| 回购方案首次披露日 | 2024/9/12 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 个月 12 | | 预计回购金额 | 10,000万元~20,000万元 | | 回购用途 | □减少注册资本 □用于员工持股计划或股权激励 | | | √用于转换公司可转债 □为维护公司价值及股东权益 | | 累计已回购股数 | 3,418,500股 | | 累计已回购股数占总股本比例 | 0.54% | | 累计已回购金额 | 32,780,648元 | | 实际回购价格区间 | 7.42元/股~10.12元/股 | 一、回购股份的基本情况 2024 年 9 月 11 日，家家悦集团股份有限公司（以下简称"公司"）第四届董 事会第二十九次会议审议通过了《关于 2024 年第二期回购公司股份方案的议案》。 公司拟使用不低于人民币 1 亿元（含），不超过人民币 2 亿元（含）的自有资金回 购公司股份，回购期限自董事会决议审议通过本回购股份方案之日起 12 个月内。 具体内容详见公司 2024 年 9 月 12 日披露于上海证券交易所网站的《家家悦集团 股份有限公司关于 2024 年第二 ...

部分股票期权注销完成的公告 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。 根据家家悦集团股份有限公司（以下简称"公司"）2023 年第一次临时股东 大会的授权，公司于 2025 年 4 月 23 日召开了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，会议审议通过了《关于注销 2023 年股票期权激励 计划（第一期）部分股票期权的议案》。具体情况如下： 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）、公司《2023 年股票期权激励计划（第一期）（草案）》（以下简称"《激励计划（第一期）》"或 "本激励计划"）和《2023 年股票期权激励计划（第一期）实施考核管理办法》 （以下简称"《实施考核管理办法》"）的相关规定，鉴于公司《激励计划（第一 期）》首次授予的激励对象中 8 名激励对象因个人原因已离职，上述人员已不具 备激励对象资格，公司拟注销上述激励对象已获授但尚未行权的股票期权 18.30 万份。 根据《管理办法》、公司《激励计划（第一期）》和《实施考核管理办法》的 相关规定，各行权期内，公司 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The retail sector is experiencing continuous operational pressure, with a focus on high-prosperity quality companies [4][24] - The overall revenue for the retail industry in 2024 and Q1 2025 decreased by 1.8% and 13.3% year-on-year, respectively, while the net profit attributable to the parent company decreased by 20.6% and 21.3% [4][24] - The report highlights the performance of various segments, including jewelry, beauty care, and cross-border e-commerce, with specific recommendations for investment opportunities [7][43] Summary by Relevant Sections Retail Market Overview - The retail industry index fell by 1.72% in the week of April 28 to April 30, 2025, underperforming the Shanghai Composite Index [6][15] - The beauty products segment showed the highest increase, with a weekly rise of 7.49% and a year-to-date increase of 12.66% [15][19] Industry Dynamics - The retail sector's financial reports indicate ongoing operational challenges, with a focus on high-prosperity segments [4][24] - The jewelry segment's revenue decreased by 4.9% in 2024 and 25.9% in Q1 2025, while the beauty care segment saw a revenue increase of 5.3% in 2024 but a slight decline of 1.7% in Q1 2025 [4][33][28] Investment Recommendations - Investment focus areas include traditional retail, jewelry, cosmetics, and medical aesthetics, with specific companies recommended for their growth potential [7][43] - Key recommended companies include Yonghui Supermarket, Aiyingshi, and various beauty brands such as Maogeping and Pulaia [7][46][44] Segment Performance - Cross-border e-commerce showed strong growth with a revenue increase of 31.9% in 2024 and 28.8% in Q1 2025, indicating a robust operational environment [4][38] - The beauty care segment is expected to maintain growth through differentiated products and strong brand positioning [28][44]

Investment Rating - The industry investment rating is optimistic (maintained) [1] Core Insights - Retail enterprises are under continuous operational pressure, with a focus on high-prosperity quality companies [4][24] - The overall revenue of the retail industry decreased by 1.8% in 2024 and 13.3% in Q1 2025, while the net profit attributable to the parent company decreased by 20.6% and 21.3% respectively [4][24] - The jewelry sector faced revenue declines of 4.9% in 2024 and 25.9% in Q1 2025, with net profit declines of 17.7% and 18.8% respectively [4][33] - The beauty care sector showed a revenue increase of 5.3% in 2024 but a slight decline of 1.7% in Q1 2025, with net profit declines of 17.5% and 21.7% respectively [4][28] - The cross-border e-commerce sector experienced significant growth, with revenue increases of 31.9% in 2024 and 28.8% in Q1 2025, while net profit showed a decline of 4.6% and an increase of 4.9% respectively [4][38] Summary by Sections Retail Market Overview - The retail industry index decreased by 1.72% in the week of April 28 to April 30, 2025, underperforming the Shanghai Composite Index [6][15] - The beauty products sector had the highest growth, with a weekly increase of 7.49% and a year-to-date increase of 12.66% [15][19] Industry Dynamics - The financial reports for 2024 and Q1 2025 indicate that retail enterprises are facing operational challenges, with a focus on high-prosperity sectors [4][24] - The jewelry sector is under pressure due to rising gold prices affecting consumer demand and operational challenges for weaker franchisees [4][33] - The beauty care sector remains relatively stable, with strong performance from differentiated beauty brands [4][28] Investment Recommendations - Focus on traditional retail companies that adapt to consumer trends, such as Yonghui Supermarket and Aiyingshi [7][43] - Highlight jewelry brands with differentiated product offerings, recommending brands like Laopu Gold and Chaohongji [7][43] - Emphasize domestic beauty brands that are expanding into high-prosperity segments, recommending brands like Maogeping and Shangmei [7][44] - Target upstream medical beauty product manufacturers with strong profitability, recommending companies like Aimeike and Kedi [7][44]

Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, showing revenue growth but a decline in net profit, indicating a mixed performance in the current market environment [1] Group 1: Financial Performance - In 2024, the company achieved revenue of 18.256 billion yuan, a year-on-year increase of 2.77%, while net profit attributable to shareholders was 132 million yuan, a decrease of 3.26% [1] - In Q4 2024, revenue reached 4.129 billion yuan, up 6.31% year-on-year, with a net profit of -56 million yuan, an improvement from -72 million yuan in the same period last year [1] - For Q1 2025, revenue was 4.941 billion yuan, down 4.77% year-on-year, and net profit was 142 million yuan, a decrease of 3.59% [1] Group 2: Store Expansion and Efficiency - The company opened 140 new stores in 2024, bringing the total to 1,100, with 957 direct-operated and 143 franchised stores [2] - In Q1 2025, the company opened 8 direct-operated and 7 franchised stores while closing 20 underperforming stores, resulting in a total of 1,095 stores at the end of the quarter [2] - The company is focusing on optimizing store locations and improving operational efficiency by closing unprofitable stores [2] Group 3: Online Sales and Supply Chain - Online sales grew by 13.2% in 2024, with a total of 3.31 million customer visits to stores, achieving a conversion rate of 40% [3] - By the end of 2024, online sales accounted for 7.16% of total sales, reflecting the company's efforts to enhance its online presence [3] - The company is strengthening its supply chain strategy and increasing the proportion of private label and customized products to 13.63% [3] Group 4: Profitability and Cost Management - In Q1 2025, the gross profit margins for various store formats were 20.82% for comprehensive supermarkets, 19.41% for community fresh food supermarkets, 19.72% for rural supermarkets, and 22.62% for other formats, showing an increase compared to the previous year [4] - The company's expense ratio for the full year 2024 and Q1 2025 was 21.97% and 19.83%, respectively, indicating a slight decrease year-on-year [4] - The net profit margin for the full year 2024 and Q1 2025 was 2.87% and 0.72%, respectively, reflecting a stable performance despite challenges [4] Group 5: Future Outlook - The company aims to transition from scale retail to quality retail, focusing on product strength and enhancing supply chain efficiency [4] - The net profit forecasts for 2025 and 2026 have been adjusted to 201 million yuan and 243 million yuan, respectively, with a new forecast for 2027 set at 272 million yuan [4]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The retail sector is experiencing a rise in emotional consumption trends, with leading retail companies actively transforming through quality retail, cross-border trendy play, and co-branding with fashion IPs, which is expected to lead to performance recovery and valuation revaluation in the long term [4][30] - The report highlights the ongoing disclosure of annual and quarterly reports, indicating that high-quality companies in high-prosperity sectors are worth monitoring [4][27] - The retail index has shown a slight increase of 0.07% recently, but has decreased by 5.00% since the beginning of 2025, underperforming the broader market [6][15] Summary by Sections Retail Market Review - The retail index closed at 2127.02 points, with a weekly increase of 0.07%, ranking 24th among 31 primary industries [6][15] - The supermarket sector showed the largest increase this week, while the watch and jewelry sector has led the gains since the beginning of 2025 [18][21] Retail Insights: Focus on Beauty Care, Gold Jewelry, and Traditional Retail - The report emphasizes the performance divergence among companies in the cosmetics, medical beauty, gold jewelry, and traditional retail sectors, with a positive outlook for quality companies in the retail sector due to the recovery of consumer demand [27][30] - Key companies such as Yonghui Supermarket and Aiying Room are highlighted for their proactive transformation and potential for performance recovery [41][42] Key Company Performances - Proya achieved a 28.9% increase in net profit in Q1 2025, supported by a series of new product launches [47] - Yonghui Supermarket reported a revenue of 174.79 billion yuan in Q1 2025, down 19.3% year-on-year, but is undergoing significant store renovations [30][46] - The report suggests focusing on companies with strong growth potential in high-prosperity segments, including Proya, Aiying Room, and gold jewelry brands like Laopu Gold and Chaohongji [44][42]

——公司信息更新报告 商贸零售/一般零售 家家悦（603708.SH） 2025 年 04 月 26 日 投资评级：买入（维持） | 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 11.40 | | 一年最高最低(元) | 14.54/7.40 | | 总市值(亿元) | 72.77 | | 流通市值(亿元) | 72.77 | | 总股本(亿股) | 6.38 | | 流通股本(亿股) | 6.38 | | 近 3 个月换手率(%) | 74.36 | 股价走势图 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2024-04 2024-08 2024-12 家家悦 沪深300 相关研究报告 《主动提高商品质价比，毛利率略降 但客流增长明显—公司信息更新报 告》-2024.8.30 2025Q1 经营业绩稳健，计划加快门店调改升级 黄泽鹏（分析师） huangzepeng@kysec.cn 证书编号：S0790519110001 公司 2024 年营收维持增长，2025Q1 经营业绩相对稳健 公司发布年报、一季报：2024 年实现营收 182.56 ...

商贸零售/一般零售 家家悦（603708.SH） 2025 年 04 月 26 日 投资评级：买入（维持） | 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 11.40 | | 一年最高最低(元) | 14.54/7.40 | | 总市值(亿元) | 72.77 | | 流通市值(亿元) | 72.77 | | 总股本(亿股) | 6.38 | | 流通股本(亿股) | 6.38 | | 近 3 个月换手率(%) | 74.36 | 股价走势图 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2024-04 2024-08 2024-12 家家悦 沪深300 相关研究报告 《主动提高商品质价比，毛利率略降 但客流增长明显—公司信息更新报 告》-2024.8.30 2025Q1 经营业绩稳健，计划加快门店调改升级 ——公司信息更新报告 黄泽鹏（分析师） huangzepeng@kysec.cn 证书编号：S0790519110001 公司 2024 年营收维持增长，2025Q1 经营业绩相对稳健 公司发布年报、一季报：2024 年实现营收 182.56 ...

稳步加密超市等多业态布局，门店提质成效显著。门店扩张步伐稳健，2024 末公司门店总数1100 家， 分业态看，其中超市249 家，零食店133 家，好惠星折扣店9 家，社区生鲜超市410 家，乡村超市208 家，便利店等其他业态91 家，分别同比-10/+80/+2/+2/-20/-3 家。2024 年11 月起公司加大门店调改升 级，超市可比店客流平均较同期增长7.74%，80%以上的可比店客流增长；同时，公司持续推进社区拼 团等线上业务，带动到店客流331 万人次，到店转化率高达40%。公司开业两年以上直营门店收入总体 增加0.39%，其中，综超收入同比增长1.01%。 主动优化产品组合，毛利率略有下降：2024 年公司毛利率23.30%，同比-0.57pct，毛利率下降主要系公 司主动优化产品组合，提高产品质价比以换取客流增长。其中，生鲜产品/食品化洗/百货毛利率 17.76%/19.15%/33.57%，分别同比+0.05/-0.7/-2.01pct；省内/省外毛利率19.05%/18.65%，分别同 比-0.52/-0.59pct。公司净利率0.67%，同比-0.10pct，主要系公司费用端控制较 ...

Core Viewpoint - The company reported a decline in revenue and net profit for Q1 2025, but showed growth in non-direct store segments, indicating a shift in business strategy and market dynamics [1][2]. Financial Performance - Q1 2025 revenue was 4.941 billion yuan, a year-on-year decrease of 4.77% - Net profit attributable to shareholders was 142 million yuan, down 3.59% year-on-year - Deducted non-recurring net profit was 141 million yuan, showing a year-on-year increase of 3.92% [1]. Revenue Breakdown - Direct store revenue decreased to 4.448 billion yuan, a decline of 5.24% year-on-year - Revenue from community fresh food supermarkets, hypermarkets, and rural supermarkets was 2.754 billion, 1.183 billion, and 456 million yuan respectively, with year-on-year changes of -3.37%, -6.66%, and -12.95% - Significant decline in rural supermarket revenue attributed to adjustments in business formats and changes in market composition [1]. Regional Performance - Revenue from within the province was 3.572 billion yuan, down 6.93% year-on-year - Revenue from outside the province was 876 million yuan, showing a year-on-year increase of 2.34% [1]. Profitability Metrics - Gross margin for Q1 2025 was 24.29%, an increase of 0.25 percentage points year-on-year - Net margin was 2.91%, a slight decrease of 0.03 percentage points year-on-year - Effective control of expenses with sales, management, R&D, and financial expense ratios at 16.78%, 1.84%, 0.01%, and 1.20% respectively, all showing year-on-year reductions [2]. Future Outlook - The company maintains a strong regional supermarket leadership position, with steady revenue growth from out-of-province stores - Ongoing expansion and supply chain development are expected to further reduce operational costs and enhance regional operational efficiency - Projected revenues for 2025-2027 are 18.543 billion, 19.590 billion, and 20.303 billion yuan, with net profits of 152 million, 179 million, and 203 million yuan respectively, corresponding to PE ratios of 48, 41, and 36 times [2].