Core Viewpoint - The company emphasizes its commitment to shareholder returns through a robust dividend policy and has approved a new market value management system [1] Group 1: Dividend Policy - The company has implemented a steady cash dividend policy in recent years to reward investors [1] - For the fiscal year 2024, the company plans to distribute a cash dividend of 0.265 yuan per share (before tax), totaling approximately 473 million yuan [1] Group 2: Corporate Governance - The company has passed a resolution in its 10th Board meeting to establish a "Market Value Management System" [1]

Core Viewpoint - The company emphasizes the importance of market value management, focusing on improving operational quality as the core of its strategy [2] Group 1: Company Strategy - In 2024, the company aims to create high-quality, youthful commercial benchmarks and explore innovative business models [2] - The company plans to optimize its supply chain system and promote the construction of a convenient 15-minute living circle [2] - A new service brand will be launched, and the company will adopt a dual approach to accelerate expansion [2] Group 2: Digital and Financial Initiatives - The company is committed to continuously enhancing its digital operation capabilities [2] - It will issue Shanghai's first consumption infrastructure REIT to improve asset value through various measures [2]

Group 1 - The company emphasizes the importance of market value management to enhance operational quality and long-term sustainable development [2] - The company commits to strictly adhere to information disclosure obligations regarding significant matters such as share buybacks and increases in holdings in the future [2]

Core Viewpoint - The company emphasizes its commitment to investor returns through a consistent cash dividend policy over the past nine years, highlighting a total cash dividend of 901 million yuan in the last three years [2] Group 1: Dividend Policy - The company has implemented a stable dividend policy since 2016, maintaining cash dividends for nine consecutive years [2] - Cumulative cash dividends amount to 901 million yuan over the past three years [2] Group 2: Investor Communication - The company addresses investor inquiries on its interactive platform, indicating a focus on transparency and communication [2] - It notes that different third-party trading software may have varying calculations for financing amounts due to multiple rounds of mergers and acquisitions [2]

本报告依据中国资产评估准则编制 联华超市股份有限公司下属上海世纪联华超市发展 有限公司拟股权转让所涉及的 上海世纪联华超市杨浦有限公司 股东全部权益价值 资产评估报告 信资评报字（2025）第 030142 号 元信 上海立信资产评估有限公司 二〇二五年十一月四日 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 3131020006202501616 | | --- | --- | | 合同编号: | HT-2025-1912 | | 报告类型: | 法定评估业务资产评估报告 | | 报告文号: | 信资评报字【2025】第030142号 | | 报告名称: | 联华超市股份有限公司下属上海世纪联华超市发展有限公司拟股 权转让所涉及的上海世纪联华超市杨浦有限公司股东全部权益价 | | 评估结论: | 值资产评估报告 78,285,979.25元 | | 评估报告日 : | 2025年11月04日 | | 评估机构名称: | 上海立信资产评估有限公司 | | 签名人员: | 杨洋 (资产评估师) 正式会员 编号:31160014 | | | 柳亮 (资产评估师) 正式会员 编号: 3118009 ...

Core Viewpoint - Shanghai Bailian Group Co., Ltd. is transferring 100% equity of Yangpu Century Bailian from its subsidiary Century Bailian to Dongran Industrial for a price of RMB 78.286 million, followed by a management service agreement between the two parties [2][4]. Summary by Sections Transaction Overview - The transaction involves the transfer of 100% equity of Yangpu Century Bailian for RMB 78.286 million, with a management service agreement to be established post-transfer [2][4]. - The transaction is classified as a related party transaction as Dongran Industrial is a wholly-owned subsidiary of Bailian Group, the controlling shareholder of the company [2][4]. Transaction Details - The transfer price is based on the net asset evaluation of Yangpu Century Bailian, which was assessed at RMB 78.286 million, reflecting a 32.6% increase in value from its book value of RMB 59.041 million [9]. - The management agreement will last for three years, during which Century Bailian will provide operational management services to Yangpu Century Bailian [10][11]. Financial Impact - The transaction is expected to promote the sustainable development of the company and enhance its focus on core businesses in Shanghai and Zhejiang [12]. - The company will not provide guarantees or financial support to Yangpu Century Bailian post-transaction [12]. Approval Process - The transaction requires approval from the shareholders' meeting of Century Bailian but does not require approval from the company's shareholders' meeting [4][6]. - The board of directors has already reviewed and approved the transaction in multiple meetings, with related directors abstaining from voting [5][12].

Key Points - 合富中国's stock will resume trading on November 20 after completing an investigation into unusual trading fluctuations, confirming normal business operations and no undisclosed significant matters [1] - 中金公司 plans to merge with 东兴证券 and 信达证券, leading to a suspension of its A-shares starting November 20 due to uncertainties surrounding the merger [1] - 大为股份 is progressing with the transition from exploration to mining rights for its lithium battery project in Hunan, having received necessary approvals [1] - 燕东微's major shareholders plan to reduce their stakes by up to 2.5% through block trades or centralized bidding from December 11, 2025, to March 11, 2026 [2] - 中水渔业's major shareholder reduced its stake to 5% after selling 258.88 million shares [3] - 韵达股份 reported a slight decline in express service revenue for October 2025, totaling 4.495 billion yuan, a year-on-year decrease of 0.88% [4] - 倍杰特 intends to acquire a 55% stake in 大豪矿业 for 224.8 million yuan [4] - 辰奕智能 plans to acquire a 55% stake in 华泽电子 through cash [4] - 赣粤高速's actual controller will change from the provincial transportation department to the provincial state-owned assets supervision and administration commission [5] - 东软集团 received a notification for a 4.2 billion yuan contract for intelligent cockpit controllers from a major domestic automotive manufacturer [5] - 海正药业's subsidiary plans to invest in a pet prescription food project [5] - 龙利得's controlling shareholder plans to increase its stake by at least 56 million yuan [6] - 新兴装备's shareholders plan to reduce their stakes by up to 3.13% [6] - 普洛药业 plans to repurchase shares worth between 180 million and 360 million yuan [6]

Core Viewpoint - Bailian Co., Ltd. announced the transfer of 100% equity of Yangpu Century Bailian to Dongran Industrial Co., Ltd. for a price of RMB 78.286 million, constituting a related party transaction [2] Group 1: Transaction Details - The transaction involves the transfer of equity from Shanghai Century Bailian Supermarket Development Co., Ltd. to Dongran Industrial Co., Ltd. [2] - The transfer price is set at RMB 78.286 million [2] - Following the equity transfer, Bailian Supermarket will provide management and resource support services to Yangpu Century Bailian [2] Group 2: Related Party Transaction - Dongran Industrial is a wholly-owned subsidiary of Bailian Group, the controlling shareholder of the company [2] - This transaction is classified as a related party transaction due to the ownership structure [2]

Mergers and Acquisitions - Chenyi Intelligent plans to acquire 55% of Huaze Electronics through cash payment [1] - Beijiete's wholly-owned subsidiary intends to acquire 55% of Dahao Mining for 225 million yuan [1] Share Buybacks and Equity Transfers - Chenzhan Optoelectronics' controlling shareholder is transferring 5.02% of shares [2] - Huamin Co., Ltd. plans to transfer 5.17% of shares by Jianxianghuihong [2] - Pro Pharmaceutical intends to repurchase shares worth between 180 million to 360 million yuan, with a maximum price of 23 yuan per share [2] - Ganyue Expressway's actual controller will change from the Provincial Department of Transportation to the Provincial State-owned Assets Supervision and Administration Commission [2] External Investments and Daily Operations - Hefei China has completed its suspension review and resumed trading [3] - Dwei Co., Ltd. is advancing the procedures for lithium battery new energy projects in Hunan Chenzhou [4] - Desay SV plans to launch an AI computing terminal for the robotics sector [4] - Neusoft Group received a notification from a major domestic automotive manufacturer to supply intelligent cockpit domain controllers, with a total expected supply amount of 4.2 billion yuan [4] - Junyi Digital plans to invest 120 million yuan in Guanghong Precision, acquiring 60% ownership post-investment [5] - Dongfang Electric intends to invest 910 million yuan to hold 49% in a joint venture [6] - Bailian Group's subsidiary plans to transfer 100% of its stake in Yangpu Century Bailian for 78.286 million yuan [6] - Ruisheng Intelligent's subsidiary won a bid for a China Mobile ICT project, focusing on computing server hardware and systems [6] - Zhifei Biological's clinical trial application for the ZFA01 adjuvant vaccine has been accepted [7] - Haizheng Pharmaceutical's subsidiary is collaborating with East China Institute on a biomanufacturing project for heparin [8] - Baiyang Pharmaceutical's Zap Therapeutic plans to invest 4.9 million USD in Baiyang Sap to expedite the clinical introduction of the ZAP-X Mars surgical robot [8] - Jinbei Automotive plans to invest 5.8 billion yuan and purchase equity in Changchun Zhongtuo Molding Technology [9] - Baili Tianheng has secured a commitment from Bank of China Sichuan Branch for a total of no less than 8 billion yuan in comprehensive credit support [10]

Group 1 - The core point of the article is that Bailian Group's subsidiary Lianhua Supermarket is focusing on its core businesses in Shanghai and Zhejiang by transferring 100% equity of Yangpu Century Lianhua to Dongran Industrial for a price of 78.286 million RMB [1] - After the equity transfer, Dongran Industrial will enter into a management agreement with Lianhua Supermarket, under which Lianhua Supermarket will provide operational management and resource support services for Yangpu Century Lianhua for three years [1] - As of January to June 2025, Bailian Group's revenue composition is as follows: 77.56% from chain supermarket business, 19.12% from chain department store business, 3.01% from specialized chains, and 0.31% from other sources [1] Group 2 - Bailian Group's market capitalization is currently 16.2 billion RMB [1]