Core Insights - The company reported a revenue of 477 million yuan and a net profit of 116 million yuan for the first three quarters of 2025, reflecting a year-on-year growth of 7.85% [1] - In Q3 alone, the company achieved a revenue of 154 million yuan and a net profit of approximately 36.18 million yuan, marking a 4.45% increase year-on-year, indicating strong operational resilience [1] - The company, formerly known as Lanzhou Minbai, has transitioned to a new development phase under state-owned asset empowerment since its rebranding to "Lishang Guochao" in 2020 [1] Financial Performance - The company's core business segments include professional market management, retail, and new consumption, with a notable increase in net profit growth of 9.05% for the non-recurring net profit, indicating robust internal growth drivers [1] - Shareholder equity increased by 5.63% year-on-year, reaching 2.04 billion yuan, providing a solid foundation for future expansion [1] Business Segments - The professional market management segment generated 319 million yuan in revenue with a high gross margin of 77.14%, showcasing its strong cash flow capabilities [2] - The retail segment, represented by Lanzhou Eurasia Shopping Mall, achieved a revenue of approximately 96.35 million yuan with a gross margin of 49.60%, demonstrating strong brand resilience and customer loyalty in the regional market [2] - The company has enhanced its competitive edge through the synergy of diverse business formats, exemplified by the opening of the Lanzhou Eurasia International Cloud Hotel in partnership with Huazhu Group, which contributed to a revenue of approximately 38.67 million yuan with an 8.89 percentage point increase in gross margin [2]

Core Viewpoint - Lishang Guochao reported a stable financial performance for 2024 and Q1 2025, with a focus on enhancing operational management and strategic adjustments in response to government initiatives aimed at boosting consumption [1][2]. Financial Performance - In 2024, the company achieved total revenue of 666 million yuan and a net profit of 72.55 million yuan, with basic earnings per share of 0.10 yuan [1]. - For Q1 2025, total revenue was 177 million yuan, with a net profit of 58.84 million yuan and basic earnings per share of 0.08 yuan [1]. Business Segments - The professional market management segment generated 419 million yuan in revenue for 2024, with a gross margin of 76.10%, highlighting its critical role in supporting the company's overall performance [2]. - The rental rates for key markets were high, with the Hangzhou market at approximately 96.5% and the Nanjing market at about 95.6% [2]. - In the retail sector, the company reported 123 million yuan in revenue from its retail business, focusing on enhancing operational capabilities and optimizing customer experience through digital means [2]. - The new retail business segment generated revenue of 26.39 million yuan, reflecting the company's efforts to develop a comprehensive supply chain and expand its advertising media business [2]. Industry Context - The Chinese government is promoting consumption through various initiatives, including the "Buy in China" campaign, which aims to enhance domestic demand amid external economic pressures [3]. - Analysts suggest that expanding domestic demand will be a key focus for the market, especially with the implementation of policies aimed at stimulating consumption [3].

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]