Investment Rating - The investment rating for Chongqing Department Store (600729) is "Buy" (maintained) [1][10]. Core Views - The company reported a revenue of 4.13 billion yuan for Q2 2024, a year-on-year decrease of 18.5%, and a net profit attributable to shareholders of 280 million yuan, down 28.9% year-on-year. The non-recurring net profit was 260 million yuan, down 26.5% year-on-year. The contribution from the consumer finance segment is estimated to be around 160 million yuan, a decrease of 31% year-on-year [1][8]. - The report emphasizes the potential for profit margin improvement through supply chain transformation and operational efficiency enhancements. The company's initiatives in retail, such as "six major stores" and "hard discount stores," are expected to open up revenue growth opportunities. Further adjustments in governance and operations may help offset industry demand pressures [2][10]. Financial Summary - For 2024, the company is projected to have total revenue of 16.98 billion yuan, a decrease of 10.59% year-on-year, with a net profit of 1.33 billion yuan, an increase of 1.20% year-on-year. The earnings per share (EPS) is expected to be 2.97 yuan [8][10]. - The financial forecast indicates a decline in net profit estimates for 2024-2026, revised from 1.45 billion yuan, 1.59 billion yuan, and 1.71 billion yuan to 1.33 billion yuan, 1.40 billion yuan, and 1.47 billion yuan respectively [10]. - The company's price-to-earnings (P/E) ratio is projected to be 7, 6, and 6 times for 2024, 2025, and 2026 respectively, indicating a low valuation compared to historical averages [10]. Market Data - The company has a net asset value per share of 16.03 yuan and a debt-to-asset ratio of 62.48% [4]. - The total market capitalization is approximately 8.69 billion yuan, with a circulating A-share market value of about 3.76 billion yuan [18]. Performance Analysis - The report notes that the decline in performance for Q2 2024 is primarily due to a high base from the previous year and fluctuations in non-recurring gains. The consumer finance segment has also seen increased provisioning, impacting overall profitability [9]. - The company's main business non-recurring net profit for Q2 2024 is estimated at 940 million yuan, down 16.4% year-on-year, indicating challenges in maintaining growth amidst a tough consumer environment [1][9].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 28.00 CNY per share based on a 9x PE for the expected net profit in 2024 [2][7]. Core Insights - The company has launched its first "Fresh + Discount" store model, which has significantly boosted sales, achieving over 5 times year-on-year growth on opening day. The second store is set to open by the end of June [2]. - Despite short-term pressure on earnings, the company is actively innovating its business model, which is expected to enhance operational capabilities. The performance of the consumer finance business is anticipated to reflect actual growth in financial reports after the normalization of the base in the second half of 2024 [2][5]. Financial Summary - For the first half of 2024, the company reported revenues of 8.98 billion CNY, a decline of 11.6% year-on-year, and a net profit attributable to shareholders of 710 million CNY, down 21.1% year-on-year. The decline in net profit is primarily attributed to reduced profits from consumer finance and non-recurring losses from the decline in the stock price of a subsidiary [5][6]. - The company’s net profit for the second quarter of 2024 was 280 million CNY, a decrease of 35.9% year-on-year, with revenues of 4.13 billion CNY, down 18.2% year-on-year [5][6]. - The projected net profits for the company from 2024 to 2026 are 1.39 billion CNY, 1.50 billion CNY, and 1.62 billion CNY, with year-on-year growth rates of 6.1%, 7.8%, and 7.9% respectively [2][6].

Investment Rating - The report maintains a "Recommended" rating for Chongqing Department Store (600729.SH) with a target price of 19.48 CNY [14][15]. Core Viewpoints - The company experienced a decline in revenue and net profit in the first half of 2024, with revenue at 8.98 billion CNY, down 11.56% year-on-year, and net profit at 712 million CNY, down 21.06% year-on-year [1]. - The company is undergoing operational transformation with the launch of new "fresh + discount" supermarket formats, which have shown promising initial sales performance [4]. - The company is expected to see a recovery in profits as it continues to enhance operational efficiency and adapt to market changes, with projected net profits of 1.446 billion CNY, 1.598 billion CNY, and 1.764 billion CNY for 2024, 2025, and 2026 respectively, reflecting growth rates of 9.9%, 10.5%, and 10.4% [14]. Financial Performance Summary - In the first half of 2024, the company reported a revenue of 8.98 billion CNY, with a significant drop in net profit to 712 million CNY, influenced by high base effects from the previous year and non-recurring losses [1][24]. - The company’s revenue is projected to grow from 18.985 billion CNY in 2023 to 21.987 billion CNY by 2026, with a compound annual growth rate of approximately 5% [5]. - The net profit is expected to increase from 1.315 billion CNY in 2023 to 1.764 billion CNY in 2026, indicating a strong recovery trajectory [5][14]. Operational Developments - The company completed a board restructuring in May 2024, which is anticipated to enhance management confidence and operational efficiency [2]. - The launch of the first "fresh + discount" supermarket format has been successful, achieving sales of over 2.188 million CNY within the first six days of operation [4]. Valuation Metrics - The report indicates a low valuation with a projected PE ratio of 6 for 2024, decreasing to 5 by 2026, alongside a PB ratio of 0.7 in 2024 [5][14]. - The company has maintained a high dividend payout ratio, with historical rates of 142.73% to 153.23% from 2020 to 2023, suggesting a commitment to returning value to shareholders [14].

Financial Performance - In the first half of 2024, the company achieved total operating revenue of 8.98 billion yuan, a year-on-year decrease of 11.56%[6] - The net profit attributable to shareholders of the listed company was 711.62 million yuan, down 21.06% year-on-year[6] - Basic earnings per share were 1.63 yuan, reflecting a decline of 20.87% compared to the previous year[6] - Non-recurring gains and losses for the period amounted to 7.60 million yuan, a significant decrease of 91.71% year-on-year[7] - The net profit, excluding non-recurring gains and losses and investment income from immediate consumption, was 374 million yuan, down 4.52% year-on-year[16] Assets and Equity - The company's total assets at the end of the reporting period were 19.49 billion yuan, an increase of 4.58% from the beginning of the period[5] - The equity attributable to shareholders of the listed company rose to 6.87 billion yuan, marking a 10.21% increase[5] Return on Equity - The company reported a weighted average return on equity of 10.15%, down 6.12 percentage points from the previous year[4] Cost Management - The company is focusing on cost reduction and efficiency improvement, with a decrease in labor and rental costs[16] Consolidation - The company has included the assets and liabilities of the Chongqing Commerce Group in its consolidated financial statements following a merger[6]

(一) 股东大会类型和届次 2024 年第三次临时股东大会 召开的日期时间：2024 年 7 月 24 日 11 点 00 分 召开地点：重庆市渝中区青年路 18 号 16 楼会议室 证券代码：600729 证券简称：重庆百货 公告编号：临 2024-053 重庆百货大楼股份有限公司 关于召开 2024 年第三次临时股东大会的通知 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 股东大会召开日期：2024年7月24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 (四) 现场会议召开的日期、时间和地点 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 7 月 24 日 至 2024 年 7 月 24 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 ...

证券代码：600729 证券简称：重庆百货 公告编号：临 2024-051 重庆百货大楼股份有限公司 第八届三次董事会决议公告 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 2024 年 6 月 28 日以电子 邮件方式向全体董事发出召开第八届三次董事会会议通知和会议材料。本次会议 于 2024 年 7 月 5 日以通讯方式召开，公司 12 名董事全部发表意见，符合《公司 法》和《重庆百货大楼股份有限公司章程》的有关规定。会议由董事长张文中先 生提议召开。 二、董事会会议审议情况 公司决定按协议转让方式将新亚公司持有的重庆市九龙坡区谢陈路 3 号、3 号附一号（现九龙坡区龙腾大道 163 号）非住宅（含其附属固定设施设备及房屋 附属的 7,080.3 平方米土地）出售给重庆瑞盈实业有限公司，转让价格 4,672.67 万元。 （一）审议通过《关于成立商社万里汽车销售服务有限公司（暂定名）的议 案》 为加快新能源汽车网点布局，公司同意下属全资子公司重庆商社 ...

重庆百货大楼股份有限公司董事会 关联交易委员会工作规程 （2021 年 3 月修订，2023 年 10 月修订，2024 年 7 月修订） 第一章 总则 第一条 为了进一步完善公司关联交易决策制度，增强董事会在关联交易决 策过程中的公正性、科学性及合理性，维护公司及全体股东的合法权益，根据 《中华人民共和国公司法》、《上市公司治理准则》、《上海证券交易所股票上市 规则》、《公司章程》和《公司关联交易管理办法》及其他有关规定，公司设立 董事会关联交易委员会，并制定本议事规则。 第二条 关联交易委员会是董事会下设的专门工作机构，主要负责监督、审 核、检查公司与关联方发生的关联交易事项，向董事会报告工作并对董事会负责。 第二章 人员组成 第三条 关联交易委员会由三名董事组成，独立董事应占多数。 第四条 关联交易委员会委员由董事长或者二分之一以上独立董事或者全体 董事的三分之一提名，并由董事会选举产生。 第五条 关联交易委员会设主任委员一名，由董事会指定一名独立董事担任。 主任委员负责召集和主持关联交易委员会会议，当主任委员不能履行职责时，指 定一名委员（独立董事）代行职责。 第六条 关联交易委员会任期与董事会一致， ...

重庆百货大楼股份有限公司(以下简称"公司")提前以书面方式和电子邮件 方式向全体监事发出召开第八届三次监事会会议通知和会议材料。本次会议于 2024 年 7 月 5 日以通讯方式召开，会议由公司监事会主席肖熳华女士提议召开， 符合《公司法》和《重庆百货大楼股份有限公司章程》的有关规定。 二、监事会会议审议情况 证券代码：600729 证券简称：重庆百货 公告编号：临 2024-052 重庆百货大楼股份有限公司 第八届三次监事会会议决议公告 本公司监事会及全体监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、监事会会议召开情况 此议案尚需提交公司股东大会审议。 特此公告。 重庆百货大楼股份有限公司监事会 2024 年 7 月 6 日 本次会议审议通过《关于重庆百货大楼股份有限公司监事会主席薪酬建议 方案》 表决情况为：5 票同意，0 票反对，0 票弃权。 ...

9 中以律师事务所 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 2024 年第二次临时股东大会的 法律意见书 重庆、广州、四阳、成都、昆明、大连、天津、南昌、郑州、海口、武汉、兰州、合肥、西安、南京 重庆办公室: 重庆市渝中区华盛路 7 号企业天地 7 号楼 10-14 层 Tel: +86 (23)6363 1830/1/2 S 扫描全能士 3 亿人都在用的扫描App 上i 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 2024年第二次临时股东大会的 法律意见书 中联重办 (律) 字第 24pji0702001 号 厂州 2日,成都、昆明、大连、大理。 庆办公室:重庆市渝中区华盛路 7 号企业天地 7 号楼 中 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2024年7月2日召开 的 2024 年第二次临时股东大会(以下简称"本次股东大会"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 ...

重庆百货大楼股份有限公司 2024 年第二次临时股东大会决议公告 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。 证券代码：600729 证券简称：重庆百货 公告编号：临 2024-049 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 | 1、出席会议的股东和代理人人数 | 13 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 270,150,725 | | 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 份总数的比例（%） | 60.5260 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 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。 1 (一) 股东大会召开的时间：2024 年 7 月 2 日 (二) 股东大会召开的地点：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 ...