Core Viewpoint - New World (600628.SH) reported a decline in both revenue and net profit for the first half of the year, indicating potential challenges in its financial performance [1] Financial Performance - The company's operating revenue for the first half of the year was 528 million, a year-on-year decrease of 2.28% [1] - The net profit attributable to shareholders of the listed company was 45.469 million, down 2.29% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 27.426 million, reflecting a significant year-on-year decline of 26.10% [1]

杭州解百公告，2025年上半年营业收入8.78亿元，同比减少5.75%。净利润1.5亿元，同比减少23.48%。 公司拟向全体股东每股派现金0.041元（含税），合计拟派发现金红利3013.93万元（含税）。 ...

证券代码：600628 证券简称：新世界 公告编号：临2025-019 上海新世界股份有限公司 2025年半年度经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上海证券交易所上市公司自律监管指引第 3 号—行业信息披露》附件《第四号 —零售》、《关于做好主板上市公司 2025 年半年度报告披露工作的重要提醒》等有关规定的 要求，上海新世界股份有限公司（以下简称"公司"）现将 2025 年半年度主要经营数据披 露如下： 一、2025 年半年度，公司无门店变动情况； 二、2025 年半年度，公司无拟增加门店情况； 三、2025 年半年度主要经营数据： 上海新世界股份有限公司 董事会 二零二五年八月二十九日 | 业态 | 经营模式 | 2025 年 1-6 | 月（单位：万元） | | 2024 年 1-6 | 月（单位：万元） | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 营业收入 | 营业成本 | 毛利率% | 营业收入 | 营业成本 ...

Core Viewpoint - A new individual business named "Bubuxiong Trendy Toy Museum" has been established in Chengdu's Wenjiang District, with a registered capital of 200,000 RMB, focusing on a wide range of sales and services related to toys, electronic products, and various other goods [1] Group 1: Business Overview - The business is registered under the legal representative Wen Yanling [1] - The registered capital of the business is 200,000 RMB [1] - The business operates in various sectors including toy sales, electronic products, and rental services [1] Group 2: Operational Scope - The business's operational scope includes sales of toys, anime, and gaming products, as well as hardware and metal products [1] - It also engages in the wholesale and retail of office supplies, stationery, and daily necessities [1] - Additional services include cultural equipment rental, conference and exhibition services, and various design services [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - This year, with Trump's return to the White House, U.S. policies have shifted significantly, increasing market attention to U.S. economic and financial trends. The report aims to build an analysis framework for tracking the U.S. economy, focusing on the core economic indicators of the U.S. household sector [2][11]. - In Q2, the contribution rate of net exports to U.S. GDP reached a record - high of 4.99%, mainly driven by a sharp decrease in imports. However, after excluding the contribution of net exports, the real GDP growth rate was - 2.0%, indicating a severe decline in domestic demand [28]. - The significant downward revision of non - farm data may be due to large - scale layoffs in government departments in the first half of the year, which affected data collection efficiency and increased the risk of statistical errors. There may also be other systematic factors [3][125]. - The current tariff level has an impact on the year - on - year growth rate of U.S. PCE. In the optimistic, benchmark, and pessimistic scenarios, it may increase by 0.37, 0.92, and 1.46 percentage points respectively. Once the tariff effect fully appears in prices, the year - on - year growth rate of U.S. PCE may rise above 3% [4]. - In the "stagflation - like" situation, the Fed is in a dilemma. Powell signaled a 25bp interest rate cut in September, but the evolution of non - farm employment and inflation data in August needs to be verified. The report maintains the benchmark assumption of two 25bp interest rate cuts in September and December [5]. 3. Summary by Relevant Catalogs 3.1 Five - Sector Perspective on the U.S. Economy Observation Starting Point - The report divides the U.S. economy into five core sectors: government, enterprise, household, finance, and overseas sectors. The household and enterprise sectors form the core "employment - consumption" cycle, and the government participates in resource reallocation [12]. 3.2 U.S. Q2 GDP: The "Apparent Prosperity" Driven by Net Exports - The U.S. GDP is calculated and released by the BEA. There are three estimates for each quarter, and annual overhauls are conducted in July. The GDP data is also seasonally adjusted [16]. - From 2020 - 2023, the U.S. GDP revision was large due to the impact of the pandemic. Since H2 2024, the revision has gradually converged, but the "reciprocal tariff" policy may cause the revision to increase again [17]. - Personal consumption expenditure is the most important component of U.S. GDP, with a long - term upward - trending share and a significant driving effect on economic growth. Net exports have a continuous negative contribution to GDP growth [24]. - In Q2, the contribution rate of net exports to GDP reached a record high, mainly due to a 15.1% month - on - month decrease in imports and a 1.7% increase in exports, narrowing the trade deficit by 50.8%. However, domestic demand declined seriously after excluding the contribution of net exports [28]. 3.3 Consumption Research Framework Based on Household Income and Expenditure - The U.S. consumption research can start from the income and expenditure of residents. Income is divided into five parts, with laborer compensation accounting for 57% and transfer payment income accounting for 18% in June 2025 [32]. - Personal disposable income is obtained by subtracting government social security contributions and personal current taxes from total income. From August 2023 to June 2025, the year - on - year growth rate of personal disposable income decreased significantly, weakening residents' consumption ability and confidence [33]. - U.S. personal consumption expenditure is divided into goods and services consumption. Since 2022, service consumption has made a greater contribution to GDP. In June 2025, the actual personal consumption expenditure increased by 2.1% year - on - year, with goods consumption increasing by 2.9% and service consumption increasing by 1.7% [38][40]. - Retail sales data shows that in June 2025, the year - on - year and month - on - month retail sales increased, with miscellaneous goods retailers being the main driving force [45]. - The U.S. personal savings rate has fallen to 4.5%, lower than the pre - pandemic average. In the future, the savings rate may continue to rise, suppressing short - term consumption growth [51]. - Third - party data such as the Michigan Consumer Sentiment Index (CSI) and the Redbook Retail Sales Index can be used to verify U.S. consumption conditions. The overall consumption growth in the U.S. is slowing down [53][61]. 3.4 How to Track U.S. Employment after the "Non - Farm" Data Distortion 3.4.1 Employment Research Framework Based on Supply and Demand Sides - There are many employment - related data in the U.S., including JOLTS, CES, ADP, CPS, and UI. These data have different sample scopes, core indicators, advantages, and frequencies [63]. - JOLTS provides supplementary information on the demand side of the labor market. The job vacancy rate reflects the shortage of labor. Since 2022, the gap between job vacancies and hiring has narrowed, and the resignation rate has continued to decline [67][73][76]. - CES (non - farm data) has a wide coverage. In July, the number of new non - farm jobs was lower than expected, and the data for May and June was significantly revised downward. The hourly wage of the private sector increased, increasing inflation pressure [78][86]. - ADP data is based on real payroll records of private - sector employees, covering more than 25 million employees. It is released two days earlier than CES and can be used to perceive private - sector employment trends [91]. - CPS is a household - based survey that provides information on labor force participation rate, unemployment rate, and other indicators. In July, the labor force participation rate declined for four consecutive months, and the unemployment rate rose to 4.2% [93][104]. - The Unemployment Insurance Weekly Claims Report provides high - frequency data on initial and continued claims for unemployment benefits, which can be used to predict economic inflection points [108]. 3.4.2 How Credible is the Non - Farm Data? - In May - June this year, the non - farm employment data was significantly revised downward, and the deviation of the revision reached a new high since 2010. The reasons given by the BLS are insufficient to fully explain the large - scale revision [116]. - It is more likely that large - scale layoffs in government departments in the first half of the year affected data collection efficiency, and there may be other systematic factors. The credibility of non - farm employment data has declined, and multiple independent data should be used for cross - verification [125]. 3.5 U.S. Inflation Monitoring and Tariff Impact Assessment 3.5.1 Inflation Status Monitoring and Expectation Analysis Framework - The report analyzes U.S. inflation from two aspects: status monitoring (focusing on CPI and PCE) and expectation analysis (introducing BEI and 5Y - 5Y BEI) [126]. - CPI and PCE are two core consumer inflation indicators. PCE is generally lower than CPI because of its chain - type update and wider coverage. The Fed prefers PCE [126][127]. - Core services are the main driver of U.S. inflation. In July 2025, the year - on - year growth rate of service CPI was 2.18%, and the month - on - month growth rate was 0.18% [130]. 3.5.2 Import Structure Split and Tariff Calculation: U.S. PCE May Face Phased Upward Pressure - The current tariff level has an impact on the year - on - year growth rate of U.S. PCE. In different scenarios, it may increase by 0.37, 0.92, and 1.46 percentage points respectively. Once the tariff effect fully appears in prices, the year - on - year growth rate of U.S. PCE may rise above 3% [4].

Group 1 - Dongguan Chouou Building Materials Co., Ltd. has been established with a registered capital of 100,000 RMB [1] - The company's business scope includes general projects such as sales of building materials, sales of decorative materials, and various technical services [1] - The company is also involved in advertising services, internet sales (excluding goods requiring permits), and retail of daily necessities and electronic products [1] Group 2 - The establishment of the company indicates a potential growth opportunity in the building materials and construction industry in Dongguan [1] - The diverse range of services and products offered by the company suggests a strategic approach to capture multiple market segments [1] - The registration of the company aligns with the ongoing demand for construction and building materials in the region [1]

Group 1 - A new individual business named Dongguan Hengli Jiu Yi Yuan Brewing Trade Co., Ltd. has been established with a registered capital of 10,000 RMB [1] - The business scope includes general projects such as food sales (only pre-packaged food), internet sales of food (only pre-packaged food), and retail of edible agricultural products [1] - Additional activities include technology research and development in biobased materials, fermentation process optimization, and various technical services [1] Group 2 - The company is also involved in the retail of daily necessities, fresh fruits, fresh vegetables, cosmetics, and protective medical supplies [1] - Advertising design and agency services are part of the business operations, excluding projects that require legal approval [1]

Group 1 - The article discusses common consumer complaints and provides guidance on how to effectively file complaints through various official channels [1][2][3][4][5][6][7] - It emphasizes the importance of knowing the right channels for different types of complaints, such as product quality, environmental issues, and financial disputes [2][3][4][5][6] Group 2 - For consumer disputes related to product quality and service issues, the national 12315 platform is recommended for filing complaints [2] - Environmental complaints regarding noise or pollution can be reported to local ecological environment departments [3] - Issues related to false advertising or counterfeit products should be directed to local market supervision authorities [4] - Financial complaints, such as bank fees or insurance issues, can be submitted to the National Financial Regulatory Administration [5] - The "Black Cat Complaints" platform is highlighted as an alternative for consumers to publicly address various grievances [6] Group 3 - The article outlines key points for effective complaint filing, stressing the need for accurate, clear, and complete information [7] - It advises consumers to provide detailed evidence, including company names, photos, and communication records, to facilitate quicker resolution of disputes [7]

Group 1 - Guangzhou Hudi Trading Co., Ltd. has recently been established as a sole proprietorship with a registered capital of 10,000 RMB [1] - The legal representative of the company is Zeng Liang [1] - The business scope includes internet sales (excluding goods requiring permits), sales of various consumer goods such as lighting, home audio-visual equipment, toys, outdoor products, and more [1] Group 2 - The company is involved in the retail of a wide range of products including household appliances, personal hygiene products, jewelry, sports equipment, and cosmetics [1] - The establishment of this company indicates a diversification in the retail sector, focusing on both online and offline sales channels [1] - The inclusion of various categories in its business scope suggests a strategy to capture a broad consumer base [1]

（文章来源：中国新闻网） 从纳税和就业情况来看，民营企业500强纳税总额达1.27万亿元，就业总人数为1109.12万，户均2.22万 人。有72.80%的企业积极投身乡村振兴，壮大乡村富民产业。 当天还发布2025中国制造业民营企业500强与服务业民营企业100强榜单。恒力集团有限公司连续4年位 列制造业500强首位，京东集团连续5年位列服务业100强榜首。(完) 报告显示，民营企业500强中，72%的企业属第二产业、66.40%的企业为制造业；64.20%的企业已制定 数字化转型战略规划，66.80%的企业已通过数字化转型实现降本增效；83%的企业推进绿色低碳转型。 报告介绍，民营企业500强中实际填报企业的研发费用总额1.13万亿元，研发人员总数115.17万人，平均 研发经费投入强度2.77%。 报告指出，2024年，民营企业500强入围门槛增至营业收入270.23亿元。营业收入总额达到43.05万亿 元；户均营业收入861.02亿元，较上年增长2.72%。资产总额共计51.15万亿元；户均资产1023.09亿元， 增长2.62%。净利润合计1.80万亿元，户均净利润36.05亿元，增长6.48%。 ...