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]

上海百联集团股份有限公司 投资者关系管理办法 （2025年10月修订） （三）主动性原则。公司应当主动开展投资者关系管理活动，听取投资者意见建议， 及时回应投资者诉求。 （四）诚实守信原则。公司在投资者关系管理活动中应当注重诚信、坚守底线、规 范运作、担当责任，营造健康良好的市场生态。 第四条 公司控股股东、实际控制人以及董事、高级管理人员应当高度重视、积极 参与和支持投资者关系管理工作。 第一章 总则 第一条 为了加强上海百联集团股份有限公司（以下简称"公司"）与投资者之间 的信息沟通，促进投资者对公司的了解和认同，实现公司价值最大化，根据《中华人民 共和国公司法》、《中华人民共和国证券法》、《上海证券交易所股票上市规则》、《公 司章程》及其他有关法律法规的规定，结合公司实际情况，特制定本办法。 第二条 投资者关系管理是指公司通过便利股东权利行使、信息披露、互动交流和 诉求处理等工作，加强与投资者及潜在投资者之间的沟通，增进投资者对上市公司的了 解和认同，以提升上市公司治理水平和企业整体价值，实现尊重投资者、回报投资者、 保护投资者目的的相关活动。 第三条 投资者关系管理的基本原则： （一）合规性原则。公司 ...

上海百联集团股份有限公司 内幕信息知情人管理制度 第二条 公司董事会是内幕信息的管理机构，公司内幕信息登记备案工作由公 司董事会负责。公司董事会秘书负责组织实施内幕信息的日常管理工作，公司董事 会秘书室作为公司内幕信息登记备案工作的日常工作部门。 第三条 公司董事会秘书室是公司唯一的信息披露事务管理机构。未经公司董 事会批准同意或授权，公司任何部门和个人不得向外界泄露、报道、传送有关公司 内幕信息及信息披露的内容。对外报道、传送的文件、音像及光盘等涉及内幕信息 及信息披露内容的资料，须经董事会或董事会秘书同意后，方可对外报道、传送。 第四条 公司董事、高级管理人员和公司各部门、各子（分）公司都应做好内 幕信息的保密工作。 第五条 公司董事、高级管理人员及内幕信息知情人不得泄露内幕信息，不得 进行内幕交易或配合他人操纵证券交易价格。 （2025 年 10 月修订） 第二章 内幕信息及内幕信息知情人 第一章 总则 第六条 本制度所指内幕信息是指《证券法》所规定的，涉及公司的经营、财 务或者对公司证券及其衍生品种的市场价格有重大影响的尚未公开的信息。 第一条 为了进一步规范上海百联集团股份有限公司（以下简称"公司" ...

上海百联集团股份有限公司 董事及高级管理人员所持本公司股份及其变动管理办法 （2025 年 10 月修订） 第一章 总则 第一条 为加强对上海百联集团股份有限公司（以下简称"本公司"或"公司"） 董事、高级管理人员所持本公司股份及其变动的管理，根据《中华人民共和国公司 法》《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司董事和高级管 理人员所持本公司股份及其变动管理规则》、《上海证券交易所上市公司自律监管 指引第 8 号——股份变动管理》、《上海证券交易所上市公司自律监管指引第 15 号 ——股东及董事、高级管理人员减持股份》等法律、行政法规、规范性文件的要求， 制定本管理办法。 第二条 公司的董事和高级管理人员所持股份变动行为应当遵守本管理办法。 公司董事和高级管理人员从事融资融券交易的，还包括记载在其信用账户内的 本公司股份。 第二章 持股变动的信息申报 第四条 公司董事、高级管理人员在买卖公司股份前，应当将其买卖计划以书 面方式通知董事会秘书，董事会秘书应当核查公司信息披露及重大事项等进展情况， 如该买卖行为可能违反法律法规、上海证券交易所（以下简称"上交所"）相关规定、 公司章程和其所作 ...

Core Insights - The article highlights the shift in consumer demand among the elderly population in China from "survival-oriented" to "enjoyment-oriented," indicating that the silver economy is becoming a significant driver of consumption upgrades [1][20]. Group 1: Event Overview - The "Shanghai Silver Life Festival - Bailian Special Event" was held on October 28, coinciding with the Double Ninth Festival, featuring the launch of a one-stop silver economy lifestyle brand space [3]. - Key figures from various sectors, including government and business leaders, attended the event, emphasizing the importance of building a robust service network for the elderly [3]. Group 2: Silver Economy Index - Bailian Group collaborated with Fudan University to release a Silver Economy Index, which assesses consumption potential, supply, behavior, and environment, filling a gap in quantitative research on the silver economy in China [4]. Group 3: Space and Services - The newly opened Bailian "Blossom" space spans 7,000 square meters, designed for the "6275" new elderly demographic, integrating various lifestyle services [8]. - The space promotes a "no-age" lifestyle, focusing on social interaction, independent living, health management, and financial planning [8][11]. Group 4: Product and Experience Offerings - Bailian "Blossom" has established a curated selection of over 1,000 SKUs across multiple categories, including health, beauty, and travel, ensuring quality and relevance for the elderly [11]. - The space includes features like an AI smart area for health monitoring and a hyperbaric oxygen chamber for wellness experiences [11]. Group 5: Community Engagement and Activities - The "No-Age Future" event runs from October 28 to November 11, featuring discussions on market innovation and consumer trends among the elderly [13]. - Various cultural activities and markets are organized to resonate with the elderly community, promoting the concept of a "no-age" lifestyle [15]. Group 6: Membership and Benefits - Bailian "Blossom" is enhancing its membership services, offering exclusive courses on health, beauty, and finance, in collaboration with various professional institutions [16]. - Members receive discounts and special offers, reinforcing a sense of belonging and value [20]. Group 7: Market Potential - By 2030, the population aged 50 and above in China is projected to reach 596 million, indicating significant untapped potential in the silver market [20].

Core Viewpoint - The core focus of the news is on boosting consumption as a key task for economic work in 2025, with various measures being implemented to expand and enhance service consumption [1] Group 1: Policy Measures - The Ministry of Commerce and nine other departments have issued measures to promote new consumption formats, models, and scenarios, emphasizing the development of the "first release economy" and the integration of various consumption sectors [1] - Local governments are actively exploring new consumption formats and models to stimulate consumption potential, including the promotion of the first release economy and the support for leading consumption enterprises [1] Group 2: Integration of Sectors - The integration of business, tourism, culture, sports, and health is being highlighted as a way to release consumption potential, with large events like performances and competitions serving as catalysts for consumer engagement [2] - The "ticket economy" is emerging as a new driver for cultural and tourism consumption, with initiatives like the "Enjoy Jin Feng. Ticket Economy" activity in Yinchuan leading to significant increases in sales and hotel bookings [2] Group 3: First Release Economy - The first release economy is gaining traction, with significant consumer spending observed in cities like Shenzhen and Hangzhou during recent holidays, indicating a growing trend [3] - According to the "2025 First Release Economy Index Report," the scale of China's first release economy has surpassed 1.5 trillion yuan in 2023, with projections of reaching 10 trillion yuan by 2025 [3] Group 4: New Consumption Leaders - The measures call for the cultivation of new leading consumption enterprises, with companies like Bailian Group emerging through technological innovation and brand development [4] - Bailian Group has signed a strategic cooperation agreement to explore Korean cultural projects and IP development, aiming to introduce multiple Korean brands through various marketing formats [4] Group 5: Support for Enterprises - To accelerate the cultivation of new leading consumption enterprises, there is a need to optimize the institutional environment, enhance intellectual property protection, and encourage collaboration between leading enterprises and small to medium-sized enterprises [5]

Core Perspective - The event "Centennial Yongan - British Art Realm Exhibition" showcases a fusion of British aesthetics and Shanghai's cultural heritage, highlighting the collaboration between Chinese and British creative industries [1][3]. Group 1: Event Overview - The exhibition is co-organized by Bailian Group, the British Consulate in Shanghai, and the UK Department for International Trade, running from October 16 to October 28 [3]. - The event aims to provide Chinese audiences with an opportunity to experience British originality and craftsmanship [3]. Group 2: Key Themes and Participants - The exhibition features three core segments: Design Declaration (Fashion), Coexistence Plan (Sustainability), and Creative Architecture, showcasing diverse styles in fashion, home design, and jewelry [5]. - Notable brands and design firms participating include Tom Dixon, Established & Sons, Zaha Hadid Design, and Foster + Partners, among others [5]. Group 3: Statements from Officials - The British Consul General in Shanghai emphasized the city's blend of tradition and modernity, highlighting the importance of cultural exchange and innovation in design [7]. - Bailian Group's Vice President discussed the company's commitment to the fashion industry and urban renewal, aiming to enhance Shanghai's status as a fashion and design hub [9]. Group 4: Discussions and Insights - The "Design Focus" session included discussions on architecture, urban renewal, and technology applications in retail, featuring representatives from RIBA and WilkinsonEyre [11]. - Roundtable discussions addressed the role of British design in promoting cultural exchange and retail transformation, with insights from various industry experts [12]. Group 5: Future Prospects - Following the exhibition, some brands will participate in the China International Import Expo, extending the collaboration and influence of the event [17].

Group 1 - The core focus of the "Respect for the Elderly Month" activities in Shanghai is to enhance elderly care services and promote intergenerational integration through various initiatives [1][2] - The city has a senior population of 5.7762 million, accounting for 37.6% of the total population, with specific attention to vulnerable groups such as the elderly aged 80 and above, and those living alone [1] - Activities include the launch of a "Happy Elderly Day" experience tour, distribution of sports consumption vouchers, and community dining discounts for seniors [1][2] Group 2 - The implementation of the "Shanghai Senior Citizens' Rights Protection Regulations" on November 1 emphasizes legal protection for the elderly, integrating the revised content into online quizzes and live broadcasts [2] - The initiative aims to enhance the quality of elderly care and stimulate the silver economy by establishing evaluation standards for senior-friendly commercial spaces [2] - Various enterprises, such as Bailian Group and UnionPay, are actively participating by offering discounts and promotional activities to support elderly consumers during this month [2]

Core Insights - HERITAGE NEXT, an international fashion cultural project initiated by WWD CHINA, showcased at Milan Fashion Week, emphasizing the importance of cultural exchange in driving innovation and diversity in the fashion industry [1][2][4] - The project features 11 avant-garde designer works and is supported by the Italian National Fashion Chamber, highlighting the collaboration between Chinese and Italian fashion sectors [1][2][3] Group 1: Event Overview - HERITAGE NEXT was held from September 23 to 28 at Palazzo Giureconsulti during Milan Fashion Week, marking the third collaboration between Bailian Group and this international fashion IP [1] - The exhibition aims to empower Chinese design on the global stage, following previous events in Paris and Shanghai [1][4] Group 2: Market Insights - China is recognized as the fastest-growing fashion consumption market, providing new opportunities for young designers [2] - The Milan Forum on September 23 focused on "Decoding the Chinese Market: The Global Stage for New Generation Designers," discussing strategies to support the internationalization of creative design [2][5] Group 3: Company Vision and Strategy - Bailian Group's century-old retail entity, Yongan Department Store, aims to deeply engage in the globalization of the fashion industry, promoting a vision of immersive cultural exploration [4][7] - The company plans to deepen cooperation with WWD CHINA and its parent company, Huayi Tomorrow, to enhance the fashion industry layout and support young designers through a comprehensive ecosystem [7]