Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company experienced a slight decline in revenue and net profit in 2024, with revenue at 10.123 billion yuan, down 0.09% year-on-year, and net profit at 521 million yuan, down 7.12% year-on-year [1] - The company is focusing on AI technology to enhance operational efficiency across various business areas, including supply chain and inventory management [3] - The company has adjusted its profit forecasts for 2025 and 2026 downwards by 7.0% and 6.3% respectively, while introducing a new forecast for 2027 [4] Revenue and Profitability - In 2024, the company's main business revenue was 9.371 billion yuan, showing a year-on-year growth of 0.23% [3] - The comprehensive gross margin for 2024 was 29.35%, a decrease of 0.29 percentage points year-on-year [2] - The net profit for 1Q2025 was 157 million yuan, a decrease of 4.15% year-on-year [1] Financial Projections - The company’s revenue is projected to grow to 10.460 billion yuan in 2025, representing a growth rate of 3.33% [5] - The estimated net profit for 2025 is 580 million yuan, reflecting an increase of 11.36% compared to 2024 [5] - The report provides a detailed financial summary, including projected EPS and ROE figures for the coming years [10][12] Market Position and Strategy - The company is recognized as a well-known convenience store brand in the Sichuan region, continuously optimizing store services and exploring AI applications [4] - The company has successfully generated over 1 billion yuan in sales through Douyin live streaming in 2024 [3] - The company is also developing a vending machine system to complement traditional retail and attract new consumer groups [3]

据介绍，红旗连锁还借助抖音直播内容场景优势，将镜头聚焦当天在成都环球中心大厅线下开设的外贸 转内销商品特展会。在特展会现场，生活用纸、休闲食品、洗化用品、面包饼干、奶制品、茶叶、锅具 等外贸商品丰富多样。 抖音生活服务方面表示，本次专场直播由"抖音外贸优品专项扶持计划"特别支持，双方通过优价代金 券、线上线下（300959）融合的方式，助力更多优质外贸商品和外贸供应商拓展国内市场。对于在抖音 生活服务平台经营、符合相关要求的商超、零售企业，该平台将提供专场直播流量补贴；还将邀请明 星、探店达人等助力实体商家开播获客；以短视频流量补贴、开屏曝光资源等助力优质外贸商品及商家 拓宽市场。 4月18日，红旗连锁（002697）携手抖音生活服务开启了专场直播，助力线下门店外贸优品销售。在当 天直播间里，红旗连锁官方联合抖音让利补贴，推出涵盖日化洗护、茶饮、食品等多个类目的优价团购 商品和多款团购代金券。整场直播总交易额超1300万元。18日当天，红旗连锁抖音直播间最高实时场观 看超过25万人次，整体曝光人数达424万。 近期，头部电商和零售平台多措并举，积极与外贸企业展开对接。随着帮扶工作的持续推进，助力外贸 企业出口 ...

风险提示：区域竞争加剧，新网银行投资收益的不确定性等。 本报告导读： 新网银行投资收益下滑拖累利润；直播电商驱动私域流量沉淀，对冲传统渠道压力，AI技术赋能无人 零售场景增量布局；区域加密，择机拓展川南城市群。 投资要点： 维持增持。更新盈利预测，预计2025-27 年归母净利分别为5.09/5.30/5.61 亿元，EPS 分别为 0.37/0.39/0.41 元。给予公司2025年4 亿元主业利润24 倍PE，给予新网银行1.12 亿元投资收益5 倍PE， 综合给予目标价7.42 元，维持增持。 业绩简述：2024 年收入101.23 亿元/同比-0.09%，归母净利润5.21亿元/同比-7.12%，扣非归母净利润 4.77 亿元/同比-2.79%；2025 年一季度收入24.79 亿元/同比-7.17%，归母净利润1.57 亿元/同比-4.15%， 扣非归母净利润1.53 亿元/同比+0.72%。2024 年新网银行和甘肃红旗投资收益约1.2 亿元/同比-18%， 2025 年一季度约0.3 亿元/同比-9%，主因银行业利率下行、息差收窄。剔除新网银行和甘肃红旗投资收 益影响，2024 年主业净利4 亿 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 6.55 [8][9]. Core Views - The company's performance is under short-term pressure due to weak downstream demand and intensified industry competition, with 2024 revenue at RMB 10.12 billion (yoy -0.09%) and net profit at RMB 0.52 billion (yoy -7.12%) [1]. - The company is undergoing structural optimization, focusing on cost control, asset optimization, and digital upgrades in the supply chain, which may enhance its medium to long-term growth potential [1][4]. - The company has seen a shift towards lower-tier markets, with significant growth in the tobacco and alcohol categories, indicating a strategic pivot in its market approach [2]. Financial Performance - The gross margin for 2024 slightly decreased by 0.3 percentage points to 29.4%, primarily due to increased promotional activities and cost pressures [3]. - The net profit margin also declined by 0.4 percentage points to 5.2%, reflecting the overall impact of macroeconomic challenges on performance [3]. - In Q1 2025, the company reported revenue of RMB 2.48 billion (yoy -7.17%) and a net profit of RMB 0.16 billion (yoy -4.15%), showing resilience in core business profitability [1][3]. Operational Insights - The company is expected to benefit from government initiatives aimed at boosting consumption, positioning it favorably as a leading retailer in Southwest China [4]. - The change in the controlling shareholder to the Sichuan State-owned Assets Supervision and Administration Commission is anticipated to leverage synergies with local enterprises, marking a new development phase for the company [4]. Earnings Forecast and Valuation - The net profit estimates for 2025 and 2026 have been adjusted downwards by 11.6% and 8.3% to RMB 0.55 billion and RMB 0.60 billion, respectively [5]. - The report assigns a price-to-earnings (PE) ratio of 16 times for 2025, reflecting the ongoing transformation of the company's operations [5].

Core Viewpoint - The company reported a revenue of 10.12 billion yuan in 2024, a slight decrease of 0.09% year-on-year, and a net profit of 520 million yuan, down 7.12% year-on-year, primarily due to weak downstream demand and intensified industry competition [1] Financial Performance - In Q1 2025, the company achieved a revenue of 2.48 billion yuan, a decline of 7.17% year-on-year, with a net profit of 160 million yuan, down 4.15% year-on-year. The non-recurring net profit was 150 million yuan, showing a slight increase of 0.72% year-on-year, indicating resilience in core business profitability [1] - The gross margin for 2024 slightly decreased by 0.3 percentage points to 29.4%, attributed to increased promotional activities and cost pressures. The expense ratios for sales, management, and finance decreased by 0.2 percentage points, 0.1 percentage points, and remained stable at 22.6%, 1.4%, and 0.6% respectively, indicating good expense control. Overall, the net profit margin decreased by 0.4 percentage points to 5.2% [3] Growth Highlights - The tobacco and alcohol categories, along with the suburban market, emerged as growth highlights, with revenues for tobacco and alcohol, food, and daily necessities showing year-on-year changes of +4.30%, -0.74%, and -6.53% respectively, reaching 3.52 billion, 4.56 billion, and 1.29 billion yuan. The tobacco and alcohol category led in growth [2] - The company is witnessing a trend of revenue migration towards lower-tier markets, with revenues in Chengdu urban areas and suburban areas showing year-on-year changes of -6.58% and +12.39%, reaching 5.27 billion and 3.71 billion yuan respectively [2] Strategic Initiatives - The company is focusing on deepening its omnichannel integration strategy, achieving over 1 billion yuan in sales through online platforms like Douyin live streaming, while offline channels are driving customer engagement [2] - The change in the actual controller to the Sichuan State-owned Assets Supervision and Administration Commission is expected to leverage synergies with entities like Sichuan Commerce Investment Urban-Rural Construction Group, marking a new development phase for the company [4] Future Outlook - The company plans to explore social e-commerce partnerships, unmanned retail, and meet immediate demand to expand its growth, alongside optimizing its tail-end channels for quality and efficiency improvements [4] - Due to uncertainties in downstream consumer demand recovery, the net profit forecasts for 2025 and 2026 have been adjusted downwards by 11.6% and 8.3% to 550 million and 600 million yuan respectively, with an introduction of 2027 EPS at 0.45 yuan [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the coming months [5][15]. Core Views - The company reported a slight decline in revenue and net profit for 2024, with total revenue at 10.123 billion yuan, down 0.09%, and net profit at 521 million yuan, down 7.12% [10][11]. - The company is positioned as a leading convenience store operator in the Sichuan region, with a stable market position and operational resilience, expected to leverage its state-owned background for further business expansion [12][15]. - The revenue structure is gradually optimizing, with significant growth in suburban areas, while the main business revenue showed a slight increase of 0.23% [11][12]. Financial Performance Summary - In 2024, the company achieved a gross margin of 29.35%, a decrease of 0.28 percentage points, and a net profit margin of 5.15%, down 0.39 percentage points [13]. - The company’s operating income for 2025 is projected to be 10.358 billion yuan, with a net profit forecast of 585 million yuan, reflecting a growth rate of 12.20% [15][16]. - The company’s expenses were well-controlled, with a total expense ratio of 24.54%, down 0.25 percentage points from the previous year [12][13]. Revenue Breakdown - For 2024, the revenue breakdown by product shows: - Food revenue at 4.559 billion yuan, accounting for 45.04%, down 0.74% - Tobacco and alcohol revenue at 3.524 billion yuan, accounting for 34.81%, up 4.30% - Daily necessities revenue at 1.288 billion yuan, accounting for 12.72%, down 6.53% - Other business revenue at 0.753 billion yuan, accounting for 7.43%, down 3.90% [11][12]. Regional Performance - Revenue from Chengdu urban areas was 5.269 billion yuan, accounting for 52.05%, down 6.58%, while suburban revenue increased to 3.712 billion yuan, accounting for 36.67%, up 12.39% [11][12].

Group 1 - The company reported a total revenue of 2.768 billion yuan for Q1 2025, representing a decrease of 7.24% compared to the same period last year [6] - The net profit attributable to shareholders of the parent company was 157 million yuan, a year-on-year decline of 4.15%, with investment income contributing 35 million yuan, down 9.33% [6] - The company has actively responded to the national policy to boost consumption by issuing "Red Flag Chain Benefit Cards" to provide discounts to consumers [5] Group 2 - The company experienced a 32.35% decrease in prepaid expenses compared to the end of the previous year, primarily due to a reduction in procurement amounts [7] - Employee compensation payable decreased by 34.56%, mainly due to the distribution of year-end bonuses [8] - Taxes payable increased by 46.17% compared to the end of the previous year, primarily due to income tax provisions [9] Group 3 - Other income saw a significant decline of 80.95%, mainly due to a decrease in re-employment subsidies [10] - The net cash flow from operating activities decreased by 137.39% year-on-year, attributed to intensified promotional activities and competition in the market [10]

Core Viewpoint - Chengdu Hongqi Chain Co., Ltd. reported a revenue of 10.123 billion yuan for 2024, marking the third consecutive year of exceeding 10 billion yuan in revenue, with a net profit of 521 million yuan attributed to shareholders [1] Group 1: Financial Performance - The company's main business revenue for 2024 was 9.371 billion yuan, showing a year-on-year growth of 0.23% [1] - The investment in Xinwang Bank resulted in a cumulative recognized income of 122 million yuan during the reporting period, a decrease of nearly 30 million yuan compared to the previous year, impacting overall performance [1] - The net cash flow from operating activities was 1.195 billion yuan, which is 2.29 times the net profit, indicating strong cash flow management [1] Group 2: Business Strategy and Development - The company is engaged in "cloud platform big data + goods + community services + finance" and is actively adjusting and optimizing its operations to respond to a complex external environment [1] - Hongqi Chain has deepened the integration of online and offline development, achieving over 1 billion yuan in sales through Douyin live streaming during the reporting period [2] - The company has introduced diverse product categories such as coffee, meals, and fresh produce in its convenience stores to meet consumers' varied immediate needs [2] Group 3: Market Outlook - The convenience store market is expected to grow as domestic consumption and demand expansion policies continue to take effect, releasing market potential [3] - In the first quarter of 2025, the company achieved a revenue of 2.479 billion yuan and a net profit of 157 million yuan attributed to shareholders [3] - The company plans to promote Sichuan-branded products and strengthen its store layout strategy, expanding into the southern Sichuan region [3]

Core Viewpoint - The company reported a slight decrease in total revenue for 2024, but showed growth in its main business revenue, while net profit experienced a decline compared to the previous year [1][2]. Group 1: Financial Performance - In 2024, the company achieved total revenue of 10.123 billion yuan, a decrease of 0.09% year-on-year [1]. - Main business revenue reached 9.371 billion yuan, reflecting a growth of 0.23% compared to the previous year [1]. - The net profit attributable to shareholders was 521 million yuan, down 7.12% year-on-year [1]. - The net cash flow from operating activities was 1.195 billion yuan, which is 2.29 times the net profit, indicating strong cash flow management [1]. - As of the end of the reporting period, total assets were 8.285 billion yuan, with a debt-to-asset ratio of 46.12%, showing a healthy financial structure [1]. Group 2: Strategic Initiatives - The company is focusing on deepening the integration of online and offline operations to stimulate new consumer activity [2]. - It has increased collaboration with social e-commerce platforms, achieving over 1 billion yuan in sales through Douyin live streaming [2]. - The company has optimized its store network by closing unprofitable locations and has implemented a flatter organizational structure to enhance operational efficiency [2]. - In 2024, the company reported a decrease in all three categories of period expenses, with management expenses down 3.79% year-on-year [2]. Group 3: Future Outlook - In the first quarter of 2025, the company reported a revenue of 2.479 billion yuan, a decline of 7.17% year-on-year, with a net profit of 157 million yuan, down 4.15% [2].

证券代码：002697 证券简称：红旗连锁 公告编号：2025-010 成都红旗连锁股份有限公司 关于召开2024年年度股东会的通知 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。 一、召开会议的基本情况 1．股东会届次：2024年年度股东会 2．股东会的召集人：公司董事会 公司第五届董事会第二十次会议审议通过了《关于召开公司2024年年度股东 会的议案》，决定召开本次股东会。 3．会议召开的合法、合规性：本次股东会会议的召集、召开符合有关法律、 行政法规、部门规章、规范性文件和《公司章程》等规定。 4．会议召开的日期、时间： （1）现场会议召开时间：2025年5月15日（星期四下午14:30） （2）网络投票时间：2025年5月15日 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为：2025年5 月15日上午9:15—9:25、9:30—11:30，下午13:00—15:00。 通过深圳证券交易所互联网投票系统进行投票的具体时间为：2025年5月15 日上午9:15至下午15:00期间的任意时间。 5．会议的召开方式：现场表决与网络投票相结合的方式 ...