证券日报网讯 2月2日，武商集团在互动平台回答投资者提问时表示，武商梦时代项目的立项、投资等 重大决策，均经公司董事会、股东会审议通过，履行了完整的决策与信息披露程序。资产结构的安排是 基于整体战略、融资优化和运营效率的综合考量，符合商业惯例，不存在"修饰报表"或"掩盖失误"的情 形。公司始终遵守上市公司信息披露规则。武商梦时代作为公司的重要组成部分，其全部的资产、负 债、收入、成本（包括折旧摊销及财务费用）均已完整地纳入公司合并财务报表，并经过会计师事务所 的审计。公司定期报告中披露的合并财务数据，已全面反映了包括梦时代在内的整体经营与财务状况， 股东完全可以通过这些法定公开文件进行查阅和监督。 （文章来源：证券日报） ...

证券日报网讯 2月2日，武商集团在互动平台回答投资者提问时表示，武商梦时代自有物业纳入集团总 部资产体系，截至2025年半年度，武商集团总资产307.45亿元，净资产110.16亿元；武汉梦时代广场管 理有限公司作为运营主体，总资产55485.95万元，净资产15298.72万元；南昌武商商业管理有限公司总 资产382533.37万元，净资产-14288.52万元，主要资金来源为银行贷款。 （编辑 丛可心） ...

证券日报网讯 1月29日，武商集团（000501）在互动平台回答投资者提问时表示，2026年元旦期间，武 商梦时代围绕"商文旅体展演秀"深度融合，通过推出多元营销及文旅汇演活动，有效激活市场消费动 能，整体客流量同比增长超80%，销售额同比显著增长。 ...

Core Viewpoint - The company, Wushang Group, asserts that it does not face any loss of state-owned assets and emphasizes its commitment to maintaining and increasing the value of these assets through various financial metrics and shareholder return strategies [1]. Group 1: Financial Performance and Metrics - Wushang Group states that the preservation and appreciation of state-owned assets are assessed based on audited net assets, net profit attributable to shareholders, non-recurring net profit, and dividend distributions [1]. - The company projects a significant increase in its non-recurring net profit, forecasting a year-on-year growth of 66.83% for 2024 and 21.45% for the first half of 2025, with a 12.74% increase expected in the third quarter of 2025 [1]. Group 2: Communication and Investor Relations - The company emphasizes its commitment to investor relations, maintaining high-frequency and efficient communication through various channels such as interactive platforms, performance briefings, and institutional research [1]. - Wushang Group has implemented measures such as share buybacks and high cash dividend distributions to effectively return value to shareholders [1]. Group 3: Strategic Focus and Future Plans - The company plans to focus on its core business and digital transformation to continuously enhance operational efficiency and quality [1]. - Wushang Group has officially disclosed a "Valuation Enhancement Plan" aimed at promoting the synergy between market value and intrinsic value [1].

Core Viewpoint - The article emphasizes the importance of boosting consumption as part of China's 14th Five-Year Plan, with Wuhan aiming to become a national economic and innovation center, supported by the efforts of Wushang Group to enhance local consumption and integrate into the international market [1][21]. Group 1: Economic Development and Strategic Goals - Wuhan's 14th Five-Year Plan aims for a regional GDP exceeding 3 trillion yuan by 2030, focusing on becoming a national economic, technological innovation, and trade logistics center [1]. - Wushang Group is positioned as a leader in Central China’s commerce, driving local consumption through brand aggregation, open empowerment, and innovative business models [1][3]. Group 2: Consumption Trends and Innovations - The "Four Firsts Economy" has emerged as a key strategy for revitalizing Wuhan's consumption market, with Wushang Group introducing numerous first stores and exhibitions to attract consumers [3][4]. - In 2025, Wushang Group introduced 267 first stores, 309 exhibitions, and 341 product launches, enhancing the local consumption landscape [4]. Group 3: Brand and Experience Enhancement - Wushang MALL has become a hub for over a thousand renowned brands, including luxury and high-end products, creating a comprehensive consumption matrix [6]. - The mall has undergone renovations to enhance experiential consumption, featuring a diverse range of dining options and local delicacies, transforming it into a lifestyle destination [7]. Group 4: Internationalization and Duty-Free Initiatives - Wushang Group is advancing its internationalization efforts by establishing the first city duty-free store in Hubei, enhancing its role as a commercial hub linking domestic and international markets [9][11]. - The duty-free store has signed contracts with over 100 international brands, ensuring a seamless shopping experience for foreign tourists [12]. Group 5: Technological and Business Model Innovations - Wushang Group is focusing on digital transformation and light asset operations, establishing the Wushang Jiangtun Fund to invest in new technologies and business models [17]. - The establishment of Jiangtun Digital Technology Company aims to enhance the group's digital capabilities and integrate technology into its core operations [18]. Group 6: Community Engagement and Future Outlook - Wushang Group has achieved commercial coverage across 12 cities in Hubei and expanded into Jiangxi, creating a network that supports regional economic development [21]. - The company plans to continue enhancing consumption supply and service capabilities, contributing to Wuhan's goal of becoming an international consumption center [21].

Core Viewpoint - The article emphasizes the importance of boosting consumption as part of China's 15th Five-Year Plan, with Wuhan aiming to become a national economic center and international consumption hub, supported by the efforts of Wushang Group to enhance local consumption through various strategies [1][23]. Group 1: Wushang Group's Strategic Initiatives - Wushang Group is focusing on the "Four Firsts Economy" to invigorate the consumption market, introducing 267 first stores, 309 first exhibitions, and 341 first product launches in 2025 [4][5]. - The company is leveraging high-end consumption trends by establishing a diverse brand matrix, including luxury brands like Louis Vuitton and Dior, to attract consumers [7][8]. - Wushang Group is enhancing experiential consumption by transforming shopping environments, such as creating a food corridor with popular local and international dining options [8][10]. Group 2: Internationalization and Tax-Free Shopping - Wushang Group is advancing its internationalization efforts by establishing the first city tax-free store in Hubei, which opened in May 2025, to cater to the needs of international travelers [11][13]. - The tax-free store is strategically located in Wushang Mall, which had over 32 million visitors in 2024, and aims to meet the consumption demands of over 200,000 international travelers annually [13][14]. Group 3: Innovation and Technology Integration - Wushang Group is innovating its business model by integrating cultural and technological elements, such as introducing AR technology and immersive entertainment experiences in its shopping centers [16][18]. - The company has launched the WS Dolphin membership store, focusing on unique local products and exclusive member services, enhancing customer engagement [19][20]. - Wushang Group is also investing in digital transformation and technology-driven initiatives, including the establishment of Jiangtun Digital Technology Co., which focuses on AI and IoT services [21][23]. Group 4: Future Growth and Development - Wushang Group aims to create a comprehensive commercial ecosystem by combining retail with technology and finance, ensuring sustainable growth and adaptation to market changes [20][21]. - The company is committed to expanding its influence beyond Wuhan, establishing a network that covers 12 cities in Hubei and extending into Jiangxi, thereby enhancing its regional presence [23].

Summary of Wu Shang Group Conference Call Company Overview - **Company**: Wu Shang Group - **Industry**: Retail and Luxury Goods Key Points Customer Demographics and Sales Performance - Wu Shang Dream Era has a youthful customer base, with individuals aged 20-35 accounting for over 70% of customers and contributing more than 60% of sales revenue [2][3] - The number of channels has increased to nearly 900, enhancing customer engagement and driving revenue and profit growth [2][3] Performance of Nanchang Wu Shang Mall - Nanchang Wu Shang Mall, the only luxury complex in Jiangxi, reported a 22% year-on-year increase in sales from January to November 2025, with average transaction value rising by 23% and foot traffic increasing by 12% [2][4] - The mall has achieved double-digit growth in several key categories, with a market share of over 60% in the East China region [4][5] High-End Brand Developments - The luxury brand business at Wu Shang Mall is performing well, with high-net-worth customers and traffic increasing by 6% year-on-year [6] - The flagship store of Van Cleef & Arpels has been upgraded, and the introduction of Rolex has resulted in monthly sales nearing 20 million yuan [6] Membership Store Expansion - WS Jiangtong membership store has seen significant growth since its opening, with a customer base enhanced by integration with the group's 6.2 million member system [7][8] - The company plans to accelerate the development of new membership stores, with the fourth pre-positioned warehouse set to open on December 28 [7][8] Acquisition Plans - Wu Shang Group intends to acquire Hangzhou Xiaolian Technology to enhance its digital transformation capabilities and address existing shortcomings [9][10] - The acquisition is expected to create synergies in personnel and research capabilities, accelerating the digital transformation process [9][10] Financial Strategy and Dividends - The company has increased its dividend payout ratio and frequency since 2024, with future plans to adjust based on development and funding needs [4][13] - Wu Shang Group is transitioning from heavy asset expansion to a mixed model, focusing on resource output and establishing a financing platform [14][15] Market Competition and Strategies - The high-end market in Wuhan is competitive, with major players like Hang Lung and CR entering the market [16] - Wu Shang Mall is enhancing its luxury offerings through brand upgrades and the introduction of new brands, aiming to solidify its position in the high-end market [16] Future Growth and Development Plans - Wu Shang Group is optimistic about achieving profitability in its projects, with Nanchang Wu Shang Mall expected to enhance its influence in Jiangxi through new luxury brand pop-up stores [19][20] - The group plans to introduce new high-end outdoor products and a food court to boost customer traffic and sales [20]

Core Viewpoint - The company has faced challenges with its investments in Wuhan Dream Times and Nanchang Wushang Mall, which were initially backed by thorough market research and professional evaluations, raising concerns about the potential success of its investment in Xiaodian Technology [1] Group 1 - The company reported that both the Wuhan Dream Times and Nanchang Wushang Mall projects have achieved year-on-year revenue and foot traffic growth since 2025 [1] - The company was recently included in the "Top 100 Popular Shopping Centers of 2025" list published by Ying Shang Wang, indicating a steady increase in brand effect and market influence [1] - The signed letter of intent with Xiaodian Technology is only a preliminary agreement, and the finalization of the transaction remains uncertain, with the company committed to fulfilling its information disclosure obligations based on the progress of the transaction [1]

Core Viewpoint - Wushang Group has reported steady growth in its operations since the opening of Wushang Dream Times, with significant increases in revenue and net profit for the first half of 2025 [1] Financial Performance - In the first half of 2025, the company achieved an operating income of 360 million yuan, representing a year-on-year growth of 10.86% [1] - The net profit for the same period was 43 million yuan, showing a substantial year-on-year increase of 64.73% [1] Business Development - Nanchang Wushang MALL has established itself as a benchmark for high-end luxury in Jiangxi, with both sales and customer traffic experiencing double-digit growth from January to October 2025 [1] - The company is focused on optimizing its business structure, with new projects such as duty-free shops in Wuhan, WS Yangtze River Dolphin member stores, and light asset operation collaborations already implemented [1] - Continuous expansion of self-operated business segments, including gold and small dining, is being pursued to establish a new growth curve and long-term profitability for the company [1]

Core Viewpoint - Wushang Group has reported steady growth in its operations since the opening of Wushang Dream Times, with significant increases in both revenue and net profit for the first half of 2025 [1] Financial Performance - In the first half of 2025, the company achieved an operating revenue of 360 million yuan, representing a year-on-year increase of 10.86% [1] - The net profit for the same period was 43 million yuan, showing a substantial year-on-year growth of 64.73% [1] Business Development - Nanchang Wushang MALL has established itself as a benchmark for high-end luxury in Jiangxi, with both sales scale and customer traffic experiencing double-digit growth from January to October 2025 [1] - The company is focused on optimizing its business structure, with new projects such as duty-free shops in Wuhan, WS Yangtze River Dolphin member stores, and light asset operation collaborations already implemented [1] - Continuous expansion of self-operated business segments, including gold and small dining, is being pursued to establish a new growth curve and long-term profitability for the company [1]