| 证券代码：601366 | 证券简称：利群股份 | 公告编号：2026-007 | | --- | --- | --- | | 债券代码：113033 | 债券简称：利群转债 | | 利群商业集团股份有限公司 关于"利群转债"到期兑付暨摘牌的公告 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。 重要内容提示： 证券停复牌情况：适用 因"利群转债"到期兑付暨摘牌,本公司的相关证券停复牌情况如下： 1 可转债到期日/兑付登记日：2026 年 3 月 31 日 兑付本息金额：110 元人民币/张（含税） 兑付资金发放日：2026 年 4 月 1 日 可转债摘牌日：2026 年 4 月 1 日 可转债最后交易日：2026 年 3 月 26 日 可转债最后转股日：2026 年 3 月 31 日 简称"利群转债"，债券代码"113033"。 根据《上市公司证券发行管理办法》、《上海证券交易所股票上市规则》及《利 群商业集团股份有限公司公开发行可转换公司债券募集说明书》，现将"利群转债" 到期兑付摘牌事项公告如下： 一、兑付方案 本次发 ...

Group 1 - The article discusses a fire incident at a wholly-owned subsidiary of Kaitian New Materials, which has been ordered to suspend production [1] - The article mentions the subscription of new shares for companies such as Puang Medical and Zuxing New Materials listed on the Beijing Stock Exchange [1] - It provides a list of convertible bonds, including their current prices, redemption prices, last trading dates, and conversion values [4][5][7] Group 2 - The article highlights that Yongji Co., the controlling shareholder, plans to reduce its stake by no more than 2% [5] - It notes that Lidong New Materials intends to invest 280 million yuan to expand its battery aluminum foil project [5] - The article states that the Zhongte convertible bond will not undergo a reset [5]

| 证券代码：601366 | 证券简称：利群股份 | 公告编号：2026-006 | | --- | --- | --- | | 债券代码：113033 | 债券简称：利群转债 | | 利群商业集团股份有限公司 关于"利群转债"到期兑付暨摘牌的第三次提示性公告 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个别及连带责任。 重要内容提示： 在停止交易后、转股期结束前（即 2026 年 3 月 27 日至 2026 年 3 月 31 日），"利群转债"持有人仍可以依据约定的条件将"利群转债"转换为公司股票。 根据《上海证券交易所股票上市规则》等规定，"利群转债"将于 2026 年 3 月 27 日开始停止交易，3 月 26 日为"利群转债"最后交易日。 在停止交易后、转股期结束前（即 2026 年 3 月 27 日至 2026 年 3 月 31 日）， "利群转债"持有人仍可以依据《募集说明书》约定的条件将"利群转债"转换 为公司股票。"利群转债"当前转股价格为 4.84 元/股，请投资者注意转股可能 存在的风险。 三、兑付债券登记日（ ...

| 证券代码：601366 | 证券简称：利群股份 | 公告编号：2026-005 | | --- | --- | --- | | 债券代码：113033 | 债券简称：利群转债 | | 利群商业集团股份有限公司 关于"利群转债"到期兑付暨摘牌的第二次提示性公告 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个别及连带责任。 根据《上海证券交易所股票上市规则》等规定，"利群转债"将于 2026 年 3 月 27 日开始停止交易，3 月 26 日为"利群转债"最后交易日。 在停止交易后、转股期结束前（即 2026 年 3 月 27 日至 2026 年 3 月 31 日）， "利群转债"持有人仍可以依据《募集说明书》约定的条件将"利群转债"转换 为公司股票。"利群转债"当前转股价格为 4.84 元/股，请投资者注意转股可能 存在的风险。 重要内容提示： 在停止交易后、转股期结束前（即 2026 年 3 月 27 日至 2026 年 3 月 31 日），"利群转债"持有人仍可以依据约定的条件将"利群转债"转换为公司股票。 根据中国证券监督管理 ...

Core Viewpoint - The announcement details the maturity and redemption of the "Li Qun Convertible Bonds" (利群转债), including key dates and financial terms related to the bond's redemption process [1][2][4]. Group 1: Redemption Details - The maturity date and redemption registration date for the "Li Qun Convertible Bonds" is March 31, 2026 [2][4]. - The redemption price for the bonds will be 110% of the face value, amounting to 110 RMB per bond (including the last interest payment) [2][5]. - The funds for the redemption will be transferred to the bondholders' accounts through the custodian broker by the China Securities Depository and Clearing Corporation Limited, Shanghai Branch [6]. Group 2: Trading and Conversion Information - The last trading day for the "Li Qun Convertible Bonds" is March 26, 2026, with trading ceasing on March 27, 2026 [3][6]. - Bondholders can still convert their bonds into company shares from March 27 to March 31, 2026, at a conversion price of 4.84 RMB per share [3][4]. - The bonds will be delisted from the Shanghai Stock Exchange on April 1, 2026 [6].

| 证券代码：601366 | 证券简称：利群股份 | 公告编号：2026-004 | | --- | --- | --- | | 债券代码：113033 | 债券简称：利群转债 | | 利群商业集团股份有限公司 关于"利群转债"到期兑付暨摘牌的第一次提示性公告 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个别及连带责任。 重要内容提示： 在停止交易后、转股期结束前（即 2026 年 3 月 27 日至 2026 年 3 月 31 日），"利群转债"持有人仍可以依据约定的条件将"利群转债"转换为公司股票。 根据中国证券监督管理委员会《关于核准利群商业集团股份有限公司公开发 行可转换公司债券的批复》（证监许可[2020]044号）核准，利群商业集团股份 有限公司（以下简称"利群股份"、"公司"）于2020年4月1日公开发行了1,800 万张可转换公司债券，每张面值100元，发行总额180,000万元，期限6年。经上 海证券交易所同意，公司可转债于2020年4月21日起在上海证券交易所挂牌交易， 债券简称"利群转债"，债券代码"11303 ...

Core Viewpoint - The company announces the maturity and redemption of the "Liqun Convertible Bonds," which were issued in 2020 for 1.8 billion yuan with a six-year term [1] Group 1: Bond Details - The company will redeem the outstanding bonds at 110% of their face value upon maturity [1] - The last trading day for the bonds is set for March 26, 2026, with the maturity and redemption registration date on March 31, 2026 [1] - The total redemption amount will be 110 yuan per bond (including tax), with funds to be disbursed on April 1, 2026 [1] Group 2: Conversion and Trading - From March 27 to March 31, bondholders will still have the option to convert their bonds into shares [1] - The current conversion price is set at 4.84 yuan per share [1]

Core Insights - The retail commercial property market in 2025 is undergoing a profound structural adjustment due to macroeconomic headwinds and changing consumer habits, leading to varied survival scenarios among companies with different backgrounds and strategies [3][30] Group 1: Hong Kong Property Companies - Sun Hung Kai Properties remains the "rental king," recording net rental income of HKD 18.392 billion for the fiscal year 2025, demonstrating strong resilience [4][31] - The company maintains a high mall occupancy rate of 95% in Hong Kong by introducing popular mainland brands and optimizing public spaces [4][31] - Swire Properties reported a 20% year-on-year revenue increase in the first half of 2025, with retail sales in mainland China up 70% compared to 2019, but faced significant market differentiation [7][34] - Hang Lung Properties experienced mixed results, with overall income stable but significant city-level disparities, prompting a shift to more refined operational strategies [9][36] - Link REIT adopts a pragmatic approach to stabilize its operations amid structural changes in consumer behavior, enhancing its asset portfolio in Hong Kong and mainland China [11][38] - Kerry Properties shows financial discipline with a 22% drop in net profit but maintains a controlled debt ratio of 40% [13][40] - Shui On Land's resilience heavily relies on its Shanghai projects, which contribute 78% of rental income, highlighting the challenges in its national expansion [16][43] Group 2: Mainland Property Companies - Longfor Properties is focusing on revitalizing older projects, reducing interest-bearing debt by HKD 60 billion over three and a half years, and achieving a historical low financing cost of 3.58% [20][45] - China Resources' commercial segment reported a revenue of CNY 3.267 billion, a 14.6% increase, with a gross margin of 66.1% [21][48] - The average opening rate of new projects in the first half of 2025 exceeded 91%, with significant retail sales growth from third-party managed projects [22][49] Group 3: Regional Leaders - Hisense Plaza in Qingdao has maintained its status as Shandong's top luxury venue for 28 years, achieving annual sales exceeding CNY 6 billion [26][51] - Lihua Group represents a different path in regional commerce with its "department store + supermarket" model, facing challenges in national expansion and declining performance since 2019 [28][53]

Performance Overview - The company announced a profit warning on January 30, 2026, expecting a net loss attributable to shareholders of between 285 million and 350 million yuan for 2025, marking a shift from profit to loss year-on-year [1] - The non-recurring net profit is projected to be a loss of between 280 million and 345 million yuan, primarily impacted by macroeconomic conditions, industry competition, store closures, and business integration [1] Business Developments - In 2025, the company closed 9 unprofitable stores, incurring asset disposal losses and compensation costs of approximately 30 million yuan, while also advancing adjustments in department store and shopping center operations, focusing on supply chain efficiency improvements [2] - The effectiveness of these adjustments, particularly in terms of revenue and gross margin improvement, will be important to monitor [2] Management Changes - In 2025, Xu Ruize took over as chairman, marking the beginning of a "young leadership era," with the new team driving innovation in business formats and cost control [3] - The progress of future strategies, such as digitalization and the cultivation of new business areas (e.g., food industry sector), may influence long-term performance [3] Convertible Bonds - As of December 31, 2025, approximately 7.789 billion yuan of "Liqin Convertible Bonds" have been converted into shares, accounting for 18.64% of the total share capital before conversion, with an unconverted balance of about 1.021 billion yuan (56.73% of the total issuance) [4] - The conversion may lead to ongoing changes in the equity structure [4] Company Status - According to the Huazheng Index rating on October 31, 2025, the company's ESG rating is B, ranking 6th in the multi-format retail industry, with a low score in the environmental (E) category (CCC level), while governance (G) and social (S) aspects perform steadily (BBB level) [5] - ESG factors are increasingly gaining market attention, which may influence institutional investment decisions [5] Stock Price Volatility - The company's stock price has experienced significant fluctuations, such as in December 2025 due to unusual announcements, but there have been no new major event announcements [6]

Financial Performance - The company expects a net profit loss of between -285 million to -350 million yuan for the year 2025, compared to a profit of 27.24 million yuan in the previous year, indicating a significant downturn [3]. - Revenue is projected to decline by approximately 8.70% year-on-year, primarily due to macroeconomic conditions, intensified industry competition, and the closure of nine loss-making stores, which incurred asset disposal losses and compensation costs of about 30 million yuan [3]. - The company reported a decrease in gross profit of approximately 260 million yuan during the reporting period, contributing to the overall loss [3]. - Tax and additional fees increased by about 41 million yuan compared to the same period last year, further impacting financial performance [3]. Strategic Initiatives - The company plans to enhance supply chain operational efficiency and improve long-term competitiveness of stores as part of its strategic response to market changes [3]. - The company aims to optimize its operational structure, accelerate store adjustments, and introduce new product categories and business formats to create diverse consumer spaces [5]. Future Outlook - Future cash flow is expected to improve during the upcoming Spring Festival season, supported by stable financing channels and existing capital reserves [5]. - The credit rating agency has assigned a stable outlook with an individual credit rating of AA and a corporate credit rating of AA for the company [4]. - The company is under continuous observation for its operational performance, which may affect its management, business development, financial status, and credit quality [5].