Core Viewpoint - The company is positioned as a retail leader in the western region, continuously enhancing store adjustments to improve market competitiveness [1][2]. Group 1: Store Adjustments and Market Strategy - By June 30, 2025, the company plans to open 275 various types of malls and stores, with operational outlets established in 35 districts and counties in Chongqing and other areas [1]. - The department store format adopts a "one store, one policy" approach driven by regional consumer demand, implementing a "1+6+N" adjustment strategy [1]. - In the first half of 2025, the company added 116,900 square meters of non-purchase area and introduced 38 new brands [1]. - The company completed adjustments in 27 stores in the first half of 2025, resulting in an increase of 528,000 customer visits, a growth of 15% [1]. Group 2: Management Team and Operational Efficiency - The management team has extensive industry backgrounds, including experience from major retail and technology firms, which is expected to enhance operational efficiency [2]. - The chairman is the founder of Wumart Group and Dmall, while the vice chairman has a background in consumer finance, indicating a strong leadership team [2]. Group 3: Financial Performance and Investment Outlook - The company holds a 31.06% stake in a consumer finance firm, which has shown stable growth over the past five years, contributing positively to the company's investment returns [2]. - The projected net profit for the company from 2025 to 2027 is estimated at 1.48 billion, 1.65 billion, and 1.86 billion yuan, corresponding to PE ratios of 8, 7, and 6 times [2]. - A target price of 45.00 yuan is set based on a 12 times PE for 2026, with an initial "buy" rating recommended [2].

Summary of Chongqing Department Store Conference Call Industry Overview - The conference call discusses the performance and strategies of Chongqing Department Store, focusing on various retail segments including department stores, supermarkets, electronics, automotive trade, and innovative business models. Key Points and Arguments Department Store Segment - The department store segment showed marginal improvement in Q3, with revenue and customer traffic increasing significantly. For instance, the Balanhui store experienced a sales growth of approximately 70% and a doubling of customer traffic. The Daping Commercial City saw sales growth close to 50% and a 30% increase in customer traffic [2][4][6]. Supermarket Segment - The supermarket segment remained stable, with adjustments made to 30 stores leading to nearly 20% sales growth and a net gross margin increase of about 22%. Quality store types performed best, achieving sales and net margin growth of 20% to 25% [2][4][6]. Electronics Segment - The electronics segment faced challenges due to the impact of national subsidy policies, particularly in Q4. The company is responding by collaborating with leading brands, enhancing after-sales services, penetrating lower-tier markets (with plans to open 400 stores under the "Four Seasons" initiative, targeting sales of 700-800 million RMB), and strategic cooperation with real estate agencies [2][10]. Automotive Trade Segment - The automotive trade segment has turned profitable, with improvements in profitability for leading fuel vehicle brands and strong sales in the new energy vehicle sector. The after-sales market has seen rapid growth, with sales in maintenance, insurance, and other services increasing by nearly 30% from January to September [2][11]. Innovative Business Initiatives - The company is advancing its "store plus warehouse" model, planning to open 20-25 warehouses next year, each expected to contribute 1.8 to 2 million RMB in annual revenue with a net margin of 5-6%. Additionally, the company aims to launch approximately 130 SKUs in its three R food series, targeting one million RMB in sales per SKU [2][8][9]. Financial Performance and Future Outlook - For 2025, the company anticipates stable overall operations with a small single-digit growth despite some non-financial negative impacts. The company plans to invest approximately 300 million RMB in department store renovations over the next three years, aiming for at least a 10% increase in sales and profits within a year post-renovation [3][13]. Strategic Adjustments - The company is focusing on expanding its convenience store business, planning to stabilize expansion to 20-40 stores this year through a franchise model, leveraging brand and supply chain advantages for differentiated competition [3][16][17]. Investment and Returns - The investment returns from the affiliated company, Maxiao, are expected to remain stable at around 700-710 million RMB for the year, despite strict industry regulations. Maxiao maintains a leading position in the market due to its channel and technological innovations [3][18]. Overall Business Strategy - Chongqing Department Store's overall strategy emphasizes stability while adapting to industry and consumer trends through innovation. The company is committed to shareholder returns and actively adjusting its business segments to maintain a steady growth trajectory [3][19].

重庆百货大楼股份有限公司股东会议事规则 （2001 年 6 月 11 日，2000 年度股东大会审议通过；2012 年 3 月 28 日，2012 年度第一 次临时股东大会修订；2014 年 9 月 9 日，2014 年度第一次临时股东大会修订；2022 年 12 月 15 日，2022 年第四次临时股东大会修订；2025 年 9 月 30 日，2025 年第一次临时股东会 修订） 第一章 总 则 （一）会议的召集、召开程序是否符合法律、行政法规、本规则和公司章程 的规定； （二）出席会议人员的资格、召集人资格是否合法有效； 第一条 为规范重庆百货大楼股份有限公司（简称公司或本公司）行为，保 证股东会依法行使职权，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》）、《上市公司股东会规则》《公 司章程》的规定，制定本规则。 第二条 公司股东会的召集、提案、通知、召开等事项适用本规则。 第三条 公司应当严格按照法律、行政法规、《上市公司股东会规则》及公司 章程的相关规定召开股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全 ...

重庆百货大楼股份有限公司章程 （2006 年 4 月 30 日，2005 年度股东大会通过；2008 年 2 月 26 日，2008 年度第一次临时股东大会第 一次修订；2009 年 5 月 12 日，2008 年度股东大会第二次修订；2009 年 12 月 21 日，2009 年度第二次临时 股东大会第三次修订；2010 年 12 月 31 日，2010 年度第四次临时股东大会第四次修订；2011 年 7 月 19 日， 2011 年度第二次临时股东大会第五次修订；2011 年 9 月 7 日，2011 年度第三次临时股东大会第六次修订； 2012 年 3 月 28 日，2012 年度第一次临时股东大会第七次修订；2012 年 6 月 29 日，2011 年度股东大会第 八次修订；2012 年 9 月 14 日，2012 年度第二次临时股东大会第九次修订；2013 年 3 月 29 日，2012 年度 股东大会第十次修订；2013 年 12 月 10 日，股东大会授权第六届十三次董事会第十一次修订；2014 年 4 月 18 日，2013 年度股东大会第十二次修订；2014 年 9 月 9 日，2014 年 ...

重庆百货大楼股份有限公司董事会议事规则 (2001 年 4 月 29 日，第二届第八次董事会审议通过；2002 年 5 月 17 日，第二届第十五次董 事会会议修订；2012 年 3 月 28 日，2012 年度第一次临时股东大会第二次修订；2022 年 12 月 15 日， 2022 年第四次临时股东大会第三次修订；2025 年 9 月 30 日，2025 年第一次临时股东会第四次修订) 第一章 董事会的职权及义务 一、董事会的职权 （六）拟定公司重大收购、收购本公司股票或者合并、分立、解散及变更公司形式 的方案； 公司董事会由全体董事组成，负责股东会决议的执行和公司业务的决策，并对股东 会负责。董事会行使下列职权： （一）召集股东会，并向股东会报告工作； （二）执行股东会的决议； （三）决定公司的经营计划和投资方案； （四）制订公司的利润分配方案和弥补亏损方案； （五）制订公司增加或者减少注册资本、发行债券或者其他证券及上市方案； （七）在股东会授权范围内，决定公司对外投资、收购出售资产、资产抵押、对外 担保事项、委托理财、关联交易、对外捐赠等事项。 （八）决定公司内部管理机构的设置； （九）决定聘任或者 ...

证券代码：600729 证券简称：重庆百货 公告编号：临 2025-043 重庆百货大楼股份有限公司 2025年第一次临时股东会决议公告 (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次会议由公司董事会召集，董事长张文中先生主持会议。会议采取现场投 票与网络投票相结合的方式进行表决，会议表决方式符合《公司法》及《公司章 程》的规定。 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 9 月 30 日 (二)股东会召开的地点：重庆市渝中区青年路 18 号 16 楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 354 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 280,473,767 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份 | 63.6752 | | 总数的比 ...

2 中联律师事务所 上海中联(重庆)律师事务所 关于重庆百货大楼股份有限公司 2025 年第一次临时股东会的 法律意见书 上海 广州 贵阳 成都 围庆办公室: 虽庆市渝中区华盛路 7 号企业天地 7 号楼 10、11、12 层 Tel: +86 (23)6363 1830/1/2 上海中联(重庆)律师事务所 关于重庆百货大楼股份有限公司 2025 年第一次临时股东会的 法律意见书 中联重办(律)字第 25pji093001 号 致:重庆百货大楼股份有限公司 上海中联(重庆)律师事务所(以下简称"本所")接受重庆百货大楼股份 有限公司（以下简称"公司"）委托,指派律师出席公司于 2025年 9 月 30 日召 开的 2025 年第一次临时股东会(以下简称"本次股东会"或"本次会议")。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》")《上市公司股东会规则》(以下简称"《股东会规则》") 等法律、法规和规范性文件以及《重庆百货大楼股份有限公司章程》(以下简称 "《公司章程》"）的规定,本所律师对公司本次股东会的召集、召开程序、出席 会议人员的资格、表决程序 ...

重庆百货大楼股份有限公司 2025 年第一次临时股东会会议材料 1 2025 年第一次临时股东会议案（一） 重庆百货大楼股份有限公司 关于修订《公司章程》的议案 各位股东： 根据《中华人民共和国公司法》、中国证监会《上市公司章程指引》及《关于 新〈公司法〉配套制度规则实施相关过渡期安排》等有关法律法规的规定，重庆 百货大楼股份有限公司（以下简称"公司"）结合实际情况，将不再设置监事会并 修订《公司章程》。 2025 年 9 月 13 日，公司对外披露了《关于修订〈公司章程〉的公告》（公告 编号：临 2025-035）以及修订后的《公司章程》，现将公告内容提交本次会议审议。 请予审议。 重庆百货大楼股份有限公司 2025 年 9 月 24 日 2 关于修订《股东大会议事规则》的议案 各位股东： 2025 年 3 月 28 日，中国证监会修订了《上市公司章程指引》和《上市公司股 东会规则》。重庆百货大楼股份有限公司（以下简称：公司）对照上述规定修订《股 东大会议事规则》。 2025 年 9 月 13 日，公司对外披露了《公司第八届十八次董事会决议公告》（公 告编号：临 2025-033），并以该公告附件的形式披露 ...

Core Insights - Chongqing Department Store (600729) has been recognized as one of the "Top 500 Service Enterprises in China" at the 2025 Modern Service Industry High-Quality Development Conference held in Chongqing [1] Group 1: Company Developments - The company has deepened market-oriented reforms, accelerated innovation, and continuously optimized its supply chain, establishing new consumption scenarios and advancing comprehensive digitalization [1] - Chongqing Department Store has successfully introduced strategic investors like Wumart Group, enhancing its overall strength and improving its corporate governance structure [1] - The company operates 270 direct-operated stores and nearly 400 franchise stores, covering Chongqing and Sichuan, with a strong customer base of over 20 million members [1] Group 2: Marketing and Sales Strategies - The company has launched various self-owned brands and community satellite stores, and has completed significant store renovations to enhance customer experience [2] - It has developed unique marketing events such as shopping festivals and group purchase meetings to effectively stimulate consumer demand [2] Group 3: Digital Transformation - The company has proposed a "631 Digital Blueprint" focusing on six front-end services supported by data and intelligent platforms, aiming for a dual-driven model of data-driven decision-making and AI efficiency enhancement [2] - Various online operational platforms have been established to provide real-time services to consumers, enhancing the overall shopping experience [2] Group 4: Future Plans - The company aims to embrace digital intelligence and transition towards "AI New Quality Retail," utilizing AI technologies for product selection, replenishment, and clearance [3] - It plans to accelerate store renovations, innovate new business models, and expand its market presence, particularly in emerging business districts and communities [3] - Chongqing Department Store intends to play a leading role in the high-quality development of modern service industries, meeting diverse consumer needs with quality products and services [3]

Summary of Conference Call Records Industry Overview - The service consumption in China is significantly lower than in developed countries, currently at approximately 30% compared to 70% in the US, indicating substantial growth potential [1][2] - The new policies aim to enhance service consumption, particularly in the cultural and tourism sectors, with local governments actively improving service quality [1][2] Key Policy Insights - Five major increments in the new policy include: 1. Optimizing student holiday arrangements to explore spring and autumn breaks, benefiting tourism [1][4] 2. Encouraging IP collaborations to promote cross-industry partnerships [1][4] 3. Linking sports events with cultural tourism to boost consumer engagement [1][4] 4. Promoting AI applications in various sectors such as e-commerce and education [1][4] 5. Regulating non-academic training institutions to encourage market-oriented vocational training [1][4] Impact on Specific Sectors - **Tourism and Hospitality**: - The expansion of the visa-free entry policy is expected to significantly boost inbound tourism, particularly benefiting major cities like Beijing and Shanghai, as well as OTA platforms and hotels [3][9][12] - **Cultural and Sports Events**: - The policy encourages the introduction of international sports events and supports local sports activities, which will benefit event organizers and related industries, enhancing investor expectations [1][6] - **Education and Training**: - The new regulations for non-academic training institutions will favor companies like New Oriental and others in the vocational training sector [7][8] Financial and Economic Support - The government plans to utilize central budget investments and local special bonds to support cultural tourism and elderly care facilities, which will attract social capital investment [13] - Financial tools will be employed to increase credit availability, directly benefiting companies involved in consumer lending, such as Chongqing Department Store [13] Additional Considerations - The adjustment of student holiday schedules is anticipated to increase tourism frequency while alleviating congestion during peak seasons [11][12] - The integration of AI in service sectors is expected to enhance operational efficiency and reduce costs, indicating a significant trend in future consumption development [10]