公司公告汇总 家家悦集团股份有限公司第五届董事会第一次会议选举王培桓先生为公司第五届董事会董事长，并选举 产生第五届董事会专门委员会委员。同时，聘任多位公司高级管理人员，包括王培桓先生为公司总经 理，以及多位副总经理、董事会秘书和财务总监。 第五届监事会第一次会议选举张爱国先生为公司第五届监事会主席。 截至2025年6月6日收盘，家家悦（603708）报收于10.89元，较上周的10.72元上涨1.59%。本周，家家 悦6月5日盘中最高价报11.08元。6月3日盘中最低价报10.64元。家家悦当前最新总市值69.52亿元，在一 般零售板块市值排名21/59，在两市A股市值排名2234/5148。 本周关注点 家家悦集团股份有限公司变更募投项目，将原"威海物流改扩建项目"的17140.41万元募集资金变更 为"威海物流冷链建设及供应链提升项目"和"家家悦呼和浩特智慧产业园生鲜冷链加工中心项目"，并签 订了募集资金专户存储监管协议。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 公司公告汇总：家家悦选举王培桓为第五届董事会董事长，张爱 ...

截至2025年6月6日收盘，大东方（600327）报收于4.79元，较上周的4.79元上涨0.0%。本周，大东方6 月4日盘中最高价报4.94元。6月3日盘中最低价报4.77元。大东方当前最新总市值42.38亿元，在一般零 售板块市值排名40/59，在两市A股市值排名3387/5148。 主要内容包括长期股权投资、其他应收款与对外借款、主营业务三个方面。长期股权投资方面，公司 2024年长期股权投资余额为24.86亿元，主要投资标的企业包括无锡三凤楼商业管理有限公司、安徽陶 铝新材料研究院有限公司、无锡商业大厦集团东方汽车有限公司、上海吉道航新能源发展合伙企业、浙 江均旭房地产开发有限公司。各标的企业近三年的收入利润、资产负债、现金流状况详细列出，且说明 了相关投资与公司业务的协同关系及必要性。 对于其他应收款与对外借款，公司披露了2022年至2024年历年其他应收款前五大发生额情况，解释了对 浙江均旭延续提供借款的原因及回款风险。医疗健康业务方面，公司披露了专科特色综合医疗服务、围 绕儿童全成长发育的医疗服务、特需儿童康复三大板块的经营主体、医院或诊所明细、业务模式、主要 产品及服务、核心竞争力，并列示了各 ...

截至2025年5月23日收盘，武商集团（000501）报收于9.01元，较上周的9.32元下跌3.33%。本周，武商 集团5月20日盘中最高价报9.4元。5月23日盘中最低价报8.99元。武商集团当前最新总市值69.29亿元， 在一般零售板块市值排名20/59，在两市A股市值排名2177/5148。 本周关注点 公司章程主要包括公司治理结构、股东和股东大会、董事和董事会、高级管理人员、财务会计制度、利 润分配和审计等方面内容。公司注册资本为人民币768,992,731元，法定代表人由董事会选举产生。公司 经营范围广泛，涵盖日用品批发、食品销售、家具销售、物业管理、广告发布等多项业务。公司章程强 调保护职工合法权益，加强职工培训，维护职工利益。公司党委在公司治理中发挥领导核心和政治核心 作用，参与公司重大问题决策，确保公司改革发展的正确方向。公司股份采取股票形式，实行公开、公 平、公正的发行原则。公司可以通过多种方式增加资本，也可以减少注册资本。股东会是公司最高权力 机构，负责选举和更换董事、审议批准公司重大事项。董事会由11名董事组成，其中4名为独立董事， 负责执行股东会决议和管理公司日常事务。公司利润分配政 ...

证券研究报告·行业深度 从品类到品质，从品质到品牌 核心观点 2024 年行业基本面继续承压，大多数行业及公司依旧受宏观影响 较大，但是已经涌现出一批逆势突围消费降级的企业。迎接这一 轮新消费浪潮，核心是实现品类到品质再到品牌的升级，酒店餐 饮中实现服务或产品独到特色、化妆品中体现产品矩阵及创新能 力、超市百货调改体现质价比、黄金珠宝抓住工艺与时尚结合等， 都是当下形成品牌的成功路径，预计 2025 年这样的企业能够更 加体现增长潜力和品牌估值。 摘要 2024 年以来，消费复苏仍然存在一定压力，除家电存在明显的海 外扩张逻辑，其他基于国内消费为主的消费板块仍然居后，从性 价比进入质价比，品类到品牌的过程中，品牌属性强的公司有望 持续跑赢。 免税板块：25Q1 离岛免税销售同比逐渐磨底企稳，海南封关政 策推进预计仍利好免税业态，市内免税政策望逐步培育，机场口 岸有所修复，海南地区龙头格局向好。免税业态品类丰富度及渠 道和供应链能力逐步强化，盈利能力望稳中向好。出入境旅游人 次持续恢复，关注销售边际趋势，建议持续关注：中国中免、王 府井。 旅游、博彩：年内旅游需求韧性仍较强，为促内需重要抓手，出 入境恢复弹性大 ...

商贸零售/一般零售 永辉超市（601933.SH） 2025Q1 稳态调改店实现盈利，渠道改革有望提速 | 日期 | 2025/4/30 | | --- | --- | | 当前股价(元) | 5.16 | | 一年最高最低(元) | 7.87/2.11 | | 总市值(亿元) | 468.27 | | 流通市值(亿元) | 468.27 | | 总股本(亿股) | 90.75 | | 流通股本(亿股) | 90.75 | | 近 3 个月换手率(%) | 266.39 | 股价走势图 数据来源：聚源 -80% 0% 80% 160% 240% 2024-05 2024-09 2025-01 永辉超市 沪深300 相关研究报告 《优化低效门店轻装上阵，门店调改 即 将 提 速 — 公 司 信 息 更 新 报 告 》 -2024.11.1 黄泽鹏（分析师） huangzepeng@kysec.cn 证书编号：S0790519110001 公司经营业绩受门店调改影响明显承压 公司发布年报、一季报：2024 年实现营收 675.74 亿元（同比-14.1%，下同）、归 母净利润-14.65 亿元（2024 年同期为 ...

Core Viewpoint - The China Securities Index Retail Index has shown mixed performance, with a recent increase over the past month but a decline year-to-date, indicating potential volatility in the retail sector [2]. Group 1: Index Performance - The China Securities Index Retail Index has increased by 2.41% over the past month and 1.95% over the past three months, but has decreased by 6.91% year-to-date [2]. - The index is designed to reflect the overall performance of different industry companies within the China Securities Index sample, categorized into various levels of industries [2]. Group 2: Index Composition - The top ten weighted companies in the China Securities Index Retail Index include Yonghui Supermarket (10.08%), China Duty Free Group (9.29%), and Digital China (9.03%) [2]. - The index's holdings are primarily from the Shenzhen Stock Exchange (52.44%) and the Shanghai Stock Exchange (47.56%) [2]. - The composition of the index by industry shows that general retail accounts for 47.58%, specialized retail for 27.01%, internet retail for 16.12%, and tourism retail for 9.29% [2]. Group 3: Sample Adjustment - The index sample is adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [3]. - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to significant events affecting sample companies [3].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][19] Core Views - The company reported a 17.32% year-on-year growth in net profit attributable to shareholders in Q1 2025, with revenues reaching 8.22 billion yuan, a 30.18% increase year-on-year [1][8] - The growth in the company's investment gold business and continuous product innovation in jewelry gold contributed to its strong performance [1][10] - The company is expected to benefit from rising gold prices, which are anticipated to drive investment demand for its precious metal products [19][3] Financial Performance - In Q1 2025, the company's gross profit margin was 8.34%, down 1.67 percentage points year-on-year, primarily due to the increased proportion of lower-margin precious metal investment products [2][14] - The company achieved a net operating cash flow of 1.539 billion yuan in Q1 2025, a significant increase of 131.63% year-on-year, benefiting from sales growth and inventory management [2][17] - The company plans to continue expanding its store network, having opened 4 new stores in Q1 2025, bringing the total to 102 stores [10][1] Revenue and Profit Forecast - The company has adjusted its net profit forecasts for 2025 and 2026 to 791 million yuan and 882 million yuan, respectively, with a new forecast for 2027 set at 989 million yuan [3][19] - The projected revenue for 2025 is 24.57 billion yuan, reflecting a growth rate of 21.46% [4][20] - The company’s earnings per share are expected to increase from 1.02 yuan in 2025 to 1.27 yuan in 2027 [4][20]

证券研究报告·公司点评报告·一般零售 大商股份（600694） 2024 年年报、2025 年一季报点评：业绩符合 预期，期待后续调改进展 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 7,331 | 6,949 | 5,867 | 5,713 | 5,532 | | 同比（%） | 0.75 | (5.20) | (15.58) | (2.62) | (3.17) | | 归母净利润（百万元） | 505.13 | 586.20 | 649.13 | 716.48 | 767.88 | | 同比（%） | (8.02) | 16.05 | 10.74 | 10.37 | 7.17 | | EPS-最新摊薄（元/股） | 1.60 | 1.85 | 2.05 | 2.27 | 2.43 | | P/E（现价&最新摊薄） | 16.40 | 14.14 | 12.77 | 11.57 | 10.79 | [Tab ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][17] Core Views - The company has achieved significant growth in net profit due to the issuance of REITs, with a projected net profit of 1.567 billion yuan in 2024, representing a year-on-year increase of 292.93% [1][7] - The company is undergoing a transformation in its core business, focusing on trends such as two-dimensional culture shopping malls and outlet stores, which may pressure short-term performance but support long-term growth [1][7] - The retail environment remains challenging, particularly for the department store segment, which has seen a revenue decline of 31.93% year-on-year [2][8] Financial Performance Summary - In 2024, the company is expected to generate revenue of 27.675 billion yuan, a decrease of 9.32% year-on-year, while the net profit is projected to be 1.567 billion yuan [1][5] - The gross margin for 2024 is estimated at 25.88%, with a net margin of 5.00%, reflecting a significant increase in net margin due to REIT-related gains [3][11] - The company’s various business segments show mixed performance, with department stores declining significantly, while shopping centers and outlet stores show resilience [2][8][10] Segment Performance Summary - **Department Stores**: Revenue of 1.483 billion yuan in 2024, down 31.93%, with a gross margin of 31.42% [2][8] - **Shopping Centers**: Revenue of 2.234 billion yuan, up 17.60%, but with a declining gross margin of 45.18% [2][8] - **Outlets**: Revenue of 1.517 billion yuan, stable growth of 0.03%, with a gross margin of 78.06% [2][8] - **Supermarkets**: The supermarket segment, particularly the Lianhua Supermarket, reported a net loss of 333 million yuan, with overall revenue declining across various formats [2][8][10] Future Outlook - The company is expected to continue leveraging its geographical and property advantages to enhance operational performance, with ongoing adjustments in business strategy [4][17] - The projected net profits for 2025, 2026, and 2027 are revised to 548 million, 620 million, and 679 million yuan respectively, reflecting a cautious outlook due to pressures in the supermarket segment [4][19]