Investment Rating - The investment rating for 百联股份 (600827.SH) is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and initiatives [1]. Core Insights - In 2024, 百联股份 achieved a revenue of 27.675 billion yuan, a decrease of 9.32% year-on-year, while the net profit attributable to shareholders was 1.567 billion yuan, an increase of 292.73% year-on-year, primarily due to investment income from the issuance of 华安百联消费 REIT [1][5]. - The company plans to distribute a cash dividend of 0.265 yuan per share, totaling 473 million yuan, with a dividend payout ratio of 30.16% [1]. Summary by Sections Retail Business Performance - 百联股份 is actively transforming and enhancing its department store and shopping center formats, focusing on youth-oriented and differentiated commercial spaces, such as 百联 TX 淮海 and 百联 ZX 创趣场 [2]. - In 2024, the department store segment generated revenue of 1.483 billion yuan, down 31.93%, with a gross margin of 31.42%, a decrease of 3 percentage points; the shopping center segment achieved revenue of 2.234 billion yuan, an increase of 17.60%, with a gross margin of 45.18%, down 8.62 percentage points [2]. Outlet Business Performance - The outlet segment is performing steadily, with a focus on integrating commerce and tourism. As of the end of 2024, the company operates 9 outlet stores across major cities [3]. - 青浦百联奥莱, 武汉百联奥莱, and 无锡百联奥莱 reported operating scales of 6.2 billion yuan, 3.6 billion yuan, and 2.1 billion yuan, respectively [3]. REITs and Financial Innovation - 百联股份 successfully issued the first public consumption REIT in Shanghai, 华安百联消费 REIT, which was listed on August 16, 2024, and distributed its first dividend in December 2024, with an annualized distribution rate of 5.66% [5].

Investment Rating - The investment rating for 百联股份 (600827.SH) is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and initiatives [1]. Core Insights - In 2024, 百联股份 achieved a revenue of 27.675 billion yuan, a decrease of 9.32% year-on-year, while the net profit attributable to shareholders was 1.567 billion yuan, an increase of 292.73% year-on-year, primarily due to investment income from the issuance of 华安百联消费 REIT [1][5]. - The company plans to distribute a cash dividend of 0.265 yuan per share, totaling 473 million yuan, with a dividend payout ratio of 30.16% [1]. Summary by Sections Retail Business Performance - 百联股份 is actively transforming and enhancing its department store and shopping center formats, focusing on youth-oriented and differentiated commercial spaces, such as 百联 TX 淮海 and 百联 ZX 创趣场 [2]. - In 2024, the department store segment generated revenue of 1.483 billion yuan, down 31.93%, with a gross margin of 31.42%, a decrease of 3 percentage points; the shopping center segment achieved revenue of 2.234 billion yuan, an increase of 17.60%, with a gross margin of 45.18%, down 8.62 percentage points [2]. Outlet Business Performance - The outlet segment is performing steadily, with a focus on integrating commerce and tourism. As of the end of 2024, the company operated 9 outlet stores across major cities, with 青浦百联奥莱, 武汉百联奥莱, and 无锡百联奥莱 achieving significant revenue scales of 6.2 billion yuan, 3.6 billion yuan, and 2.1 billion yuan respectively [3]. REITs and Financial Innovation - 百联股份 successfully issued the first public consumption REIT in Shanghai, 华安百联消费 REIT, which was listed on August 16, 2024, and distributed its first dividend in December 2024, with an annualized distribution rate of 5.66% [5].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][17] Core Views - The company has achieved significant growth in net profit due to the issuance of REITs, with a projected net profit of 1.567 billion yuan in 2024, representing a year-on-year increase of 292.93% [1][7] - The company is undergoing a transformation in its core business, focusing on trends such as two-dimensional culture shopping malls and outlet stores, which may pressure short-term performance but support long-term growth [1][7] - The retail environment remains challenging, particularly for the department store segment, which has seen a revenue decline of 31.93% year-on-year [2][8] Financial Performance Summary - In 2024, the company is expected to generate revenue of 27.675 billion yuan, a decrease of 9.32% year-on-year, while the net profit is projected to be 1.567 billion yuan [1][5] - The gross margin for 2024 is estimated at 25.88%, with a net margin of 5.00%, reflecting a significant increase in net margin due to REIT-related gains [3][11] - The company’s various business segments show mixed performance, with department stores declining significantly, while shopping centers and outlet stores show resilience [2][8][10] Segment Performance Summary - **Department Stores**: Revenue of 1.483 billion yuan in 2024, down 31.93%, with a gross margin of 31.42% [2][8] - **Shopping Centers**: Revenue of 2.234 billion yuan, up 17.60%, but with a declining gross margin of 45.18% [2][8] - **Outlets**: Revenue of 1.517 billion yuan, stable growth of 0.03%, with a gross margin of 78.06% [2][8] - **Supermarkets**: The supermarket segment, particularly the Lianhua Supermarket, reported a net loss of 333 million yuan, with overall revenue declining across various formats [2][8][10] Future Outlook - The company is expected to continue leveraging its geographical and property advantages to enhance operational performance, with ongoing adjustments in business strategy [4][17] - The projected net profits for 2025, 2026, and 2027 are revised to 548 million, 620 million, and 679 million yuan respectively, reflecting a cautious outlook due to pressures in the supermarket segment [4][19]

Core Viewpoint - The company's 2024 performance aligns with expectations, showing a decline in revenue but a significant increase in net profit due to investment gains from the REITs [1] Financial Performance - Revenue for 2024 was 27.67 billion, a year-on-year decrease of 9.3% - Net profit attributable to shareholders was 1.57 billion, a year-on-year increase of 292.7%, primarily due to investment income from the Huashan Bailian Consumption REIT - Non-recurring net profit was 110 million, a year-on-year decrease of 42.9% - Quarterly revenue declines were recorded as follows: Q1 -6.9%, Q2 -7.3%, Q3 -10.8%, Q4 -13.0% - The company plans to distribute a cash dividend of 2.65 per 10 shares, totaling approximately 470 million, with a payout ratio of 30% [1] Business Trends - Business performance is differentiated, with the outlet segment showing stable results. In 2024, revenue by segment was as follows: department stores -31.9%, shopping centers +17.6%, outlets +0.03% - Traditional department stores are underperforming as consumer preferences shift towards more cost-effective and experiential formats - The company closed 2 shopping centers in 2024, ending the year with 12 department stores, 20 shopping centers, and 9 outlets - Hypermarkets and large stores saw revenue declines of -4.7% and -15.0%, respectively, with a net reduction of 65 and 11 stores - Convenience store revenue decreased by 10.3%, with a net reduction of 128 stores as the company optimizes its store structure [2] REITs and Profitability - The company achieved a gross margin of 25.9% in 2024, a decrease of 0.7 percentage points - The gross margins for department stores and shopping centers fell by 3.0 and 8.6 percentage points to 31.4% and 45.2%, respectively - Selling and administrative expense ratios increased by 0.2 and 0.4 percentage points to 16.7% and 7.8%, respectively, mainly due to operational leverage - Investment income from REITs increased by 2.2 billion, significantly boosting net profit margin by 4.4 percentage points to 5.7% - Non-recurring net margin decreased by 0.2 percentage points to 0.4%, indicating ongoing pressure on core business profitability [3] Strategic Initiatives - The company is deepening unique projects to create a differentiated competitive advantage, including the "Play Together" concept for the ZX brand, which has led to the establishment of two new consumer experience projects - The outlet business operates nine stores across eight cities, with a total area exceeding 900,000 square meters, generating over 16 billion in annual sales and attracting over 30 million visitors - The company successfully acquired land for the Chengdu Panda International Resort for 823 million, planning to develop the first "Panda-themed park-style" outlet with a total investment exceeding 3 billion, expected to open in 2027 [4] Profit Forecast and Valuation - The company maintains its profit forecasts for 2025 and 2026 at 520 million and 570 million, respectively - The current price corresponds to 34 and 32 times P/E for 2025 and 2026 - The company maintains an outperform rating and a target price of 13.0, implying a 29% upside potential based on 44 and 41 times P/E for 2025 and 2026 [5]

公募基金方面本期较上一季度持股减少的公募基金共计1个，即中证上海国企ETF，持股减少占比达 0.12%。本期较上一季度新披露的公募基金共计223个，主要包括东方红启东三年持有混合、南方中证 1000ETF、华夏中证1000ETF、广发中证1000ETF、东方红恒阳五年定开混合等。本期较上一季未再披 露的公募基金共计3个，包括南方中证500ETF、中信保诚至利混合A、中信保诚新锐混合A。 2025年4月15日，百联股份(600827.SH)发布2024年年度报告。截至2025年4月14日，共有229个机构投资 者披露持有百联股份A股股份，合计持股量达10.37亿股，占百联股份总股本的58.13%。其中，前十大 机构投资者包括百联集团有限公司、上海百联控股有限公司、上海豫赢企业管理有限公司、香港中央结 算有限公司、中国建设银行股份有限公司-东方红启东三年持有期混合型证券投资基金、中国工商银行 股份有限公司-中证上海国企交易型开放式指数证券投资基金、北京霆泉私募基金管理有限公司-霆泉新 纪元一号私募证券投资基金、招商银行股份有限公司-南方中证1000交易型开放式指数证券投资基金、 华夏中证1000ETF、广发中证1 ...

公司 2024 年营收同比减少 9.32%，归母净利润同比增长 292.73% 公司公布 2024 年年报：2024 年实现营业收入 276.75 亿元，同比减少 9.32%， 实现归母净利润 15.67 亿元，同比增长 292.73%，实现扣非归母净利润 1.11 亿 元，同比减少 42.88%。其中，公司投资收益为 19.28 亿。 单季度拆分来看，4Q2024 实现营业收入 60.58 亿元，同比减少 12.74%，实现 归母净利润-0.52 亿元，上年同期为 0.55 亿元，实现扣非归母净利润-0.47 亿元， 上年同期为-0.83 亿元。 公司 2024 年综合毛利率下降 0.66 个百分点，期间费用率上升 0.69 个百分点 2025 年 4 月 15 日 公司研究 发展细分赛道，多业态持续优化 ——百联股份（600827.SH）2024 年年报点评 要点 2024 年公司综合毛利率为 25.88%，同比下降 0.66 个百分点。单季度拆分来看， 4Q2024 公司综合毛利率为 27.67%，同比提升 1.07 个百分点。 2024 年公司期间费用率为 24.56%，同比上升 0.69 个百分点， ...

本文字数：1401，阅读时长大约2分钟 作者 | 第一财经 王媛丽 4 月 14 日 A 股 百 货 零 售 概 念 掀 涨 停 潮 ， 其 中 国 芳 集 团 （ 601086.SH ） 实 现 7 连 板 ， 南 宁 百 货 （600712.SH）、茂业商业（600828.SH）等多股涨停，板块热度持续升温。 2025.04. 15 国内扩内需稳增长政策持续推进，国内线下消费有望进一步复苏，多家线下百货商超一方面通过"改 调性"积极寻求服务模式变革，一方面通过"数字化+AI"助推降本增效，为传统商超零售业务带来新的 业绩增长刺激。 新世界年报表示，2024年推进公司百货零售业板块新世界城业态结构调整，布局首发经济，引进二 次元文化，打造差异化竞争优势；重庆百货则加快旗下百货、商超调改升级，2024半年报中表示， 百货毛利率同比增长，加快城市奥莱与购物中心业态打造。 降本增效方面，百货企业加速线上线下融合，通过AI技术优化库存管理、提升服务效率。新世界、 武商集团、中兴商业（000715.SZ）、茂业商业2024年销售毛利率较同期增加1.96、2.03、0.75、 3.1个百分点。 针对美关税影响，多家百货 ...

Group 1 - The core viewpoint of the articles highlights the strong financial performance of Bailian Co., with a significant increase in revenue and net profit, driven by strategic initiatives in urban renewal and consumer engagement [1][5] - In 2024, Bailian Co. achieved an operating income of 27.675 billion yuan and a net profit attributable to shareholders of 1.567 billion yuan, marking a year-on-year growth of 292.73% [1] - The company’s net assets reached 19.662 billion yuan, reflecting a 10.48% increase compared to the previous year, with a net cash flow from operating activities of 3.425 billion yuan [1] Group 2 - Bailian Co. is actively engaging in urban renewal projects, aligning with the Shanghai Commercial Circle Enhancement Action Plan (2024-2026), focusing on revitalizing existing commercial spaces to boost consumer spending [2][5] - The company is leveraging a dual approach of "space reconstruction + content innovation" to create a collaborative development model between commerce and urban growth [2] - The First Department Store is enhancing its offerings by integrating art into commerce, creating immersive shopping experiences, and becoming a leading venue for artistic performances [3] Group 3 - Bailian Co. is pioneering the integration of commerce and cultural tourism, exemplified by the Qingpu Bailian Outlet, which features over 600 shops and aims to become Asia's largest outlet by 2026 [4] - The company is also investing in a new outlet in Chengdu, themed around pandas, to create a unique shopping experience that combines local culture with commercial offerings [4] - The focus on consumer emotional value and innovative retail experiences is driving the transformation of the retail landscape, particularly for female consumers [2][4]

Core Viewpoint - Bailing Co. announced a cash dividend plan for the fiscal year 2024, proposing a distribution of 2.65 yuan per 10 shares, totaling approximately 473 million yuan, which represents 30.16% of the net profit and a dividend yield of 2.82% based on the average trading price for the year [2][3]. Financial Performance - The company reported a revenue of 27.675 billion yuan for the fiscal year 2024, reflecting a year-on-year decline of 9.32% - Net profit reached 1.567 billion yuan, showing a significant year-on-year increase of 292.73% - Basic earnings per share were 0.88 yuan, with a weighted average return on equity of 8.38% [3]. Dividend History - This marks the 26th cash distribution since the company's listing - The previous year's dividend was 1.20 yuan per 10 shares, with a total cash payout of 214 million yuan and a dividend yield of 0.96% - The historical dividend payouts show a trend of increasing cash distributions over the years, with the highest payout recorded in 2012 at 3.00 yuan per 10 shares [2][3]. Market Activity - The stock experienced a net inflow of 34.6847 million yuan from major funds on the day of the announcement, with a total net inflow of 20.3514 million yuan over the past five days [4]. - The latest margin financing balance for the stock is 596 million yuan, with a recent increase of 7.2167 million yuan, representing a growth of 1.23% [5]. Industry Comparison - In the retail sector, Bailing Co. ranks among the companies with notable dividend distributions, with the highest cash payout in the industry being 2.172 billion yuan by China Duty Free Group, followed by Xiaogongmiao and CITIC Metal with payouts of 1.810 billion yuan and 823 million yuan respectively [5].

上海百联集团股份有限公司 内部控制审计报告 ( 二〇二四年度 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn） cc.mof.gov.cn) 进 立信会计师事务所(特殊普通合伙) CHINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANTS 内部控制审计报告 信会师报字[2025]第 ZA10789 号 上海百联集团股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求,我们审计了上海百联集团股份有限公司(以下简称百联股份) 2024年12月31日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企 业内部控制评价指引》的规定,建立健全和有效实施内部控制,并评 价其有效性是百联股份董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的 有效性发表审计意见,并对注意到的非财务报告内部控制的重大缺陷 进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。 ...