Group 1 - The board meeting of Chongqing Department Store Co., Ltd. was held on August 12, 2025, via electronic communication, with all 11 directors participating and voting [2][4] - The board approved the revision of the "Funds Management Measures" with unanimous consent [3][4] - The board also approved the establishment of a "Comprehensive Risk Management System" with unanimous consent [3][4] - The company decided to adjust the discount rate standard for economic benefit assessment of investment projects from 9.10% to 7.10% due to significant changes in the economic environment and market interest rates [5][6]

重庆百货大楼股份有限公司 全面风险管理制度 第一章 总则 第一条 为建立健全重庆百货大楼股份有限公司（以下简称"公 司"）风险管理体系，规范、提升风险管理能力，确保重大风险可控 在控，制定本制度。 第二条 本制度适用于公司总部及公司直接或间接控制的以及 其他纳入公司合并会计报表范围的分（子）公司。 第三条 术语及定义 （一）风险：是指未来的不确定性因素对公司实现经营目标的影 响。简单概括就是制度缺陷、操作失范等。 （二）风险事件：是对已识别的风险进行阐述，并辅助说明可能会 酿成事故和损失的原因和条件。 （三）一般、重要、重大风险事件：本制度所称一般、重要、重大 风险应根据风险评估标准表（附件 3）进行判定。 （四）全面风险管理：是指围绕公司总体经营目标，通过管理的 各环节和经营过程中执行风险管理的工作流程，培育良好的风险管 理文化，建立健全全面风险管理体系，为实现风险管理总体目标提 供合理保证的过程和方法。 第四条 风险管理应遵循以下原则： （一）战略导向原则--为公司战略发展服务，为战略目标的实现提 供支持。 （二）全面系统原则--覆盖公司经营管理全部活动，贯穿决策、执 行和监督全过程。 （三）相互制衡原则 ...

证券代码：600729 证券简称：重庆百货 公告编号：临 2025-031 重庆百货大楼股份有限公司 （二）审议通过《关于制定〈全面风险管理制度〉的议案》 内容详见 www.sse.com.cn。 表决情况：同意 11 票，反对 0 票，弃权 0 票。 （三）审议通过《关于调整公司投资项目经济效益测算折现率标准的议案》 第八届十六次董事会决议公告 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。 一、董事会会议召开情况 重庆百货大楼股份有限公司(以下简称"公司")于 2025 年 8 月 5 日以电子 邮件方式向全体董事发出召开第八届十六次董事会会议通知和会议材料，会议于 2025 年 8 月 12 日以通讯表决方式召开。本次会议由公司董事长张文中先生召集 并主持，公司 11 名董事全部发表意见。本次会议的召集、召开和表决程序符合 有关法律、法规和《重庆百货大楼股份有限公司章程》的规定，会议形成的决议 合法有效。 二、董事会会议审议情况 （一）审议通过《关于修订〈资金管理办法〉的议案》 表决情况：同意 11 票，反对 0 票，弃 ...

Core Insights - The night economy is becoming a focal point for boosting summer consumption and providing direction for listed companies to innovate products and services [1] Group 1: Night Economy Growth - In July, search volume and comment volume related to Meituan Travel's "night tours" increased by approximately 100% month-on-month [1] - The number of existing night economy-related enterprises in China exceeds 1.65 million, with 168,600 new registrations this year [3] Group 2: Company Innovations - Companies are expanding their offerings in the night economy, including night stays, night life festivals, and night performances, driven by emotional value and technological advancements [2] - Shanghai Haichang Ocean Park launched an immersive night stay experience, with 70% of night stay customers being local and 50% being from outside the city during the summer [2] Group 3: Consumer Trends - The search heat for "night tours" on Meituan Travel increased nearly 230% in July, indicating a growing interest across all age groups for night activities [4] - Nighttime activities such as boat rides, riverside walks, and museum night tours are becoming popular among consumers [4] Group 4: Government Initiatives - Local governments are actively developing night economy clusters, with regions like Henan and Sichuan promoting unique local night economy experiences [6] - The night economy is seen as a significant driver for service consumption, meeting local residents' needs while attracting tourists [5]

Core Insights - The report maintains an "outperform" rating for the retail sector, driven by easing external conditions and increased domestic policy support, which is expected to boost overall market performance [2][43] - The report highlights a focus on leading companies with strong mid-year performance, indicating a potential for long-term investment opportunities despite recent market corrections [2][43] Policy Guidance and Market Environment - Domestic policies are aimed at stimulating consumer demand and countering excessive competition, creating a healthier environment for consumption recovery [12][16] - The implementation of the childcare subsidy policy is expected to enhance family consumption capacity and provide greater autonomy in spending [13][14][16] - The central government continues to emphasize the importance of releasing domestic demand potential and implementing consumption-boosting actions [16] Industry Data Tracking - In June 2025, the total retail sales of consumer goods reached 4.23 trillion yuan, with a year-on-year growth of 4.8%, indicating a sustained recovery momentum in consumer spending [18] - Online retail sales for the first half of 2025 amounted to 7.43 trillion yuan, growing by 8.5%, with physical goods online retail accounting for 24.9% of total retail sales [19] - The report notes that essential goods categories performed well, while discretionary categories showed mixed results, with jewelry sales increasing by 6.1% due to high gold prices [24] Investment Recommendations - The report suggests focusing on cross-border e-commerce companies that are well-positioned to benefit from improving external trade conditions, recommending companies like Xiaoshangpin City and Focus Technology [2][43] - In the gold and jewelry sector, companies that can differentiate their brands and products are expected to achieve accelerated growth, with recommendations including Chaohongji and Chow Tai Fook [2][43] - The beauty and personal care sector is anticipated to benefit from the acceleration of domestic brand replacements, with recommended companies such as Shiseido and Shanghai Jahwa [2][43][44] - Traditional retail companies with positive internal adjustments and low valuations are also highlighted, with recommendations for Chongqing Department Store and Miniso [44]

Group 1 - JD reported over 66,000 applications for its "Dish Partner" recruitment initiative, with the first store of Seven Fresh Kitchen achieving over 1,000 daily orders and a 220% higher repurchase rate than average within a week [6] - Three Squirrels established its South China regional headquarters in Foshan, aiming for an annual output value exceeding 4 billion yuan through the development of a snack industry supply chain [8] - Fei Dazhu announced it has surpassed 180 directly-operated stores nationwide, significantly accelerating its store opening pace with over 50 new stores launched last year [9] Group 2 - Chongqing Department Store's New Century Supermarket opened its 9th store in Yubei, showing significant customer traffic growth and improved efficiency metrics, validating the potential of its fresh discount store model [10] - Starbucks reported an 8% year-on-year revenue increase in China for Q3 2025, reaching $790 million, with same-store sales up 2% and a total of 7,828 stores [10] - Yonghui Supermarket plans to raise up to 3.992 billion yuan through a private placement to upgrade stores, enhance logistics, and supplement working capital [11] Group 3 - Multi-point Intelligence signed a cooperation agreement with Zhuba Co. in Zhuzhou, marking the start of a digital transformation project in the retail sector [14] - Jiajiayue Group partnered with Fumeitong for directional planting, ensuring quality control from farm to table for garlic products [16] - Metro's first flagship store in Henan is set to open in January 2026, with a total investment of 1.5 billion yuan [19] Group 4 - Peets Coffee closed its first store in South China located in Shenzhen after nearly four years of operation [20] - Ajisen China temporarily reduced its franchise fees in mainland China from 3,500 yuan to 2,500 yuan per month, effective until the end of 2026 [21] - Shanghai's night-time consumption reached 88 billion yuan in the first half of 2025, a 3.3% year-on-year increase, with dining, retail, and cultural entertainment contributing 78% [22] Group 5 - 1688 announced an upgrade to its industrial product growth system to enhance procurement efficiency for merchants [23] - Kuaishou e-commerce launched the "Super Pet Fan Festival" pre-sale, providing support for merchants through traffic incentives and consumer subsidies [24] - Xianyu's AI products have reached 30 million users, with 138 million items listed using AI and a total GMV exceeding 1.4 billion [25]

Core Viewpoint - The company reported its H1 2025 performance, showing a decline in revenue but an increase in net profit, indicating a resilient profit margin despite revenue challenges [1][2]. Financial Performance - H1 2025 revenue was 8.04 billion yuan, down 10.5% year-on-year, while net profit attributable to shareholders was 770 million yuan, up 8.7% [2]. - In Q2 2025, revenue was 3.77 billion yuan, down 8.8%, with net profit of 300 million yuan, up 8.0% [3]. Business Segment Analysis - The department store segment faced pressure on revenue due to lower customer spending, despite improvements in foot traffic and average transaction value [3]. - The supermarket segment is expected to maintain slight revenue growth due to ongoing store adjustments [3]. - The appliance segment experienced a revenue decline of approximately 15% in June due to the temporary suspension of national subsidies and a narrowing of the subsidy scope [3]. - The automotive trade business is transitioning from traditional fuel vehicles to a consignment sales model for new energy vehicles, impacting reported revenue [3]. Profitability and Cost Management - H1 2025 gross margin improved by 1.78 percentage points year-on-year, with Q2 showing a 2.2 percentage point increase [4]. - The automotive trade segment saw significant gross margin improvement due to changes in sales models and product matrix optimization [4]. - Total expenses decreased by 5.3% in H1 2025, supported by organizational optimization and cost reduction efforts [5]. Investment Outlook - The company is expected to benefit from resilient consumer demand in Chongqing and proactive adjustments across various business segments, leading to stable growth [5]. - The forecast for net profit attributable to shareholders for 2025 and 2026 is 1.38 billion yuan and 1.47 billion yuan, respectively, with a current valuation of 9x, indicating a safety margin [5].

Macro Strategy - The impact of real estate on China's economy has significantly weakened, with a projected GDP contribution from the real estate sector of approximately 13 trillion yuan in 2024, accounting for 9.6% of total GDP, down from 16.9% in 2016 [8][9] - Despite negative growth in real estate investment and sales, there is an expectation of stabilization in the market, driven by policies such as special bonds for purchasing existing properties [8][9] Fixed Income - The expected listing price range for the China General Nuclear Power Corporation's convertible bond is between 126.83 and 140.94 yuan, with a subscription rate of 0.0140% [10][11] - The bond has a total issuance scale of 4.9 billion yuan, with a credit rating of AAA and a yield to maturity of 1.66% [10][11] Industry Analysis Jerry Holdings - Jerry Holdings has secured a contract for a natural gas booster station project in Algeria worth approximately 8.5 billion USD, enhancing its presence in the North African oil and gas market [12][14] - The company maintains a profit forecast of 3.03 billion yuan for 2025, with a price-to-earnings ratio of 12, 10, and 9 for 2025-2027 [12][14] Ascentage Pharma - Ascentage Pharma's APG-2575 has received conditional approval in China, marking it as the first domestic Bcl-2 inhibitor, with revenue forecasts of 519 million, 3.215 billion, and 2.095 billion yuan for 2025-2027 [15][16] - The drug is expected to provide a new treatment option for patients with chronic lymphocytic leukemia/small lymphocytic lymphoma [15][16] Chongqing Department Store - The company reported a 9% year-on-year increase in net profit for H1 2025, despite a 10.45% decline in revenue, primarily due to a shift towards new energy vehicles [5][16] - The profit forecast for 2025-2027 is maintained at 1.41 billion, 1.50 billion, and 1.58 billion yuan, with a price-to-earnings ratio of 9, 8, and 8 [5][16] Huace Testing - Huace Testing anticipates a year-on-year net profit growth of 8% to 10% for Q2 2025, driven by traditional business innovations and expansion into new markets [17][18] - The profit forecast for 2025-2027 is set at 1.06 billion, 1.17 billion, and 1.31 billion yuan, with a price-to-earnings ratio of 20, 18, and 16 [17][18] Changjiang Power - The company aims to achieve a power generation target of 300 billion kilowatt-hours in 2025, with profit forecasts of 35.028 billion, 36.715 billion, and 37.087 billion yuan for 2025-2027 [19][20] - The current price-to-earnings ratio is 20.9, 19.9, and 19.7, with a projected dividend yield of 3.35% [19][20]

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company is experiencing a steady advancement in business structure optimization, leading to a reduction in costs and an increase in net profit despite revenue decline [5] - The company is accelerating its transition to new energy vehicles, which is expected to enhance operational efficiency and profitability [6] - The company has made significant progress in its supermarket format adjustments, with a focus on expanding convenience store models [6] - Profit forecasts indicate a stable growth trajectory for the company, with expected EPS of 3.17, 3.29, and 3.45 for 2025, 2026, and 2027 respectively [7] Summary by Sections Market Performance - The company reported a total revenue of 8.042 billion yuan for the first half of 2025, a decrease of 10% year-on-year, while net profit attributable to shareholders increased by 9% to 0.774 billion yuan [4] Investment Highlights - The decline in revenue is primarily due to intensified industry competition, particularly in traditional fuel vehicle sales, prompting a shift towards new energy vehicles [5] - The gross profit margin increased by 2 percentage points in the first half of 2025, reflecting improved operational quality [5] - The company plans to adjust 36 supermarket locations by the end of 2025, with 24 already completed, resulting in double-digit growth in sales and customer traffic [6] Profit Forecast - The company is expected to maintain steady profit growth, with projected revenues of 16.476 billion yuan in 2025, down 3.9% from the previous year, and net profit of 1.396 billion yuan, up 6.2% [10] - The report anticipates a gradual improvement in key operational metrics as the company continues to optimize its organizational structure [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a 9% year-on-year growth in net profit attributable to the parent company for the first half of 2025, indicating stable growth [1] - The decline in revenue is attributed to the contraction of the traditional fuel vehicle business in the automotive trade sector, as the company accelerates its transition to new energy vehicles, which has led to a significant increase in gross margin despite lower revenue [7] - The company is recognized as a leading regional retailer with excellent governance and operational capabilities, benefiting from a mixed-ownership reform that has improved corporate governance [7] - The company is expected to maintain a high dividend yield, with a projected dividend yield of approximately 5% as of July 11 [7] Financial Performance Summary - For the first half of 2025, the company achieved total revenue of 8.04 billion yuan, a year-on-year decrease of 10.45%, while the net profit attributable to the parent company was 774 million yuan, a year-on-year increase of 8.74% [7] - The company’s investment income increased by 7.87% year-on-year to approximately 360 million yuan, primarily from its 31% stake in a consumer finance subsidiary [7] - The forecast for net profit attributable to the parent company for 2025-2027 is 14.1 billion, 15.0 billion, and 15.8 billion yuan, representing year-on-year growth rates of 7.0%, 6.6%, and 5.5% respectively [7][8]