XHCG(SH:600785) Xin Lang Zheng Quan·2025-10-30 13:04Core Viewpoint - Xinhua Department Store is a leading retail enterprise in Ningxia and the northwest region of China, with a diverse business model that includes department stores, supermarkets, and electronics chains [1] Group 1: Business Performance - In Q3 2025, Xinhua Department Store reported revenue of 4.707 billion yuan, ranking 7th in the industry, surpassing the industry average of 4.467 billion yuan and the median of 4.347 billion yuan [2] - The main business composition includes supermarket retail revenue of 1.916 billion yuan, accounting for 58.87%, and electronics retail revenue of 643 million yuan, accounting for 19.75% [2] - The net profit for the same period was 88.7936 million yuan, also ranking 7th in the industry, above the median of 83.6918 million yuan and the industry average of 175 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio of Xinhua Department Store was 76.10%, slightly down from 76.27% in the previous year, but significantly higher than the industry average of 52.55% [3] - The gross profit margin for the same period was 25.13%, down from 26.45% year-on-year, and lower than the industry average of 31.16% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 10.20% to 21,700, while the average number of circulating A-shares held per account increased by 11.35% to 10,400 [5] - New major shareholders include Bosera Consumption Innovation Mixed Fund and Zhongyou Ruixin Enhanced Bond Fund, while CITIC Prudential Multi-Strategy Mixed Fund exited the top ten circulating shareholders [5] Group 4: Management Compensation - The chairman, Qu Kuixin, received a salary of 768,000 yuan in 2024, a decrease of 7,500 yuan from 2023 [4] - The general manager, Ma Weihong, earned 1.0379 million yuan in 2024, down 34,500 yuan from the previous year [4] Group 5: Market Position and Future Outlook - Xinhua Department Store is recognized as the retail leader in Ningxia and the northwest region, with a solid foundation in four major business formats [5] - The company is expected to benefit from the multi-dimensional empowerment of Wumei Group and aims to enhance its competitiveness through quality retail operations [5] - The projected net profit for the company from 2025 to 2027 is estimated to be 139 million, 144 million, and 148 million yuan respectively [5]