Group 1: Business Development and Store Expansion - In 2024, the company opened over 100 stores in the Hefei region, focusing on a "big store leads small store" and "strong store supports weak store" mechanism [2] - The company plans to open new stores in key areas before major holidays to boost sales performance [2] - The company aims to deepen its market presence by expanding into county areas and enhancing flagship stores in 2025 [14] Group 2: Product Development and Sales Growth - The company launched 400 new product series this year, with self-owned brands seeing a sales increase of 143.63% compared to the previous year [2] - The "Afu Canteen" initiative has served over 70,000 customers, focusing on meal options and night economy activities [2] - The company’s cross-border e-commerce platform has registered over 1.6 million members and achieved 26,000 orders for children's clothing [4] Group 3: Logistics and Supply Chain Enhancements - The company’s cold chain logistics has achieved a delivery volume of 51,200 tons from January to November [4] - The Hefei Agricultural Products Logistics Park has maintained a rental rate of over 90% since its opening in September [7] - The company plans to build a 200,000-ton smart cold storage facility in the future [7] Group 4: Financial Performance and Future Planning - The company’s department store segment achieved a net profit of 57.69 million yuan in 2023, remaining a crucial part of the profit structure [14] - The company’s self-owned product sales have significantly increased, indicating strong market demand and effective product strategy [2] - Future capital expenditures will focus on logistics infrastructure, store upgrades, and investments in new business areas [4]

证券代码：000417 证券简称：合百集团 公告编号：2024—57 特此公告 合肥百货大楼集团股份有限公司 关于推举董事代行董事长职责的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 合肥百货大楼集团股份有限公司（以下简称"本公司"或"公司"）于 2024 年 12 月 27 日召开了第十届董事会第二次临时会议，审议通过了《关于推举董事 代行董事长职责的议案》。 鉴于沈校根先生已辞去公司董事长职务，新任董事长的选举工作尚需经过相 应的程序，为保证公司经营决策顺利开展及董事会正常运作，经公司董事会全体 董事共同推举，由公司董事、总经理张同祥先生代行董事长职责开展工作，代行 职责的期限自公司第十届董事会第二次临时会议审议通过之日起，直至董事会选 举产生新任董事长后自动解除。 合肥百货大楼集团股份有限公司董事会 2024 年 12 月 28 日 ...

证券代码：000417 证券简称：合百集团 公告编号：2024—56 合肥百货大楼集团股份有限公司 第十届董事会第二次临时会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、 董事会会议召开情况 合肥百货大楼集团股份有限公司（以下简称"本公司"或"公司"）第十届 董事会第二次临时会议通知于 2024 年 12 月 25 日以专人或电子邮件形式送达各 位董事，会议于 2024 年 12 月 27 日以通讯表决形式召开。本次会议应表决董事 8 人，实际表决董事 8 人。本次会议的召开符合《公司法》及《公司章程》的有 关规定。 具体内容详见 2024 年 12 月 28 日披露在《中国证券报》《证券时报》《上 海证券报》、巨潮资讯网的《关于推举董事代行董事长职责的公告》。 三、备查文件 1.与会董事通讯表决票及加盖董事会印章的董事会决议； 2.深交所要求的其他文件。 1 二、董事会会议审议情况 审议通过《关于推举董事代行董事长职责的议案》 表决结果：赞成票【8】票，反对票【0】票，弃权票【0】票，审议通过本 议案。 为保证公司经营决策顺利开展，经公司董 ...

证券代码：000417 证券简称：合百集团 公告编号：2024—55 沈校根先生在公司任职期间恪尽职守、勤勉尽责、锐意进取，为公司规范运 作、改革创新、转型发展等作出了重大贡献。在此，公司及董事会谨向沈校根先 生表示诚挚的敬意和衷心的感谢！ 特此公告 合肥百货大楼集团股份有限公司董事会 2024 年 12 月 25 日 合肥百货大楼集团股份有限公司 关于董事长辞职的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 合肥百货大楼集团股份有限公司（以下简称"本公司"或"公司"）董事会 于今日收到公司董事长沈校根先生的书面辞呈，沈校根先生因工作变动原因，申 请辞去公司第十届董事会董事长、董事、董事会战略委员会委员及召集人职务。 辞职后，沈校根先生将不再担任公司任何职务。 根据《公司法》和《公司章程》等有关规定，沈校根先生的辞职未导致公司 董事会成员低于法定人数，不会影响公司董事会正常运作，其辞职报告自送达公 司董事会时生效。截至本公告披露日，沈校根先生未持有本公司股份。公司董事 会将按照有关规定尽快完成董事、董事长及相关委员会委员的选任工作。 ...

Agricultural Business Development - The company operates 5 agricultural product trading markets, including self-built logistics parks and light-asset managed markets [1] - Zhougudui Daxing Logistics Park achieved a transaction volume of 4.72 million tons and a transaction value of 34 billion yuan in 2023, with a net profit of 164 million yuan [1] - Suzhou Baida Logistics Park achieved a transaction volume of 1.87 million tons and a transaction value of 16 billion yuan, with a net profit of 13.67 million yuan [1] - Feixi Logistics Park officially opened in September 2023 [1] - The company established an agricultural product circulation operation headquarters in the first half of 2024 to integrate resources and explore integrated operation management [1] - Zhougudui Daxing Logistics Park and Suzhou Baida Logistics Park will focus on facility updates, standardized management, and quality improvement [3] - Feixi Logistics Park is positioned as a first-class domestic agricultural product resource allocation center, emphasizing specialization, differentiation, and large-scale operations [3] - The company has developed a live-streaming matrix with 4 accounts, hosting over 870 live-streaming events from January to November 2024, with 370,000 participants and 520,000 items sold, generating nearly 30 million yuan in online sales [3] Cold Chain Logistics - The company established the Anhui Cold Chain Industry Development Alliance with 135 members to accelerate regional cold chain resource integration [3] - Zhougudui Daxing Logistics Park optimized its cold storage product structure, with a total throughput of 140,000 tons from January to November 2024 [5] - Feixi Logistics Park has built 118 small cold storage rooms with a capacity of 20,000 cubic meters and secured 154.51 acres for the second phase of cold chain logistics [5] - Hejiakang Agricultural Product Processing and Distribution Company built a 16,000 square meter multi-functional distribution center, achieving a distribution volume of 51,200 tons from January to November 2024 [5] Supermarket Business - Hejiafu Supermarket added 240 new brands from January to November 2024, with a renewal rate of 12.5% [5] - The supermarket added 42 direct-operated brands, totaling 312, and expanded its fresh produce direct procurement base to 73 [5] - The company developed 380 private label products, with sales increasing by 142% year-on-year [5] - New business models such as "Afu Fresh" and "Hejiafu Select" were launched, with the "Afu Canteen" serving over 70,000 customers since May 2024 [5] - Hejiafu Supermarket achieved a net profit of 35.63 million yuan in the first half of 2024, a year-on-year increase of 93.15% [5] Department Store Transformation - The company repositioned its department stores through strategies like "one store, one policy" and "thousands of stores, thousands of faces" [7] - The first commercial street project, Baida Yuejie Xindian Garden, opened in June 2024, serving over 12,800 households in the surrounding community [7] - Baida CBD transformed into an urban outlet, focusing on "brand + discount" combinations to meet consumer demand for high-quality and cost-effective products [7] - The department store sector introduced 209 new brands by the end of Q3 2024, with a brand renewal rate of 8%, including 21 provincial and municipal first-store brands [7]

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 8.46 CNY per share based on a 20x PE valuation for 2025 [5][3]. Core Viewpoints - HeBai Group is a leading comprehensive commercial circulation enterprise in Anhui Province, primarily engaged in retail and agricultural product wholesale, actively expanding into five new business areas: online, cross-border, cold chain, consumer finance, and emerging industries [1][2]. - The company has a strong brand influence in Anhui, operating 24 department stores, 199 supermarkets (180 direct-operated and 19 franchised), and 25 appliance stores as of H1 2024 [1][2]. - The company's revenue for H1 2024 increased by 2.02% year-on-year to 3.7 billion CNY, with revenue contributions from various segments: department stores (including appliances) at 35.95%, supermarkets at 49.62%, agricultural trading services at 8.31%, and real estate at 6.11% [1][2][4]. Summary by Sections Business Overview - HeBai Group has undergone significant transformation and expansion since its establishment in 1959, evolving from a department store to a diversified group with over 300 chain outlets [39][40]. - The company has faced challenges due to the pandemic but has shown recovery, with 2023 revenue reaching 6.688 billion CNY, a 6.13% increase from the previous year [43][44]. Retail and Agricultural Product Distribution - The company is focusing on upgrading its core retail and agricultural wholesale businesses to strengthen market competitiveness [2][3]. - The retail segment is being restructured to enhance product offerings, customer experience, and service quality, with new store formats and private label products being introduced [2][3]. Financial Forecast and Investment Recommendations - The company is expected to achieve net profits of 290 million CNY, 330 million CNY, and 400 million CNY for 2024, 2025, and 2026, respectively, reflecting growth rates of 8.0%, 15.7%, and 20.7% [3][4]. - The report anticipates a steady increase in revenue across all business segments, with significant growth expected in agricultural trading services due to new logistics facilities [148][149].

证券代码：000417 证券简称：合百集团 合肥百货大楼集团股份有限公司投资者关系活动记录表 编号：2024-10 | --- | --- | --- | |--------------------|------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------| | | | | | | ☑ 特定对象调研 | □ 分析师会议 | | | □ | 媒体采访 □业绩说明会 | | 投资者关系活动类别 | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | | | | □其他（请文字说明其他活动内容） | | | 活动参与人员 | | 平安保险邹译萱、天风证券何富丽、富国基金周羽 | | 时间 | 2024 年 11 月 19 日 | | | 地点 | 公司会议室 | | | 形式 | 线上交流、线下调研 | ...

Investment Rating - The report assigns an "Accumulate" rating for HeBai Group (000417) [2][4]. Core Views - HeBai Group is a leading retail enterprise in Anhui province with significant regional advantages and a strong brand reputation. The company operates in retail and agricultural product circulation, with over 300 chain outlets and a robust growth in net profit [2][10]. - The retail and agricultural wholesale sectors are expected to grow, supported by new business initiatives and government policies aimed at boosting consumer spending [2][24]. Company Overview - HeBai Group is recognized as the retail leader in Anhui province, with a history dating back to 1959. The company has expanded its operations to include 51 subsidiaries and 9 affiliated companies, with a diverse range of retail formats [10][12]. - As of the first half of 2024, the company operates 24 department stores, 180 direct-operated supermarkets, and 25 appliance stores, among others [2][12]. Financial Analysis - In 2023, HeBai Group achieved a net profit of 264 million yuan, marking a year-on-year increase of 57.53%. The first three quarters of 2024 saw a net profit of 162 million yuan, up 22.40% year-on-year, reaching a seven-year high [2][19]. - The company's revenue for 2023 was 6.688 billion yuan, reflecting a 6.13% increase from the previous year. The projected earnings per share (EPS) for 2024-2026 are 0.39, 0.45, and 0.51 yuan, respectively [3][19]. Industry Analysis - The retail sector is experiencing pressure due to overall weak consumer demand, but government policies aimed at stimulating consumption are expected to support recovery. Recent measures include financial incentives for upgrading consumer goods [24][25]. - The offline retail market is adapting to changes, with convenience stores and supermarkets showing relative growth. The department store sector has potential for improvement due to its low market concentration [2][24]. Business Operations - HeBai Group's strategy focuses on strengthening its core retail and agricultural wholesale businesses while exploring new growth areas such as online sales, cross-border trade, and cold chain logistics [2][19]. - The company has established three major logistics parks for agricultural products and is actively integrating resources for comprehensive management of agricultural operations [2][19].

合肥百货大楼集团股份有限公司 第十届董事会第三次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 证券代码：000417 证券简称：合百集团 公告编号：2024—50 2、审议通过《关于增加 2024 年度日常关联交易预计额度的议案》。 二、董事会会议审议情况 表决结果：赞成票【8】票，反对票【0】票，弃权票【0】票，审议通过本 议案。关联董事绳纬先生回避表决。 1、审议通过《公司 2024 年第三季度报告》。 表决结果：赞成票【9】票，反对票【0】票，弃权票【0】票，审议通过本 议案。 公司子公司因日常经营需要，拟在前期审议的年度日常关联交易额度基础上 增加 2500 万元，增加后，预计 2024 年度与关联方发生的日常关联交易总金额不 超过 9200 万元。具体交易合同由交易双方根据实际发生情况在预计金额范围内 签署。 一、董事会会议召开情况 本议案已经公司董事会审计委员会审议通过。 合肥百货大楼集团股份有限公司（以下简称"本公司"或"公司"）第十届 董事会第三次会议通知于2024年10月18日以邮件或书面形式发出，会议于2024 年 10 月 ...

一、 会议召开情况 合肥百货大楼集团股份有限公司 第十届董事会第一次独立董事专门会议决议 审议通过《关于增加 2024 年度日常关联交易预计额度的议案》。 独立董事：丁斌、周少元、陈立平、张本照 合肥百货大楼集团股份有限公司（以下简称"本公司"或"公司"）第十届 董事会第一次独立董事专门会议通知于 2024 年 10 月 24 日以邮件形式发出，会 议于 2024 年 10 月 28 日以通讯表决方式召开。本次会议应表决独立董事 4 人， 实际表决独立董事 4 人。本次会议的召开符合《公司法》《上市公司独立董事管 理办法》及公司《独立董事专门会议议事规则》等有关规定。 2024 年 10 月 28 日 二、会议审议情况 表决结果：赞成票【4】票，反对票【0】票，弃权票【0】票，审议通过本 议案。 经审议，我们认为公司新增预计与关联方的日常关联交易额度为日常经营实 际所需，有利于发挥公司与关联人的协同效应，上述交易对上市公司独立性没有 影响，公司业务不会因此类交易而对关联人形成依赖或者被其控制；交易定价政 策和定价依据遵照客观公平、平等自愿、互惠互利的市场原则，信息披露充分， 不存在损害公司及公司股东尤其是中小 ...