Core Insights - Ningbo Zhongbai (600857.SH) reported its Q3 2025 results on October 30, 2025, highlighting significant institutional investment [1] Institutional Holdings - As of October 29, 2025, two institutional investors disclosed holdings in Ningbo Zhongbai A-shares, totaling 45.6932 million shares, which represents 20.37% of the company's total equity [1] - The institutional investors include Tibet Zetian Investment Development Co., Ltd. and Hangzhou Jindi Commercial Management Co., Ltd., with a combined institutional holding ratio increase of 4.53 percentage points compared to the previous quarter [1] Public Fund Participation - In this reporting period, 14 public funds were disclosed, which were not reported in the previous quarter, including notable funds such as Huaxia Ruipan Taili Mixed A, Huaxia Dingrong Bond A, and Huatai Zijin CSI 1000 Index Enhanced Initiation A [1]

Core Viewpoint - The company, Ningbo Zhongbai, has provided a quarterly report ensuring the accuracy and completeness of its financial information, while also disclosing significant legal proceedings involving the auction of shares held by major shareholders [2][6][7]. Financial Data - The quarterly financial statements have not been audited, and the report covers the period from the beginning to the end of the quarter [3][8]. - The company has confirmed that there are no significant changes in accounting data and financial indicators that require explanation [5]. Shareholder Information - Major shareholders, including Tibet Zetian Investment Development Co., Ltd. and Zhu Renbao, are facing legal actions that will result in the auction of their shares, specifically 35,405,252 shares and 18,884,000 shares, respectively [6][7]. - The auction for Zhu Renbao's shares is scheduled for October 20, 2025, while Tibet Zetian's shares are set to be auctioned on November 22, 2025 [7]. Other Important Information - The company has received a court ruling regarding the auction of shares, which may impact its stock performance and investor sentiment [6][7].

Core Viewpoint - Ningbo Zhongbai (600857.SH) reported a significant decline in revenue for the first three quarters of 2025, while achieving a turnaround in net profit compared to the previous year [1] Financial Performance - The company achieved total operating revenue of 379 million yuan, representing a year-on-year decrease of 46.03% [1] - The net profit attributable to shareholders was 46.01 million yuan, a recovery from a loss of 8.01 million yuan in the same period last year [1] - Basic earnings per share were reported at 0.21 yuan [1]

证券代码：600857 证券简称：宁波中百 编号：2025-027 宁波中百股份有限公司 关于 2025 年第三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《上海证券交易所上市公司自律监管指引第 3 号--行业信息披露》、《关 于做好主板上市公司 2025 年第三季度报告披露工作的重要提醒》等规定的要求，现将 2025 年第三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 | 378,492,266.33 | -46.01 | 10.53 | 增加 4.63 | 个百分点 | | 合计 | 378,492,266.33 | -46.01 | 10 ...

Financial Performance - The company's operating revenue for the third quarter was ¥89,672,759.40, a decrease of 56.01% compared to the same period last year[5]. - Total profit for the third quarter reached ¥37,827,707.11, an increase of 168.99% year-on-year, primarily due to changes in the fair value of held stocks[5][9]. - Net profit attributable to shareholders was ¥28,375,973.55, reflecting a year-on-year increase of 164.65%[5][9]. - The basic earnings per share for the third quarter was ¥0.126, up 162.50% compared to the previous year[5][9]. - Total operating revenue for the first three quarters of 2025 was CNY 378,585,123.47, a decrease from CNY 701,432,271.47 in the same period of 2024, representing a decline of approximately 46%[20]. - Net profit for the first three quarters of 2025 was CNY 46,011,611.18, compared to a net loss of CNY 8,012,521.42 in the same period of 2024, marking a significant turnaround[21]. - The total comprehensive income for the first three quarters of 2025 was CNY 59,400,752.96, a substantial increase from CNY 10,158,456.71 in 2024[22]. - Basic and diluted earnings per share for the first three quarters of 2025 were CNY 0.21, compared to a loss of CNY -0.04 in the same period of 2024[22]. Assets and Liabilities - The company's total assets increased by 7.95% to ¥978,677,240.39 compared to the end of the previous year[6]. - The total liabilities increased to CNY 87,889,160.64 in 2025 from CNY 75,241,473.61 in 2024, reflecting an increase of approximately 17%[18]. - The total equity attributable to shareholders increased by 7.14% to ¥890,788,079.75 compared to the end of the previous year[6]. - Total equity attributable to shareholders rose to CNY 890,788,079.75 in 2025, up from CNY 831,387,326.79 in 2024, showing an increase of about 7%[18]. - The company reported total assets of RMB 978,677,240.39 as of September 30, 2025, an increase from RMB 906,628,800.40 on December 31, 2024, reflecting a growth of approximately 7.5%[15]. Cash Flow - Cash flow from operating activities for the third quarter was ¥6,466,075.40, a decrease of 40.29% year-on-year[5][9]. - Cash received from sales of goods and services was CNY 584,294,314.58 in the first three quarters of 2025, down from CNY 961,410,750.70 in 2024, a decrease of approximately 39%[25]. - Operating cash inflow totaled $594.2 million, a decrease from $973.4 million in the previous period[26]. - Cash outflow from operating activities was $605.5 million, compared to $952.2 million last year[26]. - Net cash flow from operating activities was negative at -$11.3 million, down from a positive $21.2 million[26]. - The net increase in cash and cash equivalents was -$5.6 million, contrasting with a positive increase of $5.8 million previously[27]. - The ending balance of cash and cash equivalents was $395.2 million, down from $454.3 million[27]. Shareholder Information - The company’s major shareholder, Tibet Zetian Investment Development Co., Ltd., holds 35,405,252 shares, representing 15.78% of total shares, which are currently frozen[12]. - Another significant shareholder, Zhu Renbao, owns 18,884,000 shares, accounting for 8.42% of total shares, which are also frozen[12]. - The company is facing potential judicial auctions of shares held by major shareholders, with 35,405,252 shares scheduled for auction on November 22, 2025, and 18,884,000 shares on October 20, 2025[14]. - The company has not reported any changes in the shareholding structure of the top 10 shareholders during the reporting period[13]. Inventory and Current Assets - The company’s inventory increased to RMB 39,577,613.69 from RMB 21,673,769.35, indicating a significant rise of approximately 82.6%[16]. - The company’s total current assets reached RMB 546,700,214.70, up from RMB 476,948,062.29, representing an increase of about 14.6%[16]. - The company’s non-current assets totaled RMB 431,977,025.69, a slight increase from RMB 429,680,738.11, showing a growth of approximately 0.5%[16]. - The company’s other receivables increased slightly to RMB 2,690,442.12 from RMB 2,678,908.48, indicating a marginal growth[16]. Investment and Financial Expenses - The financial expenses for the first three quarters of 2025 were reported at CNY -1,916,926.41, an improvement from CNY -3,401,183.68 in 2024[21]. - The company reported a significant increase in investment income to CNY 7,016,712.05 in 2025, compared to CNY 4,317,922.44 in 2024, representing an increase of approximately 62%[21]. Accounting Standards - The company will not apply new accounting standards starting from 2025[28].

Group 1 - Ningbo Zhongbai reported a revenue of approximately 379 million yuan for the first three quarters of 2025, representing a year-on-year decrease of 46.03% [1] - The net profit attributable to shareholders of the listed company was approximately 46.01 million yuan, with a basic earnings per share of 0.205 yuan [1] - As of the report date, Ningbo Zhongbai's market capitalization was 3.6 billion yuan [2]

Core Viewpoint - Ningbo Zhongbai announced that there were no changes in store numbers and no plans to increase stores in the third quarter of 2025. The company reported a significant decline in revenue and provided insights into its performance metrics [1]. Financial Performance - The main business revenue for the reporting period was 378 million yuan, representing a year-on-year decrease of 46.01% [1]. - The gross profit margin was 10.53%, which is an increase of 4.63 percentage points compared to the previous year [1]. Segment Analysis - In terms of industry, both the commercial sector and department store retail generated revenue of 378 million yuan, with a year-on-year decline of 46.01% and a gross profit margin of 10.53%, reflecting a 4.63 percentage point increase [1]. - Regionally, revenue from the Zhejiang area was also 378 million yuan, showing a year-on-year decrease of 46.01%, with a gross profit margin of 10.53%, which is an increase of 4.63 percentage points [1].

Market Overview - The general retail sector increased by 0.21% compared to the previous trading day, with Quanxinhao leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Top Gainers in General Retail Sector - Quanxinhao (000007) closed at 7.99, with a rise of 7.97% and a trading volume of 213,100 shares, totaling a transaction value of 167 million yuan [1] - Zhejiang Dongri (600113) closed at 49.15, up 5.45%, with a trading volume of 82,100 shares and a transaction value of 391 million yuan [1] - Ningbo Zhongbai (600857) closed at 16.05, increasing by 3.88%, with a trading volume of 140,500 shares and a transaction value of 224 million yuan [1] Top Losers in General Retail Sector - Guangbai Co. (002187) closed at 6.38, down 3.92%, with a trading volume of 195,800 shares and a transaction value of 125 million yuan [2] - Debi Group (300947) closed at 18.88, decreasing by 3.82%, with a trading volume of 43,900 shares and a transaction value of approximately 83.43 million yuan [2] - Tianhong Co. (002419) closed at 5.40, down 3.74%, with a trading volume of 357,700 shares and a transaction value of 193 million yuan [2] Capital Flow Analysis - The general retail sector experienced a net outflow of 309 million yuan from institutional investors, while retail investors saw a net inflow of 364 million yuan [2] - The main stocks with significant capital inflow included Supply and Marketing Cooperative (000564) with a net inflow of 33.15 million yuan [3] - Hemei Group (002356) had a net inflow of 20.62 million yuan, while Agricultural Products (000061) saw a net inflow of 18.06 million yuan [3]

Core Viewpoint - The control of Ningbo Zhongbai (600857) may change due to the judicial auction of shares held by its major shareholder, Tibet Zetian Investment Development Co., Ltd. [1][4] Group 1: Share Auction Details - Tibet Zetian will auction 35,405,252 shares of Ningbo Zhongbai, representing 100% of its holdings, with a starting price of 512 million yuan and a deposit of 51.2 million yuan [1][2][3] - The auction is scheduled to take place from November 22 to November 23, 2025 [2][3] Group 2: Background of the Auction - The auction stems from a court ruling related to a market manipulation case involving Xu Xiang and others, with the shares being frozen for nearly nine years before reaching the auction stage [3][4] - The shares held by Tibet Zetian account for 15.78% of Ningbo Zhongbai's total share capital [3][4] Group 3: Implications for Company Control - If the shares are fully auctioned, it will lead to a change in the control of Ningbo Zhongbai, although the company states that its operations will not be significantly affected [4] - The actual controller of Ningbo Zhongbai is Xu Bailiang, who holds 99% of Tibet Zetian, indicating a potential shift in ownership dynamics [4]

Core Viewpoint - The A-share empire built by Xu Xiang is disintegrating, with significant implications for the control of various listed companies, particularly Ningbo Zhongbai [2][5]. Group 1: Ownership Changes - Xu Bai Liang, the father of Xu Xiang, is losing control over multiple companies due to stock auctions and transfers, including Dahan Technology [5]. - The upcoming auction of 35,405,300 shares of Ningbo Zhongbai, with a starting price of 512 million yuan, indicates a potential change in control [3][6]. - Xu Bai Liang holds 15.78% of Ningbo Zhongbai through his company, Tibet Zetian Investment Development Co., Ltd., which is currently under auction [4][10]. Group 2: Auction Details - The auction for Ningbo Zhongbai shares is set for November 22-23, 2025, with a starting price of 512 million yuan, equivalent to approximately 14.46 yuan per share [3][7]. - On October 23, 2025, Ningbo Zhongbai's stock closed at 14.09 yuan, indicating that the auction price is higher than the market price, making it less attractive for investors [7][10]. Group 3: Related Parties - Zhu Renbao, who was seen as a proxy for Xu Xiang, had his 18,884,000 shares in Ningbo Zhongbai auctioned off for 270 million yuan, raising concerns about the influence of Xu Xiang's family on the company [9][12]. - The new buyer of Zhu Renbao's shares, Hangzhou Jindi Commercial Management Co., Ltd., may influence the future control of Ningbo Zhongbai, depending on the outcome of the upcoming auction [12][14]. Group 4: Financial Performance - Ningbo Zhongbai reported a revenue of 289 million yuan for the first half of 2025, a decline of 41.94% year-on-year, highlighting financial challenges amid ownership uncertainties [10].