Core Viewpoint - Central Department Store is facing significant operational challenges, including a rental arbitration dispute and continuous financial losses over the past three years, which have led to a decline in revenue and net profit [2][7][12]. Financial Performance - In the first half of 2025, the company reported a revenue of 1.168 billion yuan, a year-on-year decrease of 11.96% [7][9]. - The net profit attributable to shareholders turned from a profit of 9.53 million yuan in the previous year to a loss of 8.77 million yuan, representing a decline of 191.95% [7][9]. - The total assets decreased by 2.35% compared to the previous year, while the net assets attributable to shareholders fell by 4.42% [9]. Rental Dispute - The arbitration notice received by the company involves a rental dispute with Xuzhou Heruihua Property Management Co., claiming unpaid rent totaling 51.995 million yuan [2][4]. - The rental agreement, signed in September 2018, stipulated a 20-year lease with quarterly payments, which the company failed to meet [4][5]. - The applicant has requested immediate payment of the outstanding amount and has retained the right to claim a 15% annual late fee [4]. Operational Challenges - The company has experienced a continuous decline in revenue, with significant drops in sales across various regions, including Jiangsu, Henan, and Shandong, with year-on-year decreases of 14.04%, 13.80%, and 11.39%, respectively [10]. - The decline in performance is attributed to reduced consumer spending in traditional retail channels and decreased revenue from the real estate sector [7][9]. Market Position - Central Department Store has a long history, established in 1936, and has expanded its operations significantly across multiple provinces [5]. - Despite its historical significance and market presence, the company is struggling to maintain profitability and market stability [12].

Core Viewpoint - The company, Nanjing Central Plaza (Group) Co., Ltd., has received an arbitration notice from the Xuzhou Arbitration Commission regarding a rental contract dispute, with a total claim amount of 51,995,000.00 yuan [1][4]. Arbitration Details - The arbitration is initiated by Xuzhou Heruihua Property Asset Management Co., Ltd. against the company, which is the respondent in this case [1]. - The arbitration concerns a rental agreement for properties located at No. 125, Datong Street, Xuzhou, with a lease term of 20 years [1]. - The rental payment structure is based on a "pay first, use later" model, with quarterly payments due by the 18th of the month preceding the rental period [2]. Financial Implications - As of now, the company has outstanding rental payments totaling 51,995,000.00 yuan, with specific amounts owed for different periods outlined [3][4]. - The company has made partial payments, with a total of 19,717,000.00 yuan paid against the owed amount for the period from December 18, 2022, to June 17, 2023 [3]. - The arbitration may lead to additional financial liabilities, including a potential late fee of 15% on the overdue rent, although the exact amount cannot be determined at this time [3][4]. Company Responsibilities - The company is committed to fulfilling its information disclosure obligations in accordance with relevant laws and regulations [4]. - The company urges investors to carefully consider the disclosed information and make informed investment decisions [1][4].

股票简称：中央商场 股票代码：600280 编号：临 2025-035 南京中央商场（集团）股份有限公司 关于收到徐州仲裁委员会仲裁通知书的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 本次仲裁为租赁合同纠纷，本次案件尚未正式开庭审理，且租赁款项对 公司利润影响暂不确定。 公司提请广大投资者仔细阅读本公告披露的风险提示内容，理性决策， 审慎投资，注意投资风险。 南京中央商场（集团）股份有限公司（以下简称"公司"）与徐州和瑞华物 业资产经营管理有限公司（以下简称"徐州和瑞华"）因租赁合同纠纷一案，被 徐州和瑞华提起仲裁申请，公司于 2025 年 9 月 4 日收到徐州仲裁委员会送达的 仲裁材料，仲裁相关情况如下： 一、本次仲裁的基本情况 仲裁机构名称：徐州仲裁委员会 仲裁机构所在地：江苏省徐州市泉山区 申请人：徐州和瑞华物业资产经营管理有限公司 法定代表人：周全 住所地：徐州市贾汪区紫庄镇紫霞商业街 被申请人：南京中央商场（集团）股份有限公司 法定代表人：祝珺 住所地：南京市秦淮区中山南路 79 号 ...

Core Viewpoint - The company has provided a guarantee of 89 million yuan for its subsidiary, JiuRong YuRun Central Shopping Plaza Co., Ltd, to support its operational financing needs, which is within the approved limit from previous shareholder meetings [2][3]. Group 1: Guarantee Details - The maximum guarantee amount approved for JiuRong YuRun is 250 million yuan, with a duration of ten years, allowing for revolving use within this limit [2]. - The company has provided a guarantee for a syndicated loan of 89 million yuan from several rural commercial banks in Jiangsu [2][5]. - The guarantee is structured as a joint liability guarantee, with the final term to be determined by the relevant agreements [5]. Group 2: Necessity and Reasonableness of the Guarantee - The company believes that providing guarantees for its subsidiaries is beneficial for creating a resource-sharing financing platform, supporting the operational and developmental needs of the subsidiary [6][7]. - The risks associated with this guarantee are considered controllable and will not adversely affect the company [6][7]. Group 3: Cumulative Guarantee Situation - As of August 31, 2025, the company has cumulative external guarantees amounting to 1.7047599 billion yuan, which represents 71.25% of the latest audited net assets [8]. - Of this total, 1.7042099 billion yuan is for guarantees provided to subsidiaries, while the subsidiaries have provided guarantees totaling 55,000 yuan [8]. - The company has a cumulative overdue guarantee amount of 55,000 yuan, related to a guarantee provided by a subsidiary prior to the acquisition of its shares [8].

证券代码：600280 证券简称：中央商场 公告编号：2025-034 南京中央商场（集团）股份有限公司 关于为控股子公司提供担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 | | 被担保人名称 | | | 句容雨润中央购物广场有限公司 | | --- | --- | --- | --- | --- | | | 本次担保金额 | 8,900 | 万元 | | | 担保对象 | 实际为其提供的担保余额 | 16,100 | 万元 | | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | 本次担保是否有反担保 | 是 | 否 | □不适用：_________ | 累计担保情况 | 对外担保逾期的累计金额（万元） | 55 | | --- | --- | | 截至本公告日上市公司及其控股子公 | 170,475.99 | | 司对外担保总额（万元） | | | 对外担保总额占母公司最近一期经审 计净资产的比例（%） | 71.25 ...

Core Viewpoint - The recent financial report of Central Mall (600280) indicates a significant decline in revenue and net profit, highlighting increased short-term debt pressure and a concerning liquidity ratio [1][3]. Financial Performance - Total revenue for the first half of 2025 was 1.168 billion yuan, a year-on-year decrease of 11.96% compared to 1.326 billion yuan in 2024 [1]. - The net profit attributable to shareholders was -8.7674 million yuan, reflecting a year-on-year decline of 191.95% from a profit of 9.5345 million yuan in 2024 [1]. - The gross margin improved slightly to 51.53%, up 1.89% from 50.57% in the previous year, while the net margin turned negative at -0.8%, a decrease of 256.77% [1]. - Total expenses (selling, administrative, and financial) amounted to 543 million yuan, accounting for 46.54% of revenue, which is an increase of 12.18% year-on-year [1]. Cash Flow and Debt Situation - The company reported a current ratio of 0.54, indicating potential liquidity issues [1][3]. - Cash flow per share increased by 80.43% to 0.14 yuan, compared to 0.08 yuan in the previous year [1]. - The company’s cash and cash equivalents were reported at 443 million yuan, a year-on-year increase of 30.53% [1]. Return on Investment - The company's Return on Invested Capital (ROIC) was 1.84%, indicating weak capital returns, with a historical median ROIC of 2.9% over the past decade [3]. - The net profit margin for the previous year was -6.61%, suggesting low added value in products or services [3]. Debt and Financial Health - The interest-bearing debt ratio reached 54.81%, with total interest-bearing liabilities amounting to 5.991 billion yuan, a 2.21% increase from the previous year [1][3]. - The ratio of financial expenses to the average operating cash flow over the past three years was 71.68%, indicating high financial costs relative to cash flow [3]. - Inventory levels were reported at 180.15% of revenue, raising concerns about inventory management [3].

Core Points - The company will hold a shareholder meeting on September 19, 2025, with provisions for both on-site and online voting [1][2] - The meeting aims to revise the company's articles of association and related rules, including the abolition of the supervisory board [4][6] - The company emphasizes the importance of maintaining order and protecting the rights of all shareholders during the meeting [2][3] Voting and Participation - Shareholders can vote online through the Shanghai Stock Exchange system during specified trading hours on the day of the meeting [1][3] - The record date for shareholders eligible to vote is September 15, 2025 [1] - Only authorized personnel, including shareholders, directors, supervisors, and invited guests, will be allowed to attend the meeting in person [2][3] Meeting Procedures - Shareholders wishing to speak must do so with the host's permission, and their comments should be limited to the agenda items [3] - Voting will be conducted by selecting "agree," "disagree," or "abstain" for each proposal, with multiple selections deemed invalid [3][4] - The company will maintain confidentiality regarding voting results until officially announced [4] Proposed Amendments - The proposal includes the removal of the supervisory board, with its functions transferred to the audit committee of the board of directors [4][6] - Amendments to the articles of association will also clarify the roles of the chairman and president as legal representatives of the company [6][7] - The company will ensure that all shareholders are informed of the proposed changes and their implications [4][6] Shareholder Rights and Obligations - Shareholders have the right to participate in the meeting, vote, and raise questions regarding the company's operations [2][3] - The company will enforce rules to prevent any shareholder from disrupting the meeting or infringing on the rights of others [2][3] - Shareholders must comply with legal and regulatory obligations, including timely reporting of share pledges [14][41]

Core Insights - Central Plaza (600280.SH) released its semi-annual report for 2025, indicating a total of 169 million shares held by institutional investors, representing 14.97% of the company's total share capital [1] - The institutional holding ratio increased by 0.21 percentage points compared to the previous quarter [1] - One new foreign institutional investor, BARCLAYS BANK PLC, disclosed its holdings during this period [1] Institutional Holdings - As of August 26, 2025, there are two institutional investors holding shares in Central Plaza, with a combined holding of 169 million shares [1] - The total institutional holding ratio stands at 14.97%, reflecting a slight increase from the last quarter [1] Foreign Investment - The report highlights the entry of one new foreign institutional investor, BARCLAYS BANK PLC, which has disclosed its holdings in the company [1]

Group 1 - The company reported a revenue of 1.168 billion yuan for the first half of 2025, representing a year-on-year decrease of 11.96% [1] - The net profit attributable to shareholders of the listed company was -8.7674 million yuan, a year-on-year decline of 191.95% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -6.7225 million yuan, down 153.10% year-on-year [1] - The basic earnings per share were -0.008 yuan [1]

Company Overview - Central Plaza (SH 600280) announced the convening of its 10th Board of Directors meeting on August 25, 2025, to discuss the proposal for the reappointment of the accounting firm [1] - As of the report, Central Plaza has a market capitalization of 4 billion yuan [1] Revenue Composition - For the year 2024, Central Plaza's revenue composition is as follows: 88.32% from department stores, 10.54% from real estate, and 1.14% from tourism services [1]