证券研究报告 非金融公司|公司点评|王府井（600859） 经营压力逐季度上行，培育新业务及新 门店拖累业绩 glzqdatemark1 证券研究报告 |报告要点 公司发布 2024 年半年度报告。2024H1 公司实现收入 60.4 亿元，同比下滑 5.4%，归母净利 润为 2.9 亿元，同比下滑 43.4%，扣非归母净利润为 3.2 亿元，同比下滑 30.1%。单二季度， 2024Q2 公司实现收入 27.3 亿元，同比下滑 9.5%，归母净利润为 0.9 亿元，同比下滑 68.6%， 扣非归母净利润为 1.3 亿元，同比下滑 45.8%。 |分析师及联系人 邓文慧 曹晶 SAC：S0590522060001 SAC：S0590523080001 请务必阅读报告末页的重要声明 1 / 5 王府井(600859) 经营压力逐季度上行，培育新业务及新门店 拖累业绩 事件 股价相对走势 -50% -30% -10% 10% 2023/8 2023/12 2024/4 2024/8 王府井 沪深300 相关报告 1、《王府井（600859）：非均衡式复苏延续， 免税业态增速明显》2024.05.01 2、《王府井 ...

Financial Performance - Revenue for the first half of 2024 was RMB 6,035,376,945.89, a decrease of 5.40% compared to the same period last year[17] - Net profit attributable to shareholders was RMB 293,109,218.62, down 43.36% year-on-year[17] - Operating cash flow decreased by 53.28% to RMB 867,202,541.41 compared to the same period last year[17] - Basic earnings per share (EPS) was RMB 0.258, a decline of 43.42% year-on-year[18] - Weighted average return on equity (ROE) decreased by 1.191 percentage points to 1.478%[18] - Non-recurring gains and losses amounted to RMB -68,915,000.00, mainly due to changes in the fair value of the company's stock holdings[19] - Operating revenue decreased by 5.4% year-over-year, with same-store sales declining by 7.33% excluding new stores[24] - Net profit attributable to shareholders dropped by 43.36% due to revenue decline, new business cultivation, and stock valuation changes[24] - Revenue for the first half of 2024 decreased by 5.40% to RMB 6,035,376,945.89 compared to the same period last year[27] - Q2 2024 revenue decreased by 9.49% year-over-year to RMB 2,727,095,359.75, reflecting weaker consumer confidence and slower consumption growth[28] - Operating profit for the first half of 2024 was 509,027,932.52 RMB, a decrease from 748,352,641.99 RMB in the same period last year[123] - Net profit attributable to the parent company's shareholders was 293,109,218.62 RMB, down from 517,532,834.06 RMB in the first half of 2023[123] - Basic earnings per share (EPS) for the first half of 2024 was 0.258 RMB, compared to 0.456 RMB in the same period last year[124] - Total comprehensive income for the first half of 2024 was 314,421,572.41 RMB, a significant decrease from 544,985,631.18 RMB in the first half of 2023[124] - Revenue for the first half of 2024 was 499,503,895.11 RMB, a decline from 811,342,296.84 RMB in the same period last year[125] - Investment income for the first half of 2024 was 899,047,751.36 RMB, an increase from 626,308,478.72 RMB in the first half of 2023[125] - Interest income for the first half of 2024 was 208,688,828.13 RMB, up from 153,694,660.00 RMB in the same period last year[125] - Total profit for the first half of 2024 was 901,110,503.73 RMB, an increase from 660,344,241.83 RMB in the first half of 2023[127] - Net profit for the first half of 2024 was 901,464,277.32 RMB, up from 660,375,821.13 RMB in the same period last year[127] - Total comprehensive income for the first half of 2024 was 901,295,827.46 RMB, an increase from 660,375,821.13 RMB in the first half of 2023[127] - Sales revenue from goods and services in H1 2024 was 17,953,681,545.72 RMB, a decrease from 19,669,286,855.67 RMB in H1 2023[128] - Net cash flow from operating activities in H1 2024 was 867,202,541.41 RMB, down from 1,856,265,101.19 RMB in H1 2023[129] - Net cash flow from investing activities in H1 2024 was 53,628,823.59 RMB, compared to -9,500,112.39 RMB in H1 2023[129] - Net cash flow from financing activities in H1 2024 was -922,431,499.11 RMB, compared to -748,022,086.19 RMB in H1 2023[129] - Total cash and cash equivalents at the end of H1 2024 were 10,089,181,831.79 RMB, slightly down from 10,248,116,606.61 RMB at the end of H1 2023[130] - Parent company's sales revenue from goods and services in H1 2024 was 1,132,027,379.89 RMB, down from 1,550,345,664.30 RMB in H1 2023[131] - Parent company's net cash flow from operating activities in H1 2024 was -50,514,824.84 RMB, compared to 43,763,379.20 RMB in H1 2023[131] - Parent company's net cash flow from investing activities in H1 2024 was 297,708,960.86 RMB, compared to -27,769,564.10 RMB in H1 2023[131] - Parent company's net cash flow from financing activities in H1 2024 was -170,087,555.17 RMB, compared to 523,094,393.82 RMB in H1 2023[132] - Parent company's total cash and cash equivalents at the end of H1 2024 were 5,650,240,374.06 RMB, up from 5,617,465,326.00 RMB at the end of H1 2023[132] Business Operations - The company operates 78 large comprehensive retail stores across 35 cities in seven major economic regions, with a total construction area of 5.187 million square meters[21] - The company has 29 department stores, 17 outlet stores, and 31 shopping centers[21] - The company's first offshore duty-free project, Wangfujing International Duty-Free Port, opened on January 18, 2023[21] - The company has 1 offshore duty-free store and 7 cross-border e-commerce offline experience stores[21] - The company achieved online sales of 730 million yuan during the reporting period[22] - The company has 29 Luxemporium stores (including 1 pop-up store) and 327 Faya Trading stores (125 self-operated, 200 franchised, and 2 in malls)[21] - The company operates 78 large retail stores and 356 specialty stores, covering seven major economic regions in China[23] - Membership base exceeds 24 million, with 27 million fans nationwide[23] - The first offshore duty-free store, Wangfujing International Duty-Free Port, opened in January 2023[23] - Off-price retail (Outlets) brand adjustment rate reached 29% in the first half of the year[25] - Digital transformation includes upgrading the retail ERP system, financial collaboration platform, and membership system[25] - The company's marketing activities achieved nearly 50 million exposures through media partnerships[25] - New stores, including Guiyang CCPARK and Suzhou Wangfujing Shopping Centers, are expected to open within the year[25] - The company is actively promoting ESG initiatives, focusing on energy efficiency and sustainable development[25] - Retail business accounted for 78.81% of total revenue, generating RMB 4,756,378,941.60, a decrease from 82.34% in the same period last year[30] - The company's e-commerce platform has over 350 brands and more than 3,300 SKUs, focusing on beauty, skincare, alcohol, and health products[26] - The North China region contributed 50.68% of total revenue, generating RMB 3,245,225,254.28, with a slight increase of 0.62% compared to the same period last year[34] - The company's duty-free business saw a significant revenue increase of 121.17% to RMB 171,866,292.77, although its gross margin decreased by 4.93%[32] - The company's gross margin for the department store segment was 34.77%, a slight decrease of 0.83% compared to the same period last year[32] - The company's operating costs decreased by 3.76% to RMB 3,564,355,130.41, with retail business costs accounting for 82.47% of total operating costs[27][31] - The company's duty-free business operating costs increased significantly by 135.01% to RMB 143,858,190.20, reflecting changes in supplier contracts[33] - Shopping center revenue accounted for 23.68% of total revenue, with a slight increase in customer traffic due to enhanced experience offerings[36] - Outlet revenue increased slightly, accounting for 17.51% of total revenue, driven by high-value-for-money operations and marketing activities[36] - Department store revenue declined by 13.65%, with its share of total revenue dropping to 35.6% due to weak consumer demand and transformation adjustments[36] - Duty-free revenue surged by 121.17%, though it only accounted for 2.64% of total revenue due to limited operational scale[36] - North China contributed the largest share of revenue at 50.68%, with Beijing revenue growing by 2.54% due to new store openings[36] - Digital appliances sales grew by over 36%, ranking among the top six product categories, which collectively accounted for 68% of total sales[36] - Membership spending accounted for 70% of total sales, with a year-over-year increase in new members[36] Investments and Financial Activities - The company allocated up to 2 billion yuan for purchasing bank structured deposit products, with a rolling usage limit within the authorized amount[43] - The company has invested a total of 72.6 million yuan in structured deposits with various banks, none of which have been redeemed as of the reporting period[44] - The company's external equity investments amounted to 39.684 million yuan, an increase of 14.484 million yuan compared to the same period last year, primarily used for capital contributions to Beijing Wangfujing Duty-Free Goods Management Co., Ltd. and the acquisition of a 15% stake in Beijing Huihui Real Estate Co., Ltd.[45] - The company paid 23.5 million yuan as part of the registered capital for Beijing Wangfujing Duty-Free Goods Management Co., Ltd., which has a total registered capital of 500 million yuan[46] - The company acquired a 15% stake in Beijing Huihui Real Estate Co., Ltd. for 16.184 million yuan and corresponding debt of 862.7355 million yuan, with an additional expected shareholder loan of 423.73 million yuan at an annual interest rate of 6%[46] - The company's joint ventures, Foshan Xiongsheng Wangfu Mall Investment Co., Ltd. and Foshan Wangfu Commercial Real Estate Co., Ltd., reported losses of 26.085 million yuan and 16.734 million yuan, respectively[47] - The company's stock investments had an initial value of 238.07 million yuan, with a fair value change loss of 68.915 million yuan during the reporting period, resulting in a final value of 169.155 million yuan[49] - The company's investment in Beichen Industrial Co., Ltd. (stock code: 601588) had an initial cost of 300.72 million yuan, with a fair value change loss of 68.915 million yuan, resulting in a final value of 169.155 million yuan and an investment gain of 2.506 million yuan[50] - The company repurchased 5.91 million shares, accounting for 0.52% of the total share capital, with a total payment of 79.37 million yuan[107] - The company's monetary funds decreased from 11,119,105,313.62 to 10,613,355,652.78, a decline of approximately 4.55%[115] - Accounts receivable dropped from 448,076,353.37 to 350,824,778.15, a decrease of about 21.7%[115] - Inventory decreased from 1,824,863,381.00 to 1,772,888,424.75, a reduction of approximately 2.85%[115] - Total current assets decreased from 14,134,407,662.99 to 13,509,404,876.37, a decline of about 4.42%[115] - Long-term equity investments increased from 1,985,151,069.57 to 2,007,561,312.95, a growth of approximately 1.13%[115] - Fixed assets decreased from 7,926,464,411.31 to 7,812,637,197.15, a reduction of about 1.44%[115] - Total non-current assets increased from 26,987,226,304.36 to 27,545,628,086.56, a growth of approximately 2.07%[115] - Total assets slightly decreased from 41,121,633,967.35 to 41,055,032,962.93, a reduction of about 0.16%[115] - Short-term borrowings increased from 203,000,000.00 to 220,000,000.00, a growth of approximately 8.37%[116] - Total current liabilities decreased from 8,888,705,162.93 to 7,949,774,901.73, a decline of about 10.56%[116] - Total liabilities decreased slightly from 20.68 billion to 20.58 billion, while total equity increased from 20.44 billion to 20.47 billion[117] - Deferred tax liabilities increased from 2.42 billion to 2.56 billion, reflecting changes in tax positions[117] - Total assets of the parent company increased from 28.23 billion to 28.88 billion, driven by growth in current assets[118][120] - The parent company's cash and cash equivalents increased from 6.05 billion to 6.13 billion, indicating improved liquidity[118] - Long-term equity investments of the parent company remained stable at around 14.20 billion, showing consistent investment strategy[120] - Operating revenue decreased from 6.38 billion to 6.04 billion, reflecting a 5.4% year-over-year decline[122] - Operating costs decreased from 5.65 billion to 5.49 billion, with cost of sales dropping from 3.70 billion to 3.56 billion[122] - Sales expenses decreased from 849.73 million to 830.61 million, indicating improved cost control[122] - The parent company's accounts receivable decreased from 71.20 million to 63.59 million, showing improved collection efficiency[118] - Inventory of the parent company increased significantly from 112.07 million to 186.95 million, suggesting potential inventory buildup[118] Corporate Governance and Commitments - The company did not distribute profits or convert capital reserve into share capital during the reporting period[5] - The company did not propose any profit distribution or capital reserve conversion plan for the first half of the year[59][60] - The company completed the cancellation of 2,953,500 stock options due to retirement, resignation, or failure to meet performance targets[61] - The company appointed Wang Yan, Wu Jun, Liu Zhenggang, and Dong Xu as Vice Presidents, and Lian Huiqing as Board Secretary, effective from the respective board approval dates until the end of the 11th Board term[58] - The company's actual controller, shareholders, related parties, acquirers, and the company itself have fulfilled their commitments during the reporting period[68] - Beijing Capital Tourism Group Co., Ltd. has fulfilled its commitment to resolve related party transactions since February 2, 2018[69] - Beijing Capital Tourism Group Co., Ltd. has fulfilled its commitment to restrict share sales, with lock-up periods ending on April 28, 2023, October 28, 2024, and December 16, 2024[71] - Beijing Capital Tourism Group Co., Ltd. has committed to resolving land and property rights issues, ensuring no additional costs for land rent and compensating for any losses[72] - Beijing Capital Tourism Group Co., Ltd. has committed to reducing and regulating related party transactions with the company, ensuring fair pricing and compliance with regulations[72] - Beijing Capital Tourism Group Co., Ltd. has committed to maintaining independence in assets, personnel, finance, organization, and business, and not to illegally occupy the company's funds[72] - Beijing Capital Tourism Group Co., Ltd. has committed to resolving同业竞争 issues by managing and potentially acquiring related businesses by the end of 2023[72] - The company resolved the issue of business competition with Wangfujing by merging Shou Shang Co., Ltd. into Wangfujing, making Shou Shang's subsidiaries part of Wangfujing[74] - The company committed to not engaging in any business activities that compete with Wangfujing and will transfer any competitive business to Wangfujing at a fair market price if necessary[74] - The company and its senior management pledged to fulfill their duties diligently, avoid conflicts of interest, and ensure that compensation policies are aligned with the company's performance[74] Legal and Risk Management - The company highlighted risks related to macroeconomic conditions, industry competition, and new business development[6] - The company faces risks related to macroeconomic conditions, industry competition, and the cultivation of new projects and businesses, with strategies in place to mitigate these risks[55] - The company faced a lawsuit involving a property dispute with Foshan Lanshi, with claims including compensation for delayed property delivery losses of 170,895,625.88 RMB and rental payments of 75,721,500 RMB[76] - The first-instance court ruled that the company must transfer commercial properties to Foshan Lanshi and pay 20 million RMB for delayed delivery losses, along with 29,833,333.33 RMB in rental payments and interest[76] - The Guangdong High Court overturned the first-instance judgment and sent the case back to the Foshan Intermediate Court for retrial[77] - The company expects the ongoing litigation to not have a significant adverse impact on its operations[77] - The company and its controlling shareholders maintained good credit status during the reporting period, with no major unpaid debts or court judgments[78] Sustainability and ESG Initiatives - The company actively promoted green and sustainable development, focusing on energy conservation, water-saving measures, and the use of clean energy in its operations[64] - The company implemented the "Green Life Plan" and "Green Carpet Plan" to encourage green consumption and low-carbon lifestyles among consumers[65] - The company enhanced its energy management capabilities by adopting new technologies and materials

王府井集团股份有限公司 证券代码： 600859 证券简称：王府井 王府井集团股份有限公司 投资者关系活动记录表 编号：2024-001 □ 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 王建华、万宏利、张渝彬、罗程程、胡炜、李国杰、北京陶朱资本 参与单位名称 管理有限公司－陶朱价值精选 1期私募证券投资基金、罗杰奇、中 及人员姓名 信建投基金等共计12位投资者。 时 间 2024年5月16日下午 形 式 现场会议 公司董事长白凡，副董事长、总裁尚喜平，董事杜建国、郭芳、周 公司接待 晴，独立董事夏执东、金馨、王新、刘世安，副总裁、董事会秘书 人员姓名 王健，财务总监吴珺 1. 非常感谢管理层注重股东利益，做出回购的方案，我们很认 可管理层的这个举措。目前公司大项目，可能从短期看盈利可能性 ...

欢迎各位参加网络景2023年及2024年第一季度业绩说明会网络景2023年年度报告及2024年第一季度报告已经正式披露我们希望通过今天的业绩说明会让各位投资者更多更好了解公司过去一年以及2024年第一季度的经营发展状况 现在由我来介绍本次会议的出席人员他们是公司党委书记、副董事长、总裁尚庆平先生财务总监吴俊女士公司独立董事黄欣先生我是公司的副总裁、董事会秘书王剑在接下来的时间里我们将与各位投资者进行深入的交流 首先我们有请公司党委书记 副董事长 总裁尚启庭先生致辞尊敬的各位普通 各位投资者 大家下午好欢迎大家参加今天的议题说明会非常感谢上海证券交易所和上证部会重新为我们提供这样一个交流平台能够与各位普通和投资者进行深入交流 2023年 红外经济起稳回升消费市场温和复苏公司把握市场恢复期机遇大力开展经营靠心加快转型调整持续提升金融活力切实推动主业运营平稳永续这一年里 公司连锁满谱不断扩大 业务布局持续稳固业态节奏不断优化业态协同效果显现离岛免税下水扬帆起航跨城电商上线及铁链落地双轮主营业务驱动合集初步成形 自营业务急势增强线上业务规模持续扩大组织机构进入优化数字化转型持续推进EMT体系及架构初步建立公司治理水平 ...

欢迎各位参加广布景2023年及2024年第一季度业绩说明会广布景2023年年度报告及2024年第一季度报告已经正式披露我们希望通过今天的业绩说明会让各位投资者更多更好地了解公司过去一年以及2024年第一季度的经营发展状况 现在由我来介绍本次会议的出席人员他们是公司党委书记、副董事长、总裁尚志平先生财务总监吴俊敏是公司主力董事王新先生我是公司的副总裁、总人会秘书王健在接下来的时间里我们将与各位投资者进行深入的交流 首先我们有请公司党委书记、副董事长、总裁尚庆平先生致辞尊敬的各位股东、各位投资者,大家下午好欢迎大家参加今天的议题声明会非常感谢上海证券交易所和上市任务部会重新为我们提供这样一个交流平台能够与各位股东和投资者进行深入交流 2023年 红外经济起稳回升消费市场温柔不苏公司把握市场恢复期机遇大力开展经营靠心加快转型调整持续提升经营活力切实推动主业运营平稳永续这一年里公司连锁满谱不断扩大 业务布局持续稳固,业态结构不断优化,业态协同效果显现,离岛免费驾驶两款起航,跨地电商上线及点电落地,商务人组营业务驱动合体,初步成形 自营业务急势增强,线上业务规模持续扩大,组织机构进一步优化,数字化转型持续推进EMC底气 ...

欢迎各位参加网络景2023年及2024年第一季度业体说明会网络景2023年年度报告及2024年第一季度报告已经正式披露我们希望通过今天的业体说明会让各位投资者更多更好的了解公司过去一年以及2024年第一季度的经营发展状况 现在由我们来介绍本次会议的出席人员他们是公司党委书记、副董事长、总裁上喜平先生财务总监吴俊女士公司独立董事黄欣先生我是公司的副总裁、董事会秘书王剑在接下来的时间里我们将与各位投资者进行深入的交流 首先我们有请公司党委书记副董事长总裁尚启庭先生致辞尊敬的各位普通各位投资者大家下午好欢迎大家参加今天的议题说明会非常感谢上海证券销售所和上证部会重新为我们提供这样一个销售平台能够与各位普通和投资者进行深入交流 2023年 红外经济起稳回升消费市场温和复苏公司把握市场恢复期机遇大力开展经营创新加快转型调整持续提升金融活力切实推动主业运营平稳永续这一年里公司连锁板坡不断扩大 业务布局持续稳固业态节奏不断优化业态协同效果显现离岛免税下水扬帆起航跨境电商上线及点电落地双轮主营业务驱动合体初步成形 自营业务急势增强,线上业务规模持续扩大,组织机构进一步优化,数字化转型持续推进ESP体系及架构初步建立,公司整体 ...

证券研究报告 | 年报点评报告 2024年05月03日 王府井（600859.SH） 奥莱、购物中心拉动业绩增长，免税业务仍处爬坡期 事件：4月19日，公司发布2023年报，实现营业收入122.24亿元/同比+13.19%，实现归母 买入（维持） 净利润7.09亿元/同比+264.14%，扣非归母净利润6.36亿元（上年同期亏损0.10亿元）； 单Q4实现营业收入29.59亿元/同比+26.80%，归母净利润0.61亿元（上年同期亏损2.20亿 股票信息 元），扣非归母净利润0.46亿元（上年同期亏损2.51亿元）；同时公告拟收购首旅集团持有 行业 一般零售 的北京环汇置业有限公司部分股权及债券。4月26日，公司发布2024Q1业绩，实现营业收入 33.08亿元/同比-1.74%，归母净利润2.02亿元/同比-10.86%，扣非归母净利润1.93亿元/同 前次评级 买入 比-13.72%。 4月30日收盘价(元) 13.64 业态场景优化，奥莱、购物中心拉动业绩增长，免税业务仍处爬坡期。2023年消费温和修复， 总市值(百万元) 15,482.07 公司仍有扩张，同时因店施策，坚持经营调整，其中：1）百货业态 ...

证券研究报告 | 2024年05月01日 王府井（600859.SH） 增持 新项目拖累 2023 年经营业绩表现，一季度经营平稳 核心观点 公司研究·财报点评 2023年年报业绩处于预告区间中值附近，“分红+回购”彰显国企积极态度。 商贸零售·一般零售 2023年公司实现营收122.24亿元/+13.19%，剔除门店变动因素，同店同比 证券分析师：曾光 证券分析师：张峻豪 上升11.19%；归属于上市公司股东的净利润7.09亿元/+264.14%，扣非业绩 0755-82150809 021-60933168 zengguang@guosen.com.cn zhangjh@guosen.com.cn 6.35亿元/同比扭亏为盈，均处于业绩预告中值附近，符合预期。公司拟每 S0980511040003 S0980517070001 10股派现2.00元（含税），分红率32%，股息率1.60%。同时，公司拟未来 证券分析师：钟潇 证券分析师：张鲁 一年内以集合竞价方式出资1.0-2.0亿元用于减少注册资本，回购价格不高 0755-82132098 010-88005377 zhongxiao@guosen.co ...

证券研究报告 | 2024年05月01日 王府井（600859.SH） 增持 新项目拖累 2023 年经营业绩表现，一季度经营平稳 核心观点 公司研究·财报点评 2023年年报业绩处于预告区间中值附近，“分红+回购”彰显国企积极态度。 商贸零售·一般零售 2023年公司实现营收122.24亿元/+13.19%，剔除门店变动因素，同店同比 证券分析师：曾光 证券分析师：张峻豪 上升11.19%；归属于上市公司股东的净利润7.09亿元/+264.14%，扣非业绩 0755-82150809 021-60933168 zengguang@guosen.com.cn zhangjh@guosen.com.cn 6.35亿元/同比扭亏为盈，均处于业绩预告中值附近，符合预期。公司拟每 S0980511040003 S0980517070001 10股派现2.00元（含税），分红率32%，股息率1.60%。同时，公司拟未来 证券分析师：钟潇 证券分析师：张鲁 一年内以集合竞价方式出资1.0-2.0亿元用于减少注册资本，回购价格不高 0755-82132098 010-88005377 zhongxiao@guosen.co ...

证券研究报告 公 2024年05月01日 司 报 告 王府井(600859) │ 行 业： 商贸零售/一般零售 公 投资评级： 增持（维持） 司 当前价格： 13.64元 非均衡式复苏延续，免税业态增速明显 季 目标价格： 18.83元 报 点 事件： 评 基本数据 公司发布 2024 年第一季度报告。24Q1 公司实现收入 33.1 亿元，同比- 总股本/流通股本(百万股) 1,135.05/1,093.47 1.7%；归母净利润为2.0亿元，同比-10.9%，扣非归母净利润为1.9亿元， 流通A股市值(百万元) 14,914.92 同比-13.7%。 每股净资产(元) 17.56 ➢ 非均衡式复苏延续，公司营收同比下滑 资产负债率(%) 50.01 2024年第一季度，消费市场规模有所回升，但业态恢复不均衡延续，服务 一年内最高/最低(元) 24.88/12.32 类消费显著好于商品类消费。从公司经营来看，有税方面，24Q1奥特莱斯 （收入同比增长9.5%）及购物中心（收入同比增长3.5%）业态仍有增长， 股价相对走势 修复速度明显快于百货（收入同比降低 11.3%）、超市（收入同比降低 王府井 沪深30 ...