证券代码：605599 证券简称：菜百股份 公告编号：2025-051 北京菜市口百货股份有限公司 2025年第三次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2025年12月23日 (二)股东大会召开的地点：北京市西城区广安门内大街306号北京菜市口百货股份有限公司五层会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，董事长谢华萍主持。本次股东大会所采用的表决方式是现场投票和网 络投票相结合的方式。本次会议的召集、召开程序符合《中华人民共和国公司法》等法律、法规及规范 性文件和《北京菜市口百货股份有限公司章程》的有关规定。 (五)公司董事、监事和董事会秘书的出席情况 1、公司在任董事9人，出席9人； 2、公司在任监事5人，出席5人； 3、董事会秘书出席本次股东大会； 4、 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [3][7]. Core Views - The company demonstrated solid performance in Q3 2025, with revenue increasing by 19.93% year-on-year and net profit attributable to shareholders rising by 21.89%. The gross margin improved quarter-on-quarter [7]. - The company is steadily expanding its channel layout, adding 3 new stores during the quarter, bringing the total to 106 stores by the end of Q3 [7]. - The report forecasts net profits for 2025, 2026, and 2027 to be 823 million, 942 million, and 1.066 billion yuan respectively, with year-on-year growth rates of 14%, 14%, and 13% [2][7]. Financial Performance - In Q3 2025, the company achieved a revenue of 5.224 billion yuan and a net profit of 188 million yuan, with a significant increase in cash flow from operating activities, which rose by 96.31% year-on-year [7]. - The gross margin for Q3 was 9.15%, showing a quarter-on-quarter improvement, while the net profit margin for Q3 was 3.67% [7]. - The company’s total revenue for the first three quarters of 2025 reached 20.472 billion yuan, reflecting a year-on-year growth of 33.41% [7]. Store Expansion - The company opened 5 new direct-operated stores in Q3, with a net increase of 3 stores after closing 2 [7]. - The company plans to open 2 additional reserve stores in Shaanxi province in Q4 2025 [7]. Profitability and Valuation - The report projects a PE ratio of 13.5X for 2025 and 11.8X for 2026, indicating a favorable valuation outlook [7]. - The company’s return on equity (ROE) stands at 19.5%, reflecting strong profitability [3].

Group 1 - Beijing Caibai Jewelry Co., Ltd. (菜百股份) has opened its flagship store, the Caibai Jewelry Xiangyun Store, in Beijing, which is the largest direct chain store in the country, covering an area of 1,675 square meters, marking a key strategic transformation for the company [1] - The company reported steady growth in its 2024 annual report and 2025 Q1 report, with total proposed cash dividends amounting to 560 million yuan (including tax), resulting in a dividend payout ratio of 77.89% [1] - The growth in performance is attributed to the continued success of its direct sales model, with over a hundred direct chain stores across Beijing and other cities, as well as a comprehensive online sales network [1] Group 2 - The Xiangyun Store is part of the Beijing Zhongguancun Xiangyun Town, recognized as a key consumption district, and aims to create a new cultural and consumption experience, enhancing the brand's recognition and premium capability through scenario-based marketing [2] - The strategic significance of the Xiangyun Store extends beyond single-store operations, aiming to enhance user engagement through cultural experiences and promote the upgrade of traditional retail to an "experience economy" [2]