证券日报网讯 11月19日晚间，步步高发布公告称，公司于2025年11月18日召开了第七届董事会第八次 会议，审议通过了《关于公司轮值总裁当值的议案》。现将相关情况公告如下：根据公司《轮值总裁轮 值管理制度》和《关于聘任高级管理人员及相关人员的公告》（公告编号：2024-119），轮值总裁邓静 先生当值期间于2025年11月20日结束。自2025年11月21日起至2026年11月20日为公司轮值总裁杨芳女士 当值期间，由其行使总裁法定职权，承担相关法律法规规定的责任与义务。 （文章来源：证券日报） ...

智通财经APP讯，步步高(002251.SZ)公告，公司控股子公司已通过集中竞价方式累计出售其持有的公司 股票17.90万股，后续公司也将根据相关规定要求出售剩余股份。 ...

Core Viewpoint - The company, Bubu Gao (步步高), announced an internal organizational restructuring aimed at optimizing management and improving governance efficiency, which will not significantly impact its operational activities [1]. Group 1: Organizational Restructuring - The seventh board of directors of Bubu Gao approved the proposal for organizational restructuring on November 18, 2025 [1]. - The restructuring is intended to comply with legal requirements and enhance the company's operational standards [1]. - Details of the new organizational structure have been disclosed in the announcement's attachments for investor review [1]. Group 2: Governance and Management Efficiency - The board emphasized that the restructuring is a crucial step to meet internal management needs and improve the governance system [1]. - The adjustments are expected to enhance management efficiency and decision-making processes [1]. - The company assures that the announcement's content is truthful, accurate, and complete, with no misleading statements or significant omissions [1].

Core Viewpoint - The company is implementing a capital reserve conversion to equity to attract restructuring investors and repay debts, with specific plans for creditor settlements [1] Group 1: Restructuring Plan - The company announced a capital reserve conversion to equity as part of its restructuring plan to introduce investors and repay liabilities [1] - Ordinary creditors with claims below 100,000 yuan will be fully repaid in cash, while those with claims above this amount will receive shares at a debt settlement price of 9.69 yuan per share [1] - A total of 153,797.7 shares have been allocated to the company's controlling subsidiary as part of the debt settlement [1] Group 2: Regulatory Compliance - The shares allocated to the controlling subsidiary have been registered in its stock account on specific dates in 2025 [1] - According to the Shenzhen Stock Exchange listing rules, the controlling subsidiary is prohibited from exercising voting rights on the shares it holds until the situation is resolved within one year [1] Group 3: Share Disposal - The company’s controlling subsidiary has sold a total of 179,000 shares through centralized bidding to address cross-holding issues and enhance asset liquidity [2] - The ongoing sale of remaining shares aims to improve the efficiency of the controlling subsidiary's asset utilization [2]

Group 1 - The company Bubu Gao (SZ 002251) announced on November 19 that its seventh board meeting was held on November 18, 2025, to review the proposal for amending the company's articles of association and related documents [1] - For the first half of 2025, Bubu Gao's revenue composition was 72.42% from wholesale and retail trade, and 27.58% from other businesses [1] - As of the report date, Bubu Gao's market capitalization was 15.2 billion yuan [1]

格隆汇11月19日丨步步高(002251.SZ)公布，根据《重整计划》，公司实施资本公积转增股本用以引进 重整投资人及偿还公司负债。对于公司普通债权人清偿方案为：每家债权人10万元以下（含本数）部分 全额现金清偿，在10万元以上部分的普通债权部分，以公司资本公积金转增股票按照9.69元/股的抵债 价格进行以股抵债。公司控股子公司在本次重整中作为大额普通债权人获得公司抵债股份共计153.7977 万股。上述股份已于2025年3月28日、4月30日、5月30日、6月30日、7月31日分别登记至控股子公司的 股票账户。根据《深圳证券交易所股票上市规则（2025年修订）》第3.4.15条"上市公司控股子公司不得 取得该上市公司发行的股份。确因特殊原因持有股份的，应当在一年内消除该情形，在消除前，上市公 司控股子公司不得对其持有的股份行使表决权。"的规定。公司于2025年11月18日召开第七届董事会第 八次会议，审议通过了《关于处置公司股票资产的议案》，公司董事会同意处置控股子公司持有的公司 股份，并授权控股子公司按照其公司章程约定履行相关程序。该事项在公司董事会授权范围内，无需提 交股东会批准。 截至本公告披露之日， ...

智通财经APP讯，步步高(002251.SZ)公告，公司控股子公司已通过集中竞价方式累计出售其持有的公司 股票17.90万股，后续公司也将根据相关规定要求出售剩余股份。 ...

Core Insights - The retail industry in China is facing a critical transformation challenge due to homogenization and online competition, leading to a situation where traditional supermarkets are struggling for survival rather than merely choosing a direction for transformation [1] - Many supermarkets are transitioning from one form of homogenization to another, resulting in a new wave of homogenized competition that fails to address the fundamental issues of the industry [1][9] Group 1: Homogenization Challenges - The homogenization in the supermarket sector has created a "thousand stores, one face" phenomenon, affecting all aspects from products to operations and services, which has weakened the industry's resilience against online competition [2] - Research indicates that over 80% of core product categories in national chain supermarkets overlap, leading to a lack of differentiation and a reliance on major brands, which diminishes the ability to cater to regional consumer needs [3] - The reliance on "channel fees" for profitability has become a common practice, with some supermarkets deriving 40%-50% of their income from these fees, which distorts the pricing system and places traditional supermarkets at a disadvantage against online platforms [4][5] Group 2: Operational and Design Homogenization - Supermarkets exhibit a standardized layout and design, making it difficult for consumers to distinguish between different brands, which detracts from the shopping experience [6][8] - The operational model focuses on maximizing product variety rather than enhancing consumer experience, leading to a lack of personalized service and community engagement [8] Group 3: Transformation and New Homogenization - The recent trend of "adjustment and reform" in supermarkets has led to a superficial imitation of successful models without addressing core issues, resulting in a new form of homogenization [9][10] - Many supermarkets are adopting similar product offerings and designs, leading to a resurgence of the "thousand stores, one face" phenomenon, which undermines the potential benefits of transformation [10][12] - The lack of core capabilities in product development and supply chain management has resulted in a reliance on imitation rather than innovation, further entrenching the cycle of homogenization [12] Group 4: Future Directions - The key to breaking the cycle of homogenization lies in focusing on consumer needs and fostering innovation, rather than merely copying successful models [13] - Successful examples of differentiation and innovation in the retail sector highlight the importance of local adaptation and unique value propositions [14] - The future of supermarket competition will hinge on uniqueness, value, and trust, rather than scale or price, necessitating a return to the essence of retail as a service-oriented industry [14]

第三条 本制度适用于公司董事、高级管理人员、总部各部门、业务中心、 子（分）公司及负责人、控股股东、实际控制人以及与年报信息披露工作有关的 其他人员。 第四条 公司有关人员应当严格执行《企业会计准则》及相关规定，严格遵 守公司与财务报告相关的内部控制制度，确保财务报告真实、公允地反映公司的 财务状况、经营成果和现金流量。 第五条 公司有关人员不得干扰、阻碍审计机构及相关注册会计师独立、客 观地进行年报审计工作。公司董事、高级管理人员以及与年报信息披露相关的其 他人员在年报信息披露工作中违反国家有关法律、法规、规范性文件以及公司规 章制度，未勤勉尽责或者不履行职责，导致年报信息披露发生重大差错，应当按 照本制度的规定追究其责任。 第六条 本制度所指年报信息披露重大差错包括年度财务报告存在重大会计 差错、其他年报信息披露存在重大错误或重大遗漏、业绩预告或业绩快报存在重 1 第一章 总则 第一条 为了提高步步高商业连锁股份有限公司（以下简称"公司"）规范运 作水平，增强信息披露的真实性、准确性、完整性和及时性，提高年报信息披露 的质量，根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华 人民共和国会计法 ...

第二条 本制度所称子公司是指公司根据总体战略规划、产业结构调整及业 务发展需要而依法设立的，具有独立法人资格主体的公司。其设立形式包括： （一）全资子公司； （二）控股子公司：指公司持有股份比例超过 50%，或持股比例在 50%以 下但能够决定其董事会半数以上成员的组成，或者通过协议或其他安排等方式实 际控制的子公司。 第三条 本制度适用于公司及公司下属子公司。各子公司应遵循本制度规定， 结合公司其他内部控制制度，根据自身经营特点和环境条件，制定具体的管理办 法，保证本制度的贯彻和执行。 第四条 公司各职能部门和公司委派至各子公司的董事、监事、高级管理人 员对本制度的有效执行负责。 第二章 组织管理 步步高商业连锁股份有限公司 子公司管理制度 第一章 总则 第一条 为加强步步高商业连锁股份有限公司（以下简称"公司"）对子公司 的管理控制，维护公司总体形象和投资者利益，根据《中华人民共和国公司法》 （以下简称"《公司法》"）、《深圳证券交易所股票上市规则》（以下简称"《股 票上市规则》"） 等有关法律、法规、规范性文件和《步步高商业连锁股份有限 公司章程》（以下简称"《公司章程》 "）的规定，特制定本制度。 第 ...