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]

Summary of Key Points Core Viewpoint - On October 29, a total of 11 companies had their restricted shares unlocked, with a total unlock volume of 313 million shares, amounting to a market value of 4.204 billion yuan based on the latest closing prices [1] Company-Specific Summaries - Guangbai Shares had the highest unlock volume with 184 million shares [1] - Tongguan Mining Construction followed with an unlock volume of 112 million shares [1] - Laplace had an unlock volume of 9.0543 million shares [1] Market Value Summaries - In terms of market value, Tongguan Mining Construction led with an unlock market value of 2.35 billion yuan [1] - Guangbai Shares had a market value of 1.22 billion yuan from the unlocked shares [1] - Laplace's unlock market value was 399 million yuan [1] Unlock Ratio Summaries - Tongguan Mining Construction had the highest unlock ratio at 53.11% of its total share capital [1] - Guangbai Shares had an unlock ratio of 26.22% [1] - Laplace's unlock ratio was 2.23% [1]

苏兆忠先生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》等规定，其辞职报告自送达公司董事会之日起生效。截 至本公告披露日，苏兆忠先生未持有公司股份，亦不存在应当履行而未履行的承 诺事项。 证券代码：002187 证券简称：广百股份 公告编号：2025－043 广州市广百股份有限公司 关于高管辞职暨聘任副总经理、财务负责人的公告 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。 一、关于高级管理人员辞职的情况 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副总经 理、董事会秘书、财务负责人苏兆忠先生的书面辞职报告，苏兆忠先生因工作调 动原因申请辞去公司副总经理、董事会秘书及财务负责人职务。苏兆忠先生辞职 后将不再担任公司及控股子公司任何职务。 广州市广百股份有限公司董事会 2025 年 10 月 29 日 2 公司董事会谨向苏兆忠先生任职公司副总经理、董事会秘书及财务负责人期 间对公司做出的贡献表示衷心感谢！ 为保证董事会工作的正常进行，根据《深圳证券交易所股票上市规则》等有 关规定，公司董事会在聘任新 ...

证券代码：002187 证券简称：广百股份 公告编号：2025－041 1 广州市广百股份有限公司 第七届董事会第二十四次会议决议公告 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（以下简称"公司"）第七届董事会第二十四次会议 于 2025 年 10 月 28 日以通讯方式召开。会议通知于 2025 年 10 月 23 日以书面及 电子邮件方式发出。本次会议应到董事七名，实到七名，符合《公司法》和《公 司章程》有关规定，合法有效。会议审议并通过如下决议： 一、以 7 票同意，0 票反对，0 票弃权通过《关于公司 2025 年第三季度报告 的议案》。公司 2025 年第三季度报告（公告编号：2025-042）刊登于《证券时报》 和巨潮资讯网（www.cninfo.com.cn）。 二、以 7 票同意，0 票反对，0 票弃权通过《关于聘任公司副总经理及财务 负责人的议案》。经公司总经理提名，并经董事会提名委员会和审计委员会审核通 过，董事会同意聘任王玟先生（简历详见本公告附件）为公司副总经理，兼任公 司财务负责人，任期自本次 ...

Core Viewpoint - The company reported significant declines in both revenue and net profit for the third quarter and the first three quarters of the year, indicating ongoing financial challenges [1] Financial Performance - The company's revenue for the third quarter was 539 million, a decrease of 40.23% compared to the previous year [1] - The net profit for the third quarter was a loss of 15.64 million, representing a decline of 148.13% [1] - For the first three quarters, the total revenue was 2.787 billion, down 31.60% year-on-year [1] - The net profit for the first three quarters was a loss of 30.9974 million, reflecting a decrease of 159.01% [1]

Financial Performance - The company's operating revenue for Q3 2025 was ¥538,759,095.51, a decrease of 40.23% compared to the same period last year[5]. - The net profit attributable to shareholders was -¥15,643,727.28, representing a decline of 148.13% year-on-year[5]. - The company reported a 31.60% decrease in total operating income year-on-year, attributed to a slowdown in macroeconomic growth and adjustments in business operations[9]. - Operating profit decreased by 158.60% year-on-year, primarily due to the dual pressure on consumer capacity and willingness amid a slowing macroeconomic growth, leading to adjustments in business layout and closure of inefficient stores[12]. - Total profit decreased by 171.25% compared to the same period last year, reflecting the same pressures and adjustments in business strategy[12]. - Net profit decreased by 155.06% year-on-year, following the trend of total profit changes[12]. - Comprehensive income decreased by 111.94% compared to the same period last year, mainly due to the reduction in net profit[13]. - Net profit for the current period is a loss of ¥29,002,049.35, compared to a profit of ¥52,677,616.28 in the previous period, representing a significant decline[27]. - The company reported a total comprehensive income of -¥8,075,000.37, compared to ¥67,610,218.81 in the previous period[27]. Assets and Liabilities - The total assets at the end of the reporting period were ¥7,106,220,170.41, down 21.98% from the end of the previous year[5]. - The company's current assets decreased to RMB 2,418,482,237.83 from RMB 3,521,814,575.02, indicating a reduction of approximately 31.4%[23][24]. - The total liabilities decreased to RMB 3,055,955,168.82 from RMB 5,023,775,599.60, reflecting a decline of about 39.2%[24]. - The total owner's equity decreased to RMB 4,050,264,001.59 from RMB 4,085,125,000.00, reflecting a decline of approximately 0.9%[24]. - The total non-current assets decreased to RMB 4,687,737,932.58 from RMB 5,586,953,321.30, indicating a decline of approximately 16.1%[24]. Cash Flow - Cash flow from operating activities showed a net outflow of -¥57,456,498.45, a decrease of 118.98% year-to-date[5]. - Cash flow from operating activities decreased by 118.98% year-on-year, attributed to reduced retail income and increased payments to suppliers and taxes[14]. - Cash inflow from operating activities totaled ¥4,929,543,712.03, down from ¥6,781,810,857.58 in the previous period[29]. - Cash inflow from financing activities totaled $213.21 million, a decrease from $651.80 million in the previous period[30]. - Cash outflow from financing activities amounted to $1.22 billion, compared to $914.31 million previously[30]. - Net cash flow from financing activities was -$1.01 billion, worsening from -$262.51 million year-over-year[30]. - The ending balance of cash and cash equivalents was $405.77 million, down from $587.72 million in the prior period[30]. - The company’s cash and cash equivalents decreased by $484.27 million during the period[30]. Operating Costs and Income - The total operating costs decreased by 30.64% compared to the same period last year, primarily due to the reduction in operating revenue[11]. - Financial expenses decreased by 55.95% year-on-year, mainly due to reduced bank interest and lease interest expenses[11]. - The company experienced a 258.76% increase in other income, primarily from increased government subsidies received[11]. - Investment income increased by 108.28% year-on-year, attributed to higher returns from joint ventures[11]. - Cash received from investment income decreased by 43.51% compared to the same period last year, mainly due to a decrease in interest from fixed deposits[14]. - Cash outflow from investment activities decreased by 93.86% year-on-year, primarily due to no new fixed deposit investments this period[14]. Shareholder Information - Total number of common shareholders at the end of the reporting period was 34,293[18]. - The company received a total of RMB 1,509,263.52 in cash dividends from the compensation shares returned by Lingnan Capital[21]. - The company repurchased and canceled 3,144,299 shares at a total price of RMB 1, completing the compensation plan[21]. Other Information - The third quarter financial report was not audited[31]. - The company is set to implement new accounting standards starting in 2025[32].

Core Viewpoint - The Guangdong Free Trade Zone sector experienced a short-term surge, with several companies reaching their daily price limit, indicating strong market interest and potential investment opportunities [1] Company Summaries - Yue Media reached its daily price limit, reflecting significant investor confidence and interest in the company [1] - Lingnan Holdings, Yaowang Technology, Annai, Guangbai Shares, and Aohai Technology also saw price increases, suggesting a broader positive sentiment in the Guangdong Free Trade Zone sector [1]

Economic Information - The People's Bank of China emphasizes a cautious approach towards the development of stablecoins and will continue to combat domestic virtual currency operations to maintain financial order [2] - The China Securities Regulatory Commission (CSRC) has issued guidelines to strengthen the protection of small investors in the capital market, enhancing monitoring of abnormal trading behaviors and ensuring transparency regarding delisting risks [2][6] - October's polysilicon production is expected to reach approximately 134,000 tons, exceeding market expectations, while some leading companies plan to reduce production in November [3] Company Updates - Victory Technology reported a net profit of 1.102 billion yuan for Q3, a year-on-year increase of 260.52%, but a quarter-on-quarter decrease of 9.88% [5] - Taicheng Light's Q3 revenue was 386 million yuan, a year-on-year decrease of 4.98%, while net profit was 86.9765 million yuan, a year-on-year increase of 31.20% but a quarter-on-quarter decrease of 7.5% [5] - Several companies, including Tongrun Equipment and Jingji Agriculture, announced plans to reduce their shareholdings by up to 3% [7] Overseas Market Updates - International precious metal futures saw a significant decline of over 3%, with COMEX gold futures dropping 3.4% to $3,997 per ounce and silver futures falling 3.61% to $46.83 per ounce [5] - The UK government has cut the support scale for offshore wind farms by 18% to £900 million, while providing an £1.1 billion budget for renewable energy support auctions [5]

Group 1 - The company is leveraging the strong event traffic and consumer momentum brought by the National Games to enhance its business activities [2] - The company is coordinating multiple stores and cross-industry resources to create a series of themed activities related to the National Games [2] - The initiative aims to foster a nationwide atmosphere for the National Games and activate economic vitality associated with the event [2]