证券代码：002251 证券简称：步步高 公告编号：2025-048 步步高商业连锁股份有限公司 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记载、误导 性陈述或重大遗漏。 步步高商业连锁股份有限公司（以下简称"公司"）于 2025 年 11 月 18 日召 开了第七届董事会第八次会议，审议通过了《关于补选公司第七届董事会非独立 董事的议案》。 为完善公司法人治理结构，确保公司董事会规范运作，根据《中华人民共和 国公司法》《深圳证券交易所上市公司自律监管指引第 1 号-主板上市公司规范运 作》等相关法律法规及《公司章程》的相关规定，经股东湘潭晟立企业管理合伙 企业（有限合伙）提名，董事会提名委员会对非独立董事候选人审查后，董事会 同意提名彭勇先生为公司第七届董事会非独立董事候选人，任期自公司 2025 年 第二次临时股东会审议通过之日起至公司第七届董事会任期届满之日止。彭勇先 生简历详见附件。 该事项尚需提交公司 2025 年第二次临时股东会审议。本次补选非独立董事 工作完成后，董事会中兼任公司高级管理人员的董事人数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。 步步 ...

证券代码：002251 证券简称：步步高 公告编号：2025-047 步步高商业连锁股份有限公司 关于修订《公司章程》及修订、制定部分公司治理制度的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记载、误导 性陈述或重大遗漏。 步步高商业连锁股份有限公司（以下简称"公司"）于 2025 年 11 月 18 日召 开了第七届董事会第八次会议，审议通过了《关于修订<公司章程>及其附件的 议案》《关于修订及制定公司其他部分治理制度的议案》；同日召开第七届监事会 第七次会议，审议通过了《关于修订<公司章程>的议案》。现将相关情况公告如 下： 一、公司拟不再设置监事会并修订《公司章程》 为全面贯彻落实最新法律法规要求，进一步提升公司管理水平，完善公司治 理结构，根据《公司法》《关于新〈公司法〉配套制度规则实施相关过渡期安排》 《上市公司章程指引》等相关法律法规和规范性文件的规定，结合实际情况，公 司拟不再设置监事会和监事岗位，原由监事会行使的规定职权将由董事会审计委 员会履行。监事会取消后，公司《监事会议事规则》等监事会相关制度将予以废 止，公司监事及职工监事将自动解任。 在公司股东会审议通过本事 ...

证券代码：002251 证券简称：步步高 公告编号：2025-054 步步高商业连锁股份有限公司 2025 年第二次临时股东会的通知 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记载、误导性陈述 或重大遗漏。 经步步高商业连锁股份有限公司（以下简称"公司"）第七届董事会第八次会议 审议通过，公司决定于 2025 年 12 月 11 日在湖南省长沙市东方红路 649 号步步高大 厦公司会议室召开 2025 年第二次临时股东会。会议有关事项如下： 一、召开会议基本情况 （一）股东会届次：2025 年第二次临时股东会 （二）会议召集人：公司董事会 （七）现场会议召开地点：湖南省长沙市东方红路 649 号步步高大厦公司会议室。 （八）会议召开方式及表决办法：采取现场投票与网络投票相结合的方式。公司 将通过深圳证券交易所交易系统和深圳证券交易所互联网投票系统向股东提供网络形 式的投票平台，上述股东可以在前述网络投票时间内通过上述系统行使表决权。 1、如果股东通过现场、网络重复投票的，以第一次投票结果为准； 2、如果股东通过网络多次重复投票的，以第一次网络有效投票为准。 敬请各位股东审慎投票，不要重复 ...

本公司及监事会全体成员保证公告内容的真实、准确和完整，不存在虚假记载、误导 性陈述或重大遗漏。 一、监事会会议召开情况 步步高商业连锁股份有限公司（以下简称"公司"）第七届监事会第七次会 议于 2025 年 11 月 13 日以微信方式发出通知，于 2025 年 11 月 18 日以现 场表决方式召开。会议由公司监事会主席王炯先生主持，会议应出席监事 5 名， 实际出席监事 5 名，董事会秘书师茜列席。公司全体监事对本次会议召集召开 方式及程序均无异议，本次会议的召集、召开符合《中华人民共和国公司法》（以 下简称"《公司法》"）、《深圳证券交易所股票上市规则》（以下简称"《上市 规则》"）和《步步高商业连锁股份有限公司章程》（以下简称"《公司章程》"） 的有关规定。 二、监事会会议审议情况 证券代码：002251 证券简称：步步高 公告编号：2025-046 步步高商业连锁股份有限公司 第七届监事会第七次会议决议公告 经与会监事审议及表决，一致通过如下议案： 1、会议以 5 票同意，0 票反对，0 票弃权审议通过了《关于修订〈公司章 程〉的议案》。 根据《中华人民共和国公司法》及中国证券监督管理委员会《关于新 ...

证券代码：002251 证券简称：步步高 公告编号：2025-045 步步高商业连锁股份有限公司 第七届董事会第八次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记载、误导 性陈述或重大遗漏。 一、董事会会议召开情况 步步高商业连锁股份有限公司（以下简称"公司"）第七届董事会第八次会 议于 2025 年 11 月 13 日以微信方式发出通知，于 2025 年 11 月 18 日以现场与通 讯表决方式召开。本次会议应参加表决董事 8 人，实际参加表决董事 8 人（王傲 延先生、赵英明先生以通讯方式参会，其余董事现场参会），公司监事及高级管 理人员列席了会议。会议的出席人数、召集召开程序、议事内容符合《中华人民 共和国公司法》（以下简称"《公司法》"）、《深圳证券交易所股票上市规则》（以 下简称"《上市规则》"）、《步步高商业连锁股份有限公司章程》（以下简称"《公 司章程》"）的有关规定。 二、董事会会议审议情况 经与会董事认真讨论并表决，审议并通过如下议案： 1、逐项审议通过了《关于修订<公司章程>及其附件的议案》。 根据最新修订的《中华人民共和国公司法》《上市公司章程指引》（2 ...

Core Viewpoint - The article highlights the entrepreneurial spirit and investment philosophy of Duan Yongping, emphasizing his humility and practical approach to business and investment [3][4]. Group 1: Personal Background and Career - Duan Yongping was born in Nanchang, Jiangxi, and faced challenges during his childhood, which instilled a sense of independence in decision-making [4]. - He left unsatisfactory jobs quickly, including a brief stint at Beijing Electronic Tube Factory and a small company in Guangdong, before finding success at Xiaobawang [4][7]. - After leaving Xiaobawang due to unfulfilled promises of equity, he founded BBK Electronics in Dongguan [7]. Group 2: Business Philosophy - Duan emphasizes a grounded approach to business, stating that true financial freedom comes from doing what one loves without being driven by money [8]. - He believes in a principle of "doing the right thing" and maintaining a calm mindset, which he refers to as "本分 + 平常心" (being principled and having a normal heart) [9][10]. - The "not-to-do list" established by BBK includes avoiding OEM production, which he believes would hinder brand development [12][13]. Group 3: Investment Strategy - After retirement, Duan shifted focus to investing, realizing that understanding a company is more important than stock price fluctuations [14]. - He made a significant investment in NetEase during the dot-com bubble, purchasing shares at a low price, which later yielded a return of over 100 times [16][17]. - Duan's investment philosophy centers on understanding the business deeply, as demonstrated by his investments in companies like Apple and Moutai, which he believes have unique value propositions [18][19].

Group 1: Personal Growth - The importance of parental trust in childhood, which lays the foundation for rational decision-making [3][5] - Setting boundaries is crucial for providing children with a sense of security, which is essential for rationality [5][6] - The significance of leaving uncomfortable environments for better career choices [7][8] Group 2: Corporate Management - The lesson from Xiaobawang emphasizes the importance of trust and commitment in organizational culture [20] - The success of BBK is attributed to its focus on integrity and user-oriented culture [21][22] - The evolution of corporate culture is a continuous process influenced by experiences and lessons learned [23][24] Group 3: Investment Logic - The core principle of investing is to view stock purchases as buying into a company [40][41] - Understanding a company's business model and future cash flows is essential for successful investing [44][45] - Real-world examples, such as investments in NetEase, Apple, and Moutai, illustrate the importance of understanding company value and consumer recognition [48][69]

Investment Rating - The report maintains a "Positive" outlook for the retail industry, indicating an expectation of performance that exceeds the market benchmark by over 5% [5]. Core Insights - The report highlights a warming trend in high-end consumption, particularly benefiting offline department stores and supermarkets. It notes that the retail industry has undergone significant changes over the past decade, with a contraction in supply due to the rise of e-commerce and other retail formats. The report anticipates a recovery in offline retail driven by increased policy support and adjustments in supermarket operations [2][3]. Summary by Sections Investment Recommendations and Targets - The report suggests that the "Retail Wheel" theory reveals cyclical patterns in the retail industry. It identifies two main investment themes: 1. Accelerated adjustments in supermarkets, with resilient performance expected from leading regional retail companies such as Chongqing Department Store, Bubugao, Yonghui Supermarket, Huijia Times, Xinhua Department Store, and Jiajia Yue [3]. 2. Department stores with luxury goods operations are expected to benefit from the recovery in high-end consumption, including companies like Hangzhou Department Store and Wushang Group [3]. High-End Retail Market Signals - Several high-end retailers are showing signs of stabilization, with LVMH, Hermès, Prada, and Kering reporting positive revenue growth. For instance, Hermès and Prada saw revenue increases of 9.6% and 8%, respectively. LVMH has returned to positive growth after two quarters of decline, and Kering's losses have significantly narrowed [8]. - Notable sales growth was observed in Beijing and Shanghai's high-end retail locations, with sales increases of 7.8% and 41.9% respectively in the first three quarters [8]. Upcoming Consumer Trends - The extended Spring Festival in 2026 is expected to boost seasonal consumption, with a potential 10-day shopping period when combined with Valentine's Day. Historical data indicates that the first quarter's performance is crucial for annual revenue, suggesting a favorable outlook for 2026 [8]. - The implementation of a nationwide "immediate refund" policy for outbound travelers is anticipated to enhance consumer spending from foreign visitors, with significant increases in the number of travelers and refund amounts reported [8].

Core Viewpoint - The essence of the "Stop Doing List" is not about techniques but a mindset that emphasizes avoiding mistakes by stopping wrong actions immediately to minimize costs [7][10][11]. Group 1: Essence and Value of "Stop Doing List" - The "Stop Doing List" is a way of thinking that focuses on doing the right things by immediately stopping wrong actions, regardless of the cost [7][10]. - Achieving the right outcomes often involves not doing the wrong things, which is crucial for long-term success, especially in investments [8][10]. - The concept of a "North Star" represents one's values, guiding the creation of a personal "Stop Doing List" [12]. Group 2: Principles of Integrity - Integrity is the core value of running a business, with zero tolerance for dishonesty [17]. - Companies that lack integrity are unlikely to succeed in the long run, as trust is essential for healthy business relationships [19][20]. - The company has a strong reputation built on integrity, which simplifies many business processes [19]. Group 3: Financial Practices - The company promotes a culture of not delaying payments to suppliers, emphasizing the importance of maintaining good relationships [21][25]. - Employees are treated with respect, ensuring timely salary payments to foster a harmonious work environment [26]. - The company adheres to a principle of not earning money that is deemed unethical or beyond its capabilities [29][32]. Group 4: Marketing and Product Strategy - The company avoids exaggerated advertising, focusing instead on the product's inherent qualities [35][36]. - Emphasis is placed on creating differentiated products that meet unique consumer needs, rather than competing on price [76][81]. - The company does not engage in price wars, as this leads to low-level competition and diminishes product value [86][87]. Group 5: Business Operations and Growth - The company does not pursue aggressive expansion or diversification, preferring to focus on core competencies [56][60]. - There is a strict policy against taking on debt, which helps the company maintain financial stability [44][48]. - The company avoids mergers and acquisitions, believing that organic growth is more sustainable in the long run [54][55]. Group 6: Customer Relations - The company maintains consistent pricing for all customers, avoiding negotiations to streamline operations [70][73]. - The focus is on enhancing consumer experience rather than competing for market share, which is seen as a byproduct of good service [89][91]. - The company refrains from attacking competitors, believing that self-improvement and product quality are more important [93][96].

Group 1 - A total of 106 stocks in the A-share market hit the daily limit, with 86 stocks hitting the limit after excluding 20 ST stocks, resulting in an overall limit-up rate of 70.2% [1] - Victory Co., Ltd. had the highest limit-up order volume at 764,100 hands, while 36 stocks had limit-up order funds exceeding 100 million yuan, with Tinci Materials, Furui Shares, and Suda Shares leading in order funds at 573 million yuan, 451 million yuan, and 428 million yuan respectively [1][2] Group 2 - Tinci Materials closed at 47.20 yuan with a turnover rate of 10.02%, achieving a limit-up order volume of 121,400 hands and order funds of 573 million yuan, driven by long-term contracts for electrolytes and lithium hexafluorophosphate [2] - Furui Shares closed at 10.51 yuan with a turnover rate of 1.92%, achieving a limit-up order volume of 429,500 hands and order funds of 451 million yuan, attributed to electrolyte additives and equity unfreezing [2] - Suda Shares closed at 48.84 yuan with a turnover rate of 22.11%, achieving a limit-up order volume of 87,600 hands and order funds of 428 million yuan, supported by coal equipment and overseas expansion [2]