Hefei Dept(SZ:000417)2025-11-27 10:44Group 1: Supermarket Business Adjustments - As of now, over 10 stores have undergone adjustments, including 合家福高新购物广场店 and 马鞍山路购物中心店 [1] - Sales at the adjusted 高新购物广场店 increased by 47.5%, with a 17.81% rise in customer traffic and a 12.4% increase in average transaction value [1] - From January to October, adjusted stores like 丹霞翠微店 and 天鹅湖店 saw customer traffic increases of 10.25% and 10.56% respectively, with all adjusted stores achieving double-digit growth in sales and traffic [2] Group 2: Own Brand Development - Since 2024, the company has focused on developing its own brands, creating a matrix that includes 合家鲜, 柔小百, and 佳小百 across various categories [3] - By November 2025, the number of own brand SKUs reached 476, with sales exceeding 40 million yuan, marking a 92% year-on-year growth [3] Group 3: Appliance Sales and Policy Impact - The adjustment of national subsidy policies has affected offline appliance sales, but a new round of consumer subsidies was launched on November 21, 2025 [4] - The subsidy covers major appliances with a maximum of 10% off the sales price, capped at 1,000 yuan, and digital products with a maximum of 500 yuan [4] - From January to October 2025, the company sold over 100,000 appliances under the old-for-new policy, benefiting from nearly 90 million yuan in national subsidies, which drove sales of 486 million yuan [4] Group 4: Retail Store Overview and Future Plans - As of September 2025, the company operates 228 retail stores, including 24 department stores, 177 supermarkets, and 27 appliance stores [5] - The company has closed underperforming supermarkets, primarily in southern and northern Anhui, impacting net profits [5] - Future plans include store renovations for department and appliance stores, while maintaining a steady pace of new supermarket openings [5] Group 5: Partnership with JD Outlet - The first JD Outlet flagship store opened on April 30, 2025, in the 百大心悦城 shopping center, covering 6,700 square meters and featuring over 100 brands [5] - The store achieved over 300,000 yuan in sales on its first day and nearly 1 million yuan during the May Day holiday, with a 30% increase in customer traffic [6] - Following the success, the company introduced the JD Outlet project in 宣城台客隆超市府山店, marking the first high-end discount store in the city [6] Group 6: Accounts Receivable and Investment - As of September 30, 2025, accounts receivable increased by 28.84% to 256 million yuan, primarily due to increased group purchase amounts and expanded business at 合家康 [7] - The company has invested 222.5 million yuan in various funds targeting key industries such as integrated circuits and biomedicine [7] - Current investments include projects in companies like 长鑫科技 and 讯飞医疗科技 [7]