| 证券代码：603708 | 证券简称：家家悦 | 公告编号：2025-076 | | --- | --- | --- | | 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"变更转股股份来源的公告 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。 截至 2025 年 10 月 31 日，累计有 120,000 元"家悦转债"已转换为公司股 份，因转股形成的股份数量累计为 4,367 股，占可转债转股前公司已发行股份总 额的 0.00072%。尚未转股的"家悦转债"金额为人民币 644,880,000 元，占"家 悦转债"发行总量的 99.9814%。 三、关于确认公开发行可转换公司债券转股来源的情况 重要内容提示： 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 ...

| 证券代码：603708 | 证券简称：家家悦 | 公告编号：2025-077 | | --- | --- | --- | | 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 公司于2025年11月3日接到控股股东家家悦控股通知，已将质押给中信证券 股份有限公司的11,400,000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 | | | | 本次解质（解冻）股份 | 11,400,000 | | | | | --- | --- | --- | --- | --- | | 占其所持股份比例 | 2.84% | | | | | 占公司总股本比例 | 1.79% | | | | | 解质（解冻）时间 | 年 10 月 31 | 2025 | | 日 | | 持股数量 | 401,786,932 | | | | | 持股比例 | | | 62.94% | | | 剩余被质押（被冻结）股份数量 | | | 66,650,000 | | | 剩余被质押（被冻结）股份数量占其所持股份 比例 | | | 16.59% ...

Group 1 - The controlling shareholder, Jiajiayue Holding Group Co., Ltd., has released a pledge of 11.4 million shares on October 31, 2025, which accounts for 2.84% of its holdings and 1.79% of the company's total share capital [1] - After this release, the total pledged shares by Jiajiayue Holding amount to 66.65 million shares, representing 16.59% of its total holdings and 10.44% of the company's total share capital [1] - The controlling shareholder and its concerted parties collectively hold 449 million shares, which is 70.39% of the company's total share capital, with a total of 66.65 million shares pledged, accounting for 14.83% of their total holdings [1]

Core Points - The controlling shareholder of the company, 家家悦控股, has released a pledge on 11,400,000 shares to 中信证券股份有限公司 as of October 31, 2025 [1] - After the release of the pledge, 家家悦控股 has a total of 66,650,000 pledged shares, which represents 16.59% of its total holdings and 10.44% of the company's total share capital [1] - The controlling shareholder and its concerted parties hold a total of 449,356,089 shares, accounting for 70.39% of the company's total share capital, with pledged shares making up 14.83% of their total holdings [1] - There are currently no plans for subsequent pledges of the released shares, and future pledging will depend on financing needs [1]

Core Insights - Delisi (002330.SZ) and Jiajiayue (603708.SH) have signed a strategic cooperation agreement to enhance supply chain efficiency and market competitiveness through resource sharing and complementary advantages [1][2] Group 1: Strategic Cooperation - The partnership aims to create a high-efficiency, safe, and stable supply chain system to maximize operational efficiency and brand influence [1] - The collaboration will focus on product supply, market promotion, central kitchen coordination, joint bidding, technical exchanges, and co-development of products [1][3] Group 2: Company Profiles - Jiajiayue is a leading supermarket chain and integrated food processing group, known for its fresh food operations and extensive logistics capabilities across key cities in China [1][2] - Delisi is recognized as a national leader in meat products, with a robust supply chain and production capabilities, including five major production bases across the country [2] Group 3: Operational Synergies - Delisi will prioritize the supply of fresh pork, beef, and frozen processed products to Jiajiayue under equal conditions, while Jiajiayue will promote Delisi's products through new introductions and co-branded offerings [3] - Both companies plan to execute joint promotional activities to enhance brand visibility and sales, and explore centralized processing and unified distribution models for meal supply [3]

Investment Rating - The report maintains a "Buy" rating for the consumer services industry, emphasizing the potential for growth driven by government policies aimed at boosting consumption [1]. Core Insights - The report highlights the importance of the "14th Five-Year Plan" which aims to significantly enhance consumer spending through various measures, including increasing public service expenditure and improving consumer rights protection [4]. - It suggests that the current transformation in China's service consumption sector presents a prime investment opportunity, particularly in service consumption platforms, hotel groups with improving margins, and the tourism sector [4]. Industry Overview - The consumer services sector consists of 55 listed companies with a total market capitalization of approximately 498.8 billion yuan and a circulating market value of about 457.1 billion yuan [1]. - The sector's performance over the past month shows a decline of 7.7%, while the 12-month performance indicates a growth of 9.2% [2]. Market Performance - The consumer services industry experienced a weekly increase of 0.45%, outperforming the overall A-share market which rose by 0.39% [7]. - Notable stocks in the sector include Dalian Shengya, Chuangye Heima, and Fangzhi Technology, which showed significant gains [4]. Key Announcements - Major announcements include Meituan's issuance of $2 billion in senior bonds with a subscription rate exceeding 5.7 times, and Guangzhou Restaurant's third-quarter revenue of 2.293 billion yuan, reflecting a year-on-year growth of 4.66% [31][32]. Upcoming Events - Several companies in the sector are scheduled to hold shareholder meetings in November, including Guangzhou Restaurant and Yunnan Tourism, which may provide further insights into their operational strategies and financial performance [35][36]. Industry News - Recent developments include the collaboration between Mixue Ice City and Hainan Airlines to launch a co-branded flight, and the introduction of pet-friendly travel products by Zhongxin Tourism, indicating innovation in service offerings [37][38].

Core Insights - The strategic cooperation agreement was signed between Delisi Group and Jiajiayue Group, focusing on product supply, channel empowerment, B-end market expansion, central kitchen collaboration, product innovation, and marketing [2][3] - The partnership aims to leverage both companies' strengths in the supply chain to provide safer, higher quality, and more convenient food options for consumers, setting a new benchmark for "production and sales cooperation" in the food industry [2][3] Group 1 - The agreement includes regular introduction of new products, development of customized products, and channel traffic support for Jiajiayue to ensure efficient product reach at the terminal [2] - Joint marketing efforts will be implemented to enhance brand preference and consumer repurchase rates through shared membership data and promotional activities [2][3] Group 2 - The visit by Delisi's chairman provided valuable insights into market demand and product supply optimization, further deepening collaboration in sales management, consumer insights, and scenario-based marketing with Jiajiayue [3] - Both companies plan to continuously integrate resources and explore innovative cooperation models to respond to market changes and enhance overall supply chain efficiency and market competitiveness [3]

Investment Rating - Investment Rating: Buy (Maintain) [1] Core Views - The company achieved operating revenue of 4.581 billion yuan in Q3 2025, a year-on-year decrease of 3.87%, but an increase of 14.52% compared to the same period in 2019. The net profit attributable to the parent company was 23 million yuan, up 24.34% year-on-year, but down 81.79% compared to 2019. The net profit after deducting non-recurring items was 16 million yuan, a significant increase of 469.57% year-on-year, but down 86.76% compared to 2019 [6][6][6] - The company has accelerated store renovations and upgrades since November 2024, enhancing product quality, service quality, and store environment, leading to increased customer traffic and improved overall gross margin [6][6] - The company has optimized its regional layout and multi-format strategy, with a total of 242 comprehensive supermarkets, 400 community fresh food supermarkets, 202 rural supermarkets, and other formats as of Q3 2025 [6][6] - The company has focused on reducing losses in provinces outside its core market, with revenue from these areas reaching 2.27 billion yuan in Q1-Q3 2025, a year-on-year increase of 1.67% [6][6] - The company has demonstrated excellent cost control capabilities, with a gross margin of 23.79% in Q3 2025, an increase of 1.14 percentage points year-on-year [6][6] - The company is transitioning towards quality retail, enhancing the relationship with suppliers, and increasing the proportion of self-owned and customized products from 13% to 15% [6][6] - The company is expected to achieve operating revenues of 17.904 billion, 18.249 billion, and 18.446 billion yuan for 2025-2027, with net profits of 219.51 million, 265.58 million, and 299.15 million yuan respectively [6][6]

证券代码：603708 证券简称：家家悦 公告编号：2025-075 家家悦集团股份有限公司 2025年第二次临时股东会决议公告 二、 议案审议情况 (四) 表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况 等。 (一) 股东会召开的时间：2025 年 10 月 31 日 (二) 股东会召开的地点：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 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 本次会议的通知、召开符合《公司法》及《公司章程》等有关规定。会议由 董事长王培桓先生主持。 (五) 公司董事、监事和董事会秘书的出席情况 1、 公司在任董事7人，出席2人，董事傅元惠女士、董事赵熠先生、独立董事刘 红霞女士、独立董事曲国霞女士、独立董事姜爱丽女士因另有公务未能出席； 2、 公司在任监事3人，出席1人，监事张爱国先生、监事邢洪波先生因另有公务 未能出席； 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 ...

上海市锦天城律师事务所 关于家家悦集团股份有限公司 2025 年第二次临时股东会的 法律意见书 电话：02120511000 传真：02120511999 邮编：200120 上海市锦天城律师事务所 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 上海市锦天城律师事务所 关于家家悦集团股份有限公司 2025 年第二次临时股东会的 法律意见书 致：家家悦集团股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受家家悦集团股份有限公 司（以下简称"公司"）的委托，根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司 股东会规则》（以下简称"《股东会规则》"）等法律、法规、规范性文件和《家 家悦集团股份有限公司章程》（以下简称"《公司章程》"）的有关规定，指派 律师列席公司 2025 年第二次临时股东会（以下简称"本次股东会"），对本次股 东会相关事项进行见证，并依法出具本法律意见书。 本法律意见书仅就本次股东会的召集和召开程序、出席本次股东会人员的资 格、召集人资格、表决程序及表决结果发表意见，而不对本 ...