Country for PR: China
Contributor: PR Newswire Asia (China)
Saturday, October 17 2020 - 01:24
AsiaNet Releases Financial Performance Preview with Net Profit Achieving 670 million to 920 million RMB in Q3 2020
NANJING, China, Oct. 16, 2020 /PRNewswire-AsiaNet/ -- (002024.SZ), China's leading O2O smart retailer owned by Suning 
Holdings Group, has released its financial performance preview for the first 
three quarters of 2020. The projection demonstrates the continued improvement 
of its profitability, with the net profit attributable to shareholders of 
listed companies expected to reach 670 million to 920 million RMB.

Driven by the strong demand for air-conditioning during the peak season and 818 
sales promotions, the online business of has witnessed impressive 
growth, with commodity transactions on the open platform surging 56.83% 
year-on-year during the reporting period. 

From January to September, also leveraged the advantages of its 
online and offline retail channels to help steadily increase its online sales 
volume, with transactions volume hitting a 18.15% growth year-on-year. has optimized its online platform with intelligent marketing tools, 
improved logistics and warehousing services, empowering merchants to enhance 
traffic distribution and conversion efficiency all with a broader product 

Through the power of digital,'s retail cloud franchise stores broke 
down the distinction between online and offline stores to create a new business 
model that combines the supply chain with offline stores and social eCommerce. 
As a result, the total sales volume of's retail cloud franchise 
stores grew by 77.5% year-on-year, with 2,432 new retail cloud franchises 
opening from January to September. Among them, 871 stores were opened in the 
Q3, which helped increase sales volume by 108%.

In addition to actively responding to the pandemic, accelerated the 
shift from being a retailer to a retail service provider. Meanwhile, 
continued to drive out-of-store sales in Q3 through push orders, group buying 
and live streaming promotions. The Group further integrated Carrefour China's 
supply chain and seized market opportunities to develop its to-home business. 
During the reporting period, the platform experienced a steady expansion in 
product ranges with the number of active users in August up by 22.49% 

Through cost reduction measures and boosting operational efficiency, Suning has 
also optimized its product supply chain, user management and services. The 
Group will continue to focus on the construction of mid-platform systems, 
accelerate the transformation of its offline outlets into retail cloud stores 
and strengthen integration. 

With a priority on improving the user experience, the business has reinforced 
its plans to increase its openness to external suppliers, optimize specialized 
operations across all product categories and ramp up efforts to consolidate its 
logistical capacity through infrastructure expansion. 

About Suning Holdings Group

Founded in 1990, Suning is one of the leading commercial enterprises in China 
with two public companies in China and Japan. In 2020, Suning Holdings Group 
ranked second in the top 500 non-state owned enterprises in China with annual 
revenues of RMB 665.259 billion (approximately US $97 billion) and continued to 
top the list of Internet retailing category. Adhering to the enterprise mission 
of "Leading the Ecosystem across Industries by Creating Elite Quality of Life 
for All", Suning has strengthened and expanded its core business as retail 
through a corporate ecosystem comprised by multiple vertical industries, 
including commercial real estate, financial services and sports., 
the main subsidiary pioneering in online and offline retailing, has been listed 
in the Fortune Global 500 for four successive years from 2017 to 2020.

SOURCE: Suning Holdings Group