DS(SH:600694) Dong Jian Yan Bao·2025-09-12 13:50Group 1: Report Overview - Report on DASHANG Co., Ltd., in the commercial department store industry, with a research date of September 12, 2025 [17] Group 2: Core Viewpoints - The company uses idle funds to buy low - risk financial products to improve capital efficiency and increase overall returns [24] - Different stores adopt a differentiated development strategy to meet diverse consumer needs and avoid homogeneous competition [25][26] - The company will actively dispose of assets, revitalize funds, and optimize the asset structure [26] - The company attaches great importance to shareholder returns and will plan dividends reasonably according to actual operations [24][27] - The company will take multiple measures to boost the stock price, including business improvement, investor communication, and corporate governance optimization [27][28] - The company has regional and profit - quality advantages but lags behind in e - commerce and new formats, and is accelerating digital transformation [28] - The company maintains a high gross profit margin through commodity structure optimization and will continue to optimize in the future [29] - Strategic cooperation with leading brands is expected to boost sales and profits [29] - The company is implementing a regional market strategy and exploring new business models [30] - The company has specific plans for format upgrading in different business sectors [30] - The company is controlling costs through various means and has further optimization space [32] Group 3: Detailed Information by Category 1. Research Basic Situation - Research object: DASHANG Co., Ltd. - Industry: Commercial department store - Reception time: September 12, 2025 - Reception personnel: Chairman and CEO Chen Deli, Vice - Chairman and Financial Officer Yan Li, Board Secretary Yao Lei, Independent Director Li Yanxi [17] 2. Detailed Research Institutions - Reception objects: Investors and others [20] 3. Main Content Data Investor Questions and Company Responses - Question 1: Regarding the large amount of monetary funds (4.519 billion in the mid - year report), the company uses idle funds to buy low - risk financial products and will plan dividends reasonably [24] - Question 2: Why not operate the same food business in Xinmart and Maison Mode? Different stores have different positioning and format planning to avoid homogeneous competition [25][26] - Question 3: The status of Yantai Urban Park: The north area has been completed and sold, and the south area's foundation pit construction is finished. The company will dispose of assets and revitalize funds [26] - Question 4: Dividend plan: The company completed the 2024 dividend in June, with a cash dividend of 3.16 billion yuan and a cash - dividend ratio of 53.93%. It will plan dividends reasonably in the future [26][27] - Question 5: Stock - price boosting plan: The company will improve business operations, strengthen investor communication, and optimize corporate governance [27][28] - Question 6: Advantages and gaps compared with peers: Advantages in regional layout and profit quality; gaps in e - commerce and new formats, and is accelerating transformation [28] - Question 7: Maintaining high gross profit margin: Through optimizing the commodity structure, and will continue to optimize in the future [29] - Question 8: Strategic cooperation with leading brands: Will be implemented through new stores, store upgrades, and joint marketing, and is expected to boost performance [29] - Question 9: New market and business layout: Implement a regional strategy and explore new business models [30] - Question 10: Format - upgrading plan: Specific plans for department stores, supermarkets, and electrical appliance chains [30] - Question 11: The status of Dalian Donggang Urban Park: It is in the government's regulatory adjustment stage [31] - Question 12: Cost - control measures: Control costs through fine management, marketing planning, and digital systems, and has further optimization space [32]