特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 点击注册小程序 查看完整报告 1Q2025公司期间费用率为28.93%，同比下降2.00个百分点。其中，销售/管理/财务费用率分别为 10.03%/13.63%/5.26%，同比分别变化-0.14/-1.32/-0.54个百分点。2024年公司期间费用率为31.09%，同比 下降0.73个百分点。其中，销售/管理/财务费用率分别为10.77%/ 14.56%/5.77%，同比分别变化 +0.02/-0.23/-0.52个百分点。 购百业态表现稳健，积极调改创新 分业态看（除其他）， 1Q2025公司购物中心（百货店）业态收入同比增速为10.06%，其次为大型综合卖 场业态，收入同比增速为4.01%，连锁超市和房地产业态表现相对承压，收入同比增速分别为-1 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 1.951 billion yuan in Q1 2025, a year-on-year increase of 0.38%, while the net profit attributable to shareholders decreased by 74.64% to 0.03 billion yuan [1] - The company is actively adjusting and innovating its business formats, with a focus on enhancing brand appeal and exploring new models [3] - The forecast for net profit attributable to shareholders for 2025 and 2026 has been reduced by 41% and 31% respectively, with new projections for 2027 set at 0.22 billion yuan [4] Summary by Sections Financial Performance - In Q1 2025, the company's comprehensive gross margin was 35.54%, down 1.95 percentage points year-on-year, while the expense ratio decreased by 2.00 percentage points to 28.93% [2] - For the full year 2024, the company achieved a revenue of 7.011 billion yuan, a slight increase of 0.06% year-on-year, but reported a net loss of 0.28 billion yuan [1][5] Business Segments - The shopping center (department store) segment saw a revenue growth of 10.06% year-on-year in Q1 2025, while the large-scale comprehensive market segment grew by 4.01%. However, the chain supermarket and real estate segments faced declines of 19.47% and 34.20% respectively [3] Profitability and Valuation - The report provides a summary of profitability metrics, indicating a projected net profit of 0.14 billion yuan for 2025, with an expected growth rate of 27.57% for 2026 [5][12] - The company's price-to-earnings (P/E) ratio is projected to be 136 for 2025, decreasing to 85 by 2027 [5][13]

证券代码：600697 证券简称：欧亚集团 公告编号：临 2025—013 二、报告期主要经营数据： 长春欧亚集团股份有限公司 2025 年第一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《上市公司自律监管指引第 3 号行业信息披 露——第四号零售》的规定，现将公司 2025 年第一季度主要经营数 据公告如下： 一、报告期门店变动情况: 鉴于公司对济南欧亚大观园有限公司的授权管理期限已到期，公 司于 2025 年第一季度收回济南欧亚大观园有限公司的经营管理权， 对其行使日常财务和经营决策权。至此，济南欧亚大观园有限公司由 公司的参股企业变更为控股子公司，济南欧亚大观园有限公司及其子 公司济南大观园经贸有限公司、济南市大观园商场天丰园饭店有限公 司、济南市大观园商场食物有限公司、济南大观园照像器材有限公司、 济南外贸抽纱有限公司于本报告期纳入合并范围，增加其他经营部门 6 家。 | 地区 | 经营业态 | 营业收入（元） | 营业成本（元） | 毛利率 （%） | 营业收入 比 ...

证券代码：600697 证券简称：欧亚集团 公告编号：2025-014 长春欧亚集团股份有限公司 关于召开2024年年度股东大会的通知 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： 一、 召开会议的基本情况 至2025 年 5 月 20 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投 票时间为股东大会召开当日的交易时间段，即9:15-9:25,9:30-11:30， 13:00-15:00；通过互联网投票平台的投票时间为股东大会召开当日 1 股东大会召开日期：2025年5月20日 本次股东大会采用的网络投票系统：上海证券交易所股东大 会网络投票系统 (一) 股东大会类型和届次 2024年年度股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络 投票相结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 20 日 9 点 0 分 召开地点：长春市飞跃路 2686 号，本公司六楼会议室。 (五) 网络投票的系统、 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 1,951,078,697.42, representing a slight increase of 0.38% compared to CNY 1,943,638,013.01 in the same period last year[3]. - Net profit attributable to shareholders decreased by 74.64% to CNY 3,408,897.99 from CNY 13,444,001.06 year-on-year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses fell by 56.63% to CNY 1,990,239.27 compared to CNY 4,588,823.41 in the previous year[3]. - Basic and diluted earnings per share both decreased by 75.00% to CNY 0.02 from CNY 0.08 year-on-year[3]. - Net profit for Q1 2025 was CNY 39,772,091.12, down from CNY 41,991,228.11 in Q1 2024, reflecting a decline of 5.3%[16]. - Total comprehensive income for Q1 2025 was CNY 39,675,083.36, compared to CNY 42,084,330.15 in Q1 2024, indicating a decrease of 5.8%[17]. Cash Flow - The net cash flow from operating activities improved significantly, reaching CNY 106,179,250.04, a 167.35% increase from a negative cash flow of CNY -157,654,743.20 in the same period last year[3]. - The net cash flow from operating activities for Q1 2025 was -$709,222.50, a significant decline compared to $1,144,822.38 in Q1 2024[30]. - Total cash inflow from operating activities in Q1 2025 was $1,335,400,472.28, down from $1,461,027,749.95 in Q1 2024, representing a decrease of approximately 8.6%[30]. - Cash outflow for purchasing goods and services in Q1 2025 was $1,142,025,240.48, compared to $1,328,656,394.62 in Q1 2024, indicating a reduction of about 14.1%[30]. - Cash inflow from financing activities in Q1 2025 was $1,889,273,246.01, significantly higher than $867,695,470.00 in Q1 2024, marking an increase of approximately 117.5%[30]. - The ending cash and cash equivalents balance for Q1 2025 was $272,968,654.81, up from $174,177,065.94 in Q1 2024, reflecting an increase of about 56.7%[30]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 19,899,425,527.54, an increase of 1.39% from CNY 19,626,722,376.70 at the end of the previous year[3]. - The company's current assets reached RMB 3,804,561,301.46, up from RMB 3,487,329,658.41, indicating an increase of about 9.06%[13]. - The total liabilities of the company were RMB 15,623,853,749.80, compared to RMB 15,407,343,427.42, representing a rise of approximately 1.41%[14]. - The company's total current liabilities amounted to CNY 9.51 billion as of March 31, 2025, slightly down from CNY 9.59 billion at the end of 2024, a decrease of about 0.92%[25]. - The company's total liabilities increased to CNY 10.66 billion as of March 31, 2025, from CNY 10.43 billion at the end of 2024, an increase of approximately 2.2%[25]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 15,027[6]. - The largest shareholder, Changchun Automotive City Commercial Co., Ltd., holds 24.54% of the shares, amounting to 39,045,996 shares[7]. - The company’s major shareholder, Changchun Automotive City Commercial Co., Ltd., underwent a name change, which does not affect the control structure or operations of the company[9]. Investments and Other Income - The company recognized non-recurring gains of CNY 1,418,658.72, primarily from government subsidies and asset disposals[4]. - The company reported an investment income of CNY 599,952.21 in Q1 2025, a significant recovery from a loss of CNY -992,753.51 in Q1 2024[16]. Changes in Accounting and Management - The company announced the recovery of management rights for Jinan Eurasia Grand View Garden, transitioning it from an associate to a subsidiary, which will be included in the consolidated financial statements starting Q1 2025[10]. - The company did not apply new accounting standards or interpretations starting from 2025[31].

欧亚集团（600697）公告，2025年第一季度营业收入19.51亿元，同比增长0.38%。净利润340.89万元， 同比减少74.64%。 ...

欧亚集团(600697)今日下跌9.88%，全天换手率28.14%，成交额5.81亿元，振幅7.44%。龙虎榜数据显 示，营业部席位合计净买入3695.13万元。 上交所公开信息显示，当日该股因日换手率达28.14%上榜，营业部席位合计净买入3695.13万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交9801.51万元，其中，买入成交额为 6748.32万元，卖出成交额为3053.19万元，合计净买入3695.13万元。 资金流向方面，今日该股主力资金净流入2303.41万元，其中，特大单净流出1055.55万元，大单资金净 流入3358.95万元。近5日主力资金净流出1.29亿元。 具体来看，今日上榜营业部中，第一大买入营业部为国泰海通证券股份有限公司三亚迎宾路证券营业 部，买入金额为3342.63万元，第一大卖出营业部为东方财富证券股份有限公司拉萨团结路第一证券营 业部，卖出金额为909.65万元。 4月17日公司发布的2024年报数据显示，2024年公司共实现营业收入70.11亿元，同比增长0.06%，实现 净利润-2781.68万元。（数据宝） 欧亚集团4月18日交易公开信息 近半年 ...

Core Insights - The company reported a slight increase in total revenue but a significant decline in net profit, indicating challenges in asset management and cost control [1][4][6] Revenue and Profit Performance - In 2024, the company achieved total revenue of 7.011 billion yuan, a marginal increase of 0.06% from 2023's 7.006 billion yuan [4] - The net profit attributable to shareholders was -28 million yuan, representing a drastic decline of 248.48% year-on-year, primarily due to impairment tests on certain assets and a provision for impairment of 74.8255 million yuan [4][5] Operational Adjustments - The company made mixed adjustments in its operational layout, adding 3 new stores while closing 2 supermarkets, which may impact its overall sales network [5] - The company invested 437 million yuan in capital injections and 19.65 million yuan in external equity investments, alongside 405 million yuan in fixed and other long-term assets [5] Brand and Business Model Optimization - The company undertook significant adjustments in its brand and business model, optimizing 905 brands and introducing 271 new ones, while expanding operational areas by 6,000 square meters [6] - Despite these efforts, the substantial drop in net profit suggests that these adjustments did not yield the expected economic benefits, indicating potential issues in brand management and market positioning [6]

具体来看，今日上榜营业部中，第一大买入营业部为东方财富证券股份有限公司拉萨团结路第一证券营 业部，买入金额为1195.98万元，第一大卖出营业部为东方证券股份有限公司厦门仙岳路证券营业部， 卖出金额为2456.92万元。 欧亚集团(600697)今日下跌3.85%，全天换手率36.29%，成交额8.34亿元，振幅10.57%。龙虎榜数据显 示，营业部席位合计净卖出5360.83万元。 上交所公开信息显示，当日该股因日换手率达36.29%上榜，营业部席位合计净卖出5360.83万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交1.39亿元，其中，买入成交额为4248.26 万元，卖出成交额为9609.10万元，合计净卖出5360.83万元。 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 东方财富证券股份有限公司拉萨团结路第一证券营业部 | 1195.98 | | | 买二 | 东方财富证券股份有限公司拉萨金融城南环路证券营业 部 | 786.66 | | | 买三 | 国信 ...

公司代码：600697 公司简称：欧亚集团 长春欧亚集团股份有限公司 2024 年度内部控制评价报告 长春欧亚集团股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下 简称企业内部控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法， 在内部控制日常监督和专项监督的基础上，我们对公司2024年12月31日（内部控制评价报 告基准日）的内部控制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性， 并如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制 进行监督。经理层负责组织领导企业内部控制的日常运行。公司董事会、监事会及董事、 监事、高级管理人员保证本报告内容不存在任何虚假记载、误导性陈述或重大遗漏，并对 报告内容的真实性、准确性和完整性承担个别及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息 真实完整，提高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性， 故仅能为实现上述目标提供合理保证。此外，由于情况的变化可 ...