Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a 12% year-on-year decline in net profit attributable to shareholders for Q3 2024, with expectations for improvement in Q4 due to subsidy policies [1][3] - The company's revenue for the first three quarters of 2024 was 13 billion yuan, down 12% year-on-year, while the net profit attributable to shareholders was 920 million yuan, down 19.2% year-on-year [1][2] - The retail business remains under pressure, but the investment income from the consumer finance segment showed significant growth [2][3] Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 4.02 billion yuan, a decrease of 13% year-on-year, and a net profit of 211 million yuan, down 12.43% year-on-year [1][2] - The adjusted net profit excluding the consumer finance segment was 640 million yuan, reflecting a 56% decline year-on-year [2] Business Segments - The consumer finance segment reported an investment income of approximately 150 million yuan, a 95% increase year-on-year, while the retail segment faced challenges due to weak overall consumer demand [2][3] Profitability Metrics - The company's gross margin and net profit margin for Q3 2024 were 24.4% and 5.2%, respectively, with the net profit margin benefiting from increased investment income [2] Future Outlook - The company anticipates that upcoming consumer stimulus policies will help restore its retail business, particularly benefiting from the government's subsidy program for replacing old appliances [3] - The earnings forecast for 2024-2026 has been adjusted, with net profit expectations revised to 1.23 billion, 1.33 billion, and 1.44 billion yuan, respectively [3]

Investment Rating - The report maintains a "Recommended" rating for Chongqing Department Store (600729.SH) with a current price of 22.06 CNY [4]. Core Views - The company's performance continues to be under pressure, with a revenue decline of 12.0% year-on-year for the first three quarters of 2024, totaling 13 billion CNY, and a net profit of 9.2 billion CNY, down 19.2% year-on-year [2]. - The retail environment remains challenging, particularly in the department store and automotive trade sectors, which experienced significant sales declines [2]. - The company is undergoing operational transformations with the opening of new fresh discount stores, which are expected to contribute positively to future performance [2]. - The forecast for net profit for 2024-2026 is 12.00 CNY, 12.61 CNY, and 13.28 CNY respectively, with corresponding year-on-year changes of -8.8%, +5.2%, and +5.3% [2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 130.0 billion CNY, a net profit of 9.2 billion CNY, and an operating cash flow of 15.2 billion CNY, reflecting a year-on-year decline in revenue and net profit [2]. - The gross margin for the first three quarters was 25.94%, with a slight increase compared to the previous year, while the gross margin for Q3 was 24.36%, showing a year-on-year decrease [2]. - The company’s sales and management expense ratios for Q3 were 15.24% and 5.02%, respectively, indicating an increase in operational costs [2]. Business Segments - The sales performance across different business segments showed significant declines, particularly in the department store and automotive sectors, with Q3 sales down 15.6% and 33.6% year-on-year, respectively [2]. - The company has opened five new fresh discount stores, which have shown promising sales growth, indicating a shift towards new retail formats [2]. Future Outlook - The report anticipates that the company's performance will improve as operational efficiencies are enhanced post-reform and as new retail formats gain traction [2]. - The projected earnings per share for the next three years are 2.72 CNY, 2.86 CNY, and 3.01 CNY, with a price-to-earnings ratio of 8 for 2024 [5][6].

证券代码：600729 证券简称：重庆百货 公告编号：临 2024-068 重庆百货大楼股份有限公司 2024 年 1-3 季度经营数据公告 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。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》第 四号——零售和《关于做好主板上市公司 2024 年第三季度报告披露工作的重要 提醒》要求，重庆百货大楼股份有限公司（以下简称"公司"）将 2024 年 1-3 季度主要经营数据披露如下： 一、2024 年 1-3 季度门店变动情况 注 1：同一物理体内存在多业态的，按其属性归口计入各业态。 地区 经营 业态 年初数 新增 关闭 本期余额 数量 建筑 面积 数量 变动时间 建筑面 积 数量 变动时间 建筑面 积 数量 建筑 面积 重庆 地区 百货业态注 1 42 99.04 42 99.04 超市业态 146 68.69 1 2024.02.02 0.45 3 2024.05.23 2024.05.27 2024.05.29 1.20 144 67.94 电器业态 41 ...

Financial Performance - Revenue for Q3 2024 decreased by 12.96% YoY to RMB 4,023,975,217.98[3] - Net profit attributable to shareholders decreased by 19.24% YoY to RMB 923,048,025.49 for the first nine months of 2024[3] - Basic earnings per share for Q3 2024 decreased by 12.73% YoY to RMB 0.48[3] - Weighted average return on equity (ROE) decreased by 5.34 percentage points YoY to 13.27% for the first nine months of 2024[3] - Operating cash flow for the first nine months of 2024 decreased by 4.96% YoY to RMB 1,523,418,139.71[3] - Total operating revenue for the first three quarters of 2024 was RMB 13,003,838,490.17, a decrease from RMB 14,777,272,690.31 in the same period of 2023[17] - Operating costs for the first three quarters of 2024 were RMB 12,307,280,708.80, down from RMB 13,889,697,890.04 in 2023[17] - Sales expenses for the first three quarters of 2024 were RMB 1,866,063,858.10, compared to RMB 1,976,873,774.16 in 2023[17] - Management expenses for the first three quarters of 2024 were RMB 623,770,608.11, a decrease from RMB 717,093,775.79 in 2023[17] - R&D expenses for the first three quarters of 2024 were RMB 11,179,641.70, down from RMB 19,841,896.68 in 2023[17] - Net profit attributable to the parent company for the first three quarters of 2024 was RMB 6,236,115,410.22, up from RMB 5,909,316,773.56 in 2023[16] - Net profit attributable to parent company shareholders was RMB 923,048,025.49, a decrease of 19.2% compared to RMB 1,142,904,145.25 in the same period last year[18] - Operating profit was RMB 1,005,413,714.21, down 20.1% from RMB 1,257,873,146.93 in the previous year[18] - Basic earnings per share were RMB 2.11, a decrease of 19.2% from RMB 2.61 in the same period last year[19] - Revenue from sales of goods and services was RMB 20,239,305,173.22, a decrease of 14.4% compared to RMB 23,639,375,540.34 in the same period last year[20] Assets and Liabilities - Total assets increased by 1.14% YoY to RMB 19,344,992,990.39[4] - Equity attributable to shareholders increased by 5.20% YoY to RMB 7,102,252,819.13[4] - Total assets as of Q3 2024 were RMB 19,344,992,990.39, slightly higher than RMB 19,126,159,093.75 at the end of 2023[15] - Total liabilities as of Q3 2024 were RMB 12,135,549,860.52, a decrease from RMB 12,263,835,685.73 at the end of 2023[16] - Fixed assets as of Q3 2024 were RMB 3,279,304,487.64, a decrease from RMB 3,448,775,883.47 at the end of 2023[15] - Short-term borrowings as of Q3 2024 were RMB 2,307,801,248.24, an increase from RMB 2,108,307,887.83 at the end of 2023[15] - Monetary funds as of September 30, 2024, amount to 4,802,906,202.06 RMB, an increase from 4,100,865,693.03 RMB at the end of 2023[14] - Accounts receivable as of September 30, 2024, amount to 305,529,968.26 RMB, up from 260,682,603.10 RMB at the end of 2023[14] - Inventory as of September 30, 2024, stands at 1,771,958,086.35 RMB, down from 2,129,293,324.81 RMB at the end of 2023[14] - Long-term equity investments as of September 30, 2024, total 3,940,213,598.65 RMB, up from 3,563,700,592.22 RMB at the end of 2023[14] - Total current assets as of September 30, 2024, amount to 7,655,593,758.61 RMB, slightly up from 7,498,183,662.23 RMB at the end of 2023[14] Cash Flow - Cash flow from operating activities was RMB 1,523,418,139.71, a decrease of 4.9% compared to RMB 1,602,893,854.12 in the previous year[20] - Cash flow from investing activities was negative RMB 490,391,058.94, an improvement from negative RMB 1,276,026,605.41 in the same period last year[21] - Cash flow from financing activities was negative RMB 880,128,713.00, compared to negative RMB 16,490,626.71 in the previous year[21] - Total cash and cash equivalents at the end of the period were RMB 1,622,127,693.19, an increase of 1.4% from RMB 1,598,956,990.91 at the end of the previous year[22] - Cash paid for goods and services was RMB 16,546,135,470.62, a decrease of 14.6% from RMB 19,380,261,977.31 in the previous year[20] - Cash paid to employees was RMB 1,018,191,099.66, a decrease of 15.5% compared to RMB 1,204,566,195.21 in the same period last year[21] Shareholder Information - Total number of ordinary shareholders at the end of the reporting period is 16,945[10] - Chongqing Yufu Capital Operation Group Co., Ltd. holds 111,540,705 shares, representing 25.32% of total shares[10] - Tianjin Binhai New Area Wumei Jinrong Trading Co., Ltd. holds 111,540,705 shares, representing 25.32% of total shares[10] - Shenzhen Jiajing Smart Retail Co., Ltd. holds 24,786,823 shares, representing 5.63% of total shares[10] - Hong Kong Securities Clearing Company Ltd. holds 12,876,659 shares, representing 2.92% of total shares[10] Operational Challenges - The company faced operational pressure due to record high temperatures and power restrictions in Chongqing during July-September 2024[7] Non-Recurring Items - Non-recurring gains and losses for Q3 2024 amounted to RMB 15,305,174.24[8] Corporate Actions - The company completed the absorption of Chongqing Commercial Group, leading to adjustments in financial data for previous periods[5][6]

独立董事意见: 7 陈 兵 重庆百货大楼股份有限公司独立董事 关于对第八届六次董事会会议相关事项审议的独立意见 根据《上市公司独立董事管理办法》《重庆百货大楼股份有限公司 独立董事制度》等有关法律法规及规范性文件的规定，公司独立董事 对第八届六次董事会会议相关事项发表独立意见如下： 关于对《关于重庆重百商业保理有限公司向重庆蓝酷商业管理有 限公司提供商业保理融资的关联交易议案》的独立意见 我们认为，公司下属全资子公司重百保理向蓝酷商管提供商业保 理融资，蓝酷商管将自有资产未来5年产生的租金权利转让给重百保 理，蓝酷商管对该笔商业保理预付款具有较大概率的偿付能力，重百 保理能够获取保理收入。公司第八届六次董事会会议的召开程序、表 决程序符合相关法律、法规及《公司章程》的规定，会议履行了法定 程序。本次交易遵守了公平、公正、合理的原则，不存在损害公司及 其股东特别是中、小股东利益的情形。我们同意该关联交易。 2024年10月12日 (此页无正文,为《重庆百货大楼股份有限公司独立董事关于对 第八届六次董事会会议相关事项审议的独立意见》签署意见页) （此页无正文，为《重庆百货大楼股份有限公司独立董事关于对 第八届六次 ...

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。 证券代码：600729 证券简称：重庆百货 公告编号：临 2024-067 重庆百货大楼股份有限公司 关于重庆重百商业保理有限公司向重庆蓝酷商业管理有限 公司提供商业保理融资的关联交易公告 重要内容提示： 一、关联交易概述 蓝酷商管从事商业综合服务与管理，拥有"重百金紫山仓库"（原名），其 资产占地面积约 27 亩，建筑面积 33,700.78 ㎡。仓库建筑主体为石头结构，外 墙、柱子均为具有本地地域性的条石，为重庆第一批优秀历史建筑。"重百金紫 山仓库"整体建筑风格为重庆首屈一指的景点，目前为渝北区城市旧改重点打造 的文旅型项目--"金紫山文创园"。 1 / 7 交易简要内容：重庆百货大楼股份有限公司（以下简称"公司"）同意 下属全资子公司重庆重百商业保理有限公司（以下简称"重百保理"） 给予重庆蓝酷商业管理有限公司（以下简称"蓝酷商管"）2,000 万元 授信额度，授信期限 12 个月，对其提供商业保理预付款融资。 根据《上海证券交易所股票上市规则》6.3.3 条第三款规定， ...

证券代码：600729 证券简称：重庆百货 公告编号：临 2024-066 重庆百货大楼股份有限公司 第八届六次董事会决议公告 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。 一、董事会会议召开情况 重庆百货大楼股份有限公司(以下简称"公司")于 2024 年 10 月 8 日以电子 邮件方式向全体董事发出召开第八届六次董事会会议通知和会议材料。本次会议 于 2024 年 10 月 12 日以通讯方式召开，公司 12 名董事全部发表意见，符合《公 司法》和《重庆百货大楼股份有限公司章程》的有关规定。会议由董事长张文中 先生提议召开。 二、董事会会议审议情况 （一）审议通过《关于重庆重百商业保理有限公司向重庆蓝酷商业管理有限 公司提供商业保理融资的关联交易议案》 公司同意下属全资子公司重庆重百商业保理有限公司（以下简称"重百保理"） 给予重庆蓝酷商业管理有限公司（以下简称"蓝酷商管"）2,000 万元授信额度， 为其提供商业保理预付款融资，授信期限 12 个月。蓝酷商管将其自有资产位于 重庆市渝北区龙溪街道红金路 60 号 1 ...

重庆百货大楼股份有限公司 关于 2024 年半年度业绩说明会召开情况的会议记录 重庆百货大楼股份有限公司（以下简称"公司"）于 2024 年 9 月 27 日在上海证券交易所上证路演中心召开 2024 年半年度业绩 说明会（以下简称"本次说明会"）。本次说明会以网络互动的方 式召开。公司就投资者关心的经营成果及财务指标的具体情况与投 资者进行互动交流和沟通，在信息披露允许的范围内就投资者普遍 关注的问题进行回答。现将本次说明会相关情况记录如下： 一、本次说明会召开情况 2024 年 9 月 20 日，公司披露了《关于召开 2024 年半年度业 绩说明会的公告》（公告编号：临 2024-065）。本次说明会于 2024 年 9 月 27 日上午 10:00-11:00 召开，公司董事、总经理胡 宏伟先生，独立董事梁雨谷先生，副总经理王欢先生、韩伟先生， 财务总监（财务负责人）王金录先生，董事会秘书陈果女士出席本 次会议并就投资者关注的问题进行回复。 1 二、本次说明会投资者提出的主要问题及公司的回复情况 公司在本次说明会上就投资者提出的问题进行了回复，主要问 题及回复整理如下： 问题 1：请问公司在突出"商品力 ...

证券代码：600729 证券简称：重庆百货 公告编号：临 2024-065 重庆百货大楼股份有限公司 投资者可于 2024 年 9 月 20 日(星期五)至 9 月 26 日(星期四)16:00 前登录 上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱（cbdsh@e- cbest.com）进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 重庆百货大楼股份有限公司（以下简称"公司"）已于 2024 年 8 月 31 日发 布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半 年度经营成果、财务状况，公司计划于 2024 年 9 月 27 日上午 10:00-11:00 召开 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年半年度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 会议召开时间：2024 年 9 月 27 日(星期五) 上午 10:00-11:00 会 议 召 开 ...

监事会认为:公司 2022年限制性股票激励计划第二个解除限售期解除限售 条件已经成就。本次解除限售事项符合《上市公司股权激励管理办法》及公司激 励计划的有关规定;同意公司为本次符合解除限售条件的激励对象办理限制性股 票解除限售相关事宜。 二、关于回购注销部分限制性股票及调整回购价格的核查意见 对第八届四次监事会会议相关事项的核查意见 重庆百货大楼股份有限公司(以下简称"公司")监事会根据《中华人民共 和国公司法》(以下简称"《公司法》")《上市公司股权激励管理办法》等有关 法律、法规及规范性文件以及《重庆百货大楼股份有限公司 2022 年限制性股票 激励计划(修订稿)》和《公司章程》的有关规定,对公司《关于 2022年限制性 股票激励计划第二个解除限售期解除限售条件成就的议案》《关于回购注销部分 限制性股票及调整回购价格的议案》相关内容进行审核后,发表核查意见如下: 一、关于 2022年限制性股票激励计划第二个解除限售期解除限售条件成就 的核查意见 监事会对 2022 年限制性股票激励计划第二个解除限售期解除限售条件达成 情况的核查情况如下: | 解除限售条件 | 成就情况 | | --- | --- | | ...