特此公告。 贵阳国贸 CCPARK 购物中心位于贵州省贵阳市观山湖区林城东路 155 号，由 公司旗下贵阳国贸广场商贸有限公司管理运营，项目总租赁面积 4.6 万平方米， 租赁期限 10 年。 贵阳国贸 CCPARK 购物中心旨在打造游园式商业生活方式购物中心。项目分 为内街及外街两部分，涵盖餐饮、零售、儿童、休闲娱乐、生活方式等业态，力 求通过高人气品牌和生活配套服务，一站式满足消费者购物及体验需求，为周边 消费者搭建精致邻里生活空间，给市民带来全新的生活体验。 截至本公告出具之日，公司在全国范围内共运营 79 家大型综合零售门店。 证券代码：600859 证券简称：王府井 编号：临 2024－055 王府井集团股份有限公司 关于贵阳国贸 CCPARK 购物中心对外营业的公告 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。 2024 年 9 月 21 日，王府井集团股份有限公司（以下简称"公司"）旗下贵 阳国贸 CCPARK 购物中心整体对外营业。 王府井集团股份有限公司 2024 年 9 月 24 日 ...

[Table_MainInfo] 公司研究/旅游服务业/旅游综合 证券研究报告 王府井（600859）公司跟踪报告 2024 年 09 月 19 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-------------------------------------------------|--------------------| | 股票数据 | | | 09 [ Table_StockInfo 月 19 日收盘价（元） ] | 12.10 | | 52 周股价波动（元） | 11.52-21.12 | | 总股本 / 流通 A 股（百万股） | 1135/1093 | | 总市值 / 流通市值（百万元） | 13734/13231 | | 相关研究 | | | [Table_ReportInfo] 《 3Q23 净利增 277% | ，奥莱维持高增长》 | | 2024.01.20 | | 市场表现 [Table_QuoteInfo] -43.51% -34.51% -25.51% -16.51% -7.51% 2023/9 2023/12 2024/ ...

证券研究报告 ＃＃industryId＃＃ 零售 ＃investSuggestion＃ 公 司 研 究 | --- | --- | |---------------------------------------|--------------------------------------| | | | | ＃市场数据 marketData ＃ | | | 日期 | 2024-09-12 | | 收盘价（元） | 12.02 | | 总股本（百万股） | 1135.05 | | 流通股本（百万股） 净资产（百万元） | 1093.47 19,740.30 | | 总资产（百万元） | | | 每股净资产（元） | 41,055.03 | | 来源： WIND | 17.39 ，兴业证券经济与金融研究院整理 | | --- | --- | --- | --- | --- | |--------------------------------------------------------|--------|-------------------------|-------|-------| | 主要财务指标 ＄ ...

证券研究报告 | 半年报点评 gszqdatemark 2024 09 13 年 月 日 王府井（600859.SH） 零售业态经营相对稳健，免税业务快速爬坡 事件：8 月 29 日，公司发布 2024 年半年报，2024H1 实现营业收入 60.4 亿元/同比-5.4%，归母净利润 2.93 亿元/同比-43.4%，扣非归母净利润 3.2 亿元/同比-30.1%；2024Q2 实现营业收入 27.27 亿元/同比-9.5%，归 母净利润0.91亿元/同比-68.6%，扣非归母净利润1.27亿元/同比-45.8%。 百货业绩承压加速转型，免税门店种类将进一步丰富。1）主业：百货加 速转型，终止并退出超市业务。报告期内，西单商场天通苑店转型为购物 中心业态，焦作王府井百货转型为奥莱业态；公司综合考虑超市行业发展 前景及旗下合营超市经营现状，决定终止公司旗下合营超市业务并实施退 出；购物中心业态聚客能力突出，客流增幅好于其他业态。分业态看，百 货/购物中心/奥莱/专业店/免税实现营收 23.2/15.4/11.4/7.6/1.7 亿元，分 别同比-13.7%/+0.0%/+0.2%/-3.1%/+121.2%。2 ...

Group 1: Overall Performance - In the first half of 2024, the company achieved operating revenue of 6.035 billion yuan, a year-on-year decrease of 5.4% [2] - Same-store sales declined by 7.33% [2] - Net profit attributable to shareholders decreased by 43.36%, primarily due to revenue decline and high initial costs of new stores [2] Group 2: Business Segment Performance - Shopping centers and outlet stores showed stable performance, with shopping centers contributing a larger share of revenue [2] - Outlet stores saw a slight increase in revenue due to enhanced marketing activities [2] - Department store revenue declined due to sluggish consumer spending and store structure issues [2] - Duty-free segment revenue significantly increased but remains a small portion of total revenue [2] Group 3: Product Category Performance - Overall consumer spending is low, but service retail outperformed product categories [3] - Digital home appliances showed the best performance with a year-on-year growth exceeding 36% [3] - Dining and children's experience categories performed well, particularly hot pot and dessert segments [3] Group 4: Future Strategies - The company plans to continue developing outlet and shopping center formats while optimizing department store strategies [3] - Cost structure will be optimized to enhance efficiency [3] - New store openings are planned for the second half of the year, including locations in Guiyang, Suzhou, Linfen, and Lhasa [3] Group 5: Duty-Free Business Developments - The company won bids for duty-free stores at Harbin and Mudanjiang airports, with minimum operating fees set at 2.49 million yuan and 230,000 yuan respectively [4] - Sales revenue extraction ratio for Harbin is 19% [4] - Future product categories will be adjusted based on market conditions and policy requirements [4]

Investment Rating - The report maintains a "Buy" rating for Wangfujing (600859), indicating an expected upside of over 20% based on the current stock price and future earnings projections [8]. Core Views - The company's performance in the first half of 2024 was below expectations, with total revenue of 6.035 billion yuan, a year-on-year decline of 5.4%, and a net profit attributable to shareholders of 293 million yuan, down 43.4% [8]. - The company is focusing on optimizing its store structure and operations, with a strong resilience in its outlet business and growth in the duty-free segment, supported by favorable policies [8]. - The company has decided to terminate its supermarket business to focus on more promising segments, with revenue from various business lines showing mixed results [8]. Financial Summary - Total revenue for 2023 was 12.224 billion yuan, with projections of 11.517 billion yuan for 2024, 12.134 billion yuan for 2025, and 13.594 billion yuan for 2026 [9]. - The net profit attributable to shareholders for 2023 was 709 million yuan, with forecasts of 749 million yuan for 2024, 860 million yuan for 2025, and 975 million yuan for 2026 [9]. - The company's gross margin is projected to decline from 41.8% in 2023 to 38.5% in 2024 and remain stable thereafter [8]. Business Developments - The company is actively optimizing its store structure and has several key projects underway, including new shopping centers set to open in 2024 [8]. - The duty-free business is expected to benefit from new policies effective October 1, 2024, which aim to promote the healthy development of city duty-free stores [8]. - The company is enhancing its e-commerce model, with increasing online traffic and user numbers, and is adjusting its product mix based on market demand [8].

商贸零售 | 证券研究报告 — 调整盈利预测 2024 年 9 月 5 日 600859.SH 增持 原评级：增持 市场价格:人民币 12.06 板块评级:强于大市 股价表现 (46%) (37%) (27%) (18%) (9%) 0% Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Sep-24 王府井 上证综指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (23.7) (18.6) (7.1) (42.8) 相对上证综指 (18.3) (15.1) 1.9 (32.3) | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | | | | | 发行股数 ( 百万 ) | | 1,135.05 | | 流通股 ( 百万 ) | | 1,093.47 | | 总市值 ( 人民币 百万 ) | | 13,688.70 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 393.13 | | ...

证券代码：600859 证券简称：王府井 公告编号：临 2024-053 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 | 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 | 591.00 | 万股 | | 累计已回购股数占总股本比例 | 0.52% | | | 累计已回购金额 | 7,936.9633 | 万元 | | 实际回购价格区间 | 12.50 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 2 ...

证券代码：600859 证券简称：王府井 编号：临 2024－054 王府井集团股份有限公司 关于公司已中标项目正式签订合同的公告 若上述项目正常推进实施，将进一步丰富公司免税店业务类型，拓宽免税 品经营渠道。但鉴于上述项目规模较小，预计对公司经营业绩不会产生重大影 响。同时，由于合同在实际履行过程中可能遇到不可预计或不可抗力等因素的 影响，进而可能导致合同部分内容或全部内容无法履行或终止的风险，敬请广 大投资者注意投资风险。 特此公告。 王府井集团股份有限公司 2024 年 9 月 3 日 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。 2024 年 8 月 13 日，王府井集团股份有限公司（以下简称"公司"或"王 府井"）中标哈尔滨太平国际机场、牡丹江海浪国际机场出境免税项目。上述 事项已公告，详见公司于 2024 年 8 月 14 日在《中国证券报》及上海证券交易 所网站 www.sse.com.cn 披露的《关于公司项目中标的公告》。 2024 年 8 月 30 日，公司与北京首都机场商贸有限公司哈尔滨分公司签署 了《 ...

Investment Rating - The report maintains a "Recommended" rating for Wangfujing (600859.SH) [1][2] Core Views - Wangfujing's performance in the first half of 2024 was under pressure due to insufficient consumer confidence and lower-than-expected consumption growth, leading to a year-on-year decline in same-store sales by 7.33% [1] - The company's revenue for 1H24 was CNY 6.035 billion, a year-on-year increase of 5.4%, while the net profit attributable to shareholders decreased by 43.36% to CNY 293 million [1] - The report highlights the resilience of the shopping center and outlet businesses, with duty-free sales experiencing rapid growth from a low base, increasing by 121.17% year-on-year [1] Summary by Sections Financial Performance - In 1H24, the company achieved a gross margin of 40.94%, down by 1.01 percentage points year-on-year, primarily due to declining revenue [1] - The net profit margin for 1H24 was 4.86%, a decrease of 3.26 percentage points year-on-year [1] - The company reported a revenue of CNY 2.727 billion in Q2 2024, a year-on-year decline of 9.49%, with a net profit of CNY 91 million, down 68.65% year-on-year [1] Business Segments - Revenue from various business segments in 1H24 was as follows: department stores (CNY 2.319 billion, -13.65%), shopping centers (CNY 1.542 billion, +0.01%), outlets (CNY 1.140 billion, +0.20%), specialty stores (CNY 758 million, -3.09%), and duty-free business (CNY 172 million, +121.17%) [1] - The shopping center segment's revenue contribution increased to 23.68% of total revenue, while the duty-free segment, still in its early stages, accounted for 2.64% of total revenue [1] Regional Performance - The majority of the company's revenue comes from the North China region, which accounted for 50.68% of total revenue in 1H24 [1] - Revenue growth rates varied by region, with South China showing a significant increase of 32.03% year-on-year, while other regions like Southwest and Northwest experienced declines [1] Future Outlook - The report projects net profits for Wangfujing to be CNY 650 million, CNY 935 million, and CNY 1.239 billion for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 22X, 15X, and 12X [2][6]