证券日报网讯 12月24日，武商集团在互动平台回答投资者提问时表示，公司始终将提升内在价值与维 护股东权益放在首位，并已主动推进一系列战略转型升级举措，取得阶段性成果：一是在经营业绩方 面，盈利质量显著改善。2024年全年扣非净利润同比大幅增长66.83%；2025年上半年扣非净利润同比 增长21.45%，2025年第三季度继续保持12.74%的同比增幅。二是制定并推进估值提升专项计划。2025 年2月正式披露《武商集团估值提升计划》，该方案涵盖经营提质、股东回报、机制优化、投关强化等 多维度，目前正结合行业趋势与公司实际稳步推进。三是通过股份回购传递价值信心。2024年7月启动 股份回购，2024年11月完成实施，以自有资金传递对公司价值的认可，积极维护市值稳定。四是强化股 东回报彰显责任担当。近三年累计分红超3亿元，占年均可分配利润的124.94%，切实回馈投资者。五 是聚焦业务创新与消费体验升级。公司正通过武汉市内免税店、WS江豚会员店升级、轻资产运营等新 赛道项目的密集落地，持续扩容自营商品矩阵，同时为包括股东在内的所有消费者提供更具吸引力的独 家商品与优质服务，从消费体验层面深化与股东的情感及价值纽 ...

格隆汇12月12日丨武商集团(000501.SZ)在投资者互动平台表示，武商梦时代自开业以来，业绩稳步增 长，2025年上半年营业收入3.6亿元，同比增长10.86%；净利润0.43亿元，同比增长64.73%；南昌武商 MALL作为江西重奢标杆，2025年1-10月规模销售和客流同比均呈双位数增长，整体经营态势良好。 公 司着力推动业务结构优化。武汉市内免税店、WS江豚会员店及轻资产运营合作等新赛道项目均已落 地，同时，持续扩容黄金、小餐等自营业务矩阵，为公司构建新增长曲线与长期盈利能力奠定基础。 ...

格隆汇12月12日丨武商集团(000501.SZ)在投资者互动平台表示，武商梦时代自开业以来，业绩稳步增 长，2025年上半年营业收入3.6亿元，同比增长10.86%；净利润0.43亿元，同比增长64.73%；南昌武商 MALL作为江西重奢标杆，2025年1-10月规模销售和客流同比均呈双位数增长，整体经营态势良好。 公 司着力推动业务结构优化。武汉市内免税店、WS江豚会员店及轻资产运营合作等新赛道项目均已落 地，同时，持续扩容黄金、小餐等自营业务矩阵，为公司构建新增长曲线与长期盈利能力奠定基础。 ...

（文章来源：证券日报） 证券日报网讯 12月10日，武商集团在互动平台回答投资者提问时表示，公司管理层始终将提升企业内 在价值与维护股东权益放在首位。主动推进一系列战略转型升级举措，并已取得阶段性成果。一是在经 营业绩方面，盈利质量显著改善。2024年全年扣非净利润同比大幅增长66.83%；2025年上半年扣非净 利润同比增长21.45%，2025年第三季度继续保持12.74%的同比增幅。二是在股东回报方面。公司近三 年来坚持稳定的分红政策，累计现金分红超3亿元，占最近三年实现的年均可分配利润的124.94%，充 分体现了公司健康的现金流状况和对股东回报的重视。三是在战略转型与业务布局上，公司着力推动业 务结构优化。2025年以来，武汉市内免税店、WS江豚会员店及轻资产运营合作等新赛道项目均已落 地，此外，还通过持续扩容自营业务矩阵和探索创新模式，为公司价值重塑与长期发展提供核心支撑。 ...

（文章来源：证券日报） 证券日报网讯 12月10日，武商集团在互动平台回答投资者提问时表示，公司管理层始终将提升企业内 在价值与维护股东权益放在首位。主动推进一系列战略转型升级举措，并已取得阶段性成果。一是在经 营业绩方面，盈利质量显著改善。2024年全年扣非净利润同比大幅增长66.83%；2025年上半年扣非净 利润同比增长21.45%，2025年第三季度继续保持12.74%的同比增幅。二是在股东回报方面。公司近三 年来坚持稳定的分红政策，累计现金分红超3亿元，占最近三年实现的年均可分配利润的124.94%，充 分体现了公司健康的现金流状况和对股东回报的重视。三是在战略转型与业务布局上，公司着力推动业 务结构优化。2025年以来，武汉市内免税店、WS江豚会员店及轻资产运营合作等新赛道项目均已落 地，此外，还通过持续扩容自营业务矩阵和探索创新模式，为公司价值重塑与长期发展提供核心支撑。 ...

Investment Rating - The report maintains an "Accumulate" rating for Wangfujing [1] Core Views - Q3 revenue decline has narrowed, and the company is expected to benefit from the tax-free policy by 2025 [8] - The company has actively laid out its tax-free business, which is anticipated to gain from the release of policy dividends [8] - The financial performance for Q3 shows a revenue of 2.35 billion yuan, down 4.7% year-on-year, and a net profit attributable to shareholders of 40 million yuan, down 68.2% year-on-year [8] Financial Forecasts - Total revenue projections for Wangfujing are as follows: - 2023A: 12,224 million yuan - 2024A: 11,372 million yuan - 2025E: 10,973 million yuan - 2026E: 11,557 million yuan - 2027E: 12,180 million yuan [1] - Net profit attributable to shareholders is forecasted as: - 2023A: 709.38 million yuan - 2024A: 268.58 million yuan - 2025E: 180.20 million yuan - 2026E: 428.22 million yuan - 2027E: 602.98 million yuan [1] - The report indicates a significant decrease in net profit margins, with a forecasted net profit margin of 1.8% for Q3, down 3.6 percentage points year-on-year [8] Market Data - The closing price of Wangfujing is 14.10 yuan, with a market capitalization of approximately 15.85 billion yuan [6] - The price-to-book ratio is reported at 0.81, indicating the stock is trading below its book value [6] Strategic Developments - The company has received approval for its tax-free operations and has launched several tax-free projects, including the Wangfujing International Tax-Free Port [8] - Recent policy changes have led to a 28.52% year-on-year increase in tax-free sales, indicating a positive trend in consumer spending [8]

Core Viewpoint - 武商集团's recent financial report indicates a decline in total revenue but an increase in net profit, highlighting a mixed performance in its financial health and operational efficiency [1][3]. Financial Performance - As of the latest report, 武商集团's total revenue reached 3.181 billion yuan, a year-on-year decrease of 12.66% [1]. - The net profit attributable to shareholders was 165 million yuan, reflecting a year-on-year increase of 7.53% [1]. - In Q2, total revenue was 1.394 billion yuan, down 17.35% year-on-year, while net profit for the quarter was 22.688 million yuan, up 50.54% [1]. - The gross margin improved to 49.63%, an increase of 6.64% year-on-year, and the net margin rose to 5.17%, up 22.6% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 1.241 billion yuan, accounting for 39.01% of revenue, which is an increase of 2.18% year-on-year [1]. Key Financial Ratios - The return on invested capital (ROIC) for the previous year was 2.44%, indicating weak capital returns [3]. - The historical median ROIC over the past decade stands at 7.04%, with the lowest recorded at 2.16% in 2022 [3]. - The company's net profit margin was reported at 3.21%, suggesting low added value in its products or services [3]. Business Model and Strategy - 武商集团's business performance is primarily driven by marketing efforts, necessitating a deeper analysis of the underlying factors [3]. - The company is involved in a joint venture for a duty-free shop in Wuhan, which began trial operations on May 30, with a total investment of 8 million yuan [5]. - The new duty-free shop aims to enhance consumer experience and attract inbound consumption, contributing to the local commercial ecosystem [5]. Future Developments - 武商集团 plans to construct a new commercial complex in Xiangyang, with completion expected by 2027, to maintain its competitive edge in the region [5]. - The existing shopping center in Xiangyang will be relocated to the new complex, facilitating a smooth transition and introducing new retail opportunities [5].

Group 1: Wuhan Duty-Free Store Operations - The Wuhan duty-free store began trial operations on May 30, 2025, with a total investment of CNY 80.8 million, where Wangfujing Group holds 51% and Wushang Group holds 49% of the joint venture [1] - The store covers an area of approximately 1,800 square meters and has signed contracts for over 100 international brands across various categories including cosmetics, fine wines, electronics, and cultural products [1] - The opening of the duty-free store is expected to enhance consumer experience and attract inbound consumption, contributing to the commercial development of Wushang MALL and surrounding areas [1] Group 2: New Xiangyang Wushang MALL Development - The existing Xiangyang Wushang MALL lease will expire on October 31, 2027, leading to the decision not to renew the contract [2] - The new commercial complex aims to strengthen market competitiveness and sustainable development, with plans for completion in 2027 [2] - The project will facilitate a smooth transition from the old to the new model, introducing flagship stores and filling commercial gaps in the region [2] Group 3: Innovation and New Business Ventures - Wushang Group is diversifying into multiple sectors, establishing "Jiangtun Tianmu" and "Jiangtun Fund" to explore emerging industries [2] - The company is innovating its business model by developing a comprehensive jewelry brand matrix and expanding self-operated businesses in dining and entertainment [2] - The group is also advancing its digital transformation through the establishment of Wuhan Jiangtun Digital Technology Co., focusing on smart retail solutions [2] Group 4: Performance of Wushang Dream Era and Nanchang Wushang MALL - Wushang Dream Era is performing well, while Nanchang Wushang MALL, which opened in April 2023, is still in the process of improving operational efficiency [3] - Wushang Dream Era focuses on family-oriented social platforms and has introduced several first stores for various brands, enhancing consumer engagement [3] - Nanchang Wushang MALL emphasizes high-end luxury brands and features a collection of prestigious names and gourmet dining options [3]