资金流向方面，主力资金净流出680.81万元，特大单买入102.41万元，占比1.91%，卖出0.00元，占比 0.00%；大单买入546.10万元，占比10.20%，卖出1329.32万元，占比24.83%。 家家悦今年以来股价涨0.53%，近5个交易日涨0.71%，近20日涨4.50%，近60日涨11.80%。 资料显示，家家悦集团股份有限公司位于山东省威海市经济技术开发区大庆路53号九龙城国际大厦，成 立日期1981年6月16日，上市日期2016年12月13日，公司主营业务涉及超市连锁经营。主营业务收入构 成为：食品化洗47.22%，生鲜42.71%，其他(补充)6.85%，百货2.69%，工业及其他0.52%。 9月8日，家家悦盘中下跌2.07%，截至10:49，报11.37元/股，成交5352.63万元，换手率0.73%，总市值 72.58亿元。 家家悦所属申万行业为：商贸零售-一般零售-超市。所属概念板块包括：农村电商、社区团购、MSCI 中国、增持回购、乡村振兴等。 截至6月30日，家家悦股东户数2.44万，较上期减少0.45%；人均流通股26192股，较上期增加0.45%。 2025年1月-6 ...

家家悦集团股份有限公司 2025 年第一次临时股东会资料 2025 年第一次临时股东会资料 二〇二五年九月 第 1页 家家悦集团股份有限公司 | 会议须知 . | | --- | | 会议议程 | | 议案一： 7 | 家家悦集团股份有限公司 2025 年第一次临时股东会资料 会议须知 为了维护投资者的合法权益，确保股东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、维持会议正常秩序和 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、 召开股东会的各项工作。 二、为保证本次会议的严肃性和正常秩序，切实维护股东的合 法权益，务请出席会议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、股东参加股东会依法享有发言权、质询权、表决权等权利。 股东参加股东会，应认真履行其法定权利和义务，不得侵犯其他股东 的权益，不得扰乱会议的正常秩序。 四、股东有权就会议议案提出问题，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会议所审议的议案， 简明扼要，每位股东发言的时间一般不超过五 ...

Group 1 - The company plans to repurchase shares using a budget of no less than RMB 100 million and no more than RMB 200 million within a 12-month period starting from the board resolution date [1] - The maximum repurchase price was adjusted from RMB 10.00 per share to RMB 9.89 per share due to the implementation of the 2024 semi-annual profit distribution, and later adjusted to RMB 12.00 per share and then to RMB 11.92 per share [1] Group 2 - As of August 31, 2025, the company has repurchased a total of 10,020,200 shares, accounting for 1.57% of the total share capital, with a total expenditure of RMB 100,963,767 [2] - The repurchase price ranged from a minimum of RMB 7.42 per share to a maximum of RMB 10.90 per share [2] Group 3 - The company will strictly adhere to relevant regulations regarding share repurchase and will make decisions based on market conditions while fulfilling information disclosure obligations [2]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported its 2025 semi-annual results, which met expectations. In Q2 2025, it achieved operating revenue of 4.066 billion yuan, a year-on-year decrease of 2.57%, while the net profit attributable to the parent company was 41.021 million yuan, an increase of 82.56% year-on-year [4] - For the first half of 2025, the company recorded operating revenue of 9.007 billion yuan, down 3.79% year-on-year, and a net profit attributable to the parent company of 183 million yuan, up 7.82% year-on-year [4] Financial Data and Profit Forecast - The company’s total revenue for 2025 is estimated at 18.601 billion yuan, with a year-on-year growth rate of 1.9% [5] - The net profit attributable to the parent company for 2025 is projected to be 201 million yuan, reflecting a significant year-on-year increase of 52.2% [5] - The earnings per share (EPS) for 2025 is expected to be 0.31 yuan [5] - The company’s gross margin is forecasted to be 23.6% for 2025 [5] Operational Highlights - The company opened 29 new stores in the first half of 2025, including 16 direct-operated and 13 franchised stores, while closing underperforming locations [7] - As of Q2 2025, the total number of stores reached 1,084, with 928 direct-operated and 156 franchised stores [7] - Online sales for the first half of 2025 amounted to 630 million yuan, representing a year-on-year growth of 23% [7] - The company has focused on enhancing store quality and customer experience, completing upgrades for 30 stores [7] Profitability Metrics - The gross margin for direct-operated stores in H1 2025 was 20.74% for comprehensive supermarkets, 19.32% for community fresh food supermarkets, and 19.71% for rural supermarkets, showing improvements compared to the previous year [7] - The net profit margin for Q2 2025 was 1.01%, an increase of 0.47 percentage points year-on-year [7]

证券日报网讯9月2日晚间，家家悦（603708）发布公告称，截至2025年8月31日，公司通过集中竞价交 易方式累计回购股份数量为10，020，200股，占公司总股本的1.57%。 ...

Group 1 - The company, Jiajiayue, announced a share buyback of approximately 10.02 million shares, accounting for 1.57% of its total share capital, with a total expenditure of about 101 million RMB [1] - The share buyback was conducted through centralized bidding, with a minimum transaction price of 7.42 RMB per share and a maximum price of 10.9 RMB per share [1] - As of the report date, Jiajiayue's market capitalization stands at 7.2 billion RMB [1] Group 2 - For the first half of 2025, Jiajiayue's revenue composition is as follows: commercial business accounts for 92.63%, other businesses for 6.85%, and industrial business for 0.52% [1]

Summary of Key Points Core Viewpoint - The company Jiajiayue (603708.SH) has announced a share buyback program, indicating a commitment to returning value to shareholders through capital management strategies [1] Group 1: Share Buyback Details - As of August 31, 2025, the company has repurchased a total of 10.02 million shares, which represents 1.57% of the total share capital [1] - The shares were acquired through centralized bidding, with a minimum transaction price of 7.42 RMB per share and a maximum price of 10.90 RMB per share [1] - The total amount spent on the buyback is 100 million RMB, excluding transaction costs such as stamp duty and commissions [1]

| 证券代码：603708 | 证券简称：家家悦 | 公告编号：2025-062 | | --- | --- | --- | | 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 2024 年第二期以集中竞价交易方式回购股份实施 进展的公告 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 11 9 | 日~2025 | 年 | 月 | 10 | 日 | | 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 | 10,020,200股 | | | | | | ...

Core Viewpoint - The recent financial report of Jiajiayue (603708) indicates a decline in total revenue but an increase in net profit, highlighting a mixed performance in the company's financial health [1][2]. Financial Performance Summary - Total revenue for the first half of 2025 was 9.007 billion yuan, a decrease of 3.79% year-on-year [1]. - Net profit attributable to shareholders reached 183 million yuan, an increase of 7.82% year-on-year [1]. - In Q2 2025, total revenue was 4.066 billion yuan, down 2.57% year-on-year, while net profit was 41.02 million yuan, up 82.56% year-on-year [1]. - Gross margin improved to 24.0%, an increase of 1.85% year-on-year, and net margin rose to 1.99%, up 9.06% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 1.886 billion yuan, accounting for 20.94% of revenue, a slight increase of 0.35% year-on-year [1]. Key Financial Ratios - Earnings per share (EPS) increased to 0.29 yuan, a rise of 7.41% year-on-year [1]. - Operating cash flow per share improved to 1.51 yuan, an increase of 31.4% year-on-year [1]. - The company's return on invested capital (ROIC) was 4.58%, indicating weak capital returns [2]. - Historical median ROIC since listing stands at 10.66%, with a notable low of -2.09% in 2021 [2]. Cash Flow and Receivables - Cash and cash equivalents increased to 2.506 billion yuan, a rise of 27.73% year-on-year [1]. - Accounts receivable rose to 143 million yuan, an increase of 18.62% year-on-year [1]. - The ratio of cash to current liabilities is 51.92%, suggesting a need for attention to cash flow management [2]. - Accounts receivable to profit ratio reached 108.38%, indicating potential issues with receivables collection [2]. Market Expectations - Analysts project a net profit of 192 million yuan for 2025, with an average EPS forecast of 0.3 yuan [2].

Core Insights - The company reported a slight decline in revenue for the first half of the year, attributed to a strategic optimization of store layouts, which is expected to enhance operational quality and profitability in the long term [1] - Net profit increased by 7.82% year-on-year, with a higher growth rate of 17.8% for net profit excluding non-recurring gains, driven by strengthened supply chain capabilities and improved store operations [1] - The company emphasized cost control measures across various areas, including labor, rent, depreciation, and logistics, which have led to improved efficiency and profitability [2] Revenue and Profit Performance - The company's revenue showed a slight year-on-year decrease, primarily due to the ongoing optimization of store layouts [1] - Despite the revenue decline, net profit increased by 7.82%, and net profit excluding non-recurring items grew by 17.8% [1] Cost Control Measures - Significant improvements were noted in core cost areas such as labor, rent, and logistics, achieved through workflow optimization and flexible labor structures [2] - The company implemented strategies to enhance space utilization in stores and avoid blind investments, thereby improving investment returns [2] Store Renovation and Performance - The company is strategically renovating stores based on operational needs, focusing on six key dimensions, which has resulted in improved sales and customer traffic in renovated stores [3] - Renovated stores have shown a double-digit increase in customer traffic, with a notable rise in the proportion of young customers [3] Online and Offline Integration - The company is committed to integrating online and offline operations, with instant retail being a core component of this strategy [3] - All stores have initiated instant retail services, enhancing customer engagement through a combination of offline experiences and online convenience [3]