重庆百货大楼股份有限公司 2024 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。 证券代码：600729 证券简称：重庆百货 公告编号：临 2024-055 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 | 1、出席会议的股东和代理人人数 | 140 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 268,327,247 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 60.1174 | | 份总数的比例（%） | | (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。 本次会议由公司董事会召集，董事长张文中先生主持会议。会议采取现场投 票与网络投票相结合的方式进行表决，会议表决方式符合《公司法》及《公司章 程》的规定。 (一) 股东大会召开的时间：2024 年 7 月 24 日 (二) 股东大会召开的地点：重庆市渝中区青年路 18 号 16 楼会议室 (三) 出席会议的普通股股东和恢复表决权 ...

t 14 at 3 by S 扫描全能土 3 亿人都在用的扫描App 上海中联(重庆) 律师事务所 关于重庆百货大楼股份有限公司 2024 年第三次临时股东大会的 法律意见书 中联重办(律)字第 24pji0724001 号 致:重庆百货大楼股份有限公司 上海中联(重庆) 律师事务所 关于重庆百货大楼股份有限公司 2024 年第三次临时股东大会的 法律意见书 上海中联(重庆)律师事务所(以下简称"本所")接受重庆百货大楼股份 有限公司(以下简称"公司")委托,指派律师出席公司于2024年7月24日召 开的 2024 年第三次临时股东大会(以下简称"本次股东大会"或"本次会议"). 根据《中华人民共和国公司法》(以下简称"《公司法》)、《中华人民共和国证券 法》(以下简称"《证券法》")、《上市公司股东大会规则》(以下简称"《股东大会 规则》")等法律、法规和规范性文件以及《重庆百货大楼股份有限公司章程》(以 下简称"《公司章程》")的规定,本所律师对公司本次股东大会的召集、召开程 序、出席会议人员的资格、表决程序等事项进行核查、见证,并出具本法律意见 书. 上i 三角、台肥、西安,南京 r H. 武阳、武磊、 ...

证 券 研 究 报 告 ——马消高基数影响业绩短期承压，主业积极培育新业态 商贸零售 | --- | --- | |------------------------------|------------------------| | | | | 基础数据 : 2024 | 年 03 月 31 日 | | | | | 每股净资产（元） | 16.03 | | 资产负债率 % | 62.48 | | 总股本/流通 A 股（百万） | 446/193 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 相关研究 《重庆百货（600729）点评：经营区域集 中川渝地区，费用管控能力提升》 2024/04/30 《重庆百货（600729）点评：多业态创新 提升经营能力，精细化管理提质增效》 2024/04/22 证券分析师 | --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|--------|--------|--------| | | 2023 | 2024Q1 | 2024E | ...

重庆百货大楼股份有限公司 2024 年第三次临时股东大会会议材料 1 2024 年第三次临时股东大会议案 1 关于重庆百货大楼股份有限公司 第八届独立董事年度津贴标准建议方案 重庆百货大楼股份有限公司 2024 年 7 月 17 日 2 2024 年第三次临时股东大会议案 2 关于重庆百货大楼股份有限公司 监事会主席薪酬建议方案 各位股东： 各位股东： 根据重庆百货大楼股份有限公司（以下简称"公司"）2023 年年度股东大会决 议，选举陈兵、冉茂盛、梁雨谷、叶明、陈广垒为独立董事。公司现行独立董事 年度津贴标准按 2012 年董事会审议通过的津贴标准（7.8 万元（含税）/年）执行 超 10 年未调整，根据 2023 年 7 月颁布的《上市公司独立董事管理办法》（简称"独 董新规"）的相关规定，对独立董事的职责提出了更高的要求，独立董事作为外部 董事的责任更大，执业风险更高。为保持独立董事责、权、利的相对平衡，结合 公司的实际情况，并参照其他上市公司独立董事津贴水平，拟将公司独立董事的 津贴标准自第八届董事会起调整为：12 万元（含税）/年。 请予审议。 请予审议。 重庆百货大楼股份有限公司 2024 年 7 ...

Investment Rating - The report maintains a rating of "Buy" for the company, with a target price adjusted to 29.50 yuan, down from the previous 37.90 yuan [12][14]. Core Insights - The company's H1 performance was below expectations, leading to a downward revision of the EPS forecast for 2024-2026 to 2.95, 3.27, and 3.54 yuan, reflecting growth rates of 0%, 11%, and 8.1% respectively [10][11]. - The report highlights a significant decline in revenue and net profit, with H1 revenue at approximately 89.8 billion yuan, down 11.6%, and net profit at 7.12 billion yuan, down 21.1% [10][11]. - The company is expected to stabilize and recover in H2, driven by cost reduction measures and operational efficiency improvements [10][14]. Summary by Sections Financial Performance - H1 revenue was approximately 89.8 billion yuan, a decrease of 11.6%, with a net profit of 7.12 billion yuan, down 21.1% [10][11]. - The net profit margin for H1 was approximately 7.92%, a decline of 0.96 percentage points [10]. - The company anticipates a profit of 1.58 billion yuan in H2, representing a 30% increase compared to H1 [10]. Business Strategy - The company is focusing on enhancing operational efficiency and optimizing store and personnel structures [10][14]. - A new action plan for 2024 emphasizes quality improvement, efficiency enhancement, and shareholder returns [10][14]. - The company has opened its first fresh discount store, achieving daily sales of around 100,000 yuan, indicating a positive trend in new business ventures [10][14]. Market Position - The company operates in the retail and consumer goods sector, with a total market capitalization of 8.695 billion yuan [3]. - The stock has a current price of 19.48 yuan, with a price-to-earnings ratio of 6.61 [12][11]. - The report suggests that the company remains a valuable asset due to its low valuation and high dividend yield [10][14].

Financial Data and Key Indicator Changes - In H1 2024, the company's revenue was 8.98 billion yuan, a year-on-year decrease of 11.56%, while the net profit attributable to shareholders was 712 million yuan, down 21.06% year-on-year [5] - In Q2 2024, revenue was 4.13 billion yuan, a year-on-year decline of 18.52%, and net profit attributable to shareholders was 277 million yuan, down 28.93% year-on-year [6] - The main business profit in H1 2024 decreased by 4.52% year-on-year, with significant impacts from investment income and non-operating factors [5][6] Business Line Data and Key Indicator Changes - The company's main business profit in H1 2024 was 374 million yuan after excluding non-recurring gains and losses, reflecting a decline of 4.52% year-on-year [5] - The company has initiated a discount and fresh food new business model, with the first store opening on May 28, 2024, achieving sales five times higher than traditional models on the opening day [6] Market Data and Key Indicator Changes - The retail environment has been under pressure, leading to a decline in performance, prompting the company to launch promotional activities such as home appliance and department store festivals since June [6] Company Strategy and Development Direction and Industry Competition - The company is focusing on optimizing offline stores and enhancing cost control and efficiency, with a clear strategy to transform its supermarket business towards a discount model [6] - The company maintains a strong market position and emphasizes regular cash dividends, highlighting its high dividend value [7] Management's Comments on Operating Environment and Future Outlook - Management noted that the performance decline in Q2 2024 was primarily due to high base effects from the previous year, particularly from the listing of a subsidiary and increased provisioning in H2 2023 [6] - The company expects performance to improve in the second half of 2024 as the high base effect from investment income dissipates [7] Other Important Information - The company has a clear plan for revenue growth, projecting net profits of 1.375 billion yuan, 1.505 billion yuan, and 1.650 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 6.3, 5.8, and 5.3 [7] Q&A Session All Questions and Answers Question: What are the main factors affecting the company's performance in Q2 2024? - The decline in performance was attributed to high base effects from the previous year, particularly due to the listing of a subsidiary and increased provisioning in H2 2023 [6] Question: How is the company addressing the challenges in the retail environment? - The company has launched several promotional activities and is transforming its supermarket business towards a discount model to adapt to the challenging retail environment [6]

Investment Rating - The investment rating for the company is "Outperform the Market" [19]. Core Views - The company reported a revenue of 8.98 billion yuan for the first half of 2024, a year-on-year decrease of 11.56%. The net profit attributable to the parent company was 712 million yuan, down 21.06% year-on-year, while the net profit excluding non-recurring items was 704 million yuan, a decrease of 13.06% [8][9]. - The decline in net profit is primarily attributed to high investment income and non-recurring gains from the previous year. After excluding these factors, the net profit showed a smaller decline of 4.52% [9]. - The company is actively exploring new business models, such as the "Fresh + Discount" supermarket format, which aims to optimize and restructure the supply chain, reduce costs, and enhance service quality [10]. - The profit forecast for 2024-2026 is set at 1.34 billion yuan, 1.50 billion yuan, and 1.64 billion yuan respectively, with expected growth rates of 1.6%, 12.0%, and 9.5% [10]. Financial Summary - The company’s total revenue for 2023 is projected at 18.985 billion yuan, with a net profit of 1.315 billion yuan, reflecting a year-on-year growth of 48.8% [12]. - The earnings per share (EPS) for 2023 is estimated at 2.95 yuan, with a projected increase to 3.67 yuan by 2026 [12]. - The gross margin is expected to remain stable around 25.7% to 26.5% over the forecast period [12]. - The return on equity (ROE) is projected to decrease from 21.1% in 2023 to 18.6% by 2026 [12]. Valuation - The valuation for the retail business is based on a price-to-earnings (P/E) ratio of 12-15 times for the retail segment and 5 times for the financial investment segment, leading to a reasonable market capitalization range of 11.3 billion to 13.3 billion yuan [13]. - The estimated reasonable value per share is between 25.28 yuan and 29.71 yuan [13].

证券分析师： 张峻豪 021-60933168 zhangjh@guosen.com.cn 执证编码：S0980517070001 重庆百货（600729.SH） 优于大市 公司公告 2024 年半年度业绩快报公告，据初步核算，上半年公司实现营业收入 89.80 亿元，同比下降 11.56%；归母净利润 7.12 亿元，同比下降 21.06%。扣非归母净利润 7.04 亿元，同比下滑 13.06%。 公司上半年主业受到整体线下零售消费疲软而有所下滑，同时利润端受到短期非经因素，以及参股公司马 上消费金融业绩波动的影响。扣除非经损益和马消投资收益影响，预计上半年公司零售主业实现利润 3.74 亿元，同比下降 4.52%。随着公司完成反向吸并大股东重庆商社，以及管理层的新老交替平稳过渡，有望 推动公司旗下业务的进一步整合优化，长期来看主业经营效率有望持续提升。同时公司也在积极探索新型 折扣业态的创新发展，核心主业有望下半年开始加大本地市场的深耕和转型。考虑到马上消费金融贡献投 资 收 益 的 不 确 定 性 ， 我 们 下 调 公 司 2024-2026 年 归 母 净 利 至 12.68/13.23/13.98 ...

Investment Rating - The investment rating for Chongqing Department Store (600729) is "Buy" (maintained) [1][10]. Core Views - The company reported a revenue of 4.13 billion yuan for Q2 2024, a year-on-year decrease of 18.5%, and a net profit attributable to shareholders of 280 million yuan, down 28.9% year-on-year. The non-recurring net profit was 260 million yuan, down 26.5% year-on-year. The contribution from the consumer finance segment is estimated to be around 160 million yuan, a decrease of 31% year-on-year [1][8]. - The report emphasizes the potential for profit margin improvement through supply chain transformation and operational efficiency enhancements. The company's initiatives in retail, such as "six major stores" and "hard discount stores," are expected to open up revenue growth opportunities. Further adjustments in governance and operations may help offset industry demand pressures [2][10]. Financial Summary - For 2024, the company is projected to have total revenue of 16.98 billion yuan, a decrease of 10.59% year-on-year, with a net profit of 1.33 billion yuan, an increase of 1.20% year-on-year. The earnings per share (EPS) is expected to be 2.97 yuan [8][10]. - The financial forecast indicates a decline in net profit estimates for 2024-2026, revised from 1.45 billion yuan, 1.59 billion yuan, and 1.71 billion yuan to 1.33 billion yuan, 1.40 billion yuan, and 1.47 billion yuan respectively [10]. - The company's price-to-earnings (P/E) ratio is projected to be 7, 6, and 6 times for 2024, 2025, and 2026 respectively, indicating a low valuation compared to historical averages [10]. Market Data - The company has a net asset value per share of 16.03 yuan and a debt-to-asset ratio of 62.48% [4]. - The total market capitalization is approximately 8.69 billion yuan, with a circulating A-share market value of about 3.76 billion yuan [18]. Performance Analysis - The report notes that the decline in performance for Q2 2024 is primarily due to a high base from the previous year and fluctuations in non-recurring gains. The consumer finance segment has also seen increased provisioning, impacting overall profitability [9]. - The company's main business non-recurring net profit for Q2 2024 is estimated at 940 million yuan, down 16.4% year-on-year, indicating challenges in maintaining growth amidst a tough consumer environment [1][9].

[Table_Summary] 核心观点： 根据重庆百货公众号，5 月 28 日公司旗下首家"生鲜+折扣"模式门 店新世纪超市超级市集正式开业，优化和重构供应链，第二家转型门 店于 6 月底开业，开业当天，门店销售同比增长超 5 倍。同时，根据 重百电器公众号，公司多次举办百货节，推出"奥莱价"让利于民。 ⚫ 盈利预测与投资建议。我们预计重庆百货 24-26 年归母净利润分别为 13.9/15.0/16.2 元，同比增速分别为 6.1%/7.8%/7.9%。公司业绩短期 承压，但公司积极创新业态，有望提振经营能力，同时，马消业务在 24H2 基数正常后将在财报层面体现业务实际增长。我们给予公司 24 年归母净利润 9x PE，对应合理价值 28.00 元/股，维持"买入"评级。 ⚫ 风险提示。消费持续疲软，线下零售弱复苏；商圈流量下降，主力门 店聚客能力弱化；消费金融监管政策趋严，马上消费金融业务受控等。 [Table_Page] 公告点评|商贸零售 [Table_PicQuote] 相对市场表现 SAC 执证号：S0260520050001 SFC CE No. AOB364 重庆百货（600729.SH） ...