南京中央商场（集团）股份有限公司2025 年半年度报告 公司代码：600280 公司简称：中央商场 南京中央商场（集团）股份有限公司 南京中央商场（集团）股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半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。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人祝珺、主管会计工作负责人金福及会计机构负责人（会计主管人员）陈飞声明： 保证半年度报告中财务报告的真实、准确、完整。 五、 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 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本半年度报告中所涉及的未来计划、发展战略等前瞻性陈述不构成公司对投资者的实质承诺 ，请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告中 ...

Group 1 - The stock price of Sanjiang Shopping closed at 10.66 yuan on August 15, with an increase of 0.05 yuan, representing a rise of 0.47% [1] - The trading volume on that day was 71,712 hands, with a transaction amount reaching 0.76 billion yuan [1] - Sanjiang Shopping's main business is commercial retail, primarily operating supermarkets and convenience stores [1] Group 2 - The company has established a relatively complete regional sales network and is a well-known retail chain in Zhejiang Province [1] - The company's concept sectors include commercial department stores, new retail, and community group buying [1] - On August 15, the net outflow of main funds was 7.1955 million yuan, with a cumulative net outflow of 32.8053 million yuan over the past five trading days [1]

Group 1 - ACT officially withdrew its nearly $47 billion acquisition proposal for Japan's Seven & i Holdings on July 16, marking the end of a potential deal that could have been the largest merger in 2025 [1] - The negotiation process was described as extremely difficult, with limited due diligence opportunities and a lack of genuine discussions from Seven & i's special committee and major shareholder, the Ito family [3] - Despite ACT's concessions on regulatory coordination and other aspects, they received no sincere response, leading to the decision to terminate the transaction [3] Group 2 - Following the announcement of the acquisition withdrawal, Seven & i's stock price plummeted by 9.16%, the largest single-day drop in three months, while ACT's stock surged by 17% [4] - Seven & i has been facing deteriorating operational performance, with "7-Eleven Japan" reporting Q1 2025 revenue of 223.47 billion yen, a 0.7% year-on-year decline, and operating profit of 54.53 billion yen, down 11.0% [4] - To address its challenges, Seven & i has implemented several reforms, including appointing a new CEO and selling its supermarket business to Bain Capital for 814.7 billion yen, as well as planning to spin off its North American 7-Eleven business by 2026 [4]

Core Viewpoint - Alimentation Couche-Tard (ACT) has withdrawn its acquisition proposal for 7-Eleven's parent company Seven & I Holdings due to a lack of "constructive engagement" from the latter [1] Group 1: Acquisition Proposal - ACT announced the withdrawal of its acquisition proposal on July 16, citing insufficient constructive participation from Seven & I Holdings [1] - Seven & I Holdings expressed dissatisfaction with ACT's unilateral decision to terminate discussions, stating that they had engaged in sincere and constructive discussions aimed at reaching a beneficial deal for shareholders [1] Group 2: Future Plans of Seven & I Holdings - Seven & I Holdings aims to recover capital and achieve approximately 2 trillion yen in shareholder returns by the end of the fiscal year 2030 through stock buybacks, inviting strategic partners in the large supermarket business, and an IPO of its North American convenience store operations [1]

Group 1 - The core point of the article is that Lawson, a major convenience store chain in Japan, has opened a new type of store in Tokyo that utilizes artificial intelligence and robotics technology [1] Group 2 - The new store features electronic screens that display related product recommendations when customers pick up items [1] - Robots have been introduced in the store to handle cooking and product display tasks [1]

Core Viewpoint - The case highlights the legal implications of trademark infringement, particularly in the context of franchise agreements and the protection of brand identity [1][3]. Group 1: Trademark Infringement Case - A convenience store attempted to retain its original brand name by altering it slightly after its franchise agreement with Meiyijia expired in January 2023 [1]. - Meiyijia, a well-known convenience store brand, discovered the infringement in December 2024 and filed a lawsuit in May 2025, seeking a compensation of 10,000 yuan [1]. - The court found that the convenience store's modified name "美①佳" was similar enough to "美宜佳" to cause public confusion, violating the Trademark Law of the People's Republic of China [3]. Group 2: Court Ruling and Settlement - The court ruled that the convenience store's actions constituted trademark infringement, as the modified name and logo were likely to mislead consumers regarding the source of services [3]. - The convenience store agreed to pay 4,000 yuan to Meiyijia as part of a settlement, and Meiyijia decided not to pursue further claims [3]. - The presiding judge emphasized the importance of trademark protection, stating that imitating well-known brands is not a legitimate business strategy and is subject to legal consequences [3].

Core Insights - The convenience store sector in China continues to experience rapid growth, with a total of 196,000 stores among the top 100 companies, reflecting a net increase of 14,000 stores year-on-year, representing a growth rate of 7.7% [1][3][5] Group 1: Market Overview - The convenience store format is the closest retail model to consumers, providing a wide range of products and services, which has led to strong market demand despite the decline of hypermarkets and department stores [1] - The top 100 convenience store companies have a combined store count of 196,000, with an entry threshold of 129 stores, indicating a competitive landscape [1][3] Group 2: Industry Concentration - There are 38 companies with over 1,000 stores, an increase of 7 from the previous year, indicating a trend towards higher industry concentration [3] - The top 20 companies account for 148,128 stores, representing 75.57% of the total, while the top 10 companies hold 124,066 stores, a year-on-year increase of 8,325 stores (7.19%) [3][6] Group 3: Leading Companies - Meiyijia remains the largest convenience store chain in China, with 37,943 stores, a net increase of 4,095 stores, averaging 11.2 new stores opened daily [8][9] - The top three companies, Meiyijia, Yijie, and Kunlun Haoke, have store counts exceeding 10,000, with Kunlun Haoke experiencing a decrease of 80 stores to 19,700 [6][8] - Lawson continues to be the leading foreign convenience store brand in China, with 6,652 stores after a net increase of 332 stores [5][6] Group 4: Future Outlook - Meiyijia aims to expand its store count to over 39,000 by April 2025, while Lawson has set a target of reaching 10,000 stores by the end of 2025, although achieving this goal may be challenging [8][5]

Core Viewpoint - The release of the "2024 China Convenience Store TOP 100" by the China Chain Store & Franchise Association (CCFA) highlights significant changes in the convenience store industry, showcasing growth and competition among leading brands [1][3]. Group 1: TOP 10 Rankings - Meiyijia remains the leader with 37,943 stores, an increase of 4,095 from 33,848 last year, averaging 11.2 new stores daily [5][8]. - The top six positions remain unchanged, while 7-Eleven, Tenzu, and Hongqi chain each dropped one position to 8th, 9th, and 10th respectively [6][9]. - New entrants to the top ten include "Left Neighbors" and "Life Station," which ranked 7th with 5,310 stores [19]. Group 2: Store Count Changes - The total number of stores in the TOP 10 increased to 124,066, up by 8,325 or 7.19% from the previous year [15]. - The entry threshold for the TOP 100 list decreased from 165 to 129 stores, indicating a significant change among lower-tier companies [11]. - The number of brands with over 1,000 stores increased from 31 to 38, reflecting stability and growth in the convenience store sector [23]. Group 3: New Brands and Market Dynamics - New brands entering the TOP 100 include "Left Neighbors," "Taste Jiangnan," and "City Star," with varying store counts [16]. - FamilyMart dropped out of the TOP 10, falling to 12th place despite an increase in store count from 2,707 to 3,032 [22]. - The convenience store industry is experiencing a slowdown in growth, maintaining single-digit percentage increases [15].

Investment Rating - The report indicates a positive outlook for the convenience store industry, highlighting significant growth potential in the market [2]. Core Insights - The convenience store sector is experiencing rapid growth globally, driven by urbanization and changing consumer lifestyles, with a focus on convenience and immediacy [2]. - In 2023, the global convenience store market reached a size of $1,133.7 billion, reflecting an 11.7% increase from 2022, with a projected compound annual growth rate (CAGR) of 9.7% from 2025 to 2028 [3]. - The Chinese convenience store market is also expanding, with sales reaching approximately 424.8 billion yuan in 2023, a year-on-year growth of 10.8%, and a CAGR of 17.4% from 2015 to 2023 [8]. Market Overview - The convenience store market in China is characterized by a growing number of stores, with approximately 321,000 locations in 2023, marking a 7% increase year-on-year and a CAGR of 17.1% from 2015 to 2023 [11]. - The penetration rate in China is improving, with one convenience store serving approximately 4,441 people in 2023, down from 4,751 people per store in 2022, indicating a positive trend in store coverage [5]. - The competitive landscape shows a concentration of regional players with a fragmented brand presence, where Japanese convenience stores dominate the high-end market, while local brands excel in the mid to low-end segments [12]. Consumer Behavior - The average spending per visit to convenience stores in China is 44.8 yuan, with 27.9% of consumers spending between 31-40 yuan per visit and 24.6% spending between 21-30 yuan [14].