证券日报网讯新华百货11月21日在互动平台回答投资者提问时表示，公司目前水产品的销售业务一直 有，暂无养殖业务。 ...

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].

证券代码：600785 证券简称：新华百货 公告编号：2025-046 银川新华百货商业集团股份有限公司 2025年半年度权益分派实施公告 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： ● 每股分配比例 A股每股现金红利0.10元 一、通过分配方案的股东会届次和日期 本次利润分配方案经公司2025年9月10日的2025年第四次临时股东会审议通过。 2.分派对象： （1）无限售条件流通股的红利委托中国结算上海分公司通过其资金清算系统向股权登记日上海证券交 易所收市后登记在册并在上海证券交易所各会员办理了指定交易的股东派发。已办理指定交易的投资者 可于红利发放日在其指定的证券营业部领取现金红利，未办理指定交易的股东红利暂由中国结算上海分 公司保管，待办理指定交易后再进行派发。 （2）派送红股或转增股本的，由中国结算上海分公司根据股权登记日上海证券交易所收市后登记在册 股东持股数，按比例直接计入股东账户。 2.自行发放对象 ● 相关日期 ■ ● 差异化分红送转： 否 二、分配方案 1.发放年度：2025年半年度 三 ...

（文章来源：证券日报） 证券日报网讯 11月13日晚间，新华百货发布公告称，2025年半年度利润分配方案为A股每股现金红利 0.10元（含税），股权登记日为2025年11月20日，除权（息）日为2025年11月21日。 ...

证券代码：600785 证券简称：新华百货 公告编号：2025-046 银川新华百货商业集团股份有限公司 2025年半年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.10元 相关日期 本次利润分配方案经公司2025 年 9 月 10 日的2025年第四次临时股东会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本225,631,280股为基数，每股派发现金红利0.10 元（含税），共计派发现金红利22,563,128元。 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/11/20 | － | 2025/11/21 | 2025/11/21 | 差异化分红送 ...

证券日报网讯新华百货（600785）11月11日在互动平台回答投资者提问时表示，公司最近一期已披露的 股东户数为21674户。 ...

证券代码:600785 证券简称:新华百货 编号:2025-045 银川新华百货商业集团股份有限公司 关于诉讼结果的公告 特别提示 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个别及连带责任。 重要内容提示: 一、本次诉讼的基本情况 银川新华百货商业集团股份有限公司（以下简称"公司"）已于 2025 年 3 月 20 日及 2025 年 4 月 4 日分别披露了关于诉讼结果的公告（详见 2025-006 号公 告）和关于诉讼事项的进展公告（详见 2025-015 号公告）。银川市金凤区人民 法院关于本公司与宁夏大世界实业集团不当得利纠纷一案出具了（2023）宁 0106 民初 22125 号民事判决书。公司及宁夏大世界实业集团有限公司均因不服上述民 事判决书，同时依法向银川市中级人民法院提起上诉。 公司于今日收到宁夏回族自治区银川市中级人民法院《民事判决书》（2025 宁01民终1767号），对本案进行了判决，现将有关主要判决内容公告如下： 上诉人（原审原告）：银川新华百货商业集团股份有限公司，住所地宁夏回 族自治区银川市兴庆区新华东 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][4]. Core Views - The company has significant local advantages in its retail business, with a solid foundation in four major business formats. The parent company, Wumart Group, provides multi-dimensional support to enhance the digital and supply chain competitiveness of Xinhua Department Store. Additionally, the company is expected to benefit from quality retail operations inspired by the model of Pang Donglai, which may lead to a renewal in retail operations. The long-term competitive barriers in the local market and future operational improvement potential are viewed positively [1][6]. Financial Data and Valuation - Total revenue is projected to grow from 6,065 million yuan in 2023 to 8,121 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 15% [3][8]. - Operating profit is expected to increase from 144 million yuan in 2023 to 229 million yuan in 2027, reflecting a growth rate of 62% in 2023 and stabilizing thereafter [3][9]. - Net profit attributable to the parent company is forecasted to rise from 136 million yuan in 2023 to 182 million yuan in 2027, with a notable growth of 46% in 2023 [3][8]. - Earnings per share (EPS) is anticipated to grow from 0.60 yuan in 2023 to 0.81 yuan in 2027 [3][9]. - The price-to-earnings (PE) ratio is projected to decrease from 23.1 in 2023 to 17.2 in 2027, indicating an improving valuation [3][9]. Revenue and Profit Performance - In Q3 2025, the company achieved revenue of 1.452 billion yuan, a decrease of 1.40% year-on-year, while net profit attributable to the parent company was 22 million yuan, an increase of 3.94% [6]. - The company opened a total of 342 stores in the first three quarters of 2025, with 240 supermarkets, 14 department stores, and 88 appliance stores [6]. - The company is focusing on enhancing its regional advantages and optimizing various business formats, with significant efforts in self-operated brands and supply chain management [6]. Investment Recommendations - Xinhua Department Store is recognized as a leading retail player in Ningxia, benefiting from local advantages and multi-dimensional support from Wumart Group. The ongoing reforms are expected to rejuvenate supermarket operations, and the company is projected to maintain long-term competitive barriers in the local market [6]. The forecast for net profit attributable to the parent company for 2025-2027 has been adjusted to 142 million, 158 million, and 182 million yuan, respectively [6].

Core Viewpoint - Xinhua Department Store's stock has shown a positive trend with a year-to-date increase of 7.72% and a recent rise of 2.07% on November 10, indicating investor interest and potential growth in the retail sector [1][2]. Company Overview - Xinhua Department Store, established on January 3, 1997, is the largest retail enterprise in Ningxia, primarily engaged in commercial retail, logistics, and property leasing [2]. - The company's revenue composition includes 63.88% from chain supermarkets, 20.98% from electrical appliances, and 15.15% from department stores [2]. - As of October 31, 2025, the number of shareholders is 21,700, with an average of 10,410 circulating shares per person [2]. Financial Performance - For the period from January to September 2025, Xinhua Department Store reported a revenue of 4.707 billion yuan, a year-on-year decrease of 1.11%, and a net profit attributable to shareholders of 108 million yuan, down 1.29% year-on-year [2]. - The company has distributed a total of 742 million yuan in dividends since its A-share listing, with 124 million yuan distributed over the past three years [3]. Shareholding Structure - As of September 30, 2025, notable changes in the top ten circulating shareholders include the entry of new shareholders such as Bosera Consumption Innovation Mixed A and Zhongyou Ruixin Enhanced Bond, while CITIC Prudential Multi-Strategy Mixed A has exited the list [3].

Core Insights - Companies are actively holding Q3 performance briefings to strengthen investor relations and address key concerns such as boosting consumption, integrated development, and enhancing competitiveness [1] Group 1: Lishang Guochao - Lishang Guochao aims to leverage market opportunities by creating more locally distinctive consumer experiences in the retail sector and exploring new retail models to enhance brand competitiveness [1] - The company emphasizes the importance of breaking down boundaries between commerce, tourism, culture, sports, and health to create new consumption dynamics in line with policy directives [1] Group 2: Xinhua Department Store - Xinhua Department Store's strategic upgrade is guided by policy directions, focusing on quality, innovation, industry integration, and brand building [2] - The company is enhancing consumer experiences by integrating consumption with lifestyle through various events and activities, moving beyond simple promotions to create engaging experiences [2] Group 3: Guangzhou Restaurant - Guangzhou Restaurant is responding to government initiatives to boost consumption by adjusting sales strategies and enhancing sales channels while developing new products and markets [3] - The company is leveraging significant anniversaries to launch promotional activities and is actively deepening online and offline sales channels in its food business [3]