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 ...

Core Viewpoint - Jiajiayue, a leading supermarket chain in Shandong, has established a rare fresh supply chain in China, showcasing its full industry chain advantages [1] Group 1: Business Performance - In Q3 2025, Jiajiayue reported revenue of 13.588 billion, ranking 2nd in the industry, surpassing the industry average of 11.143 billion and the median of 6.552 billion, but below Yonghui Supermarket's 42.434 billion [2] - The net profit for the same period was 196 million, ranking 3rd in the industry, above the average of -62.104 million and the median of 114 million, but below Hongqi Chain's 383 million and Bubugao's 238 million [2] - The main business composition includes food and cleaning products at 4.253 billion (47.22%) and fresh produce at 3.847 billion (42.71%) [2] Group 2: Financial Ratios - As of Q3 2025, Jiajiayue's debt-to-asset ratio was 81.89%, higher than the industry average of 65.35%, and slightly down from 82.00% in the previous year [3] - The gross profit margin for the same period was 23.93%, lower than the industry average of 25.54%, and an increase from 23.26% in the previous year [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 10.62% to 21,800, with an average holding of 29,300 circulating A-shares, an increase of 11.89% [5] - Among the top ten circulating shareholders, Huaxia Large Cap Select Mixed Fund reduced its holdings by 2.1379 million shares, while Hong Kong Central Clearing Limited decreased its holdings by 1.0221 million shares [5] Group 4: Management Compensation - Chairman Wang Peihuan's compensation for 2024 was 1.1 million, a decrease of 400,000 from 1.5 million in 2023 [4] Group 5: Future Outlook - The company continues to enhance supply chain optimization and product development, leading to store upgrades and improved profitability [5] - The total number of stores as of Q3 2025 was 1,090, with 7 new direct stores and 13 franchises opened, while 14 stores were closed [6] - Forecasts for net profit from 2025 to 2027 are 2.01 billion, 2.43 billion, and 2.72 billion, with corresponding P/E ratios of 34, 28, and 25 [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company's Q3 performance shows significant improvement in operational quality, with ongoing supply chain optimization contributing to enhanced service experience and operational efficiency [7] - The company reported a revenue of 13.588 billion yuan for the first three quarters of 2025, a year-on-year decrease of 3.81%, while the net profit attributable to shareholders was 206 million yuan, reflecting a year-on-year increase of 9.43% [7] - The company continues to adjust its store layout and enhance operational efficiency, with a total of 1,090 stores as of Q3 2025, including 921 direct-operated stores and 169 franchise stores [7] Financial Summary - For 2025, the company expects total revenue of 18.802 billion yuan, with a projected net profit of 201 million yuan, corresponding to a PE ratio of 34 [6] - The gross profit margin for Q1-Q3 2025 was 20.37%, an increase of 1.10 percentage points year-on-year, with Q3 gross profit margin reaching 23.79% [7] - The company’s operating expenses ratio for Q1-Q3 2025 was 21.30%, a decrease of 0.80 percentage points year-on-year, indicating improved cost management [7]

Core Points - The Shanghai Composite Index is currently at 3993.52 points, slightly below the half-year line with a change of -0.09% [1] - A total of 66 A-shares have surpassed the half-year line today, with notable stocks showing significant deviation rates [1] Group 1: Stock Performance - The stock with the highest deviation rate is Libang Instruments, with a deviation rate of 14.95% and a daily increase of 16.28% [1] - Tax Friend Co. and Founder Motor follow with deviation rates of 6.81% and 6.27%, respectively, both showing daily increases of 10.00% and 9.98% [1] - Other notable stocks include Cuihua Jewelry and Furuite Equipment, with deviation rates of 4.94% and 4.50% respectively [1] Group 2: Trading Volume and Market Activity - The total trading volume of A-shares today reached 10089.87 billion yuan [1] - The turnover rate for Tax Friend Co. is notably high at 46.64%, indicating strong trading activity [1] - Other stocks with significant turnover rates include Libang Instruments at 10.82% and Cuihua Jewelry at 8.21% [1]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][9][3] Core Views - The company has shown a continuous improvement in profitability levels in the third quarter, with a slight decline in revenue but a significant increase in net profit [1] - The company is benefiting from ongoing supply chain optimization and product development, leading to improved gross margins and reduced total expenses [1] - The company is actively expanding its store network, with new openings and a focus on upgrading store formats to enhance operational quality [9][3] Revenue and Profitability - In the third quarter, the company achieved revenue of 4.581 billion yuan, a year-on-year decrease of 3.87%, while net profit attributable to shareholders increased by 24.34% to 0.23 billion yuan [1] - Year-to-date, the company reported a revenue decline of 3.81% and a net profit increase of 9.43%, indicating stable performance [1] - The gross margin for the third quarter was 23.79%, an increase of 1.14 percentage points year-on-year, attributed to enhanced supply chain capabilities and optimized product mix [2] Store Expansion and Performance - Direct sales revenue from regions outside Shandong province grew by 1.67% to 2.271 billion yuan, while revenue within Shandong province declined by 4.77% to 9.997 billion yuan [2] - The company opened 7 new direct stores and 13 franchise stores in the third quarter, while closing 14 stores due to layout optimization and lease terminations, resulting in a total of 1,090 stores at the end of the reporting period [2] Financial Forecasts - The company forecasts net profits of 2.23 billion yuan, 2.33 billion yuan, and 2.42 billion yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 30, 28.7, and 27.7 [3][4] - Revenue projections for the next five years show a gradual recovery, with expected growth rates of 2.77% in 2024 and 4.40% in 2025 [4]

Core Insights - The company's fundamentals continue to improve in Q3 2025, with a steady increase in store count, and future focus on the revenue recovery pace [1] Financial Performance - In the first three quarters of 2025, the company achieved revenue of 13.588 billion yuan, a year-over-year decrease of 3.8% - The net profit attributable to shareholders was 206 million yuan, a year-over-year increase of 9.4% - The net profit excluding non-recurring items was 197 million yuan, a year-over-year increase of 25.8% [1] - For Q3 2025, the company reported revenue of 4.581 billion yuan, a year-over-year decrease of 3.9% - The net profit attributable to shareholders was 23 million yuan, a year-over-year increase of 24.3% - The net profit excluding non-recurring items was 16 million yuan, a year-over-year increase of 469.6% [1][2] Profitability - The overall gross margin for Q3 2025 was 23.8%, an increase of 1.2 percentage points year-over-year - The financial expenses for Q3 2025 were 43 million yuan, a decrease of 19 million yuan year-over-year - The selling expense ratio was 18.9%, an increase of 0.1 percentage points year-over-year - The management expense ratio was 2.1%, an increase of 0.2 percentage points year-over-year [1][2] Store Expansion - As of the end of Q3 2025, the total number of various store types in the company’s system was 1,090, including 921 directly-operated stores and 169 franchise stores - The number of stores increased by 6 compared to the end of H1 2025 - The breakdown of store types includes 242 comprehensive supermarkets, 400 community fresh food supermarkets, 202 rural supermarkets, 143 snack stores, 7 discount stores, and 96 other types of convenience stores [2] Revenue Outlook - Despite the steady improvement in overall profitability, the revenue has shown a continuous decline in the first three quarters of 2025 - The company anticipates better revenue improvement as store renovations are gradually implemented - As of the end of H1 2025, 30 stores have completed renovations, and the proportion of renovated stores remains low, indicating potential for revenue recovery as this proportion increases [2]

Core Viewpoint - The company reported a decline in revenue for Q3 2025, but significant growth in net profit, indicating improved operational efficiency and profitability despite revenue challenges [1][4]. Financial Performance - Q3 2025 revenue was 4.581 billion yuan, a year-on-year decrease of 3.87%. For the first three quarters, total revenue was 13.588 billion yuan, also down 3.81% [2]. - The net profit attributable to shareholders for Q3 2025 was 22.77 million yuan, up 24.34% year-on-year, while the non-recurring net profit was 15.89 million yuan, showing a substantial increase of 469.57% [4]. Profitability Metrics - The gross margin for the main business in Q3 2025 was 20.59%, an increase of 1.1 percentage points year-on-year. The overall gross margin for the first three quarters was 23.93%, up 0.67 percentage points [3][4]. - The company experienced a decrease in the expense ratio, with Q3 2025 at 22.01%, down 0.09 percentage points year-on-year [4]. Store Operations - In Q3 2025, the company opened 7 new direct-operated stores and 13 franchise stores, while closing 14 direct-operated stores, resulting in a total of 1,090 stores at the end of the period [2]. Regional Performance - Revenue in Shandong province decreased by 4.77% year-on-year, while revenue from other provinces showed a growth of 1.67% [2][3]. Future Outlook - The company maintains an "Accumulate" rating, projecting net profits of 207 million yuan, 250 million yuan, and 288 million yuan for 2025-2027, reflecting growth rates of 57.2%, 20.6%, and 15.0% respectively [5].