CSIWM 个股点评 2026 年 2 月 26 日 CP ALL CPALL TB 泰国消费品行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk 便利店业务驱动利润增长 摘要 中信证券财富管理与中信里昂研究观点一致。根据中信里昂研究在 2026 年 2 月 26 日发布的题为《CVS drove profit growth》的报告，CPALL 于昨日晚间公布 2025 年四季度净利润为 72.65 亿泰铢（同比+3%/环比+13%），符合市场 一致预期。尽管 CPAXT 业务表现令人失望，但便利店（CVS）业务的强劲表现推动利润增长。公司宣布派发每股 1.65 泰铢股息，派息率达 53%（略高于 2024 年的 48%）。 2025 年四季度及全年便利店业务表现强劲 在可比同店销售额增长（SSSG）为-2%，以及 7-Eleven 门店总数达 15,945 家（2025 年新增 700 家）的背景下，公 司 2025 年四季度营收达 2,534 亿泰铢（同比+2%/环比+5%）。2025 全年净利润同比增长 11%至 282.06 亿 ...

Core Viewpoint - Central Plaza (600280) announced that it expects a negative net profit attributable to shareholders for the fiscal year 2025, primarily due to industry cyclical fluctuations, changes in market environment, asset impairment, and the suspension of operations at its Xuzhou store [1] Group 1: Financial Performance - The company has experienced declining revenue for seven consecutive years from 2018 to 2024, with losses reported for three consecutive years from 2022 to 2024 [1] - The estimated impact of tax payment and penalties on the 2025 net profit is approximately 61.33 million yuan, which will be reflected in the current year's profit and loss [2] Group 2: Tax and Legal Issues - Central Plaza's subsidiary, Jiangsu Central New Asia Department Store Co., Ltd., is required to pay back taxes and penalties totaling approximately 73.92 million yuan, including 48.41 million yuan in principal and 25.51 million yuan in penalties [1] - The company is involved in a rental contract dispute with Xuzhou He Ruihua Property Management Co., Ltd., claiming overdue rent of 51.995 million yuan [3] - Additionally, the company faces lawsuits related to land use rights and construction contracts involving its subsidiary, Siyang Yurun Central Shopping Plaza Co., Ltd. [3] Group 3: Market Performance - As of January 12, the stock price of Central Plaza increased by 2.31%, closing at 4.42 yuan per share, with a total market capitalization of 4.987 billion yuan [4]

Group 1 - The core viewpoint of the article is that Yixin Tang is leveraging its subsidiary Yixin Convenience to enhance its business model by integrating health and convenience store operations [2] Group 2 - Yixin Convenience is a wholly-owned subsidiary of Yixin Tang, focusing on the convenience store business [2] - The company aims to create a synergistic effect between its convenience stores and pharmacies through a "health + convenience" model [2]

Group 1 - Alimentation Couche-Tard Inc. terminated its acquisition of Japan's Seven & i Holdings Co., leading to significant losses for investment banks like Goldman Sachs and Morgan Stanley [1] - The acquisition was valued at 6.77 trillion yen (approximately 46 billion USD) and was expected to be the largest global merger by 2025 [1] - The failure of the deal is attributed to prolonged negotiations and Couche-Tard's claim of "meaningful negotiations" not taking place [1] Group 2 - Following the announcement, Seven & i's stock price fell by 9.16%, marking the largest single-day drop in three months [2] - Seven & i plans to maintain its independent operational strategy and aims for approximately 2 trillion yen in shareholder returns by the end of fiscal year 2030 through stock buybacks and strategic partnerships [2] - The failed acquisition also impacted other sectors, with Mitsui & Co. missing a chance to sell its 2% stake in Seven & i for about 1 billion USD [2] Group 3 - The Japanese M&A market saw a significant increase, with transaction volumes reaching 232 billion USD in the first half of 2025, more than doubling year-on-year [2] - This surge is driven by government reforms aimed at improving corporate governance and a low-interest-rate environment that encourages foreign investment and private equity activity [2][3] - Major Japanese companies like Toyota and NTT are pursuing privatization of listed subsidiaries, while investment banks are expanding their operations in Japan to capitalize on this trend [3]