一、董事会会议召开情况 | 证券代码：603708 | 证券简称：家家悦 | 公告编号：2025-079 | | --- | --- | --- | | 债券代码：113584 | 债券简称：家悦转债 | | 家家悦集团股份有限公司 第五届董事会第六次会议决议公告 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。 二〇二五年十二月十日 家家悦集团股份有限公司（以下简称"公司"）第五届董事会第六次会议于 2025 年 12 月 9 日以现场结合通讯方式召开，本次会议应到董事 7 人，实到董事 7 人。本次会议由公司董事长王培桓先生主持召开，公司高级管理人员列席会议。 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、董事会会议审议情况 1、审议并通过《关于使用部分闲置自有资金进行现金管理的议案》。 表决结果：7 票同意，0 票反对，0 票弃权，0 票回避。 2、审议并通过《关于部分募集资金投资项目延期的议案》。 表决结果：7 票同意，0 票反对，0 票弃权，0 票回避。 特此公告。 ...

Group 1 - Company Jiajiayue (SH 603708) held its sixth meeting of the fifth board of directors on December 9, 2025, to review proposals including the postponement of certain fundraising investment projects [1] - For the first half of 2025, Jiajiayue's revenue composition was as follows: commercial business accounted for 92.63%, other businesses 6.85%, and industrial business 0.52% [1] - As of the report date, Jiajiayue's market capitalization was 7.6 billion yuan [1] Group 2 - The article highlights a significant issue in the pharmaceutical industry regarding the abuse of pregabalin, marking the first reported case of addiction in China [1] - It points out vulnerabilities in online platforms that allow the purchase of medications without medical records, raising concerns about regulatory oversight [1] - The classification of pregabalin and the need for scientific evaluation regarding its regulation are emphasized [1]

东兴证券股份有限公司 关于家家悦集团股份有限公司 部分募投项目延期的核查意见 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"家家悦"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《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》《上市公司募集资金监管规则》《上 海证券交易所上市公司自律监管指引第1号 -- 规范运作》《上海证券交易所上市 公司自律监管指引第11号 -- 持续督导》等相关法律法规的规定,对家家悦本次 部分募投项目延期的相关事项进行了审慎核查,具体情况如下: 一、募集资金基本情况 (一)公开发行可转换公司债券 中国证券监督管理委员会《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)核准,公司于 2020年 6 月向社 会公开发行可转换公司债券 645 万张,每张面值 100元,募集资金总额为人民币 64,500.00 万元,扣除发行费用 1,146.03 万元(不含税)后,实际募集资金净额 为 63,353.97 万元。上述资金到位情况业经容 ...

Core Viewpoint - The company has announced a postponement of the completion dates for its "Chain Supermarket Renovation Project" and "Yangting Shopping Plaza Project" from December 2025 to December 2027 due to intensified competition in the retail industry and changing consumer demands [1] Group 1: Project Details - The "Chain Supermarket Renovation Project" will involve an investment of 203 million yuan, funded by proceeds from a public offering of convertible bonds, aimed at upgrading the supermarket [1] - The "Yangting Shopping Plaza Project" will require an investment of 50 million yuan, financed through a private placement of shares for the construction of the shopping plaza [1] Group 2: Market Context and Strategic Adjustments - The postponement is attributed to the increasing competition in the retail sector since 2024, along with a trend towards quality, personalization, and experiential consumption among consumers [1] - The company is adjusting the project timelines to better align with market changes, focusing on continuous innovation in business formats, store adjustments, and supply chain transformations [1] Group 3: Impact on Operations - The delay only affects the implementation timeline of the projects, with no changes to the overall objectives, investment content, usage, or implementing entities [1] - The postponement is not expected to have a substantial impact on the company's current operations and will not alter the intended use of the raised funds, ultimately benefiting the efficiency of fund utilization and project quality, ensuring the company's long-term healthy development [1]

Core Points - The controlling shareholder of Jiajiayue (603708) has pledged shares that will mature on November 28, 2025, with the company planning to submit a notice for partial release of the pledge on December 1, 2025, due to non-trading days on November 29 and 30, 2025 [1] Summary by Category - **Company Information** - Jiajiayue's controlling shareholder's share pledge is set to expire on November 28, 2025 [1] - The company will announce the partial release of the pledged shares on December 1, 2025, in compliance with relevant regulations [1] - **Industry Context** - The announcement reflects the company's adherence to regulatory requirements regarding share pledges and their management [1]

Core Viewpoint - The announcement details the release of share pledges by the controlling shareholder of Jiajiayue Group, indicating a reduction in pledged shares and a stable ownership structure [1][2]. Group 1: Share Pledge Release - Jiajiayue Holding Group, the controlling shareholder, has released 23,000,000 shares from pledge, which were previously pledged to China Galaxy Securities [2]. - After the release, Jiajiayue Holding Group has a total of 43,650,000 shares pledged, representing 10.86% of its total holdings and 6.84% of the company's total share capital [1][2]. Group 2: Shareholding Structure - Jiajiayue Holding Group holds 401,786,932 shares, accounting for 62.94% of the total share capital of the company [1]. - Together with its concerted party, Weihai Xinyue Investment Management Co., Ltd., they hold a total of 449,356,089 shares, which is 70.39% of the total share capital [1].

| 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]