证券日报网讯12月4日，家家悦（603708）在互动平台回答投资者提问时表示，控股股东本次股权质押 于2025年11月28日到期，因2025年11月29日和30日为非交易日，公司于2025年12月1日提交《关于控股 股东部分股份解除质押的公告》，符合相关规定。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603708 证券简称：家家悦 公告编号：2025-078 债券代码：113584 证券简称：家悦转债 二、股东累计质押股份情况 ● 公司控股股东家家悦控股及其一致行动人威海信悦投资管理有限公司（以下简称"信悦投资"）合计持 有公司股份449,356,089股，占公司总股本的70.39%，本次解除质押23,000,000股后，控股股东及其一致 行动人累计质押公司股份43,650,000股，占其合计持有公司股份总数的9.71%。 公司于2025年12月1日接到控股股东家家悦控股通知，已将质押给中国银河证券股份有限公司的 23,000,000股公司股份办理了解除质押手续，具体情况如下： 一、股份解除质押基本情况 单位：股 家家悦集团股份有限公司关于控股股东部分股份解除质押的公告 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。 重要内容提示： ■ ● 家家悦集团股份有限公司（以下简称"公司"或"本公司"）控股股东家家悦控股集团股份有限公司（以 下简称"家家悦控股"）持 ...

| 证券代码：603708 | 证券简称：家家悦 | 公告编号：2025-078 | | --- | --- | --- | | 债券代码：113584 | 证券简称：家悦转债 | | 家家悦集团股份有限公司 关于控股股东部分股份解除质押的公告 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。 二、股东累计质押股份情况 重要内容提示： 家家悦集团股份有限公司（以下简称"公司"或"本公司"）控股股东 家家悦控股集团股份有限公司（以下简称"家家悦控股"）持有公司股份 401,786,932 股，占公司总股本的 62.94%，本次解除质押 23,000,000 股后，家家 悦控股累计质押公司股份 43,650,000 股，占其持有公司股份总数的 10.86%，占 公司总股本的 6.84%。 公司控股股东家家悦控股及其一致行动人威海信悦投资管理有限公司 （以下简称"信悦投资"）合计持有公司股份 449,356,089 股，占公司总股本的 70.39%，本次解除质押 23,000,000 股后，控股股东及其一致行动人累计质押公司 股 ...

次日清晨5点多，农户按订单赶赴基地采摘豇豆、黄瓜、奶白菜等新鲜蔬菜，并陆续送往分拣仓。上午，保鲜车间里，十余位工人在流水线上忙碌，蔬菜 被逐一分级、称重、贴码。下午6点，两辆冷藏厢式卡车装载完毕，从莘县北部驶上德商高速。 11月28日早上7点不到，车辆抵达家家悦在山东省内的5家物流中心。10点前，贴着"莘县蔬菜"溯源码的小包装精品菜，被摆上门店的生鲜区，成为当日最 醒目的新货。 至此，接近700公里、不到38个小时，莘县蔬菜一路从田间向货架奔赴而来。但比这段"旅程"更值得追问的，是其背后的食用农产品全链条追溯体系。 01 产地与终端"双向奔赴" 11月26日晚，聊城市莘县东鲁街道刘马庄村农户侯春海的手机提示声响起，是莘县农发工作人员发来的采收单。 11月26日晚上8点，家家悦B2B平台跳出一笔订单：12000份莘县蔬菜，两天后上架济南、青岛、威海、烟台等地的330家门店。随即，这笔订单便出现在 莘县农业农村投资发展有限公司（简称"莘县农发"）供应链调度中心的大屏上。 他一眼扫过规格要求——"豇豆长度40～60cm，颜色深绿，细而长，脆嫩，无鼓豆、虫眼、锈斑；农药检测呈阳性，压伤或断裂比例超3%，或规则残缺率 ...

Investment Rating - The report indicates a positive investment outlook for the retail industry, particularly highlighting strong performance in jewelry and instant retail sectors [4][8]. Core Insights - The "Double 11" e-commerce sales showed steady growth, with instant retail experiencing significant increases. Categories such as clothing, cosmetics, and jewelry performed well, with jewelry retail sales increasing by 37.6% year-on-year [4][8]. - Instant retail sales reached RMB 67 billion, marking a 138.4% increase year-on-year, driven by platforms like Meituan and Taobao [4][8]. - The report emphasizes the importance of consumption combined with technology as a key industry trend, with specific companies identified for potential investment [4][8]. Summary by Sections Overall Performance - According to the National Bureau of Statistics, online retail sales of physical goods in October increased by 4.9% year-on-year, with a slowdown of 2.4 percentage points from September [4][8]. - The total e-commerce sales during the 2025 "Double 11" promotion are projected to reach RMB 1,695 billion, a 14.2% increase year-on-year [4][8]. Category Performance - Retail sales for clothing, cosmetics, and jewelry in October showed year-on-year increases of 6.3%, 9.6%, and 37.6% respectively, indicating a strong recovery in these categories [4][8]. - Household appliances and furniture saw a decline in retail sales, with figures of -14.6% and +9.6% respectively, attributed to high base effects and timing fluctuations from national subsidies [4][8]. Key Investment Targets - The report highlights several companies as key investment targets, including jewelry leaders like Chow Tai Fook and Lao Pu Gold, as well as companies benefiting from the new consumption trend such as Gu Ming and Mixue Bingcheng [4][8].

Investment Rating - The report maintains an "Overweight" rating for the retail industry [1] Core Insights - The 2025 Double Eleven sales period saw a total e-commerce sales of approximately 1,695 billion yuan, representing a year-on-year increase of 14.2%. The comprehensive e-commerce platforms accounted for 1,619.1 billion yuan, with a year-on-year growth of 12.3% [4][9] - Instant retail showed remarkable growth, with sales reaching 67 billion yuan during the Double Eleven period, marking a year-on-year increase of 138% [10][15] - Key product categories such as digital appliances, food and beverages, furniture, and pet products experienced significant growth, with pet sales reaching 9.2 billion yuan, up 59% year-on-year [15][16] Summary by Sections Weekly Industry Viewpoint - The Double Eleven sales period was extended, contributing to steady growth in total e-commerce sales. The sales period for 2025 was from October 7 to November 11, compared to October 14 to November 11 in 2024 [9] - Instant retail emerged as a highlight, with substantial growth compared to traditional e-commerce formats [10] Weekly Market Review - From November 10 to November 16, the Shenwan retail index increased by 4.06%, while the Shanghai Composite Index decreased by 0.18% [17] - Year-to-date performance shows the Shenwan retail index up by 8.43%, compared to a 19.06% increase in the Shanghai Composite Index [17][22] Company Valuation Table - The report includes a detailed valuation table for various companies in the retail sector, with specific metrics such as market capitalization and P/E ratios [24][25]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company is strengthening its supply chain optimization, leading to improved profitability. A strategic partnership with Delisi Group aims to enhance supply chain efficiency and product development [7] - The company reported a revenue of 13.59 billion yuan for the first nine months of 2025, a year-on-year decrease of 3.8%, while the net profit attributable to shareholders was 210 million yuan, an increase of 9.4% year-on-year [7] - The company is expected to achieve revenues of 18.27 billion yuan, 18.76 billion yuan, and 19.48 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 222 million yuan, 242 million yuan, and 245 million yuan [7] Financial Performance - For 2023, the company reported a revenue of 17.76 billion yuan, with a revenue growth rate of -2.3%. The net profit attributable to shareholders was 136 million yuan, reflecting a net profit growth rate of 127% [6][8] - The earnings per share (EPS) for 2025 is projected to be 0.35 yuan, with a price-to-earnings (PE) ratio of 30.9 [6][8] - The return on equity (ROE) is expected to be 9.0% in 2025, with a price-to-book (PB) ratio of 2.8 [6][8] Store Optimization - As of September 2025, the company had a total of 1,090 stores, including 921 direct-operated stores and 169 franchise stores. The company opened 7 direct-operated stores and 13 franchise stores in the third quarter [7] - The company is focusing on optimizing its store layout and enhancing customer service experience, which has contributed to an increase in store foot traffic [7]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Insights - The company reported a slight decline in revenue for Q3 2025, achieving 4.58 billion yuan, a year-on-year decrease of 3.9%, while the net profit attributable to shareholders was 22.77 million yuan, an increase of 24.3% [2][4] - For the first three quarters of 2025, total revenue was 13.59 billion yuan, down 3.8% year-on-year, with a net profit of 210 million yuan, up 9.4% [2][4] - The company continues to optimize its traditional supermarket operations while expanding its new business formats, with a total of 1,090 stores as of the end of Q3, netting an increase of 6 stores during the quarter [11] Financial Performance - The gross profit margin for Q3 was 23.8%, an increase of 1.1 percentage points year-on-year, reflecting improved operational efficiency and cost management [11] - The company’s operating profit for Q3 was 59.03 million yuan, significantly improved from 5.63 million yuan in the same period last year [11] - The company expects EPS to reach 0.31, 0.38, and 0.45 yuan for 2025, 2026, and 2027 respectively, indicating a positive growth outlook [11] Business Strategy - The company is actively upgrading its supermarket formats and enhancing supply chain capabilities, including increasing the proportion of direct sourcing and developing private label products [11] - The performance in provinces outside the home region showed a 2% year-on-year revenue growth, indicating strong regional expansion [11] - The company is focusing on improving store quality and customer experience through ongoing renovations and adjustments to its existing store formats [11]

Investment Rating - The report maintains a "Positive" outlook for the retail industry, indicating an expectation of performance that exceeds the market benchmark by over 5% [5]. Core Insights - The report highlights a warming trend in high-end consumption, particularly benefiting offline department stores and supermarkets. It notes that the retail industry has undergone significant changes over the past decade, with a contraction in supply due to the rise of e-commerce and other retail formats. The report anticipates a recovery in offline retail driven by increased policy support and adjustments in supermarket operations [2][3]. Summary by Sections Investment Recommendations and Targets - The report suggests that the "Retail Wheel" theory reveals cyclical patterns in the retail industry. It identifies two main investment themes: 1. Accelerated adjustments in supermarkets, with resilient performance expected from leading regional retail companies such as Chongqing Department Store, Bubugao, Yonghui Supermarket, Huijia Times, Xinhua Department Store, and Jiajia Yue [3]. 2. Department stores with luxury goods operations are expected to benefit from the recovery in high-end consumption, including companies like Hangzhou Department Store and Wushang Group [3]. High-End Retail Market Signals - Several high-end retailers are showing signs of stabilization, with LVMH, Hermès, Prada, and Kering reporting positive revenue growth. For instance, Hermès and Prada saw revenue increases of 9.6% and 8%, respectively. LVMH has returned to positive growth after two quarters of decline, and Kering's losses have significantly narrowed [8]. - Notable sales growth was observed in Beijing and Shanghai's high-end retail locations, with sales increases of 7.8% and 41.9% respectively in the first three quarters [8]. Upcoming Consumer Trends - The extended Spring Festival in 2026 is expected to boost seasonal consumption, with a potential 10-day shopping period when combined with Valentine's Day. Historical data indicates that the first quarter's performance is crucial for annual revenue, suggesting a favorable outlook for 2026 [8]. - The implementation of a nationwide "immediate refund" policy for outbound travelers is anticipated to enhance consumer spending from foreign visitors, with significant increases in the number of travelers and refund amounts reported [8].

Core Viewpoint - The stock price of Jiajiayue has shown significant growth this year, with a notable increase in recent trading days, indicating positive market sentiment towards the company [2]. Group 1: Stock Performance - As of November 13, Jiajiayue's stock price increased by 2.32%, reaching 12.37 CNY per share, with a trading volume of 114 million CNY and a turnover rate of 1.47%, resulting in a total market capitalization of 7.896 billion CNY [1]. - Year-to-date, Jiajiayue's stock price has risen by 10.94%, with a 10.45% increase over the last five trading days, 19.52% over the last 20 days, and 16.70% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Jiajiayue reported a revenue of 13.588 billion CNY, reflecting a year-on-year decrease of 3.81%, while the net profit attributable to shareholders increased by 9.43% to 206 million CNY [2]. - Since its A-share listing, Jiajiayue has distributed a total of 1.587 billion CNY in dividends, with 402 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders in Jiajiayue decreased by 10.62% to 21,800, with an average of 29,305 circulating shares per shareholder, which is an increase of 11.89% [2]. - The top ten circulating shareholders include Huaxia Large Cap Select Mixed Fund, which holds 3.7126 million shares, a decrease of 2.1379 million shares from the previous period [3].