Investment Rating - The report maintains an "Outperform" rating for the company [1][4] Core Viewpoints - The company, as a leading retail enterprise in East China under the Shanghai State-owned Assets Supervision and Administration Commission, has been actively transforming its business operations to adapt to current consumption trends, such as the "Guzi" economy and outlet formats [5] - The company has been leveraging its geographical advantages and self-owned properties to focus on new retail formats like ZX Creative Field and outlets, which are expected to drive future profit elasticity [5] - The company's asset securitization efforts, including the issuance of public REITs, have significantly boosted investment income, with the Hua'an Bailian Consumption REIT raising 2.332 billion yuan and contributing to a substantial increase in investment income [5] - The company's ZX Creative Field, focusing on the ACGN (Anime, Comic, Game, Novel) subculture, has seen impressive performance, with sales reaching 300 million yuan and foot traffic exceeding 9.5 million in 2023 [10] - The company's outlet business continues to perform strongly, with the Shanghai Qingpu Outlet achieving a revenue of 6.17 billion yuan in 2023, and the overall outlet business seeing a 14% increase in sales compared to 2021 [20][21] Business Transformation and New Formats - The company has been actively transforming its classic stores since 2015, upgrading consumer experiences and adapting to new consumption trends [6] - The ZX Creative Field, the first commercial complex in China focusing on the ACGN subculture, has become a significant success, with 70% of its stores being national first stores, and sales increasing by 84% year-on-year in the first three quarters of 2023 [10] - The company plans to open a second ZX Creative Field in Yangpu, targeting the young consumer base near universities and cultural enterprises like Bilibili and Papergames [11] - The company's outlet business has been expanding steadily, with 9 outlets currently operating, primarily in East China, and the Shanghai Qingpu Outlet leading the industry with a revenue of 6.17 billion yuan in 2023 [20][21] Financial Performance and Projections - The company's net profit attributable to the parent company is projected to increase to 1.734 billion yuan in 2024, up from the previous estimate of 1.579 billion yuan, with a PE ratio of 12x [5] - The company's outlet business saw a 14% increase in sales and a 31% increase in foot traffic in 2023 compared to 2021, with significant growth during holiday periods [21] - The company's ZX Creative Field achieved sales of 300 million yuan in 2023, with foot traffic exceeding 9.5 million, and a year-on-year sales increase of 84% in the first three quarters of 2023 [10] Market Trends and Opportunities - The "Guzi" economy, driven by the popularity of ACGN subculture, is expected to grow significantly, with the market size projected to reach 308.9 billion yuan by 2029 [15] - Traditional department stores are increasingly incorporating ACGN-related brands and themed areas to attract young consumers, with over 20 first and second-tier cities in China developing ACGN consumption landmarks [17] - The company's early adoption of the "Guzi" economy and its focus on outlet formats position it well to benefit from these emerging market trends [17][20]

股票简称：百联股份 百联 B 股 证券代码： 600827 900923 编号：临 2024-059 关于高级管理人员辞任的公告 特此公告。 上海百联集团股份有限公司董事会 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。 上海百联集团股份有限公司（以下简称"公司"）董事会于近日收到公司副总 经理徐凌玲女士的辞任申请，徐凌玲女士因工作原因不再担任公司副总经理的职务， 辞任申请自送达董事会之日起生效。 公司董事会对徐凌玲女士在任职期间对公司所做的贡献表示衷心感谢。 上海百联集团股份有限公司 2024 年 12 月 7 日 1 ...

证券代码：600827 900923 证券简称：百联股份 百联 B 股 上海百联集团股份有限公司 投资者关系活动记录表 编号：2024-004 | --- | --- | --- | |-----------------------|------------------------------------------------------------------------|------------------------------------------------------------| | | □ 特定对象调研 | □ 分析师会议 | | 投资者关系 | □ 媒体采访 | √业绩说明会 | | 活动类别 | □ 新闻发布会 □ | 路演活动 | | | □ 现场参观 | | | | □ 其他 | （请文字说明活动内容） | | 参与单位名称 | 参与公司 2024 | 年第三季度业绩说明会的投资者 | | 及人员姓名 | | | | 会议时间 | 2024 年 11 月 6 日上午 | | | 会议地点 | 上海证券交易所上证路演中心 （ http://roadshow.sseinfo.com/ ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Insights - The company reported a revenue decrease of 8.31% year-on-year for the first three quarters of 2024, with a significant net profit increase of 366.88% year-on-year, primarily due to investment income from the issuance of the Huazhong Bailian Consumption REIT [1][3]. - The company’s comprehensive gross margin decreased by 1.15 percentage points year-on-year, while the expense ratio increased by 0.25 percentage points during the same period [1][2]. Summary by Sections Financial Performance - For 1-3Q2024, the company achieved a revenue of 21.617 billion yuan, a decrease of 8.31% year-on-year, and a net profit attributable to shareholders of 1.620 billion yuan, an increase of 366.88% year-on-year. The non-recurring net profit was 158 million yuan, down 45.25% year-on-year [1]. - In Q3 2024, the company reported a revenue of 6.444 billion yuan, a decrease of 10.91% year-on-year, and a net profit of 1.345 billion yuan, compared to 14 million yuan in the same period last year [1]. Cost and Expense Analysis - The comprehensive gross margin for 1-3Q2024 was 25.38%, down 1.15 percentage points year-on-year. In Q3 2024, the gross margin was 24.99%, down 1.44 percentage points year-on-year [1][2]. - The expense ratio for 1-3Q2024 was 23.55%, up 0.25 percentage points year-on-year, with specific rates for sales, management, finance, and R&D expenses being 16.06%, 7.44%, 0.02%, and 0.03% respectively [2]. Investment and Strategic Initiatives - The issuance of the Huazhong Bailian Consumption REIT on August 16, 2024, raised 2.332 yuan per share, totaling a net fundraising of 2.332 billion yuan, significantly contributing to the company's profit [3]. - The company is focusing on strengthening supply chain management and operational synergy, introducing differentiated competitive first stores, and enhancing support for venues, memberships, and promotions [3]. Earnings Forecast - The earnings per share (EPS) forecast for 2024 has been raised by 202% to 0.92 yuan, while the forecasts for 2025 and 2026 have been lowered by 21% each to 0.26 yuan and 0.28 yuan respectively [4].

请你司根据相关信息披露规定，及时履行信息披露义务。 此复。 你司《关于上海百联集团股份有限公司股票交易异常波动的询证 函》已收到,现就相关事项说明如下: 百联集团不存在涉及你司应披露而未披露的重大信息,包括但不 限于正在筹划涉及你司的重大资产重组、股份发行、收购、债务重组、 业务重组、资产剥离、资产注入、股份回购、股权激励、破产重整、 重大业务合作、引进战略投资者等重大事项;不存在本次股票交易异 常波动期间,买卖你司股票的情形。 关于股票交易异常波动有关情况的回函 上海百联集团股份有限公司 ...

股票简称：百联股份 百联 B 股 风险提示：公司郑重提醒广大投资者，有关公司的信息以公司在上海证券交 易所网站（www.sse.com.cn）和公司指定信息披露媒体刊登的相关公告为准，敬请广 大投资者注意投资风险。 一、股票交易异常波动的具体情况 公司 B 股股票于 2024 年 10 月 31 日、11 月 1 日、11 月 4 日连续三个交易日内日 收盘价格涨幅偏离值累计超过 20%，属于《上海证券交易所交易规则》规定的异常波动 情形。 证券代码： 600827 900923 编号：临 2024-058 上海百联集团股份有限公司 股票交易异常波动公告 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。 重要内容提示： 上海百联集团股份有限公司（以下简称"公司"）B 股股票于 2024 年 10 月 31 日、11 月 1 日、11 月 4 日连续三个交易日内日收盘价格涨幅偏离值累计超过 20%， 属于《上海证券交易所交易规则》规定的异常波动。 公司目前经营情况正常，内外部经营环境未发生重大变化，经公司自查并向控股 股东核实，截 ...

股票简称：百联股份 百联 B 股 证券代码： 600827 900923 编号：临 2024-057 上海百联集团股份有限公司 2024 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 2024 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 | 经营面积 | 报告期内关闭门店 | | | --- | --- | --- | --- | --- | --- | | | | 门店家数 | | 门店家数 | 经营面积 | | | | | （平方米） | | （平方米） | | 华东地区 | 大型综合超市 | 4 | 16,080.00 | 7 | 45,849.00 | | | 超级市场 | 127 | 48,542.39 | 88 | 29,530.11 | | | 便利店 | 12 | 746.54 | 74 | 3,875.58 | | | 专业专卖 | 9 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥6,443,922,895.62, a decrease of 10.91% compared to ¥7,227,293,082.33 in the same period last year[3] - Net profit attributable to shareholders for Q3 2024 reached ¥1,345,279,193.10, a significant increase of 9,535.37% from ¥16,401,090.50 in the previous year[3] - The net profit excluding non-recurring gains and losses for Q3 2024 was -¥42,979,128.51, a decline of 1,044.22% compared to ¥3,979,655.51 in the same period last year[3] - Basic earnings per share for Q3 2024 was ¥0.75, up 7,400.00% from ¥0.01 in the previous year[3] - The weighted average return on equity for Q3 2024 was 7.20%, an increase of 7.12 percentage points from 0.09% in the same period last year[3] - The company reported a significant increase in net profit for the year-to-date, reaching ¥1,619,721,167.32, a rise of 366.88% compared to the previous year[3] - Total operating revenue for the first three quarters of 2024 was CNY 21,617,212,795.90, a decrease of 8.3% compared to CNY 23,577,165,511.55 in the same period of 2023[14] - Net profit for the first three quarters of 2024 reached CNY 1,482,845,936.03, significantly up from CNY 253,216,040.07 in the same period last year, marking a growth of 485.5%[15] - The total comprehensive income attributable to the parent company for Q3 2024 was CNY 1,854,193,097.79, compared to CNY 564,120,523.92 in Q3 2023, indicating a significant increase[16] - Basic and diluted earnings per share for Q3 2024 were CNY 0.91, up from CNY 0.19 in Q3 2023, reflecting strong earnings growth[16] Assets and Liabilities - The total assets at the end of the reporting period were ¥56,266,074,231.42, a decrease of 0.47% from ¥56,002,826,203.98 at the end of the previous year[3] - The company's total assets amounted to CNY 56,002,826,203.98, slightly down from CNY 56,266,074,231.42 in the previous year[14] - Non-current liabilities totaled CNY 10,470,271,799.74, a decrease from CNY 10,979,964,906.40 in the previous year[14] - The total liabilities of the company were CNY 34,918,059,644.92, down from CNY 36,646,305,944.39 in the previous year[14] - The total liabilities decreased to CNY 8,774,382,377.23 in Q3 2024 from CNY 9,417,297,135.57 in Q3 2023, indicating a reduction of 6.8%[22] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥1,692,189,444.74, down 39.14% from ¥2,801,512,190.53 in the previous year[3] - Cash flow from operating activities for the first three quarters of 2024 was CNY 34,727,035,874.56, down from CNY 37,834,718,612.15 in the same period of 2023, showing a decline of approximately 8.3%[18] - Net cash flow from operating activities for the first three quarters of 2024 was CNY 1,692,189,444.74, compared to CNY 2,780,607,153.67 in the previous year, a decrease of about 39.2%[18] - The company reported cash inflow from investment activities of CNY 3,504,722,587.75 in the first three quarters of 2024, a significant increase from CNY 695,261,349.53 in the same period of 2023[18] - The net cash flow from financing activities for the first three quarters of 2024 was -CNY 1,044,010,041.28, an improvement compared to -CNY 1,194,840,211.84 in the previous year[18] Investments - The company attributed the increase in net profit to the investment income from the issuance of Huazhong Bailian Consumption REIT[6] - The company reported an investment income of CNY 1,902,576,670.98, a significant recovery from a loss of CNY 8,751,492.18 in the previous year[15] - The company reported investment income of CNY 1,512,367,965.15 for the first three quarters of 2024, significantly higher than CNY 615,897,961.29 in 2023, marking an increase of 145.0%[23] Shareholder Information - The top shareholder, 百联集团有限公司, holds 849,631,332 shares, representing 47.62% of the total shares[7] - The total number of ordinary shareholders at the end of the reporting period was 81,020[7] - The equity attributable to shareholders of the parent company increased to CNY 19,350,327,774.00 from CNY 17,795,968,234.11 in the previous year, reflecting a growth of 8.7%[14] - The company's total equity increased to CNY 20,246,575,508.95 in Q3 2024 from CNY 18,989,526,750.14 in Q3 2023, representing a growth of 6.6%[22] Current Assets and Inventory - As of September 30, 2024, the total current assets amounted to CNY 26,323,734,054.42, an increase from CNY 25,784,575,684.86 at the end of 2023, reflecting a growth of approximately 2.1%[11] - The cash and cash equivalents stood at CNY 19,896,542,952.11, compared to CNY 19,430,656,681.01 at the end of 2023, indicating a rise of about 2.4%[11] - The company's inventory decreased to CNY 2,397,447,078.73 from CNY 2,999,487,626.84, representing a decline of approximately 20.1%[11] - The total current assets as of September 30, 2024, were CNY 12,325,871,919.63, an increase from CNY 11,971,966,318.13 at the end of 2023[20] Research and Development - Research and development expenses for the first three quarters of 2024 were CNY 6,106,218.72, down from CNY 14,249,903.78 in the same period of 2023, indicating a reduction in R&D investment[15] Other Financial Activities - The company issued a short-term financing bond totaling CNY 2.5 billion with an interest rate of 1.99% on August 13, 2024[10] - The 华安百联消费 REIT was listed on the Shanghai Stock Exchange on August 16, 2024, raising a net amount of CNY 2.332 billion[10] - The company has transferred 52% of its stake in 上海豫赢企业管理有限公司, which is no longer a subsidiary[7] - The deferred income tax liabilities rose to CNY 752,235,335.80 in Q3 2024 from CNY 674,601,654.36 in Q3 2023, an increase of 11.5%[22] Cash Management - Cash and cash equivalents at the end of Q3 2024 totaled CNY 17,730,998,816.79, slightly down from CNY 17,978,629,152.94 at the end of 2023[19] - The company's cash inflow from operating activities totaled CNY 262,158,436.84, slightly up from CNY 258,503,032.74 in the previous year[25] - The company's cash flow from other operating activities increased to CNY 1,697,909,787.82 in Q3 2024, compared to CNY 1,061,912,892.65 in Q3 2023, marking a growth of about 60%[18] Accounting Standards - The company did not apply new accounting standards for the current reporting period[27]

股票简称：百联股份 百联 B 股 证券代码： 600827 900923 编号：临 2024-055 上海百联集团股份有限公司（以下简称"公司"）拟于 2024 年 10 月 31 日发布公司 2024 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 2024 年第三季度经营成果、财 务状况，公司计划于 2024 年 11 月 6 日 上午 10:00-11:00 举行 2024 年第三季度业绩说明 会，就投资者关心的问题进行交流。 上海百联集团股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 一、 说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 2024 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：2024 年 11 月 6 日(星期三) 上午 10:00-11:00 会议召开地点：上海证券交易所上证路演中心（https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 （一） 会议召开时间：2024 ...

股票简称：百联股份 百联 B 股 证券代码： 600827 900923 编号：临 2024-056 上海百联集团股份有限公司 关于控股股东及其一致行动人权益变动的进展公告 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。 重要内容提示： 本次权益变动不触及要约收购，亦不会导致公司控股股东及实际控制人发生 变化。 本次交易已办理完毕相关工商变更登记手续。 一、本次权益变动的进展情况 公司已于 2024 年 7 月 19 日发布《上海百联集团股份有限公司关于控股股东及 其一致行动人权益变动的提示性公告》（公告编号：临 2024-037），披露了百联集 团拟将其持有的豫赢企业 52%股权转让给豫园股份，并由此导致公司控股股东及其一 致行动人权益变动比例超过 1%的相关事宜。 近日，公司收到百联集团及豫赢企业发来的书面函件，本次交易已在市场监督 管理部门办理完成相关变更登记手续，百联集团原持有的豫赢企业 52%股权已变更登 记至豫园股份名下，豫赢企业已变更为豫园股份的全资子公司。豫赢企业的登记信 息已变更为： 企业名称：上海豫赢企业管 ...