Core Viewpoint - The stock price of Maoye Commercial (600828) surged over 40% in five consecutive trading days, leading to significant shareholder sell-offs at high prices, raising concerns among investors about potential "high-level harvesting" [1][3]. Stock Performance - On December 1, 2023, Maoye Commercial's stock hit a three-year high, closing at 5.94 CNY per share after a drop of 3.41% on the same day, despite a cumulative increase of over 40% in the previous five trading days [1]. - Since the low point of 2.84 CNY per share on April 7, 2023, the stock has appreciated nearly 90% [1]. Shareholder Actions - The controlling shareholder, Baotou Maoye Urban Commercial Management Co., Ltd., reduced its stake by 25.11 million shares, representing 1.45% of the total share capital, while still retaining an 85% ownership [1][2]. - The timing of the share reduction coincided with the stock's peak performance, indicating a strategic exit by the shareholder [3]. Financial Performance - Despite the recent stock market success, Maoye Commercial has faced declining financial performance, with revenue dropping from 4.168 billion CNY in 2021 to 2.716 billion CNY in 2024, and net profit plummeting from 409 million CNY to only 37.15 million CNY during the same period [4]. - For the first three quarters of 2025, the company reported total revenue of 1.824 billion CNY, a year-on-year decrease of 14.20%, and a net profit of 41.73 million CNY, down 72.88% year-on-year [7].

Core Viewpoint - Maoye Commercial aims to leverage the new consumption momentum and incremental market brought by the World Games and "Chuan Chao" to enhance shopping experiences for consumers, such as offering "tax refunds for departing tourists" [2] Group 1: Company Overview - Maoye Commercial primarily engages in retail business, supplemented by property leasing and hotel operations, with a total of 23 physical retail stores including department stores, shopping centers, outlets, and supermarkets [2] - The company faced performance pressure due to the accelerated transformation of the retail industry and the reshaping of offline experiences, reporting revenues of 2.716 billion yuan and a net profit of 37.15 million yuan for 2024, with a decline in both figures in Q1 2025 [2] Group 2: Strategic Initiatives - The company is increasing its focus on experiential formats such as dining, leisure, entertainment, culture, and night economy to enhance customer engagement and drive traffic [3] - Maoye Commercial plans to deepen its shopping center transformation strategy and diversify its business categories, supported by government measures to boost consumption and economic growth [3] Group 3: Market Position and Digital Transformation - The company has developed various brands targeting different customer segments, with over 60% of its stores located in core business districts and a significant portion being self-owned properties, providing cost advantages [4] - In 2024, online retail sales accounted for 10.06% of total department store sales, and the company had approximately 4.5673 million members by the end of 2024 [4] Group 4: Future Projects - Maoye Commercial plans to accelerate the construction of key projects, including Maoye Tiandi (North District) and Tianfu No.1, located in the central area of Chengdu, which are significant urban complex projects [5] - The completion of these projects is expected to enhance the commercial and business functions of the Maoye Tiandi store and strengthen the company's market position in the Salt Market area of Chengdu [5]