Summary of Conference Call Notes Company and Industry Overview - The conference call focused on D商股份 (D商 Co., Ltd.), a retail company operating department stores and supermarkets in Shenyang and Dalian, China. The discussion included insights from grassroots research and communication with management and industry experts [1][4][14]. Key Points and Arguments 1. **Current State of D商股份's Properties**: - The properties in Shenyang and Dalian are located in core areas with relatively good customer traffic, but they are aging and have structural issues due to prolonged operation [2][3]. - There is a notable vacancy rate in some department stores, indicating operational and leasing challenges [3]. 2. **Need for Transformation**: - The retail landscape in China is shifting, with department stores experiencing a decline (beta down) while shopping centers are on the rise (beta up) [4][5]. - D商股份 must adapt to the trend of younger, experience-oriented shopping environments to maintain customer attraction and profitability [5][6]. 3. **Management and Operational Challenges**: - The current management structure has made it difficult to implement necessary changes at the store level, affecting performance metrics [7]. - There is a need for a cohesive strategy from top management to ensure effective transformation without sacrificing profitability [8]. 4. **Role of New Leadership**: - The new chairman, 陈德利 (Chen Deli), is expected to play a crucial role in revitalizing the company by enhancing brand attraction, improving management systems, and planning comprehensive store renovations [9][10]. 5. **Renovation Strategy**: - The renovation efforts will focus on underperforming stores, with plans to reduce SKU counts in supermarkets and enhance product offerings to attract younger consumers [10][11]. - The goal is to increase profitability through improved product selection, store layout, and customer experience [12][24]. 6. **Financial Performance and Projections**: - The current net profit margin for D商股份's supermarkets is around 12%, with expectations for further improvement post-renovation [22][11]. - The company aims to complete renovations for several stores by May, targeting a significant reduction in losses from currently underperforming locations [11][12]. 7. **Market Position and Competitive Landscape**: - D商股份 faces intense competition, particularly in Shenyang, which necessitates a strategic overhaul to remain viable [3][4]. - The company has a strong geographical advantage but must leverage it effectively against emerging shopping center formats [5][6]. Additional Important Insights - The renovation plans include enhancing the shopping experience through better product displays, increased self-operated products, and a focus on fresh and baked goods to attract younger demographics [10][24]. - The management acknowledges the importance of adapting to consumer preferences and market trends to ensure long-term sustainability and growth [8][9]. - The call highlighted the need for a clear and actionable plan to address the current challenges while maintaining a focus on profitability and market relevance [13][14]. This summary encapsulates the critical insights and strategic directions discussed during the conference call regarding D商股份 and the broader retail industry context.

Summary of Dashiang Co. Conference Call Company Overview - Dashiang Co. operates department stores and supermarkets, facing challenges such as aging infrastructure, outdated brand positioning, and high vacancy rates in some locations, particularly in competitive areas like Shenyang [2][3] Key Points and Arguments - **Aging Issues**: The company’s department stores and supermarkets are experiencing significant aging issues, including outdated building structures and a lack of diverse business formats, which affects operational and leasing capabilities [2][3] - **Need for Adjustment**: Dashiang Co. must adjust its strategy to address the slowdown in department store growth and the impact of online shopping. This includes brand recruitment, management restructuring, and overall adjustment planning to meet the needs of younger consumers and differentiate from online shopping [2][5] - **New Leadership**: The new chairman, Chen Dejing, aims to find new directions for the supermarket and department store segments while ensuring overall performance growth. The initial focus will be on loss-making stores [2][7] - **Supermarket Strategy**: The supermarket strategy involves reducing SKU counts from 10,000 to 6,000-7,000, creating boutique supermarkets, increasing self-operated products, and enhancing product variety to attract younger consumers. Post-renovation, daily sales per store are expected to double [2][10] - **Department Store Renovation**: The renovation of department stores will focus on loss-making locations through product structure adjustments, experiential upgrades, and improved operational quality to enhance profitability and attractiveness [2][11] Additional Important Insights - **Management Challenges**: Dashiang Co. has faced management challenges due to a focus on investor returns and performance KPIs, which hindered in-depth brand recruitment and adjustments at the store level. A strong leader is needed to streamline management and ensure performance stability during the adjustment process [6][7] - **Market Context**: The retail environment in China is changing significantly, with department store growth slowing and shopping centers becoming saturated. Shopping centers offer better variety, brand operation capabilities, and experiential elements compared to traditional department stores [5] - **Performance Metrics**: The Dalian Qingniwa New Mart supermarket is performing well and is the first to undergo renovation, with an estimated renovation cost of 10 million yuan and a payback period of about one year [4][18] - **Future Direction**: Dashiang Co. is likely to gradually transition its main business model towards a shopping center format, focusing on the needs of middle-aged and young consumers, and increasing the presence of dining and experiential brands [29] Competitive Landscape - **Shenyang New Mart**: Located in a competitive area, it has been experiencing losses due to its older positioning and lack of dining facilities compared to newer shopping centers [13][17] - **Dalian New Mart and Maikele**: Both located in bustling commercial centers, they offer a mix of retail and dining but face challenges such as high vacancy rates in certain areas [15][16] Conclusion Dashiang Co. is at a critical juncture, needing to adapt its business model and operational strategies to remain competitive in a rapidly evolving retail landscape. The focus on younger consumers, enhanced shopping experiences, and effective management will be crucial for future success [2][5][29]

Summary of Dashiang Co., Ltd. Conference Call Company Overview - Dashiang Co., Ltd. is a leading offline retail company in Northeast China, primarily engaged in department stores, supermarkets, and electronics [3][5]. Key Points and Arguments Investment Value - Dashiang is currently undervalued with a PE ratio of 12-13 times for 2024, expecting a net profit of approximately 600 million yuan, a nearly 20% year-on-year increase [3][10]. - For 2025, the net profit is projected to grow by about 10% to over 650 million yuan, corresponding to a PE ratio of less than 12 times. After deducting 3.5 billion yuan in cash, the PE ratio drops to around 6 times [3][10]. - The company's PB ratio is approximately 0.85, indicating a low valuation compared to its net asset value of about 9 billion yuan [3][10]. Management Changes - The recent management change, with Chen Deli as the new general manager, is expected to enhance governance and operational efficiency, acting as a catalyst for positive transformation [4][6]. Business Structure - Dashiang operates primarily in three segments: department stores, supermarkets, and electronics, with department stores being the main profit source [5][8]. - The company owns two major department store brands, Maike and Xinmate, primarily located in Northeast China, contributing to stable overall profitability [5][8]. Competitive Advantage - The competitive landscape in Northeast China is relatively mild, allowing Dashiang to leverage its strong foundation and bargaining power, achieving a commission rate of around 20%, higher than the industry average [5][7]. - Approximately 70% of Dashiang's property is self-owned, with a total retail space of about 3.3 million square meters, of which 1.7 million square meters are self-owned, mainly in department stores [7][8]. Future Development Strategy - Dashiang plans to enhance existing stores and improve management through brand upgrades and the introduction of higher-priced brands to increase revenue and rental levels [9][10]. - The company aims to learn from successful cases to transform underperforming stores, targeting a profit of 650 million yuan in 2025 and over 700 million yuan in 2026 [9][10]. Financial Outlook - Profit forecasts indicate a net profit of nearly 600 million yuan in 2024, 650 million yuan in 2025, and over 700 million yuan in 2026, suggesting strong investment appeal [10][11]. - The historical dividend payout ratio has been around 30%, with a potential dividend yield of 2.5% to 3%, indicating room for future increases in dividends [11]. Overall Investment Evaluation - Dashiang is considered a compelling investment target due to its undervaluation and attractive growth prospects within the retail sector [12].

东北零售龙头迎新帅，优质资产调改或迎重 估新机遇 买入（首次） | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 7277 | 7331 | 6810 | 6543 | 6760 | | 同比（%） | (13.04) | 0.75 | (7.10) | (3.92) | 3.31 | | 归母净利润（百万元） | 549.19 | 505.13 | 591.15 | 650.72 | 702.17 | | 同比（%） | (27.69) | (8.02) | 17.03 | 10.08 | 7.91 | | EPS-最新摊薄（元/股） | 1.75 | 1.61 | 1.89 | 2.08 | 2.24 | | P/E（现价&最新摊薄） | 14.65 | 15.93 | 13.61 | 12.36 | 11.46 | 2025 年 02 月 15 日 证券分析师 吴劲草 执业证书：S0600520090006 wujc@dw ...

大商股份 摘要 Q&A 请简要介绍一下大商股份的基本情况及其主要经营业态。 大商股份的前身是大连商场，成立于 1,937 年，并于 1992 年股改后正式成立大 商股份，1993 年挂牌上市。公司主营业务集中在东北地区，同时布局河北、山 东、新疆及西南部等多个区域。主要经营业态包括百货、超市和家电三大主力 业态。截至 2023 年，公司旗下拥有 107 家门店，贡献了约 73 亿元的收入和 5 亿元的利润。公司还运营线上平台天狗网，并涉足部分地产项目，形成了多元 • 大商股份 2024 年预计营收稳定，利润增长 15%-20%，归母净利润预计达 6- 8.1 亿元。当前市净率小于 1，市盈率 13-10 倍，若延续 56%分红比例， 2024、2025 年股息率约 4%，股价有较大上行空间。 • 零售行业供给侧改革推动大商股份调整业态结构，通过增加产品适配性和 改善服务体验提升客流。计划引入核心招商经理并优化业态组合，进行百 货和超市的调改与升级。 • 新任董事长陈德利具备丰富的商业地产经验，曾参与多个知名商业项目。 预计其深入一线的管理风格和调改经验将助力大商股份实现显著增长，尤 其是在百货与超市的调改方面 ...

大商股份 摘要 Q&A 请介绍一下大商股份的基本情况及其在零售行业中的地位。 大商股份是一家主要从事超市和百货业务的民营控股公司，成立于 1992 年，扎 根于东北地区。通过逐步收购和并购东北、华北、西南地区的商业大厦，公司 建立了广泛的零售网络。大商股份在 1998 年至 2002 年间先后收购了一些东北 百货大楼，并逐步向华北和西南扩展，包括北京、山东、河南等地。目前，公 司已形成了覆盖东北、华北及西南的零售网络。公司的母公司持股比例为 • 大商股份 2024 年前三季度营收 52.88 亿元，同比下降 7%，但归母净利润 5.31 亿元，同比增 18%，受益于关停亏损门店及逐步摆脱疫情影响，营收 企稳，百货业务占比约 35%。 • 零售板块进入困境反转阶段，2024 年为行业大底，2025 年有望迎来调改机 遇。线上零售降温，叠加行业调改趋势，超市和百货预计在 2025 年进行大 规模调整。 • 大商股份关停不良门店，聘任新董事长陈德静，计划调改三个样板门店， 聚焦品牌更换和消费者体验改革。公司资产负债表稳健，PB 仅 0.9 倍，现 金及存货价值高于市值，2023 年股息率超 4%。 • 公司未来发展 ...

上 市 公 司 商贸零售 2025 年 02 月 06 日 大商股份 (600694) ——头部商业集团迎新帅，线下零售步入革新拐点 投资要点： 财务数据及盈利预测 | | 2023 | 2024Q1-3 | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 7,331 | 5,288 | 7,186 | 8,590 | 10,329 | | 同比增长率（%） | 0.8 | -6.8 | -2.0 | 19.5 | 20.2 | | 归母净利润（百万元） | 505 | 531 | 602 | 712 | 813 | | 同比增长率（%） | -8.0 | 18.0 | 19.1 | 18.3 | 14.2 | | 每股收益（元/股） | 1.77 | 1.70 | 1.92 | 2.27 | 2.60 | | 毛利率（%） | 38.8 | 41.3 | 39.4 | 38.1 | 36.9 | | ROE（%） | 6.0 | 6.1 | 6.9 | 7.8 | 8.5 | | 市盈率 | 15 | ...

证券代码：600694 证券简称：大商股份 编号：2024－039 大商股份有限公司 关于高级管理人员薪酬与考核方案的公告 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。 大商股份有限公司（以下简称"公司"）于 2024 年 12 月 30 日召开第十一 届董事会第二十六次会议，审议通过了《关于修订公司高级管理人员薪酬与考核 方案的议案》，现将具体情况公告如下： 为提高大商股份有限公司经营管理水平，促进公司效益增长，结合实际完善 公司高级管理人员薪酬管理，建立有效的激励与约束机制，激发工作积极性与创 造性，确保公司年度各项经营目标的实现，根据《公司章程》等相关规定，制定 本方案。 一、适用范围 本方案适用对象为公司高级管理人员，是指《公司章程》规定的高级管理人 员，包括总经理（首席执行官）、副总经理、财务负责人、董事会秘书等。 二、基本原则 以上管理人员薪酬与考核遵循以下原则： 1、坚持以岗位价值贡献为导向，激励与约束并重，权利与责任对等，利益 与风险共担原则； 2、坚持短期激励与长期激励相结合，个人薪酬与公司利益相结合 ...

证券代码：600694 证券简称：大商股份 编号：2024－038 大商股份有限公司 关于推举董事长的公告 特此公告。 大商股份有限公司董事会 2024年12月24日 陈德力简历：男，1974 年 8 月生，中共党员，西南财经大学工商管理硕士 （EMBA）、法国南特高等商学院工商管理博士（DBA）。曾任新加坡嘉德置地凯 德商用中国西区区域总经理；大连万达商业地产股份有限公司副总裁、万达商业 管理集团有限公司常务副总裁，期间分别兼任营运中心总经理、招商中心总经理、 综合管理中心总经理；新城控股集团股份有限公司（601155）董事兼联席总裁、 新城商业管理集团有限公司总裁；宝龙地产控股有限公司（HK1238）联席总裁、 宝龙商业管理控股有限公司（HK9909）执行董事兼行政总裁。现任大商股份有限 公司第十一届董事会董事长、总经理（CEO)。 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。 根据《公司法》和《公司章程》的有关规定，公司于 2024 年 12 月 23 日召 开第十一届董事会第二十五次会议。审议通过《关于推举公司 ...

上海中联(大连)律师事务所 (原辽宁法大律师事务所) 上海中联(大连)律师事务所 关于大商股份有限公司 2024 年第二次临时股东大会 之 法律意见书 上海中联(大连)律师事务所 (原辽宁法大律师事务所) 上海中联（大连）律师事务所 关于大商股份有限公司 2024年第二次临时股东大会 法律意见书 致:大商股份有限公司 上海中联(大连)律师事务所(下称"本所")接受大商股份有限公司(下 称"大商股份"或"公司"）的委托,根据《中华人民共和国公司法》(下称"《公 司法》"）《中华人民共和国证券法》(下称"《证券法》")《上市公司股东 大会规则》以及《大商股份有限公司章程》(下称"《公司章程》")和《大商 股份有限公司股东大会议事规则》(下称"《股东大会议事规则》")的相关规 定,就大商股份 2024年第二次临时股东大会(下称"本次股东大会")相关事 项进行见证,并出具本法律意见书。 为出具本法律意见书,本所指派李月阳律师、强健律师(下称"本所律师") 承办本次股东大会见证事宜,并审查了大商股份提供的与本次股东大会相关的下 述文件,包括但不限于: (1) 《公司章程》及《股东大会议事规则》 (2) 《大商股份有限公 ...