Core Insights - New World, established in November 1996 and listed on the Shanghai Stock Exchange in January 1993, is a well-known commercial enterprise in Shanghai, primarily engaged in department store and healthcare businesses, benefiting from brand and location advantages [1] Financial Performance - In Q3 2025, New World reported revenue of 791 million yuan, ranking 13th out of 22 in the industry, significantly lower than the top competitor Tianhong's 8.88 billion yuan and second-place Wangfujing's 7.71 billion yuan, as well as below the industry average of 1.87 billion yuan and median of 1.07 billion yuan [2] - The revenue breakdown shows that the healthcare sector contributed 266 million yuan (50.32%), commercial operations contributed 118 million yuan (22.40%), hotel services contributed 96.25 million yuan (18.23%), and other sectors contributed 36.22 million yuan (6.86%) [2] - The net profit for the same period was 64.28 million yuan, ranking 9th in the industry, with the top performer Hangzhou Jiebei earning 316 million yuan and the second East Hundred Group earning 162 million yuan, both exceeding the industry average of 39.28 million yuan and median of 53.55 million yuan [2] Financial Ratios - As of Q3 2025, New World's debt-to-asset ratio was 25.04%, up from 24.42% year-on-year, which is significantly lower than the industry average of 48.09%, indicating strong debt repayment capability [3] - The gross profit margin for the same period was 42.70%, an increase from 41.18% year-on-year, but still slightly below the industry average of 45.34% [3] Management Compensation - The total compensation for General Manager Shen Weimin was 922,500 yuan, reflecting an increase of 36,000 yuan year-on-year [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 9.22% to 43,200, while the average number of circulating A-shares held per account increased by 10.15% to 15,000 [5] - Among the top ten circulating shareholders, the CSI Shanghai State-owned Enterprise ETF ranked as the ninth largest, holding 4.6278 million shares, a decrease of 595,000 shares from the previous period [5]

Core Viewpoint - New World (600628.SH) reported a decline in revenue and net profit for the first three quarters of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company achieved a revenue of 791 million yuan, representing a year-on-year decrease of 1.90% [1] - The net profit attributable to shareholders was 64.48 million yuan, down 1.46% year-on-year [1] - The net profit after deducting non-recurring items was 40.68 million yuan, reflecting a significant decline of 23.55% compared to the previous year [1] - Basic earnings per share stood at 0.10 yuan [1]

根据《上海证券交易所上市公司自律监管指引第 3 号—行业信息披露》附件《第四号 —零售》、《关于做好主板上市公司 2025 年第三季度报告披露工作的重要提醒》等有关规定 的要求，上海新世界股份有限公司（以下简称"公司"）现将 2025 年第三季度主要经营数 据披露如下： | 业态 | 经营模式 | 2025 年 7-9 | 月（单位：万元） | | 2024 年 7-9 | 月（单位：万元） | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 营业收入 | 营业成本 | 毛利率% | 营业收入 | 营业成本 | 毛利率% | | 百货商场 | 联营销售 | 5,355 | 2,613 | 51.20 | 6,505 | 3,065 | 52.88 | | | 自营销售 | 188 | 155 | 17.55 | 243 | 194 | 20.16 | | 医药销售 | 联营销售 | 74 | 5 | 93.24 | 85 | 19 | 77.65 | | | 自营销售 | 5,683 | 2,927 | 48.50 | 4,573 | 2,5 ...

Financial Performance - Total revenue for Q3 2025 was CNY 263,403,980.88, a decrease of 1.13% compared to the same period last year[5] - Net profit attributable to shareholders was CNY 19,009,552.75, reflecting a slight increase of 0.60% year-on-year[5] - The net profit after deducting non-recurring gains and losses decreased by 17.66% to CNY 13,256,996.68[5] - Total operating revenue for the first three quarters of 2025 was CNY 791,459,183.99, a decrease of 1.6% compared to CNY 806,810,686.48 in the same period of 2024[14] - Net profit for the first three quarters of 2025 was CNY 64,280,826.93, slightly down from CNY 64,790,469.22 in 2024, indicating stable profitability[14] - Operating profit for the first three quarters of 2025 was CNY 67,426,730.23, compared to CNY 78,895,531.88 in 2024, reflecting a need for operational efficiency improvements[14] - The company’s other comprehensive income showed a loss of CNY 1,405,833.24, contrasting with a gain of CNY 1,144,046.00 in the previous year, highlighting volatility in financial performance[14] - Basic and diluted earnings per share remained stable at CNY 0.10 for both 2025 and 2024, reflecting consistent earnings performance[14] Assets and Liabilities - Total assets at the end of the reporting period were CNY 5,667,256,799.50, down 1.23% from the end of the previous year[5] - The company reported a total liability of CNY 1,419,341,371.02, a decrease from CNY 1,526,214,457.61 in the previous year, showing improved financial health[13] - The total equity attributable to shareholders increased to CNY 4,247,324,000.77 from CNY 4,210,310,649.49, indicating growth in shareholder value[13] - The total liabilities and equity amounted to CNY 5,667,256,799.50, down from CNY 5,738,064,887.48, indicating a reduction in overall financial obligations[13] Cash Flow - Cash flow from operating activities for the year-to-date was CNY 92,977,844.61, a decrease of 19.79% compared to the same period last year[5] - In the first three quarters of 2025, the net cash flow from operating activities was ¥92,977,844.61, a decrease of 20% compared to ¥115,913,453.14 in the same period of 2024[16] - Total cash inflow from operating activities was ¥1,025,706,577.39, down from ¥1,085,072,874.60 in 2024, reflecting a decline of approximately 5.5%[16] - Cash outflow from operating activities totaled ¥932,728,732.78, compared to ¥969,159,421.46 in 2024, indicating a reduction of about 3.7%[16] - Cash inflow from investment activities reached ¥3,017,963,810.30, an increase from ¥2,908,079,968.64 in 2024, representing a growth of approximately 3.8%[16] - The net cash flow from investment activities was ¥61,697,609.02, significantly lower than ¥242,593,506.69 in the previous year, marking a decline of about 74.5%[16] - Cash inflow from financing activities was ¥477,500,000.00, down from ¥656,250,000.00 in 2024, reflecting a decrease of approximately 27.3%[16] - The net cash flow from financing activities was -¥59,855,852.55, compared to -¥38,286,703.33 in 2024, indicating a worsening of about 56.5%[16] - The ending balance of cash and cash equivalents was ¥1,454,105,853.09, slightly up from ¥1,442,519,035.37 in 2024[16] Shareholder Information - The total number of common shareholders at the end of the reporting period is 43,175[10] - The largest shareholder, Shanghai Huangpu District State-owned Assets Supervision and Administration Commission, holds 20.73% of shares, totaling 134,074,446 shares[10] - The company has a total of 10 major shareholders, with the top three holding a combined 41.47% of shares[10] - The company has not reported any significant changes in shareholder participation in margin trading or securities lending[10] Investment and Construction - The company reported a significant increase of 454.77% in non-operating income due to higher government subsidies compared to the previous year[9] - The company experienced a 100% increase in asset disposal income due to auction income from scrapped assets[9] - The company noted a 71.07% increase in construction in progress due to the expansion of its traditional Chinese medicine production base[7] Current Assets - The company's total current assets as of September 30, 2025, amount to ¥2,344,718,706.66, a decrease from ¥2,408,366,340.26 at the end of 2024[12] - Cash and cash equivalents increased to ¥1,486,093,955.54 from ¥1,378,780,862.67 year-over-year[12] - The company's total assets as of September 30, 2025, are ¥5,667,256,799.50, down from ¥5,738,064,887.48 at the end of 2024[12] - The inventory decreased to ¥160,066,182.17 from ¥195,495,351.20 year-over-year[12] - The long-term equity investment remains stable at ¥23,066,279.33[12] - The total non-current assets as of September 30, 2025, are ¥3,322,538,092.84, slightly down from ¥3,329,698,547.22 at the end of 2024[12]

Core Insights - The company reported third-quarter revenue of 263 million, a year-on-year decrease of 1.13% [1] - Net profit for the third quarter was 19.01 million, reflecting a year-on-year increase of 0.60% [1] - For the first three quarters, total revenue reached 791 million, down 1.90% year-on-year [1] - Net profit for the first three quarters was 64.48 million, showing a year-on-year decline of 1.46% [1] Financial Performance - Third-quarter revenue: 263 million, down 1.13% year-on-year [1] - Third-quarter net profit: 19.01 million, up 0.60% year-on-year [1] - Year-to-date revenue (first three quarters): 791 million, down 1.90% year-on-year [1] - Year-to-date net profit (first three quarters): 64.48 million, down 1.46% year-on-year [1]

Core Viewpoint - The article highlights the inspiring journey of Jiang Yue, a 28-year-old disabled artisan from Sichuan, who has successfully mastered the traditional craft of making plush flowers despite her physical challenges, showcasing the potential for disabled individuals to thrive in creative industries through innovation and support [1][2][3]. Group 1: Individual Achievement - Jiang Yue, who lost her left hand in an accident, has become a skilled craftsman in plush flower making, overcoming significant challenges through determination and innovation [1][2]. - She modified traditional tools to better suit her needs, creating a parallel structure for the combing frame to facilitate single-handed operation [2]. - Jiang Yue's creations, including hairpins inspired by local culture, have gained popularity, making her the top seller of plush flowers at the Qingrong Creative Base [5]. Group 2: Support and Development - The Qingrong Creative Base, established in 2019, employs a "intangible cultural heritage + cultural creativity" model to assist disabled individuals in entrepreneurship and employment through skills training and product development [5]. - The base has provided skills training to over 2,000 disabled individuals, with more than 200 beneficiaries seeing an average monthly income increase of 2,000 to 8,000 yuan [5]. - National and local support for disabled individuals has increased, allowing them to engage positively with society and pursue their passions [3].

Core Viewpoint - A 156.47-carat diamond, the largest lab-grown diamond in the world, has been successfully cultivated in Henan, China, marking a significant milestone in the diamond industry and indicating the onset of a new era for diamond applications [1] Group 1: Diamond Industry - The diamond, cultivated by Power Diamond using high-pressure high-temperature methods, has been certified by the International Gemological Institute (IGI) as the largest known single crystal lab-grown diamond, surpassing the previous record of 150.42 carats set by Meylor Global in 2022 [1] - This technological breakthrough is expected to enhance the quality and application range of lab-grown diamonds, thereby driving the growth of the entire lab-grown diamond industry [1] Group 2: Semiconductor Applications - The increasing integration of chips due to advancements in 5G, 6G, AI, and quantum computing has led to higher thermal density, making heat dissipation a critical issue for chip performance [1] - Diamonds possess thermal conductivity five times that of copper and over ten times that of silicon, positioning them as the ideal material for heat dissipation in semiconductor applications [1] Group 3: Capital Market Impact - The breakthrough in diamond cultivation technology is anticipated to benefit not only the semiconductor materials sector but also the high-end manufacturing equipment sector, as the advancement in lab-grown diamond technology requires precision manufacturing equipment [1] - Related companies in both the lab-grown diamond industry and high-end manufacturing equipment sectors are expected to experience growth opportunities due to market expansion driven by technological progress [1]

Core Viewpoint - New World Development (00017.HK) clarifies that it is not undertaking any debt management projects for its perpetual securities and has not received any equity financing proposals from investors [1] Group 1 - The company is aware of media reports regarding potential debt management projects related to its perpetual securities [1] - The company confirms that it is not engaged in any debt management projects for its perpetual or other debt securities [1] - The company has not received any suggestions for equity financing from investors [1]

Core Viewpoint - New World Development (00017) clarifies that it is not engaged in any debt management projects for its perpetual securities and has not received any equity financing proposals from investors [1] Group 1 - The company is aware of media reports regarding potential debt management projects related to its perpetual securities [1] - The company explicitly states that it is not undertaking any debt management initiatives for its perpetual and other debt securities [1] - The company has not received any suggestions for equity financing from investors [1]

Core Viewpoint - New World Development (00017) clarifies that it is not undertaking any debt management projects for its perpetual securities and has not received any equity financing proposals from investors [1] Group 1 - The company is aware of media reports regarding potential debt management projects related to its perpetual securities [1] - The company confirms that it is not engaged in any debt management initiatives for its perpetual and other debt securities [1] - The company has not received any suggestions for equity financing from investors [1]