2 中联律师事务所 上海中联(重庆)律师事务所 关于重庆百货大楼股份有限公司 2025 年第一次临时股东会的 法律意见书 上海 广州 贵阳 成都 围庆办公室: 虽庆市渝中区华盛路 7 号企业天地 7 号楼 10、11、12 层 Tel: +86 (23)6363 1830/1/2 上海中联(重庆)律师事务所 关于重庆百货大楼股份有限公司 2025 年第一次临时股东会的 法律意见书 中联重办(律)字第 25pji093001 号 致:重庆百货大楼股份有限公司 上海中联(重庆)律师事务所(以下简称"本所")接受重庆百货大楼股份 有限公司（以下简称"公司"）委托,指派律师出席公司于 2025年 9 月 30 日召 开的 2025 年第一次临时股东会(以下简称"本次股东会"或"本次会议")。根 据《中华人民共和国公司法》(以下简称"《公司法》")《中华人民共和国证券法》 (以下简称"《证券法》")《上市公司股东会规则》(以下简称"《股东会规则》") 等法律、法规和规范性文件以及《重庆百货大楼股份有限公司章程》(以下简称 "《公司章程》"）的规定,本所律师对公司本次股东会的召集、召开程序、出席 会议人员的资格、表决程序 ...

Core Insights - The article highlights the surprising profitability of Mashang Financial, which, despite having less than half the assets of Zhaolian Financial, has surpassed it in revenue and is approaching parity in net profit [1][3]. Financial Performance - Mashang Financial's revenue for 2024 is reported at 151.49 billion yuan, with net profit reaching 22.81 billion yuan [3]. - The company has incurred a total of 106.93 billion yuan in collection expenses over the past five years, with 2024's collection expenses accounting for 20.65% of its revenue [3][4]. - In the first half of 2025, Mashang Financial reported total assets of 680.99 billion yuan, with revenue of 87.35 billion yuan and net profit of 11.55 billion yuan [3]. Loan Metrics - As of the end of 2024, Mashang Financial's net loan balance was 536.66 billion yuan, with non-performing loan rates of 2.49% [4]. - The net interest margin has shown a decline from 15.78% in 2022 to 13.93% in 2024 [4]. Collection Expenses - The company has consistently invested tens of billions in collection expenses annually, with 2024's collection costs reaching 31.28 billion yuan [3][5]. - The high collection expenses have led to the establishment of a collection industry chain, with 135 collection agencies collaborating with Mashang Financial [5]. Customer Complaints - Mashang Financial has faced significant customer complaints, totaling 76,000, primarily related to aggressive collection practices and high fees [6]. - The complaints include issues such as violent collection tactics and excessive charges, indicating potential reputational risks for the company [6]. Ownership Structure - As of the end of 2024, the top four shareholders of Mashang Financial include Chongqing Department Store, Beijing Zhongguancun Technology, Wumart Technology Group, and Chongqing Bank, with ownership stakes of 31.06%, 29.51%, 16.12%, and 15.53% respectively [7].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The retail industry index decreased by 4.32% in the week of September 22-26, 2025, underperforming the Shanghai Composite Index, which increased by 0.21% [6][13] - The report highlights the strong performance of certain companies, such as Jihong Co., which is expected to achieve a net profit of 209-222 million yuan for Q3 2025, representing a year-on-year increase of 55-65% [4][26] - The report emphasizes the importance of emotional consumption themes and recommends focusing on high-quality companies in high-growth sectors [7][31] Summary by Sections Retail Market Review - The retail industry index closed at 2281.69 points, ranking 29th among 31 primary industries [6][13] - The brand cosmetics sector experienced the smallest decline of 1.31% during the week, while the watch and jewelry sector led with a year-to-date increase of 26.87% [18][20] Company Performance Highlights - Jihong Co. is expected to achieve a net profit of 209-222 million yuan for Q3 2025, driven by its dual business model of cross-border e-commerce and packaging [4][26] - Old Puhuang reported a revenue of 12.354 billion yuan for H1 2025, a year-on-year increase of 250.9%, with a net profit of 2.268 billion yuan, up 285.8% [36][37] - Chao Hong Ji achieved a revenue of 4.102 billion yuan in H1 2025, with a net profit increase of 44.3% [39] Investment Recommendations - Focus on high-quality companies in the gold and jewelry sector, such as Old Puhuang and Chao Hong Ji, which are expected to benefit from emotional consumption trends [7][31] - Emphasize the importance of offline retail companies that adapt to consumer trends, recommending companies like Yonghui Supermarket and Aiying Room [31][32] - Highlight the potential of domestic beauty brands, recommending companies like Mao Ge Ping and Po Lai Ya, which are positioned well in the high-end market [32][33]

重庆百货大楼股份有限公司 2025 年第一次临时股东会会议材料 1 2025 年第一次临时股东会议案（一） 重庆百货大楼股份有限公司 关于修订《公司章程》的议案 各位股东： 根据《中华人民共和国公司法》、中国证监会《上市公司章程指引》及《关于 新〈公司法〉配套制度规则实施相关过渡期安排》等有关法律法规的规定，重庆 百货大楼股份有限公司（以下简称"公司"）结合实际情况，将不再设置监事会并 修订《公司章程》。 2025 年 9 月 13 日，公司对外披露了《关于修订〈公司章程〉的公告》（公告 编号：临 2025-035）以及修订后的《公司章程》，现将公告内容提交本次会议审议。 请予审议。 重庆百货大楼股份有限公司 2025 年 9 月 24 日 2 关于修订《股东大会议事规则》的议案 各位股东： 2025 年 3 月 28 日，中国证监会修订了《上市公司章程指引》和《上市公司股 东会规则》。重庆百货大楼股份有限公司（以下简称：公司）对照上述规定修订《股 东大会议事规则》。 2025 年 9 月 13 日，公司对外披露了《公司第八届十八次董事会决议公告》（公 告编号：临 2025-033），并以该公告附件的形式披露 ...

今日具体限售解禁股情况如下： | 股票简称 | 股票代码 | 限售股类型 | 解禁股数 | | --- | --- | --- | --- | | 长春高新 | 000661 | 股权激励限售流通 | 63.31万 | | 冰轮环境 | 000811 | 股权激励限售流通 | 690.8万 | | 广州发展 | 600098 | 股权激励限售流通 | 792.05万 | | 浙江东日 | 600113 | 股权激励限售流通 | 404.02万 | | 复星医药 | 600196 | 股权激励限售流通 | 18.58万 | | 重庆百货 | 600729 | 股权激励限售流通 | 138.9万 | | 金发科技 | 600143 | 股权激励限售流通 | 3288.6万 | | 爱尔眼科 | 300015 | 股权激励限售流通 | 19.88万 | | 汇川技术 | 300124 | 股权激励限售流通 | 30.5万 | | 常宝股份 | 002478 | 股权激励限售流通 | 341万 | | 科恒股份 | 300340 | 股权激励限售流通 | 2.8万 | | 华民股份 | 300345 | 股权激励限售 ...

2025 年 09 月 22 日 开源晨会 0922 ——晨会纪要 | 沪深300 | 及创业板指数近1年走势 | 吴梦迪（分析师） | wumengdi@kysec.cn | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 沪深300 | 创业板指 | 证书编号：S0790521070001 | 120% | | | | | | | | 观点精粹 | 90% | | | | | | | | | | 总量视角 | 60% | 【策略】坚持科技，高低切的时机尚未到来——投资策略周报-20250920 | 30% | | | | | | | | 【固定收益】8 | 月财政收支均放缓，政策加码预期升温——2025 | 年 | 月财政数据 | 8 | 0% | 2024-09 | 2025-01 | 2025-05 | 点评-20250919 | | 数据来源：聚源 | 【金融工程】商品择时及其在资产配置中的应用——大类资产配置研究系列（13） | | | | | | | | | | -20250919 | 昨日涨 ...

Core Insights - Chongqing Department Store (600729) has been recognized as one of the "Top 500 Service Enterprises in China" at the 2025 Modern Service Industry High-Quality Development Conference held in Chongqing [1] Group 1: Company Developments - The company has deepened market-oriented reforms, accelerated innovation, and continuously optimized its supply chain, establishing new consumption scenarios and advancing comprehensive digitalization [1] - Chongqing Department Store has successfully introduced strategic investors like Wumart Group, enhancing its overall strength and improving its corporate governance structure [1] - The company operates 270 direct-operated stores and nearly 400 franchise stores, covering Chongqing and Sichuan, with a strong customer base of over 20 million members [1] Group 2: Marketing and Sales Strategies - The company has launched various self-owned brands and community satellite stores, and has completed significant store renovations to enhance customer experience [2] - It has developed unique marketing events such as shopping festivals and group purchase meetings to effectively stimulate consumer demand [2] Group 3: Digital Transformation - The company has proposed a "631 Digital Blueprint" focusing on six front-end services supported by data and intelligent platforms, aiming for a dual-driven model of data-driven decision-making and AI efficiency enhancement [2] - Various online operational platforms have been established to provide real-time services to consumers, enhancing the overall shopping experience [2] Group 4: Future Plans - The company aims to embrace digital intelligence and transition towards "AI New Quality Retail," utilizing AI technologies for product selection, replenishment, and clearance [3] - It plans to accelerate store renovations, innovate new business models, and expand its market presence, particularly in emerging business districts and communities [3] - Chongqing Department Store intends to play a leading role in the high-quality development of modern service industries, meeting diverse consumer needs with quality products and services [3]

Core Viewpoint - The performance of licensed consumer finance institutions is under scrutiny in 2025, with a focus on the mid-term results of companies like Mashang Consumer Finance, which reported significant revenue and profit figures despite industry challenges [2][3]. Financial Performance - Mashang Consumer Finance achieved a revenue of 8.735 billion yuan and a net profit of 1.155 billion yuan in the first half of 2025, marking a year-on-year revenue growth of 12.96% and a net profit increase of 8.07% [2][3]. - The company maintained its position as the second in revenue and third in net profit among consumer finance institutions, being one of the few to surpass 1 billion yuan in net profit during the first half of the year [3]. - For the full year 2024, the company reported a net profit of 2.281 billion yuan, a 15.09% increase from 1.982 billion yuan in 2023, despite a slight revenue decline of 4.09% [4]. Credit Losses and Operational Efficiency - The credit impairment losses for 2024 were significantly reduced to 3.860 billion yuan from 6.024 billion yuan in 2023, contributing to the net profit growth [5]. - The company has faced challenges with rising non-performing loan rates, which increased from 2.05% at the end of 2022 to 2.49% at the end of 2024, with non-performing loan balances rising from 1.284 billion yuan to 1.533 billion yuan [5]. Cost Structure and Compliance Issues - Mashang Consumer Finance's business and management fees included 3.128 billion yuan in collection agency fees, raising concerns about the transparency and compliance of these expenses compared to peers [5]. - The company has faced over 70,000 complaints related to aggressive collection practices, including issues of false promises and privacy violations, indicating potential operational risks [6][7]. Regulatory Scrutiny - The company was fined 1 million yuan by the regulatory authority for inadequate management of outsourced collection agencies and improper pre-loan assessments [7]. - Concerns have been raised regarding the bundling of membership services that may obscure the true cost of loans, potentially violating consumer protection regulations [8][10].

Summary of Conference Call Records Industry Overview - The service consumption in China is significantly lower than in developed countries, currently at approximately 30% compared to 70% in the US, indicating substantial growth potential [1][2] - The new policies aim to enhance service consumption, particularly in the cultural and tourism sectors, with local governments actively improving service quality [1][2] Key Policy Insights - Five major increments in the new policy include: 1. Optimizing student holiday arrangements to explore spring and autumn breaks, benefiting tourism [1][4] 2. Encouraging IP collaborations to promote cross-industry partnerships [1][4] 3. Linking sports events with cultural tourism to boost consumer engagement [1][4] 4. Promoting AI applications in various sectors such as e-commerce and education [1][4] 5. Regulating non-academic training institutions to encourage market-oriented vocational training [1][4] Impact on Specific Sectors - **Tourism and Hospitality**: - The expansion of the visa-free entry policy is expected to significantly boost inbound tourism, particularly benefiting major cities like Beijing and Shanghai, as well as OTA platforms and hotels [3][9][12] - **Cultural and Sports Events**: - The policy encourages the introduction of international sports events and supports local sports activities, which will benefit event organizers and related industries, enhancing investor expectations [1][6] - **Education and Training**: - The new regulations for non-academic training institutions will favor companies like New Oriental and others in the vocational training sector [7][8] Financial and Economic Support - The government plans to utilize central budget investments and local special bonds to support cultural tourism and elderly care facilities, which will attract social capital investment [13] - Financial tools will be employed to increase credit availability, directly benefiting companies involved in consumer lending, such as Chongqing Department Store [13] Additional Considerations - The adjustment of student holiday schedules is anticipated to increase tourism frequency while alleviating congestion during peak seasons [11][12] - The integration of AI in service sectors is expected to enhance operational efficiency and reduce costs, indicating a significant trend in future consumption development [10]

届时，重庆百货大楼股份有限公司高管将参加本次活动，通过网络在线交流 形式，就公司治理、经营状况、发展战略、半年度经营情况等投资者所关心的问 题，与投资者进行"一对多"形式的在线沟通与交流。欢迎广大投资者踊跃参与。 特此公告。 重庆百货大楼股份有限公司董事会 2025 年 9 月 18 日 重庆百货大楼股份有限公司 关于参加重庆辖区上市公司 2025 年投资者网上集体接待日 暨半年度业绩说明会活动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 为进一步提高重庆辖区上市公司投资者关系管理水平，促进公司完善公司治 理，助力上市公司高质量发展，在重庆证监局指导下，重庆上市公司协会联合深 圳市全景网络有限公司举办重庆辖区上市公司2025年投资者网上集体接待日暨 半年度业绩说明会活动。 网上交流定于2025年9月25日（星期四）15:00—17:00举行，投资者可以登 录"全景路演"平台（https://rs.p5w.net）参与互动交流。 证券代码：600729 证券简称：重庆百货 公告编号：临 2025-042 ...