估值较低的商超区域龙头，基本面有望进入加速期 ——新华百货三季报点评与首次覆盖 一般零售 执业证书编号：S0740524040004 Email：zhengch@zts.com.cn | 总股本(百万股) | 225.63 | | --- | --- | | 流通股本(百万股) | 225.63 | | 市价(元) | 13.75 | | 市值(百万元) | 3,102.43 | | 流通市值(百万元) | 3,102.43 | 股价与行业-市场走势对比 相关报告 新华百货（600785.SH） 证券研究报告/公司点评报告 2025 年 12 月 30 日 执业证书编号：S0740523060001 Email：zhangji01@zts.com.cn | 基本状况 | | --- | | 增持（首次） 评级： | | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：郑澄怀 | | 营业收入（百万元） ...

Group 1 - The stock price of Zhongbai Group reached 7.47 yuan as of August 8, 2025, reflecting an increase of 0.54% from the previous trading day [1] - The company operates in the commercial retail sector, focusing on chain supermarkets, convenience stores, and comprehensive shopping centers, primarily in Hubei Province while also expanding to other regions [1] - According to the mid-year performance forecast for 2025, Zhongbai Group expects a net loss attributable to shareholders of between 290 million yuan and 213 million yuan for the first half of the year [1] Group 2 - The anticipated loss is attributed to intensified industry competition, channel diversion leading to reduced foot traffic in physical stores, and heavy burdens from fixed costs such as labor and depreciation [1] - On August 8, 2025, the net inflow of main funds was 18.6454 million yuan, with a cumulative net inflow of 15.4875 million yuan over the past five days [1]