一、基本情况概述 股票简称：百联股份 百联 B 股 证券代码： 600827 900923 编号：临 2025-045 上海百联集团股份有限公司 关于土地收储的进展公告 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。 公司于2025年6月5日召开第十届董事会第十三次会议及2025年6月26日召开的2024 年年度股东大会审议通过《关于土地收储的议案》，同意公司与上海市杨浦区土地储备 中心（以下简称"杨浦区土储中心"）签订《上海市杨浦区国有土地收回补偿合同》， 对公司位于共青路435号、共青路295号、共青路310、210号三幅地块实施收储。具体 内容详见公司于2025年6月6日披露的《上海百联集团股份有限公司关于土地收储的公 告》（临2025-027）。公司于7月16日与杨浦区土储中心签订了《上海市杨浦区国有土地 收回补偿合同》，具体详见公司于2025年7月17日披露的《上海百联集团股份有限公司 关于土地收储的进展暨签订土地补偿合同的公告》（临2025-034）。公司于8月4日收到 三幅地块的首次补偿款，具体详见公司于2025 ...

Group 1 - The company, Bailian Co., Ltd. (SH 600827), announced its 16th meeting of the 10th Board of Directors held on October 30, 2025, via teleconference, where the Q3 2025 report was reviewed [1] - For the first half of 2025, the company's revenue composition was as follows: chain supermarket business accounted for 77.56%, chain department store business accounted for 19.12%, professional chain accounted for 3.01%, and others accounted for 0.31% [1]

Group 1: Financial Performance - In Q3 2025, the company reported revenue exceeding 5.797 billion yuan, with a year-on-year growth of 25.88% in net profit attributable to shareholders after deducting non-recurring items [1] - For the first three quarters of the year, the core business segments, including department stores and shopping centers, generated revenues of 2.358 billion yuan and 1.128 billion yuan respectively, with the outlet segment achieving both revenue and gross margin growth [1] Group 2: Strategic Initiatives - The company is actively aligning with national policies to promote the "first release economy," focusing on creating differentiated competitive advantages through diverse first-store economies, IP collaborations, and innovative scenarios [2] - The launch of various first stores, such as the national first store of the niche outdoor brand ACMEITEM and the self-operated supermarket "Pin Shang Sheng Huo," has attracted significant customer traffic, with the latter seeing 25,000 visitors on its opening day [2] Group 3: Targeting Youth Market - The company is tapping into the Z-generation market by engaging in the "Guzi economy," which focuses on the collection and trading of anime and gaming IP-related products, thus connecting emotional engagement with consumption [3] - During the "Shanghai Summer International Animation Month," the company organized a large-scale ACGN exhibition, resulting in significant sales growth of 31% and 131% for its themed venues, with customer traffic increasing by 14% and 238% respectively [3] Group 4: Consumer Engagement and Ecosystem - Consumers holding tickets from major anime exhibitions can redeem exclusive electronic vouchers at the company's partnered stores, enhancing customer flow and consumption conversion across different business segments [4] - The company emphasizes that its core competitiveness has shifted from mere product sales to creating immersive experiences, cultural resonance, and upgraded consumer experiences, aiming to build a new urban consumption ecosystem [4]

Group 1 - The core point of the article is that Bailian Co., Ltd. (600827.SH) reported a significant decline in both revenue and net profit for the first three quarters of 2025 [1] Group 2 - The total operating revenue for the first three quarters reached 19.054 billion yuan, representing a year-on-year decrease of 11.86% [1] - The net profit attributable to shareholders of the parent company was 295 million yuan, down 81.78% year-on-year [1] - The basic earnings per share were reported at 0.1654 yuan [1]

Core Viewpoint - Bailian Group is a leading retail enterprise in China, with strong brand influence and extensive offline store resources, achieving the highest revenue in the industry for Q3 2025 [2][6]. Group 1: Business Performance - In Q3 2025, Bailian Group's revenue reached 19.054 billion, ranking first among 15 companies in the industry, significantly higher than the second-ranked Chongqing Department Store at 11.63 billion [2]. - The revenue composition includes 10.283 billion from chain supermarkets (77.56%), 2.534 billion from department stores (19.12%), and 399 million from specialty chains (3.01%) [2]. - The net profit for the same period was 264 million, ranking third in the industry, with Chongqing Department Store leading at 1 billion [2]. Group 2: Financial Ratios - As of Q3 2025, Bailian Group's debt-to-asset ratio was 60.64%, down from 62.35% year-on-year but still above the industry average of 52.55% [3]. - The gross profit margin was 24.81%, slightly down from 25.38% year-on-year and below the industry average of 31.16% [3]. Group 3: Executive Compensation - The chairman, Zhang Shenyu, received a salary of 1.9301 million in 2024, an increase of 50,600 from 2023 [4]. - The general manager, Cao Hailun, earned 1.3503 million in 2024, up by 402,500 from the previous year [4]. Group 4: Shareholder Information - As of September 30, 2022, the number of A-share shareholders decreased by 5.60% to 72,700, while the average number of shares held per shareholder increased by 5.93% to 22,100 [5]. - The top ten circulating shareholders saw reductions in holdings, with Hong Kong Central Clearing Limited holding 10.3933 million shares, down by 10.4994 million [5]. Group 5: Future Outlook - Guotai Junan Securities forecasts Bailian Group's EPS for 2025-2027 to be 0.27 (+0.01), 0.30, and 0.35 yuan, respectively, with a target price of 12.15 yuan based on a 45x PE ratio, higher than the industry average [6]. - Key business highlights include resilient outlet operations, with H1 2025 outlet revenue at 794 million, up 3.87% year-on-year, and a gross margin of 78.61% [6].

Core Insights - BAILIAN reported a revenue of over 5.797 billion yuan in Q3 2025, with a year-on-year net profit growth of 25.88% [1] - The company's core business segments, including department stores and shopping centers, generated revenues of 2.358 billion yuan and 1.128 billion yuan respectively in the first three quarters of the year [1] - The implementation of the "Special Action Plan to Boost Consumption" has positively impacted the consumer market, enhancing Shanghai's position as an international consumption center [1] Group 1: Business Performance - In Q3 2025, BAILIAN's revenue exceeded 5.797 billion yuan, with a net profit growth of 25.88% year-on-year [1] - For the first three quarters, the core business segments of department stores and shopping centers achieved revenues of 2.358 billion yuan and 1.128 billion yuan respectively, with the outlet segment showing both revenue and gross margin growth [1] Group 2: Market Initiatives - BAILIAN launched the "BAILIAN VIBE・Cool Summer Festival" as part of the Shanghai Summer International Consumption Season, focusing on the integration of commerce, tourism, and sports [2] - The "2025 Play Sports Season" was introduced to capitalize on summer sports consumption trends, featuring various themed events to convert sports enthusiasm into consumer spending [2] Group 3: Consumer Experience Enhancements - BAILIAN is leveraging the "ticket root economy" to create a diverse cultural and tourism consumption ecosystem, collaborating with major events to offer exclusive benefits to consumers [3] - The company has established a "buy and refund immediately" tax refund point for outbound tourists, significantly enhancing the shopping experience [3] - In July, the number of tax refund transactions at BAILIAN's first department store increased by 611.36%, with the transaction amount rising by 313.97% year-on-year [3] Group 4: Future Outlook - BAILIAN aims to continue exploring diversified, innovative, and composite business models to expand consumer boundaries and enhance shopping experiences [4] - The company is committed to supporting Shanghai's development as a globally influential sports event hub and international consumption center [4]

上海百联集团股份有限公司 2025 年 1-3 季度经营数据公告 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。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露：第四号 ——零售》的要求，现将公司 2025 年 1-3 季度主要经营数据披露如下： | 地区 | 业态 | 报告期内新开门店 | | 报告期内关闭门店 | | | --- | --- | --- | --- | --- | --- | | | | 门店家数 | 经营面积 | 经营面积 门店家数 | | | | | | （平方米） | （平方米） | | | 华东地区 | 超级市场 | 112 | 52,323.65 | 90 | 48,988.40 | | | 便利店 | 13 | 640.14 | 55 | 2,471.72 | | | 专业专卖 | 1 | 54.86 | 3 | 241 | | | 小计 | 126 | 53,018.65 | 148 | 51,701.12 | | | 超级市场 | 4 | 3,370.00 | - | - ...

股票简称：百联股份 百联 B 股 证券代码： 600827 900923 编号：临 2025-044 上海百联集团股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 内容提示： 上海百联集团股份有限公司（以下简称"公司"）于 2025 年 10 月 31 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财 务状况，公司计划于 2025 年 11 月 12 日 （星期三）10:00-11:00 举行 2025 年第三季度业 绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 总经理曹海伦先生；财务总监、董事会秘书杨琴女士；独立董事蒋青云先生。 四、 投资者参加方式 本次业绩说明会以网络互动形式召开，公司将针对 2025 年第三季度的经营成果及财务 指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内就投资者普遍关注 的问题进行回答。 二、 说明会召开的时间、地点 三、 参加人员 会议召开时间：20 ...

股票简称：百联股份 百联 B 股 证券代码： 600827 900923 编号：临 2025-042 上海百联集团股份有限公司 第十届董事会第十六次会议决议公告 二、《关于出资认购类 REITs 续发产品次级份额的议案》 由上海证券有限责任公司作为计划管理人，以百联金山购物中心、百联川沙购物 中心项目为底层物业资产的"上海证券-百联股份第二期资产支持专项计划" （以下 简称"续发类 REITs 产品"）获得上交所无异议函。续发类 REITs 产品总规模不超过 21.06 亿元，其中优先级占比 89.98%，次级占比 10.02%，公司拟出资不高于 6,200 万 元认购续发类 REITs 产品次级份额的 29%。通过本次购买续发类 REITs 产品次级份额， 公司可享有次级收益。 表决结果：9 票同意，0 票反对，0 票弃权，0 票回避。 本议案经第十届董事会审计委员会 2025 年第六次会议审议通过，并同意提交董 事会审议。 三、《关于百联南方购物中心局部调整装修项目的议案》 为激活商业活力、提升购物中心综合竞争力，公司下属子公司上海友谊南方商城 有限公司拟对百联南方购物中心一区 1F 北区局部实施焕新工程 ...

Financial Performance - The company's operating revenue for the third quarter was ¥5,797,168,351.51, a decrease of 10.04% compared to the same period last year[4] - The total profit for the quarter was -¥109,102,068.83, reflecting a decline of 106.45% year-on-year[4] - The net profit attributable to shareholders was -¥17,965,903.96, down 101.34% from the previous year[4] - The basic earnings per share for the quarter was -¥0.0101, a decrease of 101.34% compared to the same period last year[5] - Total operating revenue for the first three quarters of 2025 was CNY 19,054,325,874.75, a decrease of 11.85% compared to CNY 21,617,212,795.90 in the same period of 2024[21] - Net profit for the first three quarters of 2025 was CNY 263,944,719.74, a significant decline of 82.16% from CNY 1,482,845,936.03 in 2024[23] - The company's operating profit for the first three quarters of 2025 was CNY 448,981,767.50, compared to CNY 2,231,237,505.24 in 2024, indicating a decrease of 79.93%[22] - Operating profit for the first three quarters of 2025 was CNY 817,965,916.84, down 46.5% from CNY 1,528,444,448.99 in 2024[31] - Net profit for the first three quarters of 2025 reached CNY 856,372,133.63, a decline of 30.9% compared to CNY 1,240,568,321.36 in 2024[31] Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date was -¥240,606,598.92, a decline of 114.22% year-on-year[4] - Cash flow from operating activities for the first three quarters of 2025 was CNY 31.43 billion, down 9.5% from CNY 34.73 billion in 2024[25] - Net cash flow from operating activities turned negative at CNY -240.61 million, compared to a positive CNY 1.69 billion in the previous year[25] - Cash inflow from investment activities decreased to CNY 2.82 billion, down 19.4% from CNY 3.50 billion in 2024[26] - Cash flow from financing activities resulted in a net outflow of CNY 626,594,592.07, worsening from a net outflow of CNY 200,672,925.02 in 2024[35] - The company reported a net decrease in cash and cash equivalents of CNY -1.18 billion for the first three quarters of 2025[26] Assets and Liabilities - The total assets at the end of the reporting period were ¥54,896,667,990.99, a decrease of 2.57% from the end of the previous year[5] - The total assets decreased to CNY 54,896,667,990.99 in 2025 from CNY 56,345,199,270.65 in 2024, a reduction of 2.61%[19] - Total liabilities decreased to CNY 33,288,263,408.44 in 2025 from CNY 35,131,359,518.07 in 2024, reflecting a decrease of 5.25%[19] - The total liabilities amounted to CNY 9,453,375,568.23, a slight decrease from CNY 9,603,421,735.90 in the previous year[29] - Total equity increased to CNY 21,983,188,567.25 from CNY 21,363,419,062.14 year-over-year[29] Shareholder Information - The total number of common shareholders at the end of the reporting period is 78,043[13] - The largest shareholder, Bailian Group Co., Ltd., holds 849,631,332 shares, representing 47.62% of total shares[14] - The second-largest shareholder, Shanghai Bailian Holdings Co., Ltd., holds 51,439,036 shares, representing 2.88%[14] Non-Recurring Items and Other Income - The company reported non-recurring gains of ¥13,888,988.04 for the quarter, with a significant portion coming from government subsidies and asset disposals[8] - The company reported a significant increase in financial expenses, rising to CNY 21,140,535.11 in 2025 from CNY 4,336,155.26 in 2024, marking an increase of 387.56%[21] - Other comprehensive income after tax for the first three quarters of 2025 was CNY 238,093,310.93, slightly up from CNY 234,471,930.47 in 2024[23] Future Outlook - The new accounting standards or interpretations will be implemented starting from 2025, affecting the financial statements from the beginning of that year[36] - The announcement was made by the board of directors of Shanghai Bailian Group Co., Ltd. on October 30, 2025[37]