证券代码：605599 证券简称：菜百股份 公告编号：2025-046 北京菜市口百货股份有限公司 关于选举独立董事的公告 司章程》等相关规定。公司第八届董事会独立董事候选人冯国华先生不存在《公 司法》《公司章程》以及中国证监会、上海证券交易所有关规定中不得担任公司 董事的情形。同意本次推选第八届董事会独立董事候选人的相关事项。 冯国华先生已取得上海证券交易所独立董事资格证书，且其任职资格已经 上海证券交易所审核无异议通过。本事项尚需提交公司股东大会审议。 特此公告。 北京菜市口百货股份有限公司董事会 2025 年 12 月 8 日 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。 北京菜市口百货股份有限公司（以下简称"公司"）于 2025 年 12 月 4 日召 开第八届董事会第七次会议，以 9 票同意，0 票反对，0 票弃权的表决结果，审 议通过了《关于选举公司第八届董事会独立董事的议案》。具体情况如下： 公司董事会同意提名冯国华先生为公司第八届董事会独立董事候选人（简历 见附件），并同意将选举冯国华先生为公司第八届董事会独 ...

(一)《中华人民共和国公司法》关于董事任职资格的规定; 独立董事候选人声明与承诺 本人冯国华,已充分了解并同意由提名人北京菜市口百货股份有 限公司董事会提名为北京菜市口百货股份有限公司第八届董事会独 立董事候选人。本人公开声明,本人具备独立董事任职资格,保证不 存在任何影响本人担任北京菜市口百货股份有限公司独立董事独立 性的关系,具体声明并承诺如下: 一、本人具备上市公司运作的基本知识,熟悉相关法律、行政法 规、部门规章及其他规范性文件,具有5年以上法律、经济、会计、 财务、管理或者其他履行独立董事职责所必需的工作经验。 本人已经参加培训并取得证券交易所认可的相关培训证明材料。 二、本人任职资格符合下列法律、行政法规和部门规章以及公司 规章的要求: (二)《中华人民共和国公务员法》关于公务员兼任职务的规定; (三)中国证监会《上市公司独立董事管理办法》、上海证券交 易所自律监管规则以及公司章程有关独立董事任职资格和条件的相 关规定; (侧)中共中央纪委、中共中央组织部《关于规范中管干部辞去 公职或者退(离)休后担任上市公司、基金管理公司独立董事、独立 监事的通知》的规定; (五)中共中央组织部《关于进一步规范 ...

证券代码：605599 证券简称：菜百股份 公告编号：2025-050 北京菜市口百货股份有限公司 关于召开2025年第三次临时股东大会的通知 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 2025年第三次临时股东大会 召开的日期时间：2025 年 12 月 23 日 15 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 网络投票起止时间：自2025 年 12 月 23 日 至2025 年 12 月 23 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。 (七) 涉及公开征集股东投票权 无 二、 会议审议事项 本次股东 ...

证券代码：605599 证券简称：菜百股份 公告编号：2025-044 北京菜市口百货股份有限公司 第八届监事会第七次会议决议公告 本公司监事会及全体监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。 详细内容请见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《北 京 菜 市 口 百 货 股 份 有 限 公 司 关 于 2026 年 度 日 常 关 联 交 易 预 计 的 公 告 （2025-047）》。 一、监事会会议召开情况 北京菜市口百货股份有限公司（以下简称"公司"）第八届监事会第七次会 议通知和会议材料于 2025 年 11 月 28 日以电子邮件或书面方式送达全体监事。 会议于 2025 年 12 月 4 日以现场表决方式在公司会议室召开，本次会议应出席监 事 5 人，实际出席监事 5 人。会议由公司监事会主席饶玉主持，公司部分高级管 理人员列席会议。本次会议的召集、召开方式符合《中华人民共和国公司法》《上 海证券交易所股票上市规则》及《北京菜市口百货股份有限公司章程》的规定。 二、监事会会议审议情况 1.审议通过《 ...

北京菜市口百货股份有限公司 第八届董事会第七次会议决议公告 证券代码：605599 证券简称：菜百股份 公告编号：2025-043 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。 一、董事会会议召开情况 北京菜市口百货股份有限公司（以下简称"公司"）第八届董事会第七次会 议通知和会议材料于 2025 年 11 月 28 日以电子邮件或书面方式送达全体董事。 会议于 2025 年 12 月 4 日以现场结合通讯表决方式在公司会议室召开，本次会议 应出席董事 9 人，实际出席董事 9 人（其中，以通讯表决方式出席董事 2 人）。 会议由公司董事长谢华萍主持，公司监事列席会议。本次会议的召集、召开方式 符合《中华人民共和国公司法》《上海证券交易所股票上市规则》及《北京菜市 口百货股份有限公司章程》的规定。 二、董事会会议审议情况 1.审议通过《关于取消监事会并修订<公司章程>的议案》 表决结果：9 票同意，0 票反对，0 票弃权。 详细内容请见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《北 京菜市口百货股份有 ...

2只个股今日获机构买入型评级。 证券时报·数据宝统计显示，今日机构研报共发布2条买入型评级记录，共涉及2只个股。弘元绿能、菜 百股份等关注度最高，均有1次机构买入型评级记录。 （文章来源：证券时报网） | 代码 | 简称 | 机构名称 | 最新评级 | 上次评级 | 预测目标价（元） | 最新收盘价（元） | | --- | --- | --- | --- | --- | --- | --- | | 605599 | 菜百股份 | 国泰海通 | 增持 | 增持 | 19.26 | 15.29 | | 603185 | 弘元绿能 | 浙商证券 | 买入 | 买入 | | 29.85 | 市场表现方面，机构买入型评级个股今日平均下跌0.73%，表现弱于沪指。 机构今日买入型评级记录 ...

Group 1 - The international gold price is reported at $4208.2 per ounce, while international palladium is at $1434.4 per ounce, and international silver is at $57.11 per ounce. The domestic gold price is at ¥950.7 per gram [1] - Major domestic gold retailers have varying prices, with Chow Tai Fook at ¥1328 per gram, and China Gold at the lowest price of ¥1232 per gram. Other notable prices include Chow Sang Sang at ¥1327, and multiple brands including Liufu Jewelry, Xie Rui Lin, and Jin Zhi Zun all at ¥1328 per gram [1]

Group 1: Emerging Energy Sector - The development of AIDC may exacerbate electricity shortages in the U.S., with data center energy storage potentially serving as a solution. Fluence is negotiating over 30GWh of data center energy storage projects, with 80% initiated after the end of Q4 2025, indicating a significant emerging market opportunity [2][3]. - U.S. data centers consumed 176 TWh of electricity in 2023, accounting for 4.4% of total U.S. electricity consumption. This demand is expected to grow annually by 13%-27% from 2023 to 2028, potentially reaching 325-580 TWh by 2028, which would increase their share to 6.7%-12% of total U.S. electricity demand [3]. - Short-term energy storage solutions are beneficial for data centers to manage peak loads and frequency regulation, while long-term solutions may involve solar and storage systems becoming self-sufficient power sources [3]. Group 2: Cai Bai Co., Ltd. (菜百股份) - Cai Bai Co., Ltd. is expected to benefit from new tax policies, which will likely enhance its market share among compliant leading brands. The company operates as a direct sales model and is a member of the Shanghai Gold Exchange, allowing it to maintain competitive pricing despite increased procurement costs from the new tax regulations [5][7]. - Revenue forecasts for Cai Bai Co., Ltd. from 2025 to 2027 are projected at 26.073 billion, 28.945 billion, and 31.804 billion yuan, with growth rates of 29%, 11%, and 10% respectively. Net profit forecasts for the same period are 833 million, 943 million, and 1.023 billion yuan, with growth rates of 16%, 13%, and 9% [5][6]. - The company is expanding its direct sales network, with a total of 103 stores by mid-2025, covering key cities and maintaining a high dividend payout ratio of over 75% [8].

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The new tax policy is expected to benefit compliant leading brands, with the company poised to increase its market share in the investment gold sector [3][4] - Revenue forecasts for the company from 2025 to 2027 are projected at 26.07 billion, 28.94 billion, and 31.80 billion yuan, with growth rates of 29%, 11%, and 10% respectively [1][10] - The company's net profit attributable to shareholders is expected to be 833 million, 943 million, and 1.02 billion yuan for the same period, with growth rates of 16%, 13%, and 9% respectively [1][10] Financial Summary - Total revenue for 2025 is estimated at 26,073 million yuan, with a year-on-year growth of 28.9% [2][11] - The net profit attributable to shareholders for 2025 is projected at 833 million yuan, reflecting a growth of 15.8% [2][11] - The company maintains a high dividend payout ratio of over 75% [4] Market Dynamics - The new tax policy, effective from November 1, 2025, introduces differential VAT treatment based on the purpose of gold purchases, which is expected to increase procurement costs for non-investment gold [4][36] - The company, as a member of the Shanghai Gold Exchange, benefits from a direct procurement model that mitigates cost increases associated with the new tax policy [4][38] - The demand for investment gold is expected to rise significantly, driven by increasing gold prices and changing consumer preferences [15][26] Business Model and Strategy - The company operates a direct sales model, allowing it to maintain price advantages and capture demand from other brands [4][40] - The company is expanding its store network, with a total of 103 direct chain stores as of the first half of 2025, covering key cities [4][40] - The business strategy focuses on high-value segments, with a "smile curve" model that emphasizes upstream procurement and product design while outsourcing production [40][44]

Investment Rating - The report maintains a rating of "Buy" for the company [5] Core Views - The new tax policy is expected to benefit compliant leading brands in the gold market, with the company poised to increase its market share under this policy [2][11] - The company is projected to achieve significant revenue growth driven by rising gold prices and increased investment demand [16][20] Financial Summary - Total revenue is forecasted to grow from 16,552 million yuan in 2023 to 31,804 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 9.9% [4][21] - Net profit attributable to the parent company is expected to rise from 707 million yuan in 2023 to 1,023 million yuan in 2027, reflecting a CAGR of about 8.5% [4][21] - Earnings per share (EPS) is projected to increase from 0.91 yuan in 2023 to 1.32 yuan in 2027 [4][21] Revenue Forecast - The company’s revenue from precious metal investment products is expected to grow significantly, with projections of 18,068.91 million yuan in 2025, representing a 40% increase [16][17] - Revenue from gold jewelry is anticipated to grow at a slower pace, with estimates of 6,020.28 million yuan in 2025, reflecting a 10% increase [16][17] - The company is expected to maintain a high dividend payout ratio, exceeding 75% [11][20] Market Position and Strategy - The company operates as a member of the Shanghai Gold Exchange, allowing it to directly procure gold and sell it through a fully owned retail model, which is less affected by the new tax policy [11][42] - The company is expanding its retail presence, with a total of 103 stores by mid-2025, covering key cities including Beijing, Tianjin, and others [11][20] - The new tax policy is expected to enhance the company's competitive pricing advantage in the investment gold market, potentially attracting customers from other brands [11][42] Valuation - The target price for the company is set at 19.26 yuan, based on a price-to-earnings (P/E) ratio of 18x for 2025, which is slightly above the industry average [22]