Investment Rating - The report maintains a "Buy" rating for the company, citing its competitive strength in the convenience store business in Sichuan and gradual store upgrades and expansions [3][11] Core Views - The company's performance fell short of expectations, primarily due to declining investment returns from Xinwang Bank and Gansu Hongqi, leading to downward revisions of EPS forecasts for 2024/2025/2026 by 3%/5%/6% to 0.44/0.46/0.48 yuan [3] - Despite challenges, the company's convenience store business remains competitive, with steady growth in offline store upgrades and expansions [3] Financial Performance - In 1H2024, the company achieved revenue of 5.791 billion yuan, a year-on-year increase of 3.62%, with value-added business revenue growing by 12.57% to 1.514 billion yuan [2] - Net profit from main operations reached 207 million yuan, up 6.14% year-on-year, while investment income declined by 3.57% to 59 million yuan [2] - The company upgraded 202 stores and opened 16 new stores in 1H2024, bringing the total number of stores to 3,655 as of June 30, 2024 [2][16] - Online sales contributed nearly 500 million yuan, driving 5.35 million store visits [2] Operational Metrics - The company's comprehensive gross margin decreased by 0.37 percentage points in 1H2024, while the period expense ratio dropped by 0.27 percentage points [10] - In 2Q2024, the period expense ratio was 24.14%, down 0.56 percentage points year-on-year, with sales/management/financial expense ratios at 21.70%/1.66%/0.78%, respectively [7] Quarterly Breakdown - In 2Q2024, the company achieved revenue of 2.515 billion yuan, a year-on-year increase of 2.75%, with net profit attributable to shareholders of 103 million yuan, translating to a fully diluted EPS of 0.08 yuan, down 10.95% year-on-year [14] - For 1H2024, the company reported revenue of 5.186 billion yuan, up 3.67% year-on-year, and net profit attributable to shareholders of 267 million yuan, with a fully diluted EPS of 0.20 yuan, up 3.81% year-on-year [15] Historical Performance - From 2022 to 2026E, the company's revenue is projected to grow from 10.02 billion yuan to 11.191 billion yuan, with net profit increasing from 486 million yuan to 652 million yuan [6] - The company's ROE (diluted) is expected to decline from 13.7% in 2023 to 12.0% in 2026E, while the P/E ratio is forecasted to decrease from 11 in 2023 to 9 in 2026E [6][32]

[Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | --- | --- | |--------------------------|-------|-------|-------| | | | | | | | | | | | 沪深 300 对比 | 1M | 2M | 3M | | 绝对涨幅（ % ） | -5.3 | -11.5 | -15.2 | | 相对涨幅（ % ） | -3.6 | -5.9 | -11.5 | | 资料来源：海通证券研究所 | | | | 公司 7 月 26 日发布 2024 年半年报。1H24 实现收入 51.86 亿元，同比增长 3.67%；归母净利润 2.67 亿元，同比增长 3.81%，扣非归母净利润 2.41 亿元， 同比增长 0.21%。摊薄 EPS 0.20 元；加权平均净资产收益率 6.32%，经营性 现金流净额 4.35 亿元，同比下降 19.79%。 3. 1H24 期间费用率同比减少 0.27pct。1H24 销售费用率减少 0.55pct，管理费 用率减少 0.09pct，财务费用率增加 0.37pct。 公司研究〃红 ...

Investment Rating - The report maintains an "Overweight" rating for the company with a target price of RMB 5.72 [10][23]. Core Views - The company reported a revenue growth of 3.67% year-on-year to RMB 5.19 billion for the first half of 2024, with a net profit attributable to the parent company increasing by 3.81% to RMB 267 million [7][24]. - The company has optimized its store structure and types, completing the renovation of 202 old stores and opening 16 new stores, which has contributed to a 3.62% year-on-year growth in main business revenue [7][8]. - The company is expected to continue improving its market share in convenience stores in Sichuan province, supported by a steady recovery in CPI [7][24]. Financial Performance - For the first half of 2024, the company's main business revenue (including tax) reached RMB 5.79 billion, reflecting a year-on-year increase of 3.62% [7]. - The company’s net profit for Q2 decreased by 10.95% to RMB 103 million, primarily due to a decline in investment income from Xinwang Bank [8][24]. - The gross margin decreased by 0.37 percentage points to 28.98% due to changes in product structure, while the expense ratio improved due to the integration of online and offline channels [9][24]. Future Outlook - The report forecasts net profits for the company to be RMB 600 million, RMB 623 million, and RMB 650 million for 2024, 2025, and 2026 respectively [7][25]. - The company is undergoing a change in its controlling shareholder, which is expected to bring new development opportunities once the transfer is completed [9][24].

Financial Performance - The net profit for the first half of 2024 was CNY 266,557,899.05, an increase from CNY 256,788,947.01 in the same period last year, representing a growth of approximately 0.3%[24] - The company achieved a total revenue of 5.791 billion CNY, representing a year-on-year growth of 3.62%[37] - The net profit attributable to shareholders was 267 million CNY, an increase of 3.81% compared to the previous year[37] - The net profit from the main business reached 207 million CNY, growing by 6.14% year-on-year[37] - The company reported a total comprehensive income of 282.24 million CNY, compared to 269.54 million CNY in the previous period[28] - The company's operating revenue for the current period is ¥5,186,389,931.99, representing a 3.67% increase compared to ¥5,002,869,943.95 in the same period last year[163] - Net profit attributable to shareholders of the listed company is ¥266,577,931.15, up 3.81% from ¥256,788,947.01 in the previous year[163] Assets and Liabilities - The total assets increased to CNY 8,448,877,298.43 from CNY 8,053,058,753.53, reflecting a growth of about 4.9%[20] - The total current assets amounted to CNY 5,482,336,781.73, an increase from CNY 5,139,557,394.62, representing a growth of about 6.7%[20] - The company's total liabilities were not specified, but the increase in total assets suggests a potential increase in leverage[20] - The company’s total assets at the end of the reporting period were CNY 4,240,523,954.59[58] - Total assets at the end of the reporting period are ¥8,096,770,875.22, a slight decrease of 0.17% from ¥8,110,293,782.99 at the end of the previous year[163] - Net assets attributable to shareholders of the listed company increased by 2.38% to ¥4,208,475,657.06 from ¥4,110,537,725.91 at the end of the previous year[163] Cash Flow - The cash and cash equivalents at the end of the period were CNY 1,779,195,718.99, up from CNY 1,622,863,465.62, indicating an increase of approximately 9.6%[20] - The net cash flow from investment activities was 376.14 million CNY, a significant improvement from a negative cash flow of 133.02 million CNY in the previous period[28] - The company reported cash inflow from operating activities of CNY 5,715,230,941.89 for the first half of 2024, a slight increase from CNY 5,708,524,435.14 in the same period of 2023[52] - The net cash flow from operating activities decreased by 19.79% to ¥434,859,893.84 from ¥542,145,007.61 in the same period last year[163] Inventory and Investments - The company's inventory rose to CNY 617,058,667.87 from CNY 536,790,945.82, marking an increase of around 14.9%[21] - Investment income from Xinwang Bank and Gansu Hongqi amounted to 59.36 million CNY, with a cash dividend of 45.45 million CNY received from Xinwang Bank[37] - The company has implemented a strategy to integrate subsidiaries and business results into consolidated financial statements from the beginning of the reporting period[97] Market Position and Expansion - The company maintained a strong market position in the convenience store sector, being the first listed convenience chain in the A-share market[37] - The company completed the upgrade of 202 old stores and opened 16 new stores, bringing the total number of stores to 3,655 as of June 30, 2024[38] - Online customer traffic reached 5.35 million, with online sales nearing 500 million CNY during the reporting period[38] - The company plans to expand its market presence by opening 30 new stores in the next fiscal year[189] - A strategic acquisition of a local competitor is expected to enhance market share by 5%[189] Customer Focus and Service Improvement - The company has established a new store inspection team to enhance customer experience through improved service attitude, product display, and inspection of near-expiry products[86] - The company focuses on customer needs and aims to provide safer, more reliable, and professional services[86] - New marketing strategies are being implemented to increase brand awareness and customer engagement[189] Financial Reporting and Accounting Policies - The company recognizes financial assets and liabilities based on their contractual cash flow characteristics and business model[73] - The company will account for direct costs related to business combinations in the current period's profit and loss[95] - The company will adjust capital reserves and retained earnings based on the difference between the net asset book value and the payment for mergers and acquisitions[67] - The company recognizes financial assets at fair value, with changes recorded in other comprehensive income[104] - The company assesses credit risk based on a 30-day overdue threshold for financial instruments[110] - Expected credit loss rates for accounts receivable are set at 0% for up to 6 months, 5% for 6 to 12 months, and 100% for over 5 years[135]

成都红旗连锁股份有限公司(以下简称"公司""本公司")于 2024 年 7 月 25 日召开的第五届董事会第十六次会议审议通过了《关于使用自有闲置资金进 行投资理财的议案》，同意公司使用自有闲置资金不超过人民币 5 亿元购买商业 银行发行的保本型理财产品，在此额度内，资金可滚动使用，为控制风险，以上 额度资金只能购买一年以内保本型理财产品。同时，授权公司管理层具体实施上 述投资理财，授权期限为自董事会审议通过之日起十二个月。 该事项无需提交公司股东大会审议。 现将具体情况公告如下： 证券代码：002697 证券简称：红旗连锁 公告编号：2024-024 成都红旗连锁股份有限公司 关于使用自有闲置资金进行投资理财的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 上述拟用于购买银行理财产品的 5 亿元人民币为公司自有闲置资金。 5、 决议有效期 授权期限为自董事会审议通过之日起十二个月。 一、投资概述 1、 投资目的 为提高资金使用效率，合理利用闲置资金，在不影响公司正常经营的前提下， 利用自有闲置资金购买银行理财产品,为公司和股东谋取更多的投资收益。 2、 ...

本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、 监事会会议召开情况 证券代码：002697 证券简称：红旗连锁 公告编号：2024-026 成都红旗连锁股份有限公司 第五届监事会第十次会议决议公告 《2024 年半年度报告摘要》详见《中国证券报》、《上海证券报》、《证 券日报》、《证券时报》和巨潮资讯网（http://www.cninfo.com.cn）,《2024 年半年度报告全文》详见巨潮资讯网（http://www.cninfo.com.cn）。 2、审议通过了《关于使用自有闲置资金进行投资理财的议案》 表决情况：本议案有效表决票 3 票，同意 3 票，反对 0 票，弃权 0 票 公司目前财务状况良好，内部控制健全，在不影响公司正常经营基础上，购 买保本型银行短期理财产品，风险较低，有利于提高资金使用效率，符合公司和 全体股东的利益。决策程序符合相关法律法规的规定。 《关于使用自有闲置资金进行投资理财的公告》详见《中国证券报》、《上 海证券报》、《证券日报》、《证券时报》及巨潮资讯网（http://www.cninfo.com.cn）。 3、 审议 ...

证券代码：002697 证券简称：红旗连锁 公告编号：2024-027 成都红旗连锁股份有限公司 第五届董事会第十六次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 二、董事会会议审议情况 1.审议通过了《2024 年半年度报告全文及摘要》 表决情况：本议案有效表决票 9 票，同意 9 票，反对 0 票，弃权 0 票 与会董事一致认为公司《2024 年半年度报告全文及摘要》的编制和审核程序 符合法律法规及相关监管规定，报告内容真实、准确、完整地反映了公司的实际 情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 公司董事、监事、高级管理人员就该报告签署了书面确认意见，监事会出具 了书面审核意见。 《2024 年半年度报告摘要》详见《中国证券报》、《上海证券报》、《证 券日报》、《证券时报》和巨潮资讯网（http://www.cninfo.com.cn）,《2024 年半年度报告全文》详见巨潮资讯网（http://www.cninfo.com.cn）。 2.审议通过了《关于使用自有闲置资金进行投资理财的议案》 表决情况：本议案有效表决票 9 票，同 ...

单位：万元 成都红旗连锁股份有限公司 2024 年半年度 非经营性资金占用及其他关联资金往来情况汇总表 | | | | 占用方与上市公司的 | 上市公司 | 2024 年期初 | 2024 年 | 1-6 月占 | 2024 年 | 1-6 月 | 2024 年 | 2024 1-6 月期末占 | 年 6 | 占用形成 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | | 资金占用方名称 | 关联关系 | 核算的会 | 占用资金余 | | 用累计发生金额 | | 占用资金的利 | 月偿还累计 | 用资金余 | | 原因 | 占用性质 | | | | | | 计科目 | 额 | | （不含利息） | | 息(如有) | 发生金额 | | | | | | | | | | | | | | | | | 额 | | | | | 控股股东、实际控制 | 不适用 | | | | | | | | | | | | | 非经营性占用 | | 人及其附属企业 | | ...

证券代码：002697 证券简称：红旗连锁 公告编号：2024-025 一、关联交易概述 二、关联方基本情况及关联关系 关于与关联银行开展日常关联交易的公告 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 成都红旗连锁股份有限公司(以下简称"公司")及子公司遵循市场"公开、 公正、公平"的原则，与四川新网银行股份有限公司（以下简称"新网银行"） 开展存款、理财等业务，单日存款余额或理财金额上限不超过人民币壹亿元。并 授权经营管理层办理具体事项及签署相关文件。 公司持有新网银行 15%股份，公司副董事长、副总经理、董事会秘书曹曾俊 先生兼任新网银行董事。根据《深圳证券交易所股票上市规则》中关联关系的认 定，公司与新网银行为关联方。 2024 年 7 月 19 日，公司召开第五届董事会独立董事专门会议 2024 年第二 次会议，以 3 票同意，0 票反对，0 票弃权审议通过了《关于与关联银行开展日 常关联交易的议案》。 2024 年 7 月 25 日，公司召开第五届董事会第十六次会议审议通过了《关于 与关联银行开展日常关联交易的议案》，关联董事曹世如、曹曾俊回避表决 ...

证券代码：002697 证券简称：红旗连锁 公告编号：2024-023 成都红旗连锁股份有限公司 关于使用自有闲置资金购买银行理财产品的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 成都红旗连锁股份有限公司(以下简称"公司")于 2023 年 8 月 15 日召开的 第五届董事会第九次会议，以同意 9 票，反对 0 票，弃权 0 票的表决结果审议通 过了《关于使用自有闲置资金进行投资理财的议案》，同意公司使用自有闲置资 金不超过人民币 5 亿元购买商业银行发行的保本型理财产品，在此额度内，资金 可滚动使用，为控制风险，以上额度资金只能购买一年以内保本型理财产品。同 时，授权公司管理层具体实施上述投资理财，授权期限为自董事会审议通过之日 起十二个月。详见 2023 年 8 月 16 日巨潮资讯网刊登的《第五届董事会第九次会 议决议公告》及相关公告。 根据上述决议，2024 年 7 月 18 日，公司使用自有闲置资金人民币 10,000 万元，购买成都银行股份有限公司（以下简称："成都银行"）发行的"'芙蓉锦 程'单位结构性存款"理财产品。具体情况如下： ...