Core Viewpoint - The company has successfully reversed its performance and lifted the ST warning status through strategic adjustments and operational improvements, particularly with the support of the "胖东来" model [5]. Financial Performance - In Q1 2025, the company reported revenue of 1.155 billion, a year-on-year increase of 24%, and a net profit attributable to shareholders of 119 million, up 488% year-on-year [1]. - For the full year 2024, the company achieved revenue of 3.4 billion, an 11% year-on-year increase, and a net profit of 1.212 billion, compared to a loss of 1.9 billion in 2023 [1]. - The supermarket segment generated revenue of 1.8 billion, a 53% year-on-year increase, accounting for 53% of total revenue [1]. Store Optimization and Management - The company closed 74 stores in 2024, including 69 supermarkets and 5 department stores, while completing adjustments in 13 stores [2]. - As of December 31, 2024, the company operated 59 stores, with 27 supermarkets and 32 department stores [2]. - The company has implemented a rotating president management system to enhance management efficiency and operational effectiveness [4]. Customer Engagement - The department store segment benefited from the supermarket adjustments, achieving an annual footfall of 212 million, a 15.5% year-on-year increase [3]. Strategic Focus - The company has shifted its focus to the Hunan market and is pursuing a dual business model of "high frequency + high quality" for collaborative development [5].

文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 联系人： 陆银波（15210860866） 韩港（微信 HGK1366） 核心观点 本文从行业协会视角出发，观察 20 大中观行业的现状与未来趋势。 1 ）当前供需失衡、需求不足等问题仍然存在。 2 ）但边际上，已出现一定积极迹象， 表现为：企业正通过调整改造、并购重组等方式重构行业格局（例 如百货行业）；在总量偏弱背景下不乏结构性亮点（例如珠宝消费承压，但黄金高增）； 3 ）往后看，关注四个趋势： 通过供改改善行业环境（如光伏 / 钢铁 / 石化 / 水泥等 ）；新的增长极正在 形成（ AI/ 软件 / 演出等）； AI 助力降本提效（如餐饮 / 珠宝 / 百货等）；深耕细分领域（服装 / 珠宝 / 白酒等）。 报告摘要 一、供需失衡等症结仍存 1 ）供求失衡问题，主要集中在周期、制造业领域 ，例如： a ）石化，"面临深度调整的阵痛期"； b ）钢 铁，需求自 2020 年连续 4 年下滑，且"新的供需动态平衡机制尚未建立"； c ）水泥，"水泥市场饱和度较 高"，在需求下滑的背景下， 内卷式竞争加剧； d ） ...

以下文章来源于雷达Finance ，作者X编辑 雷达Finance . 遨游广袤的财富世界。 命运在此刻发生改变，在沈国军的精心经营下，银泰百货大获成功。 2007年，银泰百货成功登 陆港股。此后，在他的带领下，银泰集团的商业版图持续扩张，业务广泛覆盖商业零售、商业地 产运营与开发、股权投资等核心领域。 在沈国军的创业生涯中，挚友马云多次参与其中。他们 曾 携手组建菜鸟网络，阿里更是通过多 次增持将银泰百货纳入麾下。但商场风云变幻，马云 斥巨资拿下的银泰百货让阿里损失惨重。 去年 12月，阿里不惜亏损93亿 元 出售银泰百货股权。 值得注意的是，近年来，沈国军在资产处置方面动作频繁：银泰系陆续减持京投发展、南都物 业、汤姆猫的股份，并且清仓了银泰黄金股份。沈国军接连出售资产的举动，让外界对这位商界 大佬后续的商业规划充满好奇。 作者： 孟帅 来源： 雷达Finance （lD： leidaplus） 执掌着银泰商业帝国的沈国军，财富一年缩水 225亿元。 据胡润研究院最新公布的《 2025胡润全球富豪榜》显示，沈国军家族的财富从去年的620亿元 骤降至今年的395亿元，位列中国财富下降TOP5的第四名。 回顾 ...

二、报告期内公司无拟增加门店情况 三、报告期内主要经营数据情况 1、主营业务分行业情况 证券代码：600857 证券简称：宁波中百 编号：2025-006 宁波中百股份有限公司 关于 2024 年年度经营数据的公告 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个别及连带责任。 本公司根据上海证券交易所《上市公司行业信息披露指引第五号——零售》、《关 于做好上市公司 2024 年年度报告披露工作的通知》要求，现将 2024 年年度门店变动情 况及主要经营数据披露如下： 一、报告期内公司无门店变动情况 宁波中百股份有限公司董事会 2025 年 4 月 15 日 | 地区 | 营业收入 | 营业收入比上 年增减（%） | 毛利率（%） | | 毛利率同比增减 | | --- | --- | --- | --- | --- | --- | | 浙江地区 | 826,872,412.46 | -14.92 | 7.07 | 增加 0.32 | 个百分点 | | 黑龙江地区 | | -100.00 | | 减少 | 87.32 百分点 | | 合 ...

Group 1 - Global enterprises are facing challenges from "de-globalization," prompting Shanghai companies to respond proactively to the new trend of integrated domestic and foreign trade development [1] - Hema has opened its platform to Chinese foreign trade enterprises, simplifying certification processes and shortening review cycles to facilitate online market expansion [1] - Shanghai's local leaders are actively researching key foreign trade enterprises to implement supportive policies aimed at stabilizing expectations, boosting confidence, and promoting consumption [1] Group 2 - Dongfang International Commercial Group has seen its export share to the U.S. decrease from 28% to 23% over the past seven years, emphasizing the importance of diversifying markets and enhancing supply chain services [2] - Hongming Supply Chain has established a collaborative service platform for the integrated circuit industry, highlighting the necessity of international cooperation in this sector [2] - Despite challenges, the Chinese market remains attractive, with local enterprises quickly adapting to new international trade policies to minimize disruptions [2] Group 3 - Mitsubishi Electric Automation (China) and ABB Group are increasing their investments in China, focusing on integrated operations and smart building markets, respectively [3] - Foreign enterprises recognize the essential role of the Chinese market, citing its complete industrial system, large market demand, and high-quality talent pool as key factors for investment [3] Group 4 - Shanghai's Lingang New Area is promoting global investment activities, while local leaders are engaging with foreign companies to explore win-win development opportunities [4] - The city is reinforcing its position as a major economic center and a testing ground for higher levels of opening up to the outside world [4] Group 5 - Jinshan District plans to support enterprises in exploring emerging markets, particularly in countries along the "Belt and Road" initiative, ASEAN, the Middle East, and Latin America [5] - Huangpu District aims to provide certainty for foreign trade enterprises by implementing supportive policies and early funding disbursements [5] - Jiading District is focusing on localizing supply chains and enhancing domestic innovation capabilities to adapt to high tariff impacts [5] Group 6 - Nanjing Road's New World Daimaru Department Store reported a revenue of 2.303 billion, with a year-on-year growth of 2.01%, indicating a positive trend in consumer spending [6] - The Hongqiao International Central Business District has become a key destination for domestic and international tourists, with a significant proportion of new brands opening their first stores there [6] - Shanghai is set to launch various consumer promotion activities to further unlock internal potential, including showcasing new vehicles at the upcoming 2025 Shanghai Auto Show [6]

银川新华百货商业集团股份有限公司 关于诉讼事项的进展公告 特别提示 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个别及连带责任。 证券代码:600785 证券简称:新华百货 编号:2025-015 重要内容提示: 一、本次诉讼的基本情况 银川新华百货商业集团股份有限公司（以下简称"公司"或"新百公司"）已于2025年3月20日披露了关于 诉讼结果的公告（详见2025-006号公告）。 公司于今日向法院提起上诉，上诉人银川新华百货商业集团股份有限公司（下称"新百公司"）诉被上诉 人宁夏大世界实业集团有限公司（下称"大世界公司"）不当得利纠纷一案，因不服金凤区人民法院 （2023）宁0106民初22125号民事判决书，依法向银川市中级人民法院提起上诉。 公司于今日同时收到宁夏大世界实业集团有限公司上诉状，因与公司不当得利纠纷一案，其不服宁夏回 族自治区银川市金凤区人民法院作出的（2023）宁0106民初22125号民事判决书，依法向银川市中级人 民法院提起上诉。 根据最高人民法院（2020）最高法民再116号民事判决内容，大世界公司具有向 ...

第十届监事会第十一次会议决议公告 本公司监事会及全体监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个别及连带 责任。 茂业商业股份有限公司（以下简称"公司"）第十届监事会第十 一次会议于 2025 年 3 月 26 日以现场结合通讯方式召开。本次会议应 出席监事 3 人，出席现场会议监事 2 人，以通讯方式参会监事 1 人。 会议召开符合《公司法》和《公司章程》的要求。会议由监事会主席 胡蓉女士主持，以记名投票方式表决，形成了如下决议： 一、审议通过了《公司 2024 年度监事会工作报告》 表决结果：同意 3 票，反对 0 票，弃权 0 票。 二、审议通过了《公司 2024 年年度报告及摘要》 茂业商业: 茂业商业第十届监事会第十一次会议决 议公告 证券代码：600828 证券简称：茂业商业 编号：临 2025-005 号 茂业商业股份有限公司 监事会对董事会编制的公司 2024 年年度报告进行了认真审核， 并提出如下审核意见： 司章程和公司内部管理制度的各项规定； 券交易所的各项规定，所包含的信息能从各个方面真实地反映出公司 审议的人员有违反保密规定的 ...

Core Viewpoint - Central Huijin has allocated over 1 trillion yuan to invest in six low-priced stocks, signaling a strong bullish sentiment in the A-share market, with potential for significant returns for retail investors [1][2][3] Group 1: Investment Details - Central Huijin has heavily invested in six companies, all priced around 2 yuan, indicating a strategic move to capitalize on undervalued stocks [1] - The companies include: - China Railway Construction, with 55 million shares purchased, a leader in infrastructure projects [1] - Hefei Department Store, with 23 million shares purchased, a key player in retail in the Hefei region [1] - Financial Street, with 40 million shares purchased, a prominent commercial real estate developer [1][2] - Yunnan Baiyao, with 52 million shares purchased, a well-known traditional Chinese medicine brand [2] - Maanshan Iron & Steel, with 85 million shares purchased, a significant steel producer in East China [3] - A data center construction company, with 310 million shares purchased, involved in major projects worth 45 billion yuan [3] Group 2: Historical Context and Market Trends - Historical precedents show that Central Huijin's past investments, such as in Luzhou Laojiao and Northern Huachuang, have led to substantial stock price increases, suggesting a potential for similar outcomes with current investments [3] - The narrative of low-priced stocks achieving remarkable growth is supported by examples like Shanxi Fenjiu and Yingke Medical, which started around 2 yuan and later surged to over 100 yuan [3] - Government policies aimed at stabilizing the stock market, as highlighted in the 2025 work report, further bolster the investment environment [3]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - Rising food prices have curbed demand, while catering and department stores have sustained growth [3][16] - Consumer confidence index fell to 35.2 in January 2025, the lowest in 16 months, indicating deepening economic concerns [2][7] - Inflation accelerated in January 2025, with CPI rising 4.0% year-on-year, driven by structural increases in food and energy prices [9][12] Macro Summary - In January 2025, the inflation rate accelerated again, with the consumer confidence index dropping to 35.2, marking a 16-month low since September 2023 [2][7] - Real wages in December 2024 increased by 0.3% year-on-year, marking the second consecutive month of growth, while nominal GDP grew by 2.9% in 2024 [2][12] - The January PPI rose by 4.2% year-on-year, continuing a moderate upward trend [13] Industry Summary - In the essential goods retail sector, food and beverage sales increased by 0.9% year-on-year, while drug and bath product sales rose by 4.9% [3][16] - The optional consumption sector, including dining and department stores, benefited from a surge in inbound tourism, with significant growth in same-store sales [5][16] Essential Companies Summary - In January, PPIH's same-store sales increased by 6.7%, while Aeon and 711 Japan reported increases of 2.0% and 0.9%, respectively [4][20] - The beer industry saw a high single-digit growth in traditional beer sales, driven by a record number of inbound tourists [4][23] Optional Companies Summary - Major dining companies like Sally's and Toridoll reported same-store sales growth of 17.3% and 12.5%, respectively, benefiting from the influx of tourists [5][32] - Uniqlo and ABC-MART reported same-store sales growth of 8.6% and 6.1%, respectively, driven by seasonal promotions and new product launches [5][36] Stock Market Summary - In January, most optional consumption stocks rose, while essential consumption stocks mostly fell [6] - The report suggests focusing on companies with optimistic profit growth prospects, such as Asics and Fast Retailing [6]