证券代码：603682 证券简称：锦和商管 公告编号：2026-016 重要内容提示： 每股分配比例 A 股每股现金红利0.22元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2026/4/7 | － | 2026/4/8 | 2026/4/8 | 差异化分红送转： 否 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2026 年 3 月 20 日的2025年年度股东会审议通过。 上海锦和商业经营管理（集团）股份有限公司 2025年年度权益分派实施公告 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。 四、 分配实施办法 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本472,500,000.00股为基数，每股派发现金红利 ...

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 北京国枫律师事务所 国枫律股字[2026]A0084 号 致：上海锦和商业经营管理（集团）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，指派律师出 席并见证贵公司 2025 年年度股东会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》 （以下简称"《股东会规则》"）、《律师事务所从事证券法律业务管理办法》 （以下简称"《证券法律业务管理办法》"）、《律师事务所证券法律业务执业 规则（试行）》（以下简称"《证券法律业务执业规则》"）等相关法律、行政 法规、规章、规范性文件及《上海锦和商业经营管理（集团）股份有限公司章程》 （以下简称"《公司章程》"）的规定，就本次会议的召集与召开程序、召集人 资格、出席会议人员资格、会议表决程序及表决结果等事宜，出具本法律意见书。 对本法律意见书的出具，本所律师特作如 ...

上海锦和商业经营管理（集团）股份有限公司 2025年年度股东会决议公告 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 证券代码：603682 证券简称：锦和商管 公告编号：2026-015 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 132 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 283,004,768 | | 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 | 59.8951 | | 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，会议主持情况等。 本次股东会由董事会召集，根据相关法律法规及《公司章程》的规定，由董 (一) 股东会召开的时间：2026 年 3 月 20 日 (二) 股东会召开的地点：上海市徐汇区虹漕路 68 号锦和中心 18 楼，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： 事长郁敏珺女士主持本次股东会。本次会议采 ...

上海锦和商业经营管理（集团）股份有限公司 2025 年年度股东会会议资料 上海锦和商业经营管理（集团）股份有限公司 2025 年年度股东会 会议资料 2026 年 3 月 1 时间：2026 年 3 月 20 日 14:30 地点：上海市徐汇区虹漕路 68 号锦和中心 18 楼 3、网络投票的系统、起止日期和投票时间 | | | 上海锦和商业经营管理（集团）股份有限公司 2025 年年度股东会会议资料 一、2025 年年度股东会召开方式、时间及地点 1、会议召开方式 本次股东会所采用的方式是现场会议投票和网络投票相结合的方式。 2、现场会议召开的时间、地点 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自 2026 年 3 月 20 日 至 2026 年 3 月 20 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联 网投票平台的投票时间为股东会召开当日的 9:15-15:00。 二、2025 年年度股东会登记方式及投票注意事项 （一）会议登记方式 1、登记手续 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - Key policy points from the Two Sessions include: 1) issuance of 250 billion yuan in ultra-long special government bonds to support the replacement of consumer goods; 2) establishment of a 100 billion yuan fiscal-financial collaboration fund to promote domestic demand through loan interest subsidies and financing guarantees; 3) implementation of actions to enhance service consumption and create new consumption scenarios to stimulate consumption in lower-tier markets. The impact on the commercial sector is expected to be positive in the short term due to the replacement policy driving demand for durable consumer goods, benefiting retail, home appliance chains, and brand distributors with channel advantages. In the medium to long term, the upgrade of service supply and new consumption trends will become new growth points, pushing the commercial sector towards a "goods + services" model. The policy implementation is likely to favor leading companies with supply chain integration and digital operation capabilities, indicating a potential improvement in industry concentration [1][13]. Industry Data Tracking - GMV performance: In the fourth week of January, the overall GMV of Tmall and JD.com increased by 81.52% year-on-year, likely related to the timing of the New Year goods festival. The top five categories in terms of growth were automotive and bicycles, home decoration, books and audio-visual products, watches, and outdoor sports [3][23]. - Hotel performance: In the 9th week of 2026, the national hotel RevPAR increased by 6.0% year-on-year, with an occupancy rate of 55.1%, a slight decline of 1.8 percentage points year-on-year. The ADR and RevPAR were 198.3 yuan and 109.2 yuan, respectively, showing year-on-year growth of 9.5% and 6.0% [2][19]. Market Review - In the week from March 2 to March 6, 2026, the Shanghai Composite Index, Shenzhen Component Index, CSI 300, Hang Seng Index, and Hang Seng Tech Index decreased by -0.93%, -2.22%, -1.07%, -3.28%, and -3.70%, respectively. The commercial retail sector saw a decline of -3.91%, ranking 8th among the nine major consumption sectors. Notable stock performances included Su Mei Da and He Mei Group with significant gains, while Jin He Commercial Management and others experienced notable declines [4][28][30]. Investment Recommendations - Gold and jewelry: The report suggests a continued recommendation for brands like Lao Pu Gold, which has seen consumer acceptance of price increases better than expected, with a potential for margin optimization. The brand's strong performance is validated by high customer traffic in major cities post-price adjustment. For Chao Hong Ji, new product launches are expected to strengthen the franchise model, with a focus on improving profitability through increased self-production and optimized product structure [6][37]. - The report also recommends focusing on retail companies like Yonghui Supermarket, which is transitioning to a selective retail model, leveraging its strong fresh produce sales and operational experience to create a competitive advantage [6][38].

Group 1 - The core viewpoint of the article is that Jinhe Business Management (603682.SH) reported a decline in revenue and a significant net loss for the year 2025 [1] Group 2 - The company achieved an operating income of 947 million yuan, representing a year-on-year decrease of 6.09% [1] - The net loss attributable to shareholders of the listed company was 119 million yuan [1] - The net loss attributable to shareholders after deducting non-recurring gains and losses was 218 million yuan [1] - The basic loss per share was 0.25 yuan [1]

Core Insights - The company reported a revenue of 947 million yuan for 2025, representing a year-on-year decline of 6.09% [1] - The net profit attributable to shareholders was -119 million yuan, a significant decrease of 905.66% year-on-year [1] - The basic earnings per share were -0.25 yuan [1] Financial Performance - The company's gross profit margin for 2025 was 24.04%, down by 1.78 percentage points year-on-year [2] - The net profit margin was -18.31%, a decline of 17.95 percentage points compared to the previous year [2] - In Q4 2025, the gross profit margin was 23.78%, showing a year-on-year increase of 3.24 percentage points but a quarter-on-quarter decrease of 2.07 percentage points [2] - The net profit margin for Q4 was -115.16%, down 102.97 percentage points year-on-year and 118.66 percentage points quarter-on-quarter [2] Cost Management - Total operating expenses for the year were 254 million yuan, a decrease of 60.41 million yuan from the previous year [2] - The operating expense ratio was 26.81%, down by 4.36 percentage points year-on-year [2] - Sales expenses decreased by 20.42%, management expenses by 31.92%, R&D expenses by 1.59%, and financial expenses by 13.57% [2] Shareholder Information - As of the end of 2025, the total number of shareholders was 18,400, an increase of 218 from the previous quarter, representing a growth of 1.20% [2] - The average market value of shares held per shareholder increased from 149,700 yuan to 168,900 yuan, a rise of 12.86% [2] Company Overview - Shanghai Jinheng Commercial Management (Group) Co., Ltd. is located at 68 Hongcao Road, Xuhui District, Shanghai, and was established on May 9, 2007 [3] - The company was listed on April 21, 2020, and its main business involves the positioning design, renovation, leasing, operation, and service of old urban properties and inefficient commercial properties [3] - The revenue composition is 74.83% from leasing and 25.17% from property services and other sources [3]

Group 1 - The company, Jinhe Business Management, announced that it will hold a performance and cash dividend briefing for the year 2025 on March 27, 2026, from 14:00 to 15:00 at the Shanghai Stock Exchange Roadshow Center [1] - Investors can submit questions in advance from March 23 to March 26, 2026, by 16:00 through the Shanghai Stock Exchange Roadshow Center or the company's email, and company executives will respond to market concerns online [1]

Core Viewpoint - The company announced the reappointment of Lixin Certified Public Accountants as the auditing firm for its financial reports and internal control for the year 2026, pending approval from the shareholders' meeting [1] Group 1 - The fifth board of directors' fourteenth meeting approved the proposal to reappoint the auditing firm [1] - The appointment is for a duration of one year [1] - The decision is subject to shareholder approval [1]

Group 1 - The company announced a provision for asset impairment losses totaling approximately 266 million yuan to reflect its financial status and operational results accurately [1] - The impairment losses will impact the company's consolidated profit before tax for 2025 by approximately -266 million yuan [1] Group 2 - The announcement comes in the context of a broader market trend where Chinese AI usage has surpassed that of the United States, leading to significant stock market reactions [1]