Core Viewpoint - Zhongxing Commercial, a well-known retail enterprise in Shenyang, has a diverse business portfolio but ranks lower in revenue and profit compared to industry leaders [2][3]. Group 1: Company Overview - Zhongxing Commercial was established on April 25, 1997, and listed on the Shenzhen Stock Exchange on May 8, 1997, with its headquarters in Shenyang, Liaoning Province [1]. - The company specializes in various sectors including general commercial trade, automotive repair, warehousing, import-export trade, and commercial real estate [1]. Group 2: Financial Performance - As of Q3 2025, Zhongxing Commercial reported a revenue of 562 million yuan, ranking 16th out of 22 in the industry, significantly lower than the top competitor Tianhong's 8.878 billion yuan [2]. - The net profit for the same period was approximately 68.58 million yuan, placing it 8th in the industry, again trailing behind leaders like Hangzhou Jiebai with 316 million yuan [2]. Group 3: Financial Ratios - The company's debt-to-asset ratio stood at 27.10% in Q3 2025, a decrease from 28.09% year-on-year, which is well below the industry average of 48.09%, indicating strong solvency [3]. - The gross profit margin was reported at 55.12%, slightly down from 56.13% year-on-year but still above the industry average of 45.34%, reflecting robust profitability [3]. Group 4: Management and Shareholder Information - The chairman, Qu Dayong, saw a salary reduction of 731,900 yuan in 2024, earning 1.1083 million yuan compared to 1.8402 million yuan in 2023 [4]. - As of September 30, 2025, the number of A-share shareholders decreased by 0.80% to 19,800, while the average number of shares held per shareholder increased by 0.81% to 27,200 [5].

Core Viewpoint - Zhongxing Commercial reported a significant increase in net profit for the first three quarters of 2025, achieving a non-GAAP net profit of 57.33 million yuan, a year-on-year growth of 29.28%, indicating a notable improvement in profitability [2]. Group 1: Business Strategy and Performance - The "first-store economy" has become a key indicator of the core competitiveness of commercial entities and urban consumption vitality, with Zhongxing Commercial focusing on expanding its first-store matrix and innovating consumption scenarios to create a differentiated competitive advantage [3][4]. - The operation of the Shenyang Zhongxing Dinosaur Museum, the first dinosaur-themed museum located within a commercial complex in China, has successfully integrated cultural tourism and retail, becoming a popular landmark that drives family consumer traffic [3]. - Zhongxing Commercial has introduced a variety of first-store brands, including the first eco-friendly flagship store of Diconi and the first store of Elizabeth Arden in Liaoning, enhancing its product structure and aligning with consumer demands for quality and individuality [4][5]. Group 2: Marketing and Service Innovation - The company has shifted its retail identity from merely selling products to providing experiential scenarios, employing innovative marketing strategies to attract diverse consumer groups and enhance service experiences [6][7]. - The implementation of various themed events, such as music concerts and sports competitions, has effectively captured the interest of younger consumers, transforming shopping habits from "buying to browse" into "browsing to buy" [8]. Group 3: Digital Transformation and Efficiency - During the "14th Five-Year Plan" period, Zhongxing Commercial has made steady progress in digital transformation, enhancing operational efficiency and consumer experience through the integration of technology [9][10]. - The launch of the "Zhongxing Building+" mini-program and the first Douyin e-commerce live broadcast in the Shenyang business circle has created a new social ecosystem that effectively connects online and offline consumer experiences [9]. Group 4: Financial Performance and Future Outlook - In 2023, Zhongxing Commercial achieved a total merchandise sales volume of 3.243 billion yuan, a year-on-year increase of 28.13%, with net profit reaching 134 million yuan, marking a 56.90% growth [11]. - The company aims to solidify its leading position in Northeast retail by continuing to promote the first-store economy, digital transformation, and service system upgrades, contributing to the vitality of the regional consumer market [12].

Core Insights - ZTE Commercial (000715.SZ) reported a total operating revenue of 562 million yuan for Q3 2025, a decrease of 4.36 million yuan compared to the same period last year, representing a year-on-year decline of 0.77% [1] - The net profit attributable to shareholders was 68.41 million yuan, with net cash inflow from operating activities amounting to 97.75 million yuan, a decrease of 0.21 million yuan year-on-year, reflecting a decline of 0.22% [1] Financial Performance - The latest asset-liability ratio stands at 27.10%, an increase of 0.49 percentage points from the previous quarter [3] - The gross profit margin is reported at 55.12%, down by 1.00 percentage point compared to the same period last year [4] - The return on equity (ROE) is recorded at 3.48% [4] - The diluted earnings per share are 0.13 yuan [5] - The total asset turnover ratio is 0.21 times, a decrease of 0.01 times year-on-year, reflecting a decline of 3.76% [5] - The inventory turnover ratio is reported at 3.44 times [5] Shareholder Structure - The number of shareholders is approximately 19,800, with the top ten shareholders holding a total of 311 million shares, accounting for 57.48% of the total share capital [5] - The largest shareholder is Liaoning Fangda Group Industrial Co., Ltd., holding 15.34% of the shares [5]

第一章 总则 第一条 为促进中兴—沈阳商业大厦（集团）股份有限 公司（以下简称"公司"）规范运作，加强对董事会秘书工 作的指导，保障董事会秘书依法履行职责，充分发挥董事会 秘书的作用，根据《公司法》《深圳证券交易所股票上市规 则》（以下简称"《上市规则》"）等法律法规、规范性文 件以及《公司章程》等有关规定，制定本制度。 第二条 公司设董事会秘书。董事会秘书为公司高级管 理人员，对公司和董事会负责。 第三条 董事会秘书是公司与证券监管机构和深圳证 券交易所之间的指定联络人。 第二章 董事会秘书的任职资格 第四条 董事会秘书应当具备以下条件： （一）具有良好的职业道德和个人品德； 中兴—沈阳商业大厦（集团）股份有限公司 董事会秘书工作制度 （2025 年 10 月 23 日，经第九届董事会第三次会议修订生效） （二）具备履行职责所必需的财务、管理、法律专业知 识； （三）具备履行职责所必需的工作经验； （四）取得深圳证券交易所颁发的董事会秘书资格证 书。 第五条 具有下列情形之一的人士不得担任公司董事 1 会秘书： （一）最近三十六个月受到中国证监会行政处罚； （二）最近三十六个月受到证券交易所公开谴责或三次 ...

第一章 总则 第一条 为规范中兴—沈阳商业大厦（集团）股份有限 公司（以下简称"公司""本公司"）的对外投资行为，防范 投资风险，合理有效使用资金，提高投资效益，根据《公司 法》《深圳证券交易所股票上市规则》等法律法规及《公司 章程》，制定本制度。 第二条 本制度所称对外投资是指公司为获取未来收 益而将一定数量的货币资金、股权以及房屋、机器、设备等 实物，专利权、商标权、土地使用权等无形资产作价出资， 对外进行各种形式的投资活动。 中兴—沈阳商业大厦（集团）股份有限公司 对外投资管理制度 （2025 年 10 月 23 日，经第九届董事会第三次会议修订生效） 第三条 公司对外投资分为一般投资和风险投资。一般 投资含股权投资和其他投资，包括但不限于下列类型： （一）公司独立出资设立企业或其他经营项目； （二）公司出资与其他境内（外）机构及个人进行合资、 合伙或开发经营项目； （三）参股其他境内外独立法人实体； （四）委托他人对公司资产进行经营管理。 风险投资包括证券投资、期货产品投资、信托产品投资、 国债逆回购、委托理财以及深圳证券交易所认定的其他风险 投资行为。其中，证券投资包括新股配售或者申购、证券回 1 ...

中兴—沈阳商业大厦（集团）股份有限公司 证券投资管理制度 （2025 年 10 月 23 日，经第九届董事会第三次会议修订生效） 第一章 总则 第一条 为规范中兴—沈阳商业大厦（集团）股份有限 公司（以下简称"公司"）证券投资行为，建立完善有序的 投资决策管理机制，有效防范投资风险，强化风险控制，保 证公司资金安全，维护投资者和公司合法权益，根据《中华 人民共和国公司法》《中华人民共和国证券法》《深圳证券 交易所股票上市规则》（以下简称"《股票上市规则》"） 《深圳证券交易所上市公司自律监管指引第 1 号—主板上市 公司规范运作》《深圳证券交易所上市公司自律监管指引第 7 号—交易与关联交易》等相关法律法规、规范性文件，以 及《公司章程》等有关规定，制定本制度。 第二条 本制度所称证券投资，包括新股配售或者申 购、证券回购、股票及存托凭证投资、债券投资以及深圳证 券交易所认定的其他投资行为。 （二）固定收益类或者承诺保本的投资行为； （三）参与其他上市公司的配股或者行使优先认购权 利； （四）购买其他上市公司股份超过总股本的 10%，且拟 1 持有三年以上的证券投资； （五）公司首次公开发行股票并上市前已进行 ...

（2025 年 10 月 23 日，经第九届董事会第三次会议修订生效） 中兴—沈阳商业大厦（集团）股份有限公司 总裁工作细则 第一章 总则 第一条 按照建立现代企业制度的要求，为进一步完善 公司治理结构，充分发挥总裁的职责，提高公司运作效率， 保障股东合法权益，根据《中华人民共和国公司法》（以下 简称"《公司法》"）《中华人民共和国证券法》（以下简 称"《证券法》"）《上市公司治理准则》等法律法规及《公 司章程》的有关规定，特制定本细则。 第二章 总裁的任职资格与任免程序 第二条 公司设总裁 1 名，由董事会聘任或解聘。 第三条 总裁每届任期 3 年，可以连聘连任。 第四条 总裁可以在任期届满以前提出辞职，有关辞职 的具体程序和办法由总裁与公司之间的劳动合同规定。 第五条 公司设副总裁若干名，由总裁提名，董事会聘 任或解聘。副总裁对总裁负责，协助总裁工作。 第六条 《公司法》第 178 条规定的情形以及被中国证 监会确定为市场禁入者且禁入尚未解除的人员，不得担任公 司总裁、副总裁及其他高级管理人员。 第七条 总裁必须遵守国家法律法规和《公司章程》的 规定，履行诚信和勤勉义务。 第三章 总裁的职权 1 第八条 ...

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。 一、董事会会议召开情况 中兴—沈阳商业大厦（集团）股份有限公司 第九届董事会第三次会议决议公告 中兴—沈阳商业大厦（集团）股份有限公司（以下简称"公司"） 第九届董事会第三次会议通知于 2025 年 10 月 17 日以书面及电子邮 件方式发出，会议于 2025 年 10 月 23 日以通讯方式召开。会议应参 会董事 9 名，实际参加会议董事 9 名，符合《公司法》和《公司章程》 的有关规定，合法有效。 二、董事会会议审议情况 与会董事逐项审议并表决了如下议案： 1.《2025 年第三季度报告》 会议以 9 票同意、0 票反对、0 票弃权的表决结果，审议并通过 了此项议案。 证券简称：中兴商业 证券代码：000715 公告编号：ZXSY2025-48 会议以 9 票同意、0 票反对、0 票弃权的表决结果，审议并通过 了此项议案。 《董事会秘书工作制度》刊登在 2025 年 10 月 25 日的巨潮资讯 网（http://www.cninfo.com.cn）。 4.《关于修订〈对外投资管理制度〉的议案》 会议以 9 ...

Financial Performance - The company's operating revenue for the third quarter was CNY 159.52 million, a decrease of 1.93% compared to the same period last year[5]. - Net profit attributable to shareholders was CNY 19.58 million, representing a 20.75% increase year-on-year[5]. - The basic earnings per share increased by 33.33% to CNY 0.04 compared to the previous year[5]. - Total operating revenue for the current period is ¥561,995,021.45, a decrease of 0.63% from ¥566,352,460.98 in the previous period[22]. - Net profit for the current period is ¥68,575,304.49, an increase of 23.9% compared to ¥55,317,654.83 in the previous period[24]. - Earnings per share increased to ¥0.13 from ¥0.10, reflecting a 30% growth[24]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 2.70 billion, an increase of 1.40% from the end of the previous year[7]. - Total current assets increased to CNY 1,031,403,702.01 from CNY 971,887,869.33, reflecting a growth of approximately 6.5%[19]. - Total non-current assets decreased to CNY 1,665,060,872.20 from CNY 1,687,274,013.74, indicating a decline of about 1.3%[19]. - Total liabilities increased slightly to ¥730,683,654.21 from ¥729,811,853.90, indicating a stable financial position[21]. - Short-term borrowings rose to CNY 35,813,509.22 from CNY 31,530,582.70, an increase of about 13.5%[19]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 19,839[14]. - The largest shareholder, Liaoning Fangda Group, holds 15.34% of shares, amounting to 82,877,040 shares, with 65,887,246 shares pledged[14]. - The registered capital increased from CNY 415,718,940 to CNY 540,434,622 following the profit distribution and capital reserve conversion plan[17]. - The company has a total of 4,258,710 shares held by China Construction Bank, indicating diversified institutional investment[15]. Cash Flow - Cash flow from operating activities showed a slight decrease of 0.22% year-to-date[5]. - Cash flow from operating activities generated a net amount of ¥97,745,670.72, slightly down from ¥97,958,783.05 in the previous period[24]. - The cash inflow from operating activities totaled ¥2,140,988,276.63, a slight increase from ¥2,130,423,478.94[24]. - The net cash flow from investing activities was -$95,912,088.51, compared to -$698,939,888.81 in the previous period[25]. - Cash inflow from financing activities totaled $50,574,368.72, while cash outflow was $88,997,253.12, resulting in a net cash flow of -$38,422,884.40[25]. - The ending balance of cash and cash equivalents was $332,703,994.79, down from $803,377,759.81 at the beginning of the period[25]. Investment and Income - The company reported a significant increase of 490.80% in trading financial assets due to the purchase of wealth management products[11]. - Investment income for the year-to-date decreased by 81.21% compared to the same period last year[12]. - The company recorded a 2,650.29% increase in asset disposal income year-to-date, attributed to reduced leasing projects[12]. - The company reported a significant increase in investment income, with a total of ¥883,269.06 compared to ¥4,700,655.22 in the previous period[23]. Governance and Compliance - The company has no plans to establish a supervisory board, with its functions transferred to the audit committee of the board of directors[16]. - The company did not receive an audit for the third quarter financial report[26]. - The company plans to implement new accounting standards starting in 2025[27].

Core Insights - ZTE Commercial (000715) stated on October 22 that as of October 20, 2025, the number of shareholders is approximately 20,000 [1] Company Summary - The company has engaged with investors through an interactive platform, providing updates on shareholder numbers [1]