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？ | | | | | | ...

证券研究报告·行业深度 从品类到品质，从品质到品牌 核心观点 2024 年行业基本面继续承压，大多数行业及公司依旧受宏观影响 较大，但是已经涌现出一批逆势突围消费降级的企业。迎接这一 轮新消费浪潮，核心是实现品类到品质再到品牌的升级，酒店餐 饮中实现服务或产品独到特色、化妆品中体现产品矩阵及创新能 力、超市百货调改体现质价比、黄金珠宝抓住工艺与时尚结合等， 都是当下形成品牌的成功路径，预计 2025 年这样的企业能够更 加体现增长潜力和品牌估值。 摘要 2024 年以来，消费复苏仍然存在一定压力，除家电存在明显的海 外扩张逻辑，其他基于国内消费为主的消费板块仍然居后，从性 价比进入质价比，品类到品牌的过程中，品牌属性强的公司有望 持续跑赢。 免税板块：25Q1 离岛免税销售同比逐渐磨底企稳，海南封关政 策推进预计仍利好免税业态，市内免税政策望逐步培育，机场口 岸有所修复，海南地区龙头格局向好。免税业态品类丰富度及渠 道和供应链能力逐步强化，盈利能力望稳中向好。出入境旅游人 次持续恢复，关注销售边际趋势，建议持续关注：中国中免、王 府井。 旅游、博彩：年内旅游需求韧性仍较强，为促内需重要抓手，出 入境恢复弹性大 ...

王 府 井 集 团 股 份 有 限 公 司 2024年年度股东大会 会议材料 二零二五年五月十六日 王 府 井 集 团 股 份 有 限 公 司 2024 年年度股东大会 会议文件目录 1．2024 年度董事会报告 2．2024 年度监事会报告 3．2024 年度财务决算报告 4．2024 年度利润分配及分红派息方案 5. 2024 年度报告及摘要 6. 关于与北京首都旅游集团财务有限公司续签《金融服务协议》的议案 7. 关于调整对控股子公司提供财务资助利率的议案 8. 关于为全资子公司提供付款担保的议案 9. 未来三年（2025-2027 年）股东分红回报规划 王府井集团股份有限公司 2024 年年度股东大会会议文件之一 2024 年度董事会报告 (2025 年 5 月 16 日) 王府井集团股份有限公司（以下简称"公司"）第十一届董事会严格按照《公 司法》《证券法》等法律法规、规范性文件及《公司章程》等内部管理要求，以 公司整体利益和全体股东权益为出发点，贯彻落实股东大会决议，规范运作、科 学决策，积极推动公司各项工作有序开展，不断提升治理能力和治理水平，保障 公司可持续发展。现将董事会 2024 年度工作 ...

证券代码：600859 证券简称：王府井 公告编号：临 2025-040 王府井集团股份有限公司 关于以集中竞价交易方式回购股份的进展公告 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： | | --- | | 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 | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 931.66万股 | | 累计已回购股数占总股本比例 | 0.82% | | 累计已回购金额 | 12,503.2339万元 | | 实际回购价格区间 | 11.53元/股~17.15元/股 | 一、 回购股份的基本情况 王府井集团股份有限公司（以下简称"公司"）于 2024 年 4 月 18 日及 2024 年 5 月 16 日分别召开第 ...

证券代码：600859 证券简称：王府井 编号：临 2025－041 本次股票期权注销符合《上市公司股权激励管理办法》《王府井集团股份有限公 司 2020 年股票期权激励计划（草案）（修订稿）》等相关规定，不会对公司经营业绩 和财务状况产生重大影响。 特此公告。 王府井集团股份有限公司 王府井集团股份有限公司 2025 年 5 月 7 日 关于 2020 年股票期权激励计划剩余股票期权注销完成 暨激励计划实施完毕的公告 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。 王府井集团股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召开第十一 届董事会第十九次会议及第十一届监事会第十五次会议，审议通过了《关于注销 2020 年股票期权激励计划剩余股票期权的议案》，同意对公司 2020 年股票期权激励 计划中合计 221.60 万份股票期权进行注销。具体内容详见公司于 2025 年 4 月 26 日刊登在《中国证券报》及上海证券交易所网站 www.sse.com.cn 上的《王府井集团 股份有限公司关于注销 2020 ...