Investment Rating - The report maintains a rating of "Buy" for the company, with a target price adjusted to 13.50 yuan from the previous 14.48 yuan [2][4]. Core Insights - The company has significantly improved its fundamental management capabilities, continuously enhancing its network layout and operational synergy, which is expected to drive high-quality development in the future [2][4]. - The company reported a revenue of 17.763 billion yuan in 2023, a decrease of 2.31% year-on-year, while the net profit attributable to shareholders was 1.36 billion yuan, reflecting a substantial increase of 127.04% [2][4]. - The company is adapting to market and consumer demand changes by optimizing existing stores and accelerating new store openings, which has led to improved operational quality [2][4]. Summary by Sections Investment Highlights - The company is focusing on enhancing basic management capabilities and optimizing store operations, which has resulted in a notable performance increase [2][4]. - The company has opened 12 new direct-operated stores and 8 franchise stores, bringing the total number of stores to 1,065 [2][4]. - The online business sales ratio is projected to be 5.98% in 2024, indicating a strategic shift towards integrating online and offline channels [2][4]. Financial Performance - In 2023, the company achieved an operating income of 17.763 billion yuan, with a net profit of 1.36 billion yuan, marking a significant increase compared to the previous year [2][4]. - The report forecasts an EPS of 0.23 yuan for 2024, slightly lower than the industry average, with a projected EPS of 0.25 yuan for 2026 [2][4]. - The company’s total assets are expected to reach 14.747 billion yuan by 2026, with a net asset return rate projected at 5.3% [2][4]. Market Position - The company operates in the retail trade industry, focusing on supermarket chain operations, primarily in Shandong Province [2][4]. - The company is leveraging its extensive store network to enhance market penetration and consumer engagement through innovative business models [2][4]. - The report highlights the company's competitive advantage in adapting to consumer preferences, particularly in offering value-for-money products [2][4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 17.763 billion yuan in 2023, a decrease of 2.3% year-on-year, but achieved a net profit of 136 million yuan, an increase of 127.0% year-on-year. In Q1 2024, revenue grew by 5.7% to 5.189 billion yuan, with a net profit of 147 million yuan, up 7.1% [2][3] - The company plans to accelerate the layout of new business formats, focusing on high-quality development and internal growth through an equity incentive plan. The expansion into snack chains and discount stores is highlighted as a key area of interest [2][3] Financial Performance Summary - In 2023, the company achieved revenue of 177.63 billion yuan, with a net profit of 1.36 billion yuan. The revenue for Q1 2024 was 51.89 billion yuan, with a net profit of 1.47 billion yuan [2][3] - The company’s gross margin for 2023 was 23.9%, with a slight decrease to 24.0% in Q1 2024. The sales, management, and financial expense ratios were 18.9%, 2.1%, and 1.4% respectively in 2023, improving to 16.9%, 1.9%, and 1.2% in Q1 2024 [3] Business Strategy and Outlook - The company opened 110 new stores in 2023, including 37 supermarkets and 56 snack stores, bringing the total number of stores to 1,049. The 2024 plan emphasizes improving traditional business formats, accelerating innovative formats, and enhancing organizational efficiency [4] - The company aims to optimize the profitability model of single stores and focus on franchise as a key growth strategy, particularly for discount and snack store formats [4] Financial Projections - The projected net profits for 2024, 2025, and 2026 are 215 million yuan, 257 million yuan, and 302 million yuan respectively, with corresponding EPS of 0.34 yuan, 0.40 yuan, and 0.47 yuan. The current stock price corresponds to P/E ratios of 29.8, 24.9, and 21.1 for the respective years [2][6]

Investment Rating - The investment rating for the company is "Buy" [34] Core Views - The company achieved a net profit of 136 million yuan in 2023, representing a year-on-year increase of 127.04%, while revenue decreased by 2.31% to 17.763 billion yuan [1][4] - In Q1 2024, the company reported a revenue growth of 5.73% and a net profit growth of 7.10% year-on-year, indicating stable performance [1][4] - The company plans to distribute a cash dividend of 0.19 yuan per share, which accounts for 88% of the annual net profit [1] - The company is expanding its store network, with a net increase of 44 stores in 2023 and 16 stores in Q1 2024 [10] - Online sales grew by 23.9% in 2023, with online business accounting for 5.98% of total sales [1][9] Financial Performance - The company's gross margin improved by 0.62 percentage points to 23.88% in 2023, while the gross margin for Q1 2024 was 24.04% [10] - Operating cash flow for 2023 was 1.614 billion yuan, a year-on-year increase of 20.5%, and for Q1 2024, it was 702 million yuan, up 22.1% year-on-year [10] - The company has adjusted its net profit forecasts for 2024 and 2025 to 224 million yuan and 247 million yuan, respectively, due to short-term costs associated with new business formats [19] Regional Performance - Revenue from outside Shandong province grew by 4.49% in 2023, accounting for 15.35% of total revenue [9] - In Q1 2024, revenue from Shandong province increased by 8.63%, while revenue from outside Shandong rose by 9.81% [9] Business Segments - In Q1 2024, the main business revenue from comprehensive supermarkets grew by 10.96%, while other formats, including snack stores and discount supermarkets, saw revenue growth of 46.66% [9][10] - The company is actively exploring multi-format layouts to adapt to consumer trends [8]

Investment Rating - The report maintains a "Hold" rating for the company, indicating a cautious outlook on its future performance [14]. Core Views - The company has shown a mixed performance in recent quarters, with a notable increase in net profit but a decline in revenue for 2023. The introduction of new business formats, such as snack and discount stores, has led to increased investment, impacting profitability forecasts [14][27]. - The company is expanding its store network, with 110 new stores opened in 2023, contributing to a total of 1,049 stores by year-end. This includes various formats such as supermarkets and discount stores [12][14]. - Online sales have seen significant growth, with a 23.9% increase in 2023, enhancing foot traffic to physical stores [12][14]. Financial Summary - In 2023, the company reported total revenue of 177.63 billion yuan, a decrease of 2.31% year-on-year, while net profit reached 1.36 billion yuan, an increase of 127.04% [27]. - The gross profit margin for 2023 was 23.88%, up by 0.62 percentage points from the previous year, although it slightly decreased to 24.04% in Q1 2024 [10][11]. - The company’s EPS for Q1 2024 was 0.23 yuan, reflecting a year-on-year growth of 7.10% [11][13]. Operational Insights - The company’s operational efficiency is improving, with a decrease in the expense ratio to 20.08% in Q1 2024, down by 0.44 percentage points year-on-year [28]. - The company has a strong competitive position in regions like Shandong, which supports its market share growth through new business formats [14]. Market Position - The company’s market capitalization is approximately 63.96 billion yuan, with a P/E ratio of 48 for 2023, indicating a relatively high valuation compared to earnings [32][34]. - The company’s revenue from fresh produce and food categories remains significant, with fresh produce accounting for approximately 7.05 billion yuan in revenue [21].

证券代码：603708 证券简称：家家悦 公告编号：2024-033 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2023 年年度股东大会 召开的日期时间：2024 年 5 月 10 日 14 点 30 分 召开地点：山东省威海市经济技术开发区大庆路 53 号 A 座公司会议室 (五) 网络投票的系统、起止日期和投票时间。 家家悦集团股份有限公司 关于召开 2023 年年度股东大会的通知 股东大会召开日期：2024年5月10日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 5 月 10 日至 2024 年 5 月 10 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为 股东大 ...

"RsM | 容 诚 审计报告 家家悦集团股份有限公司 容诚审字[2024]100Z0822 号 容诚会计师事务所(特殊普通合伙) 中国 · 北京 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查查 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查查 。 审 计 报 告 容诚审字[2024] 100Z082] 家家悦集团股份有限公司全体股东: 一、审计意见 我们审计了家家悦集团股份有限公司(以下简称家家悦集团公司)财务报表, 包括 2023 年 12 月 31 日的合并及母公司资产负债表, 2023 年度的合并及母公司利 润表、合并及母公司现金流量表、合并及母公司所有者权益变动表以及相关财务 报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制, 公允反映了家家悦集团公司 2023 年 12 月 31 日的合并及母公司财务状况以及 2023 年度的合并及母公司经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告 ...

| 证券代码：603708 | 证券简称：家家悦 | 公告编号：2024-032 | | --- | --- | --- | | 债券代码：113584 | 证券简称：家悦转债 | | 验字【2020】100Z0047号《验资报告》验证。 家家悦集团股份有限公司 关于继续使用部分闲置募集资金临时补充流动资金并调 整部分募集资金投资项目实施进度的公告 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： 公司拟继续使用不超过人民币15,000万元（含本数）的部分闲置募集资金临 时补充流动资金，期限为自公司董事会审议通过之日起12个月内，同时调整 部分募集资金投资项目实施进度。 家家悦集团股份有限公司（以下简称"公司"）于2024年4月18日召开第四届 董事会第二十二次会议、第四届监事会第十九次会议，审议通过了《关于继续使 用部分闲置募集资金临时补充流动资金并调整部分募集资金投资项目实施进度 的议案》，将闲置募集资金不超过人民币15,000万元（含本数）临时用于补充公 司流动资金，使用期限自董事会审议通过之日起不超 ...

家家悦集团股份有限公司董事会 关于对独立董事2023年度独立性自查情况的专项报告 根据证监会《上市公司独立董事管理办法》、上海证券交易所《股票上市规 则》《上市公司自律监管指引第1号—规范运作》等要求，家家悦集团股份有限 公司（以下简称"公司"）董事会，就公司在任独立董事顾国建先生、刘京建先 生、魏紫女士的独立性情况进行了评估并出具如下专项意见： 经核查，独立董事顾国建先生、刘京建先生、魏紫女士的任职经历以及签署 的相关自查文件，上述人员未在公司担任除独立董事以外的任何职务，也未在公 司主要股东公司担任任何职务，与公司以及主要股东之间不存在利害关系或其他 可能妨碍其进行独立客观判断的关系，因此，公司独立董事符合《上市公司独立 董事管理办法》、《上海证券交易所上市公司自律监管指引第1号—规范运作》 中对独立董事独立性的相关要求。 家家悦集团股份有限公司董事会 2024年4月18日 ...

Financial Performance - In 2023, the company's operating revenue was CNY 17,762,968,076.50, a decrease of 2.31% compared to CNY 18,183,817,809.52 in 2022[38]. - The net profit attributable to shareholders of the listed company reached CNY 136,393,205.49, representing a significant increase of 127.04% from CNY 60,074,047.49 in the previous year[38]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 98,709,857.79, up 275.56% from CNY 26,283,101.77 in 2022[38]. - The net cash flow from operating activities was CNY 1,614,011,040.62, reflecting a 20.50% increase compared to CNY 1,339,434,424.96 in the previous year[38]. - The company's total assets at the end of 2023 were CNY 14,286,062,309.85, a slight decrease of 0.74% from CNY 14,392,318,671.57 at the end of 2022[38]. - The net assets attributable to shareholders of the listed company increased by 23.13% to CNY 2,539,792,220.55 from CNY 2,062,622,774.23 in 2022[38]. - The total revenue for the main business in 2023 was 1,495.32 million yuan, reflecting a year-on-year decrease of 2.17%[71]. - The company reported a net cash flow from operating activities of 1,614.01 million yuan, an increase of 20.50% compared to the previous year[72]. - The financial expenses decreased by 14.57% to 242.42 million yuan, reflecting improved financial management[72]. Market Expansion and Store Operations - The company opened 110 new stores during the reporting period, including 81 self-operated stores and 29 franchised stores, enhancing its market presence[46]. - The company continues to strengthen its market position in Shandong, enhancing brand influence and market competitiveness through various new store formats[46]. - The company focuses on expanding its chain network in regions such as Shandong, Inner Mongolia, Beijing, and Hebei, optimizing its business formats according to local market demands[52]. - The company operates a diverse range of store formats, including community fresh food supermarkets and convenience stores, to meet varied consumer needs[52]. - The company expanded its store count to 991 by the end of the year, with 81 new openings and 57 closures, resulting in a total area of 301.33 million square meters[69]. - The total number of stores reached 1,049, with 110 new stores opened during the reporting period, including 81 direct-operated and 29 franchised stores[83]. - The company plans to continue expanding its store network, particularly in the Shandong province, where it opened 67 new stores[69]. - The company closed 18 stores in the fourth quarter, with 10 closures attributed to underperformance[71]. Product and Service Development - The proportion of self-owned and customized products reached 13.5% in 2023, indicating a focus on improving product offerings[31]. - The company invested approximately ¥12.90 million in research and development, representing 0.07% of total revenue[61]. - Research and development expenses reached 12.90 million yuan, marking a 100% increase, indicating a significant focus on innovation[72]. - The company is focused on developing new business formats, such as discount stores and snack shops, to enhance profitability and market competitiveness[100]. - The company will continue to promote the development of high-quality products, particularly in processed fresh food and meal preparation[141]. - The company is investing in new product development, allocating approximately $10 million for R&D in the upcoming year[172]. Online and Digital Integration - The company's online retail sales of physical goods increased by 8.4% year-on-year, accounting for 27.6% of total retail sales of consumer goods[48]. - Online orders and sales have been growing rapidly, with the company enhancing its online and offline integration capabilities[53]. - The company aims to create a seamless online and offline shopping experience to improve customer satisfaction and operational efficiency[100]. - The company plans to enhance its digital capabilities and supply chain efficiency, aiming to transform into a comprehensive, platform-based, and technology-driven retailer[99]. Governance and Compliance - The company strictly adheres to the regulations of the Company Law, Securities Law, and the requirements of the China Securities Regulatory Commission, ensuring compliance in corporate governance[146]. - The company maintains independence from its controlling shareholder in terms of business operations, personnel, assets, and finances, with no adverse effects on governance structure[146]. - The company has established a robust internal control system, enhancing operational efficiency and risk management capabilities to protect investor interests[153]. - The company has confirmed its independence in operations and governance, complying with all relevant laws and regulations[156]. - The company has established a self-evaluation report on internal controls for 2023, focusing on key business processes and control effectiveness[153]. Strategic Outlook and Challenges - The company's overall strategy for 2024 focuses on "stability and progress," emphasizing quality improvement in traditional operations and innovation acceleration[122]. - The retail industry faces significant challenges due to macroeconomic fluctuations and weak consumer expectations, impacting the company's performance[143]. - The company anticipates that the recovery of the consumer market will support economic growth, despite ongoing challenges in the retail sector[136]. - The company recognizes the need to adapt to changing consumer demands and market trends, emphasizing the importance of innovation in retail operations[143]. - The company plans to improve operational efficiency through organizational transformation and cost control measures[126]. Leadership and Management - The total pre-tax remuneration for the chairman and general manager, Wang Peihuan, is CNY 1.5 million[160]. - The total pre-tax remuneration for the executive vice president, Fu Yuanhui, is CNY 1.7 million[160]. - The company has a diverse board with members holding various significant positions in other organizations[162][163]. - The company has appointed a new financial director, Jiang Wenxia, to strengthen its financial management[163]. - The board approved a stock option incentive plan aimed at improving employee retention and performance[179]. - The company reported a total compensation of $1.059 million for its senior management team in the last fiscal year[183].

家家悦集团股份有限公司 2023年度独立董事述职报告 （魏紫） 作为家家悦集团股份有限公司（以下简称"公司"）的独立董事，本人严格 按照《公司法》、《上市公司治理准则》、《上市公司独立董事管理办法》等规 范性文件以及《公司章程》、《独立董事工作制度》等的规定和要求，履行职责， 充分发表独立意见，依法进行表决，有效促进了公司的规范运作，努力维护公司 整体利益及全体股东的合法权益。现将本人2023年度履行独立董事职责情况报告 如下： 一、独立董事基本情况介绍 本人魏紫，1980年出生，中国国籍，博士学历。现任本公司独立董事，中央 财经大学会计学院副教授，合众人寿保险股份有限公司独立董事，中原大地传媒 股份有限公司独立董事，北京索英电气技术股份有限公司独立董事。作为公司的 独立董事，本人与公司之间不存在雇佣关系、交易关系、亲属关系，不存在影响 独立董事独立性的情况。 二、2023年独立董事的主要工作情况 （一）出席会议情况 大事项时发挥了重要作用。2023年本人对各专门委员会所审议的各项议案均投了 赞成票，无提出异议的事项，亦无反对、弃权的情况。 （三）对公司进行现场调查的情况 报告期内，本人作为公司独立董事，充分 ...