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].

北京菜市口百货股份有限公司 二〇二四年度 内部控制审计报告 致同会计师事务所（特殊普通合伙） nt Thornton 华门 内部控制审计报告 致同审字(2025)第 110A017291 号 北京莱市口百货股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求, 我们审计了北京莱市口百货股份有限公司(以下简称"莱百股份")2024年 12月 31日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业 内部控制评价指引》的规定,建立健全和有效实施内部控制,并评价其有效 性是菜百股份董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性 发表审计意见,并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外, 由于情况的变化可能导致内部控制变得不恰当,或对控制政策和程序遵循的 程度降低,根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 Grant Thornton 致同 四、财务报 ...

本人于 2024 年 11 月 12 日经北京菜市口百货股份有限公司 ( 以 下简称"公司")2024年第三次临时股东大会选举为公司第八届董事 会独立董事,2024年度本人严格按照《公司法》及中国证监会、上海 证券交易所(以下简称"上交所")和《公司章程》的有关规定和要 求,勤勉、尽责、忠实、审慎的履行独立董事的职责和义务,及时了 解公司的生产经营、财务运作情况,积极出席相关会议,认真审议各 项议案,参与公司重大事项决策并审慎的发表意见,切实维护了公司 和股东的合法权益,促进公司规范运作,充分发挥了独立董事和各专 门委员会委员的作用。现将本人 2024年度履职情况报告如下: 一、独立董事的基本情况 北京菜市口百货股份有限公司 2024年度独立董事述职报告(王薇) (一)工作履历、专业背景以及兼职情况 王薇,女,1977年出生,中国国籍,无境外永久居留权,研究生 学历。现任公司独立董事,北京薇一美好品牌管理有限责任公司CEO、 监事,北京联益慈善基金会理事,中华女子学院兼职客座教授,北京 印刷学院兼职客座教授,北京服装学院企业导师,中国电影剪辑学会 短片短视频艺术委员会委员。曾任中国航空工业总公司625所宣传部 ...

北京菜市口百货股份有限公司 2024 年度独立董事述职报告(周晓鹏) 作为北京菜市口百货股份有限公司(以下简称"公司")的独立 董事(已于 2024年 11月公司董事会换届后离任), 2024 年度本人 任职期间严格按照《公司法》及中国证监会、上海证券交易所(以下 简称"上交所"）和《公司章程》的有关规定和要求,勤勉、尽责、 忠实、审慎的履行独立董事的职责和义务,及时了解公司的生产经营、 财务运作情况,积极出席相关会议,认真审议各项议案,参与公司重 大事项决策并审慎的发表意见,切实维护了公司和股东的合法权益, 促进公司规范运作,充分发挥了独立董事和各专门委员会委员的作用。 现将本人 2024年度履职情况报告如下: 一、独立董事的基本情况 (一)工作履历、专业背景以及兼职情况 周晓鹏,男,1974年出生,中国国籍,无境外永久居留权,硕士 研究生学历,高级数字编辑。现任阿里智能信息事业群副总裁、广州 鹿角信息科技有限公司董事、天津汇橙信息技术有限公司执行董事兼 经理、首都青年记者协会副主席。曾任公司独立董事,北京金报兴图 信息工程技术有限公司主任编辑、办公室主任,赢海威技术中国有限 公司内容主编,中国日报网站总裁 ...