证券代码：600859 股票名称：王府井 编号：临 2025-037 王府井集团股份有限公司 2025 年第一季度经营数据公告 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。 根据上海证券交易所《上市公司自律监管指引第 3 号——行业信息披露》"第 四号——零售"要求，现将王府井集团股份有限公司（以下简称"公司"）2025 年第一季度经营数据披露如下： | 地区 | 经营业态 | | 新开门店 建筑面积/租赁面 | 关闭门店 | 建筑面积/租赁面 | 期末门店 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 门店 | | 门店 | | 门店 | 建筑面积/租赁面 | | | | 家数 | 积 （万平方米） | 家数 | 积 （万平方米） | 家数 | 积 （万平方米） | | 华北地区 | 购物中心/百货/奥特莱斯 | 0 | 0 | 3 | 18.2 | 24 | 136 | | 华中地区 | 购物中心/百货/奥特莱斯 | 0 | 0 | 0 | 0 | ...

王府井集团股份有限公司 关于临汾王府井尚城 UP TOWN 对外营业的公告 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。 2025 年 4 月 30 日，王府井集团股份有限公司（以下简称"公司"）旗下临 汾王府井尚城 UP TOWN 购物中心对外营业。 证券代码：600859 证券简称：王府井 编号：临 2025－038 临汾王府井尚城 UP TOWN 位于山西省临汾市经济开发区河汾路 8 号，项目总 建筑面积 10.4 万平方米，租赁期限 20 年。 作为公司旗下以都市生活型商业综合体产品线"UP TOWN"命名的第二家门 店，临汾王府井尚城 UP TOWN 以"城市活力社交场"为核心定位，采用"街区 +MALL"复合模式构建城市生活场景。项目聚焦首发经济与家庭客群，汇聚多个 区域首进品牌，引入 24 小时活力街区，打造全时段氛围感社交场，充分激发消 费潜力。公司致力于将项目打造为集品质零售、家庭休闲、社交娱乐、美食体验 于一体的城市新地标，为地区经济注入全新商业活力，引领消费体验新风尚。 截至本公告出具之日，公司在全国范 ...

Group 1 - The company Wangfujing (600859) reported a revenue of 2.985 billion yuan for the first quarter of 2025, representing a year-on-year decrease of 9.76% [1] - The net profit for the same period was 55.6412 million yuan, showing a significant year-on-year decline of 72.43% [1]

Core Points - Beijing Subway has launched a foreign currency exchange service at Wangfujing Station to enhance convenience for foreign tourists as the tourism season begins [1][2] - The service allows for the exchange of over 40 currencies, including USD, EUR, and JPY, addressing the needs of both foreign visitors and local residents traveling abroad [2][3] - The exchange window operates daily from 10:00 to 20:00, and prior to this, a similar service was already available at the East Zhimen Station on the Capital Airport Line [3] Group 1 - The new currency exchange window is strategically located next to the existing passenger service center, with clear signage and an electronic display showing available currencies and exchange rates [1] - The service aims to create a "one-stop convenience service complex" that integrates ticketing, inquiries, and currency exchange, thereby optimizing the overall service layout [2] - The company plans to continue exploring diverse scenarios for "rail transit + international services" to meet the varied needs of passengers [2] Group 2 - During the May Day holiday, the company will collaborate with seven universities to provide volunteer services for foreign tourists, enhancing the overall travel experience [3] - Volunteer training has been upgraded to include English service components, covering ticketing guidance, transfer inquiries, crowd management, and emergency response [3] - The company has implemented bilingual signage and announcements at stations, and has utilized multilingual translation machines nearly 2,000 times to assist foreign visitors [3]

据央广网4月27日报道，商务部等6部门出台《关于进一步优化离境退税政策扩大入境消费的通知》，通 知提出，下调离境退税起退点。境外旅客同日同店购买退税物品金额达到200元人民币，且符合其他相 关规定的，可以申请办理离境退税。优化离境退税支付服务。 *风险提示：股市有风险，入市需谨慎 江海证券认为，此前免税店针对的顾客包括国内消费者和国外旅游者，免税店主要以进口商品为主，国 产商品进入免税店比重较小，部分免税店销售国有商品其实是有税商品，且品类有限。此次即买即退政 策后，预计免税店会引入更多的国产商品，退税流程也将更加便捷。 此外，利好国内的商贸零售行业，特别是百货公司，百货公司可申请增加退税和"即买即退"业务，境外 旅客退税便利度提升，目前该政策先后在上海、北京、广东、四川、浙江、深圳等地开展试点，利好当 地百货等零售业态公司。 公司方面，据招商证券表示，中国中免、格力地产（珠免集团）、王府井为A股主要免税公司。 *免责声明：文章内容仅供参考，不构成投资建议 此外，将现金退税限额上调至20000元人民币。推动退税代理机构与支付机构、清算机构等加强合作， 在风险可控的前提下，通过移动支付、银行卡、现金等多种方式提 ...

Core Viewpoint - Wangfujing Group is undergoing a significant transformation as it approaches its 70th anniversary in 2025, evolving from a traditional department store to a comprehensive retail model, including duty-free operations [1] Group 1: Business Transformation and Growth - Wangfujing is actively innovating its retail formats to adapt to a segmented consumer market, opening 4 shopping centers in 2024 while closing underperforming stores [2] - The company introduced 2,454 new brands across 192,000 square meters in its stores during the year [2] - Marketing initiatives have engaged nearly 80 stores and collaborated with over 200 media outlets, achieving an exposure of over 500 million times, with a 20% increase in foot traffic during the "925 Beautiful Life Festival" compared to the previous year [2] Group 2: Duty-Free Business Expansion - In 2024, the number of foreign visitors with visa-free entry reached 20.115 million, a 112.3% increase year-on-year, benefiting the duty-free sector [3] - Wangfujing has 26 stores authorized for departure tax refund services, with 10 of them offering "buy and refund" services, leading to a significant increase in transaction volumes [3] - The company has expanded its duty-free operations to include two airport and two city duty-free projects, achieving comprehensive coverage of duty-free business types [3] Group 3: ESG and Sustainable Practices - Wangfujing promotes a green and healthy lifestyle, focusing on low-carbon operations and social responsibility, with 13 shopping centers certified as green [4] - The company aims to leverage the dual advantages of "taxable + duty-free" business models to capture growth opportunities in the evolving market landscape [4]

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Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [4][6]. Core Insights - The company reported a revenue of 11.372 billion yuan in 2024, a decrease of 6.97% year-on-year, and a net profit attributable to shareholders of 269 million yuan, down 62.14% year-on-year [1][5]. - The company is actively expanding its duty-free business and exploring new business formats to meet consumer demand, including successful bids for airport duty-free projects and the introduction of various experiential retail formats [3][4]. - The company has adjusted its profit forecasts downward for 2025 and 2026 by 21% and 15% respectively, while introducing a new profit forecast for 2027 [4]. Financial Performance Summary - In Q4 2024, the company achieved a revenue of 2.872 billion yuan, a decline of 2.92% year-on-year, and a net loss of 158 million yuan [1]. - The overall gross margin for 2024 was 40.16%, down 1.68 percentage points year-on-year, with a Q4 gross margin of 40.12%, down 3.86 percentage points year-on-year [2]. - The company's operating expenses ratio increased to 31.58% in 2024, up 1.90 percentage points year-on-year, with Q4 expenses ratio at 36.64%, an increase of 1.51 percentage points year-on-year [2]. Business Development and Strategy - The company has successfully established a comprehensive duty-free layout, covering offshore, port, and city duty-free operations, with new stores set to open in early 2025 [3]. - New business formats are being integrated, such as the Wangfujing Joy Shopping Center, which combines over 60 second-dimensional brands and IP resources, and experiential formats in various stores [3].

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company experienced a decline in revenue and net profit in 2024, with total revenue of 11.372 billion and a net profit of 269 million, representing a year-on-year decrease of 6.97% and 62.14% respectively [1][4] - The company is actively expanding its duty-free business and exploring new business formats to meet consumer demand, including successful bids for duty-free operations at airports and the introduction of various experiential retail formats [3][4] Financial Performance Summary - In Q4 2024, the company reported revenue of 2.872 billion, a decrease of 2.92% year-on-year, and a net loss of 158 million [1] - The overall gross margin for 2024 was 40.16%, down 1.68 percentage points year-on-year, with Q4 2024 gross margin at 40.12%, down 3.86 percentage points year-on-year [2] - The company’s operating expenses increased, with a total expense ratio of 31.58% for 2024, up 1.90 percentage points year-on-year [2] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been revised down by 21% and 15% to 490 million and 559 million respectively, with a new forecast for 2027 at 610 million [4][5] - The report provides a detailed financial summary, indicating a projected revenue growth rate of 3.71% for 2025 and a decline in net profit growth rate of 82.34% for the same year [5][10] Business Strategy and Development - The company is enhancing its duty-free layout and strengthening new consumption formats, which are expected to benefit from overall consumption recovery policies [4] - New business initiatives include the integration of over 60 second-dimensional brands and IP resources in shopping centers, and the introduction of experiential formats such as e-sports and cultural performances [3]

Core Insights - Beijing is set to launch over 1,900 cultural and tourism activities during the "May Day" holiday, aiming to attract tourists from all over the country [1] - Popular tourist spots like the Forbidden City and Universal Studios are expected to experience significant short-term traffic pressure, particularly in central urban areas [1] Transportation Measures - Anticipated passenger flow at key subway stations such as Wangfujing, Xidan, and the Zoo is expected to increase by over 50% compared to recent weekends [2] - The city will implement measures such as adding temporary trains and extending operating hours on subway lines 2, 3, 6, 8, 10, 15, and 17 to accommodate the increased demand [2] - Public transport will enhance service frequency around parks, popular shopping areas, and event venues, adjusting schedules based on real-time passenger flow [2] Parking Solutions - The city plans to create temporary parking areas to meet the needs of citizens and tourists, providing over 50,000 parking spaces through various strategies [2] - Specific measures include opening dedicated parking lots, setting up temporary parking zones, and utilizing available road space for vehicle parking near 62 popular parks and scenic spots [2]