Chinese electronics retailer Suning has published its annual financial report for 2008, which states its net profits increased by 48.09% year-on-year.

The report showed that Suning made revenue of CNY49.897 billion in 2008, a year-on-year increase of 24.27%%; its net profit was CNY2.17 billion, a year-on-year increase of 48.09%.

Suning said though affected by the global financial crisis and the growth of China's home appliances and electronics markets slowed down over the past year, Suning still maintained a stable growth by building of its core competitive power.

According to comprehensive statistics released by Suning, its net profit in the second quarter of 2008 was CNY670 million, the number decreased to about CNY610 million in the third quarter, and it further decreased to CNY468 million in the fourth quarter. This means Suning experienced growth rate decline in two consecutive quarters for the first time since it had been listed.

The company plans to open 200 new chain stores around China in 2009 while making market investigation and site selection in Hong Kong to open its first outlet in this region.