---
title: "37 Retail Companies Including Yonghui, Suning, and Zhongbai Release Semi-Annual Reports: 26 See Revenue Decline, 22 See Profit Decline"
description: "According to data from the China Commercial Information Center, retail sales of 50 key large retailers nationwide fell by 3.8% year-on-year from January to May 2024. In the first half of 2024, among 37 listed retail companies, 26 saw revenue declines and 22 saw profit declines, reflecting the ongoing challenges in the retail sector."
author: "赵胜男"
publisher: "New Distribution"
email: "zhaobo258@gmail.com"
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published: "2024-09-29"
language: "en"
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# 37 Retail Companies Including Yonghui, Suning, and Zhongbai Release Semi-Annual Reports: 26 See Revenue Decline, 22 See Profit Decline

> According to data from the China Commercial Information Center, retail sales of 50 key large retailers nationwide fell by 3.8% year-on-year from January to May 2024. In the first half of 2024, among 37 listed retail companies, 26 saw revenue declines and 22 saw profit declines, reflecting the ongoing challenges in the retail sector.

According to data from the China Commercial Information Center, retail sales of 50 key large retailers nationwide fell by 3.8% year-on-year from January to May 2024.
In the 2024 retail market, the cold wave continues to spread. With slowing economic growth and weak consumer markets, the outlook for the retail industry is increasingly uncertain. Once bustling shopping malls are now deserted, and once-glorious retail giants are forced to face consecutive sales declines and significant profit shrinkage. This is not just a numerical challenge but a test of confidence for the entire industry.
In this uncertain period, retailers must confront a harsh reality: consumers are becoming more discerning, and their wallets are tighter. Traditional marketing strategies are no longer effective, while emerging e-commerce and social shopping platforms continue to erode market share. **For many retail companies, this is not just competition but a battle for survival.**
According to statistics from New Distribution, in the first half of 2024, among 37 listed retail companies, 26 saw revenue declines and 22 saw profit declines.
**Comprehensive Retail**
**1. Suning.com: Net profit of 15 million yuan, turning losses into profits**
In the first half of this year, Suning.com's operating revenue was 25.783 billion yuan, down 24.26% from the same period last year.
Despite the decline, the company successfully achieved a net profit attributable to shareholders of listed companies of 15 million yuan, a year-on-year increase of 100.76%.
According to company statistics, during the reporting period, new large stores saw higher buyer numbers and average transaction values than other stores, with gross margin levels 1.62 percentage points higher than other stores.
Suning.com leverages its store network advantages for precision marketing. On one hand, it goes deep into new and old residential communities to precisely acquire customers close to user needs, opening 1,238 community "satellite stations" in the first half of the year.
On the other hand, it uses local life platforms such as live streaming and instant delivery to expand store customer acquisition channels. On Meituan, it launched "Home appliance delivery, fastest 2-hour delivery and installation"; it became the TOP1 merchant in the home appliance and 3C industry on Douyin's local life platform, with store sales from Douyin traffic accounting for 18.8% in June.
**2. Bailian Group: Slight reduction in asset scale**
Bailian Group's core businesses include department stores, supermarket chains, shopping centers, and outlet malls.
In the first half of the year, Bailian Group's operating revenue was 15.173 billion yuan, down 7.17% year-on-year; net profit attributable to shareholders of listed companies was 2.744 billion yuan, down 17.58% year-on-year, indicating weakened profitability.
Net cash flow from operating activities was 1.216 billion yuan, down 35.93% year-on-year, with reduced cash inflows.
The company's total assets were 54.794 billion yuan, down 2.62% from the end of the previous year, with a slight reduction in asset scale. Despite the decline in performance, the company's overall financial structure remains stable.
**3. Chongqing Department Store: Both revenue and profit declined**
Chongqing Department Store Co., Ltd.'s 2024 semi-annual report shows that the company achieved operating revenue of 8.98 billion yuan, a year-on-year decrease of 11.56%; net profit attributable to shareholders of listed companies was 712 million yuan, a year-on-year decrease of 21.06%.
The company's total assets were 1.95 billion yuan, and net assets were 687 million yuan, up 1.94% and 1.81% year-on-year, respectively. Basic earnings per share were 1.63 yuan, down 20.87% year-on-year.
During the reporting period, the company did not distribute profits or convert capital reserve to share capital. Risks faced by the company include policy risks, market environment risks, consumption trend risks, product safety risks, store location risks, and cross-region operation risks. In terms of environment and social responsibility, the company actively fulfills social responsibilities, supports rural revitalization, and assists in agricultural product sales through measures such as farmer-supermarket direct supply.
**4. Tianhong Shares: Both revenue and profit declined**
Tianhong Digital Commerce Co., Ltd. (hereinafter referred to as "Tianhong Shares") released its 2024 semi-annual report, showing that during the reporting period, the company achieved operating revenue of approximately 6.119 billion yuan, a year-on-year decrease of 1.81%; net profit attributable to shareholders of listed companies was approximately 154 million yuan, a year-on-year decrease of 28.34%. The company's total assets were 26.968 billion yuan, down 5.37% from the end of the previous year. During the reporting period, the company did not distribute cash dividends, bonus shares, or convert capital reserve to share capital.
In the management discussion and analysis section, the company pointed out that despite challenges from downward macroeconomic pressure and slowing consumer market growth, the company achieved sales of 18.2 billion yuan, basically flat year-on-year, by promoting digitalization of the retail industry and accelerating the development of digital industrialization. The company has achieved certain results in digital transformation and business format upgrades, while actively responding to market changes, optimizing cost structures, and promoting high-quality development.
During the reporting period, the company also actively fulfilled social responsibilities, paid attention to environmental issues, promoted green development, and contributed to rural revitalization and public welfare construction. The company actively responds to national strategies, assists in rural revitalization, and promotes rural revitalization work through two major areas: consumption assistance and education assistance, building an organizational guarantee system.
Overall, despite certain operational challenges during the reporting period, Tianhong Shares maintained stable business development through a series of strategic measures and demonstrated corporate responsibility in social responsibility.
**5. Liqun**
Liqun Shares' 2024 semi-annual report shows that the company's operating revenue was 3.836 billion yuan, a year-on-year decrease of 4.53%; net profit attributable to shareholders of listed companies was 217 million yuan, a year-on-year decrease of 11.37%. Net cash flow from operating activities was 310 million yuan, a significant year-on-year decrease of 59.89%.
During the reporting period, the company's total assets were 15.99 billion yuan, total liabilities were 11.731 billion yuan, and the asset-liability ratio was 73.36%. Basic earnings per share were 0.03 yuan, and diluted earnings per share were 0.02 yuan. During the reporting period, the company did not distribute profits or convert capital reserve to share capital.
Risks faced by the company include macroeconomic risks, industry competition risks, and cross-region operation risks. The company continues to promote main businesses such as retail chain operations, logistics supply chain, and food industry, while actively responding to market challenges, optimizing asset structure, and enhancing core competitiveness.
**Summary:**
Comprehensive retail supermarkets faced multiple challenges in the first half of 2024, but there were also bright spots. Suning.com achieved a turnaround by optimizing stores and marketing strategies, with net profit reaching 15 million yuan, indicating improved operational efficiency and market adaptability. Although Tianhong Shares saw declines in revenue and net profit, the company achieved results in digital transformation and business format upgrades, actively adapting to the economic environment.
Liqun Shares, despite declines in revenue and net profit, strives to enhance core competitiveness by promoting retail chain operations and optimizing asset structure.
**Overall, the retail industry showed a divergent development trend in the first half of 2024, with some companies improving performance through innovation and strategic adjustments, while others faced greater operational pressure.** Competition within the industry intensified, and major companies are actively seeking transformation paths that align with emerging consumer trends.
**Supermarkets**
**1. Yonghui: Opened 5 stores and closed 62 stores in the first half of the year**
Yonghui Superstores Co., Ltd.'s 2024 semi-annual report shows that the company's operating revenue in the first half of the year was 37.779 billion yuan, a year-on-year decrease of 10.11%; net profit attributable to shareholders of listed companies was 275 million yuan, a year-on-year decrease of 26.34%. During the reporting period, the company's comprehensive gross margin was 21.58%, down 0.41 percentage points from the same period last year. The company's total assets were 47.525 billion yuan, a year-on-year decrease of 8.7%.
During the reporting period, the company closed some stores and actively learned from excellent peers to improve quality and service.
In terms of online business, in the first half of the year, online business revenue was 7.84 billion yuan, accounting for 20.8% of operating revenue, with a significant reduction in losses year-on-year.
In terms of supply chain construction, the company optimized its product structure, with private label brands achieving sales of 1.28 billion yuan, accounting for 3.4% of operating revenue. In terms of store expansion, the company opened 5 new stores and closed 62 stores, with a total of 943 stores in operation.
**2. Lianhua Supermarket: Closed 136 stores in the first half of the year**
Lianhua Supermarket's performance in the first half of 2024 shows that the company's turnover was 10.897 billion yuan, a year-on-year decrease of approximately 7.4%. Among them, the hypermarket format decreased by 8.55%, the supermarket format decreased by 5.21%, and the convenience store format decreased by 6.45%.
Gross profit was approximately 1.252 billion yuan, a year-on-year decrease of approximately 235 million yuan, with a gross margin of approximately 11.49%. Operating profit was approximately 14 million yuan, with an operating margin of approximately 0.13%. Pre-tax profit was approximately 18 million yuan, a year-on-year increase of approximately 8 million yuan. Loss attributable to shareholders of the company was approximately 55 million yuan, a year-on-year reduction of approximately 62 million yuan. Basic loss per share was 0.05 yuan. The total number of stores reached 3,343, with 123 new stores opened and 136 stores closed during the period.
In terms of business strategy, Lianhua Supermarket focuses on core regions, promotes business format transformation, strengthens supply chain integration, enhances self-operated product capabilities, and optimizes logistics efficiency and digital system construction. The company actively expands online and offline marketing systems to improve customer shopping experience.
Looking ahead, Lianhua Supermarket plans to continue deepening reforms, strengthen organizational and digital capabilities, to improve overall operational efficiency and market competitiveness.
**3. Jiajiayue: Revenue growth of 2.98%**
Jiajiayue Group Co., Ltd.'s 2024 semi-annual report shows that the company's operating revenue was 9.362 billion yuan, a year-on-year increase of 2.98%; net profit attributable to shareholders of listed companies was 170 million yuan, a year-on-year decrease of 8.81%. The company's total assets were 13.458 billion yuan, a year-on-year decrease of 5.79%.
During the reporting period, the company distributed a cash dividend of 1.1 yuan (including tax) per 10 shares, with an expected total cash dividend of 69 million yuan (including tax). During the reporting period, the company had no major violations of guarantees and no non-operational occupation of funds by controlling shareholders or other related parties.
**4. Zhongbai: Profit decline of 614.42%**
Zhongbai Holding Group Co., Ltd.'s 2024 semi-annual report shows that the company's operating revenue was approximately 5.711 billion yuan, a year-on-year decrease of 9.54%; net profit attributable to shareholders of listed companies was approximately -142 million yuan, a year-on-year decrease of 614.42%. Basic earnings per share and diluted earnings per share were both -0.21 yuan, a year-on-year decrease of 600%. The company's total assets were approximately 1.106 billion yuan, a decrease of 3.53% from the end of the previous year; net assets attributable to shareholders of listed companies were approximately 214 million yuan, a decrease of 6.98% from the end of the previous year.
**5. Hongqi Chain: Both revenue and profit increased**
Hongqi Chain Co., Ltd.'s 2024 semi-annual report shows that the company achieved operating revenue of approximately 5.186 billion yuan in the first half of the year, a year-on-year increase of 3.67%; net profit attributable to shareholders of listed companies was 267 million yuan, a year-on-year increase of 3.81%. Basic earnings per share were 0.20 yuan, a year-on-year increase of 5.26%. The company's total assets were 8.097 billion yuan, and net assets were 4.208 billion yuan, with slight decreases and increases from the end of the previous year, respectively.
Hongqi Chain emphasized its steady development in the convenience store sector and its efforts to enhance competitiveness by optimizing product structure and improving service quality. At the same time, the company also pointed out the risks of macroeconomic and market competition, as well as pressure from rising operating costs.
**6. Xinhua Department Store: Revenue growth of 2.33%**
Xinhua Department Store Commercial Group Co., Ltd.'s 2024 semi-annual report shows that the company's operating revenue was 3.287 billion yuan, a year-on-year increase of 2.33%; net profit attributable to shareholders of listed companies was 88 million yuan, a year-on-year decrease of 13.27%. The company's total assets were 8.311 billion yuan, a decrease of 5.49% from the end of the previous year. Basic earnings per share were 0.39 yuan, a year-on-year decrease of 13.33%.
During the reporting period, the main risks faced by the company included slowing economic growth, intensified market competition, capital pressure from expanded investment scale, and challenges of cross-region operations. The company's financial condition was generally stable, but net profit declined, and the company is currently actively taking measures to improve performance.
The company strives to improve operating results through measures such as promoting management transformation, reform and innovation, strengthening product power, and enhancing digital operation capabilities. At the same time, the company actively fulfills social responsibilities, such as supporting rural revitalization and carrying out public welfare activities.
**Summary:** In the first half of 2024, the supermarket business remained highly competitive, facing many risks and challenges, such as slowing economic growth, intensified market competition, capital pressure from expanded investment scale, and challenges of cross-region operations. Xinhua Department Store mentioned these challenges in its report and adopted measures such as promoting management transformation, reform and innovation, strengthening product power, and enhancing digital operation capabilities to improve operating results. **Online business has become one of the important growth points for the supermarket industry.** For example, Yonghui Supermarket's online business revenue accounted for 20.8% of total revenue. At the same time, some supermarket companies are enhancing competitiveness by optimizing supply chains and product structures, such as Yonghui Supermarket and Lianhua Supermarket, which are strengthening private label brand construction and improving self-operated product capabilities. **Overall, China's supermarket industry showed a steady but pressured development trend in the first half of 2024, with companies continuously innovating and adjusting strategies to respond to market changes.** It is expected that by 2028, the market size of China's supermarket industry will grow steadily at a compound annual growth rate of 2% to 3.55 trillion yuan, indicating that the industry still has certain development potential.
**Snack Stores**
**1. Liangpin Shop: Profit decline of 87.38%**
Liangpin Shop's 2024 semi-annual report shows that the company's operating revenue in the first half of the year was 3.886 billion yuan, a year-on-year decrease of 2.52%; net profit attributable to shareholders of listed companies was 24 million yuan, a year-on-year decrease of 87.38%. The company's total assets were 4.245 billion yuan, a decrease of 23.12% from the end of the previous year.
During the reporting period, the company faced declines in operating revenue and net profit, mainly due to product price reduction strategies, supply chain efficiency improvements, lean production improvements, and other business strategy adjustments, as well as one-time expenses from the early termination of the 2023 employee stock ownership plan. In addition, government subsidies decreased year-on-year, also affecting net profit. Despite this, the company is still actively promoting product innovation and channel development, optimizing the product matrix to adapt to market changes and consumer demand.
**2. Wanchen Group: Revenue growth of 392.45%, profit growth of 116.77%**
In the first half of the year, Wanchen Group's revenue reached 10.915 billion yuan, a year-on-year increase of 392.45%; net profit was 934,600 yuan, a year-on-year increase of 116.77%.
As a listed company that started with edible fungi business, Wanchen Group has actively transformed into the bulk snack track in recent years. In the first half of 2023, Wanchen Group's bulk snack business revenue accounted for 88%, with operating revenue of approximately 2.22 billion yuan, of which bulk snack business revenue was 1.95 billion yuan. The bulk snack business has become the main source of the company's revenue, occupying the vast majority of the company's overall business.
Today, Wanchen Group is already one of the industry's leading companies in terms of revenue scale, store scale, and expansion speed.
**Summary:** In the first half of 2024, the development trends among brands in China's snack store market further diverged, with **hard discount snack stores represented by Wanchen Group having a significant impact on traditional snack collection stores represented by Liangpin Shop.** From the data, among listed companies mainly engaged in snack store business, Wanchen Group's performance continued to grow, while both Liangpin Shop and Lai Yifen saw declines in revenue and profit in the first half of the year. Some unlisted hard discount snack store brands, such as Mingming Henmang, have also maintained strong growth momentum, with their national store turnover reaching 20 billion yuan in 2023. **Despite the declining performance trend of traditional brands, the overall market continues to maintain growth momentum, and it is expected that by 2025, the entire snack store market size will exceed 123.9 billion yuan.**


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