A股免税店板块盘初走弱，众信旅游跌超9%，海南椰岛跌超5%，步步高、友阿股份跌超4%，东百集 团、凯撒旅业、百联股份跟跌。 ...

Core Insights - Multiple foreign trade enterprises and Shanghai's supermarket companies have reached preliminary cooperation intentions to support the integration of domestic and foreign trade [1][5] - The event aims to facilitate foreign trade products entering the domestic market, especially in light of challenges faced by exporters due to high tariffs [1][2] Group 1: Event Overview - The "Shanghai Supermarket Foreign Trade Quality Products Matching Event" was held to promote the integration of domestic and foreign trade [1] - The event was organized by the Shanghai Municipal Commission of Commerce and hosted by Bailian Group, featuring face-to-face discussions between key supermarkets and nearly 80 foreign trade companies [1][2] Group 2: Company Initiatives - Bailian Group has established a dedicated team to assist foreign trade companies, aiming to quickly launch their products in the domestic market during the "May 5 Shopping Festival" [2][3] - Lianhua Supermarket has opened a fast track for foreign trade companies to enter the domestic market, enabling rapid product listing within a week [2][3] - Hema has simplified the entry process for foreign trade companies, ensuring quick product availability in the domestic market through a 24-hour dedicated service [3] Group 3: Support Measures - Various supermarket chains, including Bailian and Lianhua, are offering special support measures such as marketing resources, expedited listing services, and dedicated channels for foreign trade products [3][4] - Zhongshan Park Longzhimeng has formed a specialized team to provide rental discounts and promotional support for foreign trade enterprises [4] - Global Harbor is implementing seven major actions to assist foreign trade companies in entering the domestic market, including venue support and new media promotion [4] Group 4: Future Activities - The Shanghai supermarkets will continue to hold foreign trade product matching activities during the upcoming "May 5 Shopping Festival" [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 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 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company reported a 9.32% year-on-year decrease in revenue for 2024, totaling 27.675 billion yuan, while achieving a significant 292.73% increase in net profit attributable to shareholders, amounting to 1.567 billion yuan [1]. - The company is exploring innovative business models and optimizing operations across multiple formats, including the launch of a women's products store and a focus on the two-dimensional business segment, which saw a 70% increase in sales [3]. - The company is expected to benefit from the ongoing recovery in consumer spending, leading to slight upward adjustments in profit forecasts for 2025 and 2026 [4]. Revenue and Profitability - The company's comprehensive gross margin for 2024 was 25.88%, a decrease of 0.66 percentage points year-on-year, while the operating income for Q4 2024 was 6.058 billion yuan, down 12.74% year-on-year [2]. - The net profit margin for 2024 was 5.7%, reflecting a significant recovery from the previous year [12]. Financial Projections - The report projects a slight decline in revenue for 2025 and 2026, with estimated revenues of 27.496 billion yuan and 27.890 billion yuan, respectively [5]. - The estimated net profit for 2025 is projected at 473 million yuan, with a further increase to 519 million yuan in 2026 and 565 million yuan in 2027 [5]. Cost Structure - The company's expense ratio increased in 2024, with the total expense ratio reaching 24.56%, up 0.69 percentage points year-on-year [2]. - The sales expense ratio for 2024 was 16.74%, reflecting a slight increase from the previous year [13]. Market Position and Strategy - The company is leveraging its advantageous location in Shanghai to explore new business formats and enhance consumer convenience through innovative shopping experiences [3]. - The introduction of differentiated business models is aligned with the trend of quality consumption, positioning the company favorably in the market [4].

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]