丽尚国潮(600738) - 2025 Q2 - 季度财报

Important Notice This section confirms the accuracy and completeness of the unaudited semi-annual report, discloses absent directors, and includes a risk statement for forward-looking statements - The company's Board of Directors, Supervisory Board, directors, supervisors, and senior management assure the truthfulness, accuracy, and completeness of the semi-annual report, bearing individual and joint legal liabilities[3] - This semi-annual report is unaudited[4] - Company's responsible person Wu Xiaobo, chief accountant Wu Xiaoyang, and head of accounting department Zhao Yuyu declare the truthfulness, accuracy, and completeness of the financial report[4] - Forward-looking statements regarding future plans and development strategies do not constitute a substantive commitment, and investors are advised to be aware of investment risks[4] Absent Directors Information | Position of Absent Director | Name of Absent Director | Reason for Absence | Name of Proxy | | :--- | :--- | :--- | :--- | | Director | Guo Deming | Work reasons | Wu Lin | Section I Definitions This section defines key terms used throughout the report, including company entities, controlling parties, and the reporting period - Lishang Guochao, Lanzhou Minbai (Group) Co., Ltd., Lanzhou Minbai, the Company, or this Company refers to Lanzhou Lishang Guochao Industrial Group Co., Ltd[9] - Controlling Shareholder, Yuanming Holdings refers to Zhejiang Yuanming Holdings Co., Ltd[9] - Actual Controller refers to Lishui Economic and Technological Development Zone Management Committee[9] - Reporting Period refers to January 1, 2025 to June 30, 2025[9] Section II Company Profile and Key Financial Indicators This section provides company basic information, contact details, and key financial indicators for H1 2025, including revenue, net profit, and non-recurring items Company Information Overview | Indicator | Content | | :--- | :--- | | Company Chinese Name | Lanzhou Lishang Guochao Industrial Group Co., Ltd. | | Company Chinese Abbreviation | Lishang Guochao | | Legal Representative | Wu Xiaobo | | Company Website | www.lsguochao.com | | Stock Exchange | Shanghai Stock Exchange | | Stock Abbreviation | Lishang Guochao | | Stock Code | 600738 | Key Accounting Data and Financial Indicators for H1 2025 | Key Accounting Data/Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 323.40 million yuan | 355.66 million yuan | -9.07 | | Total Profit | 116.56 million yuan | 105.42 million yuan | 10.57 | | Net Profit Attributable to Shareholders of Listed Company | 79.73 million yuan | 72.84 million yuan | 9.46 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | 81.61 million yuan | 73.24 million yuan | 11.43 | | Net Cash Flow from Operating Activities | 51.17 million yuan | -8.70 million yuan | N/A | | Basic Earnings Per Share (yuan/share) | 0.11 | 0.10 | 10.00 | | Diluted Earnings Per Share (yuan/share) | 0.11 | 0.10 | 10.00 | | Weighted Average Return on Net Assets (%) | 4.04 | 3.75 | Increased by 0.29 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains and Losses) (%) | 4.14 | 3.77 | Increased by 0.37 percentage points | - The change in net cash flow from operating activities was primarily due to the collection of accounts receivable from new retail business in the current period[18] Total Non-Recurring Gains and Losses | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Disposal gains and losses of non-current assets | -3,551,073.72 | | Gains and losses from entrusted investments or asset management | 2,583,013.85 | | Other non-operating income and expenses | -394,179.41 | | Other gains and losses conforming to the definition of non-recurring gains and losses | 19,755.63 | | Less: Income tax impact | 556,166.59 | | Minority interest impact (after tax) | -21,577.36 | | Total | -1,877,072.88 | Section III Management Discussion and Analysis Section III Management Discussion and Analysis This section analyzes H1 2025 operating performance, covering industry, business development, financial changes, core competitiveness, and strategic initiatives across its retail segments I. Description of the Company's Industry and Main Business During the Reporting Period I. Description of the Company's Industry and Main Business During the Reporting Period The company operates in the retail sector (F12), focusing on professional market management, department store retail, and new retail, leveraging market recovery and digital transformation - The company operates in the 'Retail (F12)' sector within 'Wholesale and Retail Trade'[24] - The company's main businesses include professional market management, commercial department store retail, and new consumption and new retail[24] - Professional market management involves operating large apparel wholesale markets (Hangzhou Huanbei and Nanjing Huanbei) through shop leasing and property management services[24][25] - In H1 2025, 44 monitored textile and apparel professional markets achieved a total transaction volume of 884.2 billion yuan, a 10.67% year-on-year increase[27] - Commercial department store retail is primarily conducted through Yaou Commercial Building in Lanzhou, operating a mid-to-high-end comprehensive mall mainly via joint ventures, supplemented by self-operation and leasing[27] - In H1 2025, total retail sales of consumer goods reached 24.55 trillion yuan, up 5.0% year-on-year, with Gansu Province contributing 217.68 billion yuan, up 3.9%[29] - New consumption and new retail business focuses on online-offline integration, developing retail operations across two segments: operations and services[30] II. Discussion and Analysis of Operating Performance II. Discussion and Analysis of Operating Performance H1 2025 saw a 9.07% revenue decrease but a 9.46% net profit increase, driven by market revitalization, retail transformation, new retail exploration, and enhanced shareholder returns Key Operating Performance for H1 2025 | Indicator | Current Period (Jan-Jun) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 323.40 million yuan | -9.07 | | Net Profit Attributable to Shareholders of Listed Company | 79.73 million yuan | +9.46 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | 81.61 million yuan | +11.43 | | Basic Earnings Per Share | 0.11 yuan | +10.00 | - Professional market management revitalized through refined management, facility upgrades, digital platforms, and diversified marketing, achieving 221.29 million yuan in revenue, a 0.32% year-on-year increase, and a gross margin of 78.74%[31][32][33] - Department store retail focused on traffic enhancement, optimizing layouts, and integrating 'commerce + cultural tourism', with commercial department store retail revenue at 64.15 million yuan (down 0.42%, 48.11% gross margin) and commercial management revenue at 22.38 million yuan (up 7.83%, 17.24% gross margin)[31][34][35] - Lishang Meilian, primarily responsible for new retail, is no longer consolidated, with new retail business generating 5.23 million yuan in revenue and a gross margin of 70.08%[38] - The company completed its 2024 annual equity distribution, paying a cash dividend of 0.15 yuan per 10 shares (tax inclusive), totaling 11.03 million yuan[39] - The company launched its 2025 employee stock ownership plan, intending to subscribe for 8.39 million common shares at 2.67 yuan per share, to enhance governance and establish long-term incentives[40] III. Analysis of Core Competitiveness During the Reporting Period III. Analysis of Core Competitiveness During the Reporting Period Core competitiveness stems from deep engagement in market management and retail, leveraging first-mover advantage, strategic locations, refined operations, and robust logistics - The company's operations benefit from self-owned premium properties in key commercial hubs, enhancing risk resistance and industry influence through intelligent operations, business integration, and efficient support[41] - First-mover advantage and industrial clusters: Hangzhou Huanbei and Nanjing Huanbei, as regional leading markets, have formed strong industrial agglomeration through **