Group 1 - The company announced that its seventh board meeting approved the proposal to convert certain construction projects and self-owned real estate into investment properties and to measure them using the fair value model [2] - The board also approved the proposal to convert some investment properties into fixed asset accounting [2]

Group 1 - The company announced that its seventh board meeting was held on December 30, 2025, via telecommunication voting [1] - The meeting reviewed a proposal regarding the conversion of certain construction projects and self-owned real estate into investment properties, adopting a fair value measurement model [1]

证券代码：002251 证券简称：步步高 公告编号：2025-063 步步高商业连锁股份有限公司 关于公司部分投资性房地产转为固定资产核算的公告 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。 2、因公司投资性房地产采用公允价值模式计量，上述物业转换前不计提折 旧摊销；转换后按固定资产成本模式计量，需计提折旧摊销。根据《企业会计准 则第 4 号——固定资产》应用指南"折旧计提时点"之规定，当月新增固定资产， 1 当月不计提折旧，本次转换日为 2025 年 12 月 30 日，故 2025 年 12 月不计提折 旧。预计 2026 年度将增加折旧摊销金额 357.26 万元，相应减少税后利润 267.95 万元。 三、审批程序 （一）董事会审批及意见 步步高商业连锁股份有限公司（以下简称"公司"）于 2025 年 12 月 30 日 召开第七届董事会第十次会议，审议通过了《关于部分投资性房地产转为固定资 产核算的议案》，现将有关事项公告如下： 一、公司部分投资性房地产转为固定资产核算的概述 根据经营发展需要，公司拟将位于湖南省湘潭市岳塘区宝塔街道湖湘南路 8 号的 ...

证券代码：002251 证券简称：步步高 公告编号：2025-062 步步高商业连锁股份有限公司（以下简称"公司"）于 2025 年 12 月 30 日 召开第七届董事会第十次会议，审议通过了《关于部分在建工程与自用房地产转 为投资性房地产及采用公允价值模式计量的议案》，现将有关事项公告如下： 一、公司部分在建工程与自用房地产转为投资性房地产及采用公允价值模 式计量的概述 （一）关于部分在建工程转为投资性房地产及采用公允价值计量概述 步步高商业连锁股份有限公司 关于公司部分在建工程与自用房地产转为投资性房地产及采用公允价值模式计 量的公告 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。 公司规划 2025 年 12 月 30 日将金陵物流园一期在建工程转为投资性房地产 并按公允价值模式进行后续计量。 该项目位于广西壮族自治区南宁市西乡塘区金陵镇东南产业园，建筑面积为 25,807.00 平方米（另附带配套面积等 1,327.58 平方米），截至 2025 年 12 月 30 日账面价值为 7,813.36 万元。 公司在项目建设期间将其计入"在建工程"并以成本法 ...

证券代码：002251 证券简称：步步高 公告编号：2025-061 步步高商业连锁股份有限公司 第七届董事会第十次会议决议公告 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"）第七届董事会第十次会 议于 2025 年 12 月 25 日以微信方式发出通知，于 2025 年 12 月 30 日以通讯表决 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》"）、《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、会议以 9 票同意，0 票反对，0 票弃权审议通过了《关于部分在建工程 与自用房地产转为投资性房地产及采用公允价值模式计量的议案》。 具体内容请详见刊载于《中国证券报》《证券时报》《上海证券报》《证券日 报》和巨潮资讯网 ...

Market Overview - As of December 29, the Shanghai Composite Index rose by 0.04%, closing at 3965.2796 points, while the Shenzhen Component Index fell by 0.49%, closing at 13537.097 points [1] Top Gainers in Hunan Stocks - Electric Broadcaster Media opened at 10.690 and closed at 11.500, achieving a daily increase of 10.05% with a trading volume of 612,127 lots [2] - Tuo Wei Information opened at 31.880 and closed at 33.770, marking a daily rise of 10.00% with a trading volume of 1,773,446 lots [2] - Hunan Silver opened at 7.200 and closed at 7.280, with a daily increase of 7.22% and a trading volume of 4,940,342 lots [2] - *ST Zhang Gu opened and closed at 7.210, rising by 4.95% with a trading volume of 1,480 lots [2] - Tai Jia Co., Ltd. opened at 21.000 and closed at 20.730, increasing by 3.03% with a trading volume of 322,452 lots [2] Top Losers in Hunan Stocks - Hengli Tui opened at 0.160 and closed at 0.150, experiencing a decline of 11.76% with a trading volume of 611,606 lots [3] - Yuhuan CNC opened at 24.120 and closed at 23.360, falling by 5.08% with a trading volume of 217,547 lots [3] - Youa Co., Ltd. opened at 7.170 and closed at 6.940, decreasing by 3.61% with a trading volume of 462,387 lots [3] - Tongcheng Holdings opened at 6.800 and closed at 6.570, down by 2.95% with a trading volume of 263,556 lots [3] - Bubugao opened at 5.510 and closed at 5.370, declining by 2.36% with a trading volume of 1,544,903 lots [3]

Core Viewpoint - The stock price of Bubugao has experienced a decline recently, despite a significant increase earlier in the year, indicating potential volatility in the market [1][2]. Group 1: Stock Performance - Bubugao's stock price has increased by 36.46% year-to-date, but it has seen a decline of 7.55% in the last five trading days, 0.55% in the last 20 days, and 3.23% in the last 60 days [2]. - The stock reached a trading volume of 3.05 billion yuan with a turnover rate of 2.59% as of December 29 [1]. Group 2: Financial Performance - For the period from January to September 2025, Bubugao reported a revenue of 3.194 billion yuan, reflecting a year-on-year growth of 26.48%, while the net profit attributable to shareholders was 226 million yuan, a decrease of 88.83% year-on-year [2]. - The company has distributed a total of 1.677 billion yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Bubugao increased to 172,500, a rise of 95% compared to the previous period, while the average circulating shares per person decreased by 27.06% [2]. - The top ten circulating shareholders saw a change, with Hong Kong Central Clearing Limited exiting the list [3]. Group 4: Business Overview - Bubugao, established on December 11, 2003, and listed on June 19, 2008, is primarily engaged in retail business, with its revenue composition being 64.34% from supermarkets, 27.44% from other businesses, 6.01% from department stores, and 2.21% from logistics and advertising [2]. - The company operates within the general retail sector, focusing on supermarkets, and is involved in concepts such as community group buying, new retail, prepared dishes, cold chain logistics, and unified markets [2].

Group 1 - The core viewpoint of the news is that Bubu Gao's stock has experienced fluctuations, with a recent decline of 2.11% and a year-to-date increase of 40.76% [1] - As of December 25, Bubu Gao's stock price is reported at 5.56 yuan per share, with a total market capitalization of 14.949 billion yuan [1] - The company has seen a net outflow of main funds amounting to 52.4217 million yuan, with significant selling pressure observed [1] Group 2 - Bubu Gao operates in the general retail sector, specifically in supermarkets, and is involved in various concepts such as community group buying and new retail [2] - For the period from January to September 2025, Bubu Gao achieved a revenue of 3.194 billion yuan, reflecting a year-on-year growth of 26.48%, while the net profit attributable to the parent company decreased by 88.83% to 226 million yuan [2] - The number of shareholders increased by 95% to 172,500, while the average circulating shares per person decreased by 27.06% to 12,476 shares [2] Group 3 - 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 [3] - As of September 30, 2025, Hong Kong Central Clearing Limited has exited the list of the top ten circulating shareholders [3]

Core Viewpoint - The retail sector in the A-share market has shown signs of recovery after a prolonged period of decline, driven by recent favorable policies and a shift in consumer behavior towards increased domestic demand [6][9][30]. Group 1: Market Performance - The leading retail company, Yonghui Supermarket, has seen its stock price drop nearly 70% since April 2020, prior to the recent market rally [1]. - Other retail companies, such as Dongbai Group, have also experienced stagnant performance, with many retail stocks recently showing significant gains, including multiple trading halts due to price increases [3][9]. Group 2: Policy Support - Recent government policies emphasize the importance of domestic demand and consumer spending, with the central economic work conference prioritizing the construction of a strong domestic market [7]. - The National Development and Reform Commission has reiterated its commitment to expanding domestic demand and enhancing consumer capacity, indicating a clear intention to boost consumption [7][8]. Group 3: Economic Indicators - In the first nine months of 2025, the value added by wholesale and retail industries grew by 5.6%, maintaining a stable GDP contribution of 10.3% [11]. - Retail sales increased by 4.6%, with physical retail formats like convenience stores and supermarkets showing growth [12][13]. Group 4: Industry Challenges - The retail industry has faced unprecedented challenges, particularly from e-commerce, which has permanently shifted consumer behavior towards online shopping [18]. - Traditional retailers are experiencing rising operational costs, which are squeezing profit margins, leading to significant performance disparities among companies [18][20]. Group 5: Transformation and New Trends - The retail sector is undergoing a transformation from a focus on scale expansion to high-quality development, emphasizing customer experience over mere product sales [20][28]. - New retail formats are emerging, with companies like Hema and discount stores expanding rapidly, indicating a shift in competitive dynamics within the industry [25][27]. Group 6: Future Outlook - Despite recent positive signals, the retail sector's fundamental challenges remain, with ongoing adjustments and potential for further differentiation among companies based on their ability to adapt [30].

Core Viewpoint - The retail sector in A-shares has been underperforming for several years, but recent policy support and market enthusiasm may signal a potential turnaround for the industry [2][6][8]. Group 1: Market Conditions and Policy Support - The retail sector has seen a collective uptick recently, driven by a series of favorable policies aimed at boosting domestic consumption [6][8]. - The Central Economic Work Conference prioritized "domestic demand" as a key task, emphasizing the need to enhance consumer willingness and capacity [9][10]. - The Ministry of Commerce has redefined the retail sector's role as a crucial component in building a complete domestic demand system [11][12]. - Upcoming policies are expected to stimulate consumption, particularly in service-oriented sectors [10][13]. Group 2: Economic Indicators - From January to September 2025, the value added by wholesale and retail industries grew by 5.6%, maintaining a stable GDP contribution of 10.3% [15]. - Retail sales increased by 4.6%, with physical retail formats like convenience stores and supermarkets showing growth [16][17]. - The approaching Spring Festival is anticipated to further boost offline retail activities, contributing to a positive market sentiment [18]. Group 3: Market Behavior and Valuation - Consumer stocks have shown signs of recovery, with valuations at historically low levels; for instance, the food and beverage sector's latest P/E ratio is 20.36, at a percentile of 7.05% [19][20]. - The prolonged period of low valuations has created a technical rebound demand in the retail sector [21][22]. Group 4: Industry Challenges and Transformations - The retail industry has faced unprecedented challenges, particularly from e-commerce, which has permanently shifted consumer behavior towards online shopping [24][25][28]. - Traditional retailers are experiencing rising operational costs, which are squeezing profit margins [29]. - Performance disparities among retail companies are evident, with some struggling to adapt while others, like Bubu Gao, have seen significant revenue growth due to successful transformations [32][36]. Group 5: New Business Models and Innovations - The retail landscape is evolving, with a shift from mere product sales to enhancing customer experiences [38][39]. - Companies are increasingly focusing on operational efficiency and cost control, with strategies like closing underperforming stores and optimizing organizational structures [42][43]. - New retail formats, such as discount stores and instant retail, are emerging, intensifying competition within the sector [45][46]. Group 6: Future Outlook - The retail sector is at a crossroads, with the potential for recovery tempered by ongoing challenges from e-commerce and changing consumer behaviors [58][62]. - While leading companies may benefit from valuation rebounds, those unable to adapt may face continued difficulties [63].