Core Points - The company announced a cash dividend distribution of 0.10 yuan per share for the first half of 2025, approved at the fourth extraordinary shareholders' meeting on September 10, 2025 [2][4] - The total cash dividend to be distributed amounts to 22,563,128 yuan based on a total share capital of 225,631,280 shares [4] Distribution Details - The distribution is applicable to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the day before the dividend record date [3] - The cash dividends will be distributed through the clearing system of the China Securities Depository and Clearing Corporation Limited, with specific arrangements for shareholders who have completed designated transactions [5] Taxation Information - For individual shareholders holding shares for over one year, the cash dividend of 0.10 yuan per share is exempt from personal income tax. For those holding shares for one year or less, the company will not withhold tax at the time of distribution, but tax will be calculated based on the holding period upon transfer of shares [10] - Qualified Foreign Institutional Investors (QFII) will have a 10% withholding tax applied, resulting in a net cash dividend of 0.09 yuan per share [11] - For shareholders under the Hong Kong Central Clearing Limited account, a similar 10% withholding tax applies, also resulting in a net cash dividend of 0.09 yuan per share [11]

Core Viewpoint - Xinhua Department Store announced a cash dividend distribution plan for the first half of 2025, with a cash dividend of 0.10 yuan per share (tax included) [2] Summary by Relevant Sections - **Dividend Details** - The cash dividend of 0.10 yuan per share will be distributed to A-share holders [2] - The record date for the dividend is set for November 20, 2025, and the ex-dividend date is November 21, 2025 [2]

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 ...

Core Viewpoint - The company, Xinhua Department Store (600785), reported that its most recent disclosed number of shareholders is 21,674 [1] Company Summary - The company has a total of 21,674 shareholders as per the latest disclosure [1]

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]