Group 1 - Guoguang Chain experienced a limit down, while Sanjiang Shopping and Maoye Commercial fell over 7% [1] - Other companies such as Gongxiao Daji, Hualian Shares, Baida Group, Youa Shares, and Yonghui Supermarket also saw declines [1]

Group 1 - The core viewpoint of the articles indicates that Maoye Commercial (600828) has reported disappointing financial results for the first half of 2025, with significant declines in revenue and net profit compared to the previous year [1][2] - The total operating revenue for the reporting period is 1.263 billion yuan, a year-on-year decrease of 19.73%, while the net profit attributable to shareholders is 34.5898 million yuan, down 77.26% [1] - In the second quarter, the operating revenue is 623 million yuan, a decline of 17.1%, and the net profit attributable to shareholders is 20.2478 million yuan, down 78.38% [1] Group 2 - The company's gross margin is 60.15%, a decrease of 4.02% year-on-year, and the net profit margin is 2.52%, down 75.0% [1] - Total selling, administrative, and financial expenses amount to 662 million yuan, accounting for 52.38% of revenue, which is an increase of 11.09% year-on-year [1] - The company's return on invested capital (ROIC) for the previous year is 2.49%, indicating weak capital returns, with a historical median ROIC of 8.66% over the past decade [2] Group 3 - The company has a current ratio of 0.43, indicating rising short-term debt pressure [1] - Cash flow per share is 0.15 yuan, a decrease of 58.4% year-on-year, and earnings per share are 0.02 yuan, down 77.22% [1] - The company's debt situation is concerning, with an interest-bearing asset liability ratio of 25.78% and a current ratio of only 0.43 [2]

Core Points - The company reported an increase in shareholder accounts, reaching 28,873 as of June 30, 2025, which is a rise of 5,137 accounts or 21.64% compared to March 31, 2025 [1][2] - The average number of shares held per account decreased from 73,000 to 60,000, with an average market value of 231,500 yuan per account [1][2] - Compared to the general retail industry, the company's shareholder account number is below the industry average of 56,400, while its average market value per account is higher than the industry average of 168,900 yuan [1][2] Stock Performance - From March 31, 2025, to June 30, 2025, the company's stock price increased by 23.72%, coinciding with the increase in shareholder accounts [1][2] - During this period, the company experienced a net outflow of 133 million yuan from institutional investors and 179 million yuan from speculative funds, while retail investors contributed a net inflow of 312 million yuan [2] - The stock was listed on the trading leaderboard 10 times during this period, with no appearances from the Shanghai Stock Connect dedicated seats [2]

Core Insights - Maoye Commercial (600828.SH) reported a significant decline in revenue and net profit for the first half of 2025, indicating potential challenges in its business operations [1] Financial Performance - The company achieved an operating revenue of 1.263 billion yuan, representing a year-on-year decrease of 19.73% [1] - The net profit attributable to shareholders was 34.5898 million yuan, down 77.26% compared to the previous year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 38.6901 million yuan, reflecting a year-on-year decline of 70.48% [1] - Basic earnings per share stood at 0.0200 yuan [1]

证券代码：600828 证券简称：茂业商业 编号：临 2025-041 号 该议案已事先经董事会审计委员会审核，报告全文详见同日上海 证券交易所网站（www.sse.com.cn）；摘要详见同日的《中国证券报》、 《 上 海 证 券 报 》、《 证 券 时 报 》 和 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）。 二、审议通过了《关于为控股子公司提供担保的议案》。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 议案具体内容详见公司同日刊登于《中国证券报》、《上海证券 茂业商业股份有限公司 第十届董事会第四十二次会议决议公告 特别提示：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个别及连 带责任。 茂业商业股份有限公司（以下简称"公司"或"本公司"）第十 届董事会第四十二次会议于 2025 年 8 月 26 日以现场结合通讯方式召 开。本次会议应参与表决董事 9 人，实际参与表决董事 9 人。会议召 开符合《公司法》和《公司章程》的要求。会议由董事长高宏彪先生 主持，以记名投票方式表决，形成了如下决议： ...

Group 1 - The core viewpoint of the report indicates a significant decline in the company's financial performance for the first half of 2025, with a notable drop in profit and revenue compared to the previous year [1] - Total assets at the end of the reporting period amounted to approximately 18.28 billion RMB, reflecting a decrease of 2.23% from the previous year [1] - The total profit for the reporting period was approximately 41.16 million RMB, representing a drastic decline of 79.68% compared to the same period last year [1] Group 2 - The company's operating revenue for the reporting period was approximately 1.26 billion RMB, which is a decrease of 19.73% year-on-year [1] - The net profit attributable to shareholders was approximately 34.59 million RMB, down 70.48% from the previous year [1] - The weighted average return on net assets was significantly impacted, reflecting the overall decline in profitability [1] Group 3 - The total number of shareholders at the end of the reporting period was 28,873 [1] - The largest shareholder, Shenzhen Maoye Commercial Co., Ltd., holds 80.90% of the shares, amounting to approximately 1.40 billion shares [2] - The report indicates that there are no preferred shareholders with restored voting rights [3]

Core Viewpoint - Maoye International (00848) announced that its non-wholly owned subsidiary, Maoye Commercial (600828.SH), achieved approximately RMB 1.263 billion in unaudited operating revenue for the six months ending June 30, 2025, indicating a strong performance in the retail sector [1] Financial Performance - For the six months ending June 30, 2025, Maoye Commercial reported unaudited operating costs of approximately RMB 503 million, resulting in an unaudited gross profit of approximately RMB 760 million [1] - The unaudited net profit attributable to equity shareholders of Maoye Commercial was approximately RMB 34.59 million for the same period [1] Asset Overview - As of June 30, 2025, Maoye Commercial Group reported total unaudited assets of approximately RMB 18.28 billion, reflecting the company's substantial asset base [1]

Group 1 - The company's board of directors held the 42nd meeting of the 10th session on August 26, 2025, with all 9 directors participating in the voting [1][2] - The board approved the proposal regarding the company's 2025 semi-annual report, with a unanimous vote of 9 in favor [1] - The board also approved a proposal to provide guarantees for its controlling subsidiary, with the same unanimous voting outcome [2]

Core Viewpoint - The company, Maoye Commercial Co., Ltd., reported its main operating data for the first half of 2025, highlighting a lack of new or closed stores and a significant decline in revenue and gross profit margins across various retail formats [3][4]. Group 1: Store Changes - During the reporting period, the company had no new store openings or closures, maintaining a total of 23 retail stores across different formats as of the report date [3]. Group 2: Key Operating Data - The total revenue for the first half of 2025 was 86,666.99 million yuan, with a cost of 43,742.21 million yuan, resulting in a gross profit margin of 49.53%, which decreased by 3.21 percentage points year-on-year [3]. - The department store segment in Chengdu generated revenue of 9,493.94 million yuan, with a gross profit margin of 33.31%, reflecting a year-on-year decline of 4.60 percentage points [3]. - The shopping center segment in Chengdu reported revenue of 1,586.74 million yuan, with a gross profit margin of 91.35%, showing an increase of 0.79 percentage points year-on-year [3]. - The department store in Nanchong had a revenue of 144.09 million yuan, with a gross profit margin of -41.50%, indicating a significant decline [3]. - The department store in Mianyang reported revenue of 1,004.39 million yuan, with a gross profit margin of 94.65%, down by 25.68% year-on-year [3]. - The department store in Heze generated revenue of 1,893.43 million yuan, with a gross profit margin of 44.05%, reflecting a decrease of 15.91% year-on-year [3]. - The shopping center in Chongqing had a revenue of 1,129.18 million yuan, with a gross profit margin of -28.90%, indicating a significant decline [3]. - The department store in Taizhou reported revenue of 1,927.30 million yuan, with a gross profit margin of 92.98%, down by 32.62% year-on-year [3]. - The overall gross profit margin for the department store segment in Shenzhen was 28.31%, which decreased by 4.29 percentage points year-on-year [3]. - The outlet in Zhuhai reported a gross profit margin of -19.31%, indicating a decline [3]. - The department store in Hohhot generated revenue of 8,002.15 million yuan, with a gross profit margin of 51.83%, down by 25.02% year-on-year [3]. - The shopping center in Hohhot reported revenue of 15,746.88 million yuan, with a gross profit margin of 87.54%, reflecting a decrease of 19.45% year-on-year [3]. - The total revenue and gross profit margin across all formats indicate a challenging operating environment for the company [3].

Core Viewpoint - The company has announced a guarantee for its subsidiary, Inner Mongolia Maoye Group, to support its application for a working capital loan of RMB 60 million from Inner Mongolia Bank [1][2][3] Summary by Sections Guarantee Overview - The guarantee amount is RMB 60 million, with a total guarantee balance of RMB 250 million provided to the subsidiary [1][2] - The loan is secured by commercial properties owned by Inner Mongolia Maoye Shopping Plaza Co., Ltd., with a total area of 13,836.22 square meters [2][6] - The guarantee will be a joint liability guarantee, with a maximum principal limit of RMB 60 million, and the guarantee period is three years from the loan maturity date [2][6] Internal Decision Process - The board of directors approved the guarantee with more than two-thirds of the attending directors voting in favor, and it does not require shareholder approval [3][7] Subsidiary Information - Inner Mongolia Maoye Group is a wholly-owned subsidiary of the company, with an 85% ownership stake [4][6] - The company was established on June 12, 2002, and is registered in Hohhot, Inner Mongolia, with a registered capital of RMB 170 million [4][6] Financial Indicators - As of December 31, 2024, the total assets of Inner Mongolia Maoye Group were RMB 562.59 million, with total liabilities of RMB 358.52 million, resulting in net assets of RMB 204.07 million [6] - The company reported an operating income of RMB 32.80 million and a net profit of RMB 1.73 million for the first half of 2025 [6] Necessity and Reasonableness of the Guarantee - The board believes that providing this guarantee will help meet the financing needs of Inner Mongolia Maoye Group and enhance its liquidity, aligning with the company's overall development strategy [6][7] - The collateral for the loan has a high assessed value, and other shareholders are not involved in the management of Inner Mongolia Maoye Group, thus not providing proportional guarantees [6][7]