家家悦集团股份有限公司 2024 年第二次临时股东大会资料 家家悦集团股份有限公司 2024 年第二次临时股东大会资料 二〇二四年九月 第 1 页 | 会议须知 | | 3 | | --- | --- | --- | | 会议议程 | | 5 | | 议案一： | | 7 | 家家悦集团股份有限公司 2024 年第二次临时股东大会资料 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 ...

证券研究报告 | 2024年09月06日 家家悦（603708.SH） 优于大市 超市业态收入增长稳健，全渠道多业态稳步推进 上半年收入增长 3%，归母净利润有所承压。公司 2024 上半年实现营收 93.62 亿元，同比+2.98%，归母净利润 1.7 亿元，同比-8.81%。单二季度看，公司 营收 41.73 亿元，同比-0.24%，归母净利润 0.22 亿元，同比-53.78%。受新 开店前期培育费用、运费增加及闭店优化等影响，公司利润有所承压。 此外，公司中期拟每 10 股派发现金股利 1.1 元（含税），合计占当期归母 净利润的 40.78%。 超市业务表现稳健，经营业态持续完善。分区域看，山东地区收入 71.02 亿 元，同比+2.64%，收入占比 75.86%；省外地区收入 15.09 亿元，同比+9.61%， 收入占比提升 0.97pct 至 16.12%，全国化布局稳步推进。分业务看，综合超 市/社区生鲜食品超市直营门店上半年收入分别同比增长 7.72%/4.66%，可比 超市门店客流量增长 13.69%，表现相对优异，受益门店品类优化。门店扩张 方面，上半年新开直营店 27 家，其中超市业 ...

家家悦（603708.SH） 门店提质增效，零食业态拓店加速 事件：8 月 29 日，1）公司发布 2024 年半年报，2024H1 公司实现营业收 入 93.6 亿元/同比+2.98%，实现归母净利润 1.7 亿元/同比-8.81%，扣非 归母净利润 1.54 亿元/同比-13.56%；2024Q2 实现营业收入 41.7 亿元/同 比-0.24%，归母净利润 0.22 亿元/同比-51.6%，扣非归母净利润 0.18 亿 元/同比-51.9%。2）经公司董事会审议通过，2024 半年度拟 10 股派发现 金股利 1.1 元，合计派发 0.69 亿元。 主业：门店提质增效，零食业态拓店加速。1）门店端，截至 Q2 期末，公 司门店数量为 1097 家/环比+32 家，其中直营店/加盟店分别达 997/100 家，分别环比-2/+34 家。分业态看，直营店类型中，2024Q2 超市业态/零 食店/好惠星折扣店分别新开 6/8/1 家，至期末达 896/38/8/55 家，同时合 计净开加盟门店 34 家，并主动对低效门店进行关停。2）分区域看，2024Q2 直营店山东省/省外分别净增 2 家/-1 家，至期末 ...

股 票 研 究 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股票研究 /[Table_Date] 2024.09.03 ——家家悦 2024H1 业绩点评 门店向品质经营转变，高质量推动业态协同发展 家家悦(603708) 批零贸易业[Table_Industry] /可选消费品 | --- | --- | --- | --- | |----------|-------------------------------------|------------------------------|--------------------------| | | | | | | | [table_Authors] 刘越男 ( 分析师 ) | 赵国振 ( 分析师 ) | 陈笑 ( 分析师 ) | | | | | | | | 021-38677706 | 021-38031044 | 021-38677906 | | | liuyuenan@gtjas.com | zhaoguozhen028586@gtjas.co m | chenxia ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported a revenue of 9.36 billion RMB for H1 2024, reflecting a year-on-year increase of 3.0%, while the net profit attributable to shareholders was 170 million RMB, down 8.8% year-on-year. In Q2, revenue was 4.17 billion RMB, showing a slight decline of 0.2% year-on-year, and net profit was 22.47 million RMB, down 53.8% year-on-year. The decline in profitability is attributed to intensified competition and weak CPI support, leading to a 0.5 percentage point drop in gross margin and a 0.3 percentage point increase in sales expense ratio [2][5] - Looking ahead to H2 2024, the company expects a gradual recovery in CPI and the maturation of new business formats, which may lead to improved profitability [2][4] Summary by Sections Revenue and Profitability - The company achieved a revenue of 93.6 billion RMB in H1 2024, with a year-on-year growth of 3.0%. However, Q2 revenue was 41.7 billion RMB, reflecting a slight decline of 0.2% year-on-year. The net profit for H1 was 1.7 billion RMB, down 8.8% year-on-year, with Q2 net profit at 224.7 million RMB, down 53.8% year-on-year. The main reasons for the weaker net profit include increased competition and a decline in gross margin [2][5] Store Expansion and New Business Formats - In H1 2024, the company added 6 new direct-operated stores and 42 franchise stores, with a strong growth performance in the snack store segment. The company closed 5 inefficient comprehensive supermarkets and opened 8 community fresh supermarkets, indicating a strategic focus on optimizing store performance [3][4] Future Outlook - The company is gradually emerging from an adjustment phase, with new business formats entering a growth stage. The self-operated stores have shown a 13.7% year-on-year increase in customer traffic for comparable stores. The new formats, such as the snack store and discount store, are in rapid expansion, reflecting confidence in their development [4][5] Financial Projections - The report projects net profits for 2024, 2025, and 2026 to be 240.91 million RMB, 294.80 million RMB, and 420.05 million RMB, respectively. The target price for the company is set at 8.36 RMB, based on a 22x PE ratio for 2024, considering the rapid growth phase of the new business formats [2][6][8]

一、监事会会议召开情况 第四届监事会第二十一次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 | 证券代码：603708 | 证券简称：家家悦 | 公告编号：2024-074 | | --- | --- | --- | | 债券代码：113584 | 债券简称：家悦转债 | | 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。 家家悦集团股份有限公司 特此公告。 家家悦集团股份有限公司 监事会 二〇二四年八月三十日 家家悦集团股份有限公司（以下简称"公司"）第四届监事会第二十一次会 议于 2024 年 8 月 29 日以现场方式召开，本次会议由公司监事会主席张爱国先生 主持，应到监事 3 人，实到监事 3 人。本次会议符合《公司法》、《公司章程》的 有关规定，会议的召集、召开及表决程序合法有效。 二、监事会会议审议情况 1、审议并通过《关于<公司 2024 年半年度报告>及其摘要的议案》。 表决结果：同意 3 票，反对 0 票，弃权 0 票，回避 0 票。 2、审议并通过《公司 2024 年半年度募集资金存放与使用情况的专项报告》。 表决结果：同意 3 票 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥9,361,989,797.04, representing a year-on-year increase of 2.98% compared to ¥9,090,935,346.07 in the same period last year[18]. - Net profit attributable to shareholders of the listed company decreased by 8.81% to ¥169,641,771.78 from ¥186,024,262.43 in the previous year[18]. - The net profit after deducting non-recurring gains and losses was ¥154,077,936.34, down 13.56% from ¥178,248,967.19 in the same period last year[18]. - The net cash flow from operating activities decreased by 22.22% to ¥733,188,572.72 compared to ¥942,583,639.04 in the previous year[18]. - The company's gross profit margin decreased by 0.52% year-on-year, impacting the net profit[20]. - Basic earnings per share for the first half of 2024 were ¥0.27, down 10.00% from ¥0.30 in the same period last year[19]. - The company achieved total revenue of 936,198.98 million yuan, a year-on-year increase of 2.98%[29]. - Net profit attributable to shareholders was 16,964.18 million yuan, a decrease of 1,638.25 million yuan, representing an 8.81% decline[29]. - The total revenue for the reporting period reached ¥9,361,989,797.04, representing a year-on-year increase of 2.98%[40]. - The total profit for the first half of 2024 was ¥224,949,257.41, down from ¥246,402,709.17 in the first half of 2023, representing a decline of 8.7%[107]. Store Operations and Expansion - The company operates a total of 1,097 stores, including 997 direct-operated stores and 100 franchise stores[24]. - The company opened 69 new stores during the reporting period, including 27 direct-operated and 42 franchised stores, bringing the total to 1,097 stores[30]. - In the second quarter, 27 new direct-operated stores were opened, including 13 supermarkets and 12 snack stores[34]. - A total of 17 stores were closed during the second quarter, with 12 closures due to underperformance[35]. - The company focuses on multi-format operations to meet diverse consumer needs and enhance market penetration[26]. Sales and Marketing - Comparable store traffic increased by 13.69%, contributing to sales growth in the report period[20]. - Online sales grew approximately 22% year-on-year, with online traffic increasing by 18.49%[28]. - The company’s self-owned and customized product sales account for over 13% of supermarket sales[27]. - The sales expenses increased by 2.98% to ¥1,646,965,890.76, primarily due to rising labor costs and logistics expenses[40]. - The company is focusing on product quality and pricing strategies to meet changing consumer demands[37]. Financial Position and Assets - The total assets at the end of the reporting period were ¥13,458,242,217.74, a decrease of 5.79% from the previous year[18]. - The net assets attributable to shareholders of the listed company slightly decreased by 0.81% to ¥2,519,171,596.27 from ¥2,539,792,220.55 at the end of the previous year[18]. - The company's trading financial assets increased to ¥151,050,742.46, representing 1.12% of total assets, up 37.09% from ¥110,181,493.15 last year[43]. - The construction in progress reached ¥289,565,549.29, accounting for 2.15% of total assets, a 34.32% increase from ¥215,585,169.88 last year[43]. - The total current assets amount to ¥4,635,645,644.62, a decrease from ¥5,430,516,428.96 as of December 31, 2023[100]. Environmental and Social Responsibility - The company purchased approximately 6,900 tons of agricultural products from key poverty alleviation counties in the first half of 2024 to support rural revitalization efforts[58]. - The wastewater treatment facility of the wholly-owned subsidiary, Shandong Rongguang Industrial Co., Ltd., has a processing capacity of 1,000 tons per day and operates stably, meeting discharge standards[53]. - The company’s wastewater discharge for COD was 58 mg/L, well below the standard limit of 500 mg/L[52]. - The company’s ammonia nitrogen discharge was 2.6 mg/L, significantly lower than the standard limit of 45 mg/L[52]. - The company’s nitrogen oxides emissions from the gas boiler were measured at 81 mg/m³, below the standard limit of 200 mg/m³[52]. Shareholder Commitments and Governance - The controlling shareholder, Jiajiayue Holdings, committed to holding its shares long-term and will not reduce its holdings by more than 10% of the total shares held at the end of the previous year after the lock-up period expires[59]. - The company has established measures to avoid direct or indirect competition with its controlling shareholder, ensuring that neither the company nor its controlled entities will engage in competitive business activities[62]. - The commitments made by the controlling shareholder and actual controller are effective indefinitely and are strictly adhered to[61]. - The company will announce any share reduction plans three trading days in advance, ensuring transparency in its actions[61]. - The controlling shareholder has guaranteed to bear all losses that may arise from potential disputes related to unclaimed share repurchase funds by departing employees[62]. Legal and Compliance Matters - The company has reported no significant litigation or arbitration matters during the reporting period[68]. - The company has not encountered any non-standard audit opinions in the previous annual report[68]. - The company has not faced any penalties or violations related to its directors, supervisors, or senior management during the reporting period[70]. - The company has not reported any major guarantees during the reporting period[76]. - The company has not disclosed any new major related party transactions during the reporting period[72]. Investment and Capital Management - The total amount of raised funds is CNY 105,342 million, with a net amount of CNY 103,579.90 million after deducting issuance costs[77]. - The company has approved a downward adjustment of the conversion price for the convertible bonds from ¥35.80 to ¥12.80, effective from July 24, 2024[99]. - The company has achieved benefits of CNY 7,653.44 million from the projects funded by raised capital[80]. - The company has a cash management balance of RMB 151 million as of the end of the reporting period, with a maximum balance during the period not exceeding the authorized limit of RMB 160 million[81]. - The company plans to continue using idle raised funds for cash management, investing in financial products or deposits from qualified financial institutions[81].

重要内容提示： "家悦转债"转股价格已触发向下修正条款。 经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 七次会议审议通过，公司董事会决定本次不向下修正"家悦转债"转股价格，同 时在未来六个月内（即 2024 年 8 月 14 日至 2025 年 2 月 13 日），如再次触发"家 悦转债"转股价格向下修正条款的，亦不提出向下修正方案。在此期间之后（从 2025 年 2 月 14 日起计算）若再次触发"家悦转债"转股价格的向下修正条款， 届时公司董事会将再次召开会议决定是否行使"家悦转债"转股价格的向下修正 权利。 | 证券代码：603708 | 证券简称：家家悦 | 公告编号：2024-071 | | --- | --- | --- | | 债券代码：113584 | 债券简称：家悦转债 | | 家家悦集团股份有限公司 关于不向下修正"家悦转债"转股价格的公告 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《募集说明书》的相关规定，在本次发行的可转换公司债券存续期间， 当公司股票在任意连续三十个交 ...

| 证券代码：603708 | 证券简称：家家悦 | 公告编号：2024-070 | | --- | --- | --- | | 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"家悦转债"预计触发转股价格修正条件的提示 性公告 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。 重要内容提示： 截至 2024 年 8 月 8 日，公司股票已有十个交易日的收盘价低于当期转股 价格的 85%，预计触发转股价格向下修正条件。 一、可转债发行上市概况 （一）经中国证券监督管理委员会核准《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），家家悦集团股 份有限公司（以下简称"公司"）于 2020 年 6 月公开发行了可转换公司债券 645 万张，每张面值人民币 100.00 元，发行总额为人民币 64,500.00 万元，期限 6 年， 债券票面利率为：第一年 0.40%、第二年 0.60%、第三年 1.00%、第四年 1.50%、 第五年 1.80% ...

| 证券代码：603708 | 证券简称：家家悦 | 公告编号：2024-069 | | --- | --- | --- | | 债券代码：113584 | 债券简称：家悦转债 | | 家家悦集团股份有限公司 关于股份回购实施结果暨股份变动的公告 一、 回购审批情况和回购方案内容 2024 年 2 月 5 日公司召开第四届董事会第十九次会议，审议通过了《关于回 购公司股份方案的议案》，并于 2024 年 2 月 20 日披露了《家家悦集团股份有限公 司关于以集中竞价交易方式回购公司股份暨公司"提质增效重回报"行动方案的 回购报告书》。本次回购股份方案的主要内容如下：同意公司使用自有资金通过上 海证券交易所交易系统以集中竞价交易的方式进行股份回购，用于股权激励或者 员工持股计划。拟回购股份数量800万股-1,600万股，资金总额不高于人民币15,000 万元（含 15,000 万元）；回购股份价格不超过人民币 11 元/股（含 11 元/股）；回购 期限自董事会审议通过回购股份方案之日起不超过 6 个月。 二、 回购实施情况 （一）2024 年 2 月 6 日公司首次实施回购股份，并于 2024 年 2 月 7 ...