Core Points - The stock price of Maoye Commercial increased by 2.20% on November 5, reaching 4.19 CNY per share with a market capitalization of 7.257 billion CNY [1] - The company has experienced a year-to-date stock price decline of 4.12%, but has seen a recent increase of 3.97% over the last five trading days [1] Financial Performance - For the period from January to September 2025, Maoye Commercial reported a revenue of 1.824 billion CNY, a year-on-year decrease of 14.20%, and a net profit attributable to shareholders of 41.7316 million CNY, down 72.88% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 3.039 billion CNY, with 307 million CNY distributed over the last three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 4.82% to 30,300, with an average of 57,208 circulating shares per person, a decrease of 4.60% [2] - Hong Kong Central Clearing Limited is the sixth largest circulating shareholder, holding 7.0504 million shares, a decrease of 2.31838 million shares compared to the previous period [3]

Core Viewpoint - The home appliance retail industry is experiencing structural differentiation due to multiple factors such as the reduction of national subsidies and intensified competition, making operational resilience and robust development capabilities the focus of market attention [1] Industry Overview - The core variable in the home appliance market in 2025 remains the "trade-in for new" national subsidy policy, which has seen a phase adjustment leading to a slowdown in industry growth [2] - From January to September 2025, the home appliance retail sales increased by 5.2% year-on-year to 670.1 billion yuan, but the market showed a "high before low" characteristic, with a significant decline in the third quarter [2] - In the third quarter, retail sales fell by 3.2% year-on-year, with September seeing a drop of 19.2%, directly impacting the growth rate for the first three quarters [2] - Major appliance categories such as televisions, air conditioners, refrigerators, and washing machines experienced double-digit declines, with television sales down 19.3% and air conditioner sales down 28.1% from January to September 2025 [2] Company Performance - Despite the overall pressure in the home appliance and commerce sectors, the company achieved a relatively stable operational performance, reporting a revenue of 38.131 billion yuan and a net profit of 73.33 million yuan for the first three quarters of 2025 [3] - The company has maintained profitability for six consecutive quarters, with third-quarter revenue reaching 12.236 billion yuan and a net profit of 24.637 million yuan [3] Business Segments - The company's core business remained stable, with a 3.5% year-on-year increase in store sales and a 5.4% increase in comparable store sales for home appliances and 3C products in the first three quarters [5] - The retail cloud business saw a 7% year-on-year increase in sales revenue, while the government and enterprise business also experienced rapid growth [5] - The company expanded its store network, adding 31 new stores in the first three quarters, excluding adjustments to certain supermarket electrical stores [5] Strategic Initiatives - The company is focusing on internal improvements, optimizing store scenarios, and implementing a large store strategy to enhance competitive differentiation [5] - To capitalize on the Mid-Autumn Festival and National Day, the company opened seven upgraded Suning Max stores in key cities, enhancing the retail experience [6] - The company is deepening supply chain collaboration and has announced an early start to the Double 11 shopping festival, launching a "True Benefit Supplement" product in partnership with major brands [8] - The company is actively addressing debt issues, with a reported decrease in the asset-liability ratio by 0.49% compared to the beginning of the period [8] Long-term Outlook - The home appliance industry is transitioning into an "AI" phase, with significant growth in AI-integrated products, indicating a shift in consumer preferences and expectations [11] - The company is investing in AI technology to enhance operational efficiency and is exploring partnerships to build a comprehensive AI ecosystem [9] - The company's long-term investments in store upgrades and renovations may lead to short-term cost increases but are expected to yield long-term benefits [13]

Core Viewpoint - Maoye Commercial, a well-known enterprise in the domestic department store retail sector, has a diverse business layout and significant brand influence in the industry [1] Group 1: Business Overview - Established on December 31, 1993, and listed on the Shanghai Stock Exchange on February 24, 1994, Maoye Commercial is headquartered in Chengdu, Sichuan Province [1] - The company's main business includes holding company services, project investment and management, corporate management consulting, leasing, business information consulting, wholesale and retail of goods, and import and export of goods and technology [1] Group 2: Financial Performance - For Q3 2025, Maoye Commercial reported a revenue of 1.824 billion yuan, ranking 6th among 22 companies in the industry, with the industry leader, Tianhong Co., achieving 8.878 billion yuan [2] - The net profit for the same period was 33.145 million yuan, placing the company 14th in the industry, with the top performer, Hangzhou Jiebai, reporting a net profit of 316 million yuan [2] Group 3: Financial Ratios - As of Q3 2025, Maoye Commercial's debt-to-asset ratio was 58.22%, down from 59.55% year-on-year but still above the industry average of 48.09% [3] - The gross profit margin for the same period was 61.17%, a decrease from 64.37% year-on-year, yet higher than the industry average of 45.34% [3] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 4.82% to 30,300, while the average number of circulating A-shares held per shareholder decreased by 4.60% to 57,200 [5] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited ranked as the sixth largest, holding 7.0504 million shares, a decrease of 2.31838 million shares from the previous period [5] Group 5: Executive Compensation - The chairman, Gao Hongbiao, received a salary of 822,400 yuan, unchanged from the previous year [4]

证券代码：600828 证券简称：茂业商业 编号：临 2025-051 号 1 表决结果：同意 9 票，反对 0 票，弃权 0 票。 茂业商业股份有限公司 第十届董事会第四十五次会议决议公告 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个别及连带 责任。 茂业商业股份有限公司（以下简称"公司"或"本公司"）第十 届董事会第四十五次会议于 2025 年 10 月 29 日以现场结合通讯方式 召开。本次会议应参与表决董事 9 人，实际参与表决董事 9 人。会议 召开符合《公司法》和《公司章程》的要求。会议由董事长高宏彪先 生主持，以记名投票方式表决，形成了如下决议： 一、审议通过了《关于豁免公司第十届董事会第四十五次会议通 知期限的议案》 公司全体董事一致同意豁免公司第十届董事会第四十五次会议 通知期限，并于 2025 年 10 月 29 日召开第十届董事会第四十五次会 议。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 二、审议通过了《关于向大连银行股份有限公司成都分行申请 6000 万元授信的议案》 董 事 会 二〇二五年十月 ...

Core Viewpoint - Maoye Commercial (600828.SH) reported a significant decline in both revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The total operating revenue for the first three quarters reached 1.824 billion yuan, representing a year-on-year decrease of 14.2% [1] - The net profit attributable to shareholders was 41.7316 million yuan, down 72.88% year-on-year [1] - The basic earnings per share were reported at 0.0241 yuan [1]

Core Insights - The company reported a revenue of 560,572,237.04 yuan for the third quarter of 2025, representing a year-on-year growth of 1.55% [1] - The net profit attributable to shareholders of the listed company was 7,141,824.59 yuan, showing a significant year-on-year increase of 300.79% [1]

2025 年第三季度经营情况简报 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。 根据《上市公司行业信息披露指引第四号——零售》的要求，茂业商业股份有 限公司（以下简称"公司"）现将2025年前三季度主要经营数据披露如下： 证券代码：600828 证券简称：茂业商业 编号：临 2025-050 号 茂业商业股份有限公司 二〇二五年十月二十八日 一、2025年前三季度门店变动情况 报告期内，公司无新增门店，无关闭门店；截止本报告披露日，公司拥有各业 态零售门店合计23家。 二、2025年前三季度主要经营数据 | 单位：万元 | | --- | | 地区 | 业态 | 主营业务 | 主营业务 | 毛利率 | 主营业务 | 主营业务 | 毛利率 | 占主营业 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 收入 | 成本 | （%） | 收入同比 | 成本同比 | 同比变动（%） | 务收入比 | | | | | | | 变动（%） | 变动（%） | ...

Group 1 - The core viewpoint of the news is that Maoye Commercial reported a significant decline in its financial performance for the third quarter of 2023, with revenue and net profit both decreasing substantially compared to the previous year [1]. Group 2 - For the first three quarters of 2025, Maoye Commercial's revenue was approximately 1.824 billion yuan, representing a year-on-year decrease of 14.2% [1]. - The net profit attributable to shareholders was about 41.73 million yuan, which is a year-on-year decrease of 72.88% [1]. - The basic earnings per share were 0.0241 yuan, reflecting a year-on-year decrease of 72.86% [1]. Group 3 - As of the report, Maoye Commercial's market capitalization stood at 7 billion yuan [2].

Financial Performance - The company's operating revenue for the third quarter was ¥560,572,237.04, representing a year-on-year increase of 1.55%[5] - The total profit for the quarter was ¥5,572,845.45, with a year-to-date profit of ¥46,729,782.50, reflecting a decrease of 75.05% compared to the previous year[5] - The net profit attributable to shareholders for the quarter was ¥7,141,824.59, showing a significant increase of 300.79% year-on-year, while the year-to-date figure decreased by 72.88% to ¥41,731,591.44[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses for the quarter was ¥4,487,229.62, up 125.39% year-on-year, with a year-to-date decrease of 67.55%[5] - The basic earnings per share for the quarter was ¥0.0041, an increase of 310.00% year-on-year, while the year-to-date figure decreased by 72.86% to ¥0.0241[6] - The net profit for the first three quarters of 2025 is CNY 33,145,133.05, a decrease of 78.9% compared to CNY 156,966,367.37 in the same period of 2024[32] - The total revenue from operating activities for the first three quarters of 2025 is CNY 3,363,574,692.13, down 22.1% from CNY 4,318,367,165.52 in the previous year[36] - The total operating profit for the first three quarters of 2025 is CNY 47,503,634.25, down 74.7% from CNY 187,986,517.69 in the same period of 2024[32] Assets and Liabilities - The total assets at the end of the reporting period were ¥18,089,807,907.64, a decrease of 3.25% compared to the end of the previous year[6] - The equity attributable to shareholders at the end of the reporting period was ¥7,030,255,958.69, reflecting an increase of 0.78% compared to the end of the previous year[6] - As of September 30, 2025, the company's total current assets amounted to RMB 2,045,921,358.69, a slight decrease from RMB 2,053,893,062.15 on December 31, 2024[25] - The company's total liabilities as of September 30, 2025, were RMB 10,532,092,471.52, down from RMB 11,186,063,838.18 at the end of 2024[27] - The company’s non-current assets totaled RMB 16,043,886,548.95 as of September 30, 2025, down from RMB 16,643,982,680.51 at the end of 2024[26] - The company’s total equity as of September 30, 2025, was RMB 7,557,715,436.12, slightly up from RMB 7,511,811,904.48 at the end of 2024[27] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥245,029,853.16, down 69.23% compared to the previous year[5] - The net cash flow from operating activities for the first three quarters of 2025 is CNY 245,029,853.16, a decline of 69.1% compared to CNY 796,373,503.57 in the same period of 2024[37] - The company’s cash and cash equivalents as of September 30, 2025, were RMB 207,123,150.61, compared to RMB 246,530,768.21 at the end of 2024, reflecting a decrease of approximately 16%[25] - The cash and cash equivalents at the end of the third quarter of 2025 amount to CNY 176,542,672.84, compared to CNY 162,537,862.23 at the end of the same period in 2024[37] Shareholder Information - The total number of common shareholders at the end of the reporting period is 30,264[13] - Shenzhen Maoye Commercial Co., Ltd. holds 1,401,135,188 shares, accounting for 80.90% of the total shares[14] Financing Activities - The company plans to apply for a loan of RMB 48 million from Industrial and Commercial Bank of China, with a term of 12 months, secured by a property of 7,733 square meters[15] - The company intends to apply for a comprehensive credit limit of RMB 120 million from Shanghai Pudong Development Bank, with a term of 24 months, secured by commercial properties totaling 18,766.37 square meters[16] - The company plans to borrow up to RMB 140 million from its controlling shareholder, with a term of 3 years, without any collateral or guarantees[17] - The company intends to apply for a comprehensive credit limit of RMB 300 million from China Minsheng Bank, secured by a property of 38,002.71 square meters[18] - The company plans to apply for a comprehensive credit limit of RMB 200 million from Guangfa Bank, with the loan secured by a commercial property of 38,470.86 square meters[19] - The company plans to apply for a working capital loan of RMB 100 million from Ordos Bank, with a term not exceeding one year, secured by commercial properties totaling 40,064.84 square meters[20] Management Strategy - The company emphasized its strategy of optimizing management and improving quality and efficiency, which contributed to the revenue growth despite the overall decline in profit[10] Audit and Compliance - The company has approved the renewal of the accounting firm for the 2025 financial year, continuing with Xinyong Zhonghe for financial and internal control audits[21] Other Financial Metrics - The company reported a total comprehensive income of CNY 30,476,164.18 for the first three quarters of 2025, significantly lower than CNY 175,387,549.61 in the previous year[32] - The basic and diluted earnings per share for the first three quarters of 2025 are CNY 0.0241, down 72.8% from CNY 0.0888 in the same period of 2024[32] - The company incurred financial expenses of CNY 212,037,506.21 in the first three quarters of 2025, a decrease of 16.3% from CNY 253,235,411.05 in the previous year[32] - The company reported a tax expense of CNY 13,584,649.45 for the first three quarters of 2025, a decrease of 55.3% compared to CNY 30,340,443.23 in the previous year[32]

Group 1 - The core viewpoint of the article highlights that Maoye Commercial reported a revenue of 561 million yuan in the third quarter, representing a year-on-year increase of 1.55% [1] - The net profit for the third quarter was 7.14 million yuan, showing a significant year-on-year growth of 300.79% [1] - For the first three quarters, the total revenue was 1.824 billion yuan, which reflects a year-on-year decline of 14.20% [1] - The net profit for the first three quarters was 41.73 million yuan, indicating a substantial year-on-year decrease of 72.88% [1]