Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company reported a 2024 H1 revenue of 8.98 billion yuan, a year-on-year decrease of 11.6%, with a net profit attributable to shareholders of 712 million yuan, down 21.1% year-on-year [2] - The decline in revenue and the leverage effect of expenses led to a slight decrease in net profit margin [2] - The automotive trade business is under pressure, significantly impacting overall performance [2] - The company is focusing on strengthening its core capabilities and enhancing its competitive advantages [2] Financial Performance Summary - For 2024 H1, the company achieved a revenue of 8.98 billion yuan, with a net profit of 712 million yuan, and a non-recurring net profit of 705 million yuan [2] - The revenue for Q2 2024 was 4.13 billion yuan, a year-on-year decrease of 18.5%, with a net profit of 277 million yuan, down 28.9% year-on-year [2] - The gross margin for Q2 was 24.8%, with a net profit margin of 6.7% [2] - The automotive trade segment saw a revenue decline of 28.7% in H1 2024 [2] Business Segment Analysis - The company’s business is divided into retail and consumer finance segments, with the latter experiencing a larger decline [2] - The retail segment's non-recurring net profit was 370 million yuan, down 5% year-on-year [2] - The consumer finance segment contributed 332 million yuan in investment income, down 21% year-on-year [2] Strategic Initiatives - The company is implementing a "Joint Business Plan" to deepen strategic brand cooperation, achieving over 2.5 billion yuan in sales from this initiative [2] - Efforts to enhance supply chain efficiency and increase direct procurement are ongoing [2] - The company is expanding differentiated products and has increased the number of stores for its unique offerings [2] - Cost control measures have been effective in managing labor and rental expenses [2]

重庆百货大楼股份有限公司 证券代码：600729 证券简称：重庆百货 公告编号：临 2024-058 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个别及连带责任。 第八届五次董事会决议公告 重庆百货大楼股份有限公司(以下简称"公司")以电子邮件方式提前十日 向全体董事发出召开第八届五次董事会会议通知和会议材料。本次会议于2024 年8月29日上午8:00在商社大厦16楼会议室以现场会议和视频会议方式召开，公 司12名董事会成员全部出席会议，公司监事会列席本次会议，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 召开并主持。 一、董事会会议召开情况 二、董事会会议审议情况 （一）审议通过《2024 年半年度报告全文及摘要》 内容详见 www.sse.com.cn。 表决情况：同意 12 票，反对 0 票，弃权 0 票。 （二）审议通过《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》 乔红兵先生、胡宏伟先生作为本激励计划的激励对象，为关联董事，回避了 此议案的表决， ...

证券代码：600729 证券简称：重庆百货 公告编号：临 2024-061 重庆百货大楼股份有限公司 关于与多点（深圳）数字科技有限公司开展云仓业务的 关联交易公告 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： 1 / 6 交易简要内容：重庆百货大楼股份有限公司（以下简称"公司"）为在 多点 APP 上扩充 O2O 业务的商品品类、突破门店围栏限制、满足顾客对 更多商品的购物需求，提升线上销售，与多点（深圳）数字科技有限公 司（以下简称"多点科技"）在原有合作基础上，在多点 APP 上引入云 仓业务，多点科技提供云仓相关服务。多点科技按照云仓商品的销售款 （含多点补贴）的 1.5%收取公司技术服务费（含支付通道手续费）。服 务期间自 2024 年 9 月起至 2025 年 12 月止。服务期间预计云仓业务销售 （含多点补贴）货款 2,000 万元，公司向多点科技支付技术服务费 30 万元。 根据《上海证券交易所股票上市规则》6.3.3 条规定，多点科技为公司 关联人，本次交易构成了关联交易。 本次交易未构成重 ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 8,979,863,272.19, a decrease of 11.56% compared to CNY 10,153,959,410.31 in the same period last year[13]. - The net profit attributable to shareholders of the listed company was CNY 711,616,493.24, down 21.06% from CNY 901,468,013.74 in the previous year[13]. - The net profit after deducting non-recurring gains and losses was CNY 705,175,930.40, reflecting a decrease of 12.92% compared to CNY 809,777,649.77 in the same period last year[13]. - Basic earnings per share were 1.63 yuan, reflecting a decline of 20.87% year-on-year[16]. - The weighted average return on equity decreased by 4.76 percentage points to 10.15%[16]. - The company reported a significant reduction in investment income, down 20.52% year-on-year[16]. - The total comprehensive income for the first half of 2024 was approximately ¥715.24 million, compared to ¥911.60 million in the same period of 2023[95]. - The company reported a significant decrease in operating profit, which was approximately ¥789.76 million in the first half of 2024, down from ¥999.99 million in the same period of 2023[94]. Cash Flow - The net cash flow from operating activities was CNY 1,062,004,448.26, a decline of 9.64% from CNY 1,175,307,848.76 in the previous year[13]. - Total cash inflow from operating activities decreased to ¥14,251,330,972.70 in H1 2024 from ¥16,544,840,738.80 in H1 2023, a decline of approximately 13.8%[98]. - Cash outflow from investment activities totaled ¥1,063,240,836.17 in H1 2024, compared to ¥1,745,582,309.71 in H1 2023, indicating a reduction of approximately 39.0%[99]. - Net cash flow from financing activities was -¥504,993,479.24 in H1 2024, compared to ¥484,770,709.29 in H1 2023, reflecting a significant change in cash flow dynamics[99]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 19,497,027,458.05, an increase of 1.94% compared to CNY 19,126,159,093.75 at the end of the previous year[13]. - Total liabilities reached RMB 12,508,699,520.49, compared to RMB 12,263,835,685.73, indicating a growth of about 2.00%[89]. - The company's equity attributable to shareholders increased to RMB 6,873,820,343.38 from RMB 6,751,441,682.72, representing a growth of approximately 1.81%[89]. - Current liabilities totaled CNY 8,189,835,918.23, an increase of 8.89% from CNY 7,521,443,056.09 in the first half of 2023[92]. Market and Expansion - The company is expanding its market presence in Chongqing and Sichuan, leveraging its brand advantages[20]. - The retail market in China showed signs of recovery, with a 3.7% year-on-year increase in total retail sales of consumer goods[19]. - The company plans to focus on market expansion and new product development in the upcoming quarters to drive growth[1]. Mergers and Acquisitions - The company plans to complete the merger with the Commerce Group on January 31, 2024, which will enhance its asset base and operational capabilities[15]. - The company completed an absorption merger with the Shangs Group at a transaction price of CNY 4.72 billion, with the merger completed on January 31, 2024[34]. - The total number of shares after the merger increased by 41.66 million, bringing the total share capital to 448.19 million shares[34]. Risks and Challenges - The company faces risks related to policy changes that could impact its operations and development prospects[40]. - Market environment risks include decreased consumer confidence and increased competition from e-commerce[41]. - Risks associated with store location decisions could affect the company's retail business expansion and profitability[45]. Environmental and Energy Efficiency - In the first half of 2024, the company saved energy costs of 4.2 million yuan, reduced electricity consumption by 620,000 kWh, and cut standard coal by 1,854 tons, leading to a decrease of 6,602 tons in carbon dioxide emissions[57]. - The company has implemented energy-saving technologies, including the upgrade of central air conditioning systems to magnetic levitation technology[57]. - The company has continued to promote the use of new materials and technologies to enhance energy efficiency[57]. Shareholder Information - The top shareholder, Chongqing Yufu Capital Operation Group Co., Ltd., holds 111,540,705 shares, representing 24.99% of the total shares[81]. - The company has no controlling shareholder or actual controller following the recent share issuance and cancellation of 208,997,007 shares held by the former controlling shareholder[85]. - The company’s total number of restricted shares decreased from 4,732,000 to 2,778,000 after the cancellation of restricted stock[80]. Accounting Policies - The company’s financial statements are prepared based on the assumption of going concern, with no significant doubts about its ability to continue operations for the next 12 months[112]. - The company follows specific accounting policies for financial instruments, inventory, fixed asset depreciation, and revenue recognition[113]. - The company recognizes revenue based on the transfer of control of goods to customers, confirming sales revenue at the point of transfer[164].

证券代码：600729 证券简称：重庆百货 公告编号：临 2024-059 （一）审议通过《重庆百货大楼股份有限公司 2024 年半年度报告全文及摘 要》 重庆百货大楼股份有限公司 第八届四次监事会会议决议公告 本公司监事会及全体监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、监事会会议召开情况 重庆百货大楼股份有限公司(以下简称"公司")提前以书面方式和电子邮件 方式向全体监事发出召开第八届四次监事会会议通知和会议材料。本次会议于 2024 年 8 月 29 日上午 9:00 在商社大厦 18 楼会议室以现场和通讯会议相结合方 式召开，公司 5 名监事全部出席了会议，其中监事张潞闽、洪毓吟因异地采取通 讯方式出席会议。会议由监事会主席肖熳华女士提议召开并主持，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。 二、监事会会议审议情况 表决情况为：5 票同意，0 票反对，0 票弃权。 （三）审议通过《关于回购注销部分限制性股票及调整回购价格的议案》 表决情况为：5 票同意，0 票反对，0 票弃权。 （四）审议通过《重庆百货大楼股 ...

重庆百货大楼股份有限公司独立董事 关于对第八届五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 对第八届五次董事会会议相关事项发表独立意见如下： 关于对《关于与多点（深圳）数字科技有限公司开展云仓业务的 关联交易议案》的独立意见 (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 第八届五次董事会会议相关事项审议的独立意见》签署意见页) 独立董事意见： 陈 兵 冉茂盛 梁雨谷 叶 明 陈广垒 （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 第八届五次董事会会议相关事项审议的独立意见》签署意见页） 独立董事意见： 陈 兵 冉茂盛 梁雨谷 叶 明 陈广垒 我们认为，公司与多点科技进行合作，开展云仓业务，有利于公 司在多点APP上扩充商品品类、突破门店围栏限制、满足顾客对更多商 品的购物需求，提升线上销售。公司第八届五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 ...

证券代码：600729 证券简称：重庆百货 公告编号：临 2024-060 重庆百货大楼股份有限公司 2024 年半年度经营数据公告 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个别及连带责任。 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 年半年度报告披露工作的重要提 醒》的要求，重庆百货大楼股份有限公司（以下简称"公司"）将 2024 年半年 度主要经营数据披露如下： 一、2024 年半年度门店变动情况 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。 二、2024 年半年度拟增加门店情况 报告期内，公司无拟增加而未增加门店。 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 ...

证券代码：600729 证券简称：重庆百货 公告编号：临 2024-057 重庆百货大楼股份有限公司 关于注销回购专用证券账户剩余股份的实施公告 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： 注销原因：根据《公司法》《上市公司股份回购规则》《上海证券交易所 上市公司自律监管指引第 7 号--回购股份》等有关法律法规规定，将股份用于员 工持股计划或者股权激励回购股份的，公司合计持有的本公司股份数不得超过本 公司已发行股份总额的百分之十，并应当在三年内按照依法披露的用途进行转让， 未按照披露用途转让的，应当在三年期限届满前注销。鉴于重庆百货大楼股份有 限公司（以下简称"公司"）股份回购完成后 3 年期满，给合公司实际情况，公 司将回购专用证券账户剩余股份 5,730,094 股进行注销，并减少注册资本。 本次注销股份的有关情况 | 回购专用证券账户 | 注销股份数量 | | 注销日期 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

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 7 月 30 日以电子 邮件方式向全体董事发出召开第八届四次董事会会议通知和会议材料。本次会议 于 2024 年 8 月 6 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。 证券代码：600729 证券简称：重庆百货 公告编号：临 2024-056 重庆百货大楼股份有限公司 第八届四次董事会决议公告 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。 表决情况：同意 12 票，反对 0 票，弃权 0 票。 特此公告。 重庆百货大楼股份有限公司董事会 2024 年 8 月 7 日 二、董事会会议审议情况 审议通过《关于数字化中心组织优化调整的议案》 2023 年 10 月 23 日，公司第七届五十四次董事会审议通过《关于实施融合 办公组织优化调整的议案》，决定对公司总部及经营单位部分中后台职能进行融 合调整，实行部分中后台职能总部集约化、专业化管理。 ...

备注：净利润为归属母公司所有者的净利润 600729 CH Chongqing Department Store Rating: OUTPERFORM Target Price: Rmb29.71 Hongke Li hongke.li@htisec.com Liting Wang liting.wang@htisec.com Rebecca Hu, CFA rebecca.jl.hu@htisec.com 本研究报告由海通国际分销,海通 国际是由海通国际研究有限公司, 海通证券印度私人有限公司，海通 国际株式会社和海通国际证券集团 其他各成员单位的证券研究团队所 组成的全球品牌,海通国际证券集 团各成员分别在其许可的司法管辖 区内从事证券活动。关于海通国际 的分析师证明,重要披露声明和免 贡声明，请参阅附录。(Please see appendix for English translation of the disclaimer) 公司研究/商业贸易/百货 重庆百货（600729）公司公告点评 证券研究报告 2024-08-06 高基数下业绩承压,1H24 扣非主业净: 降 4.5% 投资要点: 重庆百货 ...