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]

Core Viewpoint - Xinhua Department Store is a leading retail enterprise in Ningxia and the northwest region of China, with a diverse business model that includes department stores, supermarkets, and electronics chains [1] Group 1: Business Performance - In Q3 2025, Xinhua Department Store reported revenue of 4.707 billion yuan, ranking 7th in the industry, surpassing the industry average of 4.467 billion yuan and the median of 4.347 billion yuan [2] - The main business composition includes supermarket retail revenue of 1.916 billion yuan, accounting for 58.87%, and electronics retail revenue of 643 million yuan, accounting for 19.75% [2] - The net profit for the same period was 88.7936 million yuan, also ranking 7th in the industry, above the median of 83.6918 million yuan and the industry average of 175 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio of Xinhua Department Store was 76.10%, slightly down from 76.27% in the previous year, but significantly higher than the industry average of 52.55% [3] - The gross profit margin for the same period was 25.13%, down from 26.45% year-on-year, and lower than the industry average of 31.16% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 10.20% to 21,700, while the average number of circulating A-shares held per account increased by 11.35% to 10,400 [5] - New major shareholders include Bosera Consumption Innovation Mixed Fund and Zhongyou Ruixin Enhanced Bond Fund, while CITIC Prudential Multi-Strategy Mixed Fund exited the top ten circulating shareholders [5] Group 4: Management Compensation - The chairman, Qu Kuixin, received a salary of 768,000 yuan in 2024, a decrease of 7,500 yuan from 2023 [4] - The general manager, Ma Weihong, earned 1.0379 million yuan in 2024, down 34,500 yuan from the previous year [4] Group 5: Market Position and Future Outlook - Xinhua Department Store is recognized as the retail leader in Ningxia and the northwest region, with a solid foundation in four major business formats [5] - The company is expected to benefit from the multi-dimensional empowerment of Wumei Group and aims to enhance its competitiveness through quality retail operations [5] - The projected net profit for the company from 2025 to 2027 is estimated to be 139 million, 144 million, and 148 million yuan respectively [5]

Core Viewpoint - Xinhua Department Store (600785.SH) reported its Q3 2025 results, highlighting a significant presence of institutional investors holding 51.86% of its total shares, although this represents a slight decline from the previous quarter [1] Institutional Holdings - As of October 29, 2025, a total of 9 institutional investors disclosed their holdings in Xinhua Department Store, amounting to 117 million shares [1] - The institutional investors include notable entities such as Wumart Technology Group Co., Ltd., BHP E-commerce Co., Ltd., and several others, collectively holding 51.86% of the company's total shares [1] - Compared to the previous quarter, the total institutional holding percentage decreased by 0.63 percentage points [1] Public Fund Disclosures - In the current period, 2 new public funds were disclosed, including Bosera Consumption Innovation Mixed A and Postal Savings Bank of China Rui Xin Enhanced Bond Fund [1] - A total of 88 public funds were not disclosed in this period compared to the previous quarter, including various funds such as CITIC Prudential Multi-Strategy Mixed (LOF) A and Huaxia National Certificate Free Cash Flow ETF [1]

Core Viewpoint - Xinhua Department Store (600785.SH) reported a decline in revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - Total operating revenue for the first three quarters reached 4.707 billion yuan, a year-on-year decrease of 1.11% [1] - Net profit attributable to shareholders was 108 million yuan, down 1.29% year-on-year [1] - Basic earnings per share stood at 0.48 yuan [1]

本报告期未有已签约待开业门店。 证券代码:600785 证券简称:新华百货 编号:2025-043 银川新华百货商业集团股份有限公司 关于2025年1-3季度经营数据的公告 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。 银川新华百货商业集团股份有限公司（以下简称"公司"）根据上海证券交 易所《上市公司行业信息披露指引第五号——零售》要求，现将2025年1-3季度 门店变动情况及主要经营数据披露如下： 一、门店变动情况 | 地区 | 经营 | | 新开门店 | | | | | 关闭门店 | | | 期末门店 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 业态 | 门店 | 建筑面积 | | 开业 | | 门店 | 建筑面积 | 关闭 | 门店 | 建筑面积 | | | | 家数 | (m 2) | | 时间 | | 家数 | (m 2) | 时间 | 家数 | (m 2) | | 宁夏 | 百货 | ...

证券代码:600785 证券简称:新华百货 编号:2025-044 会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 10 月 30 日(星期四)至 11 月 5 日(星期三)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 xhds600785@163.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。 银川新华百货商业集团股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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： 会议召开时间：2025 年 11 月 6 日(星期四)16:00-17:00 （一） 会议召开时间：2025 年 11 月 6 日（星期四）16:00-17:00 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 10 月 30 日发布公司 2025 年第三季度报告，为便于广大投 ...

Financial Performance - The company's operating revenue for the third quarter was CNY 1,452,211,739.54, a decrease of 1.40% compared to the same period last year[5]. - The total profit for the quarter was CNY 16,068,477.05, down 15.56% year-on-year[5]. - The net profit attributable to shareholders was CNY 21,505,496.84, an increase of 3.94% compared to the previous year[5]. - The net profit after deducting non-recurring gains and losses was CNY 22,379,632.07, up 34.11% year-on-year, mainly due to the absence of one-time store closure costs[10]. - The net profit for the first three quarters of 2025 is CNY 88,793,572.03, a slight decrease from CNY 90,941,554.67 in the same period of 2024, representing a decline of approximately 2.5%[21]. - The total profit for the first three quarters of 2025 is CNY 132,100,301.24, compared to CNY 118,593,207.66 in 2024, indicating an increase of about 11.4%[21]. - The operating profit for the first three quarters of 2025 is CNY 137,552,156.61, up from CNY 129,486,167.76 in 2024, reflecting a growth of approximately 6.5%[21]. - The total comprehensive income for the first three quarters of 2025 is CNY 88,793,572.03, compared to CNY 90,941,554.67 in 2024, showing a decrease of about 2.5%[22]. Cash Flow and Assets - The net cash flow from operating activities for the year-to-date was CNY 972,374,087.25, an increase of 59.47% compared to the previous year[6]. - The cash flow from operating activities for the first three quarters of 2025 is CNY 972,374,087.25, an increase from CNY 609,744,218.35 in 2024, showing a growth of about 59.5%[25]. - The cash flow from investing activities for the first three quarters of 2025 is negative at CNY -408,574,430.95, compared to CNY -257,689,352.37 in 2024, indicating a deeper cash outflow[25]. - The cash flow from financing activities for the first three quarters of 2025 is negative at CNY -491,127,776.57, slightly worse than CNY -450,707,815.56 in 2024[27]. - Cash and cash equivalents as of September 30, 2025, were approximately RMB 513.50 million, an increase from RMB 428.48 million at the end of 2024[16]. - The total cash and cash equivalents at the end of the third quarter of 2025 is CNY 411,769,477.50, an increase from CNY 290,880,089.75 at the end of the third quarter of 2024[27]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 8,476,673,749.61, reflecting a 1.77% increase from the end of the previous year[6]. - Total assets as of September 30, 2025, amounted to approximately RMB 8.48 billion, compared to RMB 8.33 billion at the end of 2024, reflecting a growth of 1.7%[17]. - Total liabilities as of September 30, 2025, were approximately RMB 6.45 billion, an increase from RMB 6.34 billion at the end of 2024[18]. - Shareholders' equity as of September 30, 2025, was approximately RMB 2.03 billion, up from RMB 1.99 billion at the end of 2024[18]. - The company reported a decrease in inventory, which stood at approximately RMB 545.79 million as of September 30, 2025, down from RMB 756.24 million at the end of 2024[16]. Shareholder Information - The company had a total of 21,674 common shareholders at the end of the reporting period[12]. - The largest shareholder, Wumart Technology Group Co., Ltd., held 36.15% of the shares[12]. - There were no changes in the major shareholders or their shareholding structure during the reporting period[14]. Tax and Expenses - The tax expenses for the first three quarters of 2025 amount to CNY 43,306,729.21, significantly higher than CNY 27,651,652.99 in 2024, representing an increase of approximately 56.5%[21]. - Total operating costs for the first three quarters of 2025 were approximately RMB 4.60 billion, down 1.2% from RMB 4.65 billion in the first three quarters of 2024[20]. - Operating costs included RMB 3.52 billion in operating expenses, which increased by 0.7% from RMB 3.50 billion in the previous year[20]. - The company reported a total of CNY 874,135.23 in non-recurring losses for the quarter[9]. Product Development and Strategy - The company has not disclosed any significant new product developments or market expansion strategies during the reporting period[15]. - The weighted average return on equity was 0.94%, a decrease of 0.24 percentage points compared to the previous year[6].