With the continuous help of the "trade-in" policy of household appliances, Suning Tesco has returned to the profit track.

3月28日晚間，蘇寧易購集團股份有限公司（ST易購，002024.SZ，以下簡稱“蘇寧易購”）發佈2024年年度報告。報告顯示，去年公司實現營收567.91億元，同比下滑9.32%；實現歸母凈利潤6.1億元，實現扭虧為盈，同比增長114.93%。

It is reported that this is the first time that Suning Tesco has achieved a full-year profit since 56. The financial report also pointed out that the net cash flow generated by Suning's operating activities last year was 0.0 billion yuan, a year-on-year increase of 0.0%.

截至3月28日收盤，ST易購報2.21元/股，跌2.64%，年初至今漲7.28%。

This year's core business goal is to achieve comprehensive profitability at the operational level

The financial report pointed out that the market prosperity of Suning Tesco's home appliance retail industry in the first three quarters of last year was low, and in the fourth quarter of last year, it was boosted by the subsidy policy for trade-in of household appliances and gradually picked up. Boosted by the subsidy policy, Suning.com's omni-channel operating income in the fourth quarter of last year increased by 6.0% year-on-year, the company's trade-in business conversion rate was higher than the industry level, and the store sales scale in the fourth quarter increased by 0.0% year-on-year, and the deepening of the retail service provider strategy was effective.

The financial report pointed out that the introduction of the trade-in subsidy policy not only stimulates the momentum of replacement consumption, but also has a far-reaching impact on consumer behavior and the development of the industry. Consumer demand has shifted from cost-effective priority to "equal emphasis on quality and experience", and the shipment of high-end goods such as intelligence and integration has increased significantly; Pay attention to the convenience of the whole shopping process and strengthen the construction of scenario-based experience; The sinking market has become the core of increment, the county-level consumption potential has been accelerated, and the gap between urban and rural consumption has narrowed.

In terms of offline channels, Suning Tesco promoted the comprehensive optimization and upgrading of the store model last year, with the sales revenue and ping efficiency of comparable stores increasing by 62.0% and 0.0% year-on-year respectively, especially in the fourth quarter, with comparable store revenue and ping efficiency increasing by 0% and 0% year-on-year respectively.

The financial report pointed out that last year, the company promoted the strategy of "opening big stores and opening good stores", opened and reinstalled 10168 SuningMax super experience stores and SuningPro super flagship stores in key cities, and opened 0 new retail cloud franchise stores in county towns and community markets throughout the year, of which the number of large stores accounted for 0.0%. As of the end of 0, the total number of Suning Tesco retail cloud franchise stores was 0.

On the whole, last year, Suning Tesco accelerated the upgrade of stores, actively promoted the opening of large stores, and accelerated the adjustment of supermarkets, community stores and other stores. The financial report pointed out that during the reporting period, the number of the company's stores decreased netly, but the operating area of the stores increased, which ensured store sales.

In 2025, the Ministry of Commerce and other four departments issued a notice to increase the categories of household appliances enjoying trade-in subsidies from 0 to 0, and include digital products such as mobile phones and tablets in the scope of subsidies. Suning Tesco said that from this point of view, the consumer demand and growth potential of the home appliance industry will continue to be released in 0 years, bringing new momentum to the development of enterprises. The company will actively grasp this market opportunity, further focus on its main business, and continue to strengthen its core capacity building in terms of product enrichment, scenario upgrading, and service improvement, so as to further enhance its sales scale, market share and operating efficiency.

Looking forward to 2025 years, the financial report pointed out that with the dual help of the "ripple" effect of the stock policy and the incremental policy, it is expected that the consumption of household appliances will continue to be stimulated by the policy, showing growth momentum. However, in the medium and long term, the home appliance market is still facing difficulties, the endogenous growth momentum is still insufficient, the consumption classification is intensifying, the cost and innovation pressure coexist, and the industry competition is intensifying.

Suning Tesco pointed out that the core business goal of 2025 years is to achieve full profitability at the operational level, and increase liquidity by fully restoring profitability, formulate diversification strategies to accelerate the progress of debt resolution, and promote the company's return to normal business track.

In terms of specific measures, the financial report mentioned that it will comprehensively upgrade and reconstruct the self-management capacity of enterprises from the commodity side and the channel side. From the perspective of commodities, it includes increasing independent products and customized underwriting products, establishing a complete end-to-end product supply chain, reducing intermediate links, and meeting users' needs for quality and cost performance in the current consumption background. This year, the company will carry out omni-channel sales improvement, Suning.com will position 2025 years as the year of store efficiency improvement, SuningMax, Pro and other core stores will focus on model optimization, build a platform for the release and promotion of new quality products, and improve operational efficiency; Small stores such as SuningFun are closer to users, expand network coverage, and actively increase the replication and promotion of retail clouds, so as to achieve penetration from counties and towns to community markets such as shopping malls.

Since the beginning of this year, a series of national policies to promote consumption have been intensively implemented. Suning Tesco said that it will actively respond to the call of the policy, continue to carry out consumption promotion activities such as the Spring Home Appliance and Home Improvement Festival, the National Renovation Home, the 10C Bee Festival, and the Home Appliance and Home Decoration Expo, accelerate the opening of new stores, promote new products, and increase the joint subsidy for trade-in to help release consumption potential. Previously, Suning Tesco had revealed that driven by the national subsidy, sales in the first quarter of this year are expected to increase by 0 to 0 times.

It has not yet been removed, and there is pressure to repay short-term debt

At the same time as the release of the financial report, Suning Tesco also issued an announcement on the company's shares to continue to implement other risk warnings that night, which means that Suning Tesco is still some distance away from "taking off the hat".

The announcement pointed out that the financial report data shows that the company's net profit before and after deducting non-recurring profits and losses from 2024 to 0 years is negative, and Lixin Certified Public Accountants (Special General Partnership) issued an unqualified audit report with significant uncertainties related to continuing operations for the company's 0-year annual financial report.

其中指出，於2024年12月31日，蘇寧易購流動負債高於流動資產408.59億元，共計331.89億元應付款項已逾期未支付，共計168.1億元銀行及金融機構借款已觸發相關借款合同的違約或提前還款事項。表明存在可能導致對蘇寧易購持續經營能力產生重大疑慮的重大不確定性。公司觸及深交所相關規定，公司股票將繼續被實施其他風險警示。股票簡稱仍為“ST易購”，股票代碼仍為“002024”，股票交易價格的日漲跌幅限制仍為5%，公司股票不停牌。

The financial report pointed out that Suning's current ratio is less than 1, and there is pressure to repay short-term debt. The company will stabilize the stock of credit by strengthening the operating mechanism of the Joint Credit Commission; We will continue to improve profitability, strengthen working capital management, accelerate asset revitalization, and other ways at the same time, reasonably plan the source of funds, and effectively arrange the repayment of various payables. Last year, due to the company's active promotion of debt resolution, the quick ratio and asset-liability ratio improved slightly.

董事會在此次財報中對最近一期“非標準審計報告”相關情況的說明中指出，融資授信業務方面，在省市政府的大力支援下，公司聯合授信委員會持續平穩運行，保持存量穩定；針對在建工程復工復建的專項融資貸款持續投放，部分物業已建成投入運營；持續推動商業、倉儲物業的處置以增加回籠資金，與此同時還通過多種舉措加強對外投資的回收，以有效補充公司現金流。公司工作重點仍是持續推進與供應商的合作恢復和擴大，在業務發展中通過恢復合作、擴大合作產生的毛利來解決歷史的問題；另一方面加強與供應商的主動溝通協商，達成和解，力爭實現分期或者延期支付。截至2024年12月31日公司應付賬款和應付票據較期初減少33.34億元。

In the statement of the board of directors, it was also pointed out that multiple measures will be taken to further reduce the level of corporate debt in the future. Firmly focus on the core business of home appliances 3C, and continue to promote the streamlining and slimming of non-main business units. In addition, while promoting the independent development of relevant business units and strategic investment, the company tried to promote the debt-to-equity swap to further reduce the company's debt level.