Investment Rating - The report assigns an "Outperform" rating to multiple companies within the discretionary consumption sector, indicating a positive outlook for their performance relative to the market [1][3][5]. Core Insights - The pet and U.S. hotel sectors have shown the best performance this week, with valuations in most sectors still below the average of the past five years [1][4][13]. - The report highlights that the average increase for leading companies in the pet sector was 9.1%, driven by favorable trade negotiations and the commencement of the 618 pre-sale [4][15][17]. - Valuation analysis indicates that most sub-sectors are trading below their historical averages, suggesting potential investment opportunities [5][9][19]. Sector Performance Review - Weekly performance rankings: Pet > U.S. Hotel > Credit Card > Cosmetics > Gambling > Sportswear > Luxury Goods > Snacks [7][14]. - Monthly performance rankings: Pet > U.S. Hotel > Gambling > Cosmetics > Sportswear > Credit Card > Luxury Goods > Snacks [14]. - Year-to-date (YTD) performance rankings: Pet > Luxury Goods > Cosmetics > Snacks > Credit Card > U.S. Hotel > Sportswear > Gambling [14]. Valuation Analysis - As of May 16, 2025, the expected P/E ratios for various sectors are as follows: - Sportswear: 15.6x (77% of 5-year average) - Luxury Goods: 18.4x (52% of 5-year average) - Gambling: 14.2x (23% of 5-year average) - Cosmetics: 36.8x (91% of 5-year average) - Pet: 50x (51% of 5-year average) - Snacks: 24.3x (37% of 5-year average) - U.S. Hotel: 29.4x (18% of 5-year average) - Credit Card: 32x (61% of 5-year average) [5][9][18][19].

证券代码：600859 证券简称：王府井 编号：临 2025－043 王府井集团股份有限公司 关于使用暂时闲置募集资金进行现金管理的进展公告 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： 现金管理受托方：华夏银行股份有限公司北京光华支行（以下简称"华夏银 行光华支行"）、中国工商银行股份有限公司北京国家文化与金融合作示范区金街支 行（以下简称"工行金街支行"） 履行的审议程序：本事项已经王府井集团股份有限公司（以下简称"公司"） 第十一届董事会第十六次会议、第十一届监事会第十三次会议审议通过，本事项无 需提交股东大会审议。具体详情详见公司于 2024 年 12 月 13 日刊登在《中国证券报》 及上海证券交易所网站 www.sse.com.cn 的《关于使用暂时闲置募集资金进行现金管 理的公告》。 特别风险提示：尽管本次公司购买的为安全性高、流动性好、风险低的保本 型产品，但金融市场受宏观经济、财政及货币政策的影响较大，不排除该项投资的 收益会受到市场波动的影响。敬请广大投资者注意防范投资风险。 一、前次使用 ...

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) 股东大会召开的时间：2025 年 05 月 16 日 证券代码：600859 证券简称：王府井 公告编号：临 2025-044 王府井集团股份有限公司 2024年年度股东大会决议公告 (二) 股东大会召开的地点：本次股东大会所采用的表决方式是现场投票和网 络投票相结合的方式 (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 | 681 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 453,844,897 | | 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（%） | 40.3280 | (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。 本次股东大会由公司董事会召集，公司董事长白凡因参加重要会议未能出席 本次股东大会，由公司副董事长、总裁尚喜平主持会议，本次股东大 ...

北京市海问律师事务所 关于王府井集团股份有限公司 2024 年年度股东大会的 法律意见书 致：王府井集团股份有限公司 根据《中华人民共和国证券法》、《中华人民共和国公司法》（以下统称"有 关法律"）及《王府井集团股份有限公司章程》（以下称"公司章程"）的规定， 北京市海问律师事务所（以下称"本所"）受王府井集团股份有限公司（以下称 "公司"）的委托，指派高巍律师和罗彤律师（以下称"本所律师"）出席 2025 年 5 月 16 日召开的公司 2024 年年度股东大会（以下称"本次会议"），对本次 会议召开的合法性进行见证，并依法出具本法律意见书。 本所及经办律师依据《中华人民共和国证券法》、《律师事务所从事证券法律 业务管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定及本法 律意见书出具日以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤 勉尽责和诚实信用原则，进行了充分的核查验证，保证本法律意见书所认定的事 实真实、准确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误导 性陈述或者重大遗漏，并承担相应法律责任。 在本法律意见书中，本所律师仅对本次会议召集和召开的程序、出席本次会 议人 ...

证券代码：600859 证券简称：王府井 公告编号：临 2025-042 王府井集团股份有限公司 重要内容提示： | 回购方案首次披露日 | 2024/4/20 | | --- | --- | | 回购方案实施期限 | 股东大会审议通过后 12 个月 | | 预计回购金额 | 10,000万元~20,000万元 | | 回购价格上限 | 17.50元/股 | | 回购用途 | √减少注册资本 □为维护公司价值及股东权益 | | 实际回购股数 | 1,111.8027万股 | | 实际回购股数占总股本比例 | 0.98% | | 实际回购金额 | 15,007.1838万元 | | 实际回购价格区间 | 11.53元/股~17.15元/股 | 一、 回购审批情况和回购方案内容 关于股份回购实施结果暨股份变动的公告 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。 公司董事、监事、高级管理人员在首次披露回购事项之日至本公告披露前一 日期间，不存在买卖公司股票的情况。 四、 股份注销安排 因公司本次注销回购股份将导致注册资本的减少，根 ...

王府井（600859）公告，公司于2024年4月18日董事会审议通过股份回购方案，计划以1亿元至2亿元资 金，通过集中竞价方式回购股份，用于减少公司注册资本。截至2025年5月15日，公司累计回购1111.8 万股，占公司总股本的0.98%，回购价格区间为11.53元/股至17.15元/股，累计使用资金1.5亿元(不含交 易费用)。本次回购股份将依法予以注销，公司将于2025年5月16日在中国证券登记结算有限责任公司办 理注销手续，并及时办理相关变更登记手续。 ...

Investment Rating - The investment rating for Wangfujing (600859.SH) is "Buy" with a current price of 13.91 CNY and a reasonable value of 14.11 CNY per share [2]. Core Views - The report indicates that Wangfujing's performance in Q1 2025 was under pressure, with revenue of 2.99 billion CNY, a year-on-year decrease of 9.8%, and a net profit attributable to shareholders of 55.64 million CNY, down 72.4% year-on-year. The report emphasizes the company's medium to long-term potential for recovery and growth [6][11][37]. Summary by Sections Q1 2025 Performance - Wangfujing's Q1 2025 revenue was 2.99 billion CNY, down 9.8% year-on-year, with a net profit of 55.64 million CNY, a decrease of 72.4% year-on-year. The decline in revenue was attributed to changes in the consumer market and increased costs from new store preparations [6][11][15]. Business Structure Optimization - The report highlights ongoing optimization in the business structure, with revenue from various segments: department stores (1.15 billion CNY, -13.9%), shopping centers (750 million CNY, -6.6%), outlets (600 million CNY, +4.1%), specialty stores (390 million CNY, +3.9%), and duty-free shops (100 million CNY, -17.8%). The shopping centers and outlets showed positive growth trends due to increased store numbers and operational advantages [17][18]. Duty-Free Business Expansion - Wangfujing has achieved full coverage in its duty-free business, winning bids for several projects, including Harbin and Mudanjiang airports and Wuhan city. This expansion is expected to provide significant growth opportunities [23][30]. Profit Forecast and Investment Recommendations - The forecast for net profit attributable to shareholders for 2025-2027 is 4.5 billion CNY, 5.1 billion CNY, and 5.8 billion CNY, respectively, with corresponding PE ratios of 35.5x, 31.3x, and 27.4x. The report maintains a "Buy" rating, projecting a 36x PE for 2025, leading to a reasonable value of 14.11 CNY per share [6][37].

Group 1 - Wangfujing's revenue for 2024 was 11.372 billion yuan, a year-on-year decline of 6.97%, and net profit attributable to shareholders was 269 million yuan, down 62.14% year-on-year [1] - In Q4 2024, Wangfujing's revenue was 2.872 billion yuan, a year-on-year decline of 2.92%, with a net loss of 158 million yuan compared to a net profit of 61 million yuan in the same period last year [1] - The decline in revenue is attributed to a significant decrease in consumer willingness to spend at Wangfujing [1] Group 2 - During the "May Day" holiday, Wangfujing reported a slight increase in overall sales scale and nearly 20% growth in customer traffic, with shopping center traffic growing over 35% [2] - Wangfujing is undergoing store adjustments, including the closure and renovation of its Xidan store and the closure of Wuhan and Chongqing department stores, which contributed to the losses in Q4 [2] - The company is expanding into the duty-free market, having won bids for Harbin and Mudanjiang airport projects and secured duty-free operating rights in Wuhan and Changsha [2] Group 3 - The changing market dynamics necessitate adjustments in Wangfujing's operational strategies, leading to new costs and risks [3] - To survive, Wangfujing has no choice but to adapt to these market changes [4]

Core Viewpoint - Wangfujing Group is actively transforming its business model and expanding into duty-free operations, aiming to enhance consumer experiences and adapt to market changes [1][2][3] Business Strategy - The company is focusing on optimizing its business layout by entering the duty-free market, successfully winning bids for Harbin and Mudanjiang airport projects, and obtaining duty-free operating rights in Wuhan and Changsha, achieving full coverage of major duty-free business types [1] - Wangfujing is accelerating the development of shopping centers and expanding into lower-tier markets to enhance consumer engagement and diversify shopping experiences [1][5] - The establishment of Wangfujing Digital Innovation (Beijing) Retail Co., Ltd. aims to create an integrated mall mini-program to better meet diverse consumer needs [1][5] Financial Performance - The company's profits have declined year-on-year due to changes in the terminal consumer market and the ongoing transformation of its business model [2][3] - In 2024, the company experienced a moderate increase in customer traffic across its various business segments, with shopping centers showing better performance due to diverse experiential offerings [5] - The overall transaction volume increased by nearly 10%, driven by a significant rise in service-related transactions, which grew by nearly 15% [5] Consumer Trends - The company noted a general decline in product consumption, while service retail performed better, reflecting changing consumer habits [5] - Categories such as digital home appliances saw a year-on-year growth of nearly 23%, indicating a shift towards technology-driven products [5] Marketing and Promotions - During the "May Day" holiday, the company launched a themed consumption season, resulting in a nearly 20% increase in overall sales and over 35% growth in shopping center traffic [6] - The company is innovating its marketing strategies through various channels, including IP marketing and online streaming, to enhance consumer engagement [1][5] Future Developments - New shopping centers in Wanyli and Panzhihua are expected to open within the year, continuing the company's expansion efforts [8] - The company is committed to a profit distribution plan that ensures at least 30% of net profit is returned to shareholders, reinforcing its focus on shareholder value [9]

王府井集团股份有限公司 王府井集团股份有限公司 投资者关系活动记录表 证券代码： 600859 证券简称：王府井 编号：2025-001 | 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 | | | | | | | | □ | | | | | | | | | 参与单位名称 | 国泰海通、建信基金、华商基金、华夏基金、申万宏源、新华保险 | | | | | | | | 及人员姓名 | 共计 | 位投资者。 | 6 | | | | | | 时 | 间 | 年 | 月 | 日 | 2025 | 5 | 9 | | 形 | 式 | 线下会议 | | | | | | | 公司接待 | 公司董事会秘书连慧青 | | | | | | | | 人员姓名 | 1.面对快速变化的消费市场，公司有什么应对措施？ | | | | | | ...