Core Viewpoint - The company plans to enhance its international brand image and diversify its capital operation platform by issuing H-shares and listing on the Hong Kong Stock Exchange [1] Group 1 - The company aims to improve its overseas financing capabilities [1] - The initiative is expected to further strengthen the company's core competitiveness [1] - The board of directors has authorized the management to initiate the preparatory work for the H-share listing [1]

Core Viewpoint - Dashiang Co., Ltd. has experienced a stock price decline of 21.65% year-to-date, with recent trading showing a slight recovery, indicating potential volatility in the retail sector [1][2]. Group 1: Stock Performance - As of November 5, Dashiang's stock price increased by 2.09% to 18.07 CNY per share, with a trading volume of 87.15 million CNY and a turnover rate of 1.42%, resulting in a total market capitalization of 6.284 billion CNY [1]. - The stock has seen a 2.50% increase over the last five trading days, a 1.75% increase over the last 20 days, and a 7.90% decline over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Dashiang reported a revenue of 4.831 billion CNY, a year-on-year decrease of 8.63%, and a net profit attributable to shareholders of 445 million CNY, down 16.22% year-on-year [2]. - Cumulatively, Dashiang has distributed 3.942 billion CNY in dividends since its A-share listing, with 743 million CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of October 20, the number of Dashiang's shareholders increased by 2.80% to 28,100, while the average number of circulating shares per person decreased by 2.73% to 12,260 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 11.6735 million shares, a decrease of 3.9646 million shares from the previous period, while new shareholders include E Fund CSI Dividend ETF and China Merchants CSI Dividend ETF [3].

Summary of Key Points Core Viewpoint - On November 4th, a total of 124 companies announced 129 stock repurchase updates, indicating a significant activity in stock buybacks within the market [1] Group 1: Stock Repurchase Approvals - Two companies had their stock repurchase plans approved by shareholders' meetings, highlighting ongoing corporate strategies to enhance shareholder value [1] - Among the approved repurchase plans, one company proposed a buyback exceeding 10 million [1] Group 2: Stock Repurchase Implementation Progress - 111 companies disclosed their stock repurchase implementation progress, showcasing a robust engagement in buyback activities [1] - The companies with the highest repurchase amounts included: - GoerTek Inc. with 940 million - BOE Technology Group with 704 million - Hengrui Medicine with 535 million [1] Group 3: Completed Stock Repurchases - Eleven companies completed their stock repurchase plans, with seven companies reporting buybacks exceeding 10 million [1] - The companies with the highest completed repurchase amounts were: - Decai Co. with 69.99 million - Langjin Technology with 50.00 million - New City with 40.00 million [1]

Group 1 - The core point of the announcement is the successful convening of the third extraordinary general meeting of shareholders of Dalian Dashang Co., Ltd., with no resolutions being rejected [1] - The meeting was held on November 3, 2025, at the company's headquarters in Dalian, and was attended by shareholders and board members, with a combination of on-site and online voting [1][2] - The meeting's proceedings and voting methods complied with the Company Law and the company's articles of association, ensuring the legality of the meeting [1][4] Group 2 - Two non-cumulative voting proposals were approved: the first regarding the repurchase and cancellation of restricted stocks from the 2025 incentive plan, and the second concerning changes to registered capital and amendments to the articles of association [2][3] - Both proposals were passed with more than two-thirds of the voting rights held by participating shareholders [3] Group 3 - The meeting was witnessed by lawyers from Shanghai Zhonglian (Dalian) Law Firm, confirming that the meeting's procedures and voting results were in accordance with relevant laws and regulations [4]

证券代码：600694 证券简称：大商股份 公告编号：2025-052 大商股份有限公司 2025年第三次临时股东会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 11 月 3 日 (二)股东会召开的地点：大连市中山区青三街 1 号公司总部 11 楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 309 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 146,514,436 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 42.13 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 会议由公司董事会召集，公司董事王鹏主持，以现场投票与网络投票相结合 的方式召开，上海中联（大连）律师事务所律师出席了现场会议并做见证。会议 的召集 ...

之 法律意见书 上海中联（大连）律师事务所 2025 年 11 月 3 日 上海中联（大连）律师事务所 关于大商股份有限公司 2025 年第三次临时股东会 本所同意将本法律意见书作为公司本次会议公告材料，随同其他须公告的文 件一起公告，并依法对出具的法律意见承担相应的法律责任。本法律意见书仅供 公司为本次会议之目的使用，未经本所书面同意，不得全部或部分用于任何其他 目的。 上海中联（大连）律师事务所 关于大商股份有限公司 2025 年第三次临时股东会 法律意见书 鉴此，本所律师根据上述法律、行政法规、规章及规范性文件的要求，按照 律师行业公认的业务标准、道德规范和勤勉尽责精神，现出具法律意见如下： 一、 本次股东会的召集及召开程序 1.本次股东会召集人为大商股份董事会。公司已于 2025 年 10 月 18 日在上 海证券交易所网站上披露《大商股份有限公司关于召开 2025 年第三次临时股东 会的通知》（"下称《股东会通知》"），载明了本次股东会的召开时间、地点、 会议召集人、会议 审议事项、出席对象、会议登记办法等事项，以及参与网络 投票的股东的身份确认与投票程序等内容。 2.本次股东会于 2025 年 1 ...

Core Points - Dashiang Group holds 104,866,672 shares of Dashiang Co., accounting for 30.15% of the total shares [1] - Dashiang Group has pledged 3,000,000 shares of Dashiang Co. [1]

Core Viewpoint - Dashiang Co., Ltd. is a well-known retail enterprise in China, with a diversified business model covering retail and wholesale, showcasing a strong competitive advantage in the industry [1] Group 1: Business Performance - In Q3 2025, Dashiang reported revenue of 4.831 billion yuan, ranking 6th in the industry, surpassing the industry average of 4.467 billion yuan and the median of 4.347 billion yuan [2] - The company's net profit for the same period was 495 million yuan, ranking 2nd in the industry, significantly higher than the industry average of 175 million yuan and the median of 83.69 million yuan [2] Group 2: Financial Ratios - Dashiang's debt-to-asset ratio in Q3 2025 was 47.60%, lower than the previous year's 49.14% and below the industry average of 52.55%, indicating strong solvency [3] - The gross profit margin for the same period was 41.00%, slightly down from 41.35% year-on-year but still above the industry average of 31.16%, reflecting robust profitability [3] Group 3: Management and Shareholder Structure - The company is controlled by Dashiang Group Co., Ltd., with Niu Gang as the actual controller. The general manager, Pang Hua, has extensive experience in the retail sector [4] - As of September 30, 2025, the number of A-share shareholders increased by 11.77% to 27,300, while the average number of shares held per shareholder decreased by 10.53% to 12,600 shares [5] Group 4: Market Outlook and Adjustments - Dashiang's performance in the first half of 2025 was below expectations due to intensified competition and store restructuring, leading to a focus on upgrading key stores and enhancing profitability [6] - The company is actively renewing and upgrading its stores, developing unique brands, and signing strategic partnerships with leading brands to accelerate store openings [5][6]

2025年第三季度主要经营数据的公告 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。 根据上海证券交易所《上市公司行业信息披露指引第四号--零售》的规定， 现将公司第三季度主要经营数据公告如下： 一、2025 年第三季度门店变动情况： 新开门店：无 闭店门店：无 证券代码：600694 证券简称：大商股份 公告编号：2025-050 大商股份有限公司 | 地 | | 本 | 期 | 同 | 期 | 主营业务 收入比同 | 主营业务 毛利率比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 区 | 经营业态 | 主营业务 | 主营毛利率 | 主营业务 | 主营毛利率 | 期增减率 | 同期增减 | | | | 收入（元） | （%） | 收入（元） | （%） | （%） | （%） | | | 百货业态 | 310,305,390.3 | | 363,429,301.7 | 40.58% 5 | -14.62% | -8.73 | | | | 2 | 31.85 ...

2、公司严格按照股份公司财务制度规范运作，公司 2025 年第三度报告内 容和格式符合中国证监会和上海证券交易所的各项规定，客观公允地反映了报告 期财务状况和经营成果； 3、我们保证公司 2025 年第三季度报告所披露的信息真实、准确、完整， 其中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。 2025 年 10 月 30 日 大商股份有限公司董事、高级管理人员 对公司 2025 年第三季度报告的书面确认意见 根据《证券法》及《公司章程》有关要求，我们作为公司的董事及高级管 理人员，在全面了解和审核公司 2025 年第三季度报告后认为： 1、公司 2025 年第三季度报告的编制和审议程序符合法律、法规、《公司章 程》和公司内部管理制度的各项规定； 1 （此页无正文，仅为《大商股份有限公司董事及高级管理人员对公司2025 年第三季度报 告的书面确认意见》签字页） 闫 莉 陈德力 王 鹏 邢裕奇 潘 澍 邢海荣 李延喜 谢彦君 褚 霞 庞 华 于世杰 张嘉川 姚 磊 2 ...