合百集团(000417) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions This section provides essential information, including the table of contents and definitions of key terms used throughout the report Important Notice This chapter includes the company's board of directors, supervisory board, and senior management's assurance statement regarding the truthfulness, accuracy, and completeness of the report content, along with warnings about risks related to forward-looking statements and the profit distribution plan for the current period - The company's directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content and assume corresponding legal responsibilities[5] - Forward-looking statements regarding future plans in the report do not constitute a substantive commitment to investors, and investors are advised to be aware of related risks[5] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the 2025 semi-annual period[6] Definitions This chapter provides detailed explanations of key terms and abbreviations used in the report, including the full names of the company, its major subsidiaries, related parties, and regulatory bodies, ensuring consistency and clarity of the report content - The report clearly defines abbreviations for the company's internal business entities (e.g., Department Store, Gulou Commercial Building, Hejiafu Supermarket, Zhougudui Market) and external related parties (e.g., Jiantou Group, Hefei State-owned Assets Supervision and Administration Commission)[12] Company Profile and Key Financial Indicators This section outlines the company's fundamental information and presents its key financial performance metrics Company Profile and Contact Information This chapter provides the company's basic business information, including stock abbreviation 'Hefei Department Store Group' and code '000417', along with contact details for the Board Secretary and Securities Affairs Representative; the company's registered address and office address remained unchanged during the reporting period Item Information | Item | Information | | :--- | :--- | | Stock Abbreviation | Hefei Department Store Group | | Stock Code | 000417 | | Listing Exchange | Shenzhen Stock Exchange | | Company Name | Hefei Department Store Group Co., Ltd | | Legal Representative | Zhang Tongxiang (Acting) | Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue remained largely flat with a 0.02% year-on-year increase, but net profit attributable to shareholders decreased by 9.93%; net profit after deducting non-recurring gains and losses significantly declined by 64.78%; net cash flow from operating activities was -444 million RMB, a 242.58% year-on-year decrease, indicating significant pressure on core business profitability and cash flow Key Financial Indicators for H1 2025 | Indicator | Current Period | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 3,700,478,969.52 | 3,699,910,495.40 | 0.02% | | Net Profit Attributable to Shareholders (RMB) | 170,861,149.51 | 189,701,108.35 | -9.93% | | Net Profit Attributable to Parent Company after Non-recurring Items (RMB) | 54,992,284.10 | 156,135,927.55 | -64.78% | | Net Cash Flow from Operating Activities (RMB) | -444,113,903.30 | -129,638,696.09 | -242.58% | | Basic Earnings Per Share (RMB/share) | 0.2191 | 0.2432 | -9.91% | | Weighted Average Return on Net Assets | 3.57% | 4.04% | -0.47% | - Total non-recurring gains and losses for the reporting period amounted to 116 million RMB, primarily due to a change in accounting method for associate company Ningyin Consumer Finance, reclassifying 83.9751 million RMB from capital reserves to investment income, and fair value changes in financial assets[25][26] Management Discussion and Analysis This section provides an in-depth analysis of the company's operations, financial performance, and strategic outlook during the reporting period Principal Businesses During the Reporting Period The company's principal businesses are retail and agricultural product trading markets; retail accounts for 90.89% of total revenue, covering department stores, home appliances, and supermarkets with 240 physical stores; during the reporting period, physical store operations faced challenges, with significant declines in net profit for department store and supermarket formats, while the home appliance format grew due to favorable policies; total online sales GMV reached 497 million RMB; the company continued to optimize its store network, opening 8 new stores and closing 20 - The company's principal businesses are retail and agricultural product trading markets, with retail revenue accounting for 90.89% and agricultural product trading market revenue accounting for 7.85%[28] Operating Performance by Physical Store Format | Operating Format | Operating Revenue (RMB) | Revenue YoY | Net Profit (RMB) | Net Profit YoY | | :--- | :--- | :--- | :--- | :--- | | Department Store | 500,826,700.00 | -8.96% | 28,731,900.00 | -50.11% | | Supermarket | 1,704,206,400.00 | 0.66% | 12,517,240.89 | -60.71% | | Home Appliance | 506,724,937.65 | 7.77% | 6,031,962.17 | 33.55% | - During the reporting period, the company's self-built online platform transaction volume (GMV) was 107 million RMB, and third-party sales platform transaction volume was 391 million RMB[36] Analysis of Core Competencies The company's core competencies are primarily reflected in four aspects: multi-format synergistic group advantages, a sound and comprehensive regional chain network system, scarce and high-quality self-owned property resources, and long-term accumulated talent, brand, reputation, and local advantages - The company operates multiple formats including department stores, supermarkets, home appliances, e-commerce, and agricultural wholesale, forming synergistic linkages and resource overlay advantages[41] - The company has established a chain network in Anhui Province, based in the provincial capital and radiating across the province, with numerous and widely distributed stores capable of meeting diverse regional market demands[42] - Many of the company's stores are located in core business districts, and a high proportion of self-owned properties ensures operational stability and builds competitive barriers[42] Analysis of Principal Business During the reporting period, the company's operating revenue slightly increased by 0.02%, but operating costs rose by 3.84%, leading to a decline in gross profit margin; financial expenses significantly increased by 51.84% due to lower deposit interest rates reducing interest income; net cash flow from operating activities saw a substantial outflow, decreasing by 242.58% year-on-year; by industry, retail revenue grew by 6.22% but gross profit margin decreased by 3.35 percentage points, while real estate business revenue and costs both significantly contracted, declining by over 79% year-on-year Key Financial Data Year-on-Year Changes | Item | Current Period | Prior Period | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Financial Expenses | 31,026,367.79 | 20,433,319.18 | 51.84% | Primarily due to lower deposit interest rates and reduced interest income in the current period | | Net Cash Flow from Operating Activities | -444,113,903.30 | -129,638,696.09 | -242.58% | Primarily due to reduced cash receipts from sales of goods in the current period | Operating Performance by Industry | Industry Segment | Operating Revenue | Operating Cost | Gross Profit Margin | Operating Revenue YoY Change | Operating Cost YoY Change | Gross Profit Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Retail | 3,363,135,393.48 | 2,649,338,665.02 | 21.22% | 6.22% | 10.93% | -3.35% | | Agricultural Product Trading Market | 290,606,801.94 | 93,340,037.09 | 67.88% | -5.49% | -3.45% | -0.68% | | Real Estate | 46,736,774.10 | 30,288,617.52 | 35.19% | -79.33% | -83.67% | 17.20% | Analysis of Non-Principal Business Non-principal businesses significantly impacted the company's profit; during the reporting period, investment income reached 127 million RMB, accounting for 42.50% of total profit, primarily due to a change in accounting method for associate company Ningyin Consumer Finance; additionally, fair value change gains were 21.68 million RMB, mainly from changes in the value of other non-current financial assets Non-Principal Business Profit and Loss | Item | Amount (RMB) | Proportion of Total Profit | Reason for Formation | | :--- | :--- | :--- | :--- | | Investment Income | 126,605,522.02 | 42.50% | Primarily due to changes in accounting method for equity in associate company Ningyin Consumer Finance, etc | | Fair Value Change Gains/Losses | 21,683,405.40 | 7.28% | Primarily due to fair value changes in other non-current financial assets | Analysis of Assets and Liabilities As of the end of the reporting period, the company's total assets were 12.486 billion RMB, a 5.49% decrease from the end of the previous year; within the asset structure, monetary funds and long-term equity investments significantly decreased, while long-term borrowings increased; the company had 1.917 billion RMB in restricted assets, primarily monetary funds, inventories, fixed assets, and investment properties used as collateral for borrowings - Total assets decreased by 5.49% from the end of the previous year, with monetary funds decreasing by 2.97 percentage points and long-term equity investments decreasing by 1.67 percentage points[51] - As of the end of the reporting period, the company had 1.917 billion RMB in restricted assets, primarily used as collateral and guarantees for borrowings[56] Analysis of Investment Status During the reporting period, the company significantly reduced investment activities, with investment amount of only 10 million RMB, a 96.57% year-on-year sharp decrease; the company did not undertake significant equity or non-equity investments, nor did it have securities investments, derivative investments, or use of raised funds Investment Amount Change | Investment Amount in Current Period (RMB) | Investment Amount in Prior Period (RMB) | Change Rate | | :--- | :--- | :--- | | 10,000,000.00 | 291,793,128.55 | -96.57% | Analysis of Major Holding and Participating Companies This chapter analyzes the operating performance of major subsidiaries; Zhougudui Agricultural Wholesale Market is a core profit source, achieving 87.33 million RMB in net profit; Hejiafu Supermarket's net profit significantly declined due to market diversion and new store investments; Baida Home Appliances benefited from national home appliance subsidy policies, with net profit increasing by 33.55% year-on-year; Lu'an Baida Jinshangdu's net profit decreased by 29.93% due to the overall department store industry environment Major Subsidiary Financial Performance (H1 2025) | Company Name | Principal Business | Operating Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | | Zhougudui Agricultural Wholesale Market | Agricultural Products | 254,460,743.46 | 87,327,607.69 | | Hejiafu Supermarket | Supermarket | 1,704,206,406.31 | 12,517,240.89 | | Gulou Commercial Building | Department Store | 133,769,277.00 | 10,743,450.41 | | Baida Home Appliances | Home Appliances | 506,724,937.65 | 6,031,962.17 | - Baida Home Appliances' net profit increased by 33.55% year-on-year, primarily benefiting from the continuation of national home appliance subsidy policies, which boosted sales and reduced procurement costs[65] Risks Faced by the Company and Countermeasures The company faces five major risks: macroeconomic environment, industry transformation, market competition, product safety, and corporate operations; a slowing macroeconomic environment may suppress consumer demand; the retail industry needs to accelerate online-offline integration and transformation; regional market competition is fierce, with continuous e-commerce impact; product safety issues may trigger multiple risks; and company expansion also brings higher operational management requirements; the company will address risks by accelerating transformation and innovation and improving operational quality - The company's main risks include: macroeconomic environment risk, industry transformation risk, market competition risk, product safety risk, and corporate operational risk[66][67] - Countermeasures include: seizing policy opportunities to support consumption, accelerating transformation and innovation, improving operational quality and core competitiveness, and strictly preventing various risks[67] Corporate Governance, Environment, and Society This section details the company's governance structure, environmental initiatives, and social responsibility efforts Corporate Governance During the reporting period, there were no changes in the company's directors, supervisors, or senior management; the company plans no semi-annual profit distribution or capital reserve conversion into share capital, and no implementation of equity incentive or employee stock ownership plans - There were no changes in the company's directors, supervisors, and senior management during the reporting period[71] - The company will not distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[72] Social Responsibility The company actively fulfills its social responsibilities, leveraging its advantages in agricultural product circulation to support rural revitalization through production-sales matching and direct sourcing from bases; during the reporting period, its Zhougudui Market achieved a transaction volume of 2.5558 million tons and a transaction value of 18.932 billion RMB, Hejiakang Company's direct sourcing amounted to 29.47 million RMB, and new models like online live streaming expanded agricultural product sales channels, yielding significant social benefits - Leveraging its six major advantages including brand and production-sales platforms, the company promotes agricultural product circulation as a key initiative for rural revitalization, exploring the 'Baida Model'[74] - During the reporting period, Zhougudui Market achieved a transaction volume of 2.5558 million tons and a transaction value of 18.932 billion RMB[74] - Through Hejiakang direct sourcing platform, Hejiafu Supermarket sales platform, and online live streaming matrix, agricultural product sales channels were effectively expanded, helping farmers increase their income[75] Significant Matters This section covers important events and transactions that occurred during the reporting period, including related party transactions, contracts, and other significant disclosures Significant Related Party Transactions During the reporting period, significant related party transactions related to daily operations primarily involved sales of goods to the controlling shareholder, Hefei Construction Investment Holding (Group) Co., Ltd., and some of its controlled enterprises, with a transaction amount of 46.4444 million RMB, which did not exceed the annual estimated limit of 95 million RMB; the company did not engage in other significant related party transactions such as asset or equity acquisitions or disposals Performance of Routine Related Party Transactions | Related Party | Related Party Transaction Content | Amount in Current Period (RMB) | Approved Transaction Limit (RMB) | Exceeded Limit | | :--- | :--- | :--- | :--- | :--- | | Hefei Construction Investment Holding (Group) Co., Ltd. and some of its controlled enterprises | Sales of Goods | 46,444,400.00 | 95,000,000.00 | No | Significant Contracts and Their Performance The company has no significant trusteeship, contracting, or leasing matters; regarding significant guarantees, the company primarily provides phased mortgage loan guarantees for customers purchasing commercial properties and residences in its development projects, with the actual external guarantee balance at the end of the reporting period being 28.8266 million RMB, accounting for 0.60% of the company's net assets, indicating controllable risk - The company provides phased mortgage loan guarantees for property buyers of projects such as Zhougudui New Market and Feixi Agricultural Product Market[99] Summary of Guarantees | Item | Amount (RMB) | | :--- | :--- | | Total Approved External Guarantee Limit at Period End | 1,334,000,000.00 | | Total Actual External Guarantee Balance at Period End | 28,826,600.00 | | Proportion of Total Actual Guarantees to Company's Net Assets | 0.60% | Other Significant Matters This chapter discloses other significant matters during the reporting period; the core matter is the company's decision in June 2025 to change the accounting method for its associate company Zhejiang Ningyin Consumer Finance Co., Ltd., from equity method to fair value measurement; additionally, subsidiary Baida Home Appliances invested externally to establish a renewable resource recycling technology company, holding 60% equity - The company changed the accounting method for its associate company Zhejiang Ningyin Consumer Finance Co., Ltd. from the equity method to a financial asset measured at fair value with changes recognized in current profit or loss[102] - Subsidiary Baida Home Appliances, along with Hefei Chengkuang Supply and Marketing Company and others, jointly invested to establish Anhui Renewable Resources Recycling Technology Co., Ltd., with Baida Home Appliances contributing 12 million RMB and holding a 60% stake[106] - The company used its own funds for bank wealth management product investments, with 370 million RMB incurred during the reporting period and a zero outstanding balance at period end[105] Share Changes and Shareholder Information This section details changes in the company's share capital and provides an overview of its shareholder structure Share Changes During the reporting period, the company's total share capital remained unchanged at 779,884,200 shares; restricted shares totaled 856,749 shares, accounting for 0.11%, while unrestricted shares totaled 779,027,451 shares, accounting for 99.89%; restricted shares are due to historical share reform, with an uncertain lifting date Share Structure | Share Type | Quantity (shares) | Proportion | | :--- | :--- | :--- | | I. Restricted Shares | 856,749 | 0.11% | | II. Unrestricted Shares | 779,027,451 | 99.89% | | III. Total Shares | 779,884,200 | 100.00% | Shareholder Information As of the end of the reporting period, the company had 30,221 shareholders; the largest shareholder is Hefei Construction Investment Holding (Group) Co., Ltd., holding 38.00% as a state-owned legal entity; among the top ten shareholders, except for the largest shareholder and Central Huijin, the rest are domestic natural persons; the company's controlling shareholder and actual controller remained unchanged during the reporting period - Total number of common shareholders at the end of the reporting period was 30,221[113] Top Three Shareholders' Holdings | Shareholder Name | Shareholder Nature | Holding Proportion | Number of Shares Held | | :--- | :--- | :--- | :--- | | Hefei Construction Investment Holding (Group) Co., Ltd | State-owned Legal Entity | 38.00% | 296,390,467 | | Liang Jianhui | Domestic Natural Person | 2.56% | 20,000,967 | | Central Huijin Investment Ltd | State-owned Legal Entity | 1.58% | 12,326,500 | - Both the company's controlling shareholder and actual controller remained unchanged during the reporting period[117] Bond-Related Information This section provides details on the company's bond-related activities and status Bond Information There are no bond-related matters requiring disclosure for the company in the current reporting period - The company has no bond-related information during the reporting period[120] Financial Report This section presents the company's financial statements and related notes for the reporting period Audit Report The company's H1 2025 financial report is unaudited - The company's semi-annual financial report is unaudited[122] Financial Statements This chapter provides the company's unaudited consolidated and parent company financial statements, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, comprehensively reflecting the company's financial position at the end of the reporting period and its operating results and cash flows during the period Consolidated Balance Sheet Key Items from Consolidated Balance Sheet (June 30, 2025) | Item | Period-End Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Assets | | | | Monetary Funds | 1,092,307,201.31 | 1,548,250,965.22 | | Inventories | 2,402,764,648.62 | 2,594,730,926.19 | | Investment Properties | 1,805,432,396.65 | 1,919,518,201.15 | | Total Assets | 12,486,047,387.19 | 13,211,334,136.52 | | Liabilities | | | | Contract Liabilities | 2,073,805,032.09 | 2,385,225,441.09 | | Long-term Borrowings | 606,966,518.04 | 436,780,980.63 | | Total Liabilities | 6,618,770,301.22 | 7,465,531,509.51 | | Owners' Equity | | | | Total Owners' Equity Attributable to Parent Company | 4,789,625,830.93 | 4,700,036,882.28 | | Total Owners' Equity | 5,867,277,085.97 | 5,745,802,627.01 | Consolidated Income Statement Key Items from Consolidated Income Statement (H1 2025) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 3,700,478,969.52 | 3,699,910,495.40 | | Total Operating Cost | 3,558,642,419.78 | 3,460,321,173.36 | | Investment Income | 126,605,522.02 | 38,725,008.38 | | Total Profit | 297,864,336.86 | 310,598,423.20 | | Net Profit | 208,420,152.28 | 233,579,488.23 | | Net Profit Attributable to Parent Company Shareholders | 170,861,149.51 | 189,701,108.35 | Consolidated Cash Flow Statement Key Items from Consolidated Cash Flow Statement (H1 2025) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -444,113,903.30 | -129,638,696.09 | | Net Cash Flow from Investing Activities | -55,485,668.52 | -438,090,555.95 | | Net Cash Flow from Financing Activities | 16,530,843.13 | -364,247,435.29 | | Net Increase in Cash and Cash Equivalents | -483,055,789.72 | -931,965,641.67 | Notes to Financial Statements The notes to the financial statements detail the company's basic information, basis of financial statement preparation, significant accounting policies and estimates, and taxes, with detailed annotations for major items in the consolidated financial statements; key policies include revenue recognition methods for self-operated (gross method) and concessionaire (net method) retail businesses; the notes provide detailed breakdowns, reasons for changes, and risk disclosures for key financial statement items such as monetary funds, accounts receivable, inventories, investment properties, long-term equity investments, borrowings, and contract liabilities - The company's retail business operates under two models: self-operated, which recognizes revenue using the gross method, and concessionaire, which recognizes revenue using the net method[284] - The company's main taxes are Value-Added Tax and Corporate Income Tax, with a Corporate Income Tax rate of 25%, and some small and micro enterprise subsidiaries applying a preferential tax rate of 20%[298][301] - The notes provide detailed disclosures on the composition and changes of key financial statement items such as monetary funds, accounts receivable, inventories, investment properties, long-term equity investments, borrowings, and contract liabilities[305][318][385] Other Submitted Data This section includes additional information and disclosures not covered in the main financial report Other Important Information This chapter provides other supplementary information, including the absence of significant social security issues or administrative penalties for the company; it details records of institutional research and communication activities during the reporting period, showing interactions with Haitong Securities, Tianfeng Securities, Guotai Junan, and other institutions; it also discloses non-operating fund transfers between the company and its subsidiaries, all of which are for normal business needs and have undergone internal approval procedures - During the reporting period, the company hosted multiple research and communication sessions with institutional investors including Haitong Securities, Tianfeng Securities, and Guotai Junan, primarily discussing the development of its retail main business, supermarket adjustments, and agricultural wholesale market operations[781][782] - Disclosed non-operating fund transfers between the listed company and its controlled subsidiaries, with an outstanding balance of 130 million RMB at period-end, which are normal intercompany balances with controllable risk[783]