上海市锦天城律师事务所 关于家家悦集团股份有限公司 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：02120511000 传真：02120511999 邮编：200120 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司 股东会规则》 （以下简称"《股东会规则》"）等法律、法规、规范性文件和《家 家悦集团股份有限公司章程》（以下简称"《公司章程》"）的有关规定，指派 律师列席公司 2024 年度股东大会（以下简称"本次股东大会"），对本次股东大 会相关事项进行见证，并依法出具本法律意见书。 本法律意见书仅就本次股东大会的召集和召开程序、出席本次股东大会人员 的资格、召集人资格、表决程序及表决结果发表意见，而不对本次股东大会所审 议的议案内容以及该等议案所表述的相关事实或数据的真实性、准确性、完整性、 合法性发表意见。 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于家家悦集团股份有限公司 法律意见书 致：家家悦集团股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受家家悦集团股份有限公 司（以下简称"公司"）的委托 ...

Group 1 - Wang Jianlin sells 48 Wanda Plaza locations to a joint venture involving multiple companies including Tencent [1][2] - The acquisition includes 100% equity of the target companies, which are located in major cities such as Beijing, Guangzhou, Chengdu, Hangzhou, Nanjing, and Wuhan [2] - The transaction has been approved unconditionally by the State Administration for Market Regulation, but specific financial details were not disclosed [2] Group 2 - The number of ATMs in China has decreased to approximately 802,700, down from a peak of 1,097,700 five years ago, representing a reduction of 26.87% [3] - The decline in ATM machines is attributed to the rise of mobile payment methods, with a loss of around 300,000 ATMs over the past five years [3] Group 3 - Reports indicate that over 10 provinces in China are encouraging a 2.5-day weekend model, combining Friday afternoons with weekends [6] - The initiative is part of a broader effort to boost consumption and is not mandatory, allowing regions to implement it based on their conditions [6] Group 4 - The milk tea brand "Grandpa Does Not Brew Tea" faced complaints regarding underfilled drinks, with customers reporting that the cups were not filled to the expected level [7] - The company acknowledged the issue and stated that it is being investigated, emphasizing that such occurrences are not representative of all products [7] Group 5 - Apple is reportedly planning to adjust its iPhone release strategy, aiming to launch two new models each year starting in 2025 [10] - This change is intended to better compete with domestic smartphone manufacturers and fill the sales gap in the first half of the year [10] Group 6 - RT-Mart is planning to dissolve its Central China region headquarters, merging its operations with other regions, with the restructuring expected to be completed by the end of June [11] - The restructuring will see stores in the Sichuan-Chongqing market integrated into the South China region, while stores in Hunan and Hubei will move to the East China region [11] Group 7 - Geely's chairman Li Shufu stated that nearly all new car manufacturers in China are recruiting talent from Geely, highlighting the company's role in nurturing automotive talent [12][14] - Geely's investment and acquisition strategies have allowed it to attract global talent and advanced technologies, contributing to its competitive edge in the automotive industry [12][14] Group 8 - Builder.ai, an AI programming company, has filed for bankruptcy due to fraudulent practices, with its valuation previously reaching $1.5 billion [21] - The company misrepresented its operations, claiming to use AI when much of the work was done manually by Indian developers, leading to significant financial losses for investors like Amazon and Microsoft [21]

Core Insights - The Chinese retail market in Q1 2025 is experiencing a significant divergence, with some companies thriving while others struggle due to transformation pains and market pressures [1][29]. Group 1: Company Performance - Walmart China reported a net sales increase of 22.5% to $6.7 billion, with comparable sales up 16.8% and e-commerce sales growing by 34% [2]. - Fat East achieved a quarterly sales figure exceeding 6.3 billion, showcasing strong regional performance [20]. - Suning.com turned a profit with a net income of 1.796 million, marking a turnaround after four consecutive quarters of losses [4][5]. - Yonghui Supermarket faced a revenue decline of 19.32% to 17.48 billion, with net profit down 79.96% due to strategic transformation efforts [6]. - Lianhua Supermarket reported a revenue increase of 7.5% but a net profit drop of 59.9% [7]. - Changchun Eurasia Group's revenue grew by 0.38%, but net profit fell by 74.64% [8]. - Tianhong reported a revenue decline of 2.18%, despite a 1.8% increase in shopping center sales [9]. - Wushang Group's revenue decreased by 8.62%, while net profit increased by 2.85% [10]. - Yinzuo Group's revenue fell by 4.32%, with net profit down 20.66% [11]. - Chongqing Department Store's revenue decreased by 11.85%, but net profit increased by 9.23% [12]. - Jiajia Yue's cash flow surged by 355.7%, indicating strong operational efficiency [13]. - Li Qun Group's revenue fell by 5.14%, with net profit down 58.24% [14]. - Dazhong Group's revenue decreased by 8.04%, while net profit increased by 0.7% [21]. - Beijing Hualian's revenue grew by 7.52%, but net profit dropped by 59.92% [24]. - Youa Group's revenue fell by 14.59%, with net profit down 35.48% [25]. - Shanghai New World reported a revenue decline of 6.14% and a net profit drop of 33.95% [26]. - Sanjiang Shopping Club's revenue increased by 1.1%, with net profit up 35.3% [27]. - Renrenle's revenue plummeted by 77.81%, but net profit increased by 39.57% [28]. Group 2: Industry Trends - The retail sector is showing significant differentiation, with leading companies like Walmart and Suning leveraging operational adjustments for growth [29]. - Traditional supermarkets are under pressure, with companies like Yonghui and Lianhua experiencing substantial declines in both revenue and profit [30]. - Regional players like Fat East and Jiajia Yue are thriving due to localized operations and supply chain advantages [31]. - E-commerce and omnichannel strategies are driving growth, as seen with Walmart's e-commerce sales and Suning's offline revenue increase [32]. - Membership store models are gaining traction, with Walmart's Sam's Club expanding to 54 locations [34]. - Cost control and efficiency optimization are critical, with companies like Tianhong and Wushang improving profits despite revenue declines [37]. - Differentiated competition in niche markets, such as health and baby products, is evident with companies like Dazhong and Kid King showing strong performance [39].

Market Performance - The S&P 500 index decreased by 2.6% this week, while the Nasdaq fell by 2.5%[3] - Among sectors, only the Household & Personal Products sector saw an increase of 1%, while the Technology Hardware & Equipment sector dropped by 6.3%[3] Fund Flows - Estimated fund outflow from S&P 500 components was $11.115 billion this week, compared to an inflow of $25.71 billion last week[4] - Three sectors experienced fund inflows: Healthcare Equipment & Services (+$200 million), Media & Entertainment (+$170 million), and Household & Personal Products (not significant)[4] Earnings Forecast - The dynamic F12M EPS forecast for S&P 500 components was adjusted upward by 0.2% this week, following a 0.1% increase last week[5] - The Automotive & Auto Parts sector saw the largest upward revision of +0.7%, while the Food & Staples Retailing sector was revised down by -1.1%[5] Economic Risks - Key risks include uncertainties in economic fundamentals, international political situations, U.S. fiscal policy, and Federal Reserve monetary policy[5]

Core Viewpoint - Guoguang Chain's 2024 annual report indicates a significant decline in net profit despite an increase in revenue, highlighting potential operational challenges for the company [1][2]. Financial Performance Summary - The company achieved an operating revenue of 2.688 billion yuan in 2024, representing a year-on-year growth of 11.43% compared to 2.411 billion yuan in 2023 [2]. - The net profit attributable to shareholders was 2.670 million yuan, a decrease of 81.62% from 14.524 million yuan in the previous year [2]. - The net profit after deducting non-recurring gains and losses was -10.530 million yuan, down 1,768.14% from 631,280 yuan in 2023 [2]. - The net cash flow from operating activities was 136 million yuan, a decline of 41.45% from 232 million yuan in the previous year [2]. Q1 2025 Performance - In the first quarter of 2025, the company reported an operating revenue of 796 million yuan, reflecting a year-on-year increase of 5.23% [3]. - The net profit attributable to shareholders for Q1 2025 was 2.175 million yuan, down 18.07% from 26.547 million yuan in the same period last year [3]. - The net profit after deducting non-recurring gains and losses was 1.986 million yuan, a decrease of 21.55% compared to 25.319 million yuan in Q1 2024 [3]. - The net cash flow from operating activities for Q1 2025 was 139 million yuan, an increase of 19.43% from 116 million yuan in the previous year [3]. Company Background - Guoguang Chain was listed on the Shanghai Stock Exchange on July 28, 2020, with an issuance of 49.58 million shares at a price of 4.65 yuan per share [3]. - The total amount raised from the initial public offering was 230.547 million yuan, with a net amount of 188.516 million yuan after deducting issuance costs [4]. - The raised funds are allocated for chain store construction, renovation projects, logistics center upgrades, and information system improvements [4].

"仲家汇是不是要倒闭了？"继此前出现大面积缺货后，济南连锁超市仲家汇的生存状况再度引发市民关 注：基本生活用品买不到，货架大面积空缺，有的门店甚至大门紧闭……这家曾立志"打造济南版胖东 来"的商超仿佛站在了"悬崖边缘"。 不少门店缺货率在60%以上 24家门店已注销 5月21日，记者实地探访仲家汇多家门店，历城区洪家楼西路上的一家仲家汇店门紧锁，玻璃上张贴 有"房屋出租"信息，店内货架已清空。与其相隔不远的仲家汇花园路店也是如此。 仲家汇山大上岛店也已关闭，但货架上还有货品。"关门一周多了。"周边商户表示，"好像是一直拖欠 房东房租和水电费。" 记者从门店房东处得到了证实，"自2024年10月至今，一直没缴纳房租和水电费，共计三十余万元"。目 前，房东已走法律途径。 仲家汇的缺货情况也比此前更为严重。历山路南头的仲家汇，店内冷冻柜区、鲜食区均无货，大部分的 日用货架也是空的，仅零散陈列着牙膏、牙刷、调料等单品。 据了解，一周前，这家门店还曾关门过几天。"暂时不关了。"问及前段时间关门的原因，该门店店员表 示，"听公司安排，货目前有啥就卖啥"。 记者探访仲家汇和平路店、仲家汇花洪店等十余家门店后粗略估计，货架空 ...

北京市金杜（济南）律师事务所 关于江西国光商业连锁股份有限公司 致：江西国光商业连锁股份有限公司 北京市金杜（济南）律师事务所（以下简称本所）接受江西国光商业连锁股 份有限公司（以下简称公司）的委托，根据《中华人民共和国公司法》（以下简 称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）、《上市 公司股东会规则》（以下简称《股东会规则》）等中华人民共和国境内（以下简 称中国境内，为本法律意见书之目的，不包括中国香港特别行政区、中国澳门特 别行政区和中国台湾地区）现行有效的法律、行政法规、规章和规范性文件以及 现行有效的《江西国光商业连锁股份有限公司章程》（以下简称《公司章程》） 的有关规定，指派律师出席了公司于2025年5月20日召开的2024年年度股东会 （以下简称本次股东会），并就本次股东会的相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 下同）及上海证券交易所网站（https://www.sse.com.cn/，下同）的《江西国光 商业连锁股份有限公司第三届董事会第六次会议决议公告》； 西国光商业连锁股份有限公司第三届监事会第五次会议决议公告 ...

Core Insights - The total value of the top 100 global brands reached $10.7 trillion in 2025, marking a 29% year-on-year increase, the highest in history [1] - Chinese brands have doubled in value over the past 20 years, now accounting for 6% of the total value of the top 100 brands, with a 26% increase from the previous year, ranking second globally in growth rate [1] - European brands have significantly declined, now representing only 7% of the total value, down from 26% in 2006 [1] Industry Trends - The retail sector continued its growth trend from 2022, with an overall brand value increase of 48%, driven by e-commerce and private labels [3] - In contrast, brand value growth in categories like apparel, food and beverage, and personal care has stagnated or declined, although brands like Uniqlo, Coca-Cola, and Dove have outperformed the industry average [3] - The alcoholic beverage sector is facing challenges from younger consumers opting for lower-cost options, while the rise of health-conscious trends is boosting the growth of low or non-alcoholic drinks [3] - The luxury goods sector, one of the few industries to maintain growth since 2020, saw a 2% decline in 2025, partly due to a shift in consumer preference from status-symbol products to lifestyle experience consumption [3]

证券代码：605188 证券简称：国光连锁 公告编号：2025-024 江西国光商业连锁股份有限公司 关于召开 2024 年度暨 2025 年第一季度 业绩说明会的公告 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。 重要内容提示： ???会议召开时间：2025 年 05 月 28 日（星期三）13:45-14:45 ? 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） ? 会议召开方式：上证路演中心视频直播和网络互动 ? 投资者可于 2025 年 05 月 21 日（星期三）至 05 月 27 日（星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 investors.gg@jxggls.com 进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 江西国光商业连锁股份有限公司（以下简称"公司"）已于 2025 年 4 月 29 日发布公司 2024 年度报告，为便于广大投资者更全面深入地了解公司 2024 年度 经营成果、 ...

Group 1 - The core issue of low-price sales is its significant impact on market order and brand development, with complaints related to low-price sales increasing by 18% year-on-year in 2024 [1] - Low-price sales lead to a "price avalanche effect," causing a 40% decline in monthly sales for businesses maintaining original prices, forcing 70% of industry players to follow suit, resulting in a 12% drop in overall profit margins [3] - The prevalence of counterfeit products in low-price sales is alarming, with 35% of such products being fake, leading to a 200% increase in complaints for a major international beauty brand and a 27 percentage point drop in brand reputation within six months [3] Group 2 - Not all low-price sales are illegal; they must be assessed based on intent, market impact, and legal criteria, with examples of unfair competition including predatory pricing and counterfeit sales [4] - Legal low-price sales can occur under specific circumstances, such as managing perishable goods or promoting new products with a clear promotional period, as demonstrated by a supermarket increasing turnover of near-expiry goods by 60% [5][6] - The legal framework allows for price reductions based on cost savings or seasonal adjustments, provided they do not harm other businesses or disrupt market order [7]