证券代码：600859 股票名称：王府井 编号：临 2024－024 王府井集团股份有限公司 暨关联交易的补充公告 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""本公司"或"王府井"）于 2024 年 4 月 20 日披露了《关于收购北京环汇置业有限公司部分股权及债权暨关 联交易的公告》（临 2024-013）。公司拟以现金 1,618.4007 万元收购控股股东北 京首都旅游集团有限责任公司（以下简称"首旅集团"）持有的北京环汇置业有 限公司（以下简称"环汇置业"或"标的公司"）15%股权，并同时以现金 86,273.55 万元收购首旅集团对标的公司截至评估基准日的相应债权本金及利息 部分，以实现投资运营通州文旅区商业配套综合体项目之目的。在上述股权和债 权收购完成后，公司将持有环汇置业 15%股权，根据环汇置业建设期和运营初期 资金需求，各股东将按所持环汇置业股权比例同时向其提供股东借款。除前述从 首旅集团受让的股东借款本金金额外，公司预计将继续向环汇置业提供 42,373 万 ...

2024年4月26日 公司研究 开展各类主题营销活动，一店一策加强百货门店转型 ——王府井（600859.SH）2024 年一季报点评 要点 买入（维持） 当 前价：13.55元 公司1Q2024营收同比减少1.74%，归母净利润同比减少10.86% 4月26日，公司公布2024年一季报：1Q2024实现营业收入33.08亿元，同比 作者 减少1.74%，实现归母净利润2.02亿元，折合成全面摊薄EPS为0.18元，同 分析师：唐佳睿 CFA FCPA(Aust.) ACCA 比减少10.86%，实现扣非归母净利润1.93亿元，同比减少13.72%。 CAIA FRM 公司1Q2024综合毛利率下降1.58个百分点，期间费用率下降0.47个百分点 执业证书编号：S0930516050001 021-52523866 1Q2024公司综合毛利率为41.22%，同比下降1.58个百分点。 tangjiarui@ebscn.com 1Q2024公司期间费用率为29.06%，同比下降0.47个百分点，其中，销售/管 分析师：田然 理/财务费用率分别为13.34%/15.21%/0.51%，同比分别变化+0.07/ + ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 18.41 CNY, maintaining the previous rating of "Buy" [1][2]. Core Views - The company is experiencing better performance in new business formats, while offline consumption is still recovering [1]. - The financial performance for Q1 2024 shows a revenue of 3.308 billion CNY, a year-on-year decrease of 1.74%, and a net profit attributable to shareholders of 201 million CNY, down 10.86% year-on-year [1][6]. - The company is expected to maintain earnings per share (EPS) of 0.74 CNY, 0.87 CNY, and 0.93 CNY for the years 2024 to 2026 respectively, with a target price based on a 25x PE ratio [1][6]. Financial Summary - Revenue for 2024 is projected at 12.904 billion CNY, with a net profit of 836 million CNY, reflecting a significant increase from 709 million CNY in 2023 [6][8]. - The gross profit margin for Q1 2024 is reported at 41.2%, with a year-on-year decrease of 1.6 percentage points [1][6]. - The company’s net asset return rate is expected to rise from 1.0% in 2022 to 4.7% in 2025 [6][8]. Business Performance - The company’s new business formats, including outlet and duty-free operations, are showing strong growth, contributing significantly to overall performance [1][6]. - The duty-free segment continues to expand, with revenue growth expected to accelerate as new projects are developed [1][6]. - The company is focusing on enhancing service experiences and meeting diverse consumer needs, which is expected to stabilize and improve overall profitability [1][6].

[Table_Title] 证券研究报告 王府井（600859.SH）24Q1 业绩点评：新项目 公司研究 爬坡影响利润，免税业务同比高增 [Table_ReportType] 点评报告 [Table_ReportDate] 2024年4月27日 [T王ab府le_井Sto（ck6A0n0d8R5a9n.kS] H） [T王ab府le井_S披um露m一ary季] 报：24 年 Q1 公司实现营收 33.08 亿元/同比-1.74%，归母 投资评级 — 2.02亿元/同比-10.86%，扣非1.93亿元/同比-13.72%，毛利率41.22%/-1.58pct， 上次评级 — 净利率6.31%/-0.6pct。 [T刘ab嘉le_仁A u社tho零r]& 美护首席分析师 收入端来看，商品消费恢复较慢，营收同比小幅下降，但免税、奥莱、购物 执业编号：S1500522110002 中心表现优秀： 联系电话：15000310173 邮 箱：liujiaren@cindasc.com 奥莱与购物中心满足体验、高性价比需求，展现较强韧性：1）24Q1奥莱实 现营收 5.88 亿元/+9.45%，毛利率 64.63%/-5 ...

Investment Rating - The report maintains a "Buy" rating for Wangfujing (600859) [1] Core Views - Wangfujing's Q1 2024 performance met expectations, with revenue of 3.308 billion yuan, a year-on-year decrease of 1.7%, and net profit attributable to the parent company of 202 million yuan, a year-on-year decrease of 10.9% [3] - The gross profit margin in Q1 was 41.2%, down 1.6 percentage points year-on-year, mainly due to the cultivation period of new projects and the impact of high-rent projects under the new leasing standards [3] - The Wanning duty-free project continues to grow, with revenue from the duty-free business reaching 120 million yuan, a year-on-year increase of 117% [3] - The company plans to repurchase shares worth 100-200 million yuan at a price not exceeding 17.50 yuan per share and will distribute a cash dividend of 227 million yuan, with a cash dividend ratio of 32% [3] - Wangfujing is expected to achieve net profit attributable to the parent company of 854 million yuan, 1.004 billion yuan, and 1.153 billion yuan in 2024-2026, with corresponding PE valuations of 18, 15, and 13 times [3] Financial Forecasts and Valuation - Revenue is expected to grow from 12.224 billion yuan in 2023 to 14.591 billion yuan in 2026, with year-on-year growth rates of 8.21%, 5.51%, and 4.54% respectively [2] - Net profit attributable to the parent company is expected to grow from 709.38 million yuan in 2023 to 1.153 billion yuan in 2026, with year-on-year growth rates of 20.40%, 17.53%, and 14.90% respectively [2] - EPS is expected to increase from 0.62 yuan in 2023 to 1.02 yuan in 2026 [2] - The P/E ratio is expected to decrease from 21.68 times in 2023 to 13.33 times in 2026 [2] Business Segments - In Q1 2024, revenue from department stores/shopping centers/outlets/supermarkets/specialty stores/duty-free businesses was 1.44 billion yuan, 670 million yuan, 590 million yuan, 80 million yuan, 380 million yuan, and 120 million yuan respectively, with year-on-year growth rates of -11%, 3.5%, 9.5%, -31%, -5%, and 117% [3] - The gross profit margins for these segments were 35%, 45%, 65%, 17%, 18%, and 18% respectively [3] Financial Position - The company's total assets are expected to increase from 41.122 billion yuan in 2023 to 44.677 billion yuan in 2026 [8] - The debt-to-asset ratio is expected to decrease from 50.30% in 2023 to 47.14% in 2026 [8] - The net cash flow from operating activities is expected to increase from 3.604 billion yuan in 2023 to 4.256 billion yuan in 2026 [9] Market Data - The closing price of Wangfujing's stock is 13.55 yuan, with a price-to-book ratio of 0.78 [5] - The total market capitalization is 15.379 billion yuan, and the circulating A-share market capitalization is 14.816 billion yuan [5] - The net asset per share is 17.38 yuan, and the total share capital is 1.135 billion shares [6]

Financial Performance - The company's operating revenue for Q1 2024 was CNY 3,308,281,586.14, representing a decrease of 1.74% compared to the same period last year[4]. - Net profit attributable to shareholders was CNY 201,839,334.73, down 10.86% year-on-year[4]. - Basic earnings per share were CNY 0.178, reflecting an 11.00% decline compared to the previous year[4]. - Operating profit for Q1 2024 was ¥316,540,092.52, compared to ¥347,789,041.80 in Q1 2023, indicating a decline of 9.0%[18]. - Net profit for Q1 2024 was ¥327,520,556.68, down from ¥359,376,176.09 in Q1 2023, representing a decrease of 8.8%[18]. - Net profit for Q1 2024 was approximately $208.68 million, a decrease of 10.3% compared to $232.59 million in Q1 2023[19]. - The total comprehensive income attributable to the parent company for Q1 2024 was approximately $201.84 million, down from $226.43 million in Q1 2023, a decline of 10.8%[19]. Cash Flow - The net cash flow from operating activities decreased significantly by 56.28%, amounting to CNY 553,835,281.39[4]. - Cash flow from operating activities for Q1 2024 was $553.84 million, significantly lower than $1.27 billion in Q1 2023, indicating a decrease of 56.4%[20]. - Cash flow from investing activities generated a net inflow of $146.73 million in Q1 2024, compared to $158.76 million in Q1 2023, a decrease of 7.6%[21]. - The company reported a net cash outflow from financing activities of approximately $460.69 million in Q1 2024, compared to a net outflow of $381.73 million in Q1 2023[21]. - The company received $50 million in borrowings during Q1 2024, down from $80 million in Q1 2023, indicating a decrease of 37.5%[21]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 41,305,311,040.38, a slight increase of 0.45% from the end of the previous year[4]. - Total assets as of Q1 2024 amounted to ¥41,305,311,040.38, an increase from ¥41,121,633,967.35 in the previous year[17]. - Total liabilities for Q1 2024 were ¥20,655,734,847.01, slightly down from ¥20,682,813,681.41 in Q1 2023[17]. - Current liabilities decreased to ¥8,348,338,533.95 in Q1 2024 from ¥8,888,705,162.93 in Q1 2023, a reduction of 6.1%[16]. - The company reported a decrease in accounts payable to ¥2,584,244,093.94 in Q1 2024 from ¥2,882,649,761.49 in Q1 2023, a decline of 10.4%[15]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 93,888[8]. - The largest shareholder, Beijing Capital Tourism Group, held 32.84% of the shares, totaling 372,776,396 shares[8]. Business Operations - The company experienced a significant reduction in cash flow from operating activities primarily due to decreased sales revenue[7]. - In Q1 2024, the company's overall operating revenue slightly decreased compared to the same period last year due to uneven recovery trends across various industries and consumption categories[11]. - The company's revenue from duty-free operations at Wangfujing International Duty-Free Port increased by 81% year-on-year, with customer traffic growing by 33%[11]. - The company is actively expanding its marketing efforts with new campaigns and collaborations, including a theme marketing event across 78 stores in 36 cities[11]. - The company is implementing a transformation strategy for its department stores to improve performance, with some stores already showing improved results[11]. Accounting Standards - The company has adopted new accounting standards effective January 1, 2024, which are not expected to have a significant impact on its financial condition or operating results[12].

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"）2024 年第一季度经营数据披露如下： 一、2024 年第一季度，公司门店变化情况 报告期内，公司大型综合零售门店数量无变化。截至本报告期末，公司在全 国七大经济区域 36 个城市共运营 78 家大型综合零售门店，总建筑面积 519.1 万 平方米。 证券代码：600859 股票名称：王府井 编号：临 2024-022 王府井集团股份有限公司 2024 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。 二、2024 年第一季度，公司新增物业情况 报告期内，公司旗下控股子公司贵阳国贸广场商贸有限公司与贵阳云岩区云 翼文化产业有限公司签署相关协议，租赁其位于贵阳市友谊路 230 号"贵州新华 印刷厂有限公司友谊路厂区"的部分房屋用于经营购物中心，项目总租赁面积 3.5 万平方米，租赁期限 15 年。根据合同签订情况，新租赁准则不会对项目利 润产生重大影响。 三、2024 ...

特此公告。 证券代码：600859 证券简称：王府井 编号：临 2024－023 王府井集团股份有限公司 王府井集团股份有限公司 2024 年 4 月 27 日 王府井集团股份有限公司（以下简称"公司"）于 2024 年 4 月 18 日召开第十一 届董事会第八次会议及第十一届监事会第八次会议，审议通过了《关于注销 2020 年 股票期权激励计划部分股票期权的议案》，同意对公司 2020 年股票期权激励计划中 合计 295.35 万份股票期权进行注销。具体内容详见公司于 2024 年 4 月 20 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 年股票期权激励计划部分股票期权的公告》 经中国证券登记结算有限责任公司上海分公司审核确认，公司已办理完成上述 295.35 万份股票期权的注销事宜。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，不会影响公司股票期权 激励计划的继续实施。 关于 2020 年股票 ...

商贸零售 | 证券研究报告 — 调整盈利预测 2024年4月25日 600859.SH 王府井 增持 奥莱业务持续领跑，分红回购彰显信心 原评级：增持 市场价格:人民币 13.07 公司发布 2023年年报。23年公司实现营收 122.24亿元，同比+13.19%；归 板块评级:强于大市 母净利润7.09亿元，同比+264.14%；扣非归母净利润6.36亿元。23年公司 业绩实现逐步恢复，提高分红回购力度彰显发展信心。展望后市，有税业务 稳健增长，免税业务逐步放量，看好双轮驱动下的业绩增长，维持增持评级。 股价表现 支撑评级的要点 8%  23年公司业务稳健恢复，扣非利润同比扭亏。23年公司实现营收122.24 (2%) 亿元，同比+13.19%，同店同比+11.19%；归母净利润 7.09 亿元，同比 (13%) +264.14%；扣非归母净利润6.36亿元。其中23Q4实现营收29.59亿元， 同比+26.80%；归母净利润 0.61 亿元，同比扭亏 2.81 亿元；扣非归母净 (23%) 利润0.46亿元，同比扭亏2.97亿元。 (33%) (43%)  奥莱业态领先增长，免税板块逐步爬坡。分业态看 ...

证券代码：600859 证券简称：王府井 编号：临 2024－021 王府井集团股份有限公司 关于股份回购事项前十名股东及前十名无限售条件股东 持股情况的公告 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。 序号 股东名称 持股数量（股） 占公司总股本 比例（%） 1 北京首都旅游集团有限责任公司 372,776,396 32.84 2 三胞集团南京投资管理有限公司 39,836,218 3.51 3 北京国有资本运营管理有限公司 36,668,575 3.23 4 北京京国瑞国企改革发展基金（有限合伙） 27,798,072 2.45 5 香港中央结算有限公司 19,908,319 1.75 6 兴业银行股份有限公司－广发睿毅领先混合型证券投资基金 16,033,759 1.41 7 北京信升创卓投资管理中心（有限合伙） 15,005,470 1.32 8 中国建设银行股份有限公司－广发价值领先混合型证券投资基金 14,126,734 1.24 9 中国人寿保险股份有限公司－传统－普通保险产品－005L－CT001 沪 12 ...