除非下文另有规定，否则任何希望讨论本报告或者就本项研究中讨论的任何证券进行任何交易的收件人均应联系其所在国家或地区的海通国际销售人员。 和分析师账户持有的交易证券等限制。投资本研究报告中讨论的任何非美国证券或相关金融工具（包括 ADR）可能存在一定风险。非美国发行的证券可能没有注册，或不受美国法规的 约束。有关非美国证券或相关金融工具的信息可能有限制。外国公司可能不受审计和汇报的标准以及与美国境内生效相符的监管要求。本研究报告中以美元以外的其他货币计价的任何 证券或相关金融工具的投资或收益的价值受汇率波动的影响，可能对该等证券或相关金融工具的价值或收入产生正面或负面影响。美国收件人的所有问询请联系： Notice to Hong Kong investors: The research report is distributed by Haitong International Securities Company Limited ("HTISCL"), which is a licensed corporation to carry on Type 1 regulated activity (dealing ...

Investment Rating - The report maintains an "Overweight" rating for the company [5][8] Core Views - The company achieved a year-on-year revenue growth of 2.97% in 2023, with net profit attributable to the parent company reaching RMB 217 million, turning from a loss to a profit [1] - The company's gross profit margin increased by 1.03 percentage points in 2023, while the period expense ratio decreased by 0.65 percentage points, indicating improved profitability [6] - The company's profit performance in the second half of 2023 exceeded expectations, leading to an upward revision of EPS forecasts for 2024 and 2025 by 29% and 18%, respectively [8] Market Data - The company's total market capitalization is RMB 23.20 billion, with a total share capital of 520 million shares [1] - The stock's 52-week low/high is RMB 3.48/6.75, with a turnover rate of 128.95% over the past three months [1] Financial Performance - In 2023, the company's revenue reached RMB 5.539 billion, with a net profit of RMB 217 million, compared to a loss of RMB 11 million in the previous year [1] - The company's comprehensive gross margin in 2023 was 41.48%, up 1.03 percentage points year-on-year [6] - The company's period expense ratio in 2023 was 35.78%, down 0.65 percentage points year-on-year [4] Operational Highlights - The company opened 7 new stores and closed 4 stores in 2023, bringing the total number of stores to 120 as of March 27, 2024 [15] - The company optimized its product and brand structure, replacing nearly 30,000 SKUs in supermarkets and reducing the average procurement cost of fresh food by over 5% [15] - The company enhanced its online-offline integration by improving its e-commerce platform, collaborating with third-party instant retail platforms, and implementing digital management tools [15] Profit Forecast and Valuation - The company's revenue is expected to grow by 3.27% in 2024, reaching RMB 5.720 billion, with a net profit of RMB 78 million [3] - The EPS for 2024 is forecasted at RMB 0.15, with a P/E ratio of 30 [3] - The ROE (attributable to the parent company) is expected to be 2.91% in 2024, with a P/B ratio of 0.9 [3] Regional and Business Segment Performance - In 2023, the company's revenue from Jinan was RMB 1.55 billion, with a gross margin of 28.15%, while revenue from Hebei was RMB 94.84 million, with a gross margin of 54.03% [11] - The company's department store segment contributed RMB 2.202 billion in revenue, with a gross margin of 32.87%, while the hypermarket segment contributed RMB 1.876 billion, with a gross margin of 20.48% [11]

Financial Performance - In 2023, the company achieved operating revenue of CNY 5,539,114,726.74, representing a year-on-year increase of 2.97% compared to CNY 5,379,469,336.69 in 2022[21]. - The net profit attributable to shareholders of the listed company for 2023 was CNY 216,643,914.26, a significant turnaround from a loss of CNY 10,946,572.17 in 2022, marking an increase of 2079.10%[21]. - The net cash flow from operating activities decreased by 51.35% to CNY 552,173,973.23 in 2023, down from CNY 1,135,025,443.51 in 2022[21]. - The company's total assets at the end of 2023 were CNY 11,078,261,378.76, a decrease of 2.28% from CNY 11,336,726,650.25 at the end of 2022[21]. - The basic earnings per share for 2023 was CNY 0.4166, a significant increase from a loss of CNY 0.0210 per share in 2022, reflecting a growth of 2083.81%[22]. - The net profit after deducting non-recurring gains and losses was CNY 67,627,948.76, compared to a loss of CNY 44,966,663.11 in the previous year, indicating a recovery of 250.40%[21]. - The company achieved operating revenue of CNY 5.539 billion in 2023, completing 97.18% of the initial operating plan of CNY 5.7 billion[30]. - The company reported a significant increase in investment cash flow, with a net inflow of 289.78 million RMB, compared to a net outflow of 367.72 million RMB last year[44]. - The company reported a net profit of -4,562,885.78 yuan for the year 2023, with a distributable profit of -203,399,954.20 yuan, leading to no profit distribution proposal[138]. Operational Developments - The company optimized its asset structure by transferring assets of its subsidiary, resulting in increased net profit for the period[23]. - The weighted average return on equity for 2023 was 8.7016%, a recovery from -0.4603% in 2022[22]. - The company has focused on enhancing its operational capabilities by optimizing product structure and leveraging consumption recovery opportunities[23]. - The company opened 7 new stores and closed 4 stores during the reporting period, resulting in a total of 120 stores as of the report date[30]. - The company replaced nearly 30,000 products in 2023, achieving a dynamic adjustment of the product pool[31]. - The company implemented a new operating responsibility system in 9 pilot stores, linking performance compensation closely to store profits[30]. - The company plans to open 1 new store in Heilongjiang in 2024[30]. - The company has established a comprehensive inventory management system to ensure stable supply and reasonable stock levels[74]. Marketing and Sales - Commercial operating revenue reached CNY 5.535 billion, representing a year-on-year growth of 3.62%[30]. - Online sales increased by 62.53% year-over-year, driven by multi-channel marketing strategies including live streaming and promotional activities[33]. - The company's total retail sales in 2023 reached 471,495 billion yuan, with a year-on-year growth of 7.2%[34]. - The online retail sales of physical goods amounted to 130,174 billion yuan, representing an 8.4% increase and accounting for 27.6% of total retail sales[35]. - The company organized significant marketing events throughout the year, including "Spring Fun Flower Festival" and "Family Day," aimed at enhancing customer engagement and driving sales[80]. - The company implemented innovative marketing strategies, including theater-style promotions and cross-industry alliances, to boost customer traffic and sales performance[81]. Digital Transformation and Technology - The company is focusing on digital transformation, implementing various management tools to enhance operational efficiency and decision-making capabilities[32]. - The company completed the development of the store assistant platform, enhancing operational efficiency and management capabilities[56]. - The company is focusing on digital transformation through the establishment of an integrated data system and real-time data warehouse to improve decision-making capabilities[56]. - Digital transformation initiatives will include automated marketing and a comprehensive digital upgrade of supply chain and operations[96]. Supply Chain and Procurement - The average procurement cost for key fresh product categories decreased by over 5% due to the establishment of a competitive pricing mechanism[31]. - The company aims to strengthen its supply chain by directly collaborating with leading enterprises and exploring overseas sourcing[36]. - The company has implemented a procurement approval mechanism to ensure effective management of distribution products[74]. Employee Management and Governance - The total compensation for the board members and senior management during the reporting period amounted to 423.80 million CNY[109]. - The company has a differentiated remuneration system for senior management, considering internal pay distribution and performance management[118]. - The company has seen changes in its board composition with new appointments and departures in key management roles[119]. - The company conducted over 800 training sessions, covering 35,000 employees, and developed 27 standard courses to enhance employee skills[134]. Environmental and Social Responsibility - The company invested 7.37 million yuan in environmental protection funds during the reporting period[147]. - The company reduced carbon emissions by 1,445 tons through measures such as solar photovoltaic power generation and energy-saving cold chain systems[150]. - The company organized charitable donations amounting to 299,900 yuan as part of its social responsibility initiatives[153]. - The company actively participates in green mall construction, with several stores recognized as green malls in 2023[149]. Future Plans and Strategic Goals - The company's 2024 revenue target is set at 60 billion, emphasizing a focus on quality and efficiency improvements[94]. - The company plans to enhance its product offerings by focusing on self-owned brands and premium products, particularly in fresh food and prepared dishes[95]. - The company plans to continue expanding its market presence and enhancing supplier relationships to optimize product offerings[74]. - The company is committed to optimizing its organizational structure and enhancing internal processes to drive sustainable growth[97]. Related Party Transactions and Financial Management - The total amount of related party transactions for the year 2023 was 241,152.16 thousand yuan, accounting for 27.16% of the estimated total[173]. - The company is planning to acquire 100% equity of Rizhao Yintai Mall Co., Ltd. and 100% equity of Shandong Yintai Electric Appliance Co., Ltd., with the transaction expected to be a related party transaction but not classified as a major asset restructuring[176]. - The company has a long-term credit rating of AA+ with a stable outlook, as assessed by a credit rating agency in August 2023, indicating no significant outstanding debts or court judgments[171].

银座集团股份有限公司董事会审计委员会 对会计师事务所2023年度履行监督职责的情况报告 （一）会计师事务所基本情况 中证天通会计师事务所（特殊普通合伙）（以下简称"中证天通"）成立于 80 年代初，是我国第一批获准从事证券相关业务审计资格的事务所，2014 年 1 月 2 日顺利完成特殊普通合伙改制，具有证券期货业资质、军工涉密业务咨询服 务安全保密资质等多种服务资质。注册地址为北京市海淀区西直门北大街甲 43 号 1 号楼 13 层 1316-1326。截止 2023 年 12 月 31 日，中证天通合伙人和注册会 计师分别为 51 名和 287 名，签署过证券服务业务审计报告的注册会计师 76 名。 （二）聘任会计师事务所履行的程序 公司第十三届董事会 2023 年第四次临时会议、2023 年第三次临时股东大会 审议通过了《关于变更会计师事务所的议案》，同意聘任中证天通为公司 2023 年度财务审计和内部控制审计机构。 二、2023 年年审会计师事务所履职情况 按照《审计业务约定书》，遵循《中国注册会计师审计准则》和其他执业规 范，中证天通对公司 2023 年度财务报告及 2023 年 12 月 31 日 ...

关于银座集团股份有限公司 涉及财务公司关联交易的存款、贷款 等金融业务的专项说明 目 录 关于银座集团股份有限公司涉及财务公司关 1-3 联交易的存款、贷款等金融业务的专项说明 银座集团股份有限公司 2023 年度通过山东省 商业集团财务有限公司存款、贷款等金融业 1 务汇总表 中证天通会计师事务所(特殊普通合伙) 中证天通会计师事务所(特殊普通合伙) - 11 8 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查 报告编码:京24NTMB8J1D 关于银座集团股份有限公司 涉及财务公司关联交易的存款、贷款等 金融业务的专项说明 中证天通(2024) 证审字 21120012 号-2 银座集团股份有限公司全体股东: 我们接受银座集团股份有限公司(以下简称"银座股份公司")委托, 根据中国注册会计师执业准则审计了银座股份公司 2023年 12月 31日的合并 及母公司资产负债表,2023年度合并及母公司利润表、合并及母公司现金流 量表、合并及母公司股东权益变动表和财务报表附注,并出具了中证天通 (2024)证审字 21120012 号无保留意见审计报 ...

股票代码：600858 股票简称：银座股份 编号：临 2024-007 银座集团股份有限公司 2023 年度利润分配预案公告 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。 重要内容提示： ● 银座集团股份有限公司（以下简称"公司"）2023 年度利润分配预案：2023 年度拟不进行利润分配，也不进行资本公积金转增股本和其他形式的分配。 ● 本次利润分配预案尚需提交公司 2023 年年度股东大会审议。 三、母公司报表未分配利润为负但合并报表未分配利润为正情况说明 截至 2023 年 12 月 31 日，公司母公司未分配利润为-203,339,954.20 元，合并 报表未分配利润为 996,189,898.52 元。报告期内，公司子公司向母公司实施现金分 红 63,432,815.62 元。为保障公司及子公司正常生产经营，实现母公司和子公司共 同的持续、稳定健康发展，本年度子公司根据账面可分配利润向母公司进行一定 比例的分红，但仍然存在报表未分配利润为负但合并报正的情况。 今后，公司将严格按照相关法律规和《公 ...

银座集团股份有限公司 2023年度会计师事务所履职情况评估报告 银座集团股份有限公司（以下简称"公司"）聘请中证天通会计师事务所（特 殊普通合伙）（以下简称"中证天通"）作为 2023 年度年报审计机构。根据财政 部、国资委及证监会颁布的《国有企业、上市公司选聘会计师事务所管理办法》， 公司对中证天通 2023 年审计过程中的履职情况进行评估。经评估，公司认为中 证天通资质等方面合规有效，履职保持独立性，勤勉尽责，公允表达意见。具体 情况如下： 一、资质条件 中证天通成立于 80 年代初，是我国第一批获准从事证券相关业务审计资格 的事务所，2014 年 1 月 2 日顺利完成特殊普通合伙改制，具有证券期货业资质、 军工涉密业务咨询服务安全保密资质等多种服务资质。注册地址为北京市海淀区 西直门北大街甲 43 号 1 号楼 13 层 1316-1326,首席合伙人是张先云。截止 2023 年 12 月 31 日，中证天通合伙人和注册会计师分别为 51 名和 287 名，签署过证 券服务业务审计报告的注册会计师 76 名。 二、执业记录 （一）人员信息 项目质量复核人：牛浩，2021 年成为中国注册会计师，2017 ...

股票代码：600858 股票简称：银座股份 编号：临 2024-013 银座集团股份有限公司 第十三届监事会第七次会议决议公告 监事会审核了公司 2023 年年度报告的编制和审议程序，并认真阅读了公司 2023 年 年度报告全文及摘要，认为： 特别提示：本公司监事会及全体监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。 银座集团股份有限公司第十三届监事会第七次会议通知于 2024 年 3 月 15 日以书面 形式发出，于 2024 年 3 月 26 日在公司总部召开。会议应到监事 3 名，实到监事 3 名， 符合《公司法》和公司章程规定。会议由监事会主席吕元忠先生主持。 经审议，形成如下决议： 一、审议通过《2023 年度监事会工作报告》，并提交股东大会审议。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 二、审议通过《2023 年度内部控制评价报告》，详见上海证券交易所网站 http://www.sse.com.cn。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 三、审议通过《2023 年度履行社会责任的报告》，详见上海 ...

股票代码：600858 股票简称：银座股份 编号：临 2024-010 银座集团股份有限公司 关于公司与山东省商业集团财务有限公司 续签《金融服务协议》的关联交易公告 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。 公司第十三届董事会第七次会议审议通过了《关于公司与山东省商业集团财 务有限公司续签<金融服务协议>的议案》，该项交易构成关联交易，现将具体情 况公告如下： 一、关联交易概述 为了进一步提高资金使用水平和效率，降低融资等金融业务的成本费用，经 公司2012年第一次临时股东大会批准，公司与山东省商业集团财务有限公司（以 下简称"财务公司"）签订了《金融服务协议》，由财务公司为公司提供多种金融 服务。经公司历年年度股东大会批准各续签协议一年。现协议即将到期，公司拟 与财务公司继续签订该协议，期限为一年，继续由其为公司提供金融服务。 财务公司与本公司为同受山东省商业集团有限公司控制的公司，故本次交易 构成关联交易。本次关联交易已经公司第十三届董事会第七次会议审议通过，尚 需提交股东大会批准。 二、关联方基 ...

银座集团股份有限公司 2023年度履行社会责任的报告 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。 银座集团股份有限公司（股票简称：银座股份，股票代码：600858）是一家 主要从事商品零售业务的上市公司，经营业态包括百货商场、大型综合超市、购 物中心。公司较早在山东省内多个地市开设同城分店，并兼顾省外发展，具备明 显的先发优势，近年来，随着行业竞争日趋激烈，零售业的发展进入了新常态， 公司结合实际，抓好存量门店调改升级，巩固好、发展好实体店，推进线上线下 融合发展。目前，公司经营网点已覆盖省内 11 个地市、河北省及黑龙江省，在 城市核心等地域掌握了优质的门店资源，构筑了各地市一城多店、立体开发的布 局，实现了多种经营业态差异化协同发展。 面对零售行业新的挑战和机遇，公司秉承满足消费者美好生活需求的理念， 践行"履信尚义、共享共赢"的价值观，在不断努力做大做强零售事业、不断为 股东创造价值的同时，时刻不忘回报社会，认真履行对利益相关者的责任和义务， 努力为社会公益事业做贡献，努力提升公司形象。公司在实现企 ...