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 7 月 30 日以电子 邮件方式向全体董事发出召开第八届四次董事会会议通知和会议材料。本次会议 于 2024 年 8 月 6 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。 证券代码：600729 证券简称：重庆百货 公告编号：临 2024-056 重庆百货大楼股份有限公司 第八届四次董事会决议公告 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。 表决情况：同意 12 票，反对 0 票，弃权 0 票。 特此公告。 重庆百货大楼股份有限公司董事会 2024 年 8 月 7 日 二、董事会会议审议情况 审议通过《关于数字化中心组织优化调整的议案》 2023 年 10 月 23 日，公司第七届五十四次董事会审议通过《关于实施融合 办公组织优化调整的议案》，决定对公司总部及经营单位部分中后台职能进行融 合调整，实行部分中后台职能总部集约化、专业化管理。 ...

备注：净利润为归属母公司所有者的净利润 600729 CH Chongqing Department Store Rating: OUTPERFORM Target Price: Rmb29.71 Hongke Li hongke.li@htisec.com Liting Wang liting.wang@htisec.com Rebecca Hu, CFA rebecca.jl.hu@htisec.com 本研究报告由海通国际分销,海通 国际是由海通国际研究有限公司, 海通证券印度私人有限公司，海通 国际株式会社和海通国际证券集团 其他各成员单位的证券研究团队所 组成的全球品牌,海通国际证券集 团各成员分别在其许可的司法管辖 区内从事证券活动。关于海通国际 的分析师证明,重要披露声明和免 贡声明，请参阅附录。(Please see appendix for English translation of the disclaimer) 公司研究/商业贸易/百货 重庆百货（600729）公司公告点评 证券研究报告 2024-08-06 高基数下业绩承压,1H24 扣非主业净: 降 4.5% 投资要点: 重庆百货 ...

t 14 at 3 by S 扫描全能土 3 亿人都在用的扫描App 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 年第三次临时股东大会的 法律意见书 中联重办(律)字第 24pji0724001 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 关于重庆百货大楼股份有限公司 2024 年第三次临时股东大会的 法律意见书 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24日召 开的 2024 年第三次临时股东大会(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》")、《上市公司股东大会规则》(以下简称"《股东大会 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大会的召集、召开程 序、出席会议人员的资格、表决程序等事项进行核查、见证,并出具本法律意见 书. 上i 三角、台肥、西安,南京 r H. 武阳、武磊、 ...

重庆百货大楼股份有限公司 2024 年第三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 2024-055 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 | 140 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 268,327,247 | | 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 | 60.1174 | | 份总数的比例（%） | | (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。 (一) 股东大会召开的时间：2024 年 7 月 24 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 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its performance relative to the market [13]. Core Views - The company reported a decline in revenue and net profit for the first half of 2024, with total revenue of 8.98 billion yuan, down 11.56% year-on-year, and a net profit of 712 million yuan, down 21.06% year-on-year [13]. - The decline in net profit is attributed to a high base effect from the previous year and a decrease in non-recurring gains, with the core net profit showing a smaller decline of 4.52% after adjusting for these factors [13]. - The company is actively developing new business formats, such as fresh discount stores, which have shown promising sales performance since their opening [13]. - A new leadership team has been appointed, expected to enhance the company's strategic direction and operational efficiency [13]. - The company is projected to achieve net profits of 1.436 billion yuan, 1.565 billion yuan, and 1.735 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 6, 5, and 5 [13]. Financial Summary - For 2024, the company expects total revenue of 19.811 billion yuan, with a year-on-year growth rate of 4.4% [4]. - The projected net profit for 2024 is 1.436 billion yuan, reflecting a growth rate of 9.2% compared to the previous year [4]. - The company's gross margin is expected to stabilize around 25.8% for the next few years [4].

重庆百货大楼股份有限公司 2024 年第三次临时股东大会会议材料 1 2024 年第三次临时股东大会议案 1 关于重庆百货大楼股份有限公司 第八届独立董事年度津贴标准建议方案 重庆百货大楼股份有限公司 2024 年 7 月 17 日 2 2024 年第三次临时股东大会议案 2 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 各位股东： 各位股东： 根据重庆百货大楼股份有限公司（以下简称"公司"）2023 年年度股东大会决 议，选举陈兵、冉茂盛、梁雨谷、叶明、陈广垒为独立董事。公司现行独立董事 年度津贴标准按 2012 年董事会审议通过的津贴标准（7.8 万元（含税）/年）执行 超 10 年未调整，根据 2023 年 7 月颁布的《上市公司独立董事管理办法》（简称"独 董新规"）的相关规定，对独立董事的职责提出了更高的要求，独立董事作为外部 董事的责任更大，执业风险更高。为保持独立董事责、权、利的相对平衡，结合 公司的实际情况，并参照其他上市公司独立董事津贴水平，拟将公司独立董事的 津贴标准自第八届董事会起调整为：12 万元（含税）/年。 请予审议。 请予审议。 重庆百货大楼股份有限公司 2024 年 7 ...

Investment Rating - The report maintains a rating of "Buy" for the company, with a target price adjusted to 29.50 yuan, down from the previous 37.90 yuan [12][14]. Core Insights - The company's H1 performance was below expectations, leading to a downward revision of the EPS forecast for 2024-2026 to 2.95, 3.27, and 3.54 yuan, reflecting growth rates of 0%, 11%, and 8.1% respectively [10][11]. - The report highlights a significant decline in revenue and net profit, with H1 revenue at approximately 89.8 billion yuan, down 11.6%, and net profit at 7.12 billion yuan, down 21.1% [10][11]. - The company is expected to stabilize and recover in H2, driven by cost reduction measures and operational efficiency improvements [10][14]. Summary by Sections Financial Performance - H1 revenue was approximately 89.8 billion yuan, a decrease of 11.6%, with a net profit of 7.12 billion yuan, down 21.1% [10][11]. - The net profit margin for H1 was approximately 7.92%, a decline of 0.96 percentage points [10]. - The company anticipates a profit of 1.58 billion yuan in H2, representing a 30% increase compared to H1 [10]. Business Strategy - The company is focusing on enhancing operational efficiency and optimizing store and personnel structures [10][14]. - A new action plan for 2024 emphasizes quality improvement, efficiency enhancement, and shareholder returns [10][14]. - The company has opened its first fresh discount store, achieving daily sales of around 100,000 yuan, indicating a positive trend in new business ventures [10][14]. Market Position - The company operates in the retail and consumer goods sector, with a total market capitalization of 8.695 billion yuan [3]. - The stock has a current price of 19.48 yuan, with a price-to-earnings ratio of 6.61 [12][11]. - The report suggests that the company remains a valuable asset due to its low valuation and high dividend yield [10][14].

Financial Data and Key Indicator Changes - In H1 2024, the company's revenue was 8.98 billion yuan, a year-on-year decrease of 11.56%, while the net profit attributable to shareholders was 712 million yuan, down 21.06% year-on-year [5] - In Q2 2024, revenue was 4.13 billion yuan, a year-on-year decline of 18.52%, and net profit attributable to shareholders was 277 million yuan, down 28.93% year-on-year [6] - The main business profit in H1 2024 decreased by 4.52% year-on-year, with significant impacts from investment income and non-operating factors [5][6] Business Line Data and Key Indicator Changes - The company's main business profit in H1 2024 was 374 million yuan after excluding non-recurring gains and losses, reflecting a decline of 4.52% year-on-year [5] - The company has initiated a discount and fresh food new business model, with the first store opening on May 28, 2024, achieving sales five times higher than traditional models on the opening day [6] Market Data and Key Indicator Changes - The retail environment has been under pressure, leading to a decline in performance, prompting the company to launch promotional activities such as home appliance and department store festivals since June [6] Company Strategy and Development Direction and Industry Competition - The company is focusing on optimizing offline stores and enhancing cost control and efficiency, with a clear strategy to transform its supermarket business towards a discount model [6] - The company maintains a strong market position and emphasizes regular cash dividends, highlighting its high dividend value [7] Management's Comments on Operating Environment and Future Outlook - Management noted that the performance decline in Q2 2024 was primarily due to high base effects from the previous year, particularly from the listing of a subsidiary and increased provisioning in H2 2023 [6] - The company expects performance to improve in the second half of 2024 as the high base effect from investment income dissipates [7] Other Important Information - The company has a clear plan for revenue growth, projecting net profits of 1.375 billion yuan, 1.505 billion yuan, and 1.650 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 6.3, 5.8, and 5.3 [7] Q&A Session All Questions and Answers Question: What are the main factors affecting the company's performance in Q2 2024? - The decline in performance was attributed to high base effects from the previous year, particularly due to the listing of a subsidiary and increased provisioning in H2 2023 [6] Question: How is the company addressing the challenges in the retail environment? - The company has launched several promotional activities and is transforming its supermarket business towards a discount model to adapt to the challenging retail environment [6]

Investment Rating - The investment rating for the company is "Outperform the Market" [19]. Core Views - The company reported a revenue of 8.98 billion yuan for the first half of 2024, a year-on-year decrease of 11.56%. The net profit attributable to the parent company was 712 million yuan, down 21.06% year-on-year, while the net profit excluding non-recurring items was 704 million yuan, a decrease of 13.06% [8][9]. - The decline in net profit is primarily attributed to high investment income and non-recurring gains from the previous year. After excluding these factors, the net profit showed a smaller decline of 4.52% [9]. - The company is actively exploring new business models, such as the "Fresh + Discount" supermarket format, which aims to optimize and restructure the supply chain, reduce costs, and enhance service quality [10]. - The profit forecast for 2024-2026 is set at 1.34 billion yuan, 1.50 billion yuan, and 1.64 billion yuan respectively, with expected growth rates of 1.6%, 12.0%, and 9.5% [10]. Financial Summary - The company’s total revenue for 2023 is projected at 18.985 billion yuan, with a net profit of 1.315 billion yuan, reflecting a year-on-year growth of 48.8% [12]. - The earnings per share (EPS) for 2023 is estimated at 2.95 yuan, with a projected increase to 3.67 yuan by 2026 [12]. - The gross margin is expected to remain stable around 25.7% to 26.5% over the forecast period [12]. - The return on equity (ROE) is projected to decrease from 21.1% in 2023 to 18.6% by 2026 [12]. Valuation - The valuation for the retail business is based on a price-to-earnings (P/E) ratio of 12-15 times for the retail segment and 5 times for the financial investment segment, leading to a reasonable market capitalization range of 11.3 billion to 13.3 billion yuan [13]. - The estimated reasonable value per share is between 25.28 yuan and 29.71 yuan [13].

Investment Rating - The investment rating for the company is "Outperform the Market" [9][30]. Core Views - The company's revenue for the first half of 2024 was CNY 8.98 billion, a year-on-year decrease of 11.56%, while the net profit attributable to shareholders was CNY 712 million, down 21.06% year-on-year. The net profit excluding non-recurring items was CNY 704 million, a decline of 13.06% year-on-year [1][3]. - The decline in the company's main business is attributed to the overall weakness in offline retail consumption and short-term non-operating factors, as well as fluctuations in the performance of the associate company, Ma Shang Consumer Finance. Excluding non-recurring gains and the impact of Ma Shang's investment income, the retail main business is expected to achieve a profit of CNY 374 million, a decrease of 4.52% year-on-year [2][30]. - The company is actively exploring innovative developments in new discount formats, with expectations for increased local market penetration and transformation in the second half of the year. The completion of the reverse merger with the major shareholder, Chongqing Commerce, and the smooth transition of management is expected to enhance business integration and operational efficiency in the long term [2][30]. Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of CNY 4.13 billion, a year-on-year decline of 18.19%, and a net profit of CNY 277 million, down 35.92% year-on-year. The net profit excluding non-recurring items was CNY 258 million, a decrease of 25.64% year-on-year [3]. - The company has adjusted its net profit forecasts for 2024-2026 to CNY 1.268 billion, CNY 1.323 billion, and CNY 1.398 billion, respectively, down from previous estimates of CNY 1.422 billion, CNY 1.501 billion, and CNY 1.572 billion [2][30]. Business Strategy - The company launched its first "Fresh + Discount" model store in May 2024, achieving sales of over CNY 500,000 on the first day and a total of CNY 1.986 million in six days, representing a year-on-year increase of 538% [5]. - The new management team, which has recently transitioned, is expected to bring renewed operational vitality to the company [29].