CBEST(SH:600729) Xin Lang Cai Jing·2026-01-14 14:28Core Viewpoint - Chongqing Department Store (600729.SH) has announced a profit warning for the fiscal year 2025, indicating challenges in its main business, transformation pains, and fluctuations in investment income [1] Group 1: Financial Performance - The company expects a revenue of 14.712 billion yuan for 2025, a year-on-year decrease of 14.16% [1] - The net profit attributable to shareholders is projected to be 1.021 billion yuan, down 22.36% year-on-year [1] - Basic earnings per share are estimated at 2.32 yuan [1] Group 2: Business Challenges - The decline in performance is attributed to the overall recovery of consumer momentum and willingness not being fully realized in 2025 [1] - The retail industry is facing challenges and opportunities in the transition from old to new driving forces, particularly in the automotive trade sector, which is shifting from fuel vehicles to new energy vehicles [1] - The investment income from major enterprises has decreased by 15.20% due to changes in external environmental conditions [1] Group 3: Investment Insights - Chongqing Department Store holds a 31.06% stake in "Mashang Consumer Finance Co., Ltd." and relies heavily on investment income from this and other joint ventures [2] - In the first three quarters of 2025, the investment income reached 560 million yuan, accounting for nearly 50% of pre-tax profit [2] - The volatility of investment income has become a key risk factor for the stability of net profit [2]