Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [7][13]. Core Insights - The report highlights that the company has completed its restructuring, resulting in a healthier balance sheet. The company is expected to see significant profit growth as it completes its store renovations, with sales and customer traffic exceeding expectations [2][15]. - The restructuring has led to a reduction in debt levels, with the debt-to-asset ratio decreasing from 86.8% in 2023 to 62.1% by Q1 2025. The company is projected to have cash and equivalents exceeding 1 billion yuan by the end of 2024 [2][41]. - The report anticipates that the company will complete all supermarket renovations by 2025, with sales per store expected to increase significantly post-renovation [2][65]. Summary by Sections Restructuring and Financial Health - The company has successfully restructured, becoming a non-controlling entity with the introduction of industrial investors who enhance its supply chain and digital capabilities. The management team has also undergone changes to improve efficiency [2][32][33]. - The restructuring plan includes cash settlements for debts under 100,000 yuan and equity swaps for larger debts, extending remaining debts to a 10-year term [2][39]. - The company’s cash flow situation has improved significantly, with cash and equivalents projected to return to pre-2018 levels by the end of 2024 [2][36]. Supermarket Renovation Success - The report notes that the company has already renovated 17 out of 27 supermarkets, with sales and customer traffic increasing dramatically post-renovation. The average daily sales have reportedly increased sixfold, and customer traffic has tripled [2][65]. - The renovation strategy has led to a significant change in product offerings and store environments, enhancing customer experience and employee satisfaction [2][14]. Department Store Transformation - The company is set to initiate a comprehensive renovation of its department stores in May 2024, focusing on improving employee experience and customer service [3][15]. - The department store segment is expected to contribute significantly to the company's revenue, with a projected recovery in gross margins [3][12]. Profit Forecast and Valuation - The company is expected to achieve net profits of 184 million yuan in 2025, with projections of 402 million yuan and 674 million yuan in the following years, reflecting a rapid profit release phase [4][12]. - The report provides a valuation based on comparable companies, indicating that the company is currently undervalued relative to its peers in the supermarket sector [4][12].

Group 1 - As of May 16, three ST companies, *ST Aonong, ST Muyao, and *ST Kexin, announced the removal of their ST labels, bringing the total number of companies that have "un-capped" this year to over 20 [1] - In April and May, three listed companies from Hunan successfully removed their ST labels, with two more applying for the same [1] - The three Hunan companies that successfully "un-capped" are Bubugao, Jiuzhitang, and Youkeshu [1] Group 2 - ST Bubugao successfully "un-capped" on April 21, attributed to successful restructuring and the introduction of the Pang Donglai model, enhancing its competitive advantage [1] - ST Bubugao's fresh product category gross margin increased to 22%, exceeding the industry average by 15 percentage points, and its unique brand ratio in shopping centers is expected to reach 31% by 2024 [1] - For Q1 2025, ST Bubugao reported earnings per share of 0.04 yuan and a net profit of 119.04 million yuan, with a year-on-year growth rate of 488.44% [1] Group 3 - ST Jiuzhitang successfully "un-capped" on May 7, focusing on the production and sales of hepatitis and blood supplement series drugs [2] - The company rectified internal control deficiencies that led to a negative audit opinion last year, and announced a cash dividend of 3 yuan per 10 shares, totaling 250 million yuan [2] Group 4 - *ST Youkeshu completed its restructuring and changed its name to "Youkeshu," focusing on B2C cross-border e-commerce [2] - The company reported a debt restructuring gain of 210 million yuan, with a net profit of 17,290 yuan for Q1 2025, reflecting a year-on-year growth rate of 105.80% [2] Group 5 - *ST Kaiyuan announced a cash asset donation of 230 million yuan from an affiliate, leading to a positive net asset position by the end of 2024 [3] - *ST Jingfeng is in the pre-restructuring phase and has applied to remove its delisting risk warning after achieving a positive net asset position for 2024 [3]

我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、关于资源链接等， 我会分享在朋友圈 。 扫码加我本人微信 当你以为"小孩哥""小孩姐"们手腕上戴的手表只是小众玩具时，现实却是： 儿童智能手表 ，已经悄然成长为智能穿戴市场中不可忽视的一股力量。 根据洛图科技线上监测数据， 2024年儿童智能手表在传统电商平台的销量占比达到了31.5% ，与成人智能手表 （34.4%） 和智能手环 （34.4%） 的占比 几乎持平。 在这个赛道，步步高 （小天才母公司） 不仅在国内一家独大，2024年二季度，小天才 （imoo） 就拿下了全球儿童智能手表市场近一半的份额，堪称儿童智 能穿戴界的"隐形巨头"，并在2024年跻身全球前五大腕戴设备厂商之列。 来源：Co unterpoint 儿童智能手表是怎么火起来的？这个市场到底有多大？背后又有哪些芯片因此受益？ 01 卖爆了的儿童智能手表 如果你深入看看线上销量最高的儿童智能手表，会发现这个市场远比想象中"高端"，售价300元以上的产品比比皆是，且 不乏过万销量的热门产品 ， 体量庞大。 仅某宝平台上小天才旗舰店这一家平台，目前 ...

股票简称：步步高 股票代码：002251 公告编号：2025-032 步步高商业连锁股份有限公司 关于公司股东股份解除司法冻结的公告 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"）于近日通过中国证券登 记结算有限责任公司系统查询，获悉公司股东步步高投资集团股份有限公司（以 下简称"步步高集团"）所持有的公司股份解除司法冻结，现将有关事项公告如 下： | 股东 | 是否为 控股股 东或第 | 本次解 | 占其 | 占公 | 是否 | 司法冻 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 一大股 | 除司法 | 所持 | 司总 | 为限 | 结起始 | 解冻日 | 司法冻结执 | 备注 | | 名称 | | 冻结股 | 股份 | 股本 | | | 期 | 行人名称 | | | | 东及其 | 份数量 | 比例 | 比例 | 售股 | 日 | | | | | | 一致行 | | | | | | | | | | | 动人 ...

股票简称：步步高 股票代码：002251 公告编号：2025-030 步步高商业连锁股份有限公司 第七届董事会第五次会议决议公告 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"）第七届董事会第五次会议通知于 2025 年 4 月 30 日以 微信的方式送达，会议于 2025 年 5 月 7 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《关于调整公司组织架构的议案》。 三、备查文件目录 1、公司第七届董事会第五次会议决议。 特此公告。 步步高商业连锁股份有限公司董事会 二○二五年五月八日 股票简称：步步高 股票代码：002251 公告编号：2025-031 步 ...

股票简称：步步高 股票代码：002251 公告编号：2025-031 步步高商业连锁股份有限公司 关于调整公司组织架构的公告 二○二五年五月八日 1 附件： 2 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 5 月 7 日召开第七届董事会第五次会议，审议通过了《关于调整公司组织架构的议案》。 为进一步完善公司治理结构，提升公司管理水平和运营效率，满足公司经营 发展的需要，公司对原有组织架构进行调整与优化。调整后公司组织架构详见附 件。 特此公告。 步步高商业连锁股份有限公司董事会 ...

股票简称：步步高 股票代码：002251 公告编号：2025-030 步步高商业连锁股份有限公司 第七届董事会第五次会议决议公告 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"）第七届董事会第五次会议 通知于 2025 年 4 月 30 日以微信的方式送达，会议于 2025 年 5 月 7 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《关于调整公司组 织架构的议案》。 经审核，董事会认为：为进一步完善公司治理结构，提升公司管理水平和运 营效率，满足公司经营发展的需要，同意调整公司组织架构。 具体内容详见公司于同日刊登在巨潮资讯网(www.cninfo.co ...

步步高商业连锁股份有限公司 董事、监事和高级管理人员持有和买卖本公司股票管理制度 第一条 加强对步步高商业连锁股份有限公司（以下简称"公司"或"本公司"） 董事、监事和高级管理人员持有或买卖本公司股票行为的申报、披露与监督和管 理，进一步明确管理程序，根据《中华人民共和国公司法》（以下简称"《公司 法》 "）《中华人民共和国证券法》（以下简称"《证券法》 " ）《上市公司董 事和高级管理人员所持本公司股份及其变动管理规则》《深圳证券交易所上市公 司自律监管指引第 10 号——股份变动管理》《深圳证券交易所股票上市规则》 《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 法律、法规、规范性文件，以及《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，结合公司的实际情况，特制定本制度。 第二条 本制度适用于本公司董事、监事和高级管理人员及本办法规定的自 然人、法人或其他组织所持本公司股份及其变动的管理。本公司董事、监事和高 级管理人员所持本公司股份，是指登记在其名下和利用他人账户持有的所有本公 司股份。 第三条 公司董事、监事和高级管理人员在买卖本公司股票及其衍生 ...

Market Overview - The three major A-share indices showed mixed performance in the morning session, with the Shanghai Composite Index down 0.03%, the Shenzhen Component Index up 0.09%, and the ChiNext Index up 0.05% [1] - The total market turnover for the half-day was 657.5 billion yuan, a decrease of 71.1 billion yuan compared to the previous day [1] - Over 3,700 stocks in the market experienced an increase [1] Sector Performance - The PEEK materials, beauty care, chemical environmental protection, auto parts, and soybean sectors led the gains, while the electricity, insurance, liquor, precious metals, port shipping, and duty-free shop sectors saw declines [2] - PEEK materials stocks surged collectively, with companies like Juhua Long (301131), Xinhang New Materials (301076), and Zhongxin Fluorine Materials (002915) hitting the daily limit [2] - The chemical environmental protection sector also performed strongly, with United Chemical (301209) reaching a new historical high [2] - The electricity sector faced adjustments, with multiple stocks such as Shao Neng Co. (000601) and Leshan Electric Power (600644) hitting the daily limit down [2] Notable Stocks - Friend Group (601686) opened up 9.55% after reporting a 9680% year-on-year increase in net profit for the first quarter [20] - The stock of Step by Step High (002251) and others in the duty-free shop sector hit the daily limit down [2] Economic Indicators - In the first quarter of 2025, China's service trade totaled 19,741.8 billion yuan, reflecting a year-on-year growth of 8.7% [29] - The knowledge-intensive service trade maintained growth, with a total of 7,524.9 billion yuan, an increase of 2.6% [29] - Travel services showed the fastest growth, with imports and exports reaching 584.9 billion yuan, up 21.8% [29] Policy and Initiatives - The People's Bank of China conducted a 3,405 billion yuan reverse repurchase operation to maintain reasonable liquidity in the banking system [29] - The National Development and Reform Commission allocated 810 billion yuan in special long-term bonds to support the consumption of old goods [31]

A股免税店板块盘初走弱，众信旅游跌超9%，海南椰岛跌超5%，步步高、友阿股份跌超4%，东百集 团、凯撒旅业、百联股份跟跌。 ...