本公司及监事会全体成员保证公告内容的真实、准确和完整，不存在虚假记载、误导 性陈述或重大遗漏。 一、监事会会议召开情况 步步高商业连锁股份有限公司（以下简称"公司"）第七届监事会第七次会 议于 2025 年 11 月 13 日以微信方式发出通知，于 2025 年 11 月 18 日以现 场表决方式召开。会议由公司监事会主席王炯先生主持，会议应出席监事 5 名， 实际出席监事 5 名，董事会秘书师茜列席。公司全体监事对本次会议召集召开 方式及程序均无异议，本次会议的召集、召开符合《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"《上市 规则》"）和《步步高商业连锁股份有限公司章程》（以下简称"《公司章程》"） 的有关规定。 二、监事会会议审议情况 证券代码：002251 证券简称：步步高 公告编号：2025-046 步步高商业连锁股份有限公司 第七届监事会第七次会议决议公告 经与会监事审议及表决，一致通过如下议案： 1、会议以 5 票同意，0 票反对，0 票弃权审议通过了《关于修订〈公司章 程〉的议案》。 根据《中华人民共和国公司法》及中国证券监督管理委员会《关于新 ...

证券代码：002251 证券简称：步步高 公告编号：2025-045 步步高商业连锁股份有限公司 第七届董事会第八次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记载、误导 性陈述或重大遗漏。 一、董事会会议召开情况 步步高商业连锁股份有限公司（以下简称"公司"）第七届董事会第八次会 议于 2025 年 11 月 13 日以微信方式发出通知，于 2025 年 11 月 18 日以现场与通 讯表决方式召开。本次会议应参加表决董事 8 人，实际参加表决董事 8 人（王傲 延先生、赵英明先生以通讯方式参会，其余董事现场参会），公司监事及高级管 理人员列席了会议。会议的出席人数、召集召开程序、议事内容符合《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"《上市规则》"）、《步步高商业连锁股份有限公司章程》（以下简称"《公 司章程》"）的有关规定。 二、董事会会议审议情况 经与会董事认真讨论并表决，审议并通过如下议案： 1、逐项审议通过了《关于修订<公司章程>及其附件的议案》。 根据最新修订的《中华人民共和国公司法》《上市公司章程指引》（2 ...

Core Viewpoint - The article emphasizes the importance of understanding business fundamentals and maintaining a grounded approach in both entrepreneurship and investment, as exemplified by Duan Yongping's career and philosophy [2][5][11]. Group 1: Duan Yongping's Background and Career - Duan Yongping is recognized for his dual success in both the real economy and investment, founding brands like Xiaobawang and establishing BBK Electronics, which later evolved into companies like OPPO and Vivo [5][7]. - After retiring at the age of 40, Duan Yongping moved to the United States, prioritizing family and personal interests over corporate ambitions, which he believes allowed for a more balanced life [7][9]. - He attributes his early retirement to the capabilities of his team, stating that he stepped back to allow younger talents to lead [9]. Group 2: Investment Philosophy - Duan Yongping's investment strategy is centered around the principle that "buying stocks means buying companies," emphasizing the need to understand the underlying business rather than focusing solely on stock price fluctuations [15][16]. - His notable investment in NetEase, where he purchased shares during a market downturn, exemplifies his belief in understanding the business model and long-term value rather than succumbing to market panic [15][16]. - He has invested in a limited number of companies over the past two decades, including Apple and Moutai, indicating a preference for deep understanding over chasing trends [16][17]. Group 3: Business Principles - Duan Yongping advocates for a "not-to-do list," which includes avoiding OEM production, not engaging in price negotiations, and maintaining integrity in business practices, which he believes helps minimize errors [13][11]. - He emphasizes the importance of doing the right things and having a calm mindset, especially in the face of temptations, to ensure sound decision-making [11][12]. - His approach to business is characterized by a focus on brand building and long-term vision rather than short-term gains, as demonstrated by his refusal to take on large orders that did not align with his company's goals [13].

Group 1 - The global situation is changing significantly, with the prediction of a Federal Reserve rate cut in December dropping below 50%, indicating a bearish market outlook and potential impacts on financial markets [1] - The A-share market has shown signs of institutional reduction in positions, suggesting caution as funds may react to negative news this week [1] - The military industry is entering an upward cycle, with Q3 performance showing a narrowing year-on-year decline, and Q4 expected to see positive growth driven by "14th Five-Year Plan" orders and military trade catalysts [1] Group 2 - The military sector continues to perform strongly, with stocks like Aerospace Development and Changcheng Military Industry seeing significant gains, indicating a trend of improving quarterly results [3] - Retail concepts have surged, with notable increases in stocks like Dazhongfang and Dongbai Group, supported by a 2.9% year-on-year growth in social retail sales in October, totaling 46,291 billion yuan [3] - The storage chip sector has regained strength, with companies like Baiwei Storage and Puran Shares seeing over 10% increases, driven by Samsung's price hikes of 30% to 60% for server chips [3]

Group 1 - The retail sector experienced a rapid increase, with companies like Dongfang rising to the daily limit, and Dongbai Group increasing by over 9% [1] - Other companies in the retail sector, including Bubugao, Hebai Group, Guoguang Chain, and Hongqi Chain, also saw gains [1] - The State Council's executive meeting emphasized enhancing supply-demand adaptability as an effective measure to unleash consumption potential and facilitate economic circulation [1] Group 2 - According to the National Bureau of Statistics, the total retail sales of consumer goods in October reached 46,291 billion yuan, representing a year-on-year growth of 2.9% [1]

Group 1 - The core viewpoint of the articles revolves around Duan Yongping's humble approach to success in both business and investment, emphasizing his belief in understanding the companies he invests in rather than chasing market trends [1][12] - Duan Yongping's background includes founding the Xiaobawang brand and later establishing the BBK Electronics Company, which led to the creation of several successful brands like OPPO and Vivo [4][9] - His investment philosophy is characterized by a focus on understanding the business model and value of the companies he invests in, such as NetEase, Apple, and Moutai, rather than merely speculating on stock prices [11][12] Group 2 - Duan Yongping's "not-to-do list" includes avoiding OEM production, which he believes would hinder brand development and competitiveness [8][9] - He emphasizes the importance of making decisions based on what is right rather than solely on financial gain, which he considers a key to achieving financial freedom [5][6] - His notable investment in NetEase during the internet bubble, where he bought shares at a low price, showcases his ability to remain calm and rational in the face of market panic, leading to significant returns [11][12]

Core Viewpoint - The article highlights the entrepreneurial spirit and investment philosophy of Duan Yongping, emphasizing his humility and practical approach to business and investment [3][4]. Group 1: Personal Background and Career - Duan Yongping was born in Nanchang, Jiangxi, and faced challenges during his childhood, which instilled a sense of independence in decision-making [4]. - He left unsatisfactory jobs quickly, including a brief stint at Beijing Electronic Tube Factory and a small company in Guangdong, before finding success at Xiaobawang [4][7]. - After leaving Xiaobawang due to unfulfilled promises of equity, he founded BBK Electronics in Dongguan [7]. Group 2: Business Philosophy - Duan emphasizes a grounded approach to business, stating that true financial freedom comes from doing what one loves without being driven by money [8]. - He believes in a principle of "doing the right thing" and maintaining a calm mindset, which he refers to as "本分 + 平常心" (being principled and having a normal heart) [9][10]. - The "not-to-do list" established by BBK includes avoiding OEM production, which he believes would hinder brand development [12][13]. Group 3: Investment Strategy - After retirement, Duan shifted focus to investing, realizing that understanding a company is more important than stock price fluctuations [14]. - He made a significant investment in NetEase during the dot-com bubble, purchasing shares at a low price, which later yielded a return of over 100 times [16][17]. - Duan's investment philosophy centers on understanding the business deeply, as demonstrated by his investments in companies like Apple and Moutai, which he believes have unique value propositions [18][19].

Core Insights - Renowned investor Duan Yongping, after over 20 years of retirement, shared his investment philosophy and experiences in a recent interview, emphasizing the importance of understanding a company's intrinsic value and future cash flows rather than focusing solely on market price fluctuations [1][3]. Investment Philosophy - Duan Yongping currently holds only Kweichow Moutai in the A-share market, indicating it is one of his few major investments. He stated that his investment decisions are primarily based on the company's future cash flow rather than a single metric like the price-to-earnings ratio [2][3]. - He expressed that even during significant price declines, such as Kweichow Moutai's stock price halving, he remained calm and continued to hold and even increase his position, reflecting his deep understanding of the company's intrinsic value [2][3]. Decision-Making Process - Duan emphasized that investment is about making comparisons and choices based on a deep understanding of the business, anchoring on intrinsic value and future cash flows rather than short-term market volatility [3][4]. - He clarified that "long-term holding" should not be equated with "never selling," and investors must continuously evaluate opportunity costs during the holding period [4]. Understanding Companies - Duan agreed with the notion that "buying stocks means buying companies," but stressed the importance of truly understanding the company, which he believes is quite challenging. He noted that many companies are difficult to comprehend fully [6][7]. - He highlighted that even if one does not fully understand a company, it does not guarantee profitability, as success in such cases often relies on luck rather than skill [6]. Cultural and Strategic Insights - Duan criticized Nokia's decline, attributing it to a corporate culture that prioritized market share over user experience and a failure to adapt to changing trends. He noted that strategic direction and cultural foundations are crucial for a company's success [7][8]. - He emphasized that understanding a company requires looking beyond its business and trends to examine its internal culture and strategic consistency [7]. Talent Selection - Duan asserted that selecting the right people is essential for organizational success, emphasizing that shared values and cultural alignment are critical for long-term collaboration [8][9]. - He categorized individuals in organizations as "like-minded" or "co-workers," stressing that those who share deep value recognition contribute significantly to organizational cohesion [8][9].

Core Viewpoint - The essence of investment lies in deeply understanding the intrinsic value and future cash flows of a company, rather than being swayed by short-term market price fluctuations [3][6]. Investment Philosophy - Duan Yongping currently holds only Kweichow Moutai in the A-share market, emphasizing that investment decisions should be based on future cash flows rather than single metrics like price-to-earnings ratios [2]. - He believes that if a stock cannot withstand a 50% drop, it should not have been purchased in the first place, indicating a strong conviction in understanding the intrinsic value of investments [2][3]. - Duan identifies as a "full position" investor, preferring to avoid holding large amounts of cash due to low interest rates, and he is cautious about switching investments without clear opportunities [2][3]. Decision-Making and Opportunity Cost - Duan emphasizes the importance of continuously evaluating opportunity costs during the holding period of an investment, suggesting that long-term holding does not equate to never selling [4][5]. - He illustrates that if he had understood Nvidia's potential five years ago, it would have been reasonable to switch from Moutai to Nvidia if conditions allowed [4]. Understanding Companies - Duan asserts that the principle of "buying stocks means buying companies" is simple but challenging to execute, as truly understanding a company's business model and future cash flows is difficult [6]. - He notes that even if one does not fully understand a company, it is still possible to make money, but such success is often based on luck rather than skill [6]. Cultural and Strategic Insights - Duan critiques Nokia's decline, attributing it to a failure to prioritize user needs and a rigid adherence to its own systems, which led to missed opportunities [7]. - He stresses that understanding a company requires looking beyond its business and trends to examine its internal culture and strategic direction [7]. Talent Selection and Organizational Culture - Duan believes that selecting individuals with shared values is crucial for organizational success, emphasizing that a strong cultural alignment fosters long-term relationships and cohesion [9]. - He categorizes individuals in an organization as either "like-minded" or "co-workers," highlighting the importance of deep value alignment for effective collaboration [9].

Core Insights - The 26th Central Agricultural Expo showcased a variety of high-quality agricultural products from Yongzhou, resulting in the signing of 11 key projects worth a total of 1.15 billion yuan [1] Group 1: Product Quality and Market Expansion - Yongzhou's agricultural products, branded as "Yong" products, are making strides towards national and international markets, with a focus on high-standard planting bases and a digital management system [3] - The city has maintained the highest vegetable export volume among prefecture-level cities in China, with projected fruit and vegetable export value reaching 13.89 billion yuan in 2024 [3] Group 2: Technological Innovation and Value Addition - Hunan Shangdao Biotechnology Co., Ltd. has developed high-value products using innovative fermentation and preservation technologies, enhancing the market value of local agricultural products [4] - The company has signed a cooperation agreement with Hong Kong's Gaderi Trading to promote Yongzhou's HPP beverages in the Hong Kong market, while also establishing a comprehensive sales network through partnerships with other companies [4] Group 3: Strategic Development and Market Positioning - Yongzhou is focusing on a full industry chain strategy to upgrade agriculture from production to processing and sales, aiming to maintain a competitive edge for its high-quality agricultural products [4]