Group 1 - Chongqing Department Store has experienced a decline for four consecutive trading days, with a cumulative drop of -1.56% [1] - The company has a long history, having been established in 1920, marking its 100th anniversary [1] - Huatai-PineBridge Fund's Huatai-PineBridge SSE Dividend ETF is among the top ten shareholders of Chongqing Department Store and has increased its holdings in the first quarter of this year [1] Group 2 - The year-to-date return for the Huatai-PineBridge SSE Dividend ETF is -2.72%, ranking 2824 out of 3383 in its category [1][2] - The fund's performance over various periods shows a near-term increase of 2.54% over the past week and 2.95% over the past month, but a decline of -2.72% year-to-date [2] - The average return for similar funds is 2.30% year-to-date, indicating that the Huatai-PineBridge SSE Dividend ETF is underperforming compared to its peers [2]

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within six months [8][20]. Core Views - The company is experiencing steady growth in its main business, with a focus on multi-format adjustments and benefiting from government subsidies in the electrical appliance sector [6][5]. - The company plans to maintain a high dividend payout ratio of 46% for the year 2024, reflecting its commitment to returning value to shareholders [1][4]. - The company has adjusted its profit forecasts for 2025-2027, expecting net profits to be 13.9 billion, 14.7 billion, and 15.4 billion respectively, with a corresponding PE ratio of 10-9 times [6][7]. Financial Performance - In Q1 2025, the company reported a revenue of 4.3 billion, a year-on-year increase of 12%, and a net profit of 475 million, up 9.2% year-on-year [1]. - For the year 2024, the company anticipates a revenue of 17.1 billion, a slight increase of 0.5% in net profit to 1.3 billion, and an 8.8% increase in net profit excluding non-recurring items [1][7]. - The gross profit margin for 2024 is projected to be 27%, with a net profit margin of 7.7% [1]. Business Segments - The company has diversified its business segments, with electrical appliances benefiting from national subsidies, while the department store and automotive trade segments face challenges [2][3]. - In 2024, the revenue growth rates for different segments were as follows: electrical appliances +12.85%, department stores +0.31%, supermarkets +12.16%, and automotive trade +29.51% [2]. - The company has closed 13 stores and opened 5 new ones in 2024, indicating a strategic adjustment in its retail footprint [3]. Investment Income - Investment income from joint ventures, particularly from the consumer finance sector, has become a significant profit contributor, with total investment income of 711 million in 2024, a 15% increase year-on-year [4][6]. - The company has deposited a total of 2.6 billion in consumer finance, generating interest income of 263 million in 2024 [4]. Growth Strategies - The company is exploring new growth avenues through fresh discount stores and private label brands, with private label sales increasing by 50% year-on-year [6]. - The company is also focusing on enhancing its supply chain and brand partnerships to drive growth in its supermarket and department store segments [6].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [9][21]. Core Views - The company is experiencing steady development in its main business while continuing to push for adjustments in its operations. The revenue for 2024 is projected to be 17.14 billion yuan, a year-on-year decrease of 9.8%, while the net profit attributable to the parent company is expected to be 1.3 billion yuan, a slight increase of 0.5% [1][6]. Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 4.3 billion yuan, a year-on-year decrease of 12%, while the net profit attributable to the parent company was 475 million yuan, an increase of 9.2%. The gross profit margin improved to 30%, up 1.4 percentage points year-on-year [1][2]. - For 2024, the company plans to distribute a cash dividend of 1.36 yuan per share, resulting in a dividend payout ratio of 46% [1]. Business Segments - The company’s revenue from different business segments in 2024 showed varied performance: - Electrical appliances: +12.85% - Supermarkets: -0.31% - Department stores: -12.16% - Automotive trade: -29.51% [2]. - The company is focusing its main operations in Chongqing and has exited the Hubei market, with revenue from Chongqing declining by 10.22% in 2024 [2]. Operational Adjustments - The company is actively adjusting its supermarket and department store operations, while the electrical appliances segment is benefiting from government subsidies. In 2024, the company opened 5 new stores and closed 13, resulting in a total of 273 stores across various segments by the end of the year [3][4]. Investment Contributions - Investment income from joint ventures, particularly from the consumer finance sector, contributed significantly to profits, with total investment income reaching 711 million yuan in 2024, a 15% increase year-on-year [4][5]. Future Projections - The company expects net profits attributable to the parent company to be 1.39 billion yuan in 2025, 1.47 billion yuan in 2026, and 1.54 billion yuan in 2027, reflecting a downward adjustment from previous forecasts [6][7].

Core Viewpoint - The independent financial advisor, China Merchants Securities Co., Ltd., has provided ongoing supervision opinions regarding the absorption merger of Chongqing Department Store Co., Ltd. and Chongqing Commerce (Group) Co., Ltd., ensuring compliance with relevant laws and regulations [1][2]. Summary by Sections Transaction Implementation - Chongqing Department Store plans to absorb Chongqing Commerce by issuing shares to its shareholders, with the transaction date set for January 31, 2024 [5]. - All assets, liabilities, and rights of Chongqing Commerce will be transferred to Chongqing Department Store upon completion of the merger [6]. - As of the date of the ongoing supervision opinion, the transfer of ownership for real estate and other assets has been completed, and the necessary guarantees have been returned to the relevant parties [6]. Capital Increase and Share Issuance - The new registered capital of Chongqing Department Store after the merger will be RMB 448,190,271, with an increase of RMB 41,661,806 from the merger [6]. - A total of 250,658,813 shares have been issued as part of the transaction, which are subject to certain restrictions on trading [7]. Compliance and Commitments - The involved parties have made significant commitments regarding the authenticity and completeness of the information provided during the merger process, ensuring no misleading statements or omissions [8][9]. - The parties involved have also committed to maintaining confidentiality and avoiding insider trading throughout the merger process [10][11]. Independence and Non-Competition - The company has committed to maintaining independence post-merger, ensuring that there will be no conflicts of interest or competition with the merged entity [22]. - The parties involved have agreed to avoid any business activities that may compete with the operations of Chongqing Department Store and its subsidiaries [22]. Financial and Legal Responsibilities - The involved parties have acknowledged their legal responsibilities regarding the accuracy of the information provided and have agreed to compensate for any losses incurred due to false statements [8][9]. - The commitments include maintaining the integrity of financial transactions and ensuring compliance with regulatory requirements throughout the merger process [24][25].

招商证券股份有限公司 关于重庆百货大楼股份有限公司吸收合并 之 2024 年度持续督导意见 独立财务顾问 二〇二五年五月 重庆商社（集团）有限公司暨关联交易 重庆百货吸收合并暨关联交易项目 2024 年度持续督导意见 声 明 招商证券股份有限公司（以下简称"招商证券"、"本独立财务顾问"、"独 立财务顾问"）接受重庆百货大楼股份有限公司（以下简称"上市公司"、"重 庆百货"）委托，担任其吸收合并暨关联交易之独立财务顾问。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司重大 资产重组管理办法》等法律法规的有关规定，按照证券行业公认的业务标准、道 德规范，本着诚实信用、勤勉尽责的态度，本独立财务顾问经过审慎核查，结合 重庆百货 2024 年年度报告，出具本持续督导意见。 1、本持续督导意见的依据是本次交易各方提供的资料，提供方对所提供的 为出具本持续督导意见所依据的所有文件和材料真实性、准确性、完整性和及时 性负责，保证资料不存在重大遗漏、虚假记载或误导性陈述，并对其真实性、准 确性、完整性承担个别和连带法律责任。本独立财务顾问对本次持续督导所发表 意见的真实性、准确性和完整性负责。 2、本独立财 ...

Investment Rating - The report maintains a positive outlook on the retail and service sectors, highlighting the potential for growth driven by government policies aimed at boosting consumption [4][7]. Core Insights - The Politburo meeting emphasized the importance of stabilizing employment and promoting consumption, indicating a strategic focus on enhancing domestic demand and supporting the service sector [4][7]. - The report notes a significant increase in service retail sales, with a year-on-year growth of 5.0% in Q1 2025, surpassing the growth rate of goods retail sales [8]. - The introduction of optimized tax refund policies for outbound tourists is expected to enhance the attractiveness of inbound consumption, further stimulating the retail market [14][15]. - Various regions have launched consumption promotion activities, including the distribution of consumption vouchers, which have shown positive results in driving sales during the May Day holiday [16][17]. Summary by Sections Economic Policy and Consumption Promotion - The Politburo meeting proposed a series of policies to expand domestic demand and promote consumption, focusing on stabilizing employment and enhancing service consumption [4][7]. - The report highlights the expected positive impact of these policies on sectors such as tourism, hospitality, and retail, with a particular emphasis on the growth of service consumption [8][9]. Market Performance - During the period from April 28 to May 2, 2025, the social service index decreased by 2.63%, while the retail index fell by 1.72%, indicating a challenging market environment [19]. - The report provides a detailed overview of stock performance within the retail sector, noting significant gains for companies like Maoye Commercial and Xinhua Jin, while others like Tongcheng Holdings and Bubugao faced declines [22][29]. Company Updates - Notable companies in the retail sector, such as Yonghui Supermarket and Dazhong shares, are undergoing transformations to enhance profitability and adapt to changing consumer preferences [4][32]. - The report includes financial performance updates for key companies, indicating varied results across the sector, with some companies experiencing revenue growth while others faced declines [32][34]. Valuation Insights - The report presents valuation metrics for key companies in the retail and service sectors, indicating a weighted average PE ratio for e-commerce companies at 13 for 2025E, suggesting a favorable investment environment [40][41].

Core Viewpoint - The article highlights the upcoming "May Day" holiday in Chongqing, where the Yuzhong District is leveraging "first-release economy" to host a series of international and domestic brand exhibitions, creative theme shows, and immersive experiences, aiming to create a cultural and consumption boom in the city [1]. Group 1: Major Exhibitions and Events - The "teamLab FuturePark" exhibition, recognized as one of the "Top 10 Must-See Exhibitions Worldwide," will debut in Chongqing at the Metropolitan Oriental Plaza, showcasing interactive digital art experiences [1]. - The "Digimon: Forever Youth" immersive theme exhibition at Longfor Chongqing Times Square features nostalgic elements, including original artwork and iconic scenes from the series, appealing to fans of the franchise [3][4]. - Various unique exhibitions are being held in Yuzhong, such as the "Spring Echo" themed exhibition curated by Chen Tianci, which showcases rare personal artifacts of the literary icon San Mao [5]. Group 2: Local Cultural Expressions and Innovations - The "Xumi Country" photography exhibition by local artist Dai Xiaobing presents over 70 previously unopened caves of the Dazu Rock Carvings, emphasizing the cultural heritage of Chongqing [5]. - The "ROLLIN' WILD" exhibition introduces a large-scale IP exhibit and themed amusement areas, aiming to convert virtual traffic into physical consumption [5]. - The "Chongqing Boy" participatory exhibition explores the local spirit through interactive and co-creative experiences, blending modern and traditional cultural elements [5]. Group 3: Brand Launches and Fashion Events - Several brand launches are scheduled around the "May Day" holiday, including a fashion show by Chongqing Department Store in collaboration with Bi Yin Le Fen, and exclusive product releases from Air Jordan and other brands [6]. - The Chongqing business committee emphasizes that these first releases and exhibitions not only enhance consumer experiences but also contribute to the upgrade of shopping districts and the quality of consumption [6].

Investment Rating - The report maintains a "Buy" rating for Chongqing Department Store (600729) [6] Core Views - The company reported Q1 2025 results that met expectations, with a revenue of 4.276 billion yuan, down 11.85% year-on-year, and a net profit of 475 million yuan, up 9.23% year-on-year [6] - The company is benefiting from the "old-for-new" policy, which has driven growth in the appliance sector, with appliance sales increasing by 76.8% year-on-year during the 3.15 shopping festival [6] - The company is actively upgrading its business formats, with significant improvements in gross margin and net profit margin in Q1 2025 [6] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 18.075 billion yuan, with a year-on-year growth rate of 5.5% [5] - The net profit attributable to the parent company is projected to be 1.406 billion yuan in 2025, reflecting a year-on-year growth of 7.0% [5] - The earnings per share (EPS) for 2025 is expected to be 3.19 yuan, with a price-to-earnings (PE) ratio of 10 [5] Business Operations - As of Q1 2025, the company operates 50 department stores, 149 supermarkets, 42 appliance stores, and 34 automotive trade stores, with a total store area of 2.1783 million square meters [6] - The company is focusing on transforming its supermarket format to enhance customer experience, with plans to upgrade 36 stores in 2025 [6] - The automotive trade segment has seen over 60% of its stores adopting a multi-product approach, with a 59% year-on-year increase in new energy vehicle sales in early 2025 [6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the near term [4][6]. Core Views - The company has shown stable profit performance in Q1 2025, with a revenue of 4.276 billion yuan, down 11.85% year-on-year, while net profit attributable to shareholders increased by 9.23% to 475 million yuan [1][4]. - The company is actively reducing its automotive business segment, which has led to a decline in overall revenue, particularly in the automotive sector, which saw a 35.26% drop [2][3]. - The company is accelerating the transformation of its existing business formats and has entered the convenience store sector, opening its first community convenience store in Chongqing [3][4]. - Cost control measures have been effective, with a slight increase in the expense ratio to 19.21%, while all expense categories saw a year-on-year decline due to reduced revenue [3][4]. - The gross margin improved to 29.64%, primarily due to the reduced proportion of low-margin automotive business [3][4]. Financial Summary - The company forecasts revenues of 17.846 billion yuan, 18.467 billion yuan, and 19.136 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 1.381 billion yuan, 1.458 billion yuan, and 1.530 billion yuan for the same years [5][11]. - The projected PE ratios for the next three years are 10 times for 2025 and 2026, and 9 times for 2027 [4][11]. - The company’s total market capitalization is approximately 13.94 billion yuan, with a total share count of 441 million [6][11].

证券代码：600729 证券简称：重庆百货 公告编号：临 2025-019 重庆百货大楼股份有限公司 2025 年一季度经营数据公告 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。 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——零售和《关于做好主板上市公司 2025 年第一季度报告披露工作的重要 提醒》的要求，重庆百货大楼股份有限公司（以下简称"公司"）将 2025 年一 季度主要经营数据披露如下： 一、2025 年一季度门店变动情况 注 1：同一物理体内存在多业态的，按其属性归口计入各业态。 二、2025 年一季度拟增加门店情况 报告期内，公司无拟增加而未增加门店。 三、2025 年一季度主要经营数据 | | | | | 单位：元 币种：人民币 | | --- | --- | --- | --- | --- | | | | | 营业收入 | 毛利率比 | | 地区 | 经营业态 | 营业收入 | 比上年增 | 毛利率（%） 上年增减 | | | | | 减（%） | （个百分点） | | 重 ...