证券日报网讯中兴商业11月24日在互动平台回答投资者提问时表示，截至2025年11月20日公司的股东数 约为1.9万户。 （文章来源：证券日报） ...

Core Insights - The article highlights the ongoing capital operations of Fang Wei, chairman of Fangda Group, particularly focusing on HNA Holding's recent financial maneuvers and Fangda Group's strategic investments across various industries [2][5][18]. Group 1: Capital Operations - HNA Holding completed a capital increase of 1.635 billion yuan to its subsidiary HNA Technology, maintaining a 68.07% stake post-increase [5]. - HNA Holding also finalized a 799 million yuan acquisition of Tianyu Flight Training, a flight training company, indicating a strategic focus on aviation [5][9]. - Fangda Group's investments include a 2.66 billion yuan increase in Chongqing Fangda Aviation International Headquarters and a 9.58 billion yuan acquisition of a 65% stake in Chongqing Medical University Affiliated Third Hospital [8][17]. Group 2: Business Performance - All five A-share companies under Fangda Group reported profitability in the first three quarters of 2025, with notable performances from Fangda Special Steel and HNA Holding [18][20]. - HNA Holding's net profit reached 2.845 billion yuan, a 30.93% increase year-on-year, recovering from previous significant losses [19][20]. - Fangda Carbon's net profit was 113 million yuan, despite a more than 50% decline, reflecting the pressures of the steel industry's low cycle [18]. Group 3: Fangda Model - The "Fangda Model" is characterized by precise asset acquisition, capital operations, and the introduction of refined management practices, which have proven effective in revitalizing struggling companies [22][23]. - Fang Wei's approach includes maintaining employee stability and morale through financial incentives and a commitment to not reducing staff or salaries [22][23]. - The model's effectiveness is evident in the successful turnaround of previously distressed companies, showcasing its resilience and adaptability in various sectors [22][23].

Core Viewpoint - The commercial retail sector is experiencing a significant upward trend, with several companies reaching their daily price limits, indicating strong market performance and investor interest [1] Company Performance - Bubu Gao has hit the daily price limit, reflecting robust investor confidence and market activity [1] - Dongbai Group and Renmin Tongtai also reached their daily price limits previously, showcasing a similar positive trend in their stock performance [1] - Other companies such as Sanjiang Shopping, Dalian Friendship, Hebai Group, and Zhongxing Commercial are also witnessing increases in their stock prices, indicating a broader rally in the sector [1]

Group 1 - The core point of the article is that Zhongxing Commercial (000715) has indicated that the number of its shareholders is expected to be approximately 20,000 by November 10, 2025 [1]

Core Insights - The company is actively adapting to new trends in the retail industry during the "14th Five-Year Plan" period, focusing on enhancing operational quality and brand influence while implementing innovative marketing and service experience strategies [1][2] Strategic Layout of the First Store Economy - The opening of the dinosaur museum in Shenyang has attracted significant foot traffic, exemplifying the company's efforts to innovate its business model and create a cultural super IP [1][2] - The company has introduced various first stores, including notable brands in outdoor sports and high-end beauty, enhancing its product offerings and meeting diverse consumer demands [2][3] - A total of 73 first stores and flagship stores have been introduced since the beginning of the "14th Five-Year Plan," significantly enriching the product and service supply [3] Marketing and Consumer Engagement - The company has adopted a "three attractions" marketing strategy aimed at drawing in young consumers and families, enhancing the overall shopping experience [4] - By integrating cultural, dining, and entertainment elements into its operations, the company aims to stimulate consumer enthusiasm and increase foot traffic [4][5] Digital Transformation and Upgrading - The company is pursuing a dual-channel development strategy, enhancing its online sales capabilities while maintaining a strong offline presence [5][6] - The launch of the "ZTE Building+" mini-program and the introduction of e-commerce live streaming have positioned the company as a pioneer in its industry [6] - Investments in digital infrastructure and IoT platforms are aimed at improving operational efficiency and customer experience [6]

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 ...