Investment Rating - The report maintains a rating of "Outperform the Market" for the industry [3]. Core Insights - The industry fundamentals are expected to remain under pressure in 2024, with most sectors and companies still significantly affected by macroeconomic factors. However, a number of companies are emerging that are successfully navigating the challenges of consumer downgrade by upgrading from categories to quality and then to brand [1][2]. - The report highlights that companies with strong brand attributes are likely to continue outperforming as the market transitions from price-performance to quality-price comparisons [2]. Summary by Sections 1. Duty-Free Sector - The duty-free sales in Hainan are gradually stabilizing, with the implementation of the Hainan closure policy expected to benefit the duty-free sector. The market is seeing improvements in channel and supply chain capabilities, leading to a stable outlook for profitability [2][49]. - Key companies to watch include China Duty Free Group and Wangfujing [2]. 2. Tourism and Gaming - The tourism sector shows strong resilience in demand, becoming a crucial driver for domestic consumption. The recovery in inbound and outbound travel is significant, with a focus on new consumption scenarios and the silver-haired tourism market [2][3]. - Recommended companies include Jiuhua Tourism, Lingnan Holdings, and Sands China [2]. 3. Hotel Industry - The hotel sector is experiencing weak business travel demand, leading to pressure on RevPAR. However, leisure demand remains resilient, and leading companies are enhancing profitability through brand matrix validation and supply chain optimization [3][72]. - Companies to focus on include Huazhu Group, Atour, and Jinjiang Hotels [3]. 4. Restaurant Sector - Leading restaurant companies are demonstrating strong supply chain negotiation and profitability advantages. The overall supply in the restaurant industry is optimizing, with a competitive trend in price-performance [3][7]. - Notable companies include Mixue Ice City, KFC, and Haidilao [3][7]. 5. Cosmetics and Medical Aesthetics - The cosmetics sector is seeing a shift in focus towards profitability, with companies restructuring their product and channel strategies. High-growth companies are expected to achieve both revenue and profit increases [7][23]. - Key players include Juzhibio, Shumei, and Marubi [7][23]. 6. General Retail - The retail sector is undergoing digital upgrades and operational adjustments, with a focus on essential demand and cash flow stability. Companies like Yonghui Supermarket and Multi-Point Intelligence are recommended [8][30]. - The report also highlights the ongoing challenges in the jewelry sector due to rising gold prices [8][30]. 7. Overall Market Performance - The consumer services sector is expected to face challenges, with a projected performance of -8.70% in 2024. However, the beauty and personal care sector is anticipated to recover with a growth of +8.15% in 2025 [11][19].

Group 1 - The Xinjiang consumption market showed strong supply and demand during the recent "May Day" holiday, with monitored retail and catering enterprises achieving sales of 360 million yuan, a year-on-year increase of 7.9% [1] - Huijia Times, a leading retail enterprise in Xinjiang, experienced a peak in customer flow during the holiday, with 25 stores across 10 cities achieving sales exceeding 100 million yuan, and overall supermarket sales increasing by 9.8% year-on-year [1] - The company organized over 150 themed marketing activities and collaborated with more than 50 brands to create a diverse consumer experience [1] Group 2 - Various regional stores integrated national trends and family entertainment, hosting events like children's theater and cultural exhibitions to enhance consumer engagement [2] - The Karamay shopping center supermarket capitalized on the young economy with e-sports and live streaming events, resulting in a year-on-year sales increase of 37.4% and a 23.7% rise in average transaction value [2] - Several supermarkets reported significant growth in gross profit and daily customer flow, with some stores seeing increases of over 20% in daily customer flow compared to the previous year [3] Group 3 - Huijia Times is implementing a combination strategy of government subsidies, brand discounts, and live streaming coupons to stimulate consumer potential [3] - The company is focusing on cultural experiences and community engagement through various activities, enhancing the commercial value and humanistic care within the shopping environment [3] - A strategic partnership was signed with ByteDance's Feishu to develop a "low-altitude economy + consumption" model, aiming to drive digital upgrades in traditional retail and explore new connections between aviation and commercial operations [4]

公司董事会对师银郎女士在任职期间为公司发展所做的贡献表示衷心感谢。 证券代码：603101 证券简称：汇嘉时代 公告编号：2025-020 新疆汇嘉时代百货股份有限公司 关于董事、高级管理人员辞职的公告 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个别及连带责任。 新疆汇嘉时代百货股份有限公司（以下简称"公司"）董事会近日收到公司 董事、副总经理师银郎女士的书面辞职报告，师银郎女士因个人原因，申请辞去 公司董事、副总经理职务，辞职后不再担任公司任何职务。 根据《公司法》《公司章程》及有关法律法规的规定，师银郎女士的辞职报 告自送达董事会之日起生效。师银郎女士的辞职不会导致公司董事会人数低于法 定最低人数，不会影响董事会正常运行，亦不会影响公司经营管理工作的正常运 营。 特此公告。 新疆汇嘉时代百货股份有限公司 董事会 2025 年 5 月 7 日 1 ...

Group 1 - The company held a shareholder meeting on April 29, 2025, in Urumqi, where all resolutions were approved without any objections [2][3][4] - The meeting was chaired by the company's chairman, Mr. Pan Dingrui, and followed the voting procedures as per the Company Law and Articles of Association [2][4] - All current directors and supervisors attended the meeting, with a total of 9 directors and 3 supervisors present [4][5] Group 2 - The following reports were approved during the meeting: 2024 Board Work Report, 2024 Supervisory Board Work Report, and 2024 Financial Settlement Report [3][5] - The 2025 Financial Budget Report and the 2024 Profit Distribution Plan were also approved [5] - A resolution regarding the confirmation of 2024 related party transactions and the expected related party transactions for 2025 was passed [5] Group 3 - The company applied for an annual comprehensive credit limit from the bank, which was approved during the meeting [5] - The meeting was witnessed by Beijing Guofeng Law Firm, confirming that all procedures complied with legal and regulatory requirements [5]

Core Viewpoint - The company is actively adapting to changing consumer behaviors and market conditions, focusing on enhancing profitability while expanding its market presence through strategic partnerships and innovative sales channels [1][2][3][4][5][6] Group 1: Financial Performance - As of April 25, 2025, the company's stock price increased by 1.71% to 7.72 yuan, with a total market capitalization of 3.556 billion yuan [1] - In Q1 2025, the company's net profit attributable to shareholders surged by 50.53% year-on-year, with a net profit excluding non-recurring items increasing by 47.01% [5][6] - The supermarket segment's gross profit increased by 35% year-on-year, with a gross margin improvement of 3 percentage points [5] Group 2: Strategic Partnerships and Initiatives - The company signed a cooperation agreement with Xinjiang General Aviation Co., Ltd. to develop the low-altitude economy, focusing on customized agriculture, low-altitude logistics, and rural tourism [2] - The company is participating in the national "old for new" consumption policy, achieving sales of approximately 25 million yuan in related categories, representing a nearly 150% year-on-year growth [4] Group 3: Market Expansion and Consumer Engagement - The company is enhancing its online presence through platforms like Xiaohongshu and Douyin, establishing a self-operated live streaming matrix to improve customer engagement and experience [4] - In 2024, the company introduced 27 new brands to Xinjiang and modified 723 existing brands, focusing on creating unique consumer experiences [3] - The company aims to optimize its supply chain by joining the Henan retail brand Dazhang Group's shared warehouse initiative, which has led to significant operational cost reductions [5][6] Group 4: Future Growth Plans - The company plans to prioritize the management model for new store openings, leveraging its operational expertise to enhance brand influence and achieve mutual benefits [6] - The company is targeting densely populated areas with favorable consumption environments for its supermarket expansion, aiming to increase market share and competitive strength [6]

证券代码：603101 证券简称：汇嘉时代 公告编号：2025-019 新疆汇嘉时代百货股份有限公司 2024年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、会议召开和出席情况 （一）股东大会召开的时间：2025 年 4 月 29 日 （二）股东大会召开的地点：乌鲁木齐市天山区前进街 58 号公司会议室 （三）出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1.出席会议的股东和代理人人数 | 7 | | --- | --- | | 2.出席会议的股东所持有表决权的股份总数（股） | 269,057,262 | | 3.出席会议的股东所持有表决权股份数占公司有表决权股 | 57.8198 | | 份总数的比例（%） | | （四）表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况 等。 本次股东大会由公司董事会召集，公司董事长潘丁睿先生主持，大会采取现 场投票与网络投票相结合的方式进行表决，本次会议的召集、召开和表决符合《公 1 ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 1．本所律师仅就本次会议的召集与召开程序、召集人和出席现场会议人员资格、 会议表决程序及表决结果的合法性发表意见，不对本次会议所审议的议案内容及该等议 案所表述的事实或数据的真实性、准确性和完整性发表意见； 2．本所律师无法对网络投票过程进行见证，参与本次会议网络投票的股东资格、 网络投票结果均由相应的证券交易所交易系统和互联网投票系统予以认证； 1 3．本所及经办律师依据《证券法》《证券法律业务管理办法》《证券法律业务执 业规则》等规定及本法律意见书出具日以前已经发生或者存在的事实，严格履行了法定 职责，遵循了勤勉尽责和诚实信用原则，进行了充分的核查验证，保证本法律意见所认 定的事实真实、准确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误导 性陈述或者重大遗漏，并承担相应法律责任； 法律意见书 国枫律股字[2025]A0140 号 致：新疆汇嘉时代百货股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师 ...

Group 1 - The event organized by Xinjiang Securities and Futures Association aimed to enhance communication between listed companies and investors, focusing on investor rights protection and relationship management [1][2] - Huijia Times, a local enterprise in Xinjiang, is committed to providing high-quality products and services while responding to national calls for expanding domestic demand and stabilizing foreign trade [1][2] - The company plans to improve supply chain efficiency by 30% by adopting the "Fat Donglai" model and expects a 50% year-on-year increase in net profit in the first quarter of 2025 [1][2] Group 2 - The company emphasizes the importance of the "Belt and Road" initiative and aims to leverage innovation to unlock commercial potential and contribute to regional development [2] - The management provided insights into the company's 2024 performance, development strategy, and shareholder return plans, including dividend policies [2][3] - In 2024, listed companies in the region responded to 9,105 investor inquiries with an average response rate of 94.81%, demonstrating a commitment to transparency and shareholder engagement [3] Group 3 - Huijia Times is recognized as a leader in the Xinjiang retail sector, focusing on digital transformation, low-altitude economy, and supply chain upgrades [3] - The company is committed to ESG practices, promoting green consumption and sustainable supply chains to create long-term value [3] - The association will continue to conduct investor education activities to enhance dividend policies and improve information disclosure quality for the protection of minority investors' rights [3]

为贯彻证监会新"国九条"要求，响应新疆资本市场贯彻"以人民为中心"发展思想，切实保护投资者合法 权益，提升上市公司投资者关系管理水平，进一步加强上市公司与投资者、机构之间的深度沟通与交 流。4月25日下午，在新疆证监局的指导下，新疆上市公司协会联合新疆证券期货业协会组织证券经营 机构、中小投资者及媒体代表走进新疆零售消费行业龙头企业汇嘉时代（603101），开展"走进上市公 司"系列活动。 在走访过程中，新疆证券期货业协会副会长刘层层表示，资本市场改革深化之际，投资者保护与上市公 司高质量发展成为行业使命。此次活动搭建沟通桥梁，汇聚智慧、凝聚共识，架设信任纽带，既增强投 资者对上市公司了解、引导理性决策，又助力上市公司倾听声音、优化治理。作为行业自律组织，协会 将继续通过多种形式深化投教，构建常态化机制，依托"监管-机构-企业-投资者"四方协同机制，打造信 任纽带，为新疆资本市场高质量发展增添动能。 据了解，汇嘉时代扎根新疆百货零售行业20余年以来，在新疆地区已完成10城25店布局，商业面积突破 107万平方米，拥有百万级活跃会员与优质供应商资源。据此前2024年报披露，报告期公司实现营业收 入24.09亿元 ...

4月23日晚间，新疆商贸零售龙头汇嘉时代（603101）披露2025年一季报，报告期内，公司实现归属于 上市公司股东的净利润5686.76万元，同比大涨50.53%，归属于上市公司股东的扣除非经常性损益的净 利润5379.63万元，同比涨幅达47.01%，基本每股收益从0.0803元增长至0.1209元，增幅达50.56%。 值得关注的是，2025年汇嘉时代加快投身低空经济建设，继续探索"低空经济+消费"应用场景。官方微 信公众号显示，1月16日，由汇嘉时代和兵团国有全资公司新疆通用航空有限责任公司共同发起成立的 新疆通航汇嘉低空科技有限公司（下简称"通航汇嘉"）正式揭牌成立。双方将发挥各自优势，在定制农 业、低空物流、乡村旅游等领域开展深度合作。在揭牌仪式上，通航汇嘉已经与兵团第六师、第七师、 第八师、第十一师签订供销协议，与18家兵团百强农工专业合作社达成深度合作，并与保亭商联签订了 价值15亿元的采购合作协议。接下来，公司将以汇嘉通航为运营主体推动低空经济业务的开展，通 过"消费+低空经济"新模式的探索与实践，促进低空产业与商业经济的融合发展，巩固和扩大公司的区 域龙头地位。 在零售行业竞争日益激烈的当 ...