Core Viewpoint - The report highlights the financial performance of Lanzhou Lishang Guochao Industrial Group Co., Ltd. for the first half of 2025, indicating a decline in revenue but an increase in profit, suggesting a mixed financial outlook for the company [1]. Financial Performance Summary - The company's total revenue for the reporting period was CNY 323,396,652.94, representing a decrease of 9.07% compared to the previous year [1]. - The total profit amounted to CNY 116,555,960.13, which is an increase of 10.57% year-on-year [1]. - The net profit attributable to shareholders was CNY 72,839,085.42, down from CNY 79,731,836.96 in the same period last year [1]. - The diluted earnings per share were CNY 0.10, compared to CNY 0.11 in the previous year [1]. Asset and Equity Summary - The total assets at the end of the reporting period were CNY 3,224,279,505.41, a decrease of 3.56% from CNY 3,494,685,615.69 at the end of the previous year [1]. - The net assets attributable to shareholders were CNY 1,931,389,965.48, down from CNY 2,000,092,717.59 at the end of the previous year [1]. Shareholder Information - The largest shareholder, Zhejiang Yuanming Holdings Co., Ltd., holds 22.20% of the shares, amounting to 169,036,896 shares [2]. - The second-largest shareholder, Honglou Group Co., Ltd., holds 12.27% with 93,388,908 shares, of which 43,310 shares are pledged [2]. - Other notable shareholders include Zhongcheng Jiyu (Zhejiang) Industrial Co., Ltd. with 7.75% and individual shareholders such as Hong Yidan with 4.12% [2].

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。 兰州丽尚国潮实业集团股份有限公司（以下简称"公司"）第十届董事会第三十 七次会议于 2025 年 8 月 21 日以现场结合通讯表决方式召开。会议通知及资料于 2025 年 8 月 11 日以通讯方式发出。会议应出席董事 9 人，实际出席董事 8 人。董事郭德 明因工作原因未能亲自出席会议，书面授权委托公司董事吴林代为出席会议并表决。 本次会议由董事长吴小波先生主持。会议的召集和召开程序符合《公司法》《证券法》 及《公司章程》的规定。出席会议的董事对以下议案进行了审议，并以记名投票的方 式表决通过了以下议案： 证券代码：600738 证券简称：丽尚国潮 公告编号：2025-054 兰州丽尚国潮实业集团股份有限公司 第十届董事会第三十七次会议决议公告 一、审议通过《关于公司 2025 年半年度报告及摘要的议案》 会议以 9 票同意，0 票反对，0 票弃权，审议通过了《关于公司 2025 年半年度报 告及摘要的议案》，同意公司 2025 年半年度报告及摘要相关内容。 兰州丽尚国潮实业 ...

第十届监事会第二十一次会议决议公告 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。 兰州丽尚国潮实业集团股份有限公司（以下简称"公司"）第十届监事会第二 十一次会议于 2025 年 8 月 21 日以现场结合通讯表决方式召开。会议通知及材料于 董事会秘书列席了会议，本次会议由监事会主席郑雯女士主持。会议的召集和召开 程序符合《公司法》《证券法》及《公司章程》的规定。出席会议的监事对以下议 案进行了审议，并以记名投票的方式表决通过了以下议案： 一、审议并通过《关于公司 2025 年半年度报告及摘要的议案》 会议以 3 票同意，0 票反对，0 票弃权，审议通过了《关于公司 2025 年半年度 报告及摘要的议案》。 证券代码：600738 证券简称：丽尚国潮 公告编号：2025-055 兰州丽尚国潮实业集团股份有限公司 二、审议通过《关于公司 2025 年半年度计提资产减值准备的议案》 会议以 3 票同意，0 票反对，0 票弃权，审议通过了《关于公司 2025 年半年度 计提资产减值准备的议案》。 监事会认为：本次计提资产减值准备符 ...

Important Notice This section confirms the accuracy and completeness of the unaudited semi-annual report, discloses absent directors, and includes a risk statement for forward-looking statements - The company's Board of Directors, Supervisory Board, directors, supervisors, and senior management assure the **truthfulness, accuracy, and completeness** of the semi-annual report, bearing individual and joint legal liabilities[3](index=3&type=chunk) - This semi-annual report is **unaudited**[4](index=4&type=chunk) - Company's responsible person Wu Xiaobo, chief accountant Wu Xiaoyang, and head of accounting department Zhao Yuyu declare the **truthfulness, accuracy, and completeness** of the financial report[4](index=4&type=chunk) - Forward-looking statements regarding future plans and development strategies do not constitute a substantive commitment, and investors are advised to be aware of **investment risks**[4](index=4&type=chunk) Absent Directors Information | Position of Absent Director | Name of Absent Director | Reason for Absence | Name of Proxy | | :--- | :--- | :--- | :--- | | Director | Guo Deming | Work reasons | Wu Lin | Section I Definitions This section defines key terms used throughout the report, including company entities, controlling parties, and the reporting period - Lishang Guochao, Lanzhou Minbai (Group) Co., Ltd., Lanzhou Minbai, the Company, or this Company refers to Lanzhou Lishang Guochao Industrial Group Co., Ltd[9](index=9&type=chunk) - Controlling Shareholder, Yuanming Holdings refers to Zhejiang Yuanming Holdings Co., Ltd[9](index=9&type=chunk) - Actual Controller refers to Lishui Economic and Technological Development Zone Management Committee[9](index=9&type=chunk) - Reporting Period refers to January 1, 2025 to June 30, 2025[9](index=9&type=chunk) Section II Company Profile and Key Financial Indicators This section provides company basic information, contact details, and key financial indicators for H1 2025, including revenue, net profit, and non-recurring items Company Information Overview | Indicator | Content | | :--- | :--- | | Company Chinese Name | Lanzhou Lishang Guochao Industrial Group Co., Ltd. | | Company Chinese Abbreviation | Lishang Guochao | | Legal Representative | Wu Xiaobo | | Company Website | www.lsguochao.com | | Stock Exchange | Shanghai Stock Exchange | | Stock Abbreviation | Lishang Guochao | | Stock Code | 600738 | Key Accounting Data and Financial Indicators for H1 2025 | Key Accounting Data/Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 323.40 million yuan | 355.66 million yuan | -9.07 | | Total Profit | 116.56 million yuan | 105.42 million yuan | 10.57 | | Net Profit Attributable to Shareholders of Listed Company | 79.73 million yuan | 72.84 million yuan | 9.46 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | 81.61 million yuan | 73.24 million yuan | 11.43 | | Net Cash Flow from Operating Activities | 51.17 million yuan | -8.70 million yuan | N/A | | Basic Earnings Per Share (yuan/share) | 0.11 | 0.10 | 10.00 | | Diluted Earnings Per Share (yuan/share) | 0.11 | 0.10 | 10.00 | | Weighted Average Return on Net Assets (%) | 4.04 | 3.75 | Increased by 0.29 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains and Losses) (%) | 4.14 | 3.77 | Increased by 0.37 percentage points | - The change in net cash flow from operating activities was primarily due to the **collection of accounts receivable** from new retail business in the current period[18](index=18&type=chunk) Total Non-Recurring Gains and Losses | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Disposal gains and losses of non-current assets | -3,551,073.72 | | Gains and losses from entrusted investments or asset management | 2,583,013.85 | | Other non-operating income and expenses | -394,179.41 | | Other gains and losses conforming to the definition of non-recurring gains and losses | 19,755.63 | | Less: Income tax impact | 556,166.59 | | Minority interest impact (after tax) | -21,577.36 | | Total | -1,877,072.88 | Section III Management Discussion and Analysis [Section III Management Discussion and Analysis](index=8&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section analyzes H1 2025 operating performance, covering industry, business development, financial changes, core competitiveness, and strategic initiatives across its retail segments I. Description of the Company's Industry and Main Business During the Reporting Period [I. Description of the Company's Industry and Main Business During the Reporting Period](index=8&type=section&id=I.%20Description%20of%20the%20Company's%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company operates in the retail sector (F12), focusing on professional market management, department store retail, and new retail, leveraging market recovery and digital transformation - The company operates in the **'Retail (F12)'** sector within 'Wholesale and Retail Trade'[24](index=24&type=chunk) - The company's main businesses include **professional market management, commercial department store retail, and new consumption and new retail**[24](index=24&type=chunk) - Professional market management involves operating large apparel wholesale markets (Hangzhou Huanbei and Nanjing Huanbei) through **shop leasing and property management services**[24](index=24&type=chunk)[25](index=25&type=chunk) - In H1 2025, 44 monitored textile and apparel professional markets achieved a total transaction volume of **884.2 billion yuan**, a **10.67% year-on-year increase**[27](index=27&type=chunk) - Commercial department store retail is primarily conducted through Yaou Commercial Building in Lanzhou, operating a **mid-to-high-end comprehensive mall** mainly via joint ventures, supplemented by self-operation and leasing[27](index=27&type=chunk) - In H1 2025, total retail sales of consumer goods reached **24.55 trillion yuan**, up **5.0%** year-on-year, with Gansu Province contributing **217.68 billion yuan**, up **3.9%**[29](index=29&type=chunk) - New consumption and new retail business focuses on **online-offline integration**, developing retail operations across two segments: operations and services[30](index=30&type=chunk) II. Discussion and Analysis of Operating Performance [II. Discussion and Analysis of Operating Performance](index=9&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Performance) H1 2025 saw a 9.07% revenue decrease but a 9.46% net profit increase, driven by market revitalization, retail transformation, new retail exploration, and enhanced shareholder returns Key Operating Performance for H1 2025 | Indicator | Current Period (Jan-Jun) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 323.40 million yuan | -9.07 | | Net Profit Attributable to Shareholders of Listed Company | 79.73 million yuan | +9.46 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | 81.61 million yuan | +11.43 | | Basic Earnings Per Share | 0.11 yuan | +10.00 | - Professional market management revitalized through refined management, facility upgrades, digital platforms, and diversified marketing, achieving **221.29 million yuan** in revenue, a **0.32% year-on-year increase**, and a **gross margin of 78.74%**[31](index=31&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk) - Department store retail focused on traffic enhancement, optimizing layouts, and integrating 'commerce + cultural tourism', with commercial department store retail revenue at **64.15 million yuan** (down **0.42%**, **48.11% gross margin**) and commercial management revenue at **22.38 million yuan** (up **7.83%**, **17.24% gross margin**)[31](index=31&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk) - Lishang Meilian, primarily responsible for new retail, is **no longer consolidated**, with new retail business generating **5.23 million yuan** in revenue and a **gross margin of 70.08%**[38](index=38&type=chunk) - The company completed its 2024 annual equity distribution, paying a cash dividend of **0.15 yuan per 10 shares** (tax inclusive), totaling **11.03 million yuan**[39](index=39&type=chunk) - The company launched its 2025 employee stock ownership plan, intending to subscribe for **8.39 million common shares** at **2.67 yuan per share**, to enhance governance and establish long-term incentives[40](index=40&type=chunk) III. Analysis of Core Competitiveness During the Reporting Period [III. Analysis of Core Competitiveness During the Reporting Period](index=11&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) Core competitiveness stems from deep engagement in market management and retail, leveraging first-mover advantage, strategic locations, refined operations, and robust logistics - The company's operations benefit from **self-owned premium properties** in key commercial hubs, enhancing risk resistance and industry influence through intelligent operations, business integration, and efficient support[41](index=41&type=chunk) - First-mover advantage and industrial clusters: Hangzhou Huanbei and Nanjing Huanbei, as regional leading markets, have formed strong industrial agglomeration through **

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。 单位：万元 币种：人民币 分行业 营业收入 营业成本 毛利率 （%） 营业收入比上 年同期增减 （%） 营业成本比上 年同期增减 （%） 毛利率比上 年同期增减 （%） 专业市 场管理 22,128.83 4,704.45 78.74 0.32 -0.57 增加 0.19 个 百分点 商贸百 货零售 6,414.92 3,328.83 48.11 -0.42 -7.55 增 4.01 个百 分点 商业管 理 2,237.88 1,852.10 17.24 7.83 -7.42 增加 13.63 个百分点 新零售 业务 523.47 156.60 70.08 -70.32 -86.85 增加 37.60 个百分点 其他业 务 1,034.57 741.42 28.34 -67.95 681.02 下降 68.72 个百分点 合计 32,339.67 10,783.40 66.66 -9.07 -7.19 下降 0.67 个 百分点 （二）主营业务分地区情况 兰州丽尚国潮实业集团股份 ...

证券代码：600738 证券简称：丽尚国潮 公告编号：2025-058 兰州丽尚国潮实业集团股份有限公司 重要内容提示： 投资者可于 2025 年 8 月 26 日（星期二）16:00 前登录上证路演中心网站首 页点击"提问预征集"栏目或通过公司邮箱 600738@lsguochao.com 进行提问。 公司将在说明会上对投资者普遍关注的问题进行回答。 兰州丽尚国潮实业集团股份有限公司（以下简称"公司"）将于 2025 年 8 月 23 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 8 月 27 日（星期三） 15:00-16:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年半年度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 会议召开时间：2025 年 8 月 27 日 （星期三） 15:00-16:00 会议召开地点：上海证券交易所上证路演中心（ ...

证券代码：600738 证券简称：丽尚国潮 公告编号：2025-057 兰州丽尚国潮实业集团股份有限公司 关于 2025 年半年度计提资产减值准备的公告 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。 重要内容提示： ●2025 半年度计提资产减值准备计入信用减值损失、资产减值损失及投资收益 科目的金额共计 35,609,591.27 元，合计减少 2025 年上半年归属于上市公司股东的 利润总额 33,589,976.96 元。 ●本次计提资产减值准备无需提交股东大会审议。 2025 年 8 月 21 日，兰州丽尚国潮实业集团股份有限公司（以下简称"公司"） 召开第十届董事会第三十七次会议和第十届监事会第二十一次会议，审议通过了《关 于 2025 年半年度计提资产减值准备的议案》。为更加真实、准确地反映公司资产状 况和经营成果，根据《企业会计准则》和公司会计政策相关规定，基于谨慎性原则， 公司对截至 2025 年 6 月 30 日合并报表范围内可能存在减值迹象的资产计提了减值 准备，现将具体内容公告如下： 一、本次计提资产减 ...

Core Viewpoint - Lishang Guochao (600738) plans to invest 30 million yuan to acquire a 30% stake in Parmeido (Chengdu) Biotechnology Co., Ltd., raising concerns over the high valuation and performance commitments associated with the transaction [1][2]. Valuation Concerns - The transaction involves a 39-fold premium, with Lishang Guochao's subsidiary, Lishang Holdings, investing 30 million yuan for a 30% stake, implying a total valuation of Parmeido at 100 million yuan [2][3]. - The Shanghai Stock Exchange has requested Lishang Guochao to justify the fairness of the transaction price in comparison to industry peers and earnings multiples [3][4]. Performance Commitments - Parmeido has set ambitious performance commitments for the next three years, with projected revenues of 10 million yuan, 30 million yuan, and 50 million yuan, and corresponding net profits of 1.02 million yuan, 3.36 million yuan, and 6.04 million yuan [4]. - In contrast, Parmeido's actual revenue for 2020 was only 298.65 million yuan, raising questions about the feasibility of these commitments [4]. Company Background and Ownership Structure - Parmeido was established in July 2017, while its major shareholder, Yijimei, was founded in March 2018, leading to inquiries about the timing of the investment and the due diligence conducted [5][6]. - The ownership structure indicates that Yijimei's stake in Parmeido will decrease from 100% to 70% post-investment, with the legal representative being the same individual for both companies [5][6]. Financial Performance of Lishang Guochao - Lishang Guochao reported a significant decline in net profit for 2020, amounting to approximately 86.66 million yuan, a drop of 64.81% year-on-year, largely attributed to the impact of the COVID-19 pandemic [6].

Core Points - The company held the first meeting of the 2025 Employee Stock Ownership Plan (ESOP) on August 1, 2025, with full attendance of 45 participants representing 19,731,300 shares, which is 100% of the total shares in the plan excluding reserved shares [1] - Five directors and senior management voluntarily waived their rights to attend, propose, and vote at the meeting, resulting in an effective voting share total of 15,058,800 shares [1] Group 1 - The meeting followed the procedures outlined in the company's ESOP management regulations and approved the establishment of a management committee for the ESOP, which will oversee daily management and represent shareholders [2] - The management committee consists of three members, with a term aligned with the duration of the ESOP [2] - The voting results for the establishment of the management committee showed unanimous support with 15,058,800 shares in favor [2] Group 2 - The meeting also elected three members to the management committee, who do not hold positions in the controlling shareholder or related entities, ensuring no conflicts of interest [3] - The committee members elected were Zhu Dansha, Zhao Yuyue, and Ding Annie, with Zhu Dansha appointed as the committee chair [3] - The voting results for the election of committee members were also unanimous, with 15,058,800 shares in favor [3] Group 3 - The meeting authorized the management committee to handle various matters related to the ESOP, including convening meetings, managing daily operations, and representing shareholders in exercising their rights [4] - The committee is responsible for managing the plan's assets, including cash and stock, and making decisions regarding the distribution of benefits and handling of shares [4] - The authorization is effective from the date of the meeting until the termination of the ESOP [4]

Core Points - The company held the first meeting of the 2025 Employee Stock Ownership Plan (ESOP) on August 1, 2025, with full attendance of 45 participants representing 19,731,300 shares, which is 100% of the total shares in the plan excluding reserved shares [1] - Five directors, supervisors, and senior management voluntarily waived their rights to attend, propose, and vote at the shareholders' meeting, resulting in 15,058,800 valid voting shares at the meeting [2][3] - The meeting approved the establishment of a management committee for the 2025 ESOP to oversee its implementation and protect the rights of shareholders [2] - The committee consists of three members, with a term aligned with the duration of the ESOP [4] - The meeting also elected three members to the management committee, with no conflicts of interest with major shareholders or company executives [4] - The management committee was authorized to handle various matters related to the ESOP, including convening meetings, managing daily operations, and representing shareholders in exercising their rights [5][6]