上海百联集团股份有限公司 关于联华超市及世纪联华部分子公司 股权转让及委托管理暨关联交易的公告 股票简称：百联股份 百联 B 股 证券代码： 600827 900923 编号：临 2024-049 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： 公司控股子公司联华超市股份有限公司（以下简称"联华超市"）及其全资子公司上海世 纪联华超市发展有限公司（以下简称"世纪联华"）拟向公司控股股东百联集团有限公司的全 资孙公司上海动燃实业有限公司（以下简称"动燃实业"）转让下属联华超市（江苏）有限公 司（以下简称"江苏联华"）、安徽世纪联华发展有限公司（以下简称"安徽世纪联华"）、上海 世纪联华超市虹口有限公司（以下简称"虹口世纪联华"）三家子公司 100%股权，转让价格为 人民币 14,552.34 万元。 本次股权转让完成后，动燃实业拟与联华超市签订委托管理协议，自委托管理协议生效之日 起三年，由联华超市向上述三家公司提供经营管理服务及资源配套服务。 本次股权转让事项构成关联交易，但不构成《上市公司重大资产重组管理办法 ...

Group 1: Company Performance and Financials - The company reported a cash dividend ratio of 53.64% of the net profit attributable to shareholders for the year 2023 [2] - As of the end of 2023, the company had monetary funds amounting to 19.424 billion, trading financial assets of 2.186 billion, and other equity investments of 2.932 billion, totaling 24.542 billion [2] - After deducting short-term and long-term borrowings of 1.382 billion and 1.76 billion respectively, the remaining funds amount to 21.4 billion [2] Group 2: Strategic Initiatives and Future Plans - The company is considering a collaboration to create a "百联汽车奥特莱斯" project aimed at addressing the overstock of vehicles and enhancing consumer experience [2] - The company plans to issue "百联奥特莱斯 REITs" based on market conditions and development needs [3] - The second phase of the Qingpu百联奥特莱斯 project is expected to commence construction in October 2024 [3] Group 3: Investor Relations and Communication - The company held a performance briefing on September 6, 2024, to enhance communication with investors and gather feedback for future development [1] - The management emphasized the importance of maintaining a solid core business and enhancing competitive strength for sustainable high-quality growth [2] - The company reassured investors that all financial transactions are conducted at market rates and that it values investor returns [2]

Investment Rating - The report maintains a "Buy" rating for the company [3][14]. Core Views - The company's public REITs listing in August has led to an increase in the 2024 EPS forecast to 0.93 (+0.65), while the 2025-2026 EPS estimates have been adjusted downwards to 0.27 (-0.09) and 0.30 (-0.18) respectively. The target price has been lowered to 8.37 yuan, which is above the industry average PE of 31x for 2025 [2][3]. Financial Performance Summary - The company's H1 2024 revenue was 15.173 billion yuan, a year-on-year decrease of 7.17%, with a net profit attributable to shareholders of 274 million yuan, down 17.58% year-on-year. The Q2 2024 revenue was 6.344 billion yuan, a decline of 7.40%, and the net profit attributable to shareholders was 82 million yuan, down 34.12% year-on-year [2][3]. - Revenue performance across various retail formats showed weakness, with department stores, shopping centers, supermarkets, and convenience stores experiencing declines, while the outlet format remained stable [2]. - The company is actively pursuing asset securitization and has successfully launched public REITs, with plans to continue exploring various development models focusing on light asset strategies in key urban areas [2][3]. Financial Data Overview - The company's projected revenues for 2024E, 2025E, and 2026E are 29.744 billion yuan, 30.438 billion yuan, and 31.081 billion yuan respectively, reflecting a slight decline in 2024E and modest growth thereafter [3]. - The net profit attributable to shareholders is expected to rebound significantly in 2024E to 1.668 billion yuan, followed by a decrease in 2025E to 485 million yuan and a slight increase to 527 million yuan in 2026E [3]. - The company’s current price is 7.21 yuan, with a target price of 8.37 yuan, indicating potential upside [3][4].

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][12]. Core Views - The company's performance has been under pressure due to the consumption environment, with a revenue of 15.173 billion and a year-on-year decline of 7.17% in the first half of the year. The net profit attributable to shareholders was 274 million, down 17.58% year-on-year [1][5]. - The successful listing of public REITs has helped in value release, with a net fundraising of 2.332 billion, representing a significant appreciation of 429.05% compared to the asset's book value [1][11]. - The company is transitioning from a traditional heavy asset operation model to a light asset development model, which is expected to enhance operational potential [1][12]. Financial Performance Summary - **Revenue and Profitability**: In H1 2024, the company achieved a revenue of 15.173 billion, with a net profit of 274 million, and a non-recurring net profit of 201 million, reflecting declines of 7.17%, 17.58%, and 29.22% year-on-year respectively [1][5]. - **Segment Performance**: - Department stores and shopping centers faced declines in revenue of 8.43% and 5.14% respectively, while the outlet segment remained stable with flat revenue [1][5]. - The supermarket segment, particularly the Lianhua Supermarket, reported a revenue of 11.869 billion, down 8.07%, but with a reduced loss compared to the previous year [1][5]. - **Margins**: The gross margin decreased across all segments, with the overall gross margin for Q2 2024 at 26.82%, down 1.84 percentage points year-on-year [1][7]. Future Outlook - The company has adjusted its net profit forecasts for 2024 to 1.579 billion, while lowering projections for 2025 and 2026 to 713 million and 847 million respectively, reflecting ongoing challenges in the retail sector [1][12][13]. - The successful issuance of public REITs is expected to directly enhance current profits and activate operational potential through new funding [1][12].

股票简称：百联股份 百联 B 股 证券代码： 600827 900923 编号：临 2024-044 上海百联集团股份有限公司 关于放弃百联集团上海崇明新城商业发展有限公司增资优 先认缴权暨关联交易的公告 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。 重要内容提示： 公司控股股东百联集团有限公司（以下简称"百联集团"）及其他股东方拟对百联集团上 海崇明新城商业发展有限公司增资 5 亿元，公司放弃本次增资优先认缴权。 二、关联方介绍 企业名称：百联集团有限公司 注册资本：100,000 万人民币 公司放弃本次增资优先认缴权构成关联交易，但不构成《上市公司重大资产重组管理办 法》规定的重大资产重组。本次事项已经公司第十届董事会第三次会议审议通过。截至本次关 联交易，过去 12 个月内发生的需累计计算的公司与同一关联人或与不同关联人之间交易类别 相关的关联交易金额未达到公司股东大会审议的标准，本次关联交易无需提交公司股东大会审 议批准。 一、关联交易概述 百联集团上海崇明新城商业发展有限公司（以下简称"百联崇明"或"项目公 司"） ...

上海百联集团股份有限公司 关于百联集团财务有限责任公司的风险评估报告 财务公司经营下列本外币业务：吸收成员单位存款；办理成员单位贷款； 办理成员单位票据贴现；办理成员单位资金结算与收付；提供成员单位委托贷款、 债券承销、非融资性保函、财务顾问、信用鉴证及咨询代理业务；从事同业拆借； 办理成员单位票据承兑；从事固定收益类有价证券投资；国家金融监督管理总局 批准的其他业务。上述业务范围以监管机构批复为准。 （三）母公司和集团总部的名称、治理结构 财务公司母公司是：百联集团有限公司 最终控制方是：百联集团有限公司 组织结构：财务公司采取董事会领导下的总经理负责制。 1 二、财务公司内部控制的基本情况 （一）控制环境 财务公司已按照《公司法》、《商业银行公司治理指引》以及《百联集团 财务有限责任公司章程》中的有关规定建立了由股东会、董事会、监事会和高级 管理层组成的三会一层现代企业法人治理结构，并对董事会和董事、监事、高级 管理层在内部控制中的责任进行了明确规定。 根据《上海证券交易所上市公司自律监管指引第 5 号——交易与关联交易》 的要求，结合百联集团财务有限责任公司（以下简称"财务公司"）提供的《金 融许可证》 ...

Financial Performance - The company's operating revenue for the first half of 2024 was ¥15,173,289,900.28, a decrease of 7.17% compared to ¥16,344,461,562.46 in the same period last year[12]. - The net profit attributable to shareholders for the first half of 2024 was ¥274,441,974.22, down 17.58% from ¥332,963,607.88 in the previous year[12]. - The basic earnings per share for the first half of 2024 was ¥0.15, a decline of 21.05% from ¥0.19 in the same period last year[14]. - The weighted average return on equity decreased to 1.53%, down 0.34 percentage points from 1.87% in the previous year[14]. - The net profit after deducting non-recurring gains and losses was ¥200,802,488.39, down 29.22% from ¥283,696,358.59 in the same period last year[13]. - The total profit for the first half of 2024 was CNY 547,742,415.39, a decrease of 12.3% from CNY 624,674,526.68 in the same period of 2023[83]. - The total comprehensive income for the first half of 2024 was CNY 317,263,229.03, down from CNY 444,535,439.14 in the previous year[84]. - The company reported a net loss of CNY 115,720,517.12 for the first half of 2024, contributing to the decline in total equity[93]. Cash Flow and Assets - The net cash flow from operating activities decreased by 35.93%, amounting to ¥1,216,640,670.18 compared to ¥1,898,968,804.12 in the same period last year[13]. - The total assets at the end of the reporting period were ¥54,793,837,035.35, a decrease of 2.62% from ¥56,266,074,231.42 at the end of the previous year[13]. - The company's cash and cash equivalents slightly decreased to 19,324,090,954.32 from 19,430,656,681.01[76]. - The total cash inflow from operating activities increased by approximately 18.9% compared to the previous year[90]. - The total accounts receivable at the end of the period amounted to ¥635,863,395.92, a decrease from ¥876,969,261.33 in the previous period, representing a decline of approximately 27.5%[186]. Strategic Initiatives - The company is focusing on high-quality development and has implemented strategic initiatives to enhance core competitiveness and operational efficiency[18]. - The company has established a strategic partnership with numerous domestic and international brands, enhancing its multi-channel supply chain capabilities[19]. - The company is actively involved in the construction of Shanghai as an international consumption center, optimizing its commercial offerings and enhancing customer experience[20]. - The company is committed to sustainable development, enhancing its ESG governance level, and promoting public welfare activities[23]. - The company aims to enhance its service brand by optimizing service consumption environments and expanding service offerings in five key areas[23]. Investment and Financing - The company issued a total of CNY 500 million in short-term financing bonds in 2024, with the first issuance at a coupon rate of 2.37% and the second at 1.99%[17]. - The company has initiated the application for public REITs based on its Shanghai shopping center project, which has been accepted by regulatory authorities[17]. - Investment income surged by 485.83% to ¥55,304,920.43, attributed to a decrease in equity method investment income from the previous year[26]. - The company is participating in the establishment of the Bailian Guotai Junan Commercial Pre-REITs Fund, with the first phase of capital contribution completed[53]. Risks and Challenges - The company has indicated potential risks in its future plans, advising investors to be cautious[2]. - The company aims to achieve high-quality development while addressing risks from the complex international environment and potential consumer demand decline[34]. Corporate Governance - The company appointed Zhang Shenyu as the new chairperson and Cao Hailun as the new general manager in February 2024[38]. - The company completed the election of the 10th board of directors and supervisory board in June 2024, with several new appointments[38]. - The company did not distribute dividends or increase capital reserves, with no shares or cash dividends declared for the reporting period[39]. Related Party Transactions - The total amount of related party transactions for the reporting period reached approximately ¥774.34 million[51]. - The company purchased goods from its parent company, Bailian Group, totaling ¥77.90 million[50]. - The company provided services to Bailian Group, amounting to ¥2.80 million for property fees and retirement expenses[50]. Market Performance - In the first half of 2024, the total retail sales of consumer goods in China reached CNY 2,359.69 billion, representing a year-on-year growth of 3.7%[18]. - The company has provided a revenue guidance of 3.2 billion RMB for the full year 2024, which reflects an expected growth of 10% compared to 2023[103]. - New product launches contributed to a 20% increase in sales in the fresh food category, highlighting the success of recent marketing strategies[104]. Accounting Policies - The company has not made any significant changes to its accounting policies or estimates during the reporting period[180]. - The company will account for the assets and liabilities of subsidiaries acquired through business combinations under common control at their book value as of the acquisition date[108]. - The company recognizes right-of-use assets for leases, excluding short-term and low-value asset leases, measured at cost including initial lease liabilities and direct costs[174].

上海百联集团股份有限公司 董事会战略委员会工作细则 第一章 总则 第一条 为适应公司战略发展需要，增强公司核心竞争力，确定公司发展规划， 健全投资决策程序，加强决策科学性，提高重大投资决策的效益和决策的质量，完 善公司治理结构，使公司从战略高度全面践行环境、社会及治理（以下简称"ESG"） 可持续发展理念，根据《中华人民共和国公司法》、《公司章程》及其他有关规定， 公司特设立董事会战略委员会，并制定本工作细则。 第二条 董事会战略委员会是董事会按照股东大会决议设立的专门工作机构， 主要负责对公司长期发展战略和重大投资决策进行研究并提出建议。 第二章 人员组成 第七条 战略委员会下设 ESG 战略推进工作组，作为公司 ESG 工作的执行层， 向战略委员会负责。 第三章 职责权限 第八条 战略委员会的主要职责权限： （一）对公司长期发展战略规划进行研究并提出建议； （二）对公司重大投资融资方案进行研究并提出建议； （三）对公司重大资本运作、资产经营项目进行研究并提出建议； （四）负责管理、监督 ESG 各项工作；对公司 ESG 战略规划、组织架构、管理 制度、指标体系、信息披露报告等进行审核；监督、检查、评价公司 ...

股票简称：百联股份 百联 B 股 证券代码： 600827 900923 编号：临 2024-042 上海百联集团股份有限公司 第十届董事会第三次会议决议公告 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。 上海百联集团股份有限公司（以下简称"公司"）第十届董事会第三次会议于 2024 年 8 月 29 日（周四）下午 15:00 在公司 22 楼会议室以现场结合通讯的方式召开。会 议应到董事 9 名，实到董事 9 名，董事陆红花女士、王志强先生以通讯方式参加。公 司监事列席了会议。会议符合《公司法》和《公司章程》的有关规定，会议经审议一 致通过以下议案： 一、《2024 年上半年工作总结和 2024 年下半年工作计划》 表决结果：9 票同意，0 票反对，0 票弃权，0 票回避。 二、《2024 年半年度报告全文及摘要》 具体内容详见上海证券交易所网站（www.sse.com.cn） 表决结果：9 票同意，0 票反对，0 票弃权，0 票回避。 三、《关于修订<董事会战略委员会工作细则>的议案》 为完善公司的法人治理结构，进一步 ...

股票简称：百联股份 百联 B 股 证券代码： 600827 900923 编号：临 2024-043 上海百联集团股份有限公司 本公司第十届监事会第三次会议于 2024 年 8 月 29 日（周四）下午 16:00 在公司 22 楼会议室召开。应到监事 3 名，实到监事 3 名。会议符合《公司法》和《公司章程》 的有关规定，会议经审议一致通过以下议案： 表决结果：3 票同意，0 票反对，0 票弃权。 二、《关于百联集团财务有限责任公司的风险评估报告》 第十届监事会第三次会议决议公告 本公司监事会及全体监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。 一、《2024 年半年度报告全文及摘要》 监事会对公司编制的 2024 年半年度报告及摘要提出如下审核意见： 1、半年报及摘要的编制和审议程序符合法律、法规、《公司章程》和公司内部管理 制度的规定； 2、半年报及摘要的内容和格式符合中国证监会和证券交易所的各项规定，报告的 内容能够真实、准确、完整地反映公司的实际情况； 3、未发现参与半年报及摘要编制和审议的人员有违反保密规定的行为。 四、《关于拟收购 ...