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Group Profile

Guangzhou General Merchandise Group Limited
Guangzhou General Merchandise Group Limited, reconstructed from the former Guangzhou First Commercial Bureau in June, 1996, is the key state-owned commercial group supported by the Guangzhou government in Guangdong province. Till the end of 2009, the group owned 15,000 employees, with its total assets up to 4.8 billion yuan, its owners' equity 2.283 billion yuan and asset-liability ratio 52.44%. Retail trade, logistics, wholesale agency, specialized market and estate management are major business of the group. Two of its subordinate enterprises have become the leading enterprises in the circulation industry of Guangdong, one of which is Guangzhou GrandBuy Co., Ltd. GrandBuy, the corporate champion, is a listed company (stock code: 002187), ranking among the top 100 retail stores in China and enjoying the honor as national quality & benefit advanced enterprise. GrandBuy owns 20 department stores under the brands of GrandBuy and Xindaxin, with a total trading area of more than 420,000 square meters, and the largest logistics distribution enterprise in South China-Guangzhou Logistics, the first one approved by ISO9000 quality management systems in both China and the world. The group is the largest shareholder of Guangzhou International Commodity Exhibition City which will become the largest modern commodity exhibition center in China combining modern commodity trading, logistics and exhibition with an area of about 4.53 million square meters (6,800 mu). The group also owns specialized markets such as Guangzhou Glasses City, Guangzhou Xingzhiguang Electrical Appliances City and Guangzhou Xingzhiguang Stationery Sports Goods Market. Its brand agencies involving automobiles, household appliances and industrial chemicals also hold an amount of market share in the province even the whole nation.
From the year 2006, the group has enjoyed fast development, with the annual growth of its major business up to 13.59%, the annual total profits rising by 32.97% and the annual retained profits growing by 42.44%. The year 2009 witnessed the best performance of the group since its establishment, with a total sales of 12.872 billion yuan, a year-to-year growth 21.45%, the growth rate was 32% higher than the average retail sales of the social consumption products of the province. In 2008, the group ranked as the 26th among the top 100 commercial enterprises in China, the 3rd in Guangdong province.
The group, with determination to develop, has been making every effort to be a stronger retail business owner. With the policy of "making the business stronger, larger and longer", the group expanded the business of GrandBuy Corporation, the 19-year old key plate of the group, by adding its trading area of more than 200,000 square meters, the total amount of the passing 15 years, in 2006. In 2007, GrandBuy was successfully listed on A share market, the first retail enterprises to do so after the reform of non-tradable shares in China, which built a new platform for its development. GrandBuy proposed the expansion strategy of "further development" reversing the market tendency in the year 2009 to fight against the global financial crisis, and carried it out by signing 6 stores and opening 4 of them within the year, which made a record in the history of retail stores expansion in Guangzhou.
The group aims to perfect its modern service by industrial upgrading. It actively develop modern service, modern logistics, modern trading and modern exhibition according the Development Outline of Pearl River Delta. It also works actively to push forward the project of Guangzhou International Commodity Exhibition City, the key construction project of Guangzhou and one of the new 10 projects of Guangdong, which will build the largest comprehensive wholesale market logistics center in the world. It accelerates the transformation of its modern logistics under the policy of "reconstruction of old towns, old villages and old factories", promotes the reconstruction of its old bases and establishment of large logistics bases, which will build a logistics network all around China centered around Guangzhou. It will build an ever-lasting "commodities fair" with its winning the management right of 150,000 square meters in Liuhua Exhibition Hall of Canton Fair.
The group is promoting its development by accelerating the mutual development of the enterprise and its employees. It built the "five-color" corporate culture at the core of "doing our best" to lead the development of the group. It also promoted the status of the brand in the industry and the whole society by adhering to the strategy of social responsibility, fulfilling social responsibility involving customer responsibility, product responsibility, production safety, environmental protection, partnership responsibility, employee responsibility and public welfare, and taking relevant economic responsibility, legal obligation and moral obligation. For the efforts it made, the group was rewarded by the provincial Party committee and the provincial government with the honor of "Model Unit in Guangdong Province", the only one of the state-owned enterprise in Guangzhou to achieve this, and other titles of honor such as "2009 Annual Enterprise with Outstanding Corporate Culture" and "2009 Leading Enterprise in Reform and Creation in Pearl River Delta".
Xun Zhenying: Chairman, Secretary of the Party committee, General manager
Tel: 83323815 Fax: 83323843
Address: 23 Building, GrandBuy Building, No.12 Xinhu Road, Guangzhou, Guangdong Province, P.R. China.
Post Code: 510030
Email: gzbhjt@21cn.net