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].

证券日报网讯九安医疗（002432）8月6日在互动平台回答投资者提问时表示，新零售业务是公司主营业 务的一小部分，2024年全年营收约6295万元，占全年营业收入比重约2.4%，主要涉及小米专卖店、小 米人车家融合店及小鹏汽车店，是公司的一个相对独立的业务单元，由部门自主独立决策。 ...

Group 1: Business Performance - In 2024, the company achieved an operating income of 37,224.69 million yuan, representing a year-on-year increase of 127.90% [3] - The net profit attributable to shareholders was a loss of 7,763.99 million yuan, with a year-on-year increase in loss of 108.89% [3] Group 2: Cross-Border E-commerce - The retail income from bonded goods in 2024 was 10,462.46 million yuan, accounting for 28.11% of the total annual operating income [1] Group 3: Future Growth Strategies - The company plans to enhance revenue and profitability through: - Retail sector: Maintaining stable operations in offline department stores while seizing opportunities in new retail [4] - Online new retail: Deepening the new retail layout and optimizing the product cooperation system [4] - Real estate: Focusing on the transformation of the Dalian Jinshigu project [4]

Company Overview - Jiuan Medical closed at 38.6 yuan, up 2.71%, with a rolling PE ratio of 10.82 times and a total market value of 18.263 billion yuan [1] - The company ranks 32nd in the medical device industry, which has an average PE ratio of 49.84 times and a median of 36.59 times [1] - As of the first quarter of 2025, 36 institutions hold shares in Jiuan Medical, including 32 funds, 3 other entities, and 1 social security fund, with a total holding of 174.5256 million shares valued at 7.337 billion yuan [1] Financial Performance - In the first quarter of 2025, Jiuan Medical reported revenue of 507 million yuan, a year-on-year decrease of 33.49% [1] - The net profit for the same period was 266 million yuan, reflecting a year-on-year increase of 7.62% [1] - The sales gross margin stood at 70.46% [1] Industry Context - The medical device industry has a significant average PE ratio of 49.84 times, indicating a high valuation compared to Jiuan Medical's PE ratio [2] - The industry median PE ratio is 36.59 times, further highlighting Jiuan Medical's relatively lower valuation [2]

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 | | --- | --- | --- | --- | - ...

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]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.45 RMB [8][9]. Core Views - The company's revenue and net profit for 2024 are projected to be 1.8 billion and 114 million RMB, respectively, reflecting a year-on-year growth of 3.6% in revenue but a significant decline of 79.2% in net profit due to high base effects from the previous year and increased impairment provisions [1]. - In Q1 2025, the company experienced a revenue decline of 6.5% year-on-year, with net profit down by 33.8%, attributed to intensified industry competition and rising sales expense ratios [1]. - The company is expected to improve its store operational quality, which may lead to better performance in the future [1]. Revenue and Profitability - Retail business revenue for 2024 is expected to grow steadily to 13.374 billion RMB, with a 3.1% year-on-year increase, driven by a 2.5% increase in pharmaceutical retail sales [2]. - The company has streamlined its store count in Q1 2025, resulting in a total of 11,451 stores, a decrease of 47 stores compared to the end of 2024 [2]. - The new retail business saw a significant growth of 47.6% year-on-year, with total sales reaching 1.293 billion RMB in 2024 [3]. Cost Structure and Margins - The sales expense ratio increased to 23.98% in Q1 2025, reflecting a rise in sales investments, while the gross margin improved slightly to 31.84% [4]. - The company’s gross margin for 2024 was reported at 31.79%, showing a year-on-year decline of 1.21% [4]. Earnings Forecast and Valuation - The forecast for net profit attributable to the parent company for 2025-2027 is adjusted to 600 million, 670 million, and 750 million RMB, respectively, with a significant increase of 426.55% in 2025 [5]. - The report predicts a PE ratio of 17x for 2025, aligning with the average of comparable companies, and sets a target price of 17.45 RMB based on this valuation [5][16].