家家悦集团股份有限公司2025 年半年度报告 公司代码：603708 公司简称：家家悦 家家悦集团股份有限公司 家家悦集团股份有限公司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、 公司负责人王培桓、主管会计工作负责人姜文霞及会计机构负责人（会计主管人员）姜文 霞声明：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 经公司第五届董事会第二次会议审议通过，公司2025年半年度的利润分配方案如下：公司拟 向全体股东每10股派发现金股利1.60元（含税），如以2025年8月26日的总股本扣除回购股份后的 提交股东会审议通过。在实施权益分派的股权登记日前公司总股本发生变化的，拟维持每股分配 比例不变的原则对现金分红金额进行相应调整，将另行公告具体调整情况。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及未来计划等前瞻性陈述， ...

净亏损大幅扭转为净盈利，主要由于以下因素：(i)集团2025年上半年的黄金产品销售额较2024年上半年 大幅增加约1,058.7%，配合2025年上半年黄金价格的显著上升，2025年上半年集团销售的黄金产品大部 分为库存产品，其采购及╱或加工成本较低，集团黄金产品销售的毛利率大幅增长，令珠宝新零售业务 的整体毛利较2024年上半年大幅上升约276.1%；及(ii)如公司2024年11月5日及2025年1月15日的公告披 露，公司于2025年1月13日完成了集团生鲜食品零售业务的出售，相关出售事项为集团录得约人民币 4120万元的收益。而上述因素被以下因素部分抵销：(iii)如公司2025年3月31日的公告披露，集团于2025 年上半年向集团雇员授出购股权，录得人民币约1850万元的以股份为基础的付款开支(按已授出购股权 的公平值入账)。 格隆汇8月27日丨珠峰黄金(01815.HK)发布公告，集团2025年上半年的收入约为人民币2.36亿元，较 2024年上半年大幅增加约139.9%。持续经营业务(即珠宝新零售业务)的期内利润为约人民币3310万元， 较2024年上半年大幅增加约2,520.2%。2025年上 ...

珠峰黄金(01815)发布截至2025年6月30日止6个月中期业绩，该集团取得收入人民币2.36亿元(单位下 同)，同比增加140%;公司拥有人应占利润7525.4万元，去年同期则取得亏损1098.6万元;持续及终止经营 业务每股基本盈利0.061元。 净亏损大幅扭转为净盈利，乃主要由于以下因素：本集团2025年上半年的黄金产品销售额较2024年上半 年大幅增加约1058.7%，配合2025年上半年黄金价格的显著上升，2025年上半年本集团销售的黄金产品 大部分为库存产品，其采购及/或加工成本较低，本集团黄金产品销售的毛利率大幅增长，令珠宝新零 售业务的整体毛利较2024年上半年大幅上升约276.1%;及如本公司2024年11月5日及2025年1月15日的公 告披露，本公司于2025年1月13日完成了本集团生鲜食品零售业务的出售，相关出售事项为本集团取得 约4120万元的收益。 ...

净亏损大幅扭转为净盈利，乃主要由于以下因素：本集团2025年上半年的黄金产品销售额较2024年上半 年大幅增加约1058.7%，配合2025年上半年黄金价格的显著上升，2025年上半年本集团销售的黄金产品 大部分为库存产品，其采购及/或加工成本较低，本集团黄金产品销售的毛利率大幅增长，令珠宝新零 售业务的整体毛利较2024年上半年大幅上升约276.1%;及如本公司2024年11月5日及2025年1月15日的公 告披露，本公司于2025年1月13日完成了本集团生鲜食品零售业务的出售，相关出售事项为本集团取得 约4120万元的收益。 智通财经APP讯，珠峰黄金(01815)发布截至2025年6月30日止6个月中期业绩，该集团取得收入人民币 2.36亿元(单位下同)，同比增加140%;公司拥有人应占利润7525.4万元，去年同期则取得亏损1098.6万元; 持续及终止经营业务每股基本盈利0.061元。 ...

Financial Data and Key Metrics Changes - Net sales for Q2 were approximately $5.3 billion, growing 3.2% year over year [21] - Comparable club sales, including gas, decreased 0.3% year over year, while merchandise comp sales, excluding gas, increased by 2.3% year over year [22] - Adjusted EBITDA grew approximately 8% year over year to $303.9 million, reflecting strong top-line growth and increased merchandise margins [27] - Adjusted earnings per share for Q2 were $1.14, an increase of 4.6% year over year [28] Business Line Data and Key Metrics Changes - The perishables grocery and sundries division saw a comp growth of 3%, driven by strong performance in dairy, meat, and fresh produce [6][8] - The general merchandise and services division experienced a decline of 2.2% in comp sales, impacted by weather and macroeconomic factors [9][22] - Digital sales grew 34% year over year, with over 90% of digital sales fulfilled by clubs [23] Market Data and Key Metrics Changes - The membership base reached 8 million, representing a 55% growth since the IPO seven years ago [6][12] - Higher tier membership penetration improved by 50 basis points to an all-time high of 41% [12][49] - Comp gallons in the gas business were flat year over year, significantly outperforming the industry [26] Company Strategy and Development Direction - The company is focused on enhancing member loyalty, improving the shopping experience, and expanding its footprint [11][34] - Investments in the Fresh 2.0 initiative are driving significant improvements in perishables and are being applied to meat and seafood categories [13][90] - The company plans to open 25 to 30 new clubs over the next two years, with a strong pipeline for future openings [17][31] Management's Comments on Operating Environment and Future Outlook - Management noted that the macroeconomic environment remains uncertain, but the company is well-positioned to navigate challenges [19][31] - Consumer behavior has shifted, with increased caution among members across all income levels, but total spending has increased [10][60] - The company remains confident in its ability to deliver sustained growth despite external pressures [31][32] Other Important Information - Membership fee income grew 9% to approximately $123.3 million, benefiting from strong acquisition and retention [24] - Inventory levels decreased by about 2% year over year, with improved in-stock levels [28][29] - The company is maintaining a disciplined approach to capital allocation, focusing on investments that drive long-term value [30] Q&A Session Summary Question: How did the second quarter play out, and what are the expectations for the back half? - Management noted that the quarter strengthened as weather improved, with May being weak but June and July showing better performance [39][40] Question: What is the profile of new members and expectations for membership fee income? - The company is pleased with membership growth, reaching 8 million members, and high renewal rates contribute to membership fee income growth [48][49] Question: What insights can be shared about changes in consumer behavior? - Management observed a resilient consumer but noted increased caution and a focus on value across all income cohorts [58][60] Question: How is the general merchandise outlook for the back half of the year? - The general merchandise team is preparing for the back half, managing inventory cautiously while remaining aggressive in pricing [94][96] Question: Is the company being more cautious in inventory ordering for the back half? - Management confirmed a cautious approach in discretionary categories due to potential inflation impacts, while still aiming to provide value [100][104]

Core Viewpoint - The company,珠峰黄金, expects a significant turnaround in its financial performance, projecting a net profit attributable to shareholders of RMB 70 million to 80 million in the first half of 2025, compared to a loss of approximately RMB 11 million in the same period of 2024 [1] Group 1: Financial Performance - The anticipated net profit, excluding the impact of stock option expenses, is expected to reach RMB 88 million to 98 million [1] - The improvement in performance is primarily attributed to a notable increase in gold product sales and overall sales growth in the jewelry new retail business [1] Group 2: Cost and Revenue Factors - The sales of inventory products with lower procurement and processing costs, combined with a rise in gold prices during the first half of the year, have led to a significant increase in the gross profit margin of gold product sales [1] - The sale of the fresh food retail business has generated approximately RMB 41 million in revenue for the group [1]

Core Viewpoint - The company,珠峰黄金, anticipates a significant turnaround from a net loss of approximately RMB 11 million for the six months ending June 30, 2024, to a projected net profit of RMB 70 million to RMB 80 million for the first half of 2025, with adjusted figures excluding stock option expenses indicating a profit of RMB 88 million to RMB 98 million [1] Group 1 - The expected net profit turnaround is primarily due to a substantial increase in gold product sales, leading to higher overall sales in the company's jewelry retail business for the first half of 2025 [1] - The majority of gold products sold in the first half of 2025 are inventory items, which have lower procurement and/or processing costs, combined with a significant rise in gold prices, resulting in a substantial increase in gross profit margin for gold product sales [1] - The net profit for the jewelry retail business in the first half of 2025 is expected to see a significant increase compared to the first half of 2024 [1] Group 2 - The company completed the sale of its fresh food retail business on January 13, 2025, which is expected to generate approximately RMB 41 million in revenue [1] - This positive impact on profitability is partially offset by an expense of approximately RMB 18 million incurred from granting stock options to employees in the first half of 2025 [2]

Core Insights - My Basket is emerging as a significant competitor to convenience stores like 7-Eleven due to its focus on fresh produce and lower prices, leading to a noticeable decline in customer traffic for nearby 7-Eleven stores [2][9][24]. Group 1: Market Context - The phenomenon of "shopping refugees" in Japan's urban areas, particularly among the elderly, has created a demand for accessible grocery options, which My Basket effectively addresses [5][7]. - In 2015, the number of shopping refugees in Japan reached 8.25 million, a 20% increase from 2005, highlighting the growing need for convenient shopping solutions in densely populated cities [5][7]. Group 2: My Basket's Business Model - My Basket operates approximately 1,200 stores with plans to expand to 2,500 by 2030 and ultimately 5,000 stores, leveraging its proximity and competitive pricing to attract customers [9][28]. - The store's strategy focuses on high-density urban areas, with a typical store located within a 3-minute walking distance from residential and commercial zones, catering to local consumers [9][10]. Group 3: Competitive Advantages - My Basket's pricing strategy is significantly lower than that of convenience stores and even some discount retailers, with products like instant noodles priced 20% lower than convenience stores [26][28]. - The company benefits from the backing of Aeon, a leading retail group, which allows it to leverage economies of scale for cost-effective product pricing [28][29]. Group 4: Operational Efficiency - My Basket employs a unique staffing model with all stores being company-operated rather than franchised, allowing for streamlined operations and reduced labor costs [13][19]. - The introduction of a flexible "point work" system enables part-time employees to work short shifts, enhancing labor efficiency and reducing overhead costs [17][23]. Group 5: Product Offering - My Basket differentiates itself by offering a wide range of fresh produce, with fresh items making up 44% of its total product offerings, compared to convenience stores that have limited fresh food options [30][32]. - The store's SKU count is strategically focused on essential items for single-person households, ensuring that it meets the daily shopping needs of urban consumers [29][30]. Group 6: Future Outlook - My Basket's growth strategy is centered on maintaining low prices and high product availability, which positions it well against traditional convenience stores and larger supermarkets [35][36]. - The company's ability to adapt to consumer needs and market trends will be crucial for its continued expansion and competitiveness in the retail sector [35][36].

Core Insights - The instant retail sector is experiencing a massive subsidy wave, with platforms investing hundreds of billions to capture a trillion-dollar market [1] - Dingdong Maicai's CEO emphasizes the need for long-term strategies and differentiation in a highly competitive environment, aiming for sustainable growth rather than a zero-sum game [1][5] - Dingdong Maicai has achieved profitability for ten consecutive quarters under non-GAAP standards and five quarters under GAAP standards, with a focus on deepening supply chain management and product quality [1][6] Group 1: Competitive Landscape - The competition in instant retail is described as a zero-sum game, where only a few players will survive, leading to intense price wars and user acquisition battles [1] - Dingdong Maicai's strategy focuses on "narrowing down" to specific product categories and deepening supply chain management to differentiate from competitors [5][6] Group 2: Business Strategy - The "4G" strategy emphasizes quality over quantity, focusing on "good users, good products, good service, and good mindset" [3] - Dingdong Maicai aims to enhance product quality by investing in upstream supply chains and developing differentiated products that meet consumer demands for health and safety [6][9] Group 3: Product Development - The company has replaced over 4,000 mediocre products in the past six months, with "good products" now accounting for 40% of its SKU [6] - Dingdong Maicai is developing a low-GI food section and plans to create a comprehensive low-GI product line, collaborating with research institutions to improve product standards and consumer awareness [9][7] Group 4: Technological Integration - The integration of AI is transforming the instant retail landscape, enhancing supply chain management and product lifecycle oversight [10] - Dingdong Maicai is developing a traceability system to ensure transparency from production to delivery, leveraging digital capabilities and AI applications [10]

Core Viewpoint - The credit rating agency maintains the long-term credit rating of Jiajiayue Group Co., Ltd. at AA, with a stable outlook for both the company and its convertible bonds, indicating a solid financial position and operational stability [1][3]. Company Overview - Jiajiayue Group is a privately listed retail company based in Shandong Province, primarily engaged in supermarket chain operations, including various formats such as community fresh food supermarkets and discount stores [3][6]. - As of the end of 2024, the company reported total assets of 134.22 billion yuan and equity of 24.06 billion yuan, with a revenue of 182.56 billion yuan and a profit of 1.87 billion yuan [6][7]. Financial Performance - The company experienced a revenue growth of 7.97% in 2024, with stable gross margins across its business segments. However, in the first quarter of 2025, revenue declined by 4.77% year-on-year [9][10]. - Cash and cash equivalents stood at 20.68 billion yuan, representing 15.41% of total assets, with a net cash flow from operating activities of 11.51 billion yuan [4][6]. Debt and Credit Metrics - The company has a high debt burden, with a debt-to-asset ratio of 82.07% and a total debt capitalization ratio of 68.86% as of the end of 2024 [4][5]. - The convertible bond "Jia Yue Convertible Bond" has an issuance scale of 6.45 billion yuan, with a maturity date set for June 5, 2026 [6]. Market Position and Strategy - The company maintains a stable market position in Shandong Province, particularly in the Weihai and Yantai regions, and is focused on optimizing store layouts and enhancing service quality [3][7]. - The company has been actively closing underperforming stores, with a net reduction of 34 stores by the end of 2024, while also expanding its online sales channels [11][12]. Industry Analysis - The retail industry is facing challenges due to insufficient consumer demand and a shift towards online retail, which remains the primary driver of consumption growth [7][8]. - The government is expected to continue supporting consumption through policy measures, which may benefit the retail sector in the coming years [7][8].