| 证券代码：603708 | 证券简称：家家悦 | 公告编号：2025-053 | | --- | --- | --- | | 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 2024 年度权益分派引起的"家悦转债"转股价格 调整的公告 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： 证券停复牌情况：适用 因实施 2024 年度权益分派，本公司的相关证券停复牌情况如下： | | | 调整前转股价格：12.69 元/股 调整后转股价格：12.61 元/股 本次转股价格调整实施日期：2025 年 7 月 15 日 家家悦集团股份有限公司（以下简称"公司"）于 2020 年 6 月 5 日公开发行 了面值总额为 64,500.00 万元的可转换公司债券，并于 2020 年 6 月 24 日在上海证 券交易所上市交易（转债简称"家悦转债"，转债代码"113584"）。"家悦转债" 存续起止日期为 2020 年 6 月 5 日至 2026 年 6 月 4 日，转股起止日期为 202 ...

东兴证券股份有限公司 关于家家悦集团股份有限公司 差异化权益分派特殊除权除息事项的核查意见 东兴证券股份有限公司(以下简称"东兴证券"或"保荐机构")作为家家 悦集团股份有限公司(以下简称"家家说"或"公司"2020年公开发行可转换 公司债券和2023年向特定对象发行股票的保荐机构,根据《中华人民共和国公司 法》《中华人民共和国证券法》《证券发行上市保荐业务管理办法》《上海证券交 易所股票上市规则》《上海证券交易所上市公司自律监管指引第1号 -- 规范运 作》(2025年5月修订)《上海证券交易所上市公司自律监管指引第7号 -- 回购股 份》等相关法律法规的规定,对本次家家悦利润分配所涉及的差异化权益分派特 殊除权除息相关事项进行了审慎核查,并出具核查意见如下: 一、差异化权益分派方案 公司于 2025 年 5 月 26 日召开 2024 年年度股东大会审议通过了《关于公司 2024 年度利润分配方案的议案》。 2024年度公司合并报表实现净利润 12,201.93 万元,实现归属于上市公司股 东的净利润 13,195.05 万元,报告期末合并报表可供股东分配的利润为 36,618.26 万元;截至 2024 ...

证券代码：603708 证券简称：家家悦 公告编号：2025-054 家家悦集团股份有限公司2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.08元 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 26 日的2024年年度股东大会审议通过。 二、 分配方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 差异化分红送转方案： （1）本次差异化分红方案 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放 | | --- | --- | --- | --- | --- | | | | | | 日 | | Ａ股 | 2025/7/14 | － | 2025/7/15 | 2025/7/15 | 差异化分红送转： 是 根据公司 2 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5] Core Views - The company focuses on deepening its presence in Shandong while seizing opportunities from channel transformations, employing a strategy of "strong integration, stable wings" [2][31] - The company has established three major competitive advantages: deep regional penetration in Shandong, strong acquisition and integration capabilities, and a robust integrated fresh supply chain [3][55] Summary by Sections Company Overview - The company operates a multi-format retail strategy, including supermarkets, community fresh food supermarkets, and rural supermarkets, while exploring new formats like snack stores and discount stores [19][20] - As of 2024, the company has a total of 1,100 stores, with a significant presence in Shandong [20] Future Growth Points - The company is expected to optimize and upgrade its main supermarket business, increasing foot traffic and revenue [4] - New formats such as snack stores and discount stores are anticipated to open a second growth curve, with expectations of reduced losses in provincial areas [4] Financial Projections - Revenue projections for 2025-2027 are estimated at 18.973 billion, 19.654 billion, and 20.354 billion respectively, with year-on-year growth rates of 3.9%, 3.6%, and 3.6% [5][7] - Net profit attributable to the parent company is projected to be 192 million, 231 million, and 254 million for the same period, with growth rates of 45.5%, 20.5%, and 9.7% respectively [5][7] Competitive Landscape - The company is positioned as a leading supermarket in the Jiaodong region, with a market share of approximately 24.7% in Shandong's retail sector [36][37] - The company has been actively expanding its footprint outside Shandong through acquisitions, enhancing its market competitiveness [54] Supply Chain and Logistics - The company has built a high-barrier integrated fresh supply chain, focusing on direct sourcing and centralized procurement to enhance quality and reduce costs [55][56] - A robust logistics network supports the company's operations, ensuring efficient distribution across its retail locations [60][61]

Group 1 - The company Jiajiayue Group Co., Ltd. has faced multiple food safety issues this year, with its stores frequently appearing in market regulatory announcements for non-compliance [1] - Specific instances of non-compliance include the sale of bananas with unacceptable levels of chlorothalonil and cucumbers with unacceptable levels of ethephon at different stores [1] - In April 2024, several products from Jiajiayue stores were reported for exceeding safety standards, including shrimp with excessive sulfur dioxide and beef products containing N-nitrosodimethylamine [1] Group 2 - Jiajiayue Group was established in 1981 and is based in Weihai, Shandong Province, with over a thousand stores across various regions including Shandong, Beijing, and Jiangsu [3] - The company operates in the supermarket chain sector, and as it scales beyond a thousand stores, the establishment of standardized quality inspection and traceability systems becomes crucial for long-term development [3]

Core Viewpoint - The company announced a temporary suspension of the conversion of its convertible bonds, "Jia Yue Convertible Bonds," due to the implementation of the 2024 annual equity distribution plan, which includes a cash dividend of RMB 0.80 per 10 shares [1][2]. Group 1: Equity Distribution Plan - The equity distribution plan was approved at the company's 2024 annual shareholders' meeting on May 26, 2025, where it was decided to distribute cash dividends to shareholders registered on the equity distribution record date [1]. - The cash dividend will be RMB 0.80 per 10 shares, inclusive of tax, based on the total share capital after deducting repurchased shares [1][2]. Group 2: Suspension of Convertible Bond Conversion - The conversion of "Jia Yue Convertible Bonds" will be suspended from the trading day before the equity distribution announcement (July 7, 2025) until the equity distribution record date [1][2]. - The bonds will resume conversion on the first trading day after the equity distribution record date, allowing bondholders to convert their bonds until July 4, 2025 [2]. Group 3: Company Contact Information - The company has provided contact details for its securities affairs department for any inquiries related to the announcement [3].

| 证券代码：603708 | 证券简称：家家悦 | 公告编号：2025-052 | | --- | --- | --- | | 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 | 8,972,100股 | | | | | | 累计已回购股数占总股本比例 | 1 ...

| 证券代码：603708 | 证券简称：家家悦 | 公告编号：2025-051 | | --- | --- | --- | | 债券代码：113584 | 证券简称：家悦转债 | | 家家悦集团股份有限公司 关于实施 2024 年度权益分派时"家悦转债"停止转股 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法律责任。 重要内容提示： 证券停复牌情况：适用 因实施 2024 年度权益分派,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 期间 | | | | 113584 | 家悦转债 | 可转债转股停牌 | 2025/7/7 | | | | 权益分派公告前一交易日（2025 年 7 月 7 日）至权益分派股权登记日期间， 本公司可转债将停止转股。 司章程》的有关规定，公司已回购股份及拟回购注销的限制性股票不参与本次权 益分派。根 ...

Core Viewpoint - The credit rating agency maintains the long-term credit rating of Jiajiayue Group Co., Ltd. at AA, with a stable outlook for both the company and its convertible bonds, indicating a solid financial position and operational stability [1][3]. Company Overview - Jiajiayue Group is a privately listed retail company based in Shandong Province, primarily engaged in supermarket chain operations, including various formats such as community fresh food supermarkets and discount stores [3][6]. - As of the end of 2024, the company reported total assets of 134.22 billion yuan and equity of 24.06 billion yuan, with a revenue of 182.56 billion yuan and a profit of 1.87 billion yuan [6][7]. Financial Performance - The company experienced a revenue growth of 7.97% in 2024, with stable gross margins across its business segments. However, in the first quarter of 2025, revenue declined by 4.77% year-on-year [9][10]. - Cash and cash equivalents stood at 20.68 billion yuan, representing 15.41% of total assets, with a net cash flow from operating activities of 11.51 billion yuan [4][6]. Debt and Credit Metrics - The company has a high debt burden, with a debt-to-asset ratio of 82.07% and a total debt capitalization ratio of 68.86% as of the end of 2024 [4][5]. - The convertible bond "Jia Yue Convertible Bond" has an issuance scale of 6.45 billion yuan, with a maturity date set for June 5, 2026 [6]. Market Position and Strategy - The company maintains a stable market position in Shandong Province, particularly in the Weihai and Yantai regions, and is focused on optimizing store layouts and enhancing service quality [3][7]. - The company has been actively closing underperforming stores, with a net reduction of 34 stores by the end of 2024, while also expanding its online sales channels [11][12]. Industry Analysis - The retail industry is facing challenges due to insufficient consumer demand and a shift towards online retail, which remains the primary driver of consumption growth [7][8]. - The government is expected to continue supporting consumption through policy measures, which may benefit the retail sector in the coming years [7][8].

Group 1 - The core viewpoint of the announcement is that the company, Jiajiayue Group Co., Ltd., has received a stable credit rating of "AA" for both its corporate entity and its convertible bonds, indicating consistent financial health and creditworthiness [1][2]. - The previous credit rating for the company and its convertible bonds was also "AA," with a stable outlook, and this has not changed in the latest assessment [2]. - The tracking credit rating was conducted by United Ratings Co., Ltd., and the report is available on the Shanghai Stock Exchange website [2]. Group 2 - The tracking rating was performed on June 25, 2025, and the results were officially announced on June 26, 2025 [2]. - The announcement emphasizes that the board of directors guarantees the accuracy and completeness of the information provided, ensuring no misleading statements or omissions [1]. - The rating is in accordance with the regulations set forth by the China Securities Regulatory Commission and the Shanghai Stock Exchange [1].