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]

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]