Financial Performance - The company's operating revenue for Q1 2025 was CNY 4,275,620,986.61, a decrease of 11.85% compared to CNY 4,850,120,851.84 in the same period last year[3] - Net profit attributable to shareholders increased by 9.23% to CNY 474,985,975.70 from CNY 434,831,225.99 year-on-year[3] - Total revenue for Q1 2025 was CNY 4,275,620,986.61, a decrease of 11.8% compared to CNY 4,850,120,851.84 in Q1 2024[15] - Net profit for Q1 2025 reached CNY 479,536,423.52, an increase of 9.6% from CNY 437,474,727.99 in Q1 2024[16] - Operating profit for Q1 2025 was CNY 531,266,867.66, up 9.0% from CNY 487,443,091.30 in Q1 2024[16] - Total comprehensive income for the first quarter of 2025 reached CNY 479,536,423.52, an increase of 9.5% compared to CNY 437,474,727.99 in the first quarter of 2024[17] Cash Flow - The net cash flow from operating activities rose by 5.01% to CNY 713,179,370.86 compared to CNY 679,124,652.82 in the previous year[3] - Cash inflow from operating activities for Q1 2025 was CNY 7,236,631,606.20, a decrease of 10.8% from CNY 8,108,858,693.34 in Q1 2024[19] - Net cash flow from operating activities was CNY 713,179,370.86, an increase of 5% compared to CNY 679,124,652.82 in the previous year[20] - Cash outflow from investing activities totaled CNY 149,011,206.83, significantly lower than CNY 1,036,963,945.41 in Q1 2024, indicating a reduction in investment expenditures[20] - Net cash flow from financing activities was negative at CNY -428,245,920.95, compared to CNY -177,111,736.57 in the same quarter last year, reflecting increased financing costs[20] - The company recorded a cash inflow of CNY 76,200,000.00 from borrowings in Q1 2025, a significant decrease from CNY 906,741,040.43 in Q1 2024[20] Assets and Liabilities - Total assets at the end of the reporting period were CNY 19,713,120,195.22, reflecting a slight increase of 0.37% from CNY 19,641,216,141.69 at the end of the previous year[4] - Total assets as of March 31, 2025, amounted to CNY 19,713,120,195.22, a slight increase from CNY 19,641,216,141.69 at the end of 2024[13] - Total liabilities decreased to CNY 11,651,159,485.41 as of March 31, 2025, down from CNY 12,056,366,297.07 at the end of 2024[13] Shareholder Information - Shareholders' equity attributable to the parent company increased by 6.37% to CNY 7,949,021,822.44 from CNY 7,472,743,061.31[4] - The company has a total of 14,864 common shareholders at the end of the reporting period[7] - Basic earnings per share rose by 9.09% to CNY 1.08 from CNY 0.99 in the same period last year[3] - Basic and diluted earnings per share for the first quarter of 2025 were CNY 1.08, up from CNY 0.99 in the same period last year, reflecting a growth of 9.1%[17] Investment and Equity - The company's equity increased to CNY 8,061,960,709.81 as of March 31, 2025, compared to CNY 7,584,849,844.62 at the end of 2024[13] - Long-term equity investments rose to CNY 4,350,852,210.08 as of March 31, 2025, compared to CNY 4,169,643,004.60 at the end of 2024[12] Operational Focus - The company plans to continue focusing on operational efficiency and cost management to improve cash flow in future quarters[21] - The company reported non-recurring gains and losses totaling CNY 30,009,442.47 for the period[5] - The company announced the listing of 2,790,580 shares held by certain shareholders on March 10, 2025, following the merger with Chongqing Shangshe Group[9]

重庆百货（600729）公告，2025年第一季度营收为42.76亿元，同比下降11.85%；净利润为4.75亿元， 同比增长9.23%。 ...

[Table_Title] 重庆百货(600729.SH)2024 年报点评：业绩符 合预期，延续较高比例分红 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 重庆百货(600729.SH) 投资评级 买入 上次评级 买入 蔡昕妤 商贸零售分析师 执业编号：S1500523060001 联系电话：13921189535 邮 箱：caixinyu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_ReportDate] 2025 年 4 月 24 日 [Table_S 事件：公司发布 ummary] 2024 年业绩，实现营收 171.39 亿元/yoy-9.75%，实现归 母净利润 13.15 亿元/yoy+0.46%，扣非归母净利润 12.28 亿元/yoy+8.76%， 经营活动现金流净额 20.23 亿元/yoy+35.54%。2024 年度，公司拟每股派 发现金红利 1.3622 元（含税），现金分红总额 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 重庆百货(600729.SH) 投资评级 买入 上次评级 买入 蔡昕妤 商贸零售分析师 执业编号：S1500523060001 联系电话：13921189535 邮 箱：caixinyu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 重庆百货(600729.SH)2024 年报点评：业绩符 合预期，延续较高比例分红 [Table_ReportDate] 2025 年 4 月 24 日 [Table_S 事件：公司发布 ummary] 2024 年业绩，实现营收 171.39 亿元/yoy-9.75%，实现归 母净利润 13.15 亿元/yoy+0.46%，扣非归母净利润 12.28 亿元/yoy+8.76%， 经营活动现金流净额 20.23 亿元/yoy+35.54%。2024 年度，公司拟每股派 发现金红利 1.3622 元（含税），现金分红总额 ...

Core Viewpoint - The company reported a decline in revenue for 2024, but showed resilience in net profit and operational adjustments across its business segments, indicating potential for future growth [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 17.14 billion, a year-on-year decrease of 9.8%, while net profit attributable to shareholders was 1.31 billion, up 0.5% year-on-year [1]. - The fourth quarter of 2024 saw revenue of 4.14 billion, a slight decline of 1.7% year-on-year, but net profit surged by 109.7% to 390 million [1]. - The company's gross profit margin improved to 26.5%, an increase of 0.8 percentage points year-on-year, primarily due to a decrease in the proportion of low-margin automotive trading business [2]. Business Segment Analysis - Revenue breakdown for 2024 showed the following performance across four main segments: - Department stores: 1.77 billion, down 12.2% - Supermarkets: 6.16 billion, down 0.3% - Electronics: 3.30 billion, up 12.9% - Automotive trading: 4.29 billion, down 29.5% [1]. - The department store segment faced intensified competition and margin pressure, while the supermarket segment benefited from operational adjustments in 10 stores, achieving double-digit growth [1][2]. Future Outlook - The company is optimistic about the ongoing adjustments in its business segments, with plans to continue transforming the department store segment and further improving supermarket operations in 2025 [2]. - The electronics segment is expected to benefit from expanded national subsidies, while the automotive trading segment is undergoing structural changes to enhance performance [2]. Investment Insights - The company is positioned to benefit from a resilient consumer market in Chongqing and effective adjustments across its business segments, suggesting a stable growth trajectory for future earnings [3]. - Profit forecasts for 2025 and 2026 are projected at 1.38 billion and 1.47 billion, respectively, with a current valuation of 11x, indicating a safety margin for investors [3].

Summary of Chongqing Department Store Conference Call Company Overview - **Company**: Chongqing Department Store - **Industry**: Retail, specifically focusing on department stores, supermarkets, and automotive trade Key Points and Arguments Financial Performance - In 2024, the company's revenue was 17.1 billion yuan, showing a single-digit decline year-on-year. The department store business experienced a double-digit decline, while the supermarket business remained stable, and the electrical appliance business grew by 12.9% [2] - The automotive trade faced significant challenges, leading to a loss of 12 million yuan, primarily due to the impact of new energy vehicles and the cessation of fuel vehicle wholesale from July to control risks [1][2] - Despite the automotive losses, the overall net profit attributable to shareholders increased by 0.5% year-on-year, supported by growth in supermarkets and electrical appliances, as well as investment income of 708 million yuan, which rose by 15% [2] - The company aims for a revenue growth of 5% and a profit growth of 7% in 2025, with specific targets set for each business segment [1][6] Market Dynamics - The Chongqing consumer market is gradually recovering, driven by policies such as the trade-in program for home appliances and digital products, which significantly boosted sales [1][4] - The number of inbound foreign tourists increased by over 150% in the first quarter of 2025, with a notable rise in travel bookings during the May Day holiday, positioning Chongqing as a popular tourist destination [1][4] Strategic Initiatives - The company plans to revamp stores by introducing trendy elements, such as creating a "trendy first store" to attract foot traffic and convert it into sales [1][4] - A significant focus on digital transformation and customer behavior analysis is expected to enhance store operations and profitability [1][8] - The supermarket segment is undergoing differentiation with three models, achieving double-digit sales growth, and plans to adjust 36 stores in 2025, including the opening of 30-40 convenience stores [3][9] Cost Management - The company has implemented organizational optimization measures, including the integration of headquarters operations and the introduction of digital talent, resulting in a reduction of labor costs by nearly 80 million yuan in 2024, with an additional expected reduction of 30 million yuan in 2025 [1][8] Competitive Landscape - The company is leveraging its regional leadership to enhance profitability by analyzing consumer behavior within a 3-kilometer radius and optimizing store operations accordingly [13] - The competitive landscape in Chongqing shows a lack of dominant convenience store brands, providing an opportunity for the company to enter this market segment [30][31] Future Outlook - The company remains confident in the department store sector despite facing pressure, as foot traffic is increasing, and it plans to adjust its operational strategies to meet performance targets [33] - The dividend policy remains stable, with a payout ratio between 40-50% [34] Additional Insights - The company has launched its own gold brand, Baoyuantong, capitalizing on rising gold prices and aiming to expand its presence in the market [16] - The electrical appliance segment is benefiting from government subsidy policies, with significant sales growth in air conditioning and kitchen products [17][18] This summary encapsulates the key insights from the conference call, highlighting the company's performance, strategic initiatives, market dynamics, and future outlook.

上 市 公 司 商贸零售 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 22 日 | | --- | --- | | 收盘价（元） | 33.64 | | 一年内最高/最低（元） | 36.20/16.91 | | 市净率 | 2.0 | | 股息率%（分红/股价） | 4.03 | | 流通 A 股市值（百万元） | 6,432 | | 上证指数/深证成指 | 3,299.76/9,870.05 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 16.96 | | 资产负债率% | 61.38 | | 总股本/流通 A 股（百万） | 441/191 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 2025 年 04 月 22 日 重庆百货 (600729) 04-22 05-22 06-22 07-22 08-22 09-22 10-22 11-22 12-22 01-22 02-22 03-22 04-22 -3 ...

Core Viewpoint - The company is expected to achieve steady growth in its main business in 2024, driven by store adjustments and cost reduction initiatives that enhance profitability [1] Financial Performance - The company maintains a "buy" rating and updates profit forecasts, projecting net profits of 1.365 billion, 1.432 billion, and 1.509 billion yuan for 2025-2027, with corresponding EPS of 3.10, 3.25, and 3.43 yuan [2] - In 2024, the company reported revenues of 17.139 billion yuan, a year-on-year decrease of 9.75%, while net profit attributable to shareholders was 1.315 billion yuan, a slight increase of 0.46% [2] - The diluted EPS for 2024 was 3 yuan, with a weighted average return on equity of 18.62% and operating cash flow of 2.023 billion yuan, up 35.54% year-on-year [2] - The company plans to distribute a cash dividend of 1.36216 yuan per 10 shares, totaling 600 million yuan, representing a cash dividend ratio of 45.64% [2] Business Strategy and Operations - The company is accelerating store adjustments to improve operational quality, with a 26.4% adjustment rate in department stores and a new non-purchase area of 33,700 square meters [3] - In 2024, the company’s differentiated private label sales in supermarkets grew over 50%, and multiple store adjustments led to double-digit growth in various operational metrics [3] - The company is focusing on strategic brands in the appliance sector, achieving significant sales growth and opening three new stores, generating additional sales of 138 million yuan [3] - In the automotive sector, the company introduced the "Xiaomi" car brand, achieving the highest sales in Chongqing while adjusting its operational structure [3] Cost Reduction and Efficiency Improvement - The company emphasizes a blend of online and offline business, surpassing 25 million members and achieving online sales of 2.415 billion yuan in 2024 [4] - B2B sales reached 2.08 billion yuan, reflecting a year-on-year increase of 20.1% [4] - The company’s community-focused initiatives, such as "Reputable Neighbors," saw sales growth exceeding 30% [4] - The company achieved a combination of increased revenue and reduced costs, with total income from various sources amounting to 236 million yuan, while reducing costs by 240 million yuan through various measures [4]

证券研究报告·公司点评报告·一般零售 重庆百货（600729） 2024 年年报业绩点评：扣非净利润+8.8%略 超业绩快报，推进场店调改优化经营 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 18,991 | 17,139 | 18,355 | 18,433 | 19,208 | | 同比（%） | 3.75 | (9.75) | 7.10 | 0.42 | 4.21 | | 归母净利润（百万元） | 1,309 | 1,315 | 1,409 | 1,501 | 1,581 | | 同比（%） | 48.14 | 0.46 | 7.15 | 6.56 | 5.33 | | EPS-最新摊薄（元/股） | 2.97 | 2.98 | 3.20 | 3.41 | 3.59 | | P/E（现价&最新摊薄） | 11.19 | 11.14 | 10.40 | 9.76 | 9.26 | [Table_Tag] [ ...

事件：公司发布2024 年年度报告。2024 年，公司实现收入171.4 亿元，同比-9.75%；归母净利润13.1 亿 元，同比+0.46%；扣非净利润12.3 亿元，同比+8.76%。公司收入、归母净利润符合业绩快报，扣非净 利润略高于业绩快报给出的12.2 亿元/ +8.2%。公司拟每股分红13.6216 元，分红率45.6%。 超市业务：2024 年营收61.6 亿元，同比-0.31%；毛利率为16.5%，同比-0.8pct。超市进行模式变革，加 快门店调整改造，探索生鲜+折扣、精致生活馆、品质超市三种模式，年内调改焕新10 家门店，调改后 多项经营指标双位数增长。2025 年计划调改36 家门店。 对应2024Q4：公司实现收入41.35 亿元，同比-1.87%；归母净利润3.92 亿元，同比+136%；扣非净利润 3.26 亿元，同比+200%。 分业务板块看：重庆百货的利润主要由零售主业和公司旗下马上消费金融贡献的投资收益构成。①扣非 扣投资收益后，公司零售主业利润约为5.2 亿元，同比+1.15%。②对联营企业投资收益（主要来自马 消）为7.08 亿元，同比+15.1%。 低毛利的汽贸业务收缩 ...