Group 1 - The core point of the article is that Lishang Guochao (SH 600738) announced a share buyback plan executed by Yuanming Holdings, which acquired approximately 15.13 million shares, representing 1.99% of the company's total equity, for a total amount of 75.92 million yuan [1] - The share buyback plan was completed within the specified period from December 11, 2024, to November 20, 2025 [1] - As of the report, Lishang Guochao has a market capitalization of 3.8 billion yuan [1] Group 2 - For the fiscal year 2024, Lishang Guochao's revenue composition is as follows: property and leasing business accounts for 62.94%, retail trade accounts for 18.44%, other businesses account for 8.34%, commercial management accounts for 6.31%, and new retail business accounts for 3.96% [1]

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 Insights - Lishang Guochao (600738) reported a revenue of 477 million yuan and a net profit of 116 million yuan for the first three quarters of 2025, marking a year-on-year growth of 7.85% in net profit and 9.05% in non-recurring net profit [1] - In Q3 alone, the company achieved a revenue of 154 million yuan and a net profit of approximately 36.18 million yuan, reflecting a year-on-year increase of 4.45% in net profit [1] - The company's core business includes professional market management, retail, and new consumption and new retail, with significant properties such as Hangzhou Huanbei and Nanjing Huanbei [1] Financial Performance - The net profit growth rate exceeded revenue growth, indicating robust internal growth driven by core business operations [1] - The company's equity increased by 5.63% year-on-year, reaching 2.04 billion yuan [1] Business Segments - The professional market management segment generated 319 million yuan in revenue with a gross margin of 77.14%, benefiting from strong location advantages and ongoing digital upgrades [1] - The retail business, represented by Lanzhou Eurasia Shopping Mall, achieved a revenue of 96.34 million yuan with a gross margin of 49.60%, maintaining good customer loyalty through refined membership operations [2] - The commercial management segment, leveraging the location advantages of its property, achieved a revenue of 38.67 million yuan with an 8.89 percentage point increase in gross margin year-on-year [2]

证券代码：600738 证券简称：丽尚国潮 公告编号：2025-066 兰州丽尚国潮实业集团股份有限公司 2025 年前三季度主要经营数据公告 一、2025 年第三季度，公司零售百货门店无关闭情况。 二、2025 年第三季度，公司无拟增加门店情况。 三、2025 年前三季度主要经营数据： （一）主营业务分行业情况 1 单位：万元 币种：人民币 分行业 营业收入 营业成本 毛利率 （%） 营业收入 比上年同 期增减（%） 营业成本比 上年同期增 减（%） 毛利率比 上年同期 增减（%） 专业市场管理 31,883.24 7,288.51 77.14 0.12 1.69 下降 0.35 个百分点 商贸百货零售 9,634.62 4,856.26 49.60 -11.15 -6.74 下降 2.38 个百分点 商业管理 3,867.11 3,122.75 19.25 16.30 4.76 提高 8.89 个百分点 新零售业务 635.71 160.84 74.70 -70.78 -89.60 提高 45.78 个百分点 其他业务 1,707.00 827.77 51.51 -50.25 708.69 下降 45.5 ...

Core Viewpoint - Lishang Guochao reported a mixed performance for the first half of 2025, with a decline in revenue but an increase in net profit, indicating resilience in its core business despite challenges in the retail environment [2][4]. Financial Performance - The company achieved operating revenue of 323.40 million yuan, a year-on-year decrease of 9.07% [2]. - The net profit attributable to shareholders was 79.73 million yuan, reflecting a year-on-year increase of 9.46% [2]. - Cash flow from operating activities showed significant improvement due to the recovery of receivables from the previous year [2]. Business Segments - The apparel wholesale markets in Hangzhou and Nanjing contributed significantly, generating revenue of 221 million yuan, a slight increase of 0.32% [2]. - The retail business centered around the Lanzhou Eurasia Department Store reported revenue of 64.15 million yuan, a decrease of 0.42% [2]. - The commercial management business, led by the Lanzhou Eurasia International Building, achieved revenue of 22.38 million yuan, an increase of 7.83% [2]. Strategic Focus - The company plans to focus on new development opportunities and external growth, although there are currently no specific acquisition targets [3]. - Lishang Guochao emphasizes its differentiated advantages, including proprietary properties in key commercial areas and digital management experience [3]. - The company is pursuing smart upgrades and innovation across its three main segments: professional markets, retail, and new retail [3]. Operational Adjustments - The company has adjusted its business structure to reduce asset impairment losses and has actively negotiated with banks to lower financial costs [4]. - The new retail business, which includes operations and services, will no longer be consolidated into the company's financial statements [4]. - Future resource investments will focus on digital platform construction, business model transformation, and team development [5].

一、2025 年第一季度，公司零售百货门店无关闭情况。 二、2025 年第一季度，公司无拟增加门店情况。 三、2025 年第一季度主要经营数据： 证券代码：600738 证券简称：丽尚国潮 公告编号：2025-025 兰州丽尚国潮实业集团股份有限公司 2025 第一季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 兰州丽尚国潮实业集团股份有限公司（以下简称"公司"）根据《上海证券交 易所上市公司自律监管指引第 3 号——行业信息披露》《关于做好主板上市公司 2025 年第一季度报告披露工作的重要提醒》要求，现将公司 2025 年第一季度主 要经营数据披露如下： 本公告之经营数据未经审计，公司董事会提醒投资者审慎使用该等数据。 （一）主营业务分行业情况 特此公告。 单位：万元 币种：人民币 兰州丽尚国潮实业集团股份有限公司董事会 | 分行业 | 营业收入 | 营业成本 | 毛利率 | 营业收入 比上年同 | 营业成本 比上年同 | 毛利率比 上年同期 | | --- | --- | --- | --- | - ...