（文章来源：证券日报） 证券日报网讯广百股份11月17日在互动平台回答投资者提问时表示，公司紧抓全运会带来的强大赛事流 量与消费势能，结合"双十一"消费热点，深度融合"体育赛事氛围+商业消费场景"，联动旗下多家门店 及异业资源，以"赛事赋能消费"为核心逻辑，打造覆盖全业态、全客群的全运主题月系列活动。"双十 二"正值年末消费者购物、旅游、餐饮、住宿等需求集中释放的节点，公司将融合岭南集团购物、旅 游、住宿、餐饮等板块资源，打造多业态协同发力的营销热潮。 ...

证券日报网讯广百股份11月17日在互动平台回答投资者提问时表示，公司暂未在海南省开设门店。 （文章来源：证券日报） ...

Core Viewpoint - Retail concept stocks experienced a significant rise in early trading on November 5, with several companies reaching their daily limit up or showing notable gains [1]. Group 1: Stock Performance - Dongbai Group (600693) reached a limit up with a price of 7.05, reflecting a 9.98% increase [2]. - Zhongbai Group (000759) increased by 5.52%, with a current price of 7.64 [2]. - China Duty Free Group (601888) saw a 3.38% rise, reaching a price of 78.00 [2]. - Youa Shares (002277) rose by 3.14%, priced at 6.89 [2]. - Guangbai Shares (002187) increased by 3.08%, with a price of 6.70 [2]. - Ouyashang Group (600697) experienced a 2.97% increase, priced at 14.22 [2]. - Guoguang Chain (605188) rose by 2.95%, with a current price of 23.73 [2]. - Gongxiao Daji (000564) increased by 2.59%, priced at 2.77 [2]. - Zida Group (600865) saw a 2.18% rise, with a price of 9.38 [2].

Core Viewpoint - Guangbai Co., Ltd. announced the resignation of board member Chen Qianwen due to retirement, effective immediately, and she will no longer hold any positions within the company or its subsidiaries [2] Summary by Relevant Sections - **Resignation Announcement** - Chen Qianwen submitted her resignation letter to the board, citing retirement as the reason for her departure [2] - Following her resignation, she will not hold any positions in the company or its subsidiaries [2] - **Board Composition Impact** - The resignation affects the composition of the seventh board of directors and related professional committees [2]

Core Points - The company announced the resignation of director Chen Qianwen due to retirement [1] - Following her resignation, Chen Qianwen will no longer hold any positions within the company or its subsidiaries [1] - As of the announcement date, Chen Qianwen did not hold any shares in the company and had no unfulfilled commitments [1] - The resignation will take effect upon delivery of the resignation letter to the company's board [1] - The company plans to complete the election of a new director promptly [1]

广州市广百股份有限公司（以下简称"公司"）董事会近日收到 公司董事陈倩文女士的书面辞职报告，陈倩文女士因退休原因申请辞 去公司第七届董事会董事及在董事会下属专业委员会所兼任的其他 职务。陈倩文女士辞职后将不再担任公司及控股子公司任何职务。截 至本公告披露日，陈倩文女士未持有公司股份，亦不存在应当履行而 未履行的承诺事项。 陈倩文女士上述职务的原定任期至公司第七届董事会任期届满 之日止，根据《公司法》《公司章程》等有关规定，陈倩文女士辞职 未导致公司董事会低于法定最低人数，不会影响公司董事会的正常运 作，其辞职报告自送达公司董事会之日起生效。公司将按照相关规定， 尽快完成董事的补选工作。 公司董事会谨向陈倩文女士在公司任职期间对公司做出的贡献 表示衷心感谢！ 特此公告。 证券代码：002187 证券简称：广百股份 公告编号：2025－044 广州市广百股份有限公司 关于董事退休离任的公告 本公司及其董事、监事、高级管理人员保证公告内容真实、准确和完整， 公告不存在虚假记载、误导性陈述或者重大遗漏。 广州市广百股份有限公司董事会 2025 年 11 月 4 日 1 ...

Market Overview - The street vendor economy sector experienced a decline of 0.55% compared to the previous trading day, with Jihong Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Stock Performance - Notable gainers in the street vendor economy sector included: - ST Xuefa (code: 002485) with a closing price of 4.27, up 4.91% on a trading volume of 28,100 shares and a transaction value of 11.9763 million [1] - Longkui General (code: 603766) with a closing price of 14.22, up 4.48% on a trading volume of 449,500 shares [1] - Major decliners included: - Jihong Co., Ltd. (code: 002803) with a closing price of 18.05, down 3.11% on a trading volume of 176,700 shares and a transaction value of 319 million [2] - Camel Group (code: 601311) with a closing price of 9.96, down 2.35% on a trading volume of 570,200 shares [2] Capital Flow - The street vendor economy sector saw a net outflow of 968 million from institutional investors, while retail investors contributed a net inflow of 560 million [2] - The capital flow for specific stocks indicated: - Qianli Technology (code: 601777) had a net inflow of 43.8291 million from institutional investors, but a net outflow of 92.4420 million from retail investors [3] - Guoen Co., Ltd. (code: 002768) experienced a net inflow of 19.6205 million from institutional investors, with a net outflow of 25.5515 million from retail investors [3]

Investment Rating - The industry rating for tourism retail is "Recommended" [2][4] Core Insights - The new policies aim to enhance the flexibility of duty-free operations by expanding product categories, relaxing approval processes, and improving service delivery, thereby stimulating duty-free shopping consumption [2] - The recent announcement on October 17 regarding Hainan's duty-free shopping policy includes an expansion of the product range, allowing domestic goods sales, adjusting the shopping age, and extending the applicable population, which is expected to boost duty-free consumption [3] - The continuous release of favorable duty-free shopping policies is anticipated to invigorate consumption in both offshore and inbound duty-free sectors, with significant growth potential for city duty-free stores [4] Summary by Sections Policy Overview - The new policies effective from November 1, 2025, include four core upgrades: empowering domestic products, expanding product categories, decentralizing approval processes, and optimizing services [1] - Specific product categories added include mobile phones, drones, sports goods, health foods, over-the-counter drugs, and pet foods [2] Hainan Duty-Free Policy Adjustments - The number of duty-free product categories has increased from 45 to 47, with new inclusions such as pet supplies and portable musical instruments [3] - Domestic products like clothing, ceramics, and tea can now be sold in duty-free stores, treated as exports for tax purposes [3] Investment Recommendations - The report identifies key beneficiaries of the new policies, including China Duty Free Group, Wangfujing, Hainan Airport, and others, suggesting potential performance improvements for these companies [4]

Core Insights - Guangbai Co., Ltd. is a leading retail enterprise in Guangzhou, established in 1990 and listed on the Shenzhen Stock Exchange in 2007, with a diversified business model and multi-channel sales advantage [1] Financial Performance - As of Q3 2025, Guangbai's revenue reached 2.787 billion yuan, ranking 4th among 22 companies in the industry, surpassing the industry average of 1.866 billion yuan and median of 1.069 billion yuan, but still behind Tianhong's 8.878 billion yuan and Wangfujing's 7.709 billion yuan [2] - The net profit for the same period was -29.02 million yuan, ranking 18th in the industry, significantly lower than the industry leaders Hangzhou Jiebai's 316 million yuan and Dongbai Group's 162 million yuan, as well as below the industry average of 39.2834 million yuan and median of 53.5549 million yuan [2] Financial Ratios - As of Q3 2025, Guangbai's debt-to-asset ratio was 43.00%, down from 56.46% year-on-year and below the industry average of 48.09%, indicating improved solvency [3] - The gross profit margin for the same period was 26.31%, an increase from 22.36% year-on-year, but still below the industry average of 45.34% [3] Management Compensation - The total compensation for General Manager Cai Jinsong was 764,900 yuan in 2024, an increase of 105,700 yuan from 2023 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 14.47% to 34,300, while the average number of circulating A-shares held per account increased by 16.92% to 15,100 [5]

Core Insights - Guangbai Co., Ltd. reported a significant decline in revenue and net profit for Q3 2025, with total revenue at 2.787 billion yuan, down 31.60% year-on-year, and a net loss of 30.9974 million yuan, a decrease of 159.01% compared to the same period last year [1][3] Financial Performance - The company's operating cash flow showed a net outflow of 57.4565 million yuan, a decrease of 360 million yuan year-on-year, representing a decline of 118.98% [1] - The latest asset-liability ratio stands at 43.00%, down 0.50 percentage points from the previous quarter and down 13.45 percentage points from the same period last year [3] - The gross profit margin improved to 26.31%, an increase of 3.47 percentage points from the previous quarter and 3.96 percentage points year-on-year, marking two consecutive quarters of growth [3] - Return on equity (ROE) is reported at -0.77%, a decrease of 2.06 percentage points compared to the same period last year [3] - The diluted earnings per share are -0.04 yuan, down 157.14% year-on-year [3] - Total asset turnover ratio is 0.34 times, a decrease of 0.08 times year-on-year, while inventory turnover ratio is 8.33 times, down 19.68% from the previous year [3] Shareholder Structure - The number of shareholders is reported at 34,300, with the top ten shareholders holding 478 million shares, accounting for 68.22% of the total share capital [3] - The largest shareholder is Guangzhou Lingnan Tourism Investment Group Co., Ltd. with a holding of 28.5% [3]