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Suning Posts Semi-Annual Report of 2020: Net Profit Down 108%
COVID-19 and China
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Suning has announced the release of its half-year financial report for 2020.  Data shows that the company’s revenue reached CNY 118.42 billion, a decrease of 12.65% from CNY 135.57 billion in the same period last year; net profit was CNY 167 million, a plunge of 107.79% from CNY 2.14 billion last year.

Among them, online sales achieved CNY 134.80 billion, a year-on-year increase of 20.19%, and the proportion of online sales continued to increase to 69.45%.

The number of newly registered users in the first half of 2020 was 46.83 million. At the same time, the number of active users in June increased by 22.37% year-on-year. The frequency of user repurchase also increased, and user stickiness was further enhanced.

However, the net profits of 2019, the 2020 first-quarter report, and the 2020 mid-year report were CNY 9.84 billion, CNY -551 million, and CNY -167 million, respectively, with year-on-year growth rates of -26.15%, -505.45%, and -107.79%, indicating that it has lost money for three consecutive quarters.

Editor: Luke Sheehan

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