大商股份分析师会议 调研日期：2025年09月12日 调研行业：商业百货 参与调研的机构：投资者等 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜的集团 | ...

2025年上半年，大商股份净利润虽然出现下滑，但是毛利率却维持高位。对此，大商股份介绍，毛利率 维持高位主要得益于公司主动优化商品结构，汰换低销低效品牌占比，加大户外、珠宝等高毛利品类的 自营力度，提升了相关品类销售占比，成功的对冲了部分营收下滑影响。后续公司会持续优化商品品 类，深化与供应商合作降低采购成本，严格把控成本费用端，有信心维持较高毛利率水平。 大商股份(600694)9月12日召开2025年半年度业绩说明会，针对2025年半年度的经营成果及财务指标的 具体情况，公司管理层主要成员与投资者进行互动交流和沟通。 大商股份以百货连锁、超市连锁、电器连锁为核心的三大主力业态，与旗下大商天狗网、大商高端酒店 及大商地产等多元化业务相互融合，构筑起独具特色的立体商业发展格局。公司通过并购整合和自主开 发，创造出现代高档百货麦凯乐、大型综合购物中心新玛特、时尚流行百货千盛等一系列特色商号，现 旗下百余家实体店铺，分布在辽宁、黑龙江、河南和山东等地区的核心商圈。公司已成为中国最大的零 售业集团之一，大中型百货店铺数量、已进入城市数量以及销售规模、盈利能力均居于行业领先地位。 2025年上半年公司实现营业收入34 ...

大商股份以百货连锁、超市连锁、电器连锁为核心的三大主力业态，与旗下大商天狗网、大商高端酒店 及大商地产等多元化业务相互融合，构筑起独具特色的立体商业发展格局。公司通过并购整合和自主开 发，创造出现代高档百货麦凯乐、大型综合购物中心新玛特、时尚流行百货千盛等一系列特色商号，现 旗下百余家实体店铺，分布在辽宁、黑龙江、河南和山东等地区的核心商圈。公司已成为中国最大的零 售业集团之一，大中型百货店铺数量、已进入城市数量以及销售规模、盈利能力均居于行业领先地位。 大商股份（600694）9月12日召开2025年半年度业绩说明会，针对2025年半年度的经营成果及财务指标 的具体情况，公司管理层主要成员与投资者进行互动交流和沟通。 2025年上半年，大商股份净利润虽然出现下滑，但是毛利率却维持高位。对此，大商股份介绍，毛利率 维持高位主要得益于公司主动优化商品结构，汰换低销低效品牌占比，加大户外、珠宝等高毛利品类的 自营力度，提升了相关品类销售占比，成功的对冲了部分营收下滑影响。后续公司会持续优化商品品 类，深化与供应商合作降低采购成本，严格把控成本费用端，有信心维持较高毛利率水平。 大商股份认为，与同行相比，公司的优势 ...

Core Viewpoint - Dashiang Co., Ltd. (stock code: 600694) announced plans to hold a semi-annual performance briefing on September 12, 2025 [1] Company Summary - The company is preparing for a performance explanation meeting scheduled for September 12, 2025 [1]

Group 1 - The company will hold a half-year performance briefing on September 12, 2025, from 09:00 to 10:00 AM [1][2] - The briefing will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [2][3] - Key personnel attending the briefing include the Chairman and CEO, the Vice Chairman and CFO, the Secretary of the Board, and an Independent Director [2] Group 2 - Investors can submit questions for the briefing from September 5 to September 11, 2025, by logging into the Shanghai Stock Exchange Roadshow Center or via the company's email [3] - After the briefing, investors can access the main content and details of the event through the Shanghai Stock Exchange Roadshow Center [3]

证券代码：600694 证券简称：大商股份 公告编号：2025-040 大商股份有限公司 重要内容提示： 大商股份有限公司（以下简称"公司"）已于 2025 年 8 月 27 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度经营成 果、财务状况，公司计划于 2025 年 9 月 12 日 上午 09:00-10:00 举行 2025 年 半年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年半年度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 （一） 会议召开时间：2025 年 9 月 12 日 上午 09:00-10:00 会议召开时间：2025 年 9 月 12 日（星期五） 上午 09:00-10:00 会议召开地点：上海证券交易所上证路演中心 （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 9 月 5 日（ ...

Group 1 - The "national team" has appeared in the shareholder lists of over 190 listed companies, with a total market value exceeding 100 billion yuan as of August 29 [2] - Key sectors for the "national team" include finance, real estate, energy, materials, and pharmaceuticals, indicating a significant adjustment in the holding structure within these sectors [2] - Central Huijin has newly invested in Dalian Dashang Group, while the China Securities Finance Corporation (CSF) has reduced its holdings in several companies including Greenland Holdings and Haier [3][5] Group 2 - The top four holdings of Central Huijin, each exceeding 10 billion yuan in market value, are CITIC Securities, New China Life Insurance, Ping An Insurance, and Kweichow Moutai [3] - CSF's major reductions include approximately 46.81 million shares in Greenland Holdings and 30.37 million shares in Jinyu Group [5][6] - The Social Security Fund has significantly increased its holdings in companies such as Sanan Optoelectronics and China Life Insurance, with increases of 80.01 million shares and 52.12 million shares respectively [7] Group 3 - The "national team" typically selects companies with stable fundamentals and reasonable valuations, providing a reference for ordinary investors to identify long-term investment opportunities [4] - The actions of the "national team" can signal policy intentions, such as increasing holdings during market lows to convey stability [4][8] - Understanding the "national team's" holdings can help investors capture long-term investment themes driven by macro policies like industrial upgrades and financial reforms [8]

Group 1: Snow Peak Technology (603227) - The company is positioned as a leader in the civil explosives and chemical industry in Xinjiang, with a dual business layout of "civil explosives + chemicals" [10][12] - Revenue forecasts for 2025-2027 are projected at 6.582 billion, 7.665 billion, and 8.613 billion yuan, with corresponding net profits of 545 million, 820 million, and 1.035 billion yuan, indicating growth rates of -19%, 51%, and 26% respectively [12] - The company benefits from a significant regional advantage in Xinjiang, where the scarcity of ammonium nitrate is highlighted, and the entry of Guangdong Hongda is expected to facilitate the scale-up of explosives production [12] Group 2: Meituan (03690) - The company maintains a "buy" rating despite a decrease in profits due to increased competition in the food delivery and instant retail sectors, with adjusted net profits for 2025-2027 revised to -4.5 billion, 38.5 billion, and 57.6 billion yuan [11][15] - The core local business revenue grew by 7.7% year-on-year to 65.3 billion yuan, but operating profit fell by 75.6% to 3.7 billion yuan, indicating significant pressure on profit margins [13][15] - The company is actively expanding its logistics network and enhancing service quality, with a peak daily order volume exceeding 150 million in July [13][15] Group 3: Banking Sector Insights - Industrial Bank (601166) reported a revenue of 110.5 billion yuan in 1H25, a decrease of 2.3%, but net profit increased by 0.2% to 43.1 billion yuan, indicating a recovery in profitability [17][19] - CITIC Bank (601998) achieved a revenue of 105.8 billion yuan in 1H25, down 3%, while net profit rose by 2.8% to 36.5 billion yuan, reflecting stable asset quality [21][23] - Su Nong Bank (603323) reported a slight revenue increase of 0.2% to 2.28 billion yuan in 1H25, with net profit growing by 5.2% to 1.18 billion yuan, showcasing a robust fundamental performance [25][26]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6]. Core Views - The company's performance in the first half of 2025 showed a revenue of 3.416 billion yuan, a year-on-year decline of 6.89%, primarily due to intense competition in the consumer market and the impact of store restructuring [6]. - The company is focusing on long-term growth through store renovations and brand optimization strategies, which are expected to enhance sales and customer experience [6]. - The company has signed strategic partnerships with over 20 leading brands to accelerate store expansion, with plans to open 143 new stores in the second half of the year, projected to generate over 1 billion yuan in revenue [6]. Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 7.216 billion yuan, with a year-on-year growth rate of 3.8% [5]. - The net profit attributable to the parent company is projected to be 618 million yuan for 2025, reflecting a growth rate of 5.4% [5]. - The company’s gross margin is expected to be 39.8% in 2025, with a return on equity (ROE) of 6.8% [5]. - The company’s net profit margin for the first half of 2025 was 11.23%, down 0.87% year-on-year [6].

Group 1 - The general retail sector increased by 0.05% on August 28, with agricultural products leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] - Notable gainers in the general retail sector included agricultural products, which rose by 10.05% to a closing price of 8.43 [1] Group 2 - The general retail sector experienced a net outflow of 1.121 billion yuan from major funds, while retail investors saw a net inflow of 748 million yuan [2] - Key stocks that faced declines included Zhejiang Dongri, which fell by 7.71% to a closing price of 56.48 [2] - The trading volume for the general retail sector showed significant activity, with various stocks reporting millions in transaction amounts [2]