首店经济是首发经济的重要组成部分，有利于创造消费热点、激发消费热 情、彰显创新能力。笔者近期调研了上海首店经济的发展状况，感受到了 优质门店带来的精彩卖场呈现、旺盛客流量、创新货品组合、与众不同的 购物体验。展望未来，看好线下零售渠道的高质量发展趋势，市场份额将 向优势商圈、创新店铺集中，首店经济也将助力各地消费市场的繁荣。 首店经济：首发经济的重要组成部分 文/中国国际金融股份有限公司研究部董事总经理 郭海燕 ，中国国际金融股份有 限公司研究部研究助理 庄铭楷 ，中国国际金融股份有限公司研究部副总经理 周 彭 2024年7月21日，党的二十届三中全会审议通过了《中共中央关于进一步全面深化改革、推进中国式现代化的决定》（以下简称《决定》），其中针对"构建 全国统一大市场"进行了系统规划，并提及"积极推进首发经济"。同年，中央经济工作会议将提振消费作为2025年的首要任务，并明确指出要"积极发展首发 经济"。 "首发经济"的内涵丰富，发轫于"首店经济"，从全链路强调企业创新。根据《决定》辅导读本，首发经济是指"企业发布新产品，推出新业态、新模式、新 服务、新技术，开设首店等经济活动的总称，涵盖了企业从产品或服务 ...

Overall Overview - The company reported a total revenue of 177 million yuan for Q1 2025, representing a year-on-year decline of 8.51% [1] - The net profit attributable to the parent company was 58.84 million yuan, down 7.79% year-on-year [1] - The net profit after deducting non-recurring items was 57.88 million yuan, a decrease of 8.99% compared to the previous year [1] Key Financial Indicators - Gross margin was 69.53%, an increase of 2.21% year-on-year [6] - Net margin was 32.25%, up 2.44% year-on-year [6] - Operating expenses accounted for 18.11% of revenue, a decrease of 10.0% year-on-year [6] - Earnings per share remained stable at 0.08 yuan compared to the same period last year [6] Asset and Liability Situation - The company has a total of 222 million yuan in cash, which is a decrease of 39.08% year-on-year [6] - Accounts receivable reached 186 million yuan, showing a significant year-on-year increase of 57.14% [6] - Interest-bearing liabilities amounted to 599 million yuan, down 6.39% year-on-year [6] Financial Health - The cumulative financing amount since listing is 3.839 billion yuan, with total dividends of 2.081 billion yuan, resulting in a dividend-to-financing ratio of 0.54, indicating stable capital operations [4] - The ratio of cash to current liabilities is only 22.15%, indicating some cash flow pressure [7] - The ratio of accounts receivable to profit is as high as 256.15%, suggesting significant risks in accounts receivable recovery [7] Summary - Overall, the company's financial performance in Q1 2025 is relatively flat, with declines in both revenue and net profit [5] - Despite improvements in gross and net margins, the substantial increase in accounts receivable and tight cash flow situation warrant close attention from investors [5]

Core Viewpoint - The article highlights the development of new consumer scenes in Yibin, showcasing various projects aimed at enhancing local consumption and improving residents' quality of life through innovative and culturally rich experiences [1][16]. Group 1: Revitalization of Historical Buildings - The Austin Garden Restaurant, located in a century-old building, combines dining and cultural experiences, featuring a coffee area, restaurant, and chapel, thus creating a new composite consumption scene [4][6]. - The Guanyin Ancient Street, which has preserved 16 historical residences, has become a popular landmark since its opening in January 2021, attracting tourists with its unique offerings [6][8]. - The second phase of Guanyin Ancient Street is designed in the style of local historical architecture and includes various new businesses, enhancing the area's appeal to visitors during the May Day holiday [6][10]. Group 2: Innovative Consumer Scenes - The Zhu Li Xiang Street, focusing on bamboo culture, is Yibin's first immersive cultural tourism experience area, featuring a mix of commercial activities and cultural landmarks, with a current merchant occupancy rate of 70% [10][12]. - The Yibin Riverside C Group commercial project, which includes the Wangfujing shopping center, is set to be the largest commercial complex in Yibin, covering approximately 184,700 square meters and expected to be completed by the end of this year [12][14]. - E·PARK (Yibin Park) is a new park-style commercial area that will open at the end of May, featuring various unique brands and immersive digital art experiences, aimed at attracting a younger demographic [14][16]. Group 3: Consumer Promotion Initiatives - Yibin's government plans to implement four major actions to boost consumption, focusing on increasing income, enhancing consumer confidence, improving supply quality, and creating a favorable market environment [16].

Core Viewpoint - The financial performance of Maoye Commercial (600828.SH) in Q1 2025 shows significant declines in both revenue and net profit, raising concerns about the recovery prospects of the traditional retail industry [1][2]. Financial Performance - The company's revenue for Q1 2025 was 641 million yuan, a year-on-year decrease of 22.12% - The net profit attributable to shareholders was 14.34 million yuan, down 75.46% year-on-year - The net profit excluding non-recurring items was 15.73 million yuan, a decline of 71.35% year-on-year [1][2]. Cost Management - Despite the decline in revenue and profit, the gross margin increased to 60.76%, up 1.09% year-on-year - The net profit margin, however, fell to 2.07%, a decrease of 71.16% year-on-year - Total selling, administrative, and financial expenses amounted to 342 million yuan, accounting for 53.36% of revenue, compared to 47.02% in the same period last year [2]. Online Business Strategy - In response to the challenges posed by online retail, the company has intensified its online presence through platforms like Maolehui APP and WeChat Mini Programs - Online sales in 2024 reached 19 million yuan, representing 10.06% of total department store sales [2][3]. Acquisition Issues - The acquisition of Shenzhen Youyigou E-commerce Co., Ltd. aimed to integrate online and offline channels but has not achieved its intended goals - The acquired company failed to meet performance commitments, with a cumulative actual net profit of 139.74 million yuan from 2018 to 2020, falling short of the promised 150 million yuan - The company faced regulatory scrutiny due to inaccurate financial reporting related to this acquisition, resulting in a warning from the Sichuan Securities Regulatory Bureau [3].

Group 1 - JLC Jinling Central has opened in Nanjing, featuring over 90,000 square meters of retail space and introducing 30% of brands for the first time in the city, with more than 50 stores showcasing exclusive new products [1][6] - The mall is designed to appeal to younger consumers, focusing on trendy and designer brands rather than traditional luxury goods, creating a unique shopping experience [3][11] - The mall incorporates local cultural elements, such as art installations inspired by "Dream of the Red Chamber," and offers convenient access via metro lines [5][6] Group 2 - JLC Jinling Central has introduced several first stores in Nanjing, including popular brands like Fang Suo Bookstore, Lululemon's concept store, and high-end supermarket Olé, along with the return of Christian Louboutin [6][8] - The shopping district around Xinjiekou is becoming more versatile, with distinct roles for different malls: luxury shopping at Deji, trendy brands at JLC, and everyday shopping at other local stores [9][11] - The local government is enhancing the surrounding areas to create a more integrated shopping experience, indicating a long-term strategy to boost the attractiveness of the Xinjiekou shopping district [11]

Core Viewpoint - The government is promoting 2024 as the "Year of Consumption" to stimulate consumer potential and enhance service consumption quality, while Lishang Guochao (600738) is adapting its strategies to navigate the complex market environment and explore new business values and directions [1] Financial Performance - In 2024, Lishang Guochao achieved a revenue of 666.02 million yuan and a net profit attributable to shareholders of 72.55 million yuan, with basic earnings per share of 0.10 yuan, demonstrating business stability amid market fluctuations [1] - The first quarter of 2025 showed continued steady performance with a revenue of 177.43 million yuan and a net profit of 58.85 million yuan, with basic earnings per share of 0.08 yuan [1] Business Segments - The professional market management business, a core segment, showed resilience with a revenue of 419.23 million yuan and a gross margin of 76.10%, supported by high occupancy rates of 96.5% in Hangzhou and 95.6% in Nanjing [2] - In the retail sector, the Lanzhou Euro-Asian Shopping Center generated a revenue of 122.81 million yuan in 2024, leveraging digital strategies and local culture to enhance consumer engagement [3] - The new retail business segment reported a revenue of 26.39 million yuan in 2024, indicating strong growth potential through improved supply chain systems and digital investments [3] Policy Environment - Recent government initiatives, including the "Buy in China" campaign and the "Special Action Plan to Boost Consumption," aim to enhance domestic demand and stabilize the economy, creating opportunities for the consumption sector [4] - Analysts suggest that with external demand under pressure, expanding domestic demand will be crucial, and the consumption sector is expected to benefit from supportive fiscal policies and a rebound in consumer confidence [4] Future Outlook - Lishang Guochao is positioned to deepen its operations in commercial asset management and expand its market share, making it an attractive investment opportunity for those seeking stable returns [5]

Core Viewpoint - The emergence of the "first launch economy" is driving industrial transformation and upgrading in Chengdu, with a focus on creating a comprehensive ecosystem for new product launches and enhancing consumer experiences [1][3]. Group 1: Development Initiatives - The Chengdu Jinjiang District has launched the "first launch economy" industrial ecosystem, marking a shift from merely increasing the number of first stores to establishing a closed-loop ecosystem for first launches [3]. - The district plans to create flagship venues such as COSMO Trend Fusion Space, Tianfu Red National Comic Main Venue, and White Egret Bay Technology Exhibition Space, aiming to form an ecosystem layout characterized by "one core leading, two wings interacting, and five circles thriving together" [3]. - The district aims to attract 100 first stores and build a trillion-yuan commercial circle through the "Spring Action" initiative, which includes the introduction of new consumption scenarios, new business formats, and new models [3]. Group 2: Economic and Consumer Trends - Data indicates that 64% of young consumers prioritize spiritual consumption, leading to new consumption trends that reshape their purchasing habits [5]. - The Chengdu government has introduced a comprehensive support system for the digital cultural and creative industry, including a 300 million yuan annual fund and tax reductions for anime companies, as part of the "14th Five-Year Plan" [5]. - The "Three-Year Action Plan for Promoting the First Launch Economy (2025-2027)" aims to boost consumption through five key actions, including new product launches and enhancing the business environment [5].

公司 1Q2025综合毛利率下降0.70个百分点，期间费用率增长0.03个百分点 1Q2025公司综合毛利率为36.25%，同比下降0.70个百分点。2024年公司综合毛利率为36.89%，同比下降 1.38个百分点。 1Q2025公司期间费用率为31.12%，同比增长0.03个百分点。其中，销售/管理/研发/财务费用率分别为 27.53%/2.67%/0.74%/0.17%，同比分别变化+0.33/-0.32/+0.15/-0.12个百分点。2024年公司期间费用率为 35.94%，同比下降1.10个百分点。其中，销售/管理/研发/财务费用率分别为31.21%/3.51% /0.78%/0.45%， 同比分别变化-0.92/+0.36/+0.11/-0.65个百分点。 业务升级转型，强化数字化能力 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因 ...

截至报告期末，中百集团的货币资金为8.92亿元，同比下降33.38%；应收账款为5亿元，同比增长 2.97%；有息负债为16.03亿元，同比增长2.54%。货币资金与流动负债的比例仅为18.63%，近3年经营性 现金流均值与流动负债的比例为12.87%，提示公司存在一定的流动性风险。 财务概况 近期，中百集团发布了2025年一季报。报告显示，公司营业总收入为25.66亿元，同比下降21.29%；归 母净利润为-9885.1万元，同比下降303.27%；扣非净利润为-8167.38万元，同比下降413.81%。 费用控制与现金流 近期中百集团（000759）发布2025年一季报，证券之星财报模型分析如下： 盈利能力分析 公司的销售费用、管理费用和财务费用总计为6.46亿元，三费占营收比为25.18%，同比增加了16.3%。 每股经营性现金流为0.13元，同比减少了75.46%。这显示出公司在费用控制方面面临较大压力，同时现 金流状况不容乐观。 从盈利能力来看，中百集团的毛利率为22.86%，同比增加了4.16个百分点，但净利率却为-3.88%，同比 减少了351.06个百分点。这表明尽管公司在控制成本方面有所改 ...

Core Viewpoint - The shift in consumer spending patterns is highlighted by Chongqing surpassing Shanghai as the top city in retail sales, indicating a potential decline in Shanghai's status as a consumer powerhouse [1][4]. Group 1: Retail Sales Data - In Q1 2023, Shanghai's total retail sales of consumer goods reached 405.745 billion yuan, a year-on-year decrease of 1.1%, while Chongqing's figure was 420.432 billion yuan, an increase of 4.1% [1]. - Shanghai had maintained the top position in retail sales since 2018, but this recent change raises questions about its commercial status [1][4]. Group 2: Shift to Service Consumption - Shanghai is focusing on service consumption, launching initiatives like the "Service Consumption Season" and the "Five-Five Shopping Festival" to promote this sector [4][5]. - In 2023, service consumption contributed nearly 60% to Shanghai's total retail sales, surpassing the contribution from goods retail by over 10 percentage points [5]. Group 3: Economic Indicators - The per capita disposable income in Shanghai for Q1 2023 was approximately 25,800 yuan, ranking first among 31 provinces and showing a nominal growth rate of 4.6% [6]. - Nationally, per capita service consumption expenditure was 13,016 yuan in 2022, with a year-on-year growth of 7.4%, and service consumption accounted for 46.1% of total consumption expenditure [5]. Group 4: Consumer Behavior Trends - Emotional value is increasingly influencing consumer behavior, with a focus on experiences rather than just material goods [15]. - The rise of service consumption is seen as a response to the demand for emotional and experiential satisfaction, leading to a symbiotic relationship between goods and services [15]. Group 5: International Consumer Engagement - Shanghai is enhancing its appeal to international tourists, with significant growth in overseas visitor numbers and spending, particularly from countries with visa exemptions [16][18]. - In 2024, Shanghai is expected to receive 6.706 million inbound tourists, a year-on-year increase of 84%, with a notable rise in tax refund sales for foreign visitors [18][19].