Core Viewpoint - The company is expected to achieve steady growth in its main business in 2024, driven by store adjustments and cost reduction initiatives that enhance profitability [1] Financial Performance - The company maintains a "buy" rating and updates profit forecasts, projecting net profits of 1.365 billion, 1.432 billion, and 1.509 billion yuan for 2025-2027, with corresponding EPS of 3.10, 3.25, and 3.43 yuan [2] - In 2024, the company reported revenues of 17.139 billion yuan, a year-on-year decrease of 9.75%, while net profit attributable to shareholders was 1.315 billion yuan, a slight increase of 0.46% [2] - The diluted EPS for 2024 was 3 yuan, with a weighted average return on equity of 18.62% and operating cash flow of 2.023 billion yuan, up 35.54% year-on-year [2] - The company plans to distribute a cash dividend of 1.36216 yuan per 10 shares, totaling 600 million yuan, representing a cash dividend ratio of 45.64% [2] Business Strategy and Operations - The company is accelerating store adjustments to improve operational quality, with a 26.4% adjustment rate in department stores and a new non-purchase area of 33,700 square meters [3] - In 2024, the company’s differentiated private label sales in supermarkets grew over 50%, and multiple store adjustments led to double-digit growth in various operational metrics [3] - The company is focusing on strategic brands in the appliance sector, achieving significant sales growth and opening three new stores, generating additional sales of 138 million yuan [3] - In the automotive sector, the company introduced the "Xiaomi" car brand, achieving the highest sales in Chongqing while adjusting its operational structure [3] Cost Reduction and Efficiency Improvement - The company emphasizes a blend of online and offline business, surpassing 25 million members and achieving online sales of 2.415 billion yuan in 2024 [4] - B2B sales reached 2.08 billion yuan, reflecting a year-on-year increase of 20.1% [4] - The company’s community-focused initiatives, such as "Reputable Neighbors," saw sales growth exceeding 30% [4] - The company achieved a combination of increased revenue and reduced costs, with total income from various sources amounting to 236 million yuan, while reducing costs by 240 million yuan through various measures [4]

国芳集团（601086）发布股票交易严重异常波动暨风险提示公告，股价短期连续上涨，目前处于明显高 位，股价严重偏离公司基本面，亦严重背离同期上证指数整体趋势。郑重提醒广大投资者，公司股票存 在非理性炒作风险，交易风险极大，存在短期大幅下跌风险。 ...

12天11板国芳集团：近期公司股票交易价格涨幅居高交易频繁 存在非理性炒作风险 智通财经4月21日电，国芳集团(601086.SH)公告称，公司股票于4月18日、4月21日连续2个交易日内日 收盘价格涨幅偏离值累计达到20%；自4月1日起至本公告披露日，公司股价累计上涨176.41%；公司最 新市盈率为133.3倍，行业平均值为23.76倍，显著高于同行业水平；4月18日、4月21日公司股票平均换 手率为11.74%，显著高于日常换手率。近期公司股票交易价格涨幅居高，交易频繁，存在非理性炒作 风险。公司主营业务未发生重大变化，基本面亦未发生重大变化，敬请广大投资者注意二级市场交易风 险，理性投资。 ...

Core Viewpoint - The company reported a stable overall performance in 2024, with a net profit of 1.315 billion yuan, reflecting a slight increase of 0.46% year-on-year, despite a decrease in total revenue by 9.75% to 17.139 billion yuan [10][12][14]. Group 1: Financial Performance - The company achieved a net profit attributable to shareholders of 1,314,640,206.21 yuan for 2024, with a net profit of 1,182,529,653.14 yuan for the parent company [4][81]. - The total revenue for 2024 was 171.39 billion yuan, down 9.75% from the previous year [10][14]. - The earnings per share for 2024 were reported at 3.00 yuan, an increase of 0.33% year-on-year [14]. Group 2: Profit Distribution Plan - The company plans to distribute a cash dividend of 1.36216 yuan per share (including tax), totaling 600 million yuan, which represents 45.64% of the net profit [6][8][81]. - The distribution will be based on a total share capital of 440,475,577 shares after excluding 72,000 shares to be repurchased [5][82]. - The profit distribution plan is subject to approval at the upcoming shareholders' meeting [84]. Group 3: Business Operations - The company operates in various sectors including department stores, supermarkets, electronics, and automotive trade, with a total of 273 stores across multiple regions [10][12]. - The company’s supermarket business generated 6.164 billion yuan in revenue, while the electronics segment saw a 12.85% increase in revenue to 3.303 billion yuan [10][12]. - The retail environment remains challenging, with a 4.6% decline in retail sales for major department stores nationwide [11]. Group 4: Asset Impairment and Management - The company recognized an asset impairment loss of 287.4474 million yuan for 2024, reflecting a cautious approach to asset management [15][56]. - The total impairment provision at the end of 2024 was 564.3822 million yuan, down from 599.1191 million yuan at the beginning of the year [56][70]. - The company conducted a comprehensive review of its assets, including inventory and fixed assets, to ensure accurate financial reporting [56][72].

11天10板国芳集团：公司股票击鼓传花效应十分明显交易风险极大 存在短期大幅下跌的风险 智通财经4月18日电，国芳集团(601086.SH)公告称，公司股票自4月3日起已连续7个交易日触及涨停， 且于4月16日、4月17日、4月18日再次触及涨停，股价累计上涨143.91%；公司最新市盈率为121.13倍， 行业平均值为24.12倍，显著高于同行业水平；近3个交易日公司股票换手率分别为17.29%、16.51%、 15.19%，显著高于日常换手率。近期公司股票交易价格涨幅居高，交易频繁，存在非理性炒作风险； 公司股票击鼓传花效应十分明显，交易风险极大，存在短期大幅下跌的风险。 ...

Core Viewpoint - The company's 2024 performance aligns with expectations, showing a decline in revenue but a significant increase in net profit due to investment gains from the REITs [1] Financial Performance - Revenue for 2024 was 27.67 billion, a year-on-year decrease of 9.3% - Net profit attributable to shareholders was 1.57 billion, a year-on-year increase of 292.7%, primarily due to investment income from the Huashan Bailian Consumption REIT - Non-recurring net profit was 110 million, a year-on-year decrease of 42.9% - Quarterly revenue declines were recorded as follows: Q1 -6.9%, Q2 -7.3%, Q3 -10.8%, Q4 -13.0% - The company plans to distribute a cash dividend of 2.65 per 10 shares, totaling approximately 470 million, with a payout ratio of 30% [1] Business Trends - Business performance is differentiated, with the outlet segment showing stable results. In 2024, revenue by segment was as follows: department stores -31.9%, shopping centers +17.6%, outlets +0.03% - Traditional department stores are underperforming as consumer preferences shift towards more cost-effective and experiential formats - The company closed 2 shopping centers in 2024, ending the year with 12 department stores, 20 shopping centers, and 9 outlets - Hypermarkets and large stores saw revenue declines of -4.7% and -15.0%, respectively, with a net reduction of 65 and 11 stores - Convenience store revenue decreased by 10.3%, with a net reduction of 128 stores as the company optimizes its store structure [2] REITs and Profitability - The company achieved a gross margin of 25.9% in 2024, a decrease of 0.7 percentage points - The gross margins for department stores and shopping centers fell by 3.0 and 8.6 percentage points to 31.4% and 45.2%, respectively - Selling and administrative expense ratios increased by 0.2 and 0.4 percentage points to 16.7% and 7.8%, respectively, mainly due to operational leverage - Investment income from REITs increased by 2.2 billion, significantly boosting net profit margin by 4.4 percentage points to 5.7% - Non-recurring net margin decreased by 0.2 percentage points to 0.4%, indicating ongoing pressure on core business profitability [3] Strategic Initiatives - The company is deepening unique projects to create a differentiated competitive advantage, including the "Play Together" concept for the ZX brand, which has led to the establishment of two new consumer experience projects - The outlet business operates nine stores across eight cities, with a total area exceeding 900,000 square meters, generating over 16 billion in annual sales and attracting over 30 million visitors - The company successfully acquired land for the Chengdu Panda International Resort for 823 million, planning to develop the first "Panda-themed park-style" outlet with a total investment exceeding 3 billion, expected to open in 2027 [4] Profit Forecast and Valuation - The company maintains its profit forecasts for 2025 and 2026 at 520 million and 570 million, respectively - The current price corresponds to 34 and 32 times P/E for 2025 and 2026 - The company maintains an outperform rating and a target price of 13.0, implying a 29% upside potential based on 44 and 41 times P/E for 2025 and 2026 [5]

本次电话会议仅服务于星叶证券客户会议音频及文字记录的内容版权为星叶证券所有内容必须经星叶证券审核后方可留存未经允许和授权专载转发此次会议内容均属侵权星叶证券将保留追究其法律责任的权利 召开会议所有参会人员不能泄露内幕信息以及未公开重要信息涉及外部嘉宾发言的商业证券不保障其发言内容的准确性与完整性商业证券不承担外部嘉宾发言内容所引起的任何损失及责任不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提醒投资者 好的各位领导各位投资者上午好那么今天我们非常高兴可以邀请到回家时代的副总兼总理张飞总来给我们分享一下公司2024年的经营情况以及后续的一些展望 那么我们先请张培总来分析一下整个年报的一些重点和亮点的一些变化那么以及后续的一些规划那么后续呢我们可以再进入到问答环节有请张培总 好的各位上午好那么公司之后年报大家其实已经看到就是我们整个二四年的一个整个经营业绩呢是较二三年是有所下降的那么收入端可能下降的幅度稍微较小一点但是从利润端来看的话呢其实我们整个受大的这个环境的影响还是比较大所以我们这块利润端呢相较二三年同期下降的幅度也比较大 自2014年我们还是整体在年初制定的整个精英计划的这个基础上 整个还是按照 ...

好的各位投资者大家晚上好我是这声商社的研究员林福杰今天就是我们做一个重庆百货的这个推荐 整个去年的话其实也是发了整个的这个啊今年啊今年的这个比较早的也是发了整个1月14号也是发了公司的一级预告一级快报就是2024年那我们可以看到利润端的增长啊就是扣费的整个的这个啊这个性利润增速大概是8.16啊就是增长8.16如果拆分去看的话其实 金融科技这边的话因为就是持股31%啊整个2023年的整体的金融科技实现了19.8个亿的一个利润那公司持有31%的话其实整体的利润应该是6点北上融资贡献6.1这是2023年的2024年的话 这边的增长来讲的话是这个15%左右就是整体来讲的话15%左右来讲的话那就是我们去看的话应该说是在接近6.9接近7个亿的利润所以这一块来讲的话其实也是就是对于整个商务公司的利润的整个的增长是有一个比较大的一个贡献 那主业这边的话其实也是可以看到对于整个公司来打的话就是2024年的话其实拆分下来的话能实现一个5.2个亿的利润然后呢整体来讲的话其实还是应该说是在整个2024年的收入下降的基础上还是实现一个比较良性的就是好的一个整个的这个微增的一个情况那主业这边的话其实因为整个2024年来讲的话其实可以看到 ...

国芳集团(601086)今日下跌6.03%，全天换手率17.68%，成交额11.38亿元，振幅20.12%。龙虎榜数据显 示，营业部席位合计净卖出5600.36万元。 上交所公开信息显示，当日该股因日振幅值达20.12%上榜，营业部席位合计净卖出5600.36万元。 国芳集团4月15日交易公开信息 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 东莞证券股份有限公司湛江军民路证券营业部 | 1977.93 | | | 买二 | 广发证券股份有限公司深圳壹方中心证券营业部 | 1284.30 | | | 买三 | 国泰海通证券股份有限公司上海海阳西路证券营业部 | 1278.09 | | | 买四 | 东方财富证券股份有限公司拉萨金融城南环路证券营业 | 1096.75 | | | | 部 | | | | 买五 | 东莞证券股份有限公司成都高升桥路证券营业部 | 1042.04 | | | 卖一 | 国金证券股份有限公司深圳分公司 | | 3878.90 | | 卖二 | 中国银河证券股份 ...

本文字数：1401，阅读时长大约2分钟 作者 | 第一财经 王媛丽 4 月 14 日 A 股 百 货 零 售 概 念 掀 涨 停 潮 ， 其 中 国 芳 集 团 （ 601086.SH ） 实 现 7 连 板 ， 南 宁 百 货 （600712.SH）、茂业商业（600828.SH）等多股涨停，板块热度持续升温。 2025.04. 15 国内扩内需稳增长政策持续推进，国内线下消费有望进一步复苏，多家线下百货商超一方面通过"改 调性"积极寻求服务模式变革，一方面通过"数字化+AI"助推降本增效，为传统商超零售业务带来新的 业绩增长刺激。 新世界年报表示，2024年推进公司百货零售业板块新世界城业态结构调整，布局首发经济，引进二 次元文化，打造差异化竞争优势；重庆百货则加快旗下百货、商超调改升级，2024半年报中表示， 百货毛利率同比增长，加快城市奥莱与购物中心业态打造。 降本增效方面，百货企业加速线上线下融合，通过AI技术优化库存管理、提升服务效率。新世界、 武商集团、中兴商业（000715.SZ）、茂业商业2024年销售毛利率较同期增加1.96、2.03、0.75、 3.1个百分点。 针对美关税影响，多家百货 ...