---
title: "31 Retail Companies Including Walmart, Miniso, and Wanchen Group Release Annual Results/Forecasts; Only 10 See Revenue Growth!"
description: "According to data released by the National Bureau of Statistics, China's total retail sales of consumer goods reached 48.7895 trillion yuan in 2024, up 3.5% year-on-year, but this figure masks deep industry fragmentation. Traditional retail formats continue to face pressure, with accelerated online-offline integration and intensified impact from emerging models, signaling a battle for survival and transformation. Among 31 listed retail companies tracked by New Distribution, only 10 achieved revenue growth and 13 saw profit growth, highlighting a widening divergence. Global companies with omnichannel layouts are breaking through against the trend, while those relying on traditional models struggle with high costs and weak consumption."
author: "赵胜男"
publisher: "New Distribution"
email: "zhaobo258@gmail.com"
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published: "2025-04-20"
language: "en"
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# 31 Retail Companies Including Walmart, Miniso, and Wanchen Group Release Annual Results/Forecasts; Only 10 See Revenue Growth!

> According to data released by the National Bureau of Statistics, China's total retail sales of consumer goods reached 48.7895 trillion yuan in 2024, up 3.5% year-on-year, but this figure masks deep industry fragmentation. Traditional retail formats continue to face pressure, with accelerated online-offline integration and intensified impact from emerging models, signaling a battle for survival and transformation. Among 31 listed retail companies tracked by New Distribution, only 10 achieved revenue growth and 13 saw profit growth, highlighting a widening divergence. Global companies with omnichannel layouts are breaking through against the trend, while those relying on traditional models struggle with high costs and weak consumption.

**According to data released by the National Bureau of Statistics, China's total retail sales of consumer goods reached 48.7895 trillion yuan in 2024, up 3.5% year-on-year**, but this figure masks deep industry fragmentation.
Traditional retail formats continue to face pressure, with accelerated online-offline integration and intensified impact from emerging models, signaling a battle for survival and transformation.
Among 31 listed retail companies tracked by New Distribution, only 10 achieved revenue growth and 13 saw profit growth, highlighting a widening divergence. Global companies with omnichannel layouts are breaking through against the trend, while those relying on traditional models struggle with high costs and weak consumption.
From Walmart's global e-commerce sales exceeding $30 billion to Miniso's overseas revenue accounting for nearly 40%; from Suning.com's non-GAAP net loss exceeding 1 billion yuan to Gome Retail's revenue plummeting 26.76% year-on-year—the stark contrast in financial data reflects the brutal reality of the retail industry's dramatic transformation.
Rising e-commerce penetration, explosive demand for instant consumption, and the rise of discount formats are reshaping consumer behavior and industry competition logic.
**Comprehensive Retail**
**1. Walmart: Annual Revenue $648.1 Billion, Up 6.0% Year-on-Year**
Walmart delivered strong results in fiscal 2024. Annual revenue reached $648.1 billion, up 6.0% year-on-year. Operating profit was $27 billion, up 32.2%, and net profit attributable to parent company was $15.511 billion, up 32.8%.
All business segments grew: U.S. sales were $441.8 billion, up 5.6%; international net sales were $111.7 billion, up 10.6%; Sam's Club (U.S.) sales were $8.6 billion, up 4.8%. Global e-commerce net sales hit $30 billion, up 23%.
Meanwhile, China performed strongly, with net sales of approximately $17.9 billion and e-commerce penetration of 48%, with continued growth in Sam's Club and e-commerce. Overall, Walmart achieved comprehensive growth in fiscal 2024.
**2. Suning.com: Revenue 56.791 Billion Yuan, Net Profit 612 Million Yuan, Up 114.93% Year-on-Year**
Suning.com's 2024 annual report shows revenue of 56.791 billion yuan, down 9.32% year-on-year, but net profit attributable to shareholders was 612 million yuan, up 114.93%, marking the first full-year profit since 2020.
The implementation of the "Three New" strategy has shown initial results, with trade-in orders growing 150%, driving store model optimization and upgrades. Comparable store sales and sales per square meter increased 2.8% and 1.17% year-on-year, respectively, with particularly strong Q4 performance. Meanwhile, omnichannel JSAV exclusive product sales accounted for 22.6% of total sales, and improved product mix drove gross margin up.
However, non-GAAP net profit still showed a loss of 1.025 billion yuan, and the debt-to-asset ratio was as high as 90.63%, with current liabilities exceeding current assets by 40.859 billion yuan, along with overdue payments and loan contract defaults.
**3. Bailian Group: Net Profit Up 292.73% Year-on-Year**
Bailian Group's 2024 annual report shows divergent trends in revenue and profit. The company achieved operating revenue of 27.675 billion yuan, down 9.32% year-on-year, facing pressure in business growth across core segments. Net profit attributable to shareholders was 1.567 billion yuan, up 292.73%, but non-GAAP net profit was 111 million yuan, down 42.88%. This was mainly due to investment income from issuing Huaan Bailian Consumer REIT, boosting net profit, while core business profitability actually weakened.
In terms of operations, the comprehensive gross margin was 25.88%, down 0.66 percentage points from the previous year. By format, department store revenue fell 31.93%, shopping center revenue grew 17.60%, outlet business was roughly flat, while standard supermarket and convenience store revenue fell 4.72% and 10.34%, respectively.
The company improved operational efficiency through supply chain optimization and asset securitization, but overall operations still face challenges.
**4. Chongqing Department Store: Revenue Declines, Profit Slightly Increases**
Chongqing Department Store's 2024 annual report shows a decline in revenue but a slight increase in profit, with mixed overall performance.
The company achieved operating revenue of 17.139 billion yuan, down 9.75% year-on-year, mainly due to industry downturn in department store and auto trade sectors, with intensified competition causing operational pressure. However, net profit was 1.315 billion yuan, up 0.53%, with basic earnings per share of 3.00 yuan, and non-GAAP net profit attributable to parent up 8.76% year-on-year.
This was aided by continued transformation efforts, such as focusing on product improvement, supply chain reform, and accelerating self-operated transformation, leading to a 0.88 percentage point increase in gross margin and reduced total expenses, with significant cost control results. Additionally, investment income from its stake in Mashang Consumer Finance grew 15.10% year-on-year, contributing to profit growth.
**5. Miniso: Total Revenue Hits Annual Record High**
Miniso's 2024 financial data shows a healthy overall performance. According to Sina Finance, annual total revenue reached 17 billion yuan, up 22.8% year-on-year, setting a new annual record. Overseas revenue reached 6.674 billion yuan, up 41.9%, accounting for nearly 40% of total revenue. Gross margin was 44.9%, up 3.7 percentage points from the same period last year.
Under non-IFRS, adjusted net profit was 2.72 billion yuan, up 15.4%, with adjusted net margin of 16.0%, and adjusted diluted EPS up 16.0% to 8.68 yuan.
By quarter, although Q4 revenue fell 10.04% year-on-year and net profit fell 7.88%, the first three quarters maintained growth, such as Q3 2024 revenue of $631 million, up 20.61%, and net profit of $89.5356 million, up 5.92%.
**6. Gome Retail: Operating Revenue Down 26.76% Year-on-Year**
Gome Retail's 2024 financial situation is not optimistic. Operating revenue fell 26.76% year-on-year, gross margin dropped significantly by 11.28 percentage points, and net losses widened.
In the home appliance retail industry, offline stores face increasing pressure due to the continuous impact of online e-commerce. Additionally, intensified industry competition and higher consumer demands on price and quality have put significant pressure on Gome's business development.
In 2024, Gome accelerated its business transformation, focusing on promoting an asset-light model to reduce reliance on heavy assets. The company expanded through franchising to lower operating costs and increase market coverage. Meanwhile, it actively explored new growth points, such as car experience centers, to adapt to market changes and consumer needs.
**Summary:**
In 2024, the retail industry continued trends of accelerated online-offline integration, the rise of new formats, and consumption structure upgrades. Total retail sales of consumer goods reached 48.8 trillion yuan, up 3.5% year-on-year, showing overall recovery in the consumer market.
The department store retail industry's operations remain challenging. According to the "2024-2025 China Department Store Retail Industry Development Report," a sample of enterprises showed that 73% saw year-on-year sales declines, and 72% saw net profit declines. Traditional department store retail saw declines in both revenue and net profit.
In the data table compiled by New Distribution, globalized companies generally outperformed those that have not expanded beyond their core markets.
Walmart achieved comprehensive growth in revenue and profit through its global layout and online-offline integration model. Miniso set revenue records through innovative business models and global expansion, with strong overseas growth, indicating that the rise of new formats and global expansion are major trends in the retail industry.
Suning.com and Chongqing Department Store saw revenue declines but achieved profit growth through store model optimization and supply chain reform. Bailian Group's significant net profit growth relied mainly on non-recurring items, while core business profitability weakened, a common challenge for traditional retailers. Gome Retail faced performance pressure due to online e-commerce impact and intensified competition but sought breakthroughs through asset-light transformation.
**Supermarkets**
**1. Lianhua: Revenue Declines Across All Formats**
Lianhua's 2024 turnover was approximately 19.71 billion yuan, down 9.7% year-on-year, with declines across all formats: hypermarket format down about 14.9%, supermarket format down about 4.7%, and convenience store format down about 9.7%.
Lianhua Supermarket's net loss attributable to shareholders in 2024 is expected to significantly reduce to approximately 340 million to 380 million yuan, a marked improvement from the audited net loss of 791 million yuan in 2023.
This is mainly due to: first, in 2024, Lianhua no longer recognized its share of losses from an associate company, whose equity had been written down to zero; second, based on overall strategic planning, Lianhua gradually closed some long-term loss-making stores, reduced the scale of loss-making operations, lowered operating expenses, and optimized resource allocation, thereby reducing losses.
**2. Hongqi Chain: Third Consecutive Year with Revenue Exceeding 10 Billion Yuan**
Hongqi Chain achieved operating revenue of 10.123 billion yuan in 2024, marking the third consecutive year with revenue exceeding 10 billion yuan, with net profit attributable to shareholders of 521 million yuan.
In 2024, the company continued to strengthen cooperation with social e-commerce platforms. Its Douyin livestreaming operated regularly and frequently during the reporting period, achieving sales exceeding 1 billion yuan. Additionally, the company used offline verification to drive traffic to physical stores, accumulating private domain traffic to stimulate repurchase rates and foster habitual purchasing habits. Furthermore, the company actively connected with mainstream consumption scenarios, becoming the first national Alipay "Tap" membership digital partner, simplifying payment processes and significantly enhancing user experience.
To precisely meet consumers' instant needs, ensure livelihood services, and promote convenient consumption, in 2024, Hongqi Chain, as convenience store functions became increasingly rich, introduced categories such as coffee, meals, and fresh produce into its stores to meet diverse instant needs at different times. At the same time, leveraging brand advantages, it continued to develop and expand the "Hongqi Preferred" series of products, creating more cost-effective items to enhance consumer loyalty.
**3. Xinhua Department Store: Revenue 6.116 Billion Yuan, Net Profit 135 Million Yuan**
Xinhua Department Store achieved operating revenue of 6.116 billion yuan in 2024, up 0.84% year-on-year, mainly due to national subsidy policies driving growth in the appliance segment and logistics company external business. Net profit was 135 million yuan, down 0.87% year-on-year; non-GAAP net profit was 103 million yuan, down 12.81%, indicating pressure on core business profitability.
Net cash flow from operating activities was 847 million yuan, down 8.78% year-on-year, indicating weakened sales collection capability. Net cash flow from investing activities was -257 million yuan, up 46.53% year-on-year, reflecting adjusted investment strategies. Net cash flow from financing activities was -640 million yuan, down 42.22% year-on-year, indicating increased debt repayment efforts.
**4. Xinhua Du: Revenue Up 30.18% Year-on-Year, Net Profit Up 29.61%**
Xinhua Du's business scale reached a new high in 2024, with total operating revenue of 3.676 billion yuan, up 30.18% year-on-year; net profit attributable to parent of 260 million yuan, up 29.61%; non-GAAP net profit of 235 million yuan, up 16.87%.
Xinhua Du invests heavily in product R&D and is bold in strategic cooperation.
In product R&D and marketing services, Xinhua Du's R&D investment for the full year 2024 was 10.3532 million yuan, up 44.3% year-on-year. By collaborating with brands such as Luzhou Laojiao, Wuliangye, and Moutai to develop custom liquor products, it achieved omnichannel online sales, effectively enhancing profitability. Meanwhile, the company increased cultivation of its own online liquor brands like "Jiu Lian Jiu" and "Ju Jiu," aiming to build a second growth curve.
In strategic cooperation, Xinhua Du established deep strategic partnerships with leading industry brands and major domestic e-commerce platforms such as JD.com, Tmall, Douyin, Kuaishou, Pinduoduo, WeChat, and Vipshop, giving it strong market influence. The company also expanded cross-border e-commerce through overseas platforms like TikTok, Lazada, Tokopedia, and Shopee, actively exploring overseas markets.
**5. Bubugao: Achieves Transformation Breakthrough**
Bubugao's 2024 net profit attributable to parent was 1.21 billion yuan, up 164.16% year-on-year. As a leading retailer in Hunan, the company achieved transformation breakthroughs through two core measures:
First, it introduced the Pangdonglai model. The Meixihu pilot store achieved average daily sales of 1.51 million yuan and customer traffic of 12,600 visits, up 10 times and 6 times from pre-renovation levels, forming a replicable quality retail standard.
Second, it completed debt restructuring and rebuilt its supply chain, adopting a bare-price procurement model to reduce costs, leveraging central kitchens to develop own-brand products like bakery and cooked food, and planning to launch supply chain own brands in 2025. The company has established a supply chain brand company and received support from Pangdonglai's own brand resources, continuously expanding its competitive advantage in the regional market by optimizing product mix and shopping experience.
**Summary:** The supermarket industry has a diversified competitive landscape, with large chains like Lianhua and Yonghui competing multidimensionally with small and medium supermarkets, convenience stores, specialty stores, and e-commerce platforms.
Traditional supermarket formats face pressure; for example, Lianhua Supermarket's 2024 turnover was approximately 19.71 billion yuan, down 9.7% year-on-year.
Meanwhile, emerging formats such as small supermarkets, front warehouses, and membership stores are rising rapidly. In 2024, small supermarket format sales grew over 10%, and front warehouse model sales grew over 26%. These emerging formats meet consumers' instant needs with convenience and flexibility.
Membership store growth exceeded 20%, and discount snack store penetration exceeded 30%. Sam's Club and others attract consumers with high cost-performance and quality experiences, becoming strong competitors to traditional supermarkets.
**Snack Stores**
**1. Wanchen Group: Net Profit Up 453.95% Year-on-Year**
Wanchen achieved annual operating revenue of 32.329 billion yuan, up 247.86% year-on-year; net profit attributable to shareholders was 294 million yuan, up 453.95%, successfully turning losses into profits.
The bulk snack business was the main driver of Wanchen's revenue growth, achieving operating revenue of 31.790 billion yuan, up 262.94% year-on-year, accounting for 98.33% of total operating revenue.
Wanchen Group's bulk snack business saw rapid store expansion. According to Xueqiu data, it opened 9,776 new stores, bringing total stores to 14,196 at year-end, covering 29 provinces (autonomous regions and municipalities).
Although Wanchen Group's performance looks positive, as of the end of 2024, the company had monetary funds of 2.381 billion yuan and short-term borrowings of 956 million yuan, posing a risk of high deposits and loans.
**2. Lai Yifen: Net Loss of 86 Million Yuan Attributable to Parent**
Lai Yifen has not yet released final financial data. From the forecast, the company expects a net loss attributable to parent of 86 million yuan for 2024, down about 251% year-on-year; non-GAAP net loss of 76 million yuan, down about 750% year-on-year. This is the largest loss since the company's listing in 2016.
The performance forecast explains that in 2024, the company's main business faced significant challenges in major sales regions, leading to a decline in sales in East China; additionally, strategic adjustments in some sales channels and business model optimization led to underperformance during the transition period.
**Summary:** In 2024, the snack store industry showed clear polarization.
Wanchen Group achieved leapfrog development with its bulk snack business, with annual revenue of 32.329 billion yuan, up 247.86% year-on-year; net profit of 294 million yuan, up 453.95%.
However, the industry is not universally prosperous. Traditional snack retailer Lai Yifen faces difficulties, with its performance forecast showing a net loss of 86 million yuan attributable to parent in 2024, down about 251% year-on-year; non-GAAP net loss of 76 million yuan, down about 750% year-on-year, the worst loss since listing.
Similarly, Liangpin Shop is expected to report a net loss attributable to shareholders of -40 million to -25 million yuan for 2024. Although its "price reduction without quality reduction" strategy aligns with the low-price consumption trend, it negatively impacted gross margin and net profit.
Looking ahead, competition in the snack store industry will intensify.
**Final Thoughts**
Behind the moderate 3.5% growth in total consumption lies a violent collision of structural divergence and format iteration.
Innovative companies like Walmart and Miniso achieve scale expansion through global layout and model innovation, confirming the dual-wheel logic of "efficiency + innovation"; while Suning and Chongqing Department Store achieve profitability despite revenue declines, traditional enterprises find survival wisdom through supply chain restructuring and cost control to tap existing value.
Meanwhile, the collective decline of traditional department stores and supermarkets exposes fatal weaknesses of aging formats and lack of user stickiness, while the rise of emerging forces like bulk snacks and membership stores reflects the dual demand split of "extreme cost-performance" and "quality experience" under consumption stratification—low price and high quality are no longer a choice but a strategic proposition that companies must tackle simultaneously.
In the future, industry competition will transcend single-dimensional price wars, shifting to supply chain resilience (e.g., Bubugao's bare-price procurement), scenario-based experiences (e.g., Hongqi Chain's private domain traffic operation), and format integration (e.g., instant retail, cross-border integration). Only by truly understanding the fault lines and leaps in consumption logic can companies break through in this race of efficiency and innovation.


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