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]

2025 年 07 月 13 日 业态调改稳步推进，降本增效净利提升 买入(维持) 事件 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：张倩 | S1050124070037 | | zhangqian@cfsc.com.cn | | | 基本数据 | 2025-07-11 | | --- | --- | | 当前股价（元） | 28.28 | | 总市值（亿元） | 125 | | 总股本（百万股） | 440 | | 流通股本（百万股） | 191 | | 52 周价格范围（元） | 17.13-34.24 | | 日均成交额（百万元） | 154.19 | 市场表现 -20 0 20 40 60 80 100 (%) 重庆百货 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《重庆百货（600729）：营收承 压结构优化，业态焕新韧性增强》 2025-05-27 —重庆百货（600729.SH）公司事件点评报告 2025 年 7 月 10 日，重庆百货发布 2025 年半年度业绩预告。 公司总 ...

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]

我们来看一下首家发布《2025年半年度业绩快报》的上市公司，重庆百货大楼股份有限公司（股票简称：重庆百货）始创于1920年的"宝元通"，迄今已经走 过百年辉煌历程。1996年7月在上交所主板上市，是中国西部地区零售龙头企业。 2025年上半年的营收同比下跌了10.5%，在2024年上半年跌至90亿元规模的基础上，2025年上半年只有80亿元了，传统零售业面临着较大的压力，真还不是 自媒体们在制造焦虑，而是真实就在发生的事。 净利润方面还不错，2025年上半年仅次于2023年上半年，在最近八年上半年中排在第二位。之所以和其他几年全年的数据相比也不算太差，原因是零售业的 主要利润集中在一季度，也就是有春节的这个旺季。 在年初的时候，重庆百货就较早发布了《2024年度业绩快报》，我们也看过他们的情况，本次就简单点，也省去简介等内容，直接开始。 2025年上半年分行业的数据还没有发布，我们将就2024年和其五年前营收最高时的情况做一个对比，就可以印证我们上面的猜测。五年的营收正好跌去一 半，只有"百货"业务的跌幅超过这一水平，从当年的近四成，变成了2024年的一成；"电器"业务还有所增长，其他各大业务也都有明显收缩。 ...

证券代码：600729 证券简称：重庆百货 公告编号：临 2025-030 重庆百货大楼股份有限公司 2025年半年度业绩快报公告 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。 重庆百货大楼股份有限公司（以下简称"公司"）持有马上消费金融股份有 限公司（以下简称"马上消费"）31.06%的股份。马上消费发行了公司债和ABS， 根据相关要求，将于近日披露其财报。按照《上海证券交易所股票上市规则》第 5.1.6条规定，公司披露本公告。 本公告所载2025年半年度主要财务数据为初步核算数据，未经会计师事务所 审计，具体数据以公司《2025年半年度报告》中披露的数据为准，提请投资者注 意投资风险。 一、2025年半年度主要财务数据和指标 单位：元 | 项目 | 本报告期 | 上年同期 | 增减变动幅 度（％） | | --- | --- | --- | --- | | 营业总收入 | 8,041,579,837.82 | 8,979,863,272.19 | -10.45 | | 营业利润 | 854,005,614.31 | 78 ...

重庆百货（600729）业绩快报，2025年上半年营业收入80.42亿元，同比下降10.45%。归属于上市公司 股东的净利润7.74亿元，同比增长8.74%。 ...

Core Insights - The report maintains an "outperform" rating for the retail sector, anticipating that easing international conditions and domestic policy stimulus will positively influence the sector's performance [3][42]. - The overall retail sales in May 2025 reached 4.13 trillion, growing by 6.4% year-on-year, with goods retail sales increasing by 6.5% [11][14]. Beauty and Personal Care - In May 2025, the cosmetics retail sales grew by 4.4%, with high online penetration leading to diminishing promotional effects. However, leading domestic brands are expected to outperform the market due to the trend of domestic product substitution [11][12]. - The competitive landscape is intensifying, with rising sales expense ratios expected to pressure profit margins for some brands, although top players with strong product innovation may still achieve robust growth [11][12]. Gold and Jewelry - The gold and jewelry sector saw a significant year-on-year growth of 21.8% in May 2025, benefiting from a low base effect from the previous year. Products that appeal to younger consumers are expected to drive higher growth rates [11][12]. Supermarkets and Department Stores - From January to May 2025, department store sales slightly increased by 1.3%, while supermarket sales grew by 5.7%. Companies that adapt to the current value-for-money consumption trend through supply chain upgrades are expected to perform better [12][14]. Cross-Border E-commerce - The second quarter is expected to face short-term performance pressures due to external environmental challenges. However, leading platform companies are anticipated to demonstrate strong resilience in the medium to long term due to flexible tariff responses and solid product capabilities [12][14]. Investment Recommendations - The report recommends several companies across different sectors, including: - Beauty and Personal Care: Recommended companies include 毛戈平, 丸美生物, and 登康口腔, which are expected to benefit from domestic product substitution and channel optimization [3][42]. - Gold and Jewelry: Companies like 老铺黄金 and 潮宏基 are highlighted for their potential to achieve accelerated growth due to favorable market conditions [3][42]. - Cross-Border E-commerce: Recommended companies include 小商品城 and 安克创新, which are positioned to capitalize on improving trade conditions [3][42]. - Retail: Companies such as 名创优品 and 重庆百货 are suggested for their low valuation and potential for improvement [3][42].

Group 1 - The 13th Chongqing Appliance Festival has commenced, marking an annual celebration of home appliance consumption and signaling Chongqing Department Store's efforts to boost consumption and improve livelihoods [1][3] - The festival features a collaboration between Chongqing Department Store, local government, and major appliance brands, showcasing new products and offering various promotional activities [3][4] - The event includes significant subsidies, with government and enterprise collaboration providing up to 20% discounts on appliances, enhancing the appeal of the festival [3][4] Group 2 - Chongqing Department Store is expected to maintain stable and positive operating performance in 2024, with key indicators ranking among the top in A-share retail [4] - The festival theme "Really Save" emphasizes green and smart appliance upgrades, with over 400 million yuan allocated for consumer benefits, including substantial discounts based on purchase amounts [4][5] - The event coincides with the 2025 Chongqing Appliance Festival and the China (Chongqing) Appliance Channel Merchant TOP Summit, focusing on industry transformation and value creation [5]

证券代码：600729 证券简称：重庆百货 公告编号：临 2025-029 重庆百货大楼股份有限公司 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/2 | － | 2025/7/3 | 2025/7/3 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 6 月 17 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利1.36216元 3. 分配方案： 本次利润分配以方案实施前的公司总股本440,475,577股为基数，每股派发现金红利 1.36216元（含税），共 ...