研报掘金丨国盛证券：维持王府井“买入”评级，免税有望受益政策拉动

Core Insights - Wangfujing achieved a net profit attributable to shareholders of 0.43 million yuan in Q3 2025, representing a year-on-year decline of 68.16%. For the first three quarters of 2025, the net profit was 1.24 million yuan, down 71.02% year-on-year [1] Group 1: Financial Performance - The company reported a significant decline in net profit for Q3 2025 and the first three quarters, indicating ongoing challenges in the retail sector [1] - Adjusted revenue forecasts for 2025-2027 are set at 10.66 billion yuan, 11.20 billion yuan, and 11.64 billion yuan respectively, with net profits projected at 160 million yuan, 260 million yuan, and 330 million yuan [1] Group 2: Market Position and Strategy - Wangfujing is recognized as a benchmark in the domestic retail department store industry, leveraging its substantial industry experience and resources [1] - The company has actively developed its duty-free business since obtaining a duty-free license in 2020, with the opening of the Mannings Wangfujing offshore duty-free port in January 2023 [1] Group 3: Policy Impact - A recent notification from the Ministry of Finance and other departments aims to enhance duty-free store policies to stimulate consumption, which is expected to benefit the company [1] - The company is positioned to capitalize on the anticipated policy-driven growth in the duty-free sector [1]