Core Viewpoint - The military industry sector in A-shares has seen a significant increase in attention and investment, with a notable rise in stock prices driven by market sentiment and geopolitical factors, despite underlying performance challenges in the first quarter of 2024 [1][2][4]. Group 1: Market Performance - The military ETF recorded a cumulative increase of 4.91% last week, with a further rise of 4.68% on May 12, 2024, indicating strong market interest [1]. - The defense and military index has seen a cumulative increase of 13.42% since May, ranking among the top three sectors in terms of growth [4]. - Key stocks such as AVIC Chengfei (中航成飞) and Morningstar Aviation (晨曦航空) experienced significant price surges, with some stocks hitting the daily limit up [1][4]. Group 2: Financial Performance - In Q1 2024, the military sector's total revenue was 1,067.53 billion yuan, a decrease of 3.15% year-on-year, while net profit fell by 4.40% to 56.14 billion yuan [4][5]. - The overall profitability of the military sector remains at a low point compared to previous cycles, with many companies experiencing a decline in net profit despite some revenue recovery [2][4]. - Among 40 leading companies, the average revenue growth rate in Q1 was 15.14%, a recovery from the previous year's decline [5]. Group 3: Future Outlook - Companies in the military sector have set optimistic revenue targets for 2025, with expected growth rates for key players such as AVIC Xi'an (中航西飞) and AVIC High-Tech (中航高科) ranging from 2% to 14% [8]. - The contract liabilities of major manufacturers have increased, indicating a potential for revenue realization in the coming quarters [8]. - Despite a reduction in public fund allocations to the military sector over the past ten quarters, there is a belief that the sector's fundamentals will improve, leading to a potential recovery in valuations [9][10].

Group 1 - The military industry is currently in a short-term performance bottoming phase, with leading companies, especially main engine manufacturers, showing a significant recovery in revenue year-on-year in Q1, although net profits remain under pressure [1][2] - The capital market's interest in the military industry has increased significantly, with military ETFs showing a cumulative increase of 4.91% last week, driven by heightened market sentiment due to geopolitical tensions [1][3] - In Q1, the military sector's total revenue was 1,067.53 billion, a year-on-year decrease of 3.15%, while net profit was 56.14 billion, down 4.40% [3][4] Group 2 - Among 40 leading companies in the military sector, all achieved positive revenue growth in Q1, with 14 companies experiencing double-digit growth, contrasting with 22 companies that saw revenue declines in the same period last year [4][5] - The average net profit growth rate for these 40 companies was -35.57%, indicating a significant decline in profitability compared to the previous year [4][5] - Some companies, such as Aviation Power and Aerospace Rainbow, reported net profit declines exceeding 70%, highlighting the challenges faced by the industry [5][6] Group 3 - Long-term profitability in the military sector is currently below the previous cycle's starting point in 2019, and the potential for a performance turnaround is crucial for further valuation increases [6][8] - Several companies have disclosed ambitious revenue targets for 2025, indicating positive growth expectations within the aerospace and shipbuilding sectors [6][8] - Public funds have been reducing their allocation to the military sector for ten consecutive quarters, with military-themed fund sizes decreasing significantly since their peak in Q1 2021 [7][8] Group 4 - The military industry is expected to undergo a valuation restructuring, benefiting from improved asset quality and market conditions, with a more favorable outlook for the second half of the year compared to the first half [8]

证券代码：600857 证券简称：宁波中百 公告编号：2025-012 宁波中百股份有限公司 2024年年度股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 5 月 8 日 (二)股东会召开的地点：浙江省宁波市海曙区和义路 77 号汇金大厦 21 层公司会 议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 111 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 38,931,215 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 17.3552 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，董事长应飞军先生主持，会议采取现场投票与 网络投票相结合的方式进行表决。会议召开及表决方式符合《公司法》和《公 ...

宁波中百股份有限公司 2024年年度股东会的 法律意见书 心 浙豪律(2025)证字笫101-214 号 二O二五年五月 宁波中百 2024 年年度股东会法律意见书 浙江素豪律师事务所 浙江素 豪 律师 事务 所 关 于 宁波中百股份有限公司 2024 年年度股东会 法 律 意 见 书 致:宁波中百股份有限公司 浙江素豪律师事务所(以下简称:本所)接受宁波中百股份有限公司(以下简称: 公司)的委托,就公司 2024年年度股东会(以下简称:本次会议)召开的有关事宜, 根据《中华人民共和国公司法》(以下简称:《公司法》、《中华人民共和国证券法》(以 下简称:《证券法》、《上市公司股东会规则》(以下简称:《规则》《股东会规则》)《上市公 司治理准则》(以下简称:《治理准则》等法律、法规及《宁波中百股份有限公司章 程》(以下简称:《公司章程》的有关规定,按照律师行业公认的业务标准、道德规范 和勤勉尽责精神,出具法律意见。 为出具本法律意见书,本所律师出席了本次会议并审阅了公司提供的关于 召开本次股东会议的有关文件的原件或影印件,包括但不限于公司召开本次股 东会议的公告、公司本次会议的议程及相关决议等文件,同时听取了公 ...

证券代码：600857 证券简称：宁波中百 公告编号：2025-011 宁波中百股份有限公司 关于召开 2024 年度暨 2025 年第一季度 业绩说明会的公告 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： 投资者可于 2024 年 05 月 08 日(星期四)至 05 月 13 日(星期 二)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 600857@600857.com.cn 进行提问。公司将在说明会上 对投资者普遍关注的问题进行回答。 宁波中百股份有限公司（以下简称"公司"）已于 2025 年 4 月 15 日、2025 年 4 月 29 日分别披露了公司 2024 年年度报告与公司 2025 年第一季度报告，为便于广大投资者更全面深入地了解公司 2024 年 度及 2025 年第一季度经营成果、财务状况，公司计划于 2025 年 05 月 14 日下午 15:00-16:00 举行 2024 年度暨 2025 年第一季度业绩说 明会，就投资者关心的问题进行交流。 一、说 ...

Core Points - The company guarantees the authenticity, accuracy, and completeness of the quarterly report, and assumes legal responsibility for any false records or misleading statements [1][5][6] Financial Data - The first quarter financial statements are not audited [2] - The company has not reported any significant changes in major accounting data and financial indicators [3] - There are no non-recurring gains and losses reported for the period [2][3] Shareholder Information - The controlling shareholder, Tibet Zetian, holds 35,405,252 unrestricted shares, while individual shareholder Zhu Renbao holds 18,884,000 unrestricted shares, both of which are currently frozen [5][6] - Another individual shareholder, Zhang Jiangbo, has pledged 12,313,950 unrestricted shares [5] Operational Data - There were no changes in the number of stores during the reporting period [8] - There are no plans to increase the number of stores in the reporting period [8] - The main operating data is derived from the company's financial data for the reporting period, which is unaudited [9]

宁波中百股份有限公司 （600857） 2024 年年度股东会会议资料 (总第六十一次) 2025 年 5 月 8 日 目 录 | 1、2024 年年度股东会会议须知-----------------------------1 | | | --- | --- | | 2、2024 年年度股东会会议议程与议案表决办法---------------2 | | | 3、会议审议事项： | | | 议案之一：公司 年度董事会工作报告-----------------4 | 2024 | | 议案之二：公司 年度监事会工作报告-----------------9 | 2024 | | 议案之三：公司 年年度报告及其摘要-----------------12 | 2024 | | 议案之四：公司 年度利润分配的预案-----------------13 | 2024 | | 议案之五：公司支付会计师事务所 2024 年度审计报酬的议案-14 | | | 议案之六：公司关于择机出售股权的议案------------------15 | | | 议案之七：公司关于继续授权使用自有资金进行现金管理的议案 | | | ----- ...

证券代码：600857 证券简称：宁波中百 编号：2025-010 宁波中百股份有限公司 关于 2025 年第一季度经营数据的公告 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。 本公司根据《上海证券交易所股票上市规则（2024 年 4 月修订）》、《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》等有关规定，现将 2025 年第一季度门店变动情况及主要经营数据披露如下： 一、报告期内公司无门店变动情况 二、报告期内公司无拟增加门店情况 三、报告期内主要经营数据情况 1、主营业务分行业情况 2、主营业务分地区情况 单位：元 币种：人民币 | 地区 | 营业收入 | 营业收入比上 年增减（%） | 毛利率（%） | 毛利率同比增减 | | | --- | --- | --- | --- | --- | --- | | 浙江地区 | 154,678,639.07 | -44.68 | 10.65 | 增加 3.91 | 个百分点 | | 合计 | 154,678,639.07 | -44.68 | 10. ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥154.71 million, a decrease of 44.69% compared to ¥279.73 million in the same period last year[5] - Net profit attributable to shareholders was ¥4.94 million, a significant recovery from a loss of ¥4.63 million in the previous year[5] - The net profit after deducting non-recurring gains and losses was ¥4.74 million, down 25.60% from ¥6.37 million year-on-year[5] - The weighted average return on equity increased by 1.13 percentage points to 0.59% compared to -0.54% in the previous year[5] - Total operating revenue for Q1 2025 was ¥154,709,591.45, a decrease from ¥279,729,693.97 in Q1 2024, representing a decline of approximately 44.7%[21] - Total operating costs for Q1 2025 were ¥148,256,092.14, down from ¥271,642,325.78 in Q1 2024, indicating a reduction of about 45.5%[22] - Net profit for Q1 2025 was ¥4,939,896.94, compared to a net loss of ¥4,634,952.96 in Q1 2024, marking a significant turnaround[22] - Earnings per share for Q1 2025 were ¥0.022, compared to a loss per share of ¥0.021 in Q1 2024[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥911.35 million, a slight increase of 0.52% from ¥906.63 million at the end of the previous year[6] - Total assets as of the latest reporting period were ¥911,354,281.87, slightly up from ¥906,628,800.40 in the previous period[18] - Total liabilities increased to ¥79,808,894.49 from ¥75,241,473.61, representing an increase of about 6.8%[18] - Non-current assets totaled ¥421,193,073.31, a decrease from ¥429,680,738.11, indicating a decline of approximately 2.0%[18] - Deferred income tax liabilities decreased to ¥26,317,446.69 from ¥27,911,392.14, a reduction of about 5.7%[18] - The company's total equity remained stable at ¥831,545,387.38, compared to ¥831,387,326.79 previously[18] Cash Flow - The net cash flow from operating activities was -$16,938,579.63, compared to -$18,232,904.60 in the previous period, indicating a slight improvement[25] - Total cash inflow from operating activities amounted to $247,166,998.73, while cash outflow was $264,105,578.36, resulting in a net cash flow deficit[25] - Cash and cash equivalents at the end of the period were $383,852,420.20, down from $430,182,212.44 at the beginning of the period[26] - The company reported a cash outflow of $7,999.00 related to investment activities, with no cash inflow recorded in this category[25] - The company did not report any cash inflow from financing activities, indicating a potential focus on internal funding[26] - The total cash flow from financing activities was not specified, suggesting limited activity in this area during the reporting period[26] - The company paid $6,891,450.06 in employee compensation during the period, compared to $10,468,114.85 previously[25] - Tax payments amounted to $8,020,032.78, slightly higher than $7,748,005.83 in the previous period[25] - The company received $2,217,927.16 in other cash related to operating activities, a decrease from $6,389,233.41 previously[25] Shareholder Information - The company reported a total of 13,162 common shares outstanding at the end of the reporting period[10] - The largest shareholder, Tibet Zetian Investment Development Co., Ltd., holds 35,405,252 shares, representing 15.78% of total shares, which are currently frozen[12] - The second-largest shareholder, Zhang Jiangbo, holds 22,627,869 shares (10.09%) with 12,313,950 shares pledged[12] Inventory and Receivables - Accounts receivable increased by 72.51%, primarily due to an increase in government subsidy receivables[8] - Inventory rose by 50.48%, mainly due to an increase in gold business inventory[8] - The company reported a 46.99% decrease in operating costs, attributed to a decline in gold business revenue[8] - Other income decreased by 72.52%, mainly due to a reduction in government subsidies[8] - The company experienced a significant increase in prepayments, up 1,309.68%, primarily related to the gold business[8] - Inventory levels rose significantly to ¥32,615,424.17 from ¥21,673,769.35, marking an increase of about 50.5%[16] - The company's long-term equity investments increased to ¥128,286.56 from ¥115,616.55, a growth of approximately 10.5%[16] Legal and Regulatory Matters - The company is currently facing legal proceedings regarding the auction of shares held by its major shareholders, which may impact future liquidity[13] - The company has not disclosed any new product developments or market expansion strategies during the reporting period[12] - The company is set to implement new accounting standards starting in 2025, which may impact future financial reporting[26]