Suning.com listed on 2018 Fortune Global 500 with profit growth ranked Top 3 Among Chinese Companies
NANJING, China, July 24, 2018 /PRNewswire/ -- Suning.com, a subsidiary of Suning Holdings Group ("Suning") was listed on 2018 Fortune Global 500 with an annual revenue of USD 27.8 billion, which is the second time the company appeared on the list since 2017. Meanwhile, Suning.com ranked Top 3 regarding profit growth among Chinese companies with a profit increase of 487.8%.
Fortune Global 500 is the most famous and authoritative list to evaluate world's largest companies. Since 2008, the number of listed companies in China has grown considerably, reaching 120 companies and is second only to the United States in terms of quantity. Meanwhile, more listed Chinese companies are playing an important role in leading the global industrial innovation and digital transformation.
As a bellwether of Chinese retail companies, Suning.com started its offline-to-online transformation in 2009 and eventually became a pioneer, achieving equal online and offline retail growth. Suning put forward its Smart Retail Strategy in 2017, which revolves around Smart Sourcing, Smart Selling, Smart Services, Smart Logistics and Smart Types of Business. According to PricewaterhouseCoopers Annual Report, in 2017 the sales volume of Suning.com was RMB 243.3 billion (approximately USD 38.5 billion) with a year-on-year increase of nearly 30%, of which online business accounted for 52%; operating income was RMB 187.9 billion (approximately USD 29.7 billion), up 26.48% year-on-year, which is far beyond the industry average. The first quarter of 2018 saw the success of Suning's Smart Retail with omni-channel sales of RMB 69.3 billion (approximately USD 11 billion), up 46.3% year-on-year.
In addition to the substantial growth of its retail subsidiary, Suning extended its business growth to include logistics and financial services. In 2018, Suning Logistics has collaborated with technology firms to build a smart logistics system in which self-driving trucks, automated vehicles and AGV warehousing seamlessly increase the operation efficiency. In the Financial Services aspect, Suning has focused on four core businesses of intelligent payment, supply chain finance, consumer finance and financial product sales, to strengthen its branding as an O2O fintech enterprise.
"In 2018, Suning's Smart Retail has evolved from concept to implementation and gained rapid development," said Zhang Jindong, Chairman of Suning Holdings Group. "Being a Fortune Global 500 company is not the end of our journey, we will insist on Smart Retail Strategy and bring out better retail experience to customers."
About Suning
Founded in 1990, Suning is one of the leading commercial enterprises in China with two public companies in China and Japan respectively. In 2017, Suning Holdings Group ranked second among the top 500 private-owned enterprises in China with annual sales of 65.7 billion USD (412.95 billion RMB). With the mission of "Leading the Ecosystem across Industries by Creating Elite Quality of Life for All", Suning has strengthened and expanded its core business through eight vertical industries: Suning.com, Logistics, Financial Services, Technology, Real Estate, Media & Entertainment, Sports, and Investment, among which Suning.com was listed on the 2018 list of Fortune Global 500.
For more information see www.suningholdings.com
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