Core Viewpoint - Jinhe Commercial Management has experienced a significant decline in stock price, with a year-to-date drop of 20.94% and a recent 5-day decline of 8.45% [1] Group 1: Stock Performance - As of September 23, Jinhe Commercial Management's stock price is 5.74 CNY per share, with a market capitalization of 2.712 billion CNY [1] - The company has appeared on the trading leaderboard six times this year, with the most recent occurrence on February 17 [1] - The stock has seen a 10.17% decline over the past 20 days and a 0.17% decline over the past 60 days [1] Group 2: Company Overview - Jinhe Commercial Management, established on May 9, 2007, and listed on April 21, 2020, is located in Shanghai and focuses on the management and operation of urban old properties and inefficient commercial properties [1] - The company's main revenue sources are leasing (74.83%) and property services and others (25.17%) [1] - The company belongs to the Shenwan industry classification of retail trade - general retail - commercial property management [1] Group 3: Financial Performance - For the first half of 2025, Jinhe Commercial Management reported operating revenue of 491 million CNY, a year-on-year decrease of 5.18%, while net profit attributable to shareholders increased by 224.95% to 75.4524 million CNY [1] - As of June 30, 2025, the number of shareholders decreased by 16.82% to 22,500, while the average circulating shares per person increased by 20.22% to 21,013 shares [1] Group 4: Dividend and Shareholding - Since its A-share listing, Jinhe Commercial Management has distributed a total of 751 million CNY in dividends, with 364 million CNY distributed over the past three years [2] - As of June 30, 2025, the top ten circulating shareholders saw a change, with Huaxia CSI 500 Index Enhanced A (007994) exiting the list [2]

Group 1 - The company announced a profit distribution plan for the first half of 2025, with a cash dividend of 0.11 yuan per share (tax included) for A-shares [2] - The record date for the dividend is set for September 25, 2025, with the ex-dividend date and payment date both on September 26, 2025 [2]

证券代码：603682 证券简称：锦和商管 公告编号：2025-043 上海锦和商业经营管理（集团）股份有限公司 2025年半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。 重要内容提示： 每股分配比例 A 股每股现金红利0.11元 相关日期 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 0.11元（含税），共计派发现金红利51,975,000.00元。 | 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 | 2025/9/25 | － | 2025/9/26 | 2025/9/26 | 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2025 ...

Group 1 - The third extraordinary general meeting of shareholders was held on September 10, 2025, at the company's headquarters in Shanghai [2] - The meeting was presided over by non-independent director Wang Li, with a combination of on-site and online voting methods used [2][3] - A total of 8 directors were in office, with 7 attending the meeting; the chairman was absent due to work commitments [3] Group 2 - The following resolutions were passed: 1. Change of the company name and amendment of the Articles of Association [4] 2. Profit distribution plan for the first half of 2025 [4] - The first resolution required a special majority, receiving over two-thirds of the votes from shareholders present, while the other resolutions received more than half [5] - The voting process was verified by Beijing Guofeng Law Firm, confirming the legality and validity of the meeting and its resolutions [5]

证券代码：603682 证券简称：锦和商管 公告编号：2025-042 上海锦和商业经营管理股份有限公司 2025年第三次临时股东会决议公告 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 一、 会议召开和出席情况 (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： | 1、出席会议的股东和代理人人数 | 162 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 278,353,000 | | 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 | 58.9106 | | 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，股东会主持情况等。 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，经董事长 提议并经董事会半数以上董事同意，推举非独立董事 WANG LI（王立）先生主持 本次股东会。本次会议 ...

!"#$%&'() *+,-./0123456789:; 2025 <=>?@A6BCD !"#$%&'()*+, 26 -./+0 7 128 1 345010-88004488/66090088 675010-66090016 895100005 E%FGH 国枫律股字[2025]A0426 号 !"#$%&'()*+,-./01234125 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 年第三次临时股东会（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 ...

Industry Overview - The overall revenue and net profit of custom home furnishing companies have declined to levels seen four years ago, with 9 out of 10 companies experiencing a drop in revenue, sales expenses, and R&D expenses [1][8][9] - The average revenue decline among the 10 companies analyzed is 12.54%, with only Wo Le Home experiencing a slight increase of less than 2% [8][9] Company Performance - Oppein Home achieved a revenue of 8.241 billion yuan, with a net profit of 1.018 billion yuan, marking a 20.88% year-on-year growth, solidifying its leading position in the industry [5][10] - Other companies, such as PIANO and MAG, faced significant challenges, with PIANO's revenue nearly halving and MAG's revenue declining by 23.07% [8][9] Profitability Analysis - Oppein Home leads in net profit margin at 12.39%, followed by Wo Le Home at 9.77%, indicating a strong profitability position [32][36] - The gross profit margin shows a clear tiered structure, with Wo Le Home leading at over 40%, while several other companies maintain margins above 30% [28][30] Channel Changes - Traditional distribution channels are under pressure, with only King Cabinet and Wo Le Home reporting revenue growth in this area; other companies have seen declines, particularly Zhihong Home with a 34.18% drop [12][13] - Direct sales channels and overseas markets have shown positive growth, with significant increases reported by companies like Topsolid and Sophia [12][16] Cost Control Measures - Companies are focusing on cost control, with many reducing sales expenses by over 14%, although excessive cuts have led to revenue declines for some [17][20] - R&D investments have generally decreased, except for Oppein Home, which saw a slight increase of 2.53% [24][26] Store Count Changes - Most companies have seen a net reduction in store counts, with Oppein and Zhihong Home closing over 100 stores each, while Wo Le Home and Haoleke have increased their store counts [14][15]

Core Points - The company will hold its third extraordinary general meeting of shareholders on September 10, 2025, at 14:30, combining on-site and online voting methods [2][3] - The meeting will discuss several key proposals, including a change of the company's name and a profit distribution plan [6][8] Group 1: Meeting Details - The meeting will take place at Jinhe Center, 18th Floor, 68 Hongcao Road, Xuhui District, Shanghai [2] - Shareholders can vote through the Shanghai Stock Exchange's online voting system, with specific time slots for voting [2][3] - The company will provide a reminder service for shareholders to facilitate participation [4] Group 2: Proposals - Proposal 1 involves changing the company's name to Shanghai Jinhe Commercial Management (Group) Co., Ltd., while maintaining the same business operations and stock code [6] - Proposal 2 outlines a profit distribution plan, proposing a cash dividend of 1.10 yuan per 10 shares, totaling approximately 51.975 million yuan [8] - Proposal 3 includes the nomination of Zhang Yi as a non-independent director and member of the strategic committee, following the resignation of a previous director [9]

Group 1 - The company will hold a half-year performance briefing on September 12, 2025, from 14:00 to 15:00 [1][2] - The meeting will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [1][2] - Investors can submit questions from September 2 to September 11, 2025, before 16:00, through the Roadshow Center website or via the company's email [3] Group 2 - Key participants in the meeting will include the Chairman and General Manager, Yu Minjun, along with other executives and independent directors [2] - After the meeting, investors can access the main content and details of the briefing through the Shanghai Stock Exchange Roadshow Center [3]

Group 1 - The company Jinhe Business Management (603682) announced that its 2025 semi-annual performance briefing is scheduled for September 12, 2025 [1]