证券代码：600859 证券简称：王府井 编号：临 2024－067 王府井集团股份有限公司 关于临时补充流动资金的募集资金归还募集资金专户的公告 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 2023 年 12 月 15 日召开第十 一届董事会第六次会议及第十一届监事会第六次会议，审议通过了《关于使用募集 资金临时补充流动资金的议案》，同意公司以闲置的募集资金不超过 160,000 万元 临时补充流动资金，使用期限为自公司第十一届董事会第六次会议审议通过后不超 过 12 个月，到期前归还至募集资金专用账户。具体内容详见公司 2023 年 12 月 16 日披露于《中国证券报》和上海证券交易所网站 www.sse.com.cn 上的《关于使用募 集资金临时补充流动资金的公告》。 截至 2024 年 12 月 11 日，公司已将用于临时补充流动资金的闲置募集资金人 民币 160,000 万元全部归还至募集资金专用账户，并将归还情况通知独立财务顾问 和主办人。 特此公告。 王府井集团 ...

中信建投证券股份有限公司 关于王府井集团股份有限公司换股吸收合并 北京首商集团股份有限公司并募集配套资金暨关联交易 之限售股上市流通的核查意见 中信建投证券股份有限公司（以下简称 "独立财务顾问"）作为王府井集 团股份有限公司（以下简称"王府井"或"公司"） 换股吸收合并北京首商集 团股份有限公司并募集配套资金暨关联交易（以下简称"本次交易"）的独立财 务顾问，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司 重大资产重组管理办法》《上海证券交易所股票上市规则》等有关规定，对王府 井本次交易之限售股上市流通相关事项进行了核查，具体核查情况及核查意见如 下： 一、本次限售股上市类型 本次限售股上市类型为非公开发行限售股。 （一）核准时间 2021 年 9 月 2 日，王府井取得了中国证券监督管理委员会（以下简称"中 国证监会"）出具的《关于核准王府井集团股份有限公司发行股份吸收合并北京 首商集团股份有限公司并募集配套资金的批复》（证监许可[2021]2817 号，以下 简称"《批复》"），核准公司发行 201,341,031 股股份吸收合并北京首商集团 股份有限公司，同时核准公司发行股份募集配套资 ...

证券代码：600859 证券简称：王府井 公告编号：临 2024-066 王府井集团股份有限公司 关于换股吸收合并北京首商集团股份有限公司并募集 配套资金暨关联交易之限售股上市流通公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为非公开发行股份；股票认购方式为网下，上市股数为 41,476,565 股。 本次股票上市流通总数为 41,476,565 股。 新增股份已于 2021 年 12 月 16 日在中国证券登记结算有限责任公司上海分公司办 理完毕股份登记手续。 （三）锁定期安排 除控股股东首旅集团认购的本次非公开发行股票限售期为 36 个月外，剩余 15 名投资者认购的本次非公开发行股票限售期均为 6 个月且已于 2022 年 6 月 17 日 上市流通。 二、本次限售股形成后至今公司股本数量变化情况 本次股票上市流通日期为 2024 年 12 月 17 日。 一、本次限售股上市类型 本次限售股上市类型为非公开发行限售股。 （一）核准时间 2021 年 9 月 2 日，王府井集团股 ...

证券代码：600859 证券简称：王府井 公告编号：临 2024-065 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 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 | 万元~20,000 | | 回购用途 | □用于员工持股计划或股权激励 | √减少注册资本 | | | | □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 | 610.50 | 万股 | | 累计已回购股数占总股本比例 | 0.54% | | | 累计已回购金额 | 8,166.9233 | 万元 | | 实际回购价格区间 | 11.53 元/股 | 元/股~14.33 | 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 日分别召开第十一届董事会第八次会议及 2023 年年度股东大会，审议 通过了《关于以集中竞价交易方式回购股 ...

证券代码：600859 证券简称：王府井 编号：临 2024－064 王府井集团股份有限公司 关于董事离任的公告 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"）董事会于 2024 年 11 月 29 日 收到公司董事周晴先生及杜建国先生提交的书面辞职报告，周晴先生因工作原因 申请辞去公司董事及董事会专门委员会委员职务；杜建国先生因年龄原因申请辞 去公司董事及董事会专门委员会委员职务。周晴先生、杜建国先生离任后，将不 再担任公司任何职务。 截至本公告出具之日，周晴先生及杜建国先生因股权激励行权分别持有公司 60,000 股股份。周晴先生及杜建国先生不存在应当履行而未履行的承诺事项， 作为离任董事，离任后将继续遵守《公司法》《上市公司股东减持股份管理暂行 办法》《上海证券交易所上市公司自律监管指引第 15 号——股东及董事、监事、 高级管理人员减持股份》《上海证券交易所上市公司自律监管指引第 8 号——股 份变动管理》等相关法律法规和规范性文件对离任董事股份减持的相关要求。 根据《公司法 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 17.16 CNY per share based on a 32x PE ratio for 2024 [7][44]. Core Insights - The company reported a revenue of 8.499 billion CNY for the first three quarters of 2024, a year-on-year decrease of 8.27%, with a net profit attributable to shareholders of 427 million CNY, down 34.13% year-on-year. In Q3 2024, revenue was 2.464 billion CNY, down 14.61% year-on-year, while net profit was 134 million CNY, an increase of 2.53% year-on-year [2][26]. - The company is focusing on optimizing its business structure, with a higher proportion of high-margin businesses such as shopping centers and outlets, which supports stable profitability. The gross margin for the first three quarters of 2024 was 40.17%, and for Q3 2024, it was 38.29%, showing a slight decline year-on-year [2][26][32]. - The company is actively expanding its duty-free business, having won bids for duty-free projects at Harbin Taiping International Airport and Mudanjiang Hailang International Airport, which broadens its operational channels [3][32]. Summary by Sections Business Performance - For the first three quarters of 2024, the company achieved a revenue of 84.99 billion CNY, down 8.27% year-on-year, and a net profit of 4.27 billion CNY, down 34.13% year-on-year. In Q3 2024, revenue was 24.64 billion CNY, down 14.61% year-on-year, while net profit was 1.34 billion CNY, up 2.53% year-on-year [2][26]. Profitability and Cost Structure - The company’s gross margin remains stable due to the increasing revenue share from high-margin segments like shopping centers and outlets. The gross margin for the first three quarters of 2024 was 40.17%, and for Q3 2024, it was 38.29%, reflecting a year-on-year decline of 0.98 and 1.1 percentage points, respectively. The net profit margin for Q3 2024 was 5.42%, an increase of 0.9 percentage points year-on-year [2][26][32]. Asset Structure Optimization - The company plans to optimize its asset structure by publicly transferring 100% equity of Beijing Wangfujing Department Store Property Management Co., Ltd. and initiating the demolition and reconstruction of certain properties in Beijing [3][32]. Duty-Free Business Outlook - The company is optimistic about its long-term duty-free business layout, having won bids for new duty-free projects and actively promoting the establishment of city duty-free stores in compliance with new policies [3][32][41]. Earnings Forecast - The earnings forecast has been adjusted, with expected net profits for 2024, 2025, and 2026 at 609 million CNY, 696 million CNY, and 771 million CNY, respectively, reflecting a year-on-year decrease of 14.2% in 2024, followed by increases of 14.4% and 10.7% in the subsequent years [4][41].

Investment Rating - The report maintains an "OUTPERFORM" rating for Wangfujing Group with a target price of RMB 18.76 [1][20]. Core Views - The company reported a revenue of RMB 2.464 billion for Q3 2024, a decrease of 14.61% year-on-year, while the net profit attributable to shareholders increased by 2.53% to RMB 134 million. However, the recurring net profit decreased by 70.54% to RMB 39 million [1][13][17]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of RMB 8.5 billion, down 8.27% year-on-year, with a gross profit margin of 40.17%, a decline of 0.98 percentage points [2][14]. - The Q3 2024 gross profit margin was 38.29%, down 1.09 percentage points [2][14]. - The company’s Q3 2024 net profit was RMB 134 million, up 2.53% year-on-year, while the recurring net profit fell by 70.54% [3][17]. Revenue Breakdown - By business format in 1-3Q24: - Department store revenue: RMB 3.242 billion, down 15.45% - Shopping center revenue: RMB 2.254 billion, down 1.58% - Outlet revenue: RMB 1.65 billion, up 4.37% - Specialty store revenue: RMB 1.078 billion, down 4.97% - Duty-free revenue: RMB 204 million, up 68.62% [2][15]. Regional Performance - By region in 1-3Q24: - South China: RMB 312 million, up 13.64% - Northeast: RMB 365 million, up 7.91% - East China: RMB 455 million, down 2.93% - Southwest: RMB 1.753 billion, down 14.75% - North, Central, and Northwest China: RMB 4.578 billion, RMB 633 million, and RMB 885 million, down 12.96%, 11.02%, and 10.51% respectively [2][16]. Expense Ratios - The period expense ratio for Q3 2024 was 31.57%, an increase of 2.63 percentage points year-on-year. The sales expense ratio rose to 16.35%, and the management expense ratio increased to 13.02% [3][17]. Future Projections - Revenue projections for 2024-2026 are RMB 11.1 billion, RMB 12.2 billion, and RMB 13.1 billion, with expected year-on-year growth rates of -9.3%, 9.8%, and 7.6% respectively. Net profit projections are RMB 540 million, RMB 710 million, and RMB 840 million, with year-on-year growth rates of -24.1%, 31.8%, and 18.8% [6][19].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The report highlights that the company is facing short-term operational pressure, but the duty-free business continues to expand [1][10]. - The company operates 79 large retail stores across seven major economic regions in China, actively expanding its footprint in shopping centers and outlets [10]. - The report projects revenue for 2024-2026 to be 111 billion, 122 billion, and 131 billion respectively, with corresponding year-on-year growth rates of -9.3%, 9.8%, and 7.6% [10]. Financial Performance Summary - In Q3 2024, the company achieved revenue of 2.464 billion yuan, a year-on-year decrease of 14.61%, while the net profit attributable to shareholders was 134 million yuan, an increase of 2.53% [5][6]. - The gross profit margin for Q3 2024 was 38.29%, down 1.09 percentage points from the previous year [6][8]. - For the first three quarters of 2024, total revenue was 8.5 billion yuan, a decrease of 8.27% year-on-year, with a gross profit margin of 40.17% [6][10]. Business Segment Analysis - By business segment in the first three quarters of 2024, department store revenue was 3.242 billion yuan (down 15.45%), shopping center revenue was 2.254 billion yuan (down 1.58%), outlet revenue was 1.650 billion yuan (up 4.37%), specialty store revenue was 1.078 billion yuan (down 4.97%), and duty-free revenue was 204 million yuan (up 68.62%) [7][11]. - Regionally, South China saw revenue of 312 million yuan (up 13.64%), Northeast China 365 million yuan (up 7.91%), East China 455 million yuan (down 2.93%), and Southwest China 1.753 billion yuan (down 14.75%) [7][12]. Expense and Profitability Analysis - The company's expense ratio increased by 2.63 percentage points in Q3 2024, with a sales expense ratio of 16.35% and a management expense ratio of 13.02% [8]. - The net profit attributable to shareholders for Q3 2024 was 134 million yuan, with a significant drop in non-recurring net profit by 70.54% [8][10]. Earnings Forecast and Valuation - The report estimates earnings per share (EPS) for 2024 to be 0.47 yuan, with a projected price-to-earnings (P/E) ratio of 25-30 times for 2025, leading to a reasonable value range of 15.63 to 18.75 yuan per share [10][15]. - The company is expected to maintain a net profit margin of around 4.9% to 6.4% over the next few years, with a return on equity projected to rise from 2.7% in 2024 to 3.9% in 2026 [15][16].

证券代码：600859 证券简称：王府井 编号：临 2024－063 王府井集团股份有限公司 第十一届董事会第十五次会议决议公告 2．通过关于制定《内部控制与风险管理制度》的议案 表决情况：同意 11 票，反对 0 票，弃权 0 票。 一、董事会会议召开情况 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（以下简称"公司"、"本公司"）第十一届董事 会第十五次会议于 2024 年 11 月 1 日以电子邮件和书面送达方式发出通知，2024 年 11 月 11 日在本公司会议室以现场结合视频会议方式举行，应出席董事 11 人，实际出席 11 人，公司监事列席会议。会议符合有关法律法规和《公司章程》 的规定。会议由董事长白凡先生主持。 2024 年 11 月 12 日 二、董事会会议审议情况 1．通过公司高级管理人员 2023 年度薪酬及延期激励发放方案 本议案已经公司董事会薪酬与考核委员会审议通过。 董事尚喜平、周晴、杜建国对本议案回避表决。 表决情况：同意 8 票，反对 0 票，弃权 0 票。 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 ...

Investment Rating - The report maintains a "Buy" rating for Wangfujing (600859.SH) [3] Core Views - Wangfujing's performance in Q3 2024 shows resilience in its outlet business, with certain subcategories performing well despite overall revenue decline [1] - The company is actively developing its duty-free business, which began operations in January 2023, contributing to its long-term growth strategy [1] - Adjustments to revenue and profit forecasts for 2024-2026 reflect ongoing challenges in offline consumption, with projected revenues of 113.3 billion, 119.2 billion, and 125.9 billion yuan respectively [1] Summary by Sections Financial Performance - For the first three quarters of 2024, Wangfujing reported revenues of 8.499 billion yuan, a year-on-year decrease of 8.27%, and a net profit of 427 million yuan, down 34.13% [1] - Q3 2024 alone saw revenues of 2.464 billion yuan, a decline of 14.61%, while net profit increased by 2.53% to 134 million yuan [1] - The company's gross margin in Q3 2024 was 38.29%, down 1.09 percentage points year-on-year, attributed to declining revenue and newly opened stores [1] Business Segments - The outlet segment showed a sales increase of 15.08% in Q3 2024, while department stores and shopping centers experienced declines of 19.66% and 4.86% respectively [1] - Digital product sales grew nearly 28%, and categories like outdoor sports and trendy fashion showed strong market performance [1] Cost and Profitability - The overall expense ratio increased by 2.63 percentage points to 31.57% in Q3 2024, with sales and management expenses rising [1] - Non-recurring gains significantly impacted profitability, with non-operating income of 950 million yuan in Q3 2024 compared to a loss of 10,000 yuan in the same period last year [1] Future Projections - The report projects a gradual recovery in revenue and profit, with net profits expected to reach 5.18 billion, 5.73 billion, and 6.38 billion yuan for 2024-2026 [1] - The current stock price corresponds to price-to-earnings ratios of 34.5, 31.2, and 28.0 for the respective years [1]