截至9月30日，茂业商业股东户数3.03万，较上期增加4.82%；人均流通股57208股，较上期减少4.60%。 2025年1月-9月，茂业商业实现营业收入18.24亿元，同比减少14.20%；归母净利润4173.16万元，同比减 少72.88%。 分红方面，茂业商业A股上市后累计派现30.39亿元。近三年，累计派现3.07亿元。 机构持仓方面，截止2025年9月30日，茂业商业十大流通股东中，香港中央结算有限公司位居第六大流 通股东，持股705.04万股，相比上期减少2318.38万股。 今年以来茂业商业已经2次登上龙虎榜，最近一次登上龙虎榜为1月12日。 资料显示，茂业商业股份有限公司位于四川省成都市东御街19号，成立日期1993年12月31日，上市日期 1994年2月24日，公司主营业务涉及控股公司服务;项目投资及管理;企业管理咨询服务;租赁业务;商务信 息咨询;批发、零售商品;货物进出口、技术进出口。主营业务收入构成为：百货零售68.60%，其他(补 充)20.37%，酒店、地产等其他行业11.03%。 茂业商业所属申万行业为：商贸零售-一般零售-百货。所属概念板块包括：新零售、中盘价值、金融改 革、 ...

1月22日，重庆百货盘中下跌2.01%，截至13:00，报24.82元/股，成交1.88亿元，换手率3.89%，总市值 109.32亿元。 截至9月30日，重庆百货股东户数1.91万，较上期增加18.34%；人均流通股10070股，较上期减少 14.94%。2025年1月-9月，重庆百货实现营业收入116.30亿元，同比减少10.56%；归母净利润9.91亿元， 同比增长7.38%。 资金流向方面，主力资金净流出3541.91万元，特大单买入449.30万元，占比2.40%，卖出2102.75万元， 占比11.21%；大单买入2976.61万元，占比15.87%，卖出4865.08万元，占比25.94%。 分红方面，重庆百货A股上市后累计派现70.53亿元。近三年，累计派现15.40亿元。 重庆百货今年以来股价跌3.95%，近5个交易日跌10.04%，近20日跌8.89%，近60日跌8.95%。 机构持仓方面，截止2025年9月30日，重庆百货十大流通股东中，华泰柏瑞上证红利ETF（510880）位 居第一大流通股东，持股1563.60万股，相比上期增加86.96万股。香港中央结算有限公司位居第二大流 通股东 ...

1月21日，步步高（维权）盘中下跌2.06%，截至13:27，报5.23元/股，成交3.60亿元，换手率3.18%，总 市值140.62亿元。 资金流向方面，主力资金净流出3455.41万元，特大单买入1089.47万元，占比3.02%，卖出2631.27万 元，占比7.30%；大单买入5295.79万元，占比14.70%，卖出7209.40万元，占比20.01%。 步步高今年以来股价跌1.51%，近5个交易日跌4.39%，近20日跌10.29%，近60日跌8.41%。 分红方面，步步高A股上市后累计派现16.77亿元。近三年，累计派现0.00元。 机构持仓方面，截止2025年9月30日，步步高十大流通股东中，香港中央结算有限公司退出十大流通股 东之列。 责任编辑：小浪快报 步步高所属申万行业为：商贸零售-一般零售-超市。所属概念板块包括：预制菜、社区团购、新零售、 免税概念、统一大市场等。 截至9月30日，步步高股东户数17.25万，较上期增加95.00%；人均流通股12476股，较上期减少 27.06%。2025年1月-9月，步步高实现营业收入31.94亿元，同比增长26.48%；归母净利润2.26亿元， ...

截至9月30日，重庆百货股东户数1.91万，较上期增加18.34%；人均流通股10070股，较上期减少 14.94%。2025年1月-9月，重庆百货实现营业收入116.30亿元，同比减少10.56%；归母净利润9.91亿元， 同比增长7.38%。 分红方面，重庆百货A股上市后累计派现70.53亿元。近三年，累计派现15.40亿元。 机构持仓方面，截止2025年9月30日，重庆百货十大流通股东中，华泰柏瑞上证红利ETF（510880）位 居第一大流通股东，持股1563.60万股，相比上期增加86.96万股。香港中央结算有限公司位居第二大流 通股东，持股1090.86万股，相比上期减少155.78万股。易方达中证红利ETF（515180）位居第六大流通 股东，持股391.40万股，相比上期增加27.94万股。招商中证红利ETF（515080）位居第七大流通股东， 持股326.59万股，相比上期增加27.40万股。南方中证1000ETF（512100）位居第十大流通股东，持股 201.17万股，为新进股东。富国天惠成长混合(LOF)A/B（161005）、国投证券股份有限公司退出十大流 通股东之列。 责任编辑：小浪 ...

贝因美所属申万行业为：食品饮料-饮料乳品-乳品。所属概念板块包括：新零售、宠物经济、电子商 务、跨境电商、小盘等。 截至9月30日，贝因美股东户数14.79万，较上期增加3.24%；人均流通股7302股，较上期减少3.14%。 2025年1月-9月，贝因美实现营业收入20.33亿元，同比减少2.59%；归母净利润1.06亿元，同比增长 48.07%。 资金流向方面，主力资金净流出5165.69万元，特大单买入360.27万元，占比1.88%，卖出4447.21万元， 占比23.16%；大单买入2510.53万元，占比13.07%，卖出3589.29万元，占比18.69%。 贝因美今年以来股价涨1.47%，近5个交易日跌1.58%，近20日跌2.51%，近60日跌1.43%。 资料显示，贝因美股份有限公司位于浙江省杭州市滨江区伟业路1号10幢，成立日期1999年4月27日，上 市日期2011年4月12日，公司主营业务涉及从事婴幼儿食品、奶基营养品的研发、生产和销售。主营业 务收入构成为：奶粉类89.20%，其他(补充)4.69%，米粉类3.54%，用品类1.71%，其他类0.86%。 1月21日，贝因美（维权） ...

一场清退纠纷，将曾经风光无两的潮流零售品牌KKV推上风口浪尖。 2026年1月5日，深圳卓悦中心发出一纸清退公告，公告称因KKV长期业绩不佳、未支付业绩租金，已构成根本性违约，商场依法解除合同并收回商铺使 用权。 而KKV方面则给出截然不同的回应，品牌称一直按时交租、无任何欠费，并指责商场依据有争议的格式条款单方面解约。据《南方都市报》报道，KK集 团内部人士及一线员工反馈，当日卓悦中心未提前沟通，直接以围栏封锁门店，阻止工作人员到岗，导致门店停业，部分工作人员透露2025年12月也曾被 强制闭店。双方各执一词，事件陷入罗生门。 近年来，KKV已从北京合生汇、温州龙湾吾悦广场、西安万象天地、长沙国金街等全国主力商圈接连撤离，部分门店因合作调整或战略优化而关闭，仅 2025年，就有10余家KKV门店关停。 KKV的崛起，曾是新零售领域的典型样本之一。2019年，这个主打精致生活方式的集合品牌横空出世，凭借超1000平方米的大店体量、极具视觉冲击力 的集装箱式设计，以及涵盖近2万款SKU的日用、美妆、潮玩等多元品类组合，迅速抢占核心购物中心的黄金铺位，成为兼具打卡属性与消费价值的热门 地标。 巅峰阶段，其母公司K ...

1月20日，全聚德盘中下跌2.06%，截至10:43，报12.35元/股，成交8157.39万元，换手率2.14%，总市值 37.90亿元。 资金流向方面，主力资金净流出716.71万元，特大单买入115.07万元，占比1.41%，卖出229.11万元，占 比2.81%；大单买入715.67万元，占比8.77%，卖出1318.35万元，占比16.16%。 全聚德今年以来股价涨4.84%，近5个交易日涨3.69%，近20日跌0.56%，近60日涨7.67%。 截至9月30日，全聚德股东户数3.70万，较上期增加18.19%；人均流通股8281股，较上期减少15.39%。 2025年1月-9月，全聚德实现营业收入9.58亿元，同比减少11.62%；归母净利润2617.39万元，同比减少 62.85%。 分红方面，全聚德A股上市后累计派现8.30亿元。近三年，累计派现0.00元。 机构持仓方面，截止2025年9月30日，全聚德十大流通股东中，富国中证旅游主题ETF（159766）位居 第四大流通股东，持股146.41万股，相比上期增加50.24万股。 责任编辑：小浪快报 资料显示，中国全聚德(集团)股份有限公司位于 ...

Group 1 - The core point of the news is that Maoye Commercial's stock has experienced fluctuations, with a recent decline of 2.02% and a total market value of 11.743 billion yuan [1] - As of January 20, the stock price is reported at 6.78 yuan per share, with a trading volume of 112 million yuan and a turnover rate of 0.94% [1] - Year-to-date, Maoye Commercial's stock has increased by 16.10%, but it has seen a decline of 15.67% over the last five trading days [1] Group 2 - For the period from January to September 2025, Maoye Commercial reported a revenue of 1.824 billion yuan, a year-on-year decrease of 14.20%, and a net profit attributable to shareholders of 41.7316 million yuan, down 72.88% year-on-year [2] - The number of shareholders as of September 30 is 30,300, an increase of 4.82% from the previous period, while the average circulating shares per person decreased by 4.60% to 57,208 shares [2] - The company has distributed a total of 3.039 billion yuan in dividends since its A-share listing, with 307 million yuan distributed over the last three years [3]

Core Viewpoint - The article discusses the competitive landscape of the food delivery and instant retail market in China, focusing on Sam's Club's rapid expansion and the challenges it faces amid rising consumer expectations and scrutiny [4][5][12]. Group 1: Market Competition and Expansion - The food delivery market in China is experiencing a cooling phase, with the State Administration for Market Regulation investigating the competitive status of delivery platforms [4]. - Major players in the instant retail sector, including Meituan, Taobao Shanguo, and JD, are heavily investing in this space, indicating a shift from traditional food delivery to broader instant retail opportunities [5][6]. - Sam's Club, a subsidiary of Walmart, has significantly contributed to Walmart China's growth, achieving strong performance with double-digit growth in transaction volume in 2025 [9][12]. Group 2: Consumer Trust and Brand Image - Despite facing multiple controversies, including product quality issues and negative media coverage, Sam's Club has maintained a strong brand image and consumer loyalty among the middle-class demographic [11][22]. - The willingness of consumers to pay membership fees reflects their trust in Sam's product selection and quality assurance, with annual fees ranging from 260 to 680 yuan [15][17]. - The article highlights that the middle-class consumers' attachment to Sam's Club is reinforced by its ability to meet their quality and identity needs, making it difficult for them to switch to competitors [18][23]. Group 3: Challenges of Rapid Expansion - Sam's Club has accelerated its expansion, opening 10 new stores in 2025, a significant increase compared to previous years [9][32]. - The rapid growth has led to quality control issues, as the supply chain struggles to keep pace with the increased demand, resulting in product quality concerns [32][34]. - The management changes, including the appointment of a former Alibaba executive as CEO, are part of a strategy to achieve scale, but they also bring scrutiny and challenges in maintaining quality standards [33][34].

Core Viewpoint - The competition in the domestic food delivery market is showing signs of cooling, with a focus on broader instant retail rather than just food delivery, driven by major players like Meituan, Taobao Shanguo, and JD [6][7]. Group 1: Market Dynamics - The State Administration for Market Regulation is investigating the competitive landscape of food delivery platforms, indicating a regulatory focus on the sector [6]. - Instant retail, which encompasses a larger market than traditional food delivery, is becoming a battleground for major players, including Walmart's Sam's Club [6][7]. Group 2: Sam's Club Performance - Sam's Club in China has shown strong growth, with double-digit increases in transaction volume in Q2 and Q3 of 2025, and the total number of stores reaching 63 after opening 10 new locations [7]. - Despite facing negative publicity, such as product quality issues and management changes, Sam's Club continues to see rising sales and membership renewal rates, indicating strong brand loyalty among consumers [10][20]. Group 3: Consumer Trust and Brand Positioning - The brand's ability to maintain consumer trust is crucial, as evidenced by the willingness of consumers to pay membership fees for perceived quality and value [12][14]. - Sam's Club's pricing strategy, such as offering a down-market down jacket at a competitive price, has resonated with middle-class consumers, reinforcing its position as a preferred shopping destination [12][20]. Group 4: Competitive Landscape - Current competitors in the retail space, such as Dingdong Maicai and Hema, focus on different consumer segments and do not effectively meet the needs of Sam's Club's core demographic [22][29]. - Other international brands like Costco and Aldi have not been able to replicate Sam's Club's scale and market penetration in China, further solidifying Sam's Club's unique position [26][29]. Group 5: Expansion Strategy and Challenges - Sam's Club has accelerated its expansion since 2016, with a significant increase in new store openings, but this rapid growth has led to quality control issues [30][34]. - The company is navigating the challenges of maintaining product quality while expanding its footprint, particularly as it seeks to enter lower-tier cities with high-income consumers [37].