公司代码：600785 公司简称：新华百货 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到www.sse.com.cn网站仔细阅读半年度报告全文。 1.2本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 1.3董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司2025年半年度实现归属于上市公司股东的净利润为86,008,122.91元，提议本次利润分配以本报告期 末公司总股本225,631,280股为基数，向全体股东按每10股派发现金红利1.00元（含税），共计分配现金 红利22,563,128.00元，剩余未分配利润结转至下一次分配，公司不再进行资本公积金转增股本。 第二节 公司基本情况 2.1公司简介 登录新浪财经APP 搜索【信披】查看更多考评等级 ■ 2.2主要财务数据 单位：元 币种：人民币 ■ 2.3前10名股东持股情况表 单位: 股 ■ 2.4截至报告期末的优先股股东总数、前10名优先股股东情况表 □适用 √不 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has achieved a 79% year-on-year increase in net profit attributable to shareholders, driven by multiple business lines creating new growth drivers [1][2] - The company is accelerating the development of a franchise model in lower-tier markets, with over 140 selected franchise stores under construction or planning, aiming for 500 selected franchise stores by 2025 [2] - The company is a leader in the maternal and infant retail sector, with a unique large-store model and steady progress in franchise operations, leading to continuous market share growth [3][4] Financial Performance - In the first half of 2025, the company reported revenue of 4.9 billion yuan, a 9% year-on-year increase, and a net profit of 140 million yuan, a 79% increase [7] - The company expects revenues of 11.2 billion yuan, 15.1 billion yuan, and 19.7 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 20%, 35%, and 30% [9] - The net profit attributable to shareholders is projected to be 350 million yuan, 560 million yuan, and 890 million yuan for the same years, with growth rates of 96%, 59%, and 58% respectively [9] Business Expansion - The company has over 1,300 stores nationwide, including 502 self-operated large stores and 61 franchise stores as of the first half of 2025 [7] - The first Ultra store opened in June 2025, integrating trendy IP, grain economy, and AI technology [7] - The company is enhancing its supply chain advantages through short-chain self-operated products, with differentiated supply chain revenue of 530 million yuan in the first half of 2025 [7] Profitability Metrics - The gross margin for the first half of 2025 was 27.7%, a decrease of 2 percentage points, while the net margin increased by 1 percentage point to 2.9% [7] - The company has a projected P/E ratio of 46, 29, and 18 for the years 2025, 2026, and 2027 respectively [9]

Core Viewpoint - The company is actively expanding its semiconductor and international logistics businesses, aiming to enhance service capabilities and optimize supply chain management while leveraging technological advancements for digital transformation [2][3][4][6]. Semiconductor Business - The company is expanding its customer base in the semiconductor sector and has established new partnerships with domestic and international semiconductor firms [2]. - It aims to provide rapid response services for lithography machine consignment and maintenance, focusing on integrated circuit manufacturing enterprises in the South China region [2]. - The company plans to enhance its supply chain management products and establish industry standards for consignment and maintenance services in the semiconductor equipment sector [2]. International Logistics - In the first half of 2025, the international logistics segment experienced a revenue increase of 329.56% year-on-year [2]. - The company is developing a comprehensive supply chain service network, integrating various transportation modes to improve logistics efficiency and resilience [2][3]. - Future plans include leveraging IoT and AI technologies to optimize logistics processes and enhance end-to-end service capabilities [2][4]. Global Expansion - The company is focusing on global expansion through strategic initiatives in regions such as the Belt and Road, Europe, Southeast Asia, and Central Asia [3]. - It aims to enhance its cross-border e-commerce capabilities and improve local operational efficiency to better serve international markets [3]. Digital Transformation - The company is investing in big data and AI to enhance logistics efficiency and service quality, with a focus on digital customs clearance services [4]. - Plans include increasing R&D investments in digital supply chain management to reduce costs and improve operational efficiency [4]. Self-built Warehousing Projects - The company is making progress in self-built warehousing projects in Chongqing and Kunming, which are expected to contribute positively to its performance [5]. - Ongoing projects in Shenzhen are aimed at serving the cross-border e-commerce and semiconductor industries [5]. Financial Performance - For the first half of 2025, the company reported a main revenue of 2.112 billion yuan, a year-on-year increase of 35.18%, while net profit decreased by 38.29% [6]. - The company attributes the disparity between revenue growth and net profit decline to non-recurring gains and seasonal factors in international logistics [6].

Core Viewpoint - The report highlights the financial performance and strategic initiatives of Shenzhen Easttop Supply Chain Management Co., Ltd. for the first half of 2025, showcasing significant revenue growth driven by international logistics and digital supply chain services [1][2]. Company Overview and Financial Metrics - Company Name: Shenzhen Easttop Supply Chain Management Co., Ltd. - Stock Code: 002889 - Total Assets: CNY 5,061.15 million, an increase of 6.17% compared to the previous year [2]. - Revenue: CNY 2,109.08 million, a year-on-year increase of 35.23% [2][3]. - Net Profit Attributable to Shareholders: CNY 79.86 million, a decrease of 38.29% compared to the previous year [2][3]. Industry Environment Analysis - The cross-border e-commerce market in China reached approximately CNY 1.32 trillion in the first half of 2025, growing by 5.7% year-on-year [3]. - The global semiconductor market is projected to exceed USD 700.9 billion in 2025, with a year-on-year growth of 11.2% [3]. - China's integrated circuit exports increased by 20.3% to CNY 650.26 billion in the first half of 2025 [3]. Business Operations - The company operates as a leading integrated 4PL digital supply chain service provider, focusing on global consumer brands and major e-commerce platforms [4][5]. - The service model includes customized supply chain logistics services, integrating logistics, commerce, finance, and information flows [4]. - The company has established a robust international logistics network, offering door-to-door air, sea, and express freight services [5][6]. Financial Performance Analysis - Gross Profit: CNY 180.71 million, a decrease of 6.16% year-on-year [8]. - Operating Profit: CNY 100.72 million, down 37.23% from the previous year [8]. - Total Profit: CNY 101.95 million, a decline of 36.80% compared to the previous year [8]. Strategic Initiatives - The company is enhancing its digital capabilities through the application of IoT, AI, and big data technologies to improve supply chain transparency and efficiency [12][13]. - The establishment of high-standard overseas warehouses in key regions supports cross-border e-commerce and logistics operations [14][18]. - The company is actively pursuing partnerships with major international brands and e-commerce platforms to expand its service offerings [17][19].

Core Viewpoint - Dongfeng Motor and JD Group have officially signed a strategic cooperation agreement to establish a comprehensive strategic partnership, focusing on leveraging JD's advantages in digital supply chain, platform ecosystem, and user services [2] Group 1: Strategic Cooperation - The strategic cooperation will focus on three core areas: vehicle marketing and after-sales service ecosystem, procurement and supply chain, and smart logistics [2] - The signing ceremony was attended by key executives, including Dongfeng Motor's Party Secretary and Chairman Yang Qing and JD Group's SEC Vice Chairman and CEO Xu Ran [2]

Core Insights - The group meal industry is a crucial pillar of China's catering market, meeting the large-scale dining needs of enterprises, schools, and hospitals, directly impacting public service efficiency and food safety [1] - The industry is evolving towards digitalization, standardization, and centralization, driven by the integration of central kitchens, cold chain logistics, and digital management systems [1] - The social value of the group meal industry is increasingly recognized, contributing to rural revitalization efforts [1] Policy Drivers - The rural revitalization strategy encourages the integration of primary, secondary, and tertiary industries, allowing the group meal industry to penetrate lower-tier cities through government collaboration [4] - Recent policies from the State Council and the Ministry of Agriculture promote the development of rural industries, enhancing the value-added processing of agricultural products [5] Food Safety and Regulation - Food safety has become a critical public concern, with various policies aimed at enhancing the quality and safety of the food supply chain [7] - Digital tools are essential for establishing supply chain traceability systems, which can improve the competitive edge of leading group meal companies [7] Demand Factors - High food expenditure among Chinese residents supports a stable daily consumption base for group meals, particularly in schools and government institutions [12] - The online food delivery sector's growth is driving the group meal industry to upgrade its supply offerings [15] Supply Factors - The group meal industry is attracting capital investment, focusing on projects that integrate the three industries, digital supply chain construction, and cross-regional expansion [17] - The industry is entering a phase of standardization and informationization, with significant funding directed towards infrastructure and digital transformation [17] Technological Advancements - Leading social dining brands are leveraging digital technologies to enhance operational efficiency, which group meal companies can adopt to overcome data silos [20] Industry Evolution - The group meal industry has transitioned from the "big canteen" model to a multi-model approach, with a focus on standardization and professionalization [23] Market Size and Growth - The group meal market is projected to reach approximately 2.7 trillion yuan by 2024, with expectations to exceed 3.5 trillion yuan by 2026, indicating strong resilience compared to the overall catering market [29] Customer Segmentation - The primary customer segments for group meals include schools, hospitals, enterprises, and government institutions, each with distinct demand characteristics [32] - Schools account for about 52.7% of the revenue share in the group meal industry, with increasing market share expected from county-level primary and secondary schools [34] Operational Models - The group meal industry employs various operational models, including the contracted entry model, collective meal distribution model, and platform model, each with unique revenue structures and operational efficiencies [38][40][42][45] Profitability Challenges - The average profit margin for the top 100 group meal companies has decreased from 6.3% to 5.2%, indicating a shift towards a low-profit environment [47] - Increased competition and rising operational costs are contributing to the uncertainty in profit margins [47] Market Concentration - The concentration of the group meal market in China is relatively low compared to North America and Europe, presenting opportunities for leading companies to consolidate and enhance their market presence [59] Diverse Market Participants - The group meal industry is becoming increasingly diverse, with various players, including online food delivery platforms and chain restaurants, entering the market [62]

Group 1 - The management transition at Wancheng Group has occurred, with Wang Jiankun resigning as chairman and Wang Liqing taking over, while Wang Zenning becomes the CEO [1] - Wancheng Group reported Q1 2025 revenue of 10.821 billion yuan and a net profit of 215 million yuan, marking a year-on-year increase of 3344.13%, with the snack business revenue reaching 10.688 billion yuan, up 127.65% [1] - The company has expanded its store count to over 15,000 across several provinces, establishing its "Haoxianglai" snack brand as a nationally recognized chain [1] Group 2 - Wancheng Group has established over 50 warehouses and a modern logistics system covering over 900,000 square meters, enhancing delivery efficiency under the "T+1" principle [2] - The company has introduced new product categories and diversified marketing strategies to strengthen consumer connections, including exclusive collaborations with popular IPs [2] - The ongoing national policies to boost domestic demand and consumption are expected to enhance market potential, with Wancheng Group's performance gaining recognition in the capital market [2] Group 3 - Industry analysts believe that under the new management, Wancheng Group is poised to continue unlocking retail business potential, driving stronger growth and creating greater value for consumers and investors [3]

Group 1: Instant Retail Trends - The instant retail lifestyle has gained popularity among consumers, especially during travel, leading to increased sales of various products [1] - During the "May Day" holiday, sales of travel-related products saw significant growth: sunscreen orders increased by 145%, swimming goggles by 152%, women's swimsuits by 115%, outdoor items like picnic mats and tents by 140% and 120% respectively [1] Group 2: L'Oréal's Supply Chain Innovations - L'Oréal showcased its supply chain capabilities at the China International Supply Chain Promotion Expo, highlighting its ability to process over 7,000 consumer orders per hour [3] - The company ensures smooth delivery even during peak promotional periods, with 99% of direct mail packages delivered within an average of 2.4 days [3] - L'Oréal's supply chain agility is crucial for managing a vast array of products, with over 32 beauty brands and thousands of products generating a high volume of daily orders [3] Group 3: Digital Transformation in Cosmetics - L'Oréal announced an upgraded strategic partnership with the China Barcode Technology and Application Association to enhance the digital identity of beauty products [4] - The adoption of QR code technology is transforming operational efficiency in the cosmetics industry, reducing inventory turnover days and improving order delivery rates [4] - The implementation of unique digital identities for each cosmetic product allows for better traceability and quality improvements across the supply chain [4] Group 4: Expo Participation - The expo featured over 650 domestic and international exhibitors, with 35% being foreign participants, and a 15% increase in American exhibitors compared to the previous year [4] - More than 230 companies participated for the first time, showcasing over 100 new products [4]

Core Insights - The group meal industry is a crucial pillar of China's catering market, meeting the large-scale dining needs of enterprises, schools, and hospitals, directly impacting public service efficiency and food safety [1] - The industry is evolving towards intelligence, standardization, and intensification, driven by digital transformation and supply chain upgrades [1] - Leading companies are enhancing operational efficiency through the integration of central kitchens, cold chain logistics, and digital management systems [1] - The social value of the group meal industry is increasingly recognized, contributing to rural revitalization [1] Policy Drivers - The rural revitalization strategy encourages the integration of primary, secondary, and tertiary industries, allowing the group meal industry to penetrate rural areas through government collaboration [4][5] - Recent policies from the State Council and the Ministry of Agriculture promote rural industry development, focusing on agricultural product processing to enhance value and stability in the supply chain [5][6] Food Safety and Standardization - Food safety is a critical concern, with policies aimed at enhancing the quality and safety of the food supply chain [8][10] - Digital tools are being utilized to establish traceability systems in the supply chain, improving the competitive edge of leading group meal companies [8] Demand Drivers - High food consumption levels in China provide a stable daily consumption base for the group meal industry, with significant per capita consumption of grains, fruits, and protein products [13] - The online food delivery sector is thriving, with 590 million users expected by 2024, pushing group meal companies to upgrade their offerings [16] Capital and Investment Trends - The group meal industry is attracting capital, with significant funding directed towards projects integrating the three industries, digital supply chain construction, and cross-regional expansion [18][20] - Major funding uses include collaboration with local governments on infrastructure projects and enhancing digital capabilities [18] Technological Advancements - Leading social dining brands are adopting digital technologies, which can help group meal companies overcome data silos and improve operational efficiency [21] Market Dynamics - The group meal industry has transitioned from a "big canteen" model to a multi-model approach, with a focus on standardization and specialization [24] - The market is expected to grow steadily, with projections estimating a market size of approximately 2.7 trillion yuan by 2024 and over 3.5 trillion yuan by 2026 [30] Customer Segmentation - The primary customer segments for group meals include schools, hospitals, enterprises, and government institutions, each with distinct demand characteristics [33][35] - Schools account for approximately 52.7% of revenue in the group meal sector, with increasing demand from county-level primary and secondary schools [35] Operational Models - Three main operational models exist: the contracted entry model, collective meal distribution model, and platform model, each with unique revenue structures and operational efficiencies [39][41][43] - The collective meal distribution model is expected to gain traction, particularly in smaller institutions lacking fixed dining facilities [43][70] Profitability Challenges - The average profit margin in the group meal industry has decreased from 6.3% to 5.2%, indicating a shift towards a low-profit environment [48] - Factors contributing to this decline include increased competition, rising costs, and stricter regulatory requirements [48][50] Market Concentration - The concentration of the group meal market in China is relatively low compared to North America and Europe, with the top 100 companies holding only 6.7% of the market share [60][81] - Regional leaders are expected to leverage their supply chain advantages to enhance their competitive position [81] Emerging Opportunities - The county-level market is poised for growth, driven by urbanization and improved local infrastructure, creating new demand for group meals [73][74] - Innovative models like "central kitchen + satellite kitchen" are being explored to address food safety and delivery challenges in rural areas [77]

Group 1 - The "Chain Expo Launch Station" focuses on new products, technologies, processes, scenarios, ecosystems, and chains, showcasing breakthroughs and innovations in the global supply chain [1] - The core technology breakthroughs in key links are essential for strengthening and supplementing the supply chain, particularly in the context of increasing performance requirements for electric vehicle batteries [1] - Bettery New Materials Group introduced the BTR S+i graphite long-lasting anode material, which enhances electric vehicle range and battery life by 20% compared to conventional graphite batteries, with over 25% improvement in storage performance [1] Group 2 - BGI Group showcased a range of innovative products in life sciences, including a service that assesses immune aging status with just 5 milliliters of peripheral blood, emphasizing collaboration within the industry [2] - Major chain enterprises are working together to promote collaborative innovation in the supply chain, reflecting the open concept of the Chain Expo in fostering international standards and ecosystem collaboration [2] Group 3 - L'Oréal signed a strategic agreement with the China Barcode Technology and Application Association to advance the global promotion of cosmetic QR code standards, aiming to enhance supply chain efficiency and create a trust system for the cosmetics industry [3] Group 4 - McDonald's introduced the "One Box One Code" technology to streamline its supply chain, achieving a 30% efficiency increase and enhanced inventory visibility, while also expanding its digital capabilities to benefit its suppliers [4] - The Chain Expo serves as a platform for various industries to launch new products and innovations, contributing to the development and elevation of supply chains [4]