务 泥淖的传统家电零售巨头正在发起对线下市场的新一轮冲击。 连年亏损后，刚刚实现全年盈利的苏宁正在向"经营层面实现全面盈利"的新目标进发。能否借"国补"东风盘活线下销售，正在成为苏宁的机遇与挑战。 频开"大店" 单店面积几万平米的大店，苏宁越开越猛了。 记者梳理发现，仅8月以来，苏宁就在上海、山东济南、济宁、江苏徐州、山西太原等开出了多家Suning Max（苏宁易购超级体验店）、Suning Pro（苏宁易 购超级旗舰店）店面，均属于苏宁战略中的"大店"，以山西太原的首家Suning Max店为例，该店坐落在太原亲贤街核心商圈，总面积超过4万平方米。 截至6月底，苏宁已在全国已布局10家Suning Max门店和超百家Suning Pro门店。 " 线上的增长是'活水'，线下才是我们的基本盘"，2024年，苏宁易购北京大区总经理章艳光在接受媒体采 ...

Core Viewpoint - Suning's financial performance shows improvement in asset-liability ratio, but the core business still requires more time to recover from losses [1][3] Financial Performance - In Q1 2025, Suning achieved revenue of 12.894 billion, a year-on-year increase of 2.50% - The net profit attributable to shareholders was 17.96 million, marking a turnaround from losses for four consecutive quarters - As of March 31, 2025, the asset-liability ratio improved by 0.25% compared to the beginning of the period - However, the net profit attributable to shareholders, excluding non-recurring gains and losses, was still a loss of 199 million [1] - The net cash flow from operating activities decreased by 34.67% year-on-year, primarily due to an increase in government subsidy receivables during the reporting period [1] Strategic Goals - Suning aims to achieve comprehensive profitability in 2025 by focusing on five key areas: upgrading self-operated capabilities, enhancing omni-channel sales, improving service and brand, leveraging AI and digitalization, and strengthening corporate culture and incentive mechanisms [3] - In Q1, Suning opened and renovated 11 new stores, resulting in a 19.3% year-on-year increase in overall store sales, with comparable store sales up by 23.3% [3] Competitive Challenges - The company faces significant challenges from competitors in the e-commerce sector, which has led to a 1.97% year-on-year decline in overall gross margin [4] - Finding ways to leverage offline experiences to compete against online price competitiveness remains a critical test for this traditional home appliance retail giant [4]