Investment Rating - Industry rating: Recommended [4] Core Insights - The report highlights a robust growth in visitor numbers during the Dragon Boat Festival, with a projected total of 6.87 billion trips, reflecting a year-on-year increase of 3.0% [1][18] - The demand for family-oriented travel has surged, particularly for short-distance self-driving trips and parent-child tours, with bookings for parent-child group tours increasing by 80% year-on-year [1][2] - The launch of new products by Lao Pu Gold, such as the Seven Sons Gourd, is expected to drive high demand in the fashion gold jewelry sector, despite a tightening overall consumption environment [2] Summary by Sections 1. Market Review - The consumer service index and retail index outperformed the CSI 300 index, with significant gains in the jewelry and watch sector [11] - The report notes a 5.1% year-on-year increase in total retail sales in April, with jewelry sales growing by 25.3% [36][50] 2. Industry & Company Dynamics - The report discusses the increase in domestic tourism, with various regions reporting significant visitor numbers during the holiday period [18][19] - Lao Pu Gold's new product launch is positioned to capture the growing trend in fashion jewelry, appealing to consumer sentiment and aesthetic preferences [2][3] 3. Macro & Industry Data - April's retail sales data indicates a stable growth trajectory, with online retail sales showing a 5.8% year-on-year increase [37] - The report provides insights into the gold jewelry market, noting a decline in overall gold consumption but an increase in gold bars and coins [52][55] 4. Investment Recommendations - The report suggests five investment themes, including the revival of traditional retail formats, the rise of AI technology applications, and the potential for new retail sectors to outperform expectations [59][61]

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1][7]. Core Insights - The company is experiencing revenue pressure but is enhancing resilience through structural optimization and business transformation [1][4]. - In 2024, the company reported a revenue of 17.139 billion yuan, a decrease of 10% year-on-year, while the net profit attributable to shareholders was 1.315 billion yuan, a slight decrease of 0.01% [4]. - The company’s gross margin improved by 1 percentage point in both 2024 and Q1 2025, reaching 26.52% and 29.64% respectively, primarily due to a reduction in the proportion of low-margin automotive trading business [5]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 4.135 billion yuan, down 2% year-on-year, but net profit increased by 110% to 392 million yuan [4]. - For Q1 2025, revenue was 4.276 billion yuan, a decrease of 12%, while net profit rose by 9% to 475 million yuan [4]. Business Structure and Strategy - The company is optimizing its business structure, with a notable contribution from the fast-moving consumer goods sector driving investment income [5]. - The revenue breakdown for 2024 shows department stores, supermarkets, electrical appliances, and automotive trading generating 1.770 billion, 6.164 billion, 3.303 billion, and 4.288 billion yuan respectively, with varying year-on-year growth rates [6]. Regional Performance - Revenue from the Chongqing, Sichuan, and Hubei regions in 2024 was 15.469 billion, 250 million, and 3 million yuan respectively, reflecting a decline due to weak consumer demand [6]. Earnings Forecast - The company is expected to maintain steady growth, with projected EPS for 2025, 2026, and 2027 at 3.23, 3.52, and 3.78 yuan respectively, corresponding to PE ratios of 9, 9, and 8 times [7][10].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1][7]. Core Insights - The company has faced revenue pressure but is enhancing resilience through structural optimization and business transformation [1][4]. - In 2024, the company reported a revenue of 17.139 billion yuan, a decrease of 10% year-on-year, while the net profit attributable to shareholders was 1.315 billion yuan, showing a slight decrease of 0.01% [4]. - The company’s gross margin improved by 1 percentage point in both 2024 and Q1 2025, reaching 26.52% and 29.64% respectively, primarily due to a reduction in the proportion of low-margin automotive trading business [5]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 4.135 billion yuan, a decrease of 2%, but the net profit increased by 110% to 392 million yuan [4]. - For Q1 2025, the revenue was 4.276 billion yuan, down 12%, while the net profit rose by 9% to 475 million yuan [4]. Business Structure and Strategy - The company is optimizing its business structure, with a notable contribution from the fast-moving consumer goods sector driving investment income [5]. - The revenue breakdown for 2024 shows department store, supermarket, appliance, and automotive trading revenues of 1.770 billion, 6.164 billion, 3.303 billion, and 4.288 billion yuan respectively, with significant declines in department stores and automotive trading [6]. Profitability Forecast - The company is expected to maintain steady growth in performance, with projected EPS for 2025-2027 at 3.23, 3.52, and 3.78 yuan, corresponding to PE ratios of 9, 9, and 8 times [7][10].

表决情况：同意 11 票，反对 0 票，弃权 0 票。 （二）审议通过《关于召开 2024 年年度股东大会的议案》 证券代码：600729 证券简称：重庆百货 公告编号：临 2025-022 重庆百货大楼股份有限公司 第八届十四次董事会决议公告 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 5 月 20 日以电子 邮件方式向全体董事发出召开第八届十四次董事会会议通知和会议材料，会议于 2025 年 5 月 27 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《关于对世纪新都进行升级改造的议案》 公司下属百货事业部世纪新都作为百货事业部 2025 年调改转型的重要场店, 拟打造为"重庆百货 1 号店"，通过品牌提升、运营提效、场景升级、 ...

证券代码：600729 证券简称：重庆百货 公告编号：临 2025-023 重庆百货大楼股份有限公司 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 (一)股东大会类型和届次 2024年年度股东大会 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 6 月 17 日 9 点 00 分 召开地点：重庆市渝中区青年路 18 号 16 楼会议室 股东大会召开日期：2025年6月17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 (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 (五)网络投票的系统、起止日期和投票时间。 本次股东大会审议议案及投票股东类型 | 序号 | 议案名称 | 投票股东类型 | | --- | --- | --- | | | | 股股东 A | | 非累积投票议案 | | | | 1 | 年年度报告及摘要》 《2024 | √ | ...

Core Viewpoint - The announcement details the share reduction plans of the board members and executives of Chongqing Department Store Co., Ltd. due to personal financial needs, with specific share quantities and percentages outlined for each individual [3][4][5][6][7]. Group 1: Shareholding Information - As of the announcement date, the shareholding details of the executives are as follows: - Mr. Hu Hongwei holds 108,000 shares, accounting for 0.0245% of the total share capital - Mr. Qiao Hongbing holds 111,300 shares, accounting for 0.0253% - Mr. Wang Huan holds 110,900 shares, accounting for 0.0252% - Mr. Han Wei holds 94,350 shares, accounting for 0.0214% - Ms. Chen Guo holds 98,800 shares, accounting for 0.0224% [2]. Group 2: Reduction Plan Details - The executives plan to reduce their holdings through centralized bidding within three months after the announcement, starting 15 trading days later, with the reduction price determined by market conditions [3]. - Specific reduction plans include: - Mr. Hu Hongwei plans to reduce up to 27,000 shares, representing 0.0061% of the total share capital [3]. - Mr. Qiao Hongbing plans to reduce up to 27,800 shares, representing 0.0063% [4]. - Mr. Wang Huan plans to reduce up to 27,700 shares, representing 0.0063% [5]. - Mr. Han Wei plans to reduce up to 23,500 shares, representing 0.0053% [6]. - Ms. Chen Guo plans to reduce up to 24,700 shares, representing 0.0056% [7]. Group 3: Additional Information - There are no concerted actions among the reducing shareholders [8]. - If the company's stock is suspended during the pre-disclosure period, the actual start of the reduction will be postponed accordingly [9].

证券代码：600729 证券简称：重庆百货 公告编号：临 2025-021 重庆百货大楼股份有限公司 董事、高管减持股份计划公告 本公司董事会、全体董事及相关股东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： 董事、高管持股的基本情况 截至本公告日，重庆百货大楼股份有限公司（以下简称"公司"）董事、总 经理胡宏伟先生持有公司股份 108,000 股，占公司总股本的比例为 0.0245%；董 事乔红兵先生持有公司股份 111,300 股，占公司总股本的比例为 0.0253%；副总 经理王欢先生持有公司股份 110,900 股，占公司总股本的比例为 0.0252%；副总 经理韩伟先生持有公司股份 94,350 股，占公司总股本的比例为 0.0214%；董事 会秘书陈果女士持有公司股份 98,800 股，占公司总股本的比例为 0.0224%。 减持计划的主要内容 因个人资金需求，上述董事、高管计划在本公告披露日起 15 个交易日后的 3 个月内，拟通过集中竞价方式减持公司股份，减持价格按市场价格确定。若在 减持计划实施期间公司发生派发红利 ...

重庆百货（600729）公告，公司董事、总经理胡宏伟，董事乔红兵，副总经理王欢、韩伟，董事会秘书 陈果因个人资金需求，计划在公告披露日起15个交易日后的3个月内，通过集中竞价方式减持公司股 份。其中，胡宏伟拟减持不超过27000股，占公司总股本比例0.0061%；乔红兵拟减持不超过27800股， 占公司总股本比例0.0063%；王欢拟减持不超过27700股，占公司总股本比例0.0063%；韩伟拟减持不超 过23500股，占公司总股本比例0.0053%；陈果拟减持不超过24700股，占公司总股本比例0.0056%。减 持价格按市场价格确定，若期间公司发生股本变动，将对减持数量进行相应调整。 ...

证券代码：600729 证券简称：重庆百货 公告编号：临 2025-020 重庆百货大楼股份有限公司 股权激励限制性股票回购注销实施公告 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： 回购注销原因：重庆百货大楼股份有限公司（以下简称"公司"）有 3 名激励对象现已离职或退休，不再符合激励对象资格。根据中国证监会《上市公 司股权激励管理办法》（以下简称"《管理办法》"）及《重庆百货大楼股份有限公 司 2022 年限制性股票激励计划（草案）（修订稿）》（以下简称"《激励计划》"） "第八章 公司/激励对象发生异动的处理"之"二、激励对象个人情况发生变化" 之"（三）激励对象因辞职、劳动合同期满、公司裁员而离职"及"（四）激励对 象退休"的有关规定，公司回购注销 3 名激励对象所持尚未解除限售的公司限制 性股票 7.20 万股，并减少公司股本总额 7.20 万股。本次回购注销完成后，公司 限制性股票激励对象人数调整为 47 人。 本次注销股份的有关情况 | 注销股份数量 注销日期 | 回购股份数量 | | --- ...

北京市金杜律师事务所 关于重庆百货大楼股份有限公司 2022 年限制性股票激励计划 回购注销部分限制性股票相关事项的法律意见书 致：重庆百货大楼股份有限公司 北京市金杜律师事务所（以下简称本所）受重庆百货大楼股份有限公司（以 下简称公司或重庆百货）委托，根据《中华人民共和国公司法》（以下简称《公 司法》）、《中华人民共和国证券法》（以下简称《证券法》）、中国证券监督 管理委员会（以下简称中国证监会）《上市公司股权激励管理办法》（以下简称 《管理办法》）1等法律、行政法规、部门规章和其他规范性文件以及《重庆百货 大楼股份有限公司章程》（以下简称《公司章程》）、《重庆百货大楼股份有限 公司2022年限制性股权激励计划（草案）》及其修订稿（以下简称《激励计划》） 的有关规定，就公司 2022 年限制性股票激励计划（以下简称本激励计划）拟回 购注销部分限制性股票（以下简称本次回购注销）所涉及的相关事宜，出具本法 律意见书。 本所依据《证券法》《律师事务所从事证券法律业务管理办法》和《律师事 务所证券法律业务执业规则（试行）》等规定及本法律意见书出具日以前已经发 生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚 ...