证券时报e公司讯，百联股份(600827)1月26日晚间公告，公司拟收购百联亿万豪购物广场（长沙）有限 公司（简称"长沙乐和城"）60%股权，并向其提供过渡性股东贷款不超4600万元，用于交割日及之后归 还对转让方Ivanhoe Cambridge Equity Two (HK) Limited的股东借款。 收购完成后，公司拟委托参股公司上海百联益腾商业管理有限公司对项目进行改造及经营管理。 长沙乐和城由Ivanhoe Cambridge Equity Two (HK) Limited持股60%和公司控股股东百联集团持股40%。 鉴于亿万豪剑桥投资区域战略性转移，公司拟收购长沙乐和城60%股权。 ...

证券研究报告 | 2025年01月24日 百联股份（600827.SH） REIT 收益带动业绩增长 257-328%，奥莱业务预计保持平稳 事项： 公司发布 2024 年业绩预告，2024 年预计全年实现归母净利润 14.25~17.10 亿，同比增长 257.04%-328.45%， 扣非归母净利润 0.85~1.27 亿，同比下滑 56.19%-34.54%。 国信零售观点：公司在整体线下消费承压情况下，不断通过自身调整转型业务经营，利用地理位置和自有物业 优势，重点发力符合当下消费趋势业态如二次元文化商场和奥特莱斯等，随着相关调改项目逐渐落地以及奥特莱 斯不断爬坡，后续有望带动业绩水平提升。同时公司有望持续通过资产证券化运作有效释放自身物业价值，进一 步激活公司经营潜力，未来公司不排除将继续通过发行公募 REITs 盘活物业资产。考虑到公司 REIT 项目相 关上市费用以及税费影响，我们略下调 2024 年并维持 2025-2026 年归母净利润至 15.56/7.51/8.92（原值为 17.34/7.51/8.92）亿，对应 PE 为 12/24/20x，维持"优于大市"评级。 评论： 优于大市 ...

股票简称：百联股份 百联 B 股 证券代码： 600827 900923 编号：2025-003 上海百联集团股份有限公司 关于开展保函池业务的进展公告 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。 （二）审议程序 2024 年 4 月 11 日召开的第九届董事会第三十三次会议及 2024 年 6 月 6 日召开的 2023 年年度股东大会审议通过了《关于申请开立保函池业务的议案》：保函池额度为 不超过人民币 2 亿元。其中，为资产负债率超过 70%的子公司提供的保函额度不超过人 民币 1 亿元，为资产负债率低于 70%的子公司提供的保函额度不超过人民币 1 亿元。具 1 体详见公司于 2024 年 4 月 13 日披露的"临 2024-021"《关于申请开立保函池业务的 公告》。 重要内容提示 上海百联集团股份有限公司（以下简称"公司"）于 2024 年 4 月 11 日召开的第九届董事会 第三十三次会议及 2024 年 6 月 6 日召开的 2023 年年度股东大会审议通过了《关于申请开立保函池 业务的议案》。2024 ...

证券代码： 600827 900923 编号：临 2025-002 上海百联集团股份有限公司 股票简称：百联股份百联 B 股 2024 年年度业绩预增公告 1 2、 预计 2024 年度实现归属于母公司所有者的扣除非经常性损益后的净利润 8,500 万元到 12,700 万元，与上年同期相比，将减少 6,742.33 万元到 10,942.33 万 元。 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： 上海百联集团股份有限公司（以下简称"公司"）预计 2024 年年度实现归属于 母公司所有者的净利润达到应当进行业绩预告的情形之"实现盈利，且净利润与上年同 期相比上升 50%以上"。 公司预计 2024 年度实现归属于母公司所有者的净利润 142,500 万元至 171,000 万元，与去年同期相比，将增加 102,588.51 万元到 131,088.51 万元，同比增加 257.04% 到 328.45%左右。预计 2024 年度实现归属于母公司所有者的扣除非经常性损益的净利 润 8,500 万元到 12,7 ...

| --- | --- | --- | --- | |-----------------|----------|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 谷子店品牌 | 成立时间 | 门店数 | 简介 | | 潮玩星球 | 2017 年 | 超 100 家 | 客单价 50-100 元，依托于艾漫丰富 IP 资源，扩张速度较快， 2023 年新开 60+ 门店，今年还有 80-100 家拓店计划。日谷中，合作经 典动漫柯南、 JOJO 的奇妙冒险、鬼灭之刃等；国谷中，合作非人 哉、魔道祖师、原神、江南百景图、恋与制作人等。 | ...

Investment Rating - The report maintains an "Outperform" rating for the company [1][4] Core Viewpoints - The company, as a leading retail enterprise in East China under the Shanghai State-owned Assets Supervision and Administration Commission, has been actively transforming its business operations to adapt to current consumption trends, such as the "Guzi" economy and outlet formats [5] - The company has been leveraging its geographical advantages and self-owned properties to focus on new retail formats like ZX Creative Field and outlets, which are expected to drive future profit elasticity [5] - The company's asset securitization efforts, including the issuance of public REITs, have significantly boosted investment income, with the Hua'an Bailian Consumption REIT raising 2.332 billion yuan and contributing to a substantial increase in investment income [5] - The company's ZX Creative Field, focusing on the ACGN (Anime, Comic, Game, Novel) subculture, has seen impressive performance, with sales reaching 300 million yuan and foot traffic exceeding 9.5 million in 2023 [10] - The company's outlet business continues to perform strongly, with the Shanghai Qingpu Outlet achieving a revenue of 6.17 billion yuan in 2023, and the overall outlet business seeing a 14% increase in sales compared to 2021 [20][21] Business Transformation and New Formats - The company has been actively transforming its classic stores since 2015, upgrading consumer experiences and adapting to new consumption trends [6] - The ZX Creative Field, the first commercial complex in China focusing on the ACGN subculture, has become a significant success, with 70% of its stores being national first stores, and sales increasing by 84% year-on-year in the first three quarters of 2023 [10] - The company plans to open a second ZX Creative Field in Yangpu, targeting the young consumer base near universities and cultural enterprises like Bilibili and Papergames [11] - The company's outlet business has been expanding steadily, with 9 outlets currently operating, primarily in East China, and the Shanghai Qingpu Outlet leading the industry with a revenue of 6.17 billion yuan in 2023 [20][21] Financial Performance and Projections - The company's net profit attributable to the parent company is projected to increase to 1.734 billion yuan in 2024, up from the previous estimate of 1.579 billion yuan, with a PE ratio of 12x [5] - The company's outlet business saw a 14% increase in sales and a 31% increase in foot traffic in 2023 compared to 2021, with significant growth during holiday periods [21] - The company's ZX Creative Field achieved sales of 300 million yuan in 2023, with foot traffic exceeding 9.5 million, and a year-on-year sales increase of 84% in the first three quarters of 2023 [10] Market Trends and Opportunities - The "Guzi" economy, driven by the popularity of ACGN subculture, is expected to grow significantly, with the market size projected to reach 308.9 billion yuan by 2029 [15] - Traditional department stores are increasingly incorporating ACGN-related brands and themed areas to attract young consumers, with over 20 first and second-tier cities in China developing ACGN consumption landmarks [17] - The company's early adoption of the "Guzi" economy and its focus on outlet formats position it well to benefit from these emerging market trends [17][20]

股票简称：百联股份 百联 B 股 证券代码： 600827 900923 编号：临 2024-059 关于高级管理人员辞任的公告 特此公告。 上海百联集团股份有限公司董事会 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。 上海百联集团股份有限公司（以下简称"公司"）董事会于近日收到公司副总 经理徐凌玲女士的辞任申请，徐凌玲女士因工作原因不再担任公司副总经理的职务， 辞任申请自送达董事会之日起生效。 公司董事会对徐凌玲女士在任职期间对公司所做的贡献表示衷心感谢。 上海百联集团股份有限公司 2024 年 12 月 7 日 1 ...

证券代码：600827 900923 证券简称：百联股份 百联 B 股 上海百联集团股份有限公司 投资者关系活动记录表 编号：2024-004 | --- | --- | --- | |-----------------------|------------------------------------------------------------------------|------------------------------------------------------------| | | □ 特定对象调研 | □ 分析师会议 | | 投资者关系 | □ 媒体采访 | √业绩说明会 | | 活动类别 | □ 新闻发布会 □ | 路演活动 | | | □ 现场参观 | | | | □ 其他 | （请文字说明活动内容） | | 参与单位名称 | 参与公司 2024 | 年第三季度业绩说明会的投资者 | | 及人员姓名 | | | | 会议时间 | 2024 年 11 月 6 日上午 | | | 会议地点 | 上海证券交易所上证路演中心 （ http://roadshow.sseinfo.com/ ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Insights - The company reported a revenue decrease of 8.31% year-on-year for the first three quarters of 2024, with a significant net profit increase of 366.88% year-on-year, primarily due to investment income from the issuance of the Huazhong Bailian Consumption REIT [1][3]. - The company’s comprehensive gross margin decreased by 1.15 percentage points year-on-year, while the expense ratio increased by 0.25 percentage points during the same period [1][2]. Summary by Sections Financial Performance - For 1-3Q2024, the company achieved a revenue of 21.617 billion yuan, a decrease of 8.31% year-on-year, and a net profit attributable to shareholders of 1.620 billion yuan, an increase of 366.88% year-on-year. The non-recurring net profit was 158 million yuan, down 45.25% year-on-year [1]. - In Q3 2024, the company reported a revenue of 6.444 billion yuan, a decrease of 10.91% year-on-year, and a net profit of 1.345 billion yuan, compared to 14 million yuan in the same period last year [1]. Cost and Expense Analysis - The comprehensive gross margin for 1-3Q2024 was 25.38%, down 1.15 percentage points year-on-year. In Q3 2024, the gross margin was 24.99%, down 1.44 percentage points year-on-year [1][2]. - The expense ratio for 1-3Q2024 was 23.55%, up 0.25 percentage points year-on-year, with specific rates for sales, management, finance, and R&D expenses being 16.06%, 7.44%, 0.02%, and 0.03% respectively [2]. Investment and Strategic Initiatives - The issuance of the Huazhong Bailian Consumption REIT on August 16, 2024, raised 2.332 yuan per share, totaling a net fundraising of 2.332 billion yuan, significantly contributing to the company's profit [3]. - The company is focusing on strengthening supply chain management and operational synergy, introducing differentiated competitive first stores, and enhancing support for venues, memberships, and promotions [3]. Earnings Forecast - The earnings per share (EPS) forecast for 2024 has been raised by 202% to 0.92 yuan, while the forecasts for 2025 and 2026 have been lowered by 21% each to 0.26 yuan and 0.28 yuan respectively [4].

股票简称：百联股份 百联 B 股 风险提示：公司郑重提醒广大投资者，有关公司的信息以公司在上海证券交 易所网站（www.sse.com.cn）和公司指定信息披露媒体刊登的相关公告为准，敬请广 大投资者注意投资风险。 一、股票交易异常波动的具体情况 公司 B 股股票于 2024 年 10 月 31 日、11 月 1 日、11 月 4 日连续三个交易日内日 收盘价格涨幅偏离值累计超过 20%，属于《上海证券交易所交易规则》规定的异常波动 情形。 证券代码： 600827 900923 编号：临 2024-058 上海百联集团股份有限公司 股票交易异常波动公告 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： 上海百联集团股份有限公司（以下简称"公司"）B 股股票于 2024 年 10 月 31 日、11 月 1 日、11 月 4 日连续三个交易日内日收盘价格涨幅偏离值累计超过 20%， 属于《上海证券交易所交易规则》规定的异常波动。 公司目前经营情况正常，内外部经营环境未发生重大变化，经公司自查并向控股 股东核实，截 ...