Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 20.23 billion yuan in 2024, representing a year-on-year growth of 22.2%, and a net profit attributable to shareholders of 719 million yuan, up 1.7% year-on-year. In Q1 2025, the company reported a revenue of 8.22 billion yuan, a growth of 30.2%, and a net profit of 320 million yuan, increasing by 17.3% year-on-year, indicating resilience in a challenging industry environment [7][8] - The performance of product categories varied, with strong growth in investment products. Revenue from gold jewelry, investment products, cultural products, and diamond jewelry was 5.47 billion, 12.91 billion, 1.56 billion, and 140 million yuan respectively, with year-on-year changes of -11.1%, +45.3%, +40.9%, and -34.3% [7] - The retail and e-commerce channels significantly contributed to overall revenue growth, with gold jewelry retail revenue increasing by 30.5% year-on-year [7] - The gross margin slightly decreased, while the net profit margin remained stable, with a gross margin of 8.9% in 2024 and 8.3% in Q1 2025 [7] - The company is advancing its digital transformation, with online channel revenue increasing to 30.88%, a year-on-year growth of 65.32% [7] - The profit forecast has been adjusted upwards, with net profit estimates for 2025 and 2026 raised to 781 million and 837 million yuan respectively, and a new estimate for 2027 at 890 million yuan. The latest closing price corresponds to a P/E ratio of 13 for 2025, indicating a low valuation [7][8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 20.23 billion yuan in 2024, representing a year-on-year growth of 22.2%, and a net profit of 719 million yuan, which is a 1.7% increase [7] - In Q1 2025, the company reported a revenue of 8.22 billion yuan, up 30.2% year-on-year, and a net profit of 320 million yuan, reflecting a 17.3% increase [7] - The strong growth in investment products is a key driver, with gold investment products seeing significant demand due to rising gold prices and increased consumer interest [7] - The company is focusing on digital transformation, with online sales channels contributing to a 30.88% revenue share in Q1 2025, a 65.32% increase year-on-year [7] Financial Summary - Revenue projections for the company are as follows: 2023A: 16.55 billion yuan, 2024A: 20.23 billion yuan, 2025E: 22.58 billion yuan, 2026E: 25.02 billion yuan, 2027E: 27.64 billion yuan [1] - Net profit forecasts are: 2023A: 706.79 million yuan, 2024A: 719.01 million yuan, 2025E: 781.22 million yuan, 2026E: 837.43 million yuan, 2027E: 889.50 million yuan [1] - The latest closing price corresponds to a P/E ratio of 13 for 2025, indicating a relatively low valuation [7]

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 ...

北京菜市口百货股份有限公司 2024年度独立董事述职报告(张大鸣) 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 张大鸣,男,1974年出生,中国国籍,无境外永久居留权,硕士 研究生学历。现任北京金诚同达(深圳)律师事务所高级合伙人。曾 任公司独立董事,深圳中铁二局工程有限公司科员,深圳华邦世纪律 师事务所律师,北京金杜(深圳)律师事务所律师,深圳市蓝凌软件 股份有限公司独立董事等职务。 (二)是否存在影响独立性的情况说明 经自查,本人任职期间符合《上 ...