（文章来源：证券日报） 证券日报网讯 12月24日，供销大集在互动平台回答投资者提问时表示，公司已于2025年6月宣告成立海 南大区，海南大区统筹海南、广东地区成员企业管理，目前业务主要涵盖百货零售、农副产品贸易、电 商及物业管理等。 ...

Company Overview - Nanjing Shanglv (SH 600250) announced a total external guarantee amount of 400 million yuan, which accounts for 66.29% of the company's latest audited net assets [1] - The actual guarantee balance is 41.293 million yuan, representing 6.84% of the company's latest audited net assets [1] - The company has not provided guarantees for its controlling shareholders or related parties, and there are no overdue guarantees [1] Revenue Composition - For the year 2024, the revenue composition of Nanjing Shanglv is as follows: - Tour services account for 36.1% - Import and export sales account for 25.09% - Domestic sales account for 13.41% - Lighting sales account for 12.84% - Department store retail accounts for 7.68% [1] Market Capitalization - As of the report date, Nanjing Shanglv has a market capitalization of 3.9 billion yuan [1]

证券日报网讯12月12日，供销大集（000564）在互动平台回答投资者提问时表示，公司在海南的企业主 要包括海南供销大集控股有限公司、海南望海国际商业广场有限公司、海南供销大集数字科技产业有限 公司、海南供销大集供销链控股有限公司、海南大集进出口有限公司。公司已于2025年6月宣告成立海 南大区，海南大区统筹海南、广东地区成员企业管理，目前业务主要涵盖百货零售、农副产品贸易、电 商及物业管理等。 ...

Core Viewpoint - The company, Da Dongfang, has a high rolling price-to-earnings (PE) ratio of 274.61, significantly above the industry average of 44.32, indicating potential overvaluation in the market [1][2]. Company Summary - Da Dongfang's closing price on November 24 was 4.99 yuan, reflecting a 2.25% increase, with a total market capitalization of 4.415 billion yuan [1]. - The company operates in the retail and healthcare sectors, focusing on department store retail, the Sanfengqiao brand, and healthcare services [1]. - For the third quarter of 2025, Da Dongfang reported a revenue of 2.645 billion yuan, a year-on-year decrease of 4.23%, and a net profit of 55.6589 million yuan, down 33.12% from the previous year, with a gross margin of 16.50% [1]. Industry Summary - The average PE ratio for the healthcare services industry is 44.32, with a median of 60.11, positioning Da Dongfang at the 38th rank within the industry [1][2]. - The industry shows a range of PE ratios, with notable companies like WuXi AppTec at 18.70 and Ai Er Eye Hospital at 33.46, indicating varying levels of valuation across the sector [2].

Core Insights - Tianhong Co., Ltd. experienced a stock price increase of 1.22% on November 11, with a trading volume of 134 million yuan [1] - The company reported a financing buy-in amount of 21.88 million yuan and a net financing buy of 2.14 million yuan on the same day [1][2] - The company's total financing and securities balance reached 263 million yuan, accounting for 3.88% of its market capitalization, indicating a high level of financing activity [1] Financing and Securities - On November 11, Tianhong Co., Ltd. had a financing buy-in of 21.88 million yuan, with a current financing balance of 263 million yuan, which is above the 90th percentile of the past year [1] - The company had a securities lending repayment of 15,800 shares and a securities lending sell of 200 shares, with a total sell amount of 1,160 yuan, indicating low securities lending activity [1] - The securities lending balance was 16,300 yuan, which is below the 50th percentile of the past year, suggesting a low level of short selling [1] Financial Performance - For the period from January to September 2025, Tianhong Co., Ltd. reported a revenue of 8.878 billion yuan, a year-on-year decrease of 1.86% [2] - The net profit attributable to the parent company was 62.54 million yuan, reflecting a significant year-on-year decline of 47.15% [2] Shareholder Information - As of November 10, the number of shareholders for Tianhong Co., Ltd. was 35,800, an increase of 0.38% from the previous period [2] - The average circulating shares per person decreased by 0.38% to 32,666 shares [2] - The company has distributed a total of 4.149 billion yuan in dividends since its A-share listing, with 316 million yuan distributed in the last three years [3] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder, holding 38.55 million shares, a decrease of 13.65 million shares from the previous period [3] - New institutional shareholders include Dachen Jingheng Mixed A and Guangfa Quantitative Multi-Factor Mixed A, holding 4.45 million shares and 3.53 million shares respectively [3] - Huaxia New Consumption Mixed A exited the top ten circulating shareholders list [3]

Core Viewpoint - Youa Co., Ltd. is a leading commercial enterprise in Hunan, primarily engaged in department store retail and other related businesses, showcasing a full industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Youa's revenue was 734 million yuan, ranking 14th in the industry, significantly lower than the top competitor Tianhong's 8.878 billion yuan and second-place Wangfujing's 7.709 billion yuan [2] - The main business composition includes department store retail at 316 million yuan (61.04%), other businesses at 169 million yuan (32.71%), convenience store retail at 31.92 million yuan (6.17%), and home appliance retail at 2.5762 million yuan (0.50%) [2] - The net profit for the same period was 46.1966 million yuan, ranking 12th in the industry, lower than the industry average of 39.2834 million yuan but higher than the median of 53.5549 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Youa's debt-to-asset ratio was 53.30%, higher than the previous year's 52.67% and above the industry average of 48.09% [3] - The gross profit margin for Q3 2025 was 68.06%, an increase from 60.86% in the previous year and above the industry average of 45.34% [3] Group 3: Executive Compensation - The chairman, Hu Zijing, received a salary of 812,900 yuan in 2024, an increase of 3,900 yuan from 2023 [4] - The president, Hu Shuo, earned 506,200 yuan in 2024, up by 3,900 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 12.24% to 68,400, while the average number of shares held per shareholder increased by 13.94% to 20,400 [5] - Hong Kong Central Clearing Limited is the seventh-largest shareholder, holding 6.4318 million shares as a new shareholder [5]

Core Viewpoint - Nanjing Xinbai is a leading enterprise in the commercial and health elderly care industry in China, with significant investment value due to its unique full industry chain resources [1] Group 1: Business Performance - In Q3 2025, Nanjing Xinbai achieved a revenue of 4.773 billion, ranking 6th in the industry, with the top company, Zhejiang Agricultural Shares, generating 33.084 billion [2] - The company's net profit for the same period was 285 million, placing it 4th in the industry, with the leading company, Dongyangguang, reporting 919 million [2] Group 2: Financial Ratios - As of Q3 2025, Nanjing Xinbai's debt-to-asset ratio was 26.47%, lower than the industry average of 53.00%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 41.64%, higher than the industry average of 18.56%, reflecting strong profitability [3] Group 3: Management and Shareholder Structure - The chairman, Cai Yong, has a strong educational background and extensive experience, while the president, Zhang Xuan, has maintained a stable salary of 1.06 million in 2024 [4] - As of September 30, 2025, the number of A-share shareholders increased by 13.85% to 45,700, with an average holding of 25,500 shares, a decrease of 12.17% [5]

Core Viewpoint - Xu Jiahui's stock price has experienced a decline of 5.35% year-to-date, with a notable drop of 2.03% on October 29, 2023, indicating potential challenges in the retail sector [1][2]. Group 1: Stock Performance - As of October 29, 2023, Xu Jiahui's stock price is reported at 8.67 CNY per share, with a trading volume of 22.1552 million CNY and a turnover rate of 0.61%, resulting in a total market capitalization of 3.605 billion CNY [1]. - The stock has seen a decrease of 1.92% over the last five trading days, 0.34% over the last 20 days, and 1.03% over the last 60 days [2]. Group 2: Financial Performance - For the first half of 2025, Xu Jiahui reported an operating income of 189 million CNY, reflecting a year-on-year decrease of 16.44%. However, the net profit attributable to shareholders increased by 325.65% to 4.6647 million CNY [2]. - Since its A-share listing, Xu Jiahui has distributed a total of 1.721 billion CNY in dividends, with 125 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2023, Xu Jiahui has 40,000 shareholders, with an average of 10,360 circulating shares per shareholder, showing no change from the previous period [2].

Core Viewpoint - Tianhong Co., Ltd. has experienced fluctuations in stock price and revenue, with a slight increase in stock price recently but a decrease in year-to-date performance [1][2]. Financial Performance - As of October 20, 2023, Tianhong Co., Ltd. reported a revenue of 6.009 billion yuan for the first half of 2025, a year-on-year decrease of 1.79%, and a net profit attributable to shareholders of 154 million yuan, a decrease of 0.05% [2]. - The company has cumulatively distributed 4.149 billion yuan in dividends since its A-share listing, with 316 million yuan distributed in the last three years [3]. Stock Market Activity - On October 28, 2023, Tianhong's stock price rose by 2.01% to 5.58 yuan per share, with a trading volume of 63.38 million yuan and a turnover rate of 0.98%, resulting in a total market capitalization of 6.522 billion yuan [1]. - The stock has decreased by 3.79% year-to-date, with a slight increase of 0.36% over the last five trading days and a 2.57% increase over the last 20 days [1]. Shareholder Information - As of October 20, 2023, the number of shareholders increased to 35,500, with an average of 32,951 circulating shares per shareholder, a decrease of 0.48% [2]. - The third-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 52.2037 million shares, an increase of 2.4693 million shares compared to the previous period [3].

Core Viewpoint - Xinhua Department Store's stock has shown a mixed performance in recent trading, with a year-to-date increase of 6.40% but a decline of 7.96% over the past 20 days, indicating volatility in its market position [1][2]. Company Overview - Xinhua Department Store, established on January 3, 1997, is the largest retail enterprise in Ningxia, China, focusing on commercial retail, logistics, and property leasing [2]. - The company's revenue composition includes 58.87% from supermarket retail, 19.75% from electrical retail, 12.34% from commercial property leasing, 8.25% from department store retail, and 0.52% from logistics services [2]. Financial Performance - For the first half of 2025, Xinhua Department Store reported a revenue of 3.254 billion yuan, a year-on-year decrease of 0.99%, and a net profit attributable to shareholders of 86.008 million yuan, down 2.52% from the previous year [2]. - The company has distributed a total of 742 million yuan in dividends since its A-share listing, with 124 million yuan distributed over the last three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders increased by 11.18% to 24,100, with an average of 9,348 circulating shares per shareholder, a decrease of 10.06% [2]. - CITIC Prudential Multi-Strategy Mixed Fund (LOF) A is among the top ten shareholders, holding 2.1751 million shares as a new shareholder [3].