Group 1 - The core point of the article is the acquisition of a stake in Beijing SKP by Boyu Fund, which will hold 42%-45% of the shares post-transaction [1] - Boyu Fund is a private equity fund established in Singapore in March 2021, primarily engaged in private equity investment [2] - Radiance Investment Holdings, which currently holds 60% of Beijing SKP, will continue to control the company after the transaction [1][3] Group 2 - Beijing SKP was established in March 2006 and operates in the retail market [3] - The market share of Beijing SKP in 2024 is projected to be 10-15% in Beijing, 15-20% in Xi'an, 10-15% in Chengdu, and 0-5% in Wuhan [3]

Core Viewpoint - The sale of Beijing SKP, a leading high-end retail mall in China, has been confirmed, raising questions about its future amid challenges in the luxury retail market [2][3]. Company Overview - Beijing SKP, established on March 28, 2006, is a high-end department store under Hualian Group, primarily engaged in retail operations in major cities like Beijing, Xi'an, Chengdu, and Wuhan [4]. - The mall has been a benchmark for high-end retail in China, achieving sales of 26.5 billion yuan in 2023 and holding the top position in sales for 12 consecutive years [5]. Transaction Details - Boyu Phase V USD Fund is set to acquire 42%-45% of Beijing SKP's equity, while Radiance Investment Holdings will retain control with a continued indirect stake of 42%-45% [3][5]. - The transaction amount has not been disclosed, but it marks a significant shift in ownership structure [3]. Market Challenges - Beijing SKP is facing a potential sales decline in 2024, with estimates suggesting a drop of 4.5 billion yuan to a range of 22 billion yuan, representing a 17% year-on-year decrease [5][6]. - Other high-end malls are also experiencing revenue declines, with notable drops reported by Hang Lung Properties and Swire Properties [6]. Luxury Market Trends - The luxury goods market in China is undergoing a downturn, with a projected 2% decrease in the high-end consumer market size in 2024, amounting to 1.63 trillion yuan [6]. - Traditional luxury segments like high-end jewelry and watches are seeing declines exceeding 8%, while overall personal luxury goods sales are expected to fall by 18%-20% [6]. Competitive Landscape - Nanjing Deji Plaza is emerging as a significant competitor, potentially overtaking Beijing SKP's long-held position as the top sales performer in 2024 [5][7]. - The high-end retail sector is facing increased competition from other luxury malls, including Hangzhou Tower and Guangzhou Taikoo Hui [7]. Future Outlook - Experts suggest that maintaining Beijing SKP's high-end positioning may be challenging due to evolving consumer preferences and increased pressure on the retail sector [7]. - The ongoing transformation in consumer behavior, with a shift towards experiential and service-oriented spending, poses additional challenges for traditional luxury retail [6][7].

Group 1 - The core viewpoint of the articles highlights the financial performance and market position of New World, indicating a decline in revenue and profit while maintaining a high PE ratio compared to industry averages [1][2] - As of May 6, the closing price of New World was 7.34 yuan, with a PE ratio of 77.51, significantly higher than the industry average of 53.50 and the median of 42.31 [1][2] - The total market capitalization of New World is 4.748 billion yuan, ranking 47th in the commercial retail sector [1][2] Group 2 - For Q1 2025, New World reported an operating income of 259 million yuan, a year-on-year decrease of 6.14%, and a net profit of 17.0713 million yuan, down 33.95% compared to the previous year [2] - The gross profit margin for the company stands at 41.86% [2] - New World has received 10 honors in 2024, including recognition for carbon neutrality and integrity in business practices, showcasing its commitment to sustainability and quality service [1]

（文/霍东阳 编辑/张广凯） 全球店王SKP易主正在"落槌"。 值得注意的是，交易前持有北京 SKP 60% 股权的 Radiance 公司股权也将降至42-45%，与博裕五期美元 基金关联方共同控制北京 SKP，但 Radiance 公司仍保留对北京 SKP 的控制权。交易后，北京 SKP 仍保 持之前的运营管理结构，而曾持有 40% 股权的北京华联则彻底出局。 不过，Radiance 系背后仍有华联背景，其高管名单中包括北京华联集团控股的董事长吉小安，这意味着 SKP在经营层面应该不会有太大变化，博裕更多是以财务投资者身份入局。上述公告中也指出，北京 SKP仍保持本次交易前的运营管理结构。 此外，据本次公示信息，百货零售市场中，2024年北京 SKP 于北京、西安、成都、武汉的市场份额分 别为10-15%、15-20%、10-15%、0-5%。 | 相关商品市场 | 相关地域市场 | 2024 年市场份额 | | --- | --- | --- | | 百货零售市场 | 北京 | 北京 SKP: [10-15]% | | | 西安 | 北京 SKP: [15-20]% | | | 成都 | 北京 SKP: ...

丨证券研究报告丨 固定收益丨点评报告 [Table_Title] 长短端利差的分化 ——信用利差周报（5/4） 报告要点 [Table_Summary] 4 月 27 日-4 月 30 日债券收益率多数下行。收益率方面，0.5-1Y 产业债、商业银行二级资本 债、证券公司次级债、证券公司永续债收益率多数下行超 2bp；0.5-1Y 城投债、商金债收益率 多数下行超 1bp；2Y 产业债、商金债收益率多数下行超 1bp；2Y 证券公司次级债收益率上行 超 2bp；3-5Y 商金债收益率下行超 2bp。信用利差方面，0.5Y 产业债、商业银行二级资本债信 用利差多数收窄超 5bp；1Y 商业银行二级资本债信用利差收窄超 3bp；2Y 证券公司次级债、 证券公司永续债信用利差走阔超 3bp；5Y 城投债、产业债信用利差多数走阔超 2bp。 分析师及联系人 [Table_Author] 赵增辉 赖逸儒 SAC：S0490524080003 SAC：S0490524120005 SFC：BVN394 SFC：BVZ968 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [ ...

许昌市场监管部门对胖东来玉石开展日常检查：合规！ 据许昌时刻，近日，按照"五一"节期间工作安排，结合网络上关于许昌胖东来销售和田玉有关情况的 反映，许昌市市场监督管理局魏都区分局对时代广场销 售和田玉的胖东来唯初珠宝有限公司开展了日常检查。现场查阅了2025年1至4月份销售的和田玉数量和价格情况，并随机抽查了在售的13件和田玉商品的进 销货相关手续。 经检查，许昌市胖东来唯初珠宝有限公司2025年1至4月份共销售和田玉商品4177件，销售金额2959.2175万元，平均毛利率不超过20%；目前在售和田玉商品 均按规定明码标价；被随机抽查的在售13件和田玉商品进货手续齐全，进货台账完备，鉴定机构具有合法资质，鉴定证书有效。 此前五一假期，胖东来创始人于东来在社交媒体连续发布多条推文，对近期柴怼怼风波的再度回应。其中，5月3日上午更是直接发文称，如果不让柴怼怼这 种随意污蔑伤害他人的行为受到应有的处罚，"我会主动关闭或永远离开胖东来这个企业！" 此前，网红"柴怼怼"在短视频平台称，胖东来以低成本从玉石获取暴利、"几百块的东西卖几千几万"，并公开贬低胖东来的产品质量。胖东来4月8日发布针 对"柴怼怼"等3起网络侵权 ...

行 业 及 产 业 行 业 研 究 / 行 业 点 评 相关研究 《永辉超市（601933）点评：品质零售转 型加快，长期盈利改善可期》 2025/04/27 《大商股份（600694）点评：盈利能力持 续提升，稳步推进业态焕新》 2025/04/27 证券分析师 赵令伊 A0230518100003 zhaoly2@swsresearch.com 联系人 赵令伊 (8621)23297818× zhaoly2@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 商贸零售 2025 年 05 月 05 日 政治局会议再提促消费，服务、文 旅消费迎发展机遇 看好 ——商贸零售行业周报（4.28-5.4） 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 证 券 研 究 报 告 ⚫ 一周回顾与展望：在 2025 年 4 月 28 日至 2025 年 5 月 2 日期间，社会服务指数下 降 2.63%，相较于沪深 300 下降 2.20pct，在申万一级行业中排名第 29 位。商贸零 售指数下降 1.72%，相较于沪深 300 指数下降 1.29pct，在申万一级行业中排名第 ...

以下文章来源于商业弧光 ，作者柳柳 商业弧光 . 听风者，捕光人，最准点的商业节拍 出品｜虎嗅商业消费组 作者｜柳柳 编辑｜苗正卿 目前，柴怼怼的抖音账号已被禁止关注，也被禁止发布作品。这场看似正义的打假，看起来更像是打假者 精心设计的暴利围猎。毕竟在争议期间，柴怼怼的直播销售额曾一度攀升。 题图｜视觉中国 对于胖东来和于东来本人来说，这个五一是不平静的。 关于胖东来可能关闭的传闻引发大众关注，而传闻的背后，是胖东来与抖音网红 "柴怼怼" 之间的激烈冲 突。冲突的缘起，是围绕玉石销售的争议。 4月5日，玉石赛道博主柴怼怼在社交媒体上发布视频，称胖东来并非依靠商超业务盈利，真正的利润来源 是玉石销售 ，并表示胖东来以低成本玉石牟取暴利，将成本仅几百块钱的玉石卖到几千甚至几万元。 4月8日深夜，胖东来发布针对 "柴怼怼" 等三起网络侵权的回复说明，试图澄清事实。并首次发布数据声 明，披露2025年一季度珠宝部毛利率仅为15%-16%，其中和田玉毛利率20%，远低于传统行业30%到50%的 平均水平。 4月30日，胖东来公布受理案件通知书，关于起诉 "柴怼怼商业诋毁、侵犯名誉权" 一案，已于4月25日在许 昌市中级 ...

Core Viewpoint - The ongoing conflict between the company "胖东来" and the influencer "柴怼怼" has raised significant public attention, particularly regarding allegations of inflated pricing in the jade sales sector, which has led to legal actions and public statements from the company's founder, 于东来 [2][3][6]. Group 1: Conflict Background - The conflict originated from a video posted by influencer "柴怼怼," claiming that "胖东来" profits primarily from jade sales rather than its supermarket business, alleging that the company sells low-cost jade at exorbitant prices [2]. - In response, "胖东来" released a statement clarifying that its jewelry department's gross profit margin is only 15%-16%, significantly lower than the industry average of 30%-50% [2]. - The company has initiated legal proceedings against "柴怼怼" for defamation, seeking damages of no less than 5 million [2]. Group 2: Company Performance - Despite the ongoing controversy, "胖东来" reported impressive sales figures, with April sales reaching 17.49 billion, and a cumulative annual sales total of 80.27 billion [6]. - The supermarket segment led sales with 44.10 billion, accounting for over 50% of total sales, while other categories like department stores and jewelry also exceeded 5 billion [6]. - The founder, 于东来, has previously stated that the company aims for a total sales figure of nearly 170 billion in 2024, with a profit of over 8 billion [6]. Group 3: Social Media and Public Response - Following the allegations, 于东来 expressed his frustration on social media, threatening to shut down the business if the influencer's actions were not addressed [3]. - The platform "抖音" has taken action against "柴怼怼," restricting their account due to the infringement complaints filed by "胖东来" [3][4]. - The controversy has led to a significant increase in "柴怼怼's" sales during the dispute, raising questions about the motivations behind the allegations [4][10]. Group 4: Industry Implications - The incident highlights the challenges faced by retail companies in maintaining their reputation amidst social media scrutiny and the potential for "打假" (anti-fraud) actions to become profit-driven [10]. - Analysts suggest that "胖东来" may need to enhance transparency in product information and improve dispute resolution processes to mitigate future risks [10][11]. - The company is encouraged to reassess its product strategy, weighing the benefits of high-risk categories against potential reputational costs [11].

今年4月，国家税务总局决定全面推广境外旅客购物离境退税"即买即退"服务措施。离境退税"即买 即退"，是指在已实施离境退税政策的地区，境外旅客在"即买即退"商店购买退税物品时，签订协议书 并办理信用卡预授权后，即可在该商店现场申领与退税款等额的人民币款项。 新政出台后，苏州市商务局组织全市商务条线广泛发动商户参与，拓宽服务覆盖面。苏州市税务局 与中国银行苏州分行、建设银行苏州分行携手打破地域限制，以跨省机构间业务协同，支持便利化服务 举措在无航空口岸城市落实落地。姑苏区相关部门牵头联动重点商圈，发动函数集团、人民商场等优质 商户加入"即买即退"离境退税商店体系。商户针对外籍游客推出多语种导购、国际支付等配套服务，助 力释放入境旅游消费潜力。在面向各退税商店组织辅导，为境外旅客享受一站式退税服务做好准备的同 时，姑苏区各相关部门与退税代理机构及有关商户通力合作，聚焦外籍游客购物体验需求，通过协作创 新和技术赋能，实现退税服务全流程提效。目前，全市已有37家离境退税商店，覆盖丝绸、工艺品、高 端服饰等多个特色品类。 昨天，完成离境退税"即买即退"首单业务的Alessio Travani为这一高效便捷的服务点赞。他表 ...