Core Viewpoint - Hangzhou Jiebei Group Co., Ltd. has approved the repurchase and cancellation of 27,000 restricted stocks from one incentive object as part of its 2021 stock incentive plan, which will lead to a reduction in the company's total shares and registered capital [1][2]. Group 1 - The company held its 11th Board of Directors' 15th meeting and the 11th Supervisory Board's 13th meeting on July 7, 2025, where the proposal for the repurchase and cancellation of restricted stocks was approved [1]. - The repurchase involves stocks that have been granted but not yet released from restrictions, specifically affecting one incentive object [1]. - The company had previously authorized the Board to handle matters related to the 2021 stock incentive plan during a shareholders' meeting on November 16, 2021 [1]. Group 2 - On July 8, 2025, the company disclosed the announcement regarding the repurchase and cancellation of restricted stocks in the Shanghai Securities Journal and on the Shanghai Stock Exchange website [1]. - The company issued a reduction notice to creditors due to the decrease in total shares and registered capital, and no objections were raised by creditors during the public notice period [1]. - The company opened a dedicated repurchase securities account with China Securities Depository and Clearing Corporation Limited, Shanghai Branch, on November 25, 2022, and applied for the repurchase procedures on August 25, 2025 [2].

证券代码：600814 证券简称：杭州解百 公告编号：2025-027 杭州解百集团股份有限公司 关于2021年限制性股票激励计划回购注销实施公告 一、本次限制性股票回购注销的决策与信息披露 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： ●回购注销的原因：根据《上市公司股权激励管理办法》（以下简称"《管 理办法》"）、杭州解百集团股份有限公司（以下简称"公司"）《2021 年限 制性股票激励计划（草案）》（以下简称"《激励计划》"）的相关规定，鉴于 1 名激励对象因主动辞职与公司终止劳动关系，董事会审议决定由公司回购注销 前述 1 名激励对象已获授但尚未解除限售的限制性股票合计 27,000 股。 ●本次注销股份的有关情况： | 回购股份数量（股） | 注销股份数量（股） | 注销日期 | | | | --- | --- | --- | --- | --- | | 27,000 | 27,000 | 2025 年 9 | 月 | 11 日 | （一）2025 年 7 月 7 日，公司召开第十一届董事会第 ...

国浩律师（杭州）事务所 关于 杭州解百集团股份有限公司 2021 年限制性股票激励计划 部分限制性股票回购注销实施 的 法律意见书 杭州解百 2021 年限制性股票激励计划回购注销实施的法律意见书 国浩律师（杭州）事务所 地址：杭州市老复兴路白塔公园 B 区 15 号楼、2 号楼 邮编：310008 电话：(+86)(571) 8577 5888 传真：(+86)(571) 8577 5643 电子信箱：grandallhz@grandall.com.cn 网址：http://www.grandall.com.cn 二〇二五年九月 杭州解百 2021 年限制性股票激励计划回购注销实施的法律意见书 国浩律师（杭州）事务所 释 义 除非另有说明，本法律意见书中相关词语具有以下特定含义： | 公司、杭州解百 | 指 | 杭州解百集团股份有限公司 | | --- | --- | --- | | 本次激励计划 | 指 | 杭州解百集团股份有限公司 2021 年限制性股票激励计划 | | 本所 | 指 | 国浩律师（杭州）事务所 | | 本所律师 | 指 | 本所为杭州解百实施本次激励计划指派的经办律师 | | 《激励计 ...

Core Viewpoint - Hangzhou Xie Bai Group is adjusting its business strategy in response to changing consumer market demands, focusing on retail optimization and strategic equity investments to capture new opportunities in various sectors [2][3]. Group 1: Business Performance - In the first half of 2025, the company's operating revenue decreased by 5.75% year-on-year to 878 million yuan, while net profit attributable to shareholders fell by 23.48% to 150 million yuan [2]. - The main revenue sources are from merchandise sales and rental income from shopping centers, with key locations being Xie Bai Shopping Plaza and Hangzhou Tower Shopping City [2]. Group 2: Strategic Adjustments - The company is adjusting its retail strategy by optimizing product categories and brand structures, introducing new brands, and phasing out underperforming ones [2]. - There is a strong focus on member operations, particularly in lower-tier markets, to enhance member engagement and loyalty [2]. Group 3: Investment Focus - The company is actively pursuing strategic equity investments in sectors such as consumer technology, demographic changes, and the pet economy, aligning investments with evolving consumer demands [2][3]. - Several projects have been completed in the areas of pet economy, outdoor sports, consumer healthcare, and cosmetics [3]. Group 4: Operational Strategies - The company is implementing a "de-department store" strategy to optimize its business structure and enhance brand aggregation, particularly in dining and entertainment sectors [3]. - Marketing efforts are being intensified by leveraging external media platforms and promoting inter-industry collaborations to ensure healthy development across various business segments [4].

Core Viewpoint - Hangzhou Xiaobai's financial performance for the first half of 2025 shows a significant decline in net profit and revenue compared to the previous year, indicating potential challenges in its business operations and market conditions [1]. Financial Performance - The total revenue for the first half of 2025 was 878 million yuan, a decrease of 5.75% year-on-year [1]. - The net profit attributable to shareholders was 150 million yuan, down 23.48% from the previous year [1]. - In Q2 2025, total revenue was 398 million yuan, reflecting a 5.19% decline year-on-year [1]. - The net profit for Q2 2025 was approximately 63.38 million yuan, a decrease of 13.19% year-on-year [1]. - The gross margin was 76.89%, down 2.57% year-on-year, while the net margin was 28.17%, down 17.78% [1]. - Total expenses (selling, administrative, and financial) amounted to 283 million yuan, accounting for 32.21% of revenue, an increase of 9.11% year-on-year [1]. Key Financial Ratios - The return on invested capital (ROIC) for the previous year was 5.95%, indicating average capital returns [3]. - The historical median ROIC over the past decade was 8.8%, with the lowest recorded ROIC in 2022 at 5.14% [3]. - The net profit margin for the previous year was 24.77%, suggesting a relatively high value addition from products or services [3]. Debt and Cash Position - The company has a healthy cash asset position, with cash and cash equivalents reported at 5.064 billion yuan, an increase of 8.61% year-on-year [1][4]. - Interest-bearing liabilities were reported at 207 million yuan, reflecting a 7.07% increase year-on-year [1]. Business Model and Market Position - The company's performance is primarily driven by marketing efforts, necessitating further investigation into the underlying factors of this drive [4]. - Despite the decline in profits, the company is noted to have performed relatively well compared to peers in the industry [5].

Core Points - The board of directors of Hangzhou Xie Bai Group Co., Ltd. held its 16th meeting of the 11th session on August 28, 2025, with all 9 directors present and no dissenting votes [1] - All resolutions proposed during the meeting were approved unanimously, including the general manager's work report and the half-year financial report [1] Summary by Categories Meeting Details - The meeting was convened at the Kunhe Center, Hangzhou, and was chaired by the chairman Bi Ling [1] - The meeting complied with the relevant provisions of the Company Law of the People's Republic of China and the company's articles of association [1] Resolutions Passed - The 2025 Half-Year General Manager's Work Report was approved with 9 votes in favor [1] - The 2025 Half-Year Report, including the full text and summary, was approved after prior review by the board's audit committee, also with 9 votes in favor [1] - The 2025 Half-Year Operational Data Brief was approved with 9 votes in favor [1] - The proposal to add independent director Zhang Zhenyu to the board's specialized committees was approved, with his term aligning with the current board's term [1] - The 2025 Mid-Year Profit Distribution Plan was approved and will be submitted to the shareholders' meeting for review [1]

Core Viewpoint - The supervisory board of Hangzhou Xiaobai Group Co., Ltd. held its 14th meeting of the 11th session, where it approved the 2025 semi-annual report and the mid-term profit distribution plan [1][2] Group 1 - The meeting was held on August 28, 2025, at the Kunhe Center in Hangzhou, with all five supervisors present [1] - The supervisory board unanimously approved the 2025 semi-annual report, with a voting result of 5 in favor, 0 against, and 0 abstentions [1] - The mid-term profit distribution plan was approved, proposing a cash dividend of 0.041 yuan per share (including tax) to all shareholders based on the total share capital on the record date [1]

Core Insights - The company reported a total operating revenue of 878 million yuan, ranking 27th among disclosed peers, which represents a decrease of 53.57 million yuan or 5.75% year-on-year [1] - The net profit attributable to shareholders was 150 million yuan, ranking 13th among disclosed peers, down by 46.08 million yuan or 23.48% year-on-year [1] - The net cash inflow from operating activities was 183 million yuan, ranking 22nd among disclosed peers, a decrease of 101 million yuan or 35.62% year-on-year [1] Financial Ratios - The latest debt-to-asset ratio is 44.43%, ranking 22nd among disclosed peers, an increase of 1.72 percentage points from the previous quarter and 0.24 percentage points from the same period last year [3] - The latest gross profit margin is 76.89%, ranking 2nd among disclosed peers, a slight decrease of 0.01 percentage points from the previous quarter and a decrease of 2.03 percentage points year-on-year [3] - The latest return on equity (ROE) is 4.07%, ranking 10th among disclosed peers, down by 1.43 percentage points year-on-year [3] Earnings Per Share and Turnover Ratios - The diluted earnings per share is 0.21 yuan, ranking 8th among disclosed peers, a decrease of 0.06 yuan or 22.22% year-on-year [3] - The latest total asset turnover ratio is 0.10 times, ranking 36th among disclosed peers, a decrease of 0.01 times or 6.32% year-on-year [3] - The latest inventory turnover ratio is 3.17 times, ranking 19th among disclosed peers, an increase of 0.52 times or 19.45% year-on-year [3] Shareholder Information - The number of shareholders is 32,400, with the top ten shareholders holding 524 million shares, accounting for 71.22% of the total share capital [3]

Group 1 - The company plans to distribute a cash dividend of 0.041 yuan per share (including tax) to all shareholders, totaling approximately 30.14 million yuan (including tax) based on a total share capital of 735,105,598 shares as of June 30, 2025 [1][26][27] - The proposed profit distribution plan is subject to approval at the company's shareholders' meeting [28][30] - The company reported a net profit attributable to shareholders of 150.15 million yuan for the first half of 2025, with an undistributed profit of 1.30 billion yuan at the end of the reporting period [26][30] Group 2 - The company's board of directors and supervisory board confirmed the authenticity, accuracy, and completeness of the announcements made [3][16] - All resolutions at the board meeting were passed unanimously, with no votes against or abstentions [5][6][10] - The company will hold a performance briefing on September 5, 2025, to discuss the first half of 2025's operational results and financial indicators with investors [34][35][39]

Core Viewpoint - Hangzhou Jiebai (600814.SH) reported a decline in revenue and net profit for the first half of 2025, indicating potential challenges in its financial performance [2] Financial Performance - The company achieved a revenue of 878 million yuan, a year-on-year decrease of 5.75% [2] - The net profit attributable to shareholders was 150 million yuan, down 23.48% year-on-year [2] - The net profit after deducting non-recurring items was 138 million yuan, reflecting a year-on-year decline of 25.68% [2] - Basic earnings per share stood at 0.21 yuan [2] Dividend Announcement - The company proposed a cash dividend of 0.041 yuan per share (including tax) to all shareholders [2]