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。 一、董事会会议召开情况 证券代码：600859 证券简称：王府井 编号：临 2025－077 王府井集团股份有限公司 第十一届董事会第二十六次会议决议公告 王府井集团股份有限公司（以下简称"公司"）第十一届董事会第二十六次 会议于 2025 年 11 月 23 日以电子邮件和书面送达方式发出通知，2025 年 12 月 3 日在本公司会议室举行，应到董事 10 人，实到 10 人。会议符合有关法律、法规、 部门规章和《公司章程》的有关规定。会议由公司董事长白凡先生主持。 二、董事会会议审议情况 1.通过关于董事会换届选举的议案 公司董事会提名白凡先生、尚喜平先生、郭芳女士、吴珺女士、李忠先生、 刘天祥先生作为公司第十二届董事会非独立董事候选人，提名韩青先生、张政军 先生、王少晖女士、黄鑫淼女士为公司第十二届董事会独立董事候选人。由职工 代表大会选举产生的职工代表董事曾群女士直接进入公司第十二届董事会。 本议案已经公司第十一届董事会提名委员会第三次会议审议通过。 上述董事候选人需提 ...

Core Viewpoint - Wangfujing (600859) plans to utilize up to 1.52 billion yuan of temporarily idle raised funds for cash management, focusing on high-security and liquid principal-protected products [1] Group 1 - The company intends to invest in products such as structured deposits, notice deposits, and agreement deposits [1] - The investment products will have a maturity period not exceeding 12 months [1] - The funds will not be used for pledging or for investment purposes in securities [1]

近日，王府井在互动平台向投资者表示，公司紧跟新消费需求，加快推进业态迭代，"一店一策"推动百 货业态焕新计划，持续关注首发经济、银发经济、冰雪经济、"人工智能+消费"以及数字消费、绿色消 费、健康消费等热点经济，结合文商旅体融合发展新趋势，打造多元化消费体验场景，强化成本优化与 效率提升，推动公司长期可持续发展。2025年1至9月，王府井实现营收77.09亿元，同比下降9.30%；实 现归母净利润1.24亿元，同比下降71.02%。 ...

Group 1 - The core point of the article is that Wangfujing (600859.SH) announced that the Wanyili Wangfujing WellTown project is expected to open to the public by the end of December [1] Group 2 - The announcement was made through the investor interaction platform, indicating the company's engagement with its investors [1]

此外，天气转冷，商圈热度增加。预计蓝色港湾、大悦城（000031）、万达广场、喜隆多、万象汇、合 生汇等综合性商场热度较高，三里屯、崇文门、王府井（600859）、前门、广渠路、西单等热门商圈以 及部分餐饮娱乐场所周边道路客流、车流集中，停车场进出口将出现车辆短时排队的情况，地下停车场 饱和时可适当选择周边合法停车地点停放车辆。 医院方面，预计儿童医院、北京医院、西苑医院、复兴医院、儿研所、北医三院、同仁医院、积水潭医 院等医院门前及周边道路车流量较大，高峰时段为7:00—13:00和下午部分时段。 新京报讯 据"北京交警"微信公众号消息，近期，各滑雪场将陆续试营业或正式营业，崇礼也是冬季滑 雪娱乐和短期住宿的热门地区，预计京藏、京新、京礼等高速公路将出现潮汐车流，周六出京方向、周 日进京方向通行压力增加。 工作日早高峰期间，北京市部分学校，特别是海淀、西城、东城、朝阳的部分学校，中关村、广渠门等 中小学较为集中的区域容易出现车流集中的情况，早高峰送学出行最好提前半小时以上出发或乘坐地铁 等公共交通工具。 ...

Group 1 - The company Wangfujing (600859.SH) has obtained the qualification for duty-free goods operation [1] - The company can engage in various duty-free projects including offshore duty-free, port duty-free, and city duty-free [1]

Group 1 - Dongwu Securities issued a report on November 24, giving Wangfujing (600859.SH, latest price: 14.01 yuan) an "Overweight" rating [1] - The reasons for the rating include a narrowing decline in Q3 revenue [1] - The heavy asset business model is putting pressure on gross and net profit margins [1] - The company is actively expanding into the duty-free sector, anticipating benefits from policy incentives [1] - The implementation of the adjusted duty-free shopping policy for outbound travelers has been officially launched [1]

Market Performance - The primary economic sector increased by 1.7% compared to the previous trading day, with KaiKai Industry leading the gains [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Top Gainers - KaiKai Industry (600272) closed at 14.80, up 6.40% with a trading volume of 263,400 shares and a transaction value of 390 million [1] - Remote Technology (002291) closed at 7.75, up 5.87% with a trading volume of 2,009,000 shares and a transaction value of 1.536 billion [1] - Lan Sheng Co. (600826) closed at 12.35, up 3.52% with a trading volume of 410,500 shares and a transaction value of 498 million [1] Market Capital Flow - The primary economic sector saw a net inflow of 58.50 million from main funds, while retail investors experienced a net outflow of 67.74 million [2][3] - The top stocks by main fund inflow included KaiKai Industry with 58.61 million, accounting for 15.03% of the total [3] Individual Stock Performance - Wangfujing (600859) saw a slight decline of 0.64%, closing at 14.01 with a trading volume of 267,000 shares and a transaction value of 374 million [2] - The stock of KaiKai Industry had a significant net inflow from main funds, while retail investors showed a notable outflow [3]

Investment Rating - The report maintains an "Accumulate" rating for Wangfujing [1] Core Views - Q3 revenue decline has narrowed, and the company is expected to benefit from the tax-free policy by 2025 [8] - The company has actively laid out its tax-free business, which is anticipated to gain from the release of policy dividends [8] - The financial performance for Q3 shows a revenue of 2.35 billion yuan, down 4.7% year-on-year, and a net profit attributable to shareholders of 40 million yuan, down 68.2% year-on-year [8] Financial Forecasts - Total revenue projections for Wangfujing are as follows: - 2023A: 12,224 million yuan - 2024A: 11,372 million yuan - 2025E: 10,973 million yuan - 2026E: 11,557 million yuan - 2027E: 12,180 million yuan [1] - Net profit attributable to shareholders is forecasted as: - 2023A: 709.38 million yuan - 2024A: 268.58 million yuan - 2025E: 180.20 million yuan - 2026E: 428.22 million yuan - 2027E: 602.98 million yuan [1] - The report indicates a significant decrease in net profit margins, with a forecasted net profit margin of 1.8% for Q3, down 3.6 percentage points year-on-year [8] Market Data - The closing price of Wangfujing is 14.10 yuan, with a market capitalization of approximately 15.85 billion yuan [6] - The price-to-book ratio is reported at 0.81, indicating the stock is trading below its book value [6] Strategic Developments - The company has received approval for its tax-free operations and has launched several tax-free projects, including the Wangfujing International Tax-Free Port [8] - Recent policy changes have led to a 28.52% year-on-year increase in tax-free sales, indicating a positive trend in consumer spending [8]

Investment Rating - The report maintains an "Overweight" rating for the retail industry [1]. Core Insights - The Hainan Free Trade Port has entered the final 30-day sprint phase for its full closure operation, which began on November 18. The port optimization and "second-line" regulatory facility construction are nearing completion, with the expectation of achieving a regulatory framework of "first-line opening, second-line management, and island-wide freedom" [4][9]. - The policy framework post-closure focuses on "zero tariffs, low tax rates, and simplified tax systems." Approximately 6,600 products will benefit from zero tariffs, covering most production equipment and raw materials, allowing companies to save about 20% on import tax costs. Additionally, encouraged industries will enjoy a 15% corporate income tax rate, significantly reducing operational costs [10]. - The adjustment of the duty-free shopping policy for departing island travelers was implemented on November 11, which has led to a 28.52% year-on-year increase in duty-free sales amounting to 1.325 billion yuan as of November 17 [10]. Summary by Sections Industry Viewpoint - The report highlights the operational upgrade of port management as a critical step towards establishing a high-level free trade port system, facilitating the free flow of various elements within Hainan [9]. Market Review - For the week of November 17 to November 21, the retail index decreased by 7.24%, while the overall market indices also experienced declines, with the Shanghai Composite Index down by 3.90% [12]. Company Valuation Table - The report includes a valuation table for various companies, indicating that companies like China Duty Free Group, Wangfujing, and Hainan Airport are expected to benefit from the duty-free shopping policy adjustments [11][19].