截至当日港股收盘，汇通达网络上涨2.81%，报10.6港元/股。 汇通达网络近期回购情况 12月18日，汇通达网络回购3.81万股股票，每股回购均价10.48港元，共耗资约39.92万港元，本年累计 回购52.54万股，占总股本0.29%。 回购日期回购均价回购股数回购金额本年累计回购股数2025-12-1810.4773.81万39.92万52.54万2025-12- 1710.4953.23万33.90万48.73万2025-12-1610.6044.26万45.17万45.50万2025-12-1510.6222.98万31.65万 41.24万2025-12-1210.6686.62万70.62万38.26万2025-12-1110.3844.59万47.66万31.64万2025-12- 0810.1902.04万20.79万27.05万2025-12-029.9245.00万49.62万25.01万2025-11-2810.0514.94万49.65万20.01 万2025-11-2710.1704.20万42.72万15.07万2025-11-269.9947300.007.30万10.87万2 ...

Core Insights - The article highlights the proactive measures taken by local governments to stimulate consumer spending through initiatives like issuing consumption vouchers and implementing subsidies, which have effectively activated the retail market [1] - Jiajiayue, a leading retail company in Shandong Jinan, has opened three new stores to enhance its market presence and cater to the diverse needs of residents and businesses [1][2] Group 1: Store Openings and Locations - Jiajiayue has opened three new stores strategically located in key residential and business areas to create a dense community service network [1] - The new stores aim to provide convenient access to fresh food and daily necessities, fulfilling the demand for a "15-minute convenient living circle" [1] Group 2: Store Design and Customer Experience - The new stores emphasize a comfortable and thoughtful shopping experience with open layouts, wide aisles, and clear product displays [2] - The integration of smart lighting and clear signage enhances the aesthetic and functional aspects of the shopping environment, contributing to a quality lifestyle for consumers [2] Group 3: Product Offering and Digital Integration - The new stores have increased the proportion of private label products, optimizing the product range to better meet daily consumer needs [2] - Jiajiayue has adopted a digital approach to retail, creating a seamless online and offline shopping experience through partnerships with major delivery platforms, allowing for instant delivery of a wide range of products [2]

Core Viewpoint - The company's 1HFY25 performance met expectations, with revenue of 3.156 billion yuan and a net profit of 600 million yuan, reflecting year-on-year growth of 5.0% and 4.7% respectively [1] Performance Review - The company declared an interim dividend of 0.45 HKD per share, corresponding to a payout ratio of approximately 37% [1] - Revenue breakdown by channel for 1HFY25 showed a decline in direct sales by 7.7% to 1.117 billion yuan, while distribution and e-commerce channels grew by 14.2% and 11.9% to 1.437 billion yuan and 602 million yuan respectively [1] - The number of direct stores decreased by 24 to 491, while distribution stores increased by 126 to 1,614, indicating a strategic channel optimization [1] - Comparable store sales showed a modest increase of 0.1% year-on-year, indicating stability in sales performance [1] Brand Performance - Revenue from the mature brand JNBY increased by 3.6% to 1.760 billion yuan, demonstrating strong growth resilience [2] - The emerging brands saw significant growth, with revenue increasing by 147.3% to 194 million yuan, albeit from a low base [2] - Active membership accounts slightly declined to 540,000, attributed to reduced foot traffic, while high-value members (spending over 5,000 yuan) increased by 30,000 to over 330,000 [2] Cost and Profitability - The gross profit margin remained stable at 65.1%, while the selling expense ratio increased by 1.1 percentage points to 32.3% due to marketing activities for the brand's anniversary [2] - The management expense ratio rose by 0.4 percentage points to 8.6%, but government subsidies increased and the effective tax rate decreased, keeping the net profit margin stable at 19.0% [2] Development Trends - The company has been focusing on brand strength, successfully launching multiple "JNBY+" concept stores and investing in digital retail channels [2] - The company completed acquisitions of a children's clothing brand and a 100% stake in a department store brand, expanding its multi-brand portfolio [2] Earnings Forecast and Valuation - The earnings forecasts for FY25 and FY26 are maintained at 870 million yuan and 930 million yuan respectively, with the current stock price corresponding to 10 and 9 times the FY25 and FY26 earnings [3] - The target price has been raised by 16% to 20.00 HKD, reflecting an expected upside of 13% from the current stock price [3]