家家悦集团股份有限公司 2024 年年度股东大会资料 家家悦集团股份有限公司 二〇二五年五月 第 1页 家家悦集团股份有限公司 2024 年年度股东大会资料 目 录 一、董事会以维护全体股东的合法权益、维持大会正常秩序和 提高议事效率为原则，认真履行《公司章程》规定的职责，做好召集、 召开股东大会的各项工作。 二、为保证本次大会的严肃性和正常秩序，切实维护股东的合 法权益，务请出席大会的股东或股东代理人（以下统称"股东"）及 相关人员准时到达会场签到确认参会资格。 三、股东参加股东大会依法享有发言权、质询权、表决权等权 利。股东参加股东大会，应认真履行其法定权利和义务，不得侵犯其 他股东的权益，不得扰乱大会的正常秩序。 四、股东有权就大会议案提出问题，主持人或会议筹备处视会 议具体情况安排股东发言。股东发言应围绕本次大会所审议的议案， 简明扼要，每位股东发言的时间一般不超过五分钟。主持人可安排公 司董事、监事和其他高级管理人员等回答股东提问。 五、本次会议采用现场投票与网络投票相结合的方式逐项进行 表决。现场股东以其持有的有表决权的股份数额行使表决权，每一股 份享有一票表决权。股东在投票表决时，应在表决票中每 ...

家家悦集团股份有限公司 2024 年年度股东大会资料 家家悦集团股份有限公司 2024 年年度股东大会资料 二〇二五年五月 第 1页 | 会议须知 3 | | --- | | 会议议程 5 | | 议案一: . | | .. 议案二: | | 议案三: 22 | | 议案吗: 25 | | . 议案五: | | 议案六: . | | 议案七: 34 | | 议案八: 36 | | 议案九: . | | 议案十: 38 | | 议案十一 . . : | | 议案十二: . | | 议案十三: 42 | | 议案十四: | | 议案十五： | | 议案十六: | | 议案十七： | | 议案十八： | 家家悦集团股份有限公司 2024 年年度股东大会资料 会议须知 为了维护投资者的合法权益，确保股东大会的正常秩序和议事 效率，根据《公司法》、《公司章程》等有关规定，特制定如下会议 须知： 一、董事会以维护全体股东的合法权益、维持大会正常秩序和 提高议事效率为原则，认真履行《公司章程》规定的职责，做好召集、 召开股东大会的各项工作。 二、为保证本次大会的严肃性和正常秩序，切实维护股东的合 法权益，务请出席大会的股东 ...

Core Viewpoint - The supermarket industry is facing significant challenges in 2024, with many companies reporting declines in revenue and net profit, indicating a pressing need for transformation and adaptation [1][4]. Revenue and Profit Performance - Among 13 listed supermarket companies, 8 experienced a year-on-year decline in revenue, and 9 saw a drop in net profit, with only 2 companies achieving net profit growth while remaining profitable [1][4]. - Yonghui Supermarket reported the highest revenue at 67.574 billion yuan, down 14.07% year-on-year, with a net loss of 1.465 billion yuan, widening by 10.26% [2][4]. - Lianhua Supermarket's revenue fell by 9.7% to 19.71 billion yuan, with a net loss of 359 million yuan, despite closing underperforming stores [2][4]. - Renrenle Supermarket had the largest revenue decline of 49.86%, with revenue at 1.43 billion yuan due to store closures [2][4]. Strategic Adjustments and Transformations - Supermarket companies are implementing "self-rescue transformations" by closing inefficient stores and reducing loss-making operations to alleviate financial pressure [2][6]. - Companies are focusing on creating differentiated product offerings through optimizing product structures and enhancing product quality to meet diverse consumer demands [3][10]. - The trend of closing underperforming stores is common, with Lianhua Supermarket closing over 400 stores in 2024, while Yonghui Supermarket closed more than 200 [6][8]. Focus on Private Labels and Supply Chain - Developing private labels is a key strategy for supermarkets to differentiate themselves and reduce supply chain costs, with Yonghui aiming for private labels to account for 40% of its total sales in the next three to five years [10][11]. - A robust supply chain is essential for the success of private label strategies, enabling cost advantages and quality assurance through scale procurement and efficient logistics [11]. Future Outlook - The next 12 to 18 months are expected to be critical for supermarkets as they implement reforms and optimize their operations, with Yonghui targeting over 300 remodeled stores by early 2026 [7][8].

家家悦集团股份有限公司 | 证券代码：603708 | 证券简称：家家悦 | 公告编号：2025-033 | | --- | --- | --- | | 债券代码：113584 | 债券简称：家悦转债 | | 家家悦集团股份有限公司 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）；或关注微信公众号（名称：全景财经）；或下载全景路演 APP， 参与本次互动交流。活动时间为 2025 年 5 月 15 日（周四）15:00-16:30。届时公 司高管将在线就公司 2024 年度业绩、公司治理、发展战略、 经营状况和可持续 发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与。 特此公告。 关于参加 2025 年山东辖区上市公司投资者网上集体 接待日活动的公告 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。 为进一步加强与投资者的互动交流，家家悦集团股份有限公司（以下简称"公 司"）将参加由山东证监局、山东上市公司协会与深圳市全景网络有限公司联合 举办的 ...

Investment Rating - The investment rating for the retail industry is "Positive" (maintained) [1] Core Insights - The retail industry is experiencing a slow recovery in social consumption, with overall business pressure on retail enterprises. The report emphasizes the importance of emotional consumption and suggests focusing on high-quality companies in high-growth segments [4][27] - The report identifies key segments within the retail industry, including traditional retail, gold and jewelry, cosmetics, and medical aesthetics, each with unique dynamics and investment opportunities [4][27] Summary by Sections Retail Market Overview - The retail industry index rose by 0.88% during the week of May 6 to May 9, 2025, underperforming the Shanghai Composite Index, which increased by 1.92% [6][15] - The brand cosmetics sector showed the highest growth, with a weekly increase of 2.89% and a year-to-date increase of 15.91% [18][21] Investment Strategy - The report recommends focusing on high-quality companies in segments driven by emotional consumption, including: 1. **Gold and Jewelry**: Emphasizing brands with differentiated products and consumer insights, recommending companies like Laopuhuangjin, Chaohongji, and Zhou Dasheng [7][48] 2. **Offline Retail**: Highlighting companies that are actively transforming and exploring new models, recommending Yonghui Supermarket and Aiyingshi [7][48] 3. **Cosmetics**: Focusing on domestic brands with strong growth potential, recommending brands like Pola, Shangmei, and Juzi Biological [7][49] 4. **Medical Aesthetics**: Suggesting attention to differentiated product manufacturers and leading medical aesthetic institutions, recommending Aimeike and Kedi-B [7][49] Segment Analysis - **Traditional Retail**: The report notes that offline retail must leverage its strengths in customer service and emotional satisfaction to attract consumers back from online channels [4][28] - **Gold and Jewelry**: The industry is shifting from supply-driven to demand-driven, with emotional consumption becoming a key factor. High-end and fashionable gold segments are emerging as significant opportunities [4][36] - **Cosmetics**: The industry is stable in the short term, with a long-term trend favoring domestic brands. Emotional consumption is spreading across various cosmetic categories [4][41] - **Medical Aesthetics**: The industry is experiencing accelerated differentiation, with high-end products showing resilience due to their safety and scarcity [4][44]

Core Viewpoint - The transformation of Jiajiayue Group represents a significant shift in the retail industry, focusing on consumer-centric strategies and the use of "small data" to enhance shopping experiences and operational efficiency [1][9]. Group 1: Company Transformation - Jiajiayue has evolved from a small supermarket in Weihai to a comprehensive retail group with a focus on supply chain and multi-format operations, having gone public in 2016 [1]. - The company is undergoing a transformation from a "product-centric" to a "consumer-centric" approach, emphasizing understanding consumer preferences over merely competing on price [2][4]. - The introduction of a new store layout and various shopping scenarios aims to create a more enjoyable shopping experience for consumers [1][2]. Group 2: Data Utilization - Jiajiayue utilizes "small data" to analyze consumer behavior, creating a detailed database that allows stores to understand the demographics and preferences of customers within a 3-kilometer radius [3]. - The company has reported a 3% increase in store efficiency and a 2-day acceleration in inventory turnover due to enhanced data analytics [3]. Group 3: Supply Chain and Product Development - The procurement team at Jiajiayue has transitioned to "product officers," focusing on designing solutions that meet consumer needs rather than just negotiating prices [4][5]. - The company aims to balance quality and price by optimizing the supply chain, reducing costs through direct sourcing and customized production [5][7]. - Jiajiayue's self-branded and customized products accounted for 13.63% of sales in 2024, reflecting a shift towards "manufacturing retail" to enhance competitive differentiation [7]. Group 4: Market Opportunities - The ongoing international trade tensions have provided Jiajiayue with opportunities to expand its domestic market by introducing foreign products, with over 500 tons of foreign goods already launched [8]. - The company has engaged with over 200 foreign trade enterprises to facilitate the introduction of diverse products into the domestic market, leveraging its extensive store network [8]. Group 5: Industry Implications - Jiajiayue's transformation highlights a broader trend in the Chinese retail industry, where understanding consumer needs through "small data" is essential for driving growth in a competitive landscape [9].

| 证券代码：603708 | 证券简称：家家悦 | 公告编号：2025-032 | | --- | --- | --- | | 债券代码：113584 | 债券简称：家悦转债 | | 家家悦集团股份有限公司 关于选举职工代表董事、职工代表监事的公告 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。 本次选举完成后，公司第五届董事会中兼任公司高级管理人员的董事以及由 职工代表担任的董事人数总计不超过公司董事总数的二分之一。 特此公告。 家家悦集团股份有限公司 董事会 二〇二五年五月十日 根据《中华人民共和国公司法》《上海证券交易所上市公司自律监管指引第 1 号—规范运作》《上市公司章程指引》及《公司章程》等相关规定，家家悦集 团股份有限公司（以下简称"公司"）于 2025 年 5 月 8 日召开了职工代表大会， 经与会职工代表认真审议及民主选举，一致同意：选举毕美云女士为公司第五届 董事会职工代表董事（简历详见附件），任期与第五届董事会任期一致；选举邢 洪波先生为公司第五届监事会职工代表监事（简历详见附件），任期与第五届监 ...

一般零售 | | | 执业证书编号：S0740524040004 Email：zhengch@zts.com.cn 执业证书编号：S0740523060001 Email：zhangji01@zts.com.cn 基本状况 | 总股本(百万股) | 638.34 | | --- | --- | | 流通股本(百万股) | 638.34 | | 市价(元) | 10.85 | | 市值(百万元) | 6,925.97 | | 流通市值(百万元) | 6,925.97 | 家家悦（603708.SH） 证券研究报告/公司深度报告 2025 年 05 月 08 日 | 评级： | 增持（首次） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 指标 | | | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：郑澄怀 | | 营业收入（百万元） | | 17,763 | 18,256 | 18,566 | 19,258 | 20,066 | | 增长率 ...

一般零售 | | | 执业证书编号：S0740524040004 Email：zhengch@zts.com.cn 执业证书编号：S0740523060001 Email：zhangji01@zts.com.cn 基本状况 | 总股本(百万股) | 638.34 | | --- | --- | | 流通股本(百万股) | 638.34 | | 市价(元) | 10.85 | | 市值(百万元) | 6,925.97 | | 流通市值(百万元) | 6,925.97 | 核心观点：本报告主要强调家悦烘焙逻辑，结合公司基本面改善的确定性较高，若家 悦烘焙出现较好的品牌势能，则家家悦有望成为较好赔率的投资标的。 请务必阅读正文之后的重要声明部分 新烘焙，新家悦 ——家家悦首次覆盖报告 股价与行业-市场走势对比 首次覆盖，给予"增持"评级。因公司在现制烘焙领域的尝试仍处于早期，本报告在 盈利预测时暂不考虑家悦烘焙远期成为独立品牌以及独立门店扩张带来的收入和利 润 增 量 。 预 计 公 司 25/26/27 年 收 入 分 别 为 185.66/192.58/200.66 亿 元 ， yoy+2%/+4%/+4% 。 ...

| 证券代码：603708 | 证券简称：家家悦 | 公告编号：2025-031 | | --- | --- | --- | | 债券代码：113584 | 债券简称：家悦转债 | | 家家悦集团股份有限公司 关于召开"家悦转债"2025 年第一次债券持有人会议 的通知 2、债券持有人会议决议自表决通过之日起生效，但其中需经有权机构批准 的，经有权机构批准后方能生效。依照有关法律、法规、《募集说明书》和《会 议规则》的规定，经表决通过的债券持有人会议决议对本次可转债全体债券持有 人（包括未参加会议或明示不同意见的债券持有人）具有法律约束力。 经中国证券监督管理委员会《关于核准家家悦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】316 号）核准，家家悦集团股份有限 公司（以下简称"公司"或"本公司"）于 2020 年 6 月 5 日公开发行 645 万张 可转换公司债券，每张面值人民币 100 元，发行总额人民币 64,500.00 万元。 公司于 2025 年 4 月 23 日召开第四届董事会第三十六次会议和第四届监事会 第二十八次会议，审议通过了《关于调整可转换公司债券部分募投项目建 ...