Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][3] Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.425 to 1.710 billion, representing a year-on-year growth of 257.04% to 328.45% for 2024. However, the non-recurring net profit is projected to decline by 56.19% to 34.54% [3][4] - The growth in net profit is primarily driven by the issuance of the Huazhong Bailian Consumption REIT, which has generated investment income. The company successfully issued REITs based on the Shanghai Youyi City shopping center, enhancing its ability to create a complete cycle of investment, financing, construction, management, and exit for its own properties [5][8] - Despite the overall pressure on offline consumption, the company is adjusting its business operations and focusing on trends such as two-dimensional cultural shopping malls and outlets, which are expected to drive performance improvements as related projects are implemented [3][5] Summary by Sections Financial Forecasts - The company is expected to achieve a net profit of 1.568 billion in 2024, with a year-on-year increase of 292.7%, while the non-recurring net profit is anticipated to be 106 million, reflecting a decrease of 45.36% [4][5] - The projected net profits for 2025 and 2026 are 755 million and 892 million, respectively, with corresponding price-to-earnings ratios of 24x and 20x [3][8] Business Strategy - The company aims to leverage its geographical and property advantages to adapt to current consumer trends, focusing on new business formats that align with market demands [3][5] - The company plans to continue utilizing asset securitization to unlock property value and enhance operational potential, with the possibility of issuing public REITs in the future [3][8]

股票简称：百联股份 百联 B 股 证券代码： 600827 900923 编号：2025-003 上海百联集团股份有限公司 关于开展保函池业务的进展公告 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。 （二）审议程序 2024 年 4 月 11 日召开的第九届董事会第三十三次会议及 2024 年 6 月 6 日召开的 2023 年年度股东大会审议通过了《关于申请开立保函池业务的议案》：保函池额度为 不超过人民币 2 亿元。其中，为资产负债率超过 70%的子公司提供的保函额度不超过人 民币 1 亿元，为资产负债率低于 70%的子公司提供的保函额度不超过人民币 1 亿元。具 1 体详见公司于 2024 年 4 月 13 日披露的"临 2024-021"《关于申请开立保函池业务的 公告》。 重要内容提示 上海百联集团股份有限公司（以下简称"公司"）于 2024 年 4 月 11 日召开的第九届董事会 第三十三次会议及 2024 年 6 月 6 日召开的 2023 年年度股东大会审议通过了《关于申请开立保函池 业务的议案》。2024 ...

Financial Performance Forecast - The company expects a net profit attributable to shareholders of the parent company for 2024 to be between 1,425 million yuan and 1,710 million yuan, representing an increase of 102,588.51 million yuan to 131,088.51 million yuan compared to the previous year, which is a year-on-year increase of approximately 257.04% to 328.45%[3]. - The expected net profit attributable to shareholders of the parent company, after deducting non-recurring gains and losses, is projected to be between 85 million yuan and 127 million yuan, a decrease of 6,742.33 million yuan to 10,942.33 million yuan compared to the previous year[7]. - The total profit for the previous year was 469.84 million yuan, with a net profit attributable to shareholders of the parent company of 399.11 million yuan[9]. - The earnings per share for the previous year was 0.22 yuan[10]. Reasons for Profit Change - The primary reason for the increase in net profit for 2024 is attributed to the investment income from the issuance of Huazhong Bailian Consumption REIT, which was successfully issued in August 2024[11]. Performance Forecast Reliability - The company emphasizes that there are no significant uncertainties that could affect the accuracy of this performance forecast[12]. - The forecast data is preliminary and subject to final confirmation in the official 2024 annual report[13].

| --- | --- | --- | --- | |-----------------|----------|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 谷子店品牌 | 成立时间 | 门店数 | 简介 | | 潮玩星球 | 2017 年 | 超 100 家 | 客单价 50-100 元，依托于艾漫丰富 IP 资源，扩张速度较快， 2023 年新开 60+ 门店，今年还有 80-100 家拓店计划。日谷中，合作经 典动漫柯南、 JOJO 的奇妙冒险、鬼灭之刃等；国谷中，合作非人 哉、魔道祖师、原神、江南百景图、恋与制作人等。 | ...

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 ...