Group 1 - The core point of the article is that Bubu Gao (SZ 002251) reported its Q3 performance, showing a significant increase in revenue but a drastic decline in net profit [1] Group 2 - For the first three quarters of 2025, Bubu Gao's revenue was approximately 3.194 billion yuan, representing a year-on-year increase of 26.48% [1] - The net profit attributable to shareholders was about 226 million yuan, reflecting a year-on-year decrease of 88.83% [1] - The basic earnings per share were 0.08 yuan, which is a year-on-year decrease of 89.33% [1] Group 3 - As of the report date, Bubu Gao's market capitalization was 15.4 billion yuan [2]

1、会议以 5 票同意，0 票反对，0 票弃权审议通过了《关于＜2025 年第三 季度报告＞的议案》。 第七届监事会第六次会议决议公告 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"）第七届监事会第六次会议 通知于 2025 年 10 月 22 日以微信的形式送达全体监事，会议于 2025 年 10 月 26 日以通讯表决的方式召开。本次会议应参加表决监事 5 人，实际参加表 决监事 5 人。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》"）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 经审核，监事会认为董事会编制和审核公司 2025 年第三季度报告的程序符 合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了上 市公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 三、备查文件目录 证券代码：002251 证券简称：步步高 公告编号：2025-042 步步高商业连锁 ...

步步高商业连锁股份有限公司（以下简称"公司"）第七届董事会第七次会议 通知于 2025 年 10 月 22 日以微信的方式送达，会议于 2025 年 10 月 26 日 以通讯表决的方式召开。本次会议应参加表决董事 9 人，实际参加表决董事 9 人。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》"）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、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、会议以 9 票同意，0 票反对，0 票弃权审议通过了《关于＜2025 年第 三季度报告＞的议案》。 该议案已经公司第七届董事会审计委员会第八次会议审议通过。 证券代码：002251 证券简称：步步高 公告编号：2025-041 步步高商业连锁股份有限公司 第七届董事会第七次会议决议公告 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 1、公司第七届董事会第七次会议决议； 2、公司第七届董事会审计委员会第八次会议决议。 特此公告。 1 步步高商业连锁 ...

Revenue and Profit - The company's revenue for Q3 2025 reached ¥1,064,997,186.02, representing a 30.74% increase compared to the same period last year[5] - The company’s revenue for the first nine months of 2025 was ¥3,194,068,836.32, up 26.48% year-on-year, attributed to improved store operations and sales growth[9] - Total operating revenue increased to ¥3,200,556,837.07, up from ¥2,530,990,987.09, representing a growth of approximately 26.4% year-over-year[27] - Net profit attributable to shareholders decreased by 98.81% to ¥24,869,746.92, while the net profit after deducting non-recurring gains and losses showed a loss of ¥39,488,061.79, a decrease of 82.61%[5] - Net profit for the period was ¥237,633,617.16, a significant decrease from ¥2,029,210,854.29 in the previous period, reflecting a decline of about 88.3%[27] - The net profit attributable to shareholders decreased by 88.83% to ¥225,532,179.86 from ¥2,019,539,587.70, primarily due to a significant reduction in restructuring gains compared to the previous year[14] Cash Flow - Operating cash flow for the period was ¥399,436,105.78, reflecting a significant increase of 260.89% year-on-year[10] - Net cash flow from operating activities improved by 260.89% to ¥399,436,105.78, compared to a negative cash flow of ¥248,265,565.55 in the same period of 2024[16] - Cash inflow from operating activities reached ¥4,806,889,972.41, compared to ¥3,921,852,509.83 in the previous period, marking an increase of approximately 22.5%[29] - Cash flow from investing activities decreased by 15.94% to -¥214,316,127.98, reflecting increased expenditures on store renovations and small loan disbursements[16] - Cash flow from financing activities showed a significant decline of 123.98% to -¥287,899,211.22, compared to a positive cash flow of ¥1,200,578,086.97 in the previous year due to large restructuring investments received[16] Assets and Liabilities - The total assets as of September 30, 2025, were ¥22,007,160,366.34, a slight decrease of 0.55% from the end of the previous year[5] - As of September 30, 2025, the total assets of the company amounted to ¥22,007,160,366.34, a decrease from ¥22,129,133,901.52 at the beginning of the period[24] - Total liabilities decreased to ¥13,439,610,108.11 from ¥13,910,956,215.84, a reduction of approximately 3.4%[26] - The company's current assets totaled ¥1,939,168,996.77, down from ¥1,970,095,952.45 at the beginning of the period, reflecting a decrease of approximately 1.57%[24] - The company's total equity attributable to shareholders rose to ¥8,207,048,932.15 from ¥7,869,179,872.68, an increase of about 4.3%[26] Expenses - Operating costs for the first nine months of 2025 reached ¥2,072,760,387.16, an increase of 30.86% compared to ¥1,583,967,309.64 in the same period of 2024, primarily due to improved store operations and supply chain efficiency[14] - Management expenses decreased by 31.28% to ¥136,701,624.92 from ¥198,922,674.70, mainly due to significant restructuring costs incurred in the previous year[14] - Research and development expenses fell by 34.97% to ¥10,983,259.66 from ¥16,890,218.01, attributed to reduced depreciation of R&D equipment[14] - Financial expenses increased by 52.65% to ¥198,291,127.19 from ¥129,899,128.52, primarily due to interest accruals on loans that were not required in the previous year[14] Shareholder Information - The company’s total equity structure changed with the release of 561,491,238 shares, accounting for 20.88% of the total share capital[20] - As of September 30, 2025, the company had a total of 2,688,699,689 shares, with 2,152,472,119 shares being freely tradable, representing 80.06% of the total[20] - The company plans to lift restrictions on shares held by financial investors, with the last batch of restricted shares released on September 30, 2025[20] Other Financial Metrics - The weighted average return on equity for the first nine months was 2.81%, down 45.77% compared to the same period last year[9] - Other income surged by 158.95% to ¥4,446,297.77 from ¥1,717,065.87, mainly driven by increased government subsidies[14] - Investment income plummeted by 90.01% to ¥242,472,405.26 from ¥2,427,242,629.71, due to the absence of significant restructuring gains recorded in the previous year[14] - The total comprehensive income for the period was ¥235,868,149.98, down from ¥1,989,827,099.66, reflecting a decline of about 88.2%[28] Accounting and Auditing - The company did not undergo an audit for the third quarter financial report[31] - The new accounting standards will be first implemented starting in 2025[32]

Core Viewpoint - The "street vendor economy" sector saw a 0.55% increase on October 24, with Penghui Energy leading the gains. The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1]. Group 1: Market Performance - The street vendor economy sector's stocks showed varied performance, with Penghui Energy (300438) closing at 38.39, up 12.19%, and a trading volume of 675,000 shares, amounting to 2.528 billion yuan [1]. - Other notable performers included Haorun Technology (002963) with a 6.30% increase, Digital Zhengtong (300075) up 5.65%, and Guoen Co., Ltd. (002768) rising by 5.17% [1]. Group 2: Capital Flow - The street vendor economy sector experienced a net outflow of 209 million yuan from institutional investors, while retail investors saw a net inflow of 293 million yuan [2]. - The capital flow data indicates that Penghui Energy had a net inflow of 172 million yuan from institutional investors, while Digital Zhengtong faced a net outflow of 440 million yuan from retail investors [3].

Core Viewpoint - The stock of Bubugao has shown significant volatility, with a year-to-date increase of 46.08%, but recent declines in the short term raise questions about its future performance [1][2]. Group 1: Stock Performance - As of October 21, Bubugao's stock price rose by 2.12% to 5.77 CNY per share, with a trading volume of 369 million CNY and a turnover rate of 3.03% [1]. - The stock has experienced a decline of 2.70% over the last five trading days and 14.77% over the last 20 days, while it has increased by 18.24% over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" 10 times this year, with the most recent appearance on September 9, where it recorded a net buy of -51.15 million CNY [1]. Group 2: Financial Performance - For the first half of 2025, Bubugao reported a revenue of 2.133 billion CNY, representing a year-on-year growth of 24.39%, and a net profit attributable to shareholders of 201 million CNY, which is a significant increase of 357.71% [2]. - The company has cumulatively distributed 1.677 billion CNY in dividends since its A-share listing, with no dividends distributed in the last three years [3]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders of Bubugao increased by 96.50% to 88,500, while the average circulating shares per person decreased by 49.11% to 17,105 shares [2]. - Hong Kong Central Clearing Limited is the tenth largest circulating shareholder, holding 10.5068 million shares as a new shareholder [3]. Group 4: Business Overview - Bubugao operates primarily in the retail sector, with its main business segments being supermarkets (64.34%), other (27.44%), department stores (6.01%), and logistics and advertising (2.21%) [1]. - The company is categorized under the general retail sector, specifically in supermarkets, and is associated with concepts such as prepared dishes, community group buying, new retail, duty-free concepts, and low-price strategies [2].

Market Overview - As of October 17, the Shanghai Composite Index fell by 1.95%, closing at 3839.7553 points, while the Shenzhen Component Index dropped by 3.04%, closing at 12688.936 points [1]. Top Gainers in Hunan Stocks - Hunan Silver opened at 7.820 and closed at 8.040, gaining 4.28% with a highest price of 8.270 and a lowest price of 7.640, trading volume reached 338.5494 million shares [2]. - Mengjie Co. opened at 3.760 and closed at 3.860, up by 2.93%, with a highest price of 3.920 and a lowest price of 3.720, trading volume was 43.4706 million shares [2]. - Bubugao opened at 5.610 and closed at 5.740, increasing by 2.50%, with a highest price of 6.100 and a lowest price of 5.610, trading volume was 275.9286 million shares [2]. - *ST Biological opened at 8.890 and closed at 9.010, up by 1.69%, with a highest price of 9.050 and a lowest price of 8.820, trading volume reached 2.1293 million shares [2]. - *ST Gauss opened at 8.400 and closed at 8.470, gaining 1.19%, with a highest price of 8.650 and a lowest price of 8.320, trading volume was 3.6155 million shares [2]. Top Losers in Hunan Stocks - Hengli Tui opened at 0.160 and closed at 0.150, down by 11.76%, with a highest price of 0.170 and a lowest price of 0.150, trading volume reached 61.1606 million shares [3]. - Taijia Co. opened at 20.650 and closed at 19.370, decreasing by 8.20%, with a highest price of 20.890 and a lowest price of 19.360, trading volume was 14.601 million shares [3]. - Changlan Technology opened at 18.280 and closed at 16.900, down by 7.55%, with a highest price of 18.300 and a lowest price of 16.880, trading volume reached 8.7081 million shares [3]. - Jinbei Electric opened at 12.700 and closed at 11.820, decreasing by 7.51%, with a highest price of 12.740 and a lowest price of 11.770, trading volume was 44.8327 million shares [3]. - Aoshikang opened at 39.800 and closed at 37.070, down by 6.86%, with a highest price of 39.800 and a lowest price of 36.900, trading volume reached 5.6638 million shares [3].

Core Insights - On October 16, Bubu Gao's stock price dropped by 4.76%, with a trading volume of 1.337 billion yuan [1] - As of October 16, the total margin balance for Bubu Gao was 555 million yuan, which is 4.60% of its market capitalization [1] Financing Summary - On October 16, Bubu Gao had a financing buy-in amount of 116 million yuan and a financing repayment of 102 million yuan, resulting in a net financing buy of 13.32 million yuan [1] - The current financing balance of 555 million yuan is above the 90th percentile of the past year, indicating a high level of financing activity [1] Securities Lending Summary - On October 16, Bubu Gao had no securities lent or repaid, with a securities lending balance of 0, which is below the 30th percentile of the past year, indicating low activity in this area [1] Company Overview - Bubu Gao Commercial Chain Co., Ltd. is located in Changsha, Hunan Province, and was established on December 11, 2003, with its stock listed on June 19, 2008 [1] - The company's main business involves retail, with revenue composition as follows: supermarkets 64.34%, other (supplementary) 27.44%, department stores 6.01%, and logistics and advertising 2.21% [1] Financial Performance - For the period from January to June 2025, Bubu Gao achieved a revenue of 2.133 billion yuan, representing a year-on-year growth of 24.39%, and a net profit attributable to shareholders of 201 million yuan, a significant increase of 357.71% [2] - As of June 30, 2025, the number of shareholders increased to 88,500, up by 96.50%, while the average circulating shares per person decreased by 49.11% to 17,105 shares [2] Dividend Information - Since its A-share listing, Bubu Gao has distributed a total of 1.677 billion yuan in dividends, with no dividends paid in the last three years [2] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the tenth largest circulating shareholder, holding 10.5068 million shares as a new shareholder [2]

Core Viewpoint - The company, once a retail giant, has faced significant challenges leading to a strategic shift towards local market focus, adopting a model similar to that of a successful regional competitor, Pang Donglai [5][20][26]. Group 1: Company Performance - The company experienced a decline in revenue growth from 24.65% in 2011 to a loss in 2021, leading to three consecutive years of losses totaling 1.889 billion yuan by 2023 [1][18]. - In the first half of 2025, the company reported total revenue of 2.129 billion yuan, a year-on-year increase of 24.39%, and a net profit of 201 million yuan, a staggering increase of 357.71% [5][6]. - The company has significantly reduced its number of stores from a peak of 420 to just 55, focusing primarily on its home province of Hunan [7][19]. Group 2: Strategic Shift - The company has closed all its out-of-province stores and is now concentrating on its core market in Hunan, abandoning its previous ambitions for national expansion [11][12]. - The adoption of Pang Donglai's operational model has led to improvements in sales and customer traffic, with daily sales per store increasing from over 90,000 yuan to 710,000 yuan [25]. - The company has launched its own brand "BL" to enhance product offerings, with over 50 products already introduced by July 2025 [24]. Group 3: Market Position and Competition - The company initially aimed for rapid expansion into other provinces but faced fierce competition from international retailers and the rise of e-commerce, leading to its decline [13][17]. - The strategic retreat to focus on local markets has allowed the company to stabilize and improve its financial performance, contrasting sharply with its earlier expansion efforts [20][26]. - The company's revenue from Hunan province accounted for 99.98% of its total revenue, highlighting its reliance on the local market [9].

Core Viewpoint - The stock of Bubugao has shown significant volatility, with a year-to-date increase of 53.16%, but a recent decline over the past 20 days, indicating mixed investor sentiment and market performance [1][2]. Group 1: Stock Performance - As of October 15, Bubugao's stock price rose by 2.02% to 6.05 CNY per share, with a total market capitalization of 16.267 billion CNY [1]. - The stock has experienced a 5.77% increase over the last five trading days, a 9.30% decrease over the last 20 days, and a 23.72% increase over the last 60 days [1]. - The company has appeared on the trading leaderboard 10 times this year, with the most recent appearance on September 9, where it recorded a net buy of -51.528 million CNY [1]. Group 2: Financial Performance - For the first half of 2025, Bubugao reported a revenue of 2.133 billion CNY, reflecting a year-on-year growth of 24.39%, and a net profit attributable to shareholders of 201 million CNY, which is a substantial increase of 357.71% [2]. - The company has cumulatively distributed 1.677 billion CNY in dividends since its A-share listing, with no dividends paid in the last three years [3]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders increased by 96.50% to 88,500, while the average number of circulating shares per person decreased by 49.11% to 17,105 shares [2]. - Hong Kong Central Clearing Limited is the tenth largest circulating shareholder, holding 10.5068 million shares as a new shareholder [3]. Group 4: Business Overview - Bubugao operates primarily in the retail sector, with its main business segments being supermarkets (64.34% of revenue), other retail (27.44%), department stores (6.01%), and logistics and advertising (2.21%) [1]. - The company is categorized under the general retail sector, with concepts including prepared dishes, community group buying, duty-free concepts, new retail, and unified market [2].