2025 年 10 月 27 日，重庆百货大楼股份有限公司（以下简称"公司"或"重 庆百货"）收到股东重庆渝富资本运营集团有限公司（以下简称"渝富资本"）《关 于权益变动的告知函》。为明晰国企功能定位、完善主责主业管理，进一步深化 重庆渝富控股集团有限公司（以下简称"渝富控股"）改革，渝富控股全资子公 司渝富资本拟将其持有的 111,540,705 股重庆百货股份无偿划转至渝富控股全 资子公司重庆渝欣创商业管理有限公司（以下简称"渝欣创商管"）。 证券代码：600729 证券简称：重庆百货 公告编号：临 2025-050 重庆百货大楼股份有限公司 关于公司股东权益变动的进展公告 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、本次权益变动基本情况 2025 年 11 月 21 日 具体内容详见公司于 2025 年 10 月 29 日披露的《重庆百货大楼股份有限公 司关于公司股东权益变动的提示性公告》（公告编号：临 2025-045）。 二、本次权益变动进展情况 2025 年 11 月 20 日，渝富资本与渝欣创商管签订《无 ...

Core Viewpoint - Chongqing Department Store announced a significant equity change involving the transfer of 111,540,705 shares from its shareholder Yufu Capital to Yuxin Chuang Business Management, which is pending compliance confirmation from the Shanghai Stock Exchange [1] Group 1 - The transfer of shares is a non-compensatory action, indicating a strategic move by Yufu Capital [1] - The agreement for the share transfer was signed on November 20, 2023, highlighting the timeline of the transaction [1] - Following the equity change, the company will remain without a controlling shareholder or actual controller, maintaining its current governance structure [1]

Investment Rating - The report maintains an "Overweight" rating for the retail industry [1] Core Insights - The 2025 Double Eleven sales period saw a total e-commerce sales of approximately 1,695 billion yuan, representing a year-on-year increase of 14.2%. The comprehensive e-commerce platforms accounted for 1,619.1 billion yuan, with a year-on-year growth of 12.3% [4][9] - Instant retail showed remarkable growth, with sales reaching 67 billion yuan during the Double Eleven period, marking a year-on-year increase of 138% [10][15] - Key product categories such as digital appliances, food and beverages, furniture, and pet products experienced significant growth, with pet sales reaching 9.2 billion yuan, up 59% year-on-year [15][16] Summary by Sections Weekly Industry Viewpoint - The Double Eleven sales period was extended, contributing to steady growth in total e-commerce sales. The sales period for 2025 was from October 7 to November 11, compared to October 14 to November 11 in 2024 [9] - Instant retail emerged as a highlight, with substantial growth compared to traditional e-commerce formats [10] Weekly Market Review - From November 10 to November 16, the Shenwan retail index increased by 4.06%, while the Shanghai Composite Index decreased by 0.18% [17] - Year-to-date performance shows the Shenwan retail index up by 8.43%, compared to a 19.06% increase in the Shanghai Composite Index [17][22] Company Valuation Table - The report includes a detailed valuation table for various companies in the retail sector, with specific metrics such as market capitalization and P/E ratios [24][25]

Core Viewpoint - Chongqing Department Store's stock price has shown fluctuations, with a slight year-to-date decline and recent trading activity indicating mixed investor sentiment [1][2]. Financial Performance - For the period from January to September 2025, Chongqing Department Store reported a revenue of 11.63 billion yuan, a year-on-year decrease of 10.56%, while the net profit attributable to shareholders was 999 million yuan, reflecting a year-on-year increase of 7.38% [2]. - The company has cumulatively distributed 6.983 billion yuan in dividends since its A-share listing, with 1.47 billion yuan distributed over the past three years [3]. Stock Market Activity - As of November 18, the stock price was 27.71 yuan per share, with a market capitalization of 12.206 billion yuan. The stock has experienced a 0.64% decline year-to-date and a 3.08% drop over the last five trading days [1]. - The stock has appeared on the "龙虎榜" (a trading board for stocks with significant trading activity) twice this year, with the most recent appearance on February 28, where it recorded a net buy of -139 million yuan [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 18.34% to 19,100, while the average circulating shares per person decreased by 14.94% to 10,070 shares [2]. - The top circulating shareholder is Huatai-PB SSE Dividend ETF, holding 15.636 million shares, an increase of 869,600 shares compared to the previous period [3].

Core Viewpoint - Chongqing Department Store (600729.SH) announced a transfer of shares from Yufu Holdings to Yufu Capital, with no change in the controlling shareholder or actual controller status of the company [1] Group 1 - On November 14, 2025, the company received a notice from Yufu Holdings regarding the progress of equity changes, indicating that shares held by Yufu Huamao have been transferred to Yufu Holdings and the transfer procedures have been completed [1] - After this equity change, Yufu Holdings and Yufu Capital remain as concerted actors, holding a combined total of 116 million shares, which accounts for 26.35% of the company's total share capital [1]

证券代码：600729 证券简称：重庆百货 公告编号：临 2025-049 三、本次权益变动对公司的影响 2025 年 1 月 20 日，重庆百货大楼股份有限公司（以下简称"公司"）接到 股东重庆渝富资本运营集团有限公司（以下简称"渝富资本"）《关于权益变动进 展的告知函》。2025 年 1 月 17 日，重庆渝富控股集团有限公司（以下简称"渝 富控股"）与重庆渝富华贸国有资产经营有限公司（以下简称"渝富华贸"）签署 了关于渝富华贸的《吸收合并协议》，渝富控股将吸收合并渝富华贸，其中渝富 华贸持有重庆百货 1.03%股权。渝富控股吸收合并渝富华贸后，渝富控股将承继 渝富华贸持有重庆百货 1.03%股权。内容详见公司于 2025 年 1 月 21 日发布的《关 于公司股东权益变动的进展公告》（公告编号：临 2025-002）。 2025 年 10 月 22 日，公司接到渝富控股《关于权益变动进展的告知函》，渝 富华贸已完成注销登记，渝富华贸所持重庆百货股份尚未完成过户手续。内容详 见公司于 2025 年 10 月 24 日发布的《关于公司股东权益变动的进展公告》（公告 编号：临 2025-044）。 二、本次权 ...

Core Viewpoint - Chongqing Department Store announced the signing of a merger agreement between Yufu Holdings and Yufu Huamao, indicating a strategic consolidation within the company [1] Group 1 - On January 17, 2025, Yufu Holdings will absorb Yufu Huamao, which holds a 1.03% stake in the company [1] - As of November 14, the shares held by Yufu Huamao have been transferred to Yufu Holdings and the transfer has been completed [1] - Following this equity change, the company will still have no controlling shareholder or actual controller, with Yufu Holdings and its concerted party Yufu Capital directly and indirectly holding 116,062,448 shares, accounting for 26.35% of the total share capital [1]

Investment Rating - The report maintains a "Positive" outlook for the retail industry, indicating an expectation of performance that exceeds the market benchmark by over 5% [5]. Core Insights - The report highlights a warming trend in high-end consumption, particularly benefiting offline department stores and supermarkets. It notes that the retail industry has undergone significant changes over the past decade, with a contraction in supply due to the rise of e-commerce and other retail formats. The report anticipates a recovery in offline retail driven by increased policy support and adjustments in supermarket operations [2][3]. Summary by Sections Investment Recommendations and Targets - The report suggests that the "Retail Wheel" theory reveals cyclical patterns in the retail industry. It identifies two main investment themes: 1. Accelerated adjustments in supermarkets, with resilient performance expected from leading regional retail companies such as Chongqing Department Store, Bubugao, Yonghui Supermarket, Huijia Times, Xinhua Department Store, and Jiajia Yue [3]. 2. Department stores with luxury goods operations are expected to benefit from the recovery in high-end consumption, including companies like Hangzhou Department Store and Wushang Group [3]. High-End Retail Market Signals - Several high-end retailers are showing signs of stabilization, with LVMH, Hermès, Prada, and Kering reporting positive revenue growth. For instance, Hermès and Prada saw revenue increases of 9.6% and 8%, respectively. LVMH has returned to positive growth after two quarters of decline, and Kering's losses have significantly narrowed [8]. - Notable sales growth was observed in Beijing and Shanghai's high-end retail locations, with sales increases of 7.8% and 41.9% respectively in the first three quarters [8]. Upcoming Consumer Trends - The extended Spring Festival in 2026 is expected to boost seasonal consumption, with a potential 10-day shopping period when combined with Valentine's Day. Historical data indicates that the first quarter's performance is crucial for annual revenue, suggesting a favorable outlook for 2026 [8]. - The implementation of a nationwide "immediate refund" policy for outbound travelers is anticipated to enhance consumer spending from foreign visitors, with significant increases in the number of travelers and refund amounts reported [8].

Core Insights - Chongqing Department Store (600729) reported a net financing purchase of 741,800 yuan on November 12, 2025, with a financing balance of 197 million yuan, indicating a positive trend in investor sentiment [1][2]. Financing Activity - On November 12, 2025, the financing buy amounted to 9.41 million yuan, while financing repayment was 8.67 million yuan, resulting in a net financing purchase of 741,800 yuan [1]. - The financing balance reached 197 million yuan, with a net financing purchase observed on 11 out of the last 20 trading days [1][2]. - The financing net purchases over the last three trading days totaled 8.93 million yuan [1]. Margin Trading - On the same day, 300 shares were sold short, and 400 shares were repaid, leading to a net short sale of 100 shares, with a remaining short position of 93,200 shares [2][3]. - The margin trading balance was reported at 199 million yuan, reflecting a 0.36% increase from the previous day [4]. Market Trends - The financing balance has shown a consistent upward trend, with a total increase of 71,470 yuan on November 12, 2025, compared to the previous trading day [4]. - The margin trading balance has increased by 2.29% on November 11, 2025, and by 2.01% on November 10, 2025, indicating growing investor activity [4].

Investment Rating - The report maintains an "Outperform" rating for the retail sector [3][58]. Core Insights - The retail industry is experiencing a low-level recovery with significant differentiation among individual stocks. The overall growth rate for the industry has shown a slight decline in the third quarter, with retail sales in the first nine months of 2025 reaching 365,877 billion yuan, a year-on-year increase of 4.5% [1][13]. - The beauty and personal care sector is facing pressure on profitability due to changes in e-commerce platform rules and a lack of innovative products. The gold and jewelry sector is performing well, driven by stable sales of fixed-price products. The cross-border e-commerce sector is showing positive growth, while offline retail continues to face challenges [2][34][42]. Summary by Sections Overall Industry Performance - The retail sector's growth has been relatively stable, with a year-on-year increase of 4.5% in retail sales for the first nine months of 2025. The growth rate has declined in the second half of the year due to a decrease in consumer purchasing power and the tapering of stimulus policies [1][13]. Beauty and Personal Care - The beauty sector's sales reached 328.82 billion yuan in the first three quarters of 2025, growing by 3.9% year-on-year. However, profitability has been under pressure due to weak product launches and changes in promotional strategies [22][28]. Gold and Jewelry - The gold and jewelry sector saw a significant year-on-year growth of 11.5% in retail sales, totaling 276.81 billion yuan in the first three quarters of 2025. The sector benefits from a low base from the previous year and rising gold prices, although profitability has faced challenges [34][41]. Cross-Border E-commerce - Cross-border e-commerce has shown a stable growth trajectory, with a total import and export value of approximately 2.06 trillion yuan in the first three quarters of 2025, reflecting a year-on-year increase of 6.4%. The sector's revenue grew by 15.15% in Q3 2025, driven by strong operational resilience among leading companies [42][48]. Offline Retail - The offline retail sector remains under pressure, with a year-on-year increase of only 3.5% in retail sales for the first three quarters of 2025. The overall revenue for the offline retail sector declined by 15.9% in Q3 2025, indicating ongoing challenges in the market [50][54].