登录新浪财经APP 搜索【信披】查看更多考评等级 公司代码：600694 公司简称：大商股份 大商股份有限公司2024年年度报告摘要 第一节 重要提示 1、本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到www.sse.com.cn网站仔细阅读年度报告全文。 2、本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 3、公司全体董事出席董事会会议。 4、大华会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 5、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 经大华会计师事务所（特殊普通合伙）审计，公司2024年度实现归属于上市公司股东的净利润 586,203,927.01元，母公司实现净利润209,075,583.74元，提取10%法定盈余公积20,907,558.37 元，母公 司累计未分配利润5,532,650,008.76 元。本次利润分配拟向全体股东按每10股派发现金红利10元（含 税），每10股送1股，不做资本公积转增 ...

Core Viewpoint - The annual report of Nanjing Central Plaza (Group) Co., Ltd. indicates a challenging environment for the retail industry, particularly for department stores, which are experiencing a decline in sales due to increased competition from online retail and changing consumer behavior [5][4]. Company Overview - Nanjing Central Plaza operates primarily in the department store retail sector, with additional ventures in convenience store operations through a partnership with Lawson and some real estate development activities [7][11]. - The company has a significant presence in key urban areas, maintaining a strong brand recognition and management efficiency [7]. Industry Development - The retail industry in China is facing a slowdown, with a reported 3.5% year-on-year growth in total retail sales, while department store sales have decreased by 2.4% [5]. - The industry is characterized by a divergence in performance, where leading companies are leveraging digital transformation and enhanced customer experiences to sustain growth, while weaker players are struggling with store closures due to homogenized competition [5]. Business Model - The company's retail operations include various models such as joint ventures, distribution, consignment, and leasing, with joint ventures being the primary method of operation [9][10]. - In the reporting period, department store revenue accounted for 73.23% of total revenue, with joint venture sales contributing 36.01% [10]. Real Estate Development - The real estate segment contributes 10.54% to total revenue, with projects primarily in the final stages of development, managed through entrusted construction and sales models [12][14].

Core Viewpoint - The company has reported a revenue increase of 5.2% year-on-year, reaching approximately 703.57 million yuan, with a significant focus on retail and agricultural product trading sectors [3][6][9]. Company Overview - The company operates primarily in the retail and agricultural product trading sectors, with a total of 252 physical stores across various cities in Anhui Province, establishing itself as a retail leader in the region [3][6]. - The retail business includes department stores, home appliances, supermarket chains, e-commerce, and wholesale trade, while the agricultural product trading is managed through subsidiaries [3][6]. Financial Performance - The company's net profit attributable to shareholders decreased due to the absence of a one-time compensation received in the previous year, but the adjusted net profit, excluding non-recurring items, increased by 19.46% to approximately 136.73 million yuan [9]. - The profit distribution plan for 2024 proposes a cash dividend of 1.1 yuan per 10 shares, totaling approximately 85.79 million yuan, which represents 45.02% of the net profit attributable to shareholders [19][90]. Industry Context - In 2024, China's GDP reached 134.9 trillion yuan, growing by 5%, with retail sales of consumer goods totaling 48.8 trillion yuan, marking a 3.5% increase from the previous year [6][8]. - The retail industry is undergoing significant transformation driven by digitalization, changing consumer behaviors, and intensified competition, with new business models such as live streaming and instant retail gaining traction [7][8]. Company Achievements - The company has entered the top ten of China's retail hundred rankings and received multiple accolades, including being recognized as a "Chinese Time-honored Brand" and a "National 5A Logistics Enterprise" [8].

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 ...