Group 1 - The core viewpoint of the news is that Bailian Co., Ltd. (600827.SH) has reported its 2024 annual results, highlighting significant institutional ownership and changes in shareholding among public funds [1][2] Group 2 - As of April 14, 2025, a total of 229 institutional investors disclosed holdings in Bailian Co., Ltd., with a combined shareholding of 1.037 billion shares, representing 58.13% of the total share capital [1] - The top ten institutional investors hold a combined shareholding ratio of 56.15%, with a slight decrease of 0.81 percentage points compared to the previous quarter [1] - The public funds that reduced their holdings this quarter include only one fund, the CSI Shanghai State-Owned Enterprises ETF, with a reduction ratio of 0.12% [2] - A total of 223 new public funds were disclosed this quarter, including several notable funds such as the Oriental Red Qidong Three-Year Holding Mixed Fund and various CSI 1000 ETFs [2] - Three public funds were not disclosed this quarter, including the Southern CSI 500 ETF and two mixed funds from CITIC Prudential [2]

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]

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。 ...

独立董事 2024 年度述职报告 本人始终以认真、负责、勤勉、诚信为原则,认真阅读董事会召开前收到的会议资 料,在充分了解审议事项的基础上,对议案进行了审议并表决;本人对本年度董事会审 议的各项议案均投赞成票,无提出异议的事项,也无反对、弃权的情形。 上海百联集团股份有限公司独立董事 2024 年度试职报告 根据《中华人民共和国公司法》、《上市公司独立董事管理办法》、《上海证券交易所 股票上市规则》等法律、行政法规和《公司章程》的相关规定,作为上海百联集团股份 有限公司的独立董事,我认真履行独立董事职责,为维护全体股东合法权益发挥了积极 的作用。现将2024年度独立董事工作情况述职如下; 一、独立董事基本情况 本人蒋青云:现任上海百联集团股份有限公司独立董事,复旦大学管理学院教授。 兼任兰州丽尚国潮实业集团股份有限公司、福州达华智能科技股份有限公司独立董事。 我严格遵守法律法规和《公司章程》等有关规定,未在公司担任除独立董事以外的 任何职务,也未在公司主要股东担任任何职务,与公司及公司主要股东或有利害关系的 机构和人员不存在妨碍本人进行独立客观判断的关系。本人与公司之间不存在交易关系、 亲属关系,不存在影响独 ...

独立董事 2024 年度述职报告 上海百联集团股份有限公司独立董事 2024 年度沭职报告 我严格遵守法律法规和《公司章程》等有关规定,未在公司担任除独立董事以外的 任何职务,也未在公司主要股东担任任何职务,与公司及公司主要股东或有利害关系的 机构和人员不存在妨碍本人进行独立客观判断的关系。本人与公司之间不存在交易关系、 亲属关系,不存在影响独立董事独立性的情况。 二、独立董事年度履职概况: (一) 参加董事会、股东大会情况 2024年度任期内,本人出席会议情况如下: | 独立重 | 本年应参加 | 亲自出 | 以通讯 方式参 | 委托出席 | 缺席 | 本年应参加股 | 出席 | | --- | --- | --- | --- | --- | --- | --- | --- | | 事姓名 | 董事会次数 | 席次数 | | 次数 | 次数 | 东大会次数 | 次数 | | | | | 加次数 | | | | | | 钱学锋 | | | | | | | | 本人始终以认真、负责、勤勉、诚信为原则,认真阅读董事会召开前收到的会议资 料,在充分了解审议事项的基础上,对议案进行了审议并表决;本人对本年度董事会审 ...

上海百联集团股份有限公司 上海百联集团股份有限公司董事会 2025 年 4 月 15 日 1 关于独立董事独立性情况的评估意见 上海百联集团股份有限公司（以下简称"公司"）于近日收到独立董事王志强 先生、蒋青云先生、钱学锋先生出具的《独立性情况自查表》，根据《上市公司独 立董事管理办法》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 的有关规定及公司《独立董事工作细则》的相关要求，公司董事会，就公司在任 独立董事王志强先生、蒋青云先生、钱学锋先生的独立性情况进行评估并出具如 下专项意见： 经核查独立董事王志强先生、蒋青云先生、钱学锋先生的任职经历以及签署 的相关自查文件，上述人员未在公司担任除独立董事以外的任何职务，也未在公 司主要股东公司担任任何职务，与公司以及主要股东、实际控制人之间不存在利 害关系或其他可能妨碍其进行独立客观判断的关系，符合《上市公司独立董事管 理办法》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》中关于独 立董事独立性的相关要求。 ...

上海百联集团股份有限公司 与百联集团财务有限责任公司发生关联交易的 风险应急处置预案 第一章 总则 第一条 为有效防范、及时控制和化解上海百联集团股份有限公司（以下简 称"本公司"）与百联集团财务有限责任公司（以下简称"财务公司"）发生关 联交易的风险，维护资金安全，保证资金的流动性、盈利性，特制定本应急处置 预案。 第二章 应急处置组织机构及职责 第二条 本公司成立风险预防处置领导工作组（以下简称："领导工作组"）， 由公司总经理任组长，为领导工作组风险预防处置第一责任人，成员包括本公司 财务总监、财务管理部、总经理办公室、法务部、董秘室、审计风控部等部门人 员。领导工作组负责组织开展风险的防范和处置工作。对包括存款风险、结算风 险在内的关联交易风险，任何单位、个人不得隐瞒、缓报、谎报或者授意他人隐 瞒、缓报、谎报。 第三条 公司风险预防处置领导工作组作为风险应急处置机构,一旦财务公 司发生风险,应立即启动应急预案,并按照规定程序开展工作。 第四条 对关联交易风险的应急处置应遵循以下原则： （一）统一领导，分级管理。风险的应急处置工作由领导工作组统一领导， 对董事会负责，具体负责风险的防范和处置工作。 （二 ...