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China Observer
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Comments by "☨St Louis IX opposed paganism, hæresy \x26 debauchery" (@stlouisix3) on "Over 70% Of Chinese Retail Chains Are Suffering Huge Losses, With More Than 500 Stores Closing Down" video.
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📉 China's chain retailers are facing financial difficulties with declining revenue, net losses, and the need for state-owned asset companies to buy shares.
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Many chain retailer brands have revealed net losses prior to extraordinary items in their financial conditions for the first half of this year.
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More than 70% of chain retailers in China experienced a significant year-on-year plunge in net profits before extraordinary items from 2022 onward.
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Major Chinese chain retailers such as Better Life Commercial Chain and RenRenLe have suffered significant decreases in revenue, with debt ratios rising to 81% and 95.94% respectively.
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The decline in revenue and net profit is attributed to decreased consumer purchasing power, popularity of online shopping, and high debt ratios leading to capital strain and insufficient inventory.
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Even Suning, a longstanding giant in the chain retailer industry, had a disappointing performance.
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Over 70% of Chinese Retail Chains Face Huge Losses, Leading to Closure of More Than 500 Stores
📉 Suning, a Chinese retail giant, is facing financial difficulties and declining market value.
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Suning had a net loss of 28.2 billion yuan last year and has been experiencing ordinary net losses for eight consecutive years.
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The company expanded too fast and now has a debt ratio of 90%.
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Suning's profitability has recovered this year, but the takeover of Carrefour China resulted in a loss of 2.1 billion yuan in the first half of the year.
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Suning owes tens of billions of goods payments to small and medium-sized enterprises and has long-term debts of 133.4 billion yuan.
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China's consumer market is declining, with China's total consumer spending only accounting for 38.37% of GDP.
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📉 China's consumption capacity is declining due to a long-term slowdown in consumption, inability of investment to boost GDP growth, slump in trade exports, and increase in household debt.
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Per capita disposable income of urban residents lags behind GDP growth rate, leading to frugal living.
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Every 10 yuan of investment can hardly drive one yuan of GDP growth.
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Shift of the industrial chain leads to factory closures, layoffs, and drop in housing prices.
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Household debt has reached 63.3% of GDP, growing by 354% since Xi Jinping took office.
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Decline in profits of liquor companies and other consumer stocks indicate a downturn in the consumer market.
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🛒 The rise of online shopping and high fees imposed on suppliers and consumers led to the decline of large supermarkets like Carrefour China.
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Large supermarkets in the 1990s thrived on the surface but sacrificed the interests of suppliers and consumers.
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Wholesalers and manufacturers had to pay high fees to sell their goods in large supermarkets.
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Large supermarkets pressured wholesalers to give 3 months credit, while suppliers and consumers bore higher costs.
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The rise of online shopping led to the decline of large supermarkets as consumers preferred to shop online and shelves were left with outdated stocks.
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Carrefour China's performance declined significantly, leading to store closures and negative public opinion.
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📈 Walmart and other large retail companies are experiencing significant growth in China due to the success of the membership model and the increasing acceptance of it by the middle class.
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Walmart's sales in China have grown by 28% in the past three months, reaching $5.3 billion.
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The membership model is being widely accepted in the Chinese market dominated by the middle class, leading other chain commercial companies to consider changing their operations.
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Suning, despite its failure to run Carrefour China well, has been able to survive due to its close relationship with China's political system.
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Large retail companies like Suning have been able to maintain stable operations due to the Chinese government's direct intervention in the retail industry.
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The Chinese government is gradually increasing its control over private enterprises, transforming the private economy into a state-owned one.
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⚠ The economic situation in China is not optimistic, with difficulties in investment, foreign trade, and the real estate market, along with internal and diplomatic concerns.
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The government's economic rescue strategy has yet to be announced.
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Frequent leaks from the People’s Liberation Army Rocket Forces and the absence of the Foreign Minister Qin Gang.
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Printing a large amount of money and over 300 policies to relax the real estate market have not improved China's economic situation.
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Implementing strict pandemic control measures and halting economic activities again may further shock the fragile consumer market.
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The story highlights the interplay between the economy, politics, corporations, and individuals in a world of constant change and complexity.
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