Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - In the first half of 2025, the company achieved a revenue of 9.01 billion, a year-on-year decline of 3.8%, while the net profit attributable to shareholders was 180 million, a year-on-year increase of 7.8%. In Q2 alone, the revenue was 4.07 billion, down 2.6% year-on-year, but the net profit attributable to shareholders surged by 82.6% to 40 million, with a non-recurring net profit growth of 120.5% to 40 million [2][4]. Summary by Sections Financial Performance - The company reported a total revenue of 90.1 billion for the first half of 2025, down 3.8% year-on-year, with a net profit of 1.8 billion, up 7.8%. In Q2, revenue was 40.7 billion, down 2.6%, while net profit reached 0.4 billion, up 82.6%, and non-recurring net profit increased by 120.5% to 0.4 billion [2][4]. Operational Adjustments - The company optimized its store layout by closing 16 stores, resulting in a total of 1,084 stores, while opening 29 new stores and closing 45. The revenue from comprehensive supermarkets and community fresh supermarkets saw a limited decline of 2% and 4% respectively, while rural supermarkets experienced a 12% drop. The company completed upgrades on 30 stores, enhancing shopping environments and product quality [9]. Supply Chain and Cost Management - The company focused on streamlining expenses, reducing four types of period costs by 73.76 million. The logistics costs decreased by 6.16% year-on-year, and the satisfaction rate of logistics to stores improved by 6%. The company is also advancing the construction of a logistics base in Hohhot and a modern bakery factory [9]. Future Outlook - The company aims to strengthen its core categories such as fresh and processed fresh products while expanding its supply chain coverage. The expected EPS for 2025-2027 is projected to be 0.31, 0.38, and 0.45 respectively, maintaining a "Buy" rating [9].

Group 1 - The board of directors guarantees the announcement's content is free from false records, misleading statements, or significant omissions, and assumes legal responsibility for its authenticity, accuracy, and completeness [1] - The shareholders' meeting was held on September 12, 2025, at the company's conference room located at 53 Daqing Road, Economic and Technological Development Zone, Weihai, Shandong Province [2] - The meeting was presided over by Chairman Wang Peihuan, and the notice and convening of the meeting complied with the Company Law and the Articles of Association [2][4] Group 2 - Out of 7 current directors, 2 attended the meeting, while 5 were absent due to other commitments [3] - Out of 3 current supervisors, 1 attended the meeting, while 2 were absent due to other commitments [3] - The company secretary and the financial director attended the meeting [3] Group 3 - The proposal for the company's 2025 semi-annual profit distribution plan was approved during the meeting [3] - There were no resolutions that were rejected during the meeting [2] - The legal witness for the shareholders' meeting was provided by Shanghai Jintiancheng Law Firm, with lawyers Gu Hui and Liu Chuang present [3]

证券代码：603708 证券简称：家家悦 公告编号：2025-064 家家悦集团股份有限公司 2025年第一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： 1、 公司在任董事7人，出席2人，董事傅元惠女士、董事赵熠先生、独立董事刘 红霞女士、独立董事曲国霞女士、独立董事姜爱丽女士因另有公务未能出席； 2、 公司在任监事3人，出席1人，监事张爱国先生、监事邢洪波先生因另有公务 未能出席； 3、 董事会秘书周承生先生、财务总监姜文霞女士出席本次会议。 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 180 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 481,493,536 | | 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 | | | 份总数的比例（%） | 77.8003 | (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。 (一) 股东会召开的时间：2025 年 ...

上海市锦天城律师事务所 关于家家悦集团股份有限公司 2025 年第一次临时股东会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：02120511000 传真：02120511999 邮编：200120 上海市锦天城律师事务所 法律意见书 法律意见书 致：家家悦集团股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受家家悦集团股份有限公 司（以下简称"公司"）的委托，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》"）等法律、法规、规范性文件和《家 家悦集团股份有限公司章程》（以下简称"《公司章程》"）的有关规定，指派 律师列席公司 2025 年第一次临时股东会（以下简称"本次股东会"），对本次股 东会相关事项进行见证，并依法出具本法律意见书。 本法律意见书仅就本次股东会的召集和召开程序、出席本次股东会人员的资 格、召集人资格、表决程序及表决结果发表意见，而不对本次股东会所审议的议 案内容以及该等议案所表述的相关事实或数据的真实性、准确性、完整性 ...

Group 1 - The company approved a share repurchase plan on September 11, 2024, intending to buy back between 10 million to 25 million shares with a total fund of no less than RMB 100 million and not exceeding RMB 200 million, at a maximum price of RMB 10 per share within 12 months [2][4] - The maximum repurchase price was adjusted to RMB 9.89 per share due to the implementation of the 2024 semi-annual profit distribution, and later increased to RMB 12.00 per share and then adjusted to RMB 11.92 per share [3][4] Group 2 - The company completed the share repurchase on September 10, 2025, having repurchased 10,020,200 shares, accounting for 1.57% of the total share capital, with a maximum price of RMB 10.90 per share and an average price of RMB 10.08 per share, totaling RMB 100,963,767 [4][5] - The funds used for the repurchase were from the company's own resources, ensuring no significant impact on daily operations or financial status, and the control of the company remains unchanged [5] Group 3 - As of the announcement date, the company's major shareholders and executives did not engage in buying or selling company shares during the repurchase period, except for a minor reduction by a director [6][7] - The repurchased shares will be stored in a dedicated securities account and are intended for conversion of the company's convertible bonds, with specific rights and restrictions outlined for these shares [7]

Key Points - Zhejiang Rongtai's sales in the robot components sector are relatively small [1][2] - Jin Feng Technology plans to invest 18.92 billion yuan in a wind power hydrogen ammonia project [1][2] - Lin Yang Energy has won a bid for approximately 244 million yuan from the Southern Power Grid [1][2] - Yingli Co., Ltd. intends to acquire 77.9385% of Youte Li [1][2] - Jiajiayue has repurchased 1.57% of its own shares [1][3] - Xiantan Co., Ltd. reported chicken product sales revenue of 516 million yuan in August [1][3] - Luoniushan reported pig sales revenue of 95.5903 million yuan in August [1][3] - Cheng Tian Wei Ye's actual controller and its concerted actors plan to reduce their holdings by no more than 2.96% [1][3] - Hualing Steel plans for Xintai Life Insurance to continue increasing its stake by 1%-2% [1][3] - Zhongju Chip's shareholder intends to reduce holdings by no more than 36.9319 million shares [1][3] - Mengguli plans to raise no more than 980 million yuan for a project to produce 30,000 tons of lithium-ion battery cathode materials annually [1][3]

Group 1 - Zhejiang Rongzao has a small sales volume in the robot components sector [1] - Jin Feng Technology plans to invest 18.92 billion yuan in a wind power hydrogen ammonia project [1] - Lin Yang Energy won a bid for approximately 244 million yuan from the Southern Power Grid [1] Group 2 - Yingli Co., Ltd. intends to acquire 77.9385% of Youte Li [2] - Jiajiayue has repurchased 1.57% of its shares [2] - Xiantan Co., Ltd. achieved chicken product sales revenue of 516 million yuan in August [2] Group 3 - Longhua Chemical and its concerted parties plan to reduce their holdings by no more than 3% [2] - Hualing Steel plans to increase its holdings by 1%-2% [2] - Menguanli intends to raise no more than 980 million yuan for a project to produce 30,000 tons of lithium-ion battery cathode materials annually [3]

Group 1 - The company Jiajiayue (603708) announced the completion of a share buyback on September 10, 2025 [1] - A total of 10,020,200 shares were repurchased, representing 1.57% of the company's total share capital [1]

| 证券代码：603708 | 证券简称：家家悦 | 公告编号：2025-063 | | --- | --- | --- | | 债券代码：113584 | 债券简称：家悦转债 | | 家家悦集团股份有限公司 二、回购实施情况 关于股份回购实施结果暨股份变动的公告 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法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/9/12 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 9 月 9 | 11 | 日~2025 | 年 | 月 | 10 日 | | 预计回购金额 | 10,000万元~20,000万元 | | | | | | | 回购价格上限 | 11.92元/股 | | | | | | | 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 | | | | | | | 实际回购股数 | □为维护公司价值及股东权益 10,020,200股 | | ...

格隆汇9月10日丨家家悦(603708.SH)公布，2025年9月10日，公司完成股份回购。已实际回购公司股份 1002.02万股，占公司总股本的1.57%，回购最高价格10.90元/股，回购最低价格7.42元/股，回购均价 10.08元/股，使用资金总额1亿元（不含印花税、交易佣金等交易费用）。 ...