Investment Rating - The industry investment rating is "Buy" [3] Core Insights - In December 2025, the year-on-year growth of social retail sales was 0.9%, with a total of 4.5 trillion yuan, indicating a decline of 0.4 percentage points compared to November 2025. Excluding automobiles, the total was 4.0 trillion yuan, growing by 1.7% year-on-year [5] - The report emphasizes the importance of service consumption sectors for the upcoming Spring Festival opportunities [5] - The report suggests a shift in retail industry logic from "adjusting input" to "adjusting output," with a focus on improving same-store sales and customer flow, which will enhance profit elasticity as the share of high-margin private brands increases [5] Summary by Sections Retail Sector Performance - In December 2025, retail sales of goods reached 3.9 trillion yuan, growing by 0.7% year-on-year, while catering revenue was 0.6 trillion yuan, with a year-on-year growth of 2.2% [5] - The growth rates for various categories in December included: - Grain and oil food retail sales grew by 3.9% - Beverage retail sales grew by 1.7% - Tobacco and alcohol retail sales declined by 2.9% [5] - In the optional consumer goods category, cosmetics and gold and silver jewelry retail sales grew by 8.8% and 5.9%, respectively [5] E-commerce Insights - The e-commerce penetration rate slightly decreased, with online retail sales of physical goods reaching 13.1 trillion yuan in 2025, a year-on-year increase of 5.2%. The penetration rate was 26.1%, a decrease of 0.7 percentage points year-on-year [5] - For the year, the growth rates for e-commerce categories were: food (14.5%), clothing (1.9%), and daily necessities (4.1%) [5] Investment Recommendations - Retail: Focus on companies like Bubugao, Huijia Times, Yonghui Supermarket, and Chongqing Department Store [5] - Cosmetics: Prefer high-end brand assets and consider low-positioned stocks like Maogeping and Yixian E-commerce [5] - Jewelry: Anticipate strong sales during the traditional gold sales peak in Q1, with recommendations for Laopu Gold and Mankalon [5] - Tourism: Focus on winter sports themes and the Spring Festival market, with recommendations for Changbai Mountain and Huangshan Tourism [5] - Education: Highlight opportunities in undervalued vocational education stocks like China Oriental Education and Action Education [5]

Core Insights - The tea chain industry in China has seen significant growth, with market size increasing from 49.13 billion yuan in 2015 to 91.54 billion yuan in 2022, reflecting a compound annual growth rate (CAGR) of 9.3% [1][11] - However, a projected decline of 2.66% is expected in 2024, with the market size estimated at 87.83 billion yuan, primarily due to rational consumer spending and competition from online channels and new tea beverage brands [1][11] - The industry is anticipated to evolve towards greater branding and specialization, with an emphasis on brand building, market segmentation, and enhanced consumer experiences through smart features [1][11] Industry Overview - The tea chain industry operates through a standardized and chain-based business model, providing tea products and related services across various retail formats [3][11] - It can be categorized by product type (green tea, black tea, etc.), sales channels (direct, franchise, e-commerce), and service forms (tea shops, tea experience stores) [3] Industry Development History - The industry began in the 1990s, gaining momentum in the 21st century as consumer demand diversified and e-commerce emerged as a significant opportunity [5][6] - The current landscape features a more concentrated market with established brands and a need for continuous innovation to address challenges like product homogenization and intense competition [6] Industry Value Chain - The upstream of the tea chain industry includes tea plantations and processing facilities, while the midstream consists of tea chain enterprises responsible for brand management and retail operations [6] - The downstream involves consumers who drive demand and feedback, influencing the entire value chain [6] Market Trends - The tea chain industry is expected to focus on experiential retail, transforming stores into cultural and social spaces that enhance customer engagement [15] - Digital tools will facilitate precise service and supply chain integration, improving operational efficiency and product traceability [15] - There will be a shift towards health-oriented products and innovative forms, catering to modern consumer preferences [16][17] Key Companies - Notable companies in the tea chain industry include Baima Tea, Lancang Ancient Tea, Tianfu, and others, each with unique market strategies and product offerings [2][12] - Baima Tea, for instance, has over 3,700 stores and has established a strong online presence, achieving significant sales growth [12][13]

（编辑 丛可心） 证券日报网讯 1月8日，峨眉山A发布公告称，公司于2026年1月8日召开2026年第一次临时股东会，选举 产生第六届董事会，同日董事会选举许拉弟为董事长并聘任童建明为总经理，任期三年；陈金龙等4名 高管届满离任。 ...

（文章来源：证券日报） 证券日报网讯 1月8日，峨眉山A发布公告称，公司2026年第一次临时股东会审议通过《关于选举公司第 六届董事会非独立董事的议案》等。 ...

证券代码：000888 证券简称：峨眉山A 公告编号：2026-03 峨眉山旅游股份有限公司 关于选举职工董事的公告 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。 根据《中华人民共和国公司法》及《公司章程》等相关 规定，峨眉山旅游股份有限公司（以下简称"公司"）召开了 第二届职工代表大会第四次会议，选举公司第六届董事会职 工董事，邱胜当选为公司第六届董事会职工董事，其与公司 2026 年第一次临时股东会选举产生的董事共同组成公司第六 届董事会，任期与本届董事会任期一致。 本次选举职工董事后，公司第六届董事会中兼任高级管 理人员以及由职工代表担任的董事人数总计未超过公司董事 总数的二分之一，符合相关法律法规的要求。 特此公告。 附件：职工董事简历 峨眉山旅游股份有限公司董事会 2026 年 1 月 9 日 1 2002.04—2008.07 井研县人民政府办公室科员 （其间：2001.01—2002.12 参加高等教育自学考试，西南科 技大学农业生产与经营专业专科毕业；2003.08—2005.12 四 川省委党校函授学院法律专业毕业；2007.10—2007 ...

峨眉山旅游股份有限公司（以下简称"公司"）于 2026 年 1 月 8 日召开 2026 年第一次临时股东会，选举产生了第六届董 事会成员；同日，公司召开第六届董事会第一次会议，选举了董 事长、董事会各专门委员会委员并聘任高级管理人员及证券事务 代表。公司董事会换届选举工作已完成，现将相关情况公告如下： 证券代码：000888 证券简称：峨眉山A 公告编号：2026-05 一、第六届董事会组成情况 峨眉山旅游股份有限公司 关于董事会完成换届选举及聘任 高级管理人员、证券事务代表的公告 1.非独立董事：许拉弟（董事长）、童建明、邱胜（职工董 事）、方俊 2.独立董事：钟朝宏、毛杰、刘俊 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。 公司第六届董事会由上述 7 名董事组成，任期自公司 2026 年第一次临时股东会审议通过之日起三年。 二、第六届董事会各专门委员会组成情况： 1.战略与可持续发展（ESG）委员会 董事会中兼任公司高级管理人员以及由职工代表担任的董 1 事人数未超过公司董事总数的二分之一。独立董事人数未低于董 事会成员总人数的三分之一，符合《公司法》 ...

证券代码：000888 证券简称：峨眉山A 公告编号：2026-02 峨眉山旅游股份有限公司 2026年第一次临时股东会决议公告 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。 特别提示： 1.本次股东会不涉及变更以往股东会已通过的决议； 2.本次股东会未出现否决提案的情形。 一、会议召开和出席情况 （一）会议召开情况 1.会议时间 3.会议召开方式：现场会议与网络投票方式相结合的表决方 式。 4.股权登记日：2025年12月31日 5.会议召集人：公司董事会 现场会议时间为：2026年1月8日15:00； 网络投票时间为：2026年1月8日，其中： （1）通过深圳证券交易所交易系统投票时间 2026年1月8日9:15-9:25；9:30-11:30,13:00-15:00。 （2）通过深圳证券交易所互联网投票系统投票时间 2026年1月8日9:15-15:00期间的任意时间。 2.现场会议召开地点：峨眉山市名山南路639号公司二楼小 会议室。 1 6.会议主持人：董事长 许拉弟 7.本次股东会的召集召开程序以及表决方式符合《中华人民 共和国公司法》《中华人民 ...

四川省成都市高新区天府大道北段 966 号天府国际金融中心南塔 25 层-26 层 邮编：610041 25-26/F, South Tower of Tianfu International Finance Center, 966 North Tianfu Avenue, High-tech Zone, Chengdu, Sichuan 610041, P. R. China 电话/Tel : +86 28 6208 8001 传真/Fax : +86 28 6208 8111 www.zhonglun.com 北京中伦（成都）律师事务所 关于峨眉山旅游股份有限公司 2026 年第一次临时股东会的 法律意见书 【2025】中伦成律（见）字第 014014-0025-010801 号 致：峨眉山旅游股份有限公司 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》"）、中国证券监督管理委员会《上市公司股东会 规则》（以下简称"《股东会规则》"）及《深圳证券交易所上市公司股东会网络投 票实施细则》（以下简称"《网络投票实施细则》"）等法律、行政法规和规范性文 ...

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 峨眉山旅游股份有限公司（以下简称"公司"）第六届 董事会第一次会议于 2026 年 1 月 8 日在公司会议室召开。会 议通知于 2026 年 1 月 5 日以书面、短信方式发出。本次会议 应参加会议董事 7 人，实际参加会议董事 7 人。本次会议由 全体董事共同推举公司董事许拉弟先生主持。公司高级管理 人员列席会议。本次会议召开符合《中华人民共和国公司法》 和《公司章程》的有关规定。 二、会议审议情况 经董事会审议并表决，通过以下决议： （一）审议通过《关于选举公司第六届董事会董事长的议 案》 公司董事会同意选举许拉弟先生为公司第六届董事会董 事长，任期与本届董事会任期一致。 1 证券代码：000888 证券简称：峨眉山A 公告编号：2026-04 峨眉山旅游股份有限公司 第六届董事会第一次会议决议公告 公司董事会同意选举毛杰、许拉弟、刘俊为提名委员会 委员，其中毛杰为主任委员，任期与本届董事会任期一致。 表决结果：7 票赞成，0 票反对，0 票弃权。 全文内容详见公司同日在巨潮资讯网披 ...

Core Viewpoint - Emei Mountain A's stock has shown a positive trend with a 2.06% increase on January 7, 2025, reaching a price of 13.37 yuan per share, with a total market capitalization of 7.045 billion yuan [1] Group 1: Stock Performance - As of January 7, 2025, Emei Mountain A's stock price has increased by 1.91% year-to-date, 3.89% over the last five trading days, 3.64% over the last twenty days, and 8.79% over the last sixty days [1] - The stock recorded a trading volume of 1.28 billion yuan with a turnover rate of 1.84% [1] Group 2: Financial Performance - For the period from January to September 2025, Emei Mountain A reported a revenue of 733 million yuan, a year-on-year decrease of 9.06%, and a net profit attributable to shareholders of 234 million yuan, down 3.98% year-on-year [2] - Cumulative cash dividends since the company's listing amount to 1.011 billion yuan, with 279 million yuan distributed over the last three years [3] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Emei Mountain A is 42,300, a decrease of 8.30% from the previous period, with an average of 12,449 circulating shares per shareholder, an increase of 9.05% [2] - The third-largest circulating shareholder is the Fortune China Securities Tourism Theme ETF, holding 7.5961 million shares, an increase of 2.8065 million shares compared to the previous period [3]