Xinhua Department Store 2023 Board of Directors Business Review

() The content of the business evaluation of the board of directors in 2023 is as follows:

  1. Discussion and analysis of business conditions

During the reporting period, under the leadership of the board of directors, the company adheres to the leadership of systematic improvement of operating capabilities and systemic cost reduction and efficiency, continuously improving the level of business management and profitability. Adhering to growth is the basis of solving all problems, and continuously implementing various itemsBusiness measures, accelerate the development of digital intellectual business, give full play to the advantages of multi -point platforms, strengthen the mechanism of large membership, continue to provide members with high -quality, efficient and convenient services to members, comprehensively promote the development of the company’s various businesses, and steadily improved business performance.

The company realized operating income of 606,542,700 yuan throughout the year, an increase of 3.10%year -on -year, and the net profit attributable to shareholders of listed companies was 13,660,900 yuan, an increase of 45.59%year -on -year;

1. Firm confidence to deeply cultivate the development of the industry, actively respond to changes in market and demand, and anchor the target for development

1. The company’s department store format reshapes the business structure, actively embraces changes, and successfully transforms the format; uses department stores+shopping malls (shopping centers models) to achieve breakthroughs in homogeneous retail industries;New momentum of consumption, prospering the night economy, promoting consumer replenishment, integrating night lanes, tide π neighborhoods, enriching the format, continuously creating the core of the region, and continuously bringing customers a new lifestyle and experience;

(1) Accelerate the transformation of hundreds of+purchase business formats, commodity+experience to widen traffic, close the core advantages of commodity power, operate well members, continuously improve the texture and experience, and seek the ultimate ping effects and maximum income;

(2)场景营销抢流量、拓增量,品牌联动、耕织服务,跨界融合()创新数智赋能,加速会员融合和顾客引流,助力店铺销售提升;全年多点、小程序、Douyin and Meituan achieved a total of 185 million yuan of online GMV, and drained to 250,000 people;

(3) Three major transformations of “capability driver+scene change+user marketing” into strategy starting point, strengthen cooperation with UnionPay, () and banks of Ningxia UnionPay, () and various banks to empower business mutual benefit and win -winMarketing action to help the marketing goals effectively achieve;

(4) Reshaping the positioning market, renewed and upgraded. The continuous introduction of the northwest first store and Ningxia’s first store injected new vitality into regional business. A total of 103 first store brands were introduced throughout the year.Upgraded 123 brands, replaced 161 brands, including luxury collection stores Ruijin Shangpin, British classic famous men’s clothing Yog Lion Dan, domestic first -line women’s Oligo, fashion drink TIMS coffee and foam rice are high -profileEssenceAt the same time, after nearly three years of transformation and construction, the company’s new 100th center and Helan Center opened in the end of the year.

2. The company’s supermarket format continues to return to the nature of the business, thinking that consumers provide fresh, safe and reliable food as their responsibility, lead the direction of development with digital intelligence, continue to change and improve, gradually promote the launch of digital intellectual projects, quickly improve the level of business management levelAnd work efficiency;

(1) Focus on the supply chain to create the ultimate commodity, the source is more fresh and more competitive, and its own brand creates exclusive competitiveness.

(2) Multi-point self-operation, community+group of private domains in the private domain, the brand operation of Ningyang World and Douyin-local life and other online channels to develop and break through, and continue to empower business growth;

(3) Building the foundation of development, optimization and improvement of business capabilities, gradually cultivating digital thinking and active management awareness, creating regional model shops to continuously upgrade and operating standards, and improve customers to go to the store scene to continuously upgrade.

During the reporting period, there were 37 new stores in supermarket formats, including 7 stores and 30 were super convenient.

3. The company’s electrical format has closely focused on “retail open source customer acquisition, channel Shentuo store, e -commerce multi -platform development, communication expansion category sales and services, supply chain multi -channel integration, continuous expansion of the scope of authorization services to improve external extension capabilities”Wait for business measures to continuously improve the overall operating capacity and market influence;

(1) The opportunity to release products such as Huawei brand new mobile phones, new energy vehicles, PC provincial bags and other products as an opportunity to seize market popularity and help increase sales;

(2) Through the pre -sale model of the new hundred union cards in advance to accurately make an appointment to achieve a breakthrough in single product sales;

(3) With the help of existing supply chain integration of marketing capacity and policy output, sinking channels to expand 30 franchise stores, and continue to promote the brand joint operation model.Annual sales reached a new high;

(4) Actively expand the business of e -commerce sales channels. Jingdong Platform Xinbai Flagship Store, Full House Home Appliances Jingdong Zichang Zone, Pinduoduo Xinbai Specialty Store and other 8 online home appliance sales stores are put into operation, which continues to drive online sales business improvementsEssence

4. According to the development strategy of internal and external development, the company’s modern logistics has implemented the general policy of transformation from enterprise logistics to logistics enterprises.Digitalization, intelligence, and automation “as a led socialized comprehensive logistics hub;

(1) Actively integrate capacity, build the “business logistics group” in Ningxia and surrounding provinces, build the “Ningxia Trading Logistics Platform” and join the “Ningxia Digital Alliance”, continue to expand business, carry out distribution, passing stations, and passing stations with China Resources, SF, and Jingdong.Heavy goods and home appliances have increased from scratch to 15%from scratch;

(2) Pay close attention to the distribution amount, follow up the order satisfaction rate of the order, increase the income of fresh open source, use sales to enter, strictly control the turnover; system optimization, report optimization, process optimization, digital empowerment, and continuous cost reduction and efficiency.

Second, use digital thinking to improve efficiency, improve problems in business

(1) Based on the operation, further promote the rent reduction and rent, reduce energy costs, and do their best to reduce the burden on the operation;

(2) Open source and throwing, strive for various subsidies to help the operation improvement;

(3) Digital intelligence and energy improvement: Intelligent and damage assistance to the supermarket business department cost reduction and quality, intelligent replenishment to achieve flexible use of workers, intelligent cash registers to achieve the integration and optimization of silver line areas, which improves the efficiency of cashier.

3. Centered on membership, expand the flow of private domain, enrich member ecology, build a “local life” platform, and enhance membership capacity and user value

(1) In 2023, the annual active members were nearly 2.49 million, with 1.1 million monthly active members, an increase of 1.14 million members from the time of integration, and the new members drove 1.159 billion in sales, and high -quality members’ sales accounted for nearly 30%;

(2) Local living platform launched in May, superimposed on the integration of resources of the Ningxia Digital Alliance, continuously carrying out the in -depth operation of the platform, interacting the format, realizing the initial conversion of traffic, and breeding of business consumption;

(3) Short videos+live broadcasts with goods, drainage “accelerate running”, public domains to convert private domains and form a closed loop.In 2023, Douyin and Meituan cumulatively GMV.26 billion yuan, driving visitors of 167,000 people, developing the matrix of the employees, and the high growth of the commission with the commission;

(4) The smart business district realizes data insights, the local life plus the integrated smart business district, the supporting access to the Xinbai GAI mini -program to strengthen the operation, and make every effort to create a private domain pool in the business district.

Fourth, strictly evaluate new stores and new businesses, strictly control various investment, increase efforts to control losses, actively explore the development model of professional stores, category stores, and light assets, and strive to improve the profitability of new stores.

2. During the reporting period, the company’s industry situation

In 2023, in the face of the complicated and severe international environment and the arduous domestic reform and development and stability tasks, all regions and departments conscientiously implemented the central government decision -making and deployment, adhered to the general tone of the work of stability, and implemented the new development concepts in a complete, accurate, and comprehensive implementation of new development concepts, and acceleratedEstablish a new development pattern, comprehensively deepen reform and opening up, increase macro -control efforts, focus on expanding domestic demand, optimize structure, boost confidence, prevent and resolve risks, improve the domestic economy, and steadily improve supply demand.The total retail sales of consumer goods throughout the year were 471,495 billion yuan, an increase of 7.2%over the previous year.According to the place of business, the retail sales of consumer goods in cities and towns were 4074.49 billion yuan, an increase of 7.1%; the retail sales of rural consumer goods were 6400.5 billion yuan, an increase of 8.0%.

The consumer market resumed in 2023, and consumption has become the initiative of economic growth again.The continuous growth of residents ‘income has driven the steady improvement of consumption capacity. The structure upgrade of domestic residents’ consumption has increased significantly. The integration and development of urban and rural areas, the progress of urbanization, and the continuous upgrading of the consumption structure have provided a broad space for the growth of the consumer market.At the same time, digital consumption, green consumption, health consumption, cultural tourism consumption, etc. are developing rapidly. Consumption hotspots such as smart homes, entertainment tourism, sports events, and domestic tide products are constantly heating up, which has continuously increased the motivation to improve the quality and capacity of the consumer market.State -promoting consumer -related policies continue to make efforts. A series of consumer policies have been introduced in various regions, focusing on stabilizing and expanding traditional consumption, cultivating new consumption, and continuous optimization of the consumer environment.effect.

In 2023, the company’s area and surrounding retail markets gradually recovered, but the upward pressure increased, the internal rolls were severe, the consumption downgraded, the consumption upgrade trend coexisted, the growth of supermarket sales has slowed down, and the business format has accelerated.Instead of competition, the transformation of traditional department stores is difficult; the consumer demand for electrical formats is transformed and the sinking channels are active; the logistics industry facilitates policies to promote the sustainable development of the industry.All the members within the company are dedicated to hard work, work hard, implement various business measures, continuously consolidate the advantages of competition, actively adapt to changes in market and consumer demand, firm growth is the core of solving all problems, continuously improve the level of management and management, and complete the whole year.Development task.

3. During the reporting period, the business situation of the company engaged in

1. The company’s main business business

The company is a larger commercial retail company in Ningxia and even northwest. It is mainly engaged in the rental business of commercial retail, logistics and commercial properties. Retail business mainly involves department stores, comprehensive shopping malls, supermarket chains, electrical appliances and communication chains.As of the end of this report, the company has operated a total of 344 physical business stores in various formats, including 12 department stores and shopping malls, with an operating area of 60,200 square meters, 243 supermarket stores, and an operating area of 561,400 square meters.It covers an area of 136,400 square meters. The company is centered on Yinchuan, continuously opened up territory, and gradually integrates commercial resources in the surrounding areas.Accelerate the integration and development of the entire format membership; take multiple points as a platform, with customers as the center, digital operation -driven, empower business growth, realize the complete integration of members of each format, go online simultaneously, realize online and offline collaborative drainage, multi -channel integrationFor the operation, we will make every effort to create the largest, most rich, and most active living service platform in Ningxia.

The company has deeply cultivated industry operations, continues to consolidate the overall development advantages, effectively integrates various resources, actively promote the transformation and upgrading of the retail industry, and is committed to innovating and transforming to digital intellectuals, and fully improves business management.During the reporting period, the company’s operating performance steadily improved, and operating income achieved operating income of RMB 6,065.477 million.The company’s main business income accounts for 86.65%of total operating income, and revenue such as leasing business accounts for 13.35%of total operating income; of which the main business income compositions: 64.46%of supermarkets, 11.69%of department stores, electrical appliances and communication accounting for the proportion22.96%, logistics accounted for 0.88%, and other proportion of 0.01%.

2. Business mode

During the reporting period, the company’s operating model has not changed. The company’s business model mainly includes joint venture and self -employment and commercial property rental.In the associate model, the supplier and the company signed a joint venture contract to agreed to deduct rate and cost bearing method.The company implements the group management model, implemented centralized management of procurement, sales, marketing, human resources and finance, and centralized procurement of distributed products in its own model, minimizing the purchase cost of goods.Commercial property rental is a lease operation carried out in the company’s operating venue, and its profit comes from the balance after the rental income deducts the property cost.

Comparison of the company’s reporting period and the data of each business model in the same period last year:

(1) The company’s self -operated inventory is priced at the actual cost, the inventory commodities, the use of the parent company and the subsidiary Xinbai Supermarket, Xin Silk Road, and Qinghai Xinbai use the mobile weighted average method to determine the use and issue the cost of the product.The subsidiary Xinbai Electric adopts advanced precedent method to determine and issue product costs.

(2) In the joint venture model, the supplier and the company signed an associate contract, agreed on the deduction rate and expense bearing method, and the company collects business funds.The business model is paid to the supplier, if the cost of the supplier, the entry fee agreement at the end of the month will be deducted from the business funds collected.

(3) At the end of the period, the inventory of the balance sheet inventory reflects the inventory balance of the self -operated model, and the associate model has no inventory balance.

4. Analysis of the core competitiveness of the report during the reporting period

During the reporting period, the company continued to improve the level of operation and management, and continued to strengthen its core competitiveness:

1. Corporate reputation and brand advantage: As the oldest retail company in Ningxia, the company has formed a good corporate reputation and popularity in 70 years of integrity business philosophy and a thick corporate culture accumulation.The glory of department stores has effectively improved the brand image and market value of the enterprise. Brand images such as “Xinbai Department Store, Xinbai Supermarket, and Xinbai Electric” are well -known and recognized by consumers in the regional market.

2. scale and regional competitive advantage: The company is in a relatively leading market position in Ningxia and surrounding regions. After years of independent development and operation and mergers and acquisitions, it has formed a comprehensive shopping center, department store mall, supermarket chain, electrical appliances and communications chainThe large -scale advantages of the coordinated development of multi -formats, as well as the chain network system based on the full autonomous region and radiation surrounding provinces.The company’s various format resources sharing and cooperative development have obvious advantages. Nearly 300 stores have made full use of the advantages of large number, wide distribution, full type, accurate positioning, and complementary operations.A relatively stable consumer group.

3. Business innovation advantages: the company continues to change and innovate, comprehensively embrace digitalization, comprehensively promote the development of digital intelligence in each format, and accelerate the integration and development of members of the entire format.Growth, realize the fully integration of members of each format, go online at multiple malls, realize online and offline collaborative drainage, multi -channel integrated operations, and make every effort to create the largest living service platform in Ningxia, the most abundant commodity, and the highest activity.Overall market influence and competitiveness.

4. Team coordinated management advantages: After years of continuous and stable operation and development, the company has brought together management teams with rich industry experience, strong professional and cohesion, and continuously introduced talents with professional skills and rich experience.Provide strong human resources guarantee; at the same time, with the absorption and use of advanced management methods and tools such as comprehensive budget management and multi -point platform systems, it has promoted the continuous improvement of the company’s management level.

5. The main business situation during the reporting period

The top five suppliers’ procurement volume was 57,463,500 yuan, accounting for 9.42%of the total annual purchases; of which the procurement volume of the first five suppliers purchased was 0 million yuan, accounting for 0.00%of the total annual procurement.

6. The company’s discussion and analysis of the company’s future development

(1) Industry pattern and trend

1. From the perspective of the domestic economic growth in 2023, the growth of the two areas of consumer goods and service industry played an important role in the growth of the national economy. In 2023, the total retail sales of consumer goods in China was 47.149.5 billion yuan, an increase of 7.2%over the previous year.The contribution to economic growth is as high as 82.5%. The service industry (consumer industry) achieved rapid growth in 2023, and the annual service retail sales increased by 20%over the previous year.Over time, the proportion of consumption to the contribution and growth of consumption to the domestic economy has continued to increase, and consumption has become an important driving force for economic growth.The state of the state’s continuous introduction to promoting consumer policies is to use the potential for domestic demand consumption to promote the sustainable development of the domestic consumer market.At the same time, with the rise of my country’s economy, the steady growth of residents’ income, the total domestic demand is gradually expanding, and the consumer industry has a favorable driving factor for overall and sustainability. The gradual efforts to promote consumption incentive policies have strongly supported the stabilization of my country’s consumer market.

2. With the continuous deepening of the domestic consumer market upgrade trend, the consumption structure continues to optimize and upgrade, people’s demand for quality and health is increasing, and industry development returns to the value of products and services more. At the same time, the retail industry needs to be continuously updated.Do a good job of product and service innovation, constantly dig value of product innovation, focus on the introduction and replacement of new products, and bring new consumer experience to consumers.In the future, the overall consumer market will continue to maintain a stable growth trend. Traditional consumption improvement upgrades, emerging consumption boom, and potential consumption competition are being promoted to gradually recover in the retail industry.The company will boost confidence, face challenges, change and innovate, and completely return to the nature of business. Based on the comprehensive and intelligent business of business, expand the market with the ultimate commodity, and continuously improve the efficiency of the enterprise and improve the user experience in a minimalist.Improve the company’s future performance growth.

(2) The company’s development strategy

1. The company will continue to focus on the real economy and adhere to the main business of commercial retail.Continuously consolidate the development of the regional market, adhere to the overall strategy of regional leadership and stronger region, deeply cultivate the Ningxia regional market, and coordinate the rhythm of scale expansion and efficiency improvement.

2. Persist in relying on physical business, centered on customers, and digital intelligence to lead online and offline integration, use multi -point to achieve omni -channel integration and development, and accelerate the pace of business digital development.

3. Construct a 300-500 kilometer economic circle centered on Yinchuan City, and strive to radiate the 10 million-level consumer population in Shaanxi-Gansu and Mongolia, and make every effort to build the company into an advantageous retail company with core competitiveness in the Northwest market.

(3) Business plan

Looking forward to 2024, the company will drive the growth of the ultimate commodity power to increase its performance, improve the efficiency of minimalist organization, and return to the nature of the business based on digital intelligence.Shake, strengthen budget management, improve the efficiency and efficiency of operating management, and provide consumers with richer commodity, more diversified consumption experience, and more convenient services.Continue to strengthen the coordinated, complementary and integrated development of the regional market and the outerfu market, actively meet the changes in the demand of the retail market and consumers, and strive to achieve the continuous and stable growth of operating quality and economic benefits.

1. Centers as the center, comprehensively improve the growth and increase, consolidate a foundation (operational service), create two advantages (omni -channel, commodity and supply chain), and accelerate the two constructions (digital intelligence and organizational efficiency).

2. Optimize the supply chain, reduce procurement costs, reconstruct the product structure, expand emerging channels, tap sales potential, quickly lay out, and seize the opportunity.

3. Close alliance strategic brands, strive for maximum resources and uniqueness.

4. The company’s department store format will accelerate the transformation, enrich the business category, good products+new experience = operator of quality life, improve the optimization process of operating standards, build a omni -channel marketing system, expand the private area flow pool, the full link to empower businessincrease.

5. The company’s supermarket formats will focus on improving the product power, and the overall channel breakthroughs increases gross profit.For the main work goals, a total of 19 stores, including hypermarkets, life supermarkets and convenience stores in 2024.

6. The company’s electrical formats will start the construction of products stores and enterprise shops, open up a new model of brand creation and development, and implement 100 stores plan for franchise stores to expand customer co -creation and light asset operation models, further promote the implementation of multi -model brand services, realize the realizationEnterprise after -sales to after -sales enterprise transition.In 2024, Xinbai Electric is expected to open 5 new stores according to development needs.

7. The company’s modern logistics will take the “Yinchuan Commercial Logistics Hub Project” as the starting point, firmly expand the internal extension, forming the new hundred as the core business logistics cluster, creating the Yinchuan Trading Logistics Hub as the starting point, covering Ningmang, Shaanxi and Shaanxi.The comprehensive logistics service provider of the 20 million population in the adjacent area leads to the socialized comprehensive logistics hub, provides customers with excellent solutions, and drives the improvement of the operating performance of objects.

8. The company will take the goal of co -creation, sharing, and sharing to improve the incentive mechanism and improve organizational effectiveness; use digital -driven organizational processes to change, improve organizational effectiveness, strengthen echelon construction, and create talent teams who understand operations and management.

9. Continue to strengthen the governance of losses, fully integrate and utilize various resources, formulate effective loss measures, and gradually improve the operating performance of losses stores.

10. Continue to strengthen management, optimize governance structure, continue to improve internal control work, improve the company’s internal control level, adhere to comprehensive budget as the starting point, strengthen the refinement and pertinence of budget management, and play the guidance and help of the budget for business.Realize the rapid development of enterprises and create higher value for shareholders.

(4) The risks that may face

1. The risk of macroeconomic growth: The development of the retail industry is closely related to the growth of the national economic growth. Under the influence of many uncertainties in the domestic economy, the rise of economic growth backbone will affect the increase in residents’ income and the increase in consumption confidence.It is not conducive to the growth of consumer demand and brings certain operating pressure to the company’s business expansion.

2. Market competition risk: The strong entry of many domestic retail competitors entering the company’s regional market, prompting the market competition situation to further intensify, at the same time exacerbated the risk of market share and profitability of the company’s market share.

3. Market management and operation risks: The company is currently in the growth stage of scale and business continuously expanding. The construction of new projects and outlet construction layouts of the company’s management and control system, financing capabilities, scientific application management of funds, advanced operating models, resource integration capabilities, and resource integration capabilities, and resource integration capabilities, resource integration capabilities, resource integration capabilities, and resource integration capabilities.The efficiency of decision -making and market development all put forward higher requirements. The company may face certain management risks and the risk of new project investment has not met.

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