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 ...

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.