CBEST(600729)2024-07-12 03:16Financial Data and Key Indicator Changes - In H1 2024, the company's revenue was 8.98 billion yuan, a year-on-year decrease of 11.56%, while the net profit attributable to shareholders was 712 million yuan, down 21.06% year-on-year [5] - In Q2 2024, revenue was 4.13 billion yuan, a year-on-year decline of 18.52%, and net profit attributable to shareholders was 277 million yuan, down 28.93% year-on-year [6] - The main business profit in H1 2024 decreased by 4.52% year-on-year, with significant impacts from investment income and non-operating factors [5][6] Business Line Data and Key Indicator Changes - The company's main business profit in H1 2024 was 374 million yuan after excluding non-recurring gains and losses, reflecting a decline of 4.52% year-on-year [5] - The company has initiated a discount and fresh food new business model, with the first store opening on May 28, 2024, achieving sales five times higher than traditional models on the opening day [6] Market Data and Key Indicator Changes - The retail environment has been under pressure, leading to a decline in performance, prompting the company to launch promotional activities such as home appliance and department store festivals since June [6] Company Strategy and Development Direction and Industry Competition - The company is focusing on optimizing offline stores and enhancing cost control and efficiency, with a clear strategy to transform its supermarket business towards a discount model [6] - The company maintains a strong market position and emphasizes regular cash dividends, highlighting its high dividend value [7] Management's Comments on Operating Environment and Future Outlook - Management noted that the performance decline in Q2 2024 was primarily due to high base effects from the previous year, particularly from the listing of a subsidiary and increased provisioning in H2 2023 [6] - The company expects performance to improve in the second half of 2024 as the high base effect from investment income dissipates [7] Other Important Information - The company has a clear plan for revenue growth, projecting net profits of 1.375 billion yuan, 1.505 billion yuan, and 1.650 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 6.3, 5.8, and 5.3 [7] Q&A Session All Questions and Answers Question: What are the main factors affecting the company's performance in Q2 2024? - The decline in performance was attributed to high base effects from the previous year, particularly due to the listing of a subsidiary and increased provisioning in H2 2023 [6] Question: How is the company addressing the challenges in the retail environment? - The company has launched several promotional activities and is transforming its supermarket business towards a discount model to adapt to the challenging retail environment [6]