店里的产品都是老田走遍新疆一样样亲自选来的。 "店里的新疆特产总共有8000多种，日常展示的有2000多种，要不断换新。"老田说，新疆好东西非常 多，希望能把全疆各地的好产品都宣传出去，让天南海北的客人们感受到新疆的魅力。 年节里干果需求量格外大，家家户户都要摆出果盘待客。为做好消费保障，早在两个月前，老田就开始 了春节备货。为了丰富可选商品，为客人提供采购便利，老田四处"淘货"。 "好吃好玩，体验感特别好。"正值春节假期，新疆昌吉的小吃街上又迎来了人潮。来新疆旅行的重庆姑 娘张钰告诉《金融时报》记者，她在小吃街上品尝了当地美食、看了表演、体验了非遗制作，还买了一 些特产带给家人。 昌吉这条街汇集了当地各类特色美食和民族小吃，大盘鸡、干炸冷水鱼、拌面、丸子汤、黄面烤肉、各 色回民糕点应有尽有，正是冬天最冷的时候，网红油炸糕的摊位门口依然排着长队。 老田的西域臻果坊开在小吃街最北边。走进店里，和田大枣、叶城纸皮核桃、莎车巴旦木、精河枸杞、 阿图什无花果、吐鲁番"蓝宝石"葡萄干满满当当，还有驼奶粉、驴奶皂、风干牛肉、手工拉面、麻布 茶、肉苁蓉、昆仑雪菊……来自全疆各地的特色产品琳琅满目。 "春节期间，我们安排了一 ...

Company Status - The company held its second extraordinary general meeting in 2026, approving a profit distribution plan for the first three quarters of 2025, which includes a cash dividend of 0.10 yuan per share (tax included), totaling approximately 46.53 million yuan, accounting for 57.87% of the net profit attributable to shareholders for the same period [2] Business and Technical Development - Since 2025, the company has been implementing a "Fat Donglai" style self-adjustment, focusing on optimizing product structure and service experience. For instance, after the renovation of the Beijing Road store, the first-day sales reached 2.44 million yuan, a 286% increase compared to the same period in 2024. The company plans to continue expanding into blue ocean markets such as Southern Xinjiang, driven by supply chain optimization and upgraded incentive mechanisms [3] Business Progress - In 2025, the company established a strategic partnership with ByteDance's Feishu, focusing on intelligent store management and AI business empowerment. As of February 2026, the company has launched an instant retail online supermarket, which is now available on mainstream platforms such as mini-programs, Meituan Takeout, and Taobao Flash Purchase, enhancing regional penetration through a "warehouse-store integration" model. This transformation is seen as a key initiative to unlock new growth opportunities [4] Project Advancement - The company is actively laying out in the "low-altitude economy + consumption" sector, having formed a joint venture with Xinjiang General Aviation Company to promote smart logistics and low-altitude tourism. As of July 2025, related projects have entered a substantive advancement phase, aiming to address logistics challenges posed by Xinjiang's vast geography and inject new momentum for long-term development [5] Financial Status - The financial report for the first three quarters of 2025 shows that the company achieved an operating income of 1.868 billion yuan and a net profit attributable to shareholders of 80.41 million yuan, representing a year-on-year growth of 60.05%. The net cash flow from operating activities reached 282 million yuan, providing support for subsequent business expansion [6]

Investment Rating - The report gives a "Buy" rating for the company for the first time [5]. Core Views - The company is a leading commercial entity in Xinjiang, focusing on the low-altitude economy and enhancing its retail capabilities through digital transformation and supply chain optimization [2][8]. - The company has a stable business structure with supermarkets and department stores as core segments, and it is responding to consumer demand by accelerating business transformation [8][9]. - The retail industry is entering a new development phase supported by government policies aimed at boosting domestic consumption [8][48]. Financial Forecast and Investment Recommendations - The company’s revenue is projected to be 2,494 million yuan in 2023, with a growth rate of 30.8%, followed by a slight decline in 2024 to 2,409 million yuan [4]. - The net profit attributable to the parent company is expected to reach 162 million yuan in 2023, with a significant growth of 203.1% [4]. - The report forecasts earnings per share (EPS) of 0.18 yuan in 2025, 0.31 yuan in 2026, and 0.39 yuan in 2027, with a target price set at 12.09 yuan based on a 39x PE ratio for 2026 [4][8]. Company Overview - The company has been operating for 25 years, establishing itself as a leader in the Xinjiang retail market with a total of 5 shopping centers, 6 department stores, and 11 independent supermarkets, covering an area of over 1.07 million square meters [12][16]. - The company’s revenue structure shows that supermarkets contribute over 50% of total revenue, while department store revenue has decreased significantly due to changes in accounting standards [27][25]. - The management team has extensive experience in the industry, with a stable shareholding structure that supports long-term strategic planning [20][23]. Market and Policy Environment - Recent government policies have focused on enhancing domestic demand, positioning the retail sector as a key area for economic recovery [48][49]. - The company is leveraging its regional advantages and adapting to market changes by implementing AI-driven management systems and exploring low-altitude economic opportunities [8][9].

Investment Rating - The report gives a "Buy" rating for the company for the first time [5]. Core Insights - The company is a leading commercial entity in Xinjiang, focusing on the low-altitude economy and retail sector [2][8]. - The company has a stable business structure with supermarkets and department stores as core components, and it is responding to consumer demand by accelerating business transformation and enhancing supply chain management [8][9]. - The report predicts a positive trend in profitability, with expected earnings per share (EPS) of 0.18, 0.31, and 0.39 yuan for 2025, 2026, and 2027 respectively, and a target price of 12.09 yuan based on a 39 times price-to-earnings (PE) ratio for 2026 [8][9]. Financial Forecast and Investment Recommendations - The company's financial information for 2023 to 2027 shows projected revenue growth, with 2023 revenue at 2,494 million yuan, expected to decline slightly in 2024 to 2,409 million yuan, and then gradually increase to 2,746 million yuan by 2027 [4]. - Operating profit is forecasted to rise significantly from 199 million yuan in 2023 to 243 million yuan in 2027, reflecting a strong recovery in profitability [4]. - The net profit attributable to the parent company is expected to follow a similar trend, increasing from 162 million yuan in 2023 to 183 million yuan in 2027 [4]. - The report highlights a significant recovery in net profit margin, projected to rise from 2.4% in 2024 to 6.7% in 2027, indicating improved operational efficiency [4][8]. Company Overview - The company has been operating for 25 years, establishing itself as a leader in the Xinjiang retail market with a diverse portfolio including shopping centers, department stores, and supermarkets [12][16]. - As of mid-2025, the company operates 5 shopping centers, 6 department stores, and 11 independent supermarkets, covering a total area of over 1.07 million square meters [16][12]. - The company has a stable shareholding structure, with the founder maintaining significant control, which contributes to consistent management and strategic direction [20][23]. Market and Policy Environment - The retail industry is entering a new development phase supported by government policies aimed at boosting domestic consumption, with the company positioned to benefit from these trends [48][49]. - The report notes that the retail sector is a key focus for stimulating domestic demand, with expectations for improved performance as supportive policies are implemented [48][49]. - The company is also leveraging advancements in AI and low-altitude economy initiatives to enhance operational efficiency and supply chain capabilities [8][9].

国盛证券研报指出，汇嘉时代是新疆零售龙头，创新转型价值重估。公司的核心竞争优势在于其密集的 门店网络、深入的本土市场洞察以及多业态协同效应。这些优势使其在新疆地区形成了显著的规模效应 和品牌壁垒。公司积极推动超市调改和购物中心业态升级，创新性地探索"低空经济+消费"新场景，有 望打开第二增长曲线。首次覆盖给予"买入"评级。 ...

Summary of Huijia Times Conference Call Company Overview - **Company**: Huijia Times - **Industry**: Retail, specifically supermarkets and department stores Key Points and Arguments 1. **2026 Performance Outlook**: Huijia Times has shown strong performance in early 2026, with significant growth in supermarket sales and remodeled stores, benefiting from an extended sales peak due to the late Spring Festival [2][4] 2. **Store Performance**: The North Huijia store, a benchmark for the company, achieves daily sales of approximately 900,000 to 1,000,000 yuan on weekdays and up to 1,500,000 yuan on weekends, maintaining a net profit margin of around 8% and a gross margin of 22%-23% [2][7] 3. **Strategic Initiatives**: The company plans to advance its initiatives in urban renewal electricity, low-altitude economy, and overseas market expansion to enhance gross margins and drive business growth [2][4] 4. **Low-Altitude Economy**: Huijia Times is actively pursuing low-altitude economy projects, including testing drone delivery on a pilot route from Tiemenguan to Alar, aiming to promote franchise business development [2][9] 5. **Agricultural Collaboration**: The company is collaborating with the Aksu region to advance agricultural pest control services, expected to launch in 2026, leveraging existing qualifications for rapid implementation [10] 6. **Supply Chain Structure**: In the North Huijia supermarket, approximately 10% of sales come from Donglai products, with 40% supplied by Dazhang's unified supply chain and 30% from the same-source supply chain with Pang Donglai [17][18] 7. **Revenue and Profit Growth**: The company anticipates steady revenue and profit growth of around 10% in 2026, contingent on the performance of remodeled stores [4][29] 8. **Franchise Business Development**: The franchise business is in the early stages, primarily aligning with the Xinjiang Production and Construction Corps, awaiting policy changes to relax low-altitude airspace restrictions [9] 9. **Overseas Market Strategy**: The initial overseas strategy focuses on exporting supply chains rather than establishing retail stores, with plans to evaluate the feasibility of opening stores later [14][15] 10. **Real Estate Investment Trusts (REITs)**: The company is exploring opportunities related to REITs, particularly in light of new policies that simplify approval processes, aiming for larger scale and faster growth [21] Additional Important Information 1. **Consumer Demographics**: The North Huijia store primarily serves Han consumers, with a consistent product selection across stores, although specific items may vary [8] 2. **Market Position**: Huijia Times does not face competition from higher-end shopping districts in Urumqi, benefiting from a strong consumer base [26] 3. **Investment Strategy**: The company maintains a cautious approach to new industry investments, focusing on core business stability and growth [23] 4. **Store Renovation Impact**: The renovation of stores, particularly the North Huijia store, has significantly improved foot traffic and sales, contributing to overall positive performance [4][19] 5. **Future Growth Paths**: The company’s growth strategies include international expansion, store openings, and franchise development, with dedicated teams for each area [28]

Group 1: Macro Overview - The report indicates that the cyclical sector is expected to enter an expansion phase, with both cyclical and growth sectors currently in the analysts' expansion zone, resonating with the industry mainline model [3] - The report highlights that the cumulative amount of pending foreign exchange settlement funds since 2022 is approximately 1.13 trillion USD, with a weighted average exchange rate of 7.1 [2] - It is projected that the USD to RMB exchange rate will likely stabilize between 6.8 and 7.1 in 2026, with an overall upward trend but limited potential for sustained unilateral appreciation [2] Group 2: Industry Performance - The report lists the top-performing industries for January, March, and the past year, with notable performances in the oil and petrochemical sector (32.0% increase over the past year) and construction materials (42.7% increase) [1] - Conversely, the report identifies the worst-performing industries, including defense and military (-6.7% in January) and pharmaceuticals (-3.6% in January) [1] Group 3: Company Analysis - Huijia Times - Huijia Times is recognized for its competitive advantages, including a dense store network and deep local market insights, which contribute to significant scale effects and brand barriers in the Xinjiang region [6] - The company is actively upgrading its supermarket and shopping center formats and exploring innovative "low-altitude economy + consumption" scenarios, which are expected to open a second growth curve [6] - Revenue projections for Huijia Times from 2025 to 2027 are estimated at 2.422 billion, 2.557 billion, and 2.782 billion RMB, with year-on-year growth rates of 0.5%, 5.6%, and 8.8% respectively [6]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [3]. Core Insights - The company is recognized as a leading retail player in Xinjiang, benefiting from a dense store network, local market insights, and multi-format synergy, which contribute to significant scale effects and brand barriers [1]. - The company is actively transforming its supermarket and department store formats, implementing a systematic upgrade based on the "Fat Donglai model," which has shown promising results in sales growth [2]. - The company is exploring new growth avenues through low-altitude economy initiatives, partnering with local aviation companies to enhance logistics and tourism [3]. Summary by Sections 1. Xinjiang Retail Leader with Multi-format Synergy - The company has been operating in Xinjiang for over 20 years, with a diverse portfolio including shopping centers, traditional department stores, and supermarkets. As of Q3 2025, it operates 6 department stores, 5 shopping centers, and 10 independent supermarkets, covering key commercial areas [13][1]. - Xinjiang's GDP is projected to grow at an average rate of 8.71% from 2021 to 2024, significantly outpacing the national average, which positions the company to benefit from regional economic growth [17][1]. 2. Active Supermarket Transformation and Enhanced Department Store Experience - The company has initiated a comprehensive upgrade of its supermarket business, with the first batch of 8 upgraded stores completed by September 2025, resulting in a significant sales increase of 272% year-on-year for the first upgraded store [2]. - The department store transformation focuses on brand upgrades and enhancing customer experience, leading to a 24.3% increase in sales post-upgrade [2]. 3. Low-altitude Economy Initiatives for Second Growth Curve - The company has established a joint venture with a major aviation company to integrate retail and aviation logistics, focusing on low-altitude tourism and smart logistics [3]. - Strategic agreements have been signed to develop a comprehensive low-altitude ecological system, marking a significant step in expanding its business model [3]. 4. Financial Forecast - Revenue projections for 2025-2027 are estimated at 2.422 billion, 2.557 billion, and 2.782 billion yuan, with year-on-year growth rates of 0.5%, 5.6%, and 8.8% respectively. Net profit is expected to reach 0.81 billion, 1.41 billion, and 1.88 billion yuan, with growth rates of 38.2%, 74.4%, and 33.8% [3].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3] Core Insights - The company is recognized as a leading retail player in Xinjiang, leveraging its extensive store network, local market insights, and multi-format synergy to create significant scale and brand barriers. The company is actively upgrading its supermarket and shopping center formats, exploring innovative "low-altitude economy + consumption" scenarios, which are expected to unlock a second growth curve [1][3] - The company has a diversified retail presence, including shopping centers, traditional department stores, and supermarkets, with a total building area exceeding 1.06 million square meters in Xinjiang [1][13] - The economic growth in Xinjiang is robust, with an average GDP growth rate of 8.71% from 2021 to 2024, significantly outpacing the national average. The retail sales in Xinjiang are projected to grow from CNY 358.5 billion in 2021 to CNY 392.6 billion in 2024, indicating a favorable environment for the company's growth [1][17] Summary by Sections 1. Xinjiang Retail Leader with Multi-format Synergy - The company has been deeply rooted in the Xinjiang market for over 20 years, becoming one of the largest retail chains in the region. It operates 6 department stores, 5 shopping centers, and 10 independent supermarkets [1][13] - The company has experienced revenue and profit improvements, with a significant recovery in 2023, achieving a revenue of CNY 2.494 billion, a year-on-year increase of 30.76%, and a net profit of CNY 162 million, marking a turnaround from losses [25] 2. Active Supermarket Transformation and Enhanced Department Store Experience - The company has initiated a comprehensive upgrade of its supermarket business, adopting the "Fat Donglai model" to enhance product structure, service experience, and employee benefits. The first upgraded store achieved sales of CNY 17.32 million in its opening week, a 272% year-on-year increase [2] - The department store transformation focuses on brand upgrades and experience enhancement, leading to increased foot traffic and sales, with a 24.3% year-on-year increase in department store sales following supermarket upgrades [2] 3. Low-altitude Economy Layout for Second Growth Curve - The company has established a joint venture with a state-owned enterprise to develop low-altitude tourism, smart logistics, and ecological governance, marking a significant step in advancing its low-altitude economy initiatives [3] 4. Financial Forecast - The company is projected to achieve revenues of CNY 2.422 billion, CNY 2.557 billion, and CNY 2.782 billion for 2025, 2026, and 2027, respectively, with corresponding net profits of CNY 81 million, CNY 141 million, and CNY 188 million, indicating a positive growth trajectory [3][5]

潘锦海 ■董事长专访 为"消费新场景"插上"无人机翅膀" 汇嘉时代实控人潘锦海解锁增长新曲线 ◎记者 于瑶 作为商贸零售龙头企业，汇嘉时代通过"胖改"升级、全业态数智化转型、打造"低空+百货"新生态等措 施，积极探寻回归商业本质、系统化提升商品力的可靠路径。近日，上海证券报记者实地走访汇嘉时 代，与公司实控人潘锦海面对面，探讨汇嘉时代如何聚焦提高品质这个根本，通过创新供给、拓展场景 撬动消费增量，解锁公司未来增长的新曲线。 "胖改"好上更好 汇嘉时代旗下有6家百货商场、5家购物中心及10家独立超市，受托管理2家购物中心及1家百货商场，门 店建筑总面积逾106万平方米，是新疆零售行业的龙头企业，也是当地最大的连锁超市企业。 2025年6月，汇嘉时代启动超市业态"学习胖东来式"全面调改，围绕提升商品力，主动淘汰三、四线低 效商品，保留一线品牌与优选特色品牌，引入新品、应季商品与1万种爆款畅销单品，补充时尚商品品 类达到胖东来商品结构90%以上。为改善消费者体验，在超市内取消强制动线、拓宽卖场通道，保障购 物流畅性。另外，优化采购渠道，过滤中间环节，实现"价格与品质并重"。 消费者在汇嘉时代乌鲁木齐北京路购物中心超 ...