2025 年 4 月 30 日 公司研究 受益于金价上涨，持续强化产品力 2024 年，公司实现营业收入 202.33 亿元，同比增长 22.24%，实现归母净利润 7.19 亿元，同比增长 1.73%，实现扣非归母净利润 6.84 亿元，同比增长 3.98%。 公司 1Q2025 综合毛利率下降 1.67 个百分点，期间费用率下降 0.38 个百分点 1Q2025 公司综合毛利率为 8.34%，同比下降 1.67 个百分点。2024 年公司综合 毛利率为 8.94%，同比下降 1.74 个百分点。 1Q2025 公司期间费用率为 2.71%，同比下降 0.38 个百分点。其中，销售/管理 /研发/财务费用率分别为 2.03%/0.42%/0.04%/0.22%，同比分别变化-0.22/ -0.14/0.00/-0.01 个百分点。2024 年公司期间费用率为 3.17%，同比下降 0.37 个百分点。其中，销售/管理/研发/财务费用率分别为 2.36%/0.53%/0.04%/ 0.24%，同比分别变化-0.26/-0.15/0.00/+0.05 个百分点。 投资贵金属增长显著，电商渠道快速增长 1Q202 ...

证券研究报告·公司点评报告·饰品 菜百股份（605599） 2024 年报及 2025 一季报点评：25Q1 归母净 利同增 17%，投资类产品增长强劲 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 16,552 | 20,233 | 22,583 | 25,015 | 27,641 | | 同比（%） | 50.61 | 22.24 | 11.62 | 10.77 | 10.50 | | 归母净利润（百万元） | 706.79 | 719.01 | 781.22 | 837.43 | 889.50 | | 同比（%） | 53.61 | 1.73 | 8.65 | 7.19 | 6.22 | | EPS-最新摊薄（元/股） | 0.91 | 0.92 | 1.00 | 1.08 | 1.14 | | P/E（现价&最新摊薄） | 14.89 | 14.64 | 13.47 | 12.57 | 11.83 | ...

证券研究报告·公司点评报告·饰品 菜百股份（605599） 2024 年报及 2025 一季报点评：25Q1 归母净 利同增 17%，投资类产品增长强劲 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 16,552 | 20,233 | 22,583 | 25,015 | 27,641 | | 同比（%） | 50.61 | 22.24 | 11.62 | 10.77 | 10.50 | | 归母净利润（百万元） | 706.79 | 719.01 | 781.22 | 837.43 | 889.50 | | 同比（%） | 53.61 | 1.73 | 8.65 | 7.19 | 6.22 | | EPS-最新摊薄（元/股） | 0.91 | 0.92 | 1.00 | 1.08 | 1.14 | | P/E（现价&最新摊薄） | 14.89 | 14.64 | 13.47 | 12.57 | 11.83 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance exceeded expectations, driven by rising gold prices which stimulated demand for investment products [8] - The company reported a total revenue of 20.23 billion yuan in 2024, a year-on-year increase of 22.24%, and a net profit attributable to shareholders of 719 million yuan, up 1.73% year-on-year [8] - The company is expanding its direct store network and enhancing its multi-channel layout, with a focus on the Beijing-Tianjin-Hebei region [8] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 24.63 billion yuan, with a year-on-year growth rate of 21.8% [7] - The net profit attributable to shareholders for 2025 is projected to be 804 million yuan, reflecting an 11.8% year-on-year increase [7] - The company plans to distribute a cash dividend of 7.20 yuan per 10 shares, totaling 560 million yuan, which represents 77.89% of the net profit attributable to shareholders [8]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][19] Core Views - The company reported a 17.32% year-on-year growth in net profit attributable to shareholders in Q1 2025, with revenues reaching 8.22 billion yuan, a 30.18% increase year-on-year [1][8] - The growth in the company's investment gold business and continuous product innovation in jewelry gold contributed to its strong performance [1][10] - The company is expected to benefit from rising gold prices, which are anticipated to drive investment demand for its precious metal products [19][3] Financial Performance - In Q1 2025, the company's gross profit margin was 8.34%, down 1.67 percentage points year-on-year, primarily due to the increased proportion of lower-margin precious metal investment products [2][14] - The company achieved a net operating cash flow of 1.539 billion yuan in Q1 2025, a significant increase of 131.63% year-on-year, benefiting from sales growth and inventory management [2][17] - The company plans to continue expanding its store network, having opened 4 new stores in Q1 2025, bringing the total to 102 stores [10][1] Revenue and Profit Forecast - The company has adjusted its net profit forecasts for 2025 and 2026 to 791 million yuan and 882 million yuan, respectively, with a new forecast for 2027 set at 989 million yuan [3][19] - The projected revenue for 2025 is 24.57 billion yuan, reflecting a growth rate of 21.46% [4][20] - The company’s earnings per share are expected to increase from 1.02 yuan in 2025 to 1.27 yuan in 2027 [4][20]

Investment Rating - The investment rating for the company is maintained at a "Buy" level, indicating a strong performance relative to the benchmark [12]. Core Views - The company reported a revenue of 20.23 billion yuan in 2024, representing a year-on-year increase of 22.24%, with a net profit attributable to shareholders of 719 million yuan, up 1.73% [1]. - The performance of investment products has been particularly strong, contributing to 64% of total revenue in 2024 [3]. - The company has maintained a high dividend payout ratio of 77.89% for 2024, with a cash dividend of 0.72 yuan per share [2]. Financial Performance Summary - In Q4 2024, the company achieved a revenue of 4.887 billion yuan, a 17% increase year-on-year, and a net profit of 165 million yuan, up 43% [1]. - For Q1 2025, revenue reached 8.222 billion yuan, reflecting a 30% year-on-year growth, with a net profit of 320 million yuan, an increase of 17% [1]. - The gross margin for Q1 2025 was 8.34%, down 1.67 percentage points year-on-year [1]. Product Performance Summary - In 2024, the revenue from gold jewelry decreased by 11% to 5.473 billion yuan, while precious metal investment products saw a 45% increase to 12.906 billion yuan [3]. - The sales volume of gold jewelry dropped by 26.42% due to rising gold prices, while sales of precious metal investment products grew by 18.64% [3]. Channel Performance Summary - The company reported online sales of 4.818 billion yuan, accounting for 23.8% of total sales, with a significant growth of 60.26% in the e-commerce segment [4]. - The offline channel generated 15.095 billion yuan, representing 74.7% of total sales, with a 16.47% average sales growth in Beijing [4]. Profit Forecast - Revenue projections for 2025, 2026, and 2027 are 24.122 billion yuan, 27.211 billion yuan, and 29.837 billion yuan, respectively, with year-on-year growth rates of 19%, 13%, and 10% [5]. - The net profit attributable to shareholders is expected to be 808 million yuan in 2025, reflecting a 12% increase [5].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook based on performance metrics and dividend yield [1][2]. Core Insights - The company reported a revenue of 20.23 billion yuan in 2024, representing a year-on-year increase of 22.24%, with a net profit attributable to shareholders of 719 million yuan, up 1.73% [1]. - The performance of investment products has been strong, contributing 64% to total revenue in 2024, while sales of gold jewelry have faced challenges due to rising gold prices [3]. - The company maintains a high dividend payout ratio of 77.89%, with a cash dividend of 0.72 yuan per share planned for 2024 [2]. Financial Performance Summary - In Q4 2024, the company achieved a revenue of 4.89 billion yuan, a 17% increase year-on-year, and a net profit of 165 million yuan, up 43% [1]. - For Q1 2025, revenue reached 8.22 billion yuan, a 30% increase, with a net profit of 320 million yuan, up 17% [1]. - The gross margin for Q1 2025 was 8.34%, down 1.67 percentage points year-on-year [1]. Product Performance Summary - In 2024, revenue from gold jewelry decreased by 11% to 5.47 billion yuan, while revenue from precious metal investment products increased by 45% to 12.91 billion yuan [3]. - The sales volume of gold jewelry fell by 26.42% due to consumer hesitation amid rising gold prices, while sales of precious metal investment products grew by 18.64% [3]. Channel Performance Summary - The company reported online sales of 4.82 billion yuan, accounting for 23.8% of total sales, with a significant growth of 60.26% in the e-commerce segment [4]. - The offline channel remains dominant, contributing 74.7% of total sales, with an average sales growth of 16.47% in Beijing [4]. Profit Forecast - Revenue projections for 2025, 2026, and 2027 are 24.12 billion yuan, 27.21 billion yuan, and 29.84 billion yuan, respectively, with expected growth rates of 19%, 13%, and 10% [5]. - The net profit attributable to shareholders is forecasted to be 808 million yuan in 2025, 885 million yuan in 2026, and 949 million yuan in 2027 [5].

证券代码：605599 证券简称：菜百股份 公告编号：2025-018 北京菜市口百货股份有限公司 关于召开2024年年度股东大会的通知 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 2024年年度股东大会 召开的日期时间：2025 年 5 月 28 日 14 点 00 分 召开地点：北京市西城区广安门内大街 306 号北京菜市口百货股份有限公司 五层会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 至2025 年 5 月 28 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 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通 过互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 （六） 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者 的 ...

Financial Performance - The company's operating revenue for 2024 reached ¥20,232,657,708.52, representing a 22.24% increase compared to ¥16,552,222,313.14 in 2023[23]. - The net profit attributable to shareholders for 2024 was ¥719,008,640.29, a slight increase of 1.73% from ¥706,787,503.05 in 2023[23]. - The net profit after deducting non-recurring gains and losses was ¥683,758,197.06, up 3.98% from ¥657,582,552.87 in the previous year[23]. - The company's total assets increased by 12.59% to ¥7,156,452,786.00 at the end of 2024, compared to ¥6,356,462,210.21 at the end of 2023[23]. - The basic earnings per share for 2024 was ¥0.92, a 1.10% increase from ¥0.91 in 2023[24]. - The weighted average return on equity for 2024 was 18.73%, down 1.09 percentage points from 19.82% in 2023[24]. - Operating costs increased by 24.61% to CNY 18,424,192,686.75, primarily due to revenue growth[51]. - The gross margin for gold jewelry decreased to 8.86%, with a year-on-year decline of 1.75 percentage points[54]. - The company reported a net profit of 845.69 million yuan during the reporting period[99]. Cash Flow and Dividends - The net cash flow from operating activities decreased by 44.82% to ¥381,243,785.44, primarily due to pre-holiday inventory buildup[24]. - The company plans to distribute a cash dividend of ¥7.20 per 10 shares, totaling approximately ¥560,000,016, which accounts for 77.89% of the net profit attributable to shareholders[6]. - The proposed cash dividend for the fiscal year 2024 is 560,000,016 yuan, which represents 77.89% of the net profit attributable to the parent company's shareholders[147]. - The cumulative cash dividend amount over the last three accounting years is CNY 1,462,222,264.00, with an average annual net profit of CNY 628,641,025.81, resulting in a cash dividend ratio of 232.60%[153]. Market and Sales Performance - The company achieved operating revenue of 20.233 billion RMB in 2024, representing a year-on-year growth of 22.24%[32]. - The sales volume of gold jewelry decreased by 26.42%, while sales volumes for precious metal investment products and cultural products increased by 18.64% and 9.99%, respectively[59]. - The company reported a significant increase in sales of precious metal investment products, driven by rising consumer interest in investment and value preservation[32]. - The company opened 20 new offline stores during the reporting period, reaching a total of 100 direct chain stores, and achieved online sales of 477.85 million yuan, a year-on-year increase of 60.26%[33]. - The Northeast region showed significant revenue growth, attributed to enhanced online live streaming operations[57]. Product Development and Strategy - The company optimized its product offerings, focusing on consumer demand in various scenarios such as festivals and weddings, leading to new product launches[32]. - The company is actively adjusting its product structure and procurement strategies to enhance operational quality amid market pressures on diamond and emerald jewelry sales[32]. - The company has implemented a standardized quality inspection system to enhance service quality and operational efficiency[34]. - The company has established a dual-channel procurement model for raw materials, including spot trading and leasing, to mitigate price risks[40]. - The company aims to explore new growth points amid challenges in the gold jewelry market, anticipating transformative opportunities in 2025[38]. Research and Development - Research and development expenses rose by 11.21% to CNY 8,364,189.17, indicating increased investment in innovation[51]. - The company is actively investing in research and development to innovate and stay competitive in the market[119]. - The company is investing 50 million in R&D for new technologies aimed at enhancing user experience and operational efficiency[120]. Governance and Compliance - The company adheres to strict governance practices, ensuring compliance with laws and regulations, and maintaining transparent communication with shareholders[111]. - The company has established specialized committees, including the audit committee, nomination and compensation committee, and strategic development committee, to enhance governance[133]. - The company will undergo a board reshuffle in November 2024, with the retirement of Chairman Zhao Zhiliang and General Manager Wang Chunli[126]. Social Responsibility and Sustainability - The company has signed the "Sustainable Development Principles Declaration of the Platinum Jewelry Industry" as part of its commitment to environmental responsibility[160]. - The company promotes green office practices, including paperless operations and encouraging public transportation to reduce carbon emissions[161][162]. - The total donation amount reached 736,900 CNY, with 636,900 CNY allocated to maternal and infant health charity projects[164]. Future Outlook - Future guidance indicates a cautious outlook, with expectations of moderate growth in the upcoming quarters[119]. - The company plans to continue expanding its product line and enhance its e-commerce channels to meet changing consumer demands[56]. - Market expansion plans include entering three new international markets by the end of 2024, projected to increase market share by 5%[120].

Financial Performance - The company's operating revenue for Q1 2025 reached ¥8,222,330,154.04, representing a 30.18% increase compared to ¥6,316,196,819.56 in the same period last year[4] - Net profit attributable to shareholders was ¥319,667,226.06, up 17.32% from ¥272,464,185.66 year-on-year[4] - Basic and diluted earnings per share increased to ¥0.41, reflecting a growth of 17.14% from ¥0.35[4] - Net profit for Q1 2025 was ¥324,979,922.45, representing a 18.7% increase compared to ¥273,750,305.70 in Q1 2024[18] - Basic earnings per share for Q1 2025 were ¥0.41, up from ¥0.35 in Q1 2024[18] - The total comprehensive income for Q1 2025 was ¥375,908,965.16, compared to ¥296,357,808.43 in Q1 2024[18] Cash Flow - The net cash flow from operating activities surged by 131.63%, amounting to ¥1,538,755,243.66 compared to ¥664,325,351.17 in the previous year[4] - Cash flow from operating activities for Q1 2025 was ¥1,538,755,243.66, significantly higher than ¥664,325,351.17 in Q1 2024[21] - Operating cash flow for Q1 2025 was ¥1,488,674,959.07, significantly higher than ¥668,692,554.09 in Q1 2024, indicating improved cash generation[29] - Cash and cash equivalents at the end of Q1 2025 totaled ¥1,853,519,478.96, compared to ¥1,597,076,964.92 at the end of Q1 2024[22] - The net increase in cash and cash equivalents was $660,484,602.16, compared to $106,187,721.71 in the previous period, showing a strong cash position[30] Assets and Liabilities - Total assets at the end of the reporting period were ¥8,297,707,735.53, a 15.95% increase from ¥7,156,452,786.00 at the end of the previous year[5] - The company's total assets reached CNY 8,297,707,735.53, an increase from CNY 7,156,452,786.00 as of December 31, 2024, reflecting a growth of approximately 15.93%[13] - The company's current assets totaled CNY 7,861,789,317.64, up from CNY 6,697,822,146.00, indicating an increase of about 17.38%[13] - Total liabilities rose to CNY 3,927,727,332.96 from CNY 3,162,381,348.59, marking an increase of approximately 24.21%[15] - The total liabilities rose to ¥3,904,961,420.85 in 2025, compared to ¥3,143,242,378.08 in 2024, marking a 24.2% increase[26] Shareholder Equity - The total equity attributable to shareholders increased by 9.31% to ¥4,353,234,385.31 from ¥3,982,638,116.54[5] - The company's equity attributable to shareholders increased to CNY 4,353,234,385.31 from CNY 3,982,638,116.54, reflecting a growth of about 9.31%[15] - The company's equity increased to ¥4,330,509,613.07 in 2025 from ¥3,936,781,839.35 in 2024, a growth of 10%[26] Market Activity - The company experienced a significant increase in sales due to heightened consumer market activity and an early adjustment in inventory cycles for the Spring Festival[7] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[27] Government Support - The company received government subsidies amounting to ¥143,672.36, which are closely related to its normal business operations[6] Research and Development - Research and development expenses for Q1 2025 were ¥3,137,655.03, up from ¥2,647,878.85 in Q1 2024, indicating a focus on innovation[27] Other Financial Metrics - The company reported a significant increase in trading financial assets, which rose to CNY 1,278,657,986.64 from CNY 474,624,548.04, a growth of approximately 169.73%[13] - The company’s accounts receivable increased to CNY 401,885,082.92 from CNY 245,807,088.86, representing a growth of about 63.38%[13] - The company reported other comprehensive income after tax of ¥50,929,042.71 for Q1 2025, up from ¥22,607,502.73 in Q1 2024[18] - The company reported a gross profit margin of approximately 7.5% for Q1 2025, compared to 10.4% in Q1 2024, reflecting increased costs[27] Accounting Practices - The company did not apply new accounting standards starting from 2025, maintaining consistency in financial reporting[30]