王府井集团股份有限公司 证券代码： 600859 证券简称：王府井 王府井集团股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | |-------------------|----------------------------------------------------|------------------------------------|------------------------------------------------------------| | | | | 编号： 2024-002 | | | √ 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 | | | | 参与单位名称 | 长城基金、广发基金、国泰君安、广发证券、海通证券。 | | 平安养老、国联基金、中信建投基金、财通资管、中加基金、景顺 | | 时 间 | 2024 年 9 月 3 日至 9 月 | 5 日 | | | ...

商贸零售 证 券 研 究 报 告 2024 年 09 月 05 日 王府井 (600859) ——奥莱业务韧性较强，持续优化门店结构及运营 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 05 日 | | 收盘价（元） | 12.14 | | 一年内最高 / 最低（元） | 21.34/11.53 | | 市净率 | 0.7 1.65 | | 息率（分红/股价） | | | 流通 A 股市值（百万元） | 13,275 | | 上证指数/深证成指 | 2,788.31/8,249.66 | | --- | --- | |------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 17.39 | | | | | 资产负债率 % | 50.13 | | 总股本/流通 A 股（百万） | 1 ...

商贸零售 | 证券研究报告 — 调整盈利预测 2024 年 9 月 5 日 600859.SH 增持 原评级：增持 市场价格:人民币 12.06 板块评级:强于大市 股价表现 (46%) (37%) (27%) (18%) (9%) 0% Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Sep-24 王府井 上证综指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (23.7) (18.6) (7.1) (42.8) 相对上证综指 (18.3) (15.1) 1.9 (32.3) | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | | | | | 发行股数 ( 百万 ) | | 1,135.05 | | 流通股 ( 百万 ) | | 1,093.47 | | 总市值 ( 人民币 百万 ) | | 13,688.70 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 393.13 | | ...

证券代码：600859 证券简称：王府井 编号：临 2024－054 王府井集团股份有限公司 关于公司已中标项目正式签订合同的公告 若上述项目正常推进实施，将进一步丰富公司免税店业务类型，拓宽免税 品经营渠道。但鉴于上述项目规模较小，预计对公司经营业绩不会产生重大影 响。同时，由于合同在实际履行过程中可能遇到不可预计或不可抗力等因素的 影响，进而可能导致合同部分内容或全部内容无法履行或终止的风险，敬请广 大投资者注意投资风险。 特此公告。 王府井集团股份有限公司 2024 年 9 月 3 日 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。 2024 年 8 月 13 日，王府井集团股份有限公司（以下简称"公司"或"王 府井"）中标哈尔滨太平国际机场、牡丹江海浪国际机场出境免税项目。上述 事项已公告，详见公司于 2024 年 8 月 14 日在《中国证券报》及上海证券交易 所网站 www.sse.com.cn 披露的《关于公司项目中标的公告》。 2024 年 8 月 30 日，公司与北京首都机场商贸有限公司哈尔滨分公司签署 了《 ...

证券代码：600859 证券简称：王府井 公告编号：临 2024-053 王府井集团股份有限公司 关于以集中竞价交易方式回购股份的进展公告 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。 重要内容提示： | 回购方案首次披露日 | 2024/4/20 | | | --- | --- | --- | | 回购方案实施期限 | 股东大会审议通过后 12 个月 | | | 预计回购金额 | 10,000 万元 | 万元~20,000 | | 回购用途 | □用于员工持股计划或股权激励 | √减少注册资本 | | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | | 累计已回购股数 | 591.00 | 万股 | | 累计已回购股数占总股本比例 | 0.52% | | | 累计已回购金额 | 7,936.9633 | 万元 | | 实际回购价格区间 | 12.50 元/股 | 元/股~14.33 | 一、 回购股份的基本情况 王府井集团股份有限公司（以下简称"公司"）于 2024 年 4 月 18 日及 2 ...

王府井（600859.SH）2024 年中报点评 业绩承压，购物中心、奥莱业务韧性较强，低基数下免税快速增长 2024 年 08 月 31 日 ➢ 事件：王府井发布 2024 年半年报。1H24 公司实现收入 60.35 亿元/yoy5.4%，剔除新店因素，同店同比下降 7.33%，主要受到消费者信心不足、消费增 长不及预期影响，公司归母净利润 2.93 亿元/yoy-43.36%，扣非归母净利润 3.20 亿元/yoy-30.13%。2Q24 公司实现收入 27.27 亿元/yoy-9.49%，归母净利润 0.91 亿元/yoy-68.65%，扣非归母净利润 1.27 亿元/yoy-45.81%。整体来看， 上半年归母净利润下降主要是受营业收入下降、培育新业务及新门店、新租赁准 则导致租期较长的新门店前期成本较高、持有的股票公允价值变动等因素影响。 ➢ 受收入下降及费率上升影响，公司盈利能力下降。盈利能力方面，1H24 实 现毛利率 40.94%/-1.01pcts，主要受到收入下滑影响，费用率方面，1H24 公司 销 售 / 管 理 / 财 务 费 用 率 分 别 为 13.76%/13.63%/1.78 ...

证券研究报告 非金融公司|公司点评|王府井（600859） 经营压力逐季度上行，培育新业务及新 门店拖累业绩 glzqdatemark1 证券研究报告 |报告要点 公司发布 2024 年半年度报告。2024H1 公司实现收入 60.4 亿元，同比下滑 5.4%，归母净利 润为 2.9 亿元，同比下滑 43.4%，扣非归母净利润为 3.2 亿元，同比下滑 30.1%。单二季度， 2024Q2 公司实现收入 27.3 亿元，同比下滑 9.5%，归母净利润为 0.9 亿元，同比下滑 68.6%， 扣非归母净利润为 1.3 亿元，同比下滑 45.8%。 |分析师及联系人 邓文慧 曹晶 SAC：S0590522060001 SAC：S0590523080001 请务必阅读报告末页的重要声明 1 / 5 王府井(600859) 经营压力逐季度上行，培育新业务及新门店 拖累业绩 事件 股价相对走势 -50% -30% -10% 10% 2023/8 2023/12 2024/4 2024/8 王府井 沪深300 相关报告 1、《王府井（600859）：非均衡式复苏延续， 免税业态增速明显》2024.05.01 2、《王府井 ...

Financial Performance - Revenue for the first half of 2024 was RMB 6,035,376,945.89, a decrease of 5.40% compared to the same period last year[17] - Net profit attributable to shareholders was RMB 293,109,218.62, down 43.36% year-on-year[17] - Operating cash flow decreased by 53.28% to RMB 867,202,541.41 compared to the same period last year[17] - Basic earnings per share (EPS) was RMB 0.258, a decline of 43.42% year-on-year[18] - Weighted average return on equity (ROE) decreased by 1.191 percentage points to 1.478%[18] - Non-recurring gains and losses amounted to RMB -68,915,000.00, mainly due to changes in the fair value of the company's stock holdings[19] - Operating revenue decreased by 5.4% year-over-year, with same-store sales declining by 7.33% excluding new stores[24] - Net profit attributable to shareholders dropped by 43.36% due to revenue decline, new business cultivation, and stock valuation changes[24] - Revenue for the first half of 2024 decreased by 5.40% to RMB 6,035,376,945.89 compared to the same period last year[27] - Q2 2024 revenue decreased by 9.49% year-over-year to RMB 2,727,095,359.75, reflecting weaker consumer confidence and slower consumption growth[28] - Operating profit for the first half of 2024 was 509,027,932.52 RMB, a decrease from 748,352,641.99 RMB in the same period last year[123] - Net profit attributable to the parent company's shareholders was 293,109,218.62 RMB, down from 517,532,834.06 RMB in the first half of 2023[123] - Basic earnings per share (EPS) for the first half of 2024 was 0.258 RMB, compared to 0.456 RMB in the same period last year[124] - Total comprehensive income for the first half of 2024 was 314,421,572.41 RMB, a significant decrease from 544,985,631.18 RMB in the first half of 2023[124] - Revenue for the first half of 2024 was 499,503,895.11 RMB, a decline from 811,342,296.84 RMB in the same period last year[125] - Investment income for the first half of 2024 was 899,047,751.36 RMB, an increase from 626,308,478.72 RMB in the first half of 2023[125] - Interest income for the first half of 2024 was 208,688,828.13 RMB, up from 153,694,660.00 RMB in the same period last year[125] - Total profit for the first half of 2024 was 901,110,503.73 RMB, an increase from 660,344,241.83 RMB in the first half of 2023[127] - Net profit for the first half of 2024 was 901,464,277.32 RMB, up from 660,375,821.13 RMB in the same period last year[127] - Total comprehensive income for the first half of 2024 was 901,295,827.46 RMB, an increase from 660,375,821.13 RMB in the first half of 2023[127] - Sales revenue from goods and services in H1 2024 was 17,953,681,545.72 RMB, a decrease from 19,669,286,855.67 RMB in H1 2023[128] - Net cash flow from operating activities in H1 2024 was 867,202,541.41 RMB, down from 1,856,265,101.19 RMB in H1 2023[129] - Net cash flow from investing activities in H1 2024 was 53,628,823.59 RMB, compared to -9,500,112.39 RMB in H1 2023[129] - Net cash flow from financing activities in H1 2024 was -922,431,499.11 RMB, compared to -748,022,086.19 RMB in H1 2023[129] - Total cash and cash equivalents at the end of H1 2024 were 10,089,181,831.79 RMB, slightly down from 10,248,116,606.61 RMB at the end of H1 2023[130] - Parent company's sales revenue from goods and services in H1 2024 was 1,132,027,379.89 RMB, down from 1,550,345,664.30 RMB in H1 2023[131] - Parent company's net cash flow from operating activities in H1 2024 was -50,514,824.84 RMB, compared to 43,763,379.20 RMB in H1 2023[131] - Parent company's net cash flow from investing activities in H1 2024 was 297,708,960.86 RMB, compared to -27,769,564.10 RMB in H1 2023[131] - Parent company's net cash flow from financing activities in H1 2024 was -170,087,555.17 RMB, compared to 523,094,393.82 RMB in H1 2023[132] - Parent company's total cash and cash equivalents at the end of H1 2024 were 5,650,240,374.06 RMB, up from 5,617,465,326.00 RMB at the end of H1 2023[132] Business Operations - The company operates 78 large comprehensive retail stores across 35 cities in seven major economic regions, with a total construction area of 5.187 million square meters[21] - The company has 29 department stores, 17 outlet stores, and 31 shopping centers[21] - The company's first offshore duty-free project, Wangfujing International Duty-Free Port, opened on January 18, 2023[21] - The company has 1 offshore duty-free store and 7 cross-border e-commerce offline experience stores[21] - The company achieved online sales of 730 million yuan during the reporting period[22] - The company has 29 Luxemporium stores (including 1 pop-up store) and 327 Faya Trading stores (125 self-operated, 200 franchised, and 2 in malls)[21] - The company operates 78 large retail stores and 356 specialty stores, covering seven major economic regions in China[23] - Membership base exceeds 24 million, with 27 million fans nationwide[23] - The first offshore duty-free store, Wangfujing International Duty-Free Port, opened in January 2023[23] - Off-price retail (Outlets) brand adjustment rate reached 29% in the first half of the year[25] - Digital transformation includes upgrading the retail ERP system, financial collaboration platform, and membership system[25] - The company's marketing activities achieved nearly 50 million exposures through media partnerships[25] - New stores, including Guiyang CCPARK and Suzhou Wangfujing Shopping Centers, are expected to open within the year[25] - The company is actively promoting ESG initiatives, focusing on energy efficiency and sustainable development[25] - Retail business accounted for 78.81% of total revenue, generating RMB 4,756,378,941.60, a decrease from 82.34% in the same period last year[30] - The company's e-commerce platform has over 350 brands and more than 3,300 SKUs, focusing on beauty, skincare, alcohol, and health products[26] - The North China region contributed 50.68% of total revenue, generating RMB 3,245,225,254.28, with a slight increase of 0.62% compared to the same period last year[34] - The company's duty-free business saw a significant revenue increase of 121.17% to RMB 171,866,292.77, although its gross margin decreased by 4.93%[32] - The company's gross margin for the department store segment was 34.77%, a slight decrease of 0.83% compared to the same period last year[32] - The company's operating costs decreased by 3.76% to RMB 3,564,355,130.41, with retail business costs accounting for 82.47% of total operating costs[27][31] - The company's duty-free business operating costs increased significantly by 135.01% to RMB 143,858,190.20, reflecting changes in supplier contracts[33] - Shopping center revenue accounted for 23.68% of total revenue, with a slight increase in customer traffic due to enhanced experience offerings[36] - Outlet revenue increased slightly, accounting for 17.51% of total revenue, driven by high-value-for-money operations and marketing activities[36] - Department store revenue declined by 13.65%, with its share of total revenue dropping to 35.6% due to weak consumer demand and transformation adjustments[36] - Duty-free revenue surged by 121.17%, though it only accounted for 2.64% of total revenue due to limited operational scale[36] - North China contributed the largest share of revenue at 50.68%, with Beijing revenue growing by 2.54% due to new store openings[36] - Digital appliances sales grew by over 36%, ranking among the top six product categories, which collectively accounted for 68% of total sales[36] - Membership spending accounted for 70% of total sales, with a year-over-year increase in new members[36] Investments and Financial Activities - The company allocated up to 2 billion yuan for purchasing bank structured deposit products, with a rolling usage limit within the authorized amount[43] - The company has invested a total of 72.6 million yuan in structured deposits with various banks, none of which have been redeemed as of the reporting period[44] - The company's external equity investments amounted to 39.684 million yuan, an increase of 14.484 million yuan compared to the same period last year, primarily used for capital contributions to Beijing Wangfujing Duty-Free Goods Management Co., Ltd. and the acquisition of a 15% stake in Beijing Huihui Real Estate Co., Ltd.[45] - The company paid 23.5 million yuan as part of the registered capital for Beijing Wangfujing Duty-Free Goods Management Co., Ltd., which has a total registered capital of 500 million yuan[46] - The company acquired a 15% stake in Beijing Huihui Real Estate Co., Ltd. for 16.184 million yuan and corresponding debt of 862.7355 million yuan, with an additional expected shareholder loan of 423.73 million yuan at an annual interest rate of 6%[46] - The company's joint ventures, Foshan Xiongsheng Wangfu Mall Investment Co., Ltd. and Foshan Wangfu Commercial Real Estate Co., Ltd., reported losses of 26.085 million yuan and 16.734 million yuan, respectively[47] - The company's stock investments had an initial value of 238.07 million yuan, with a fair value change loss of 68.915 million yuan during the reporting period, resulting in a final value of 169.155 million yuan[49] - The company's investment in Beichen Industrial Co., Ltd. (stock code: 601588) had an initial cost of 300.72 million yuan, with a fair value change loss of 68.915 million yuan, resulting in a final value of 169.155 million yuan and an investment gain of 2.506 million yuan[50] - The company repurchased 5.91 million shares, accounting for 0.52% of the total share capital, with a total payment of 79.37 million yuan[107] - The company's monetary funds decreased from 11,119,105,313.62 to 10,613,355,652.78, a decline of approximately 4.55%[115] - Accounts receivable dropped from 448,076,353.37 to 350,824,778.15, a decrease of about 21.7%[115] - Inventory decreased from 1,824,863,381.00 to 1,772,888,424.75, a reduction of approximately 2.85%[115] - Total current assets decreased from 14,134,407,662.99 to 13,509,404,876.37, a decline of about 4.42%[115] - Long-term equity investments increased from 1,985,151,069.57 to 2,007,561,312.95, a growth of approximately 1.13%[115] - Fixed assets decreased from 7,926,464,411.31 to 7,812,637,197.15, a reduction of about 1.44%[115] - Total non-current assets increased from 26,987,226,304.36 to 27,545,628,086.56, a growth of approximately 2.07%[115] - Total assets slightly decreased from 41,121,633,967.35 to 41,055,032,962.93, a reduction of about 0.16%[115] - Short-term borrowings increased from 203,000,000.00 to 220,000,000.00, a growth of approximately 8.37%[116] - Total current liabilities decreased from 8,888,705,162.93 to 7,949,774,901.73, a decline of about 10.56%[116] - Total liabilities decreased slightly from 20.68 billion to 20.58 billion, while total equity increased from 20.44 billion to 20.47 billion[117] - Deferred tax liabilities increased from 2.42 billion to 2.56 billion, reflecting changes in tax positions[117] - Total assets of the parent company increased from 28.23 billion to 28.88 billion, driven by growth in current assets[118][120] - The parent company's cash and cash equivalents increased from 6.05 billion to 6.13 billion, indicating improved liquidity[118] - Long-term equity investments of the parent company remained stable at around 14.20 billion, showing consistent investment strategy[120] - Operating revenue decreased from 6.38 billion to 6.04 billion, reflecting a 5.4% year-over-year decline[122] - Operating costs decreased from 5.65 billion to 5.49 billion, with cost of sales dropping from 3.70 billion to 3.56 billion[122] - Sales expenses decreased from 849.73 million to 830.61 million, indicating improved cost control[122] - The parent company's accounts receivable decreased from 71.20 million to 63.59 million, showing improved collection efficiency[118] - Inventory of the parent company increased significantly from 112.07 million to 186.95 million, suggesting potential inventory buildup[118] Corporate Governance and Commitments - The company did not distribute profits or convert capital reserve into share capital during the reporting period[5] - The company did not propose any profit distribution or capital reserve conversion plan for the first half of the year[59][60] - The company completed the cancellation of 2,953,500 stock options due to retirement, resignation, or failure to meet performance targets[61] - The company appointed Wang Yan, Wu Jun, Liu Zhenggang, and Dong Xu as Vice Presidents, and Lian Huiqing as Board Secretary, effective from the respective board approval dates until the end of the 11th Board term[58] - The company's actual controller, shareholders, related parties, acquirers, and the company itself have fulfilled their commitments during the reporting period[68] - Beijing Capital Tourism Group Co., Ltd. has fulfilled its commitment to resolve related party transactions since February 2, 2018[69] - Beijing Capital Tourism Group Co., Ltd. has fulfilled its commitment to restrict share sales, with lock-up periods ending on April 28, 2023, October 28, 2024, and December 16, 2024[71] - Beijing Capital Tourism Group Co., Ltd. has committed to resolving land and property rights issues, ensuring no additional costs for land rent and compensating for any losses[72] - Beijing Capital Tourism Group Co., Ltd. has committed to reducing and regulating related party transactions with the company, ensuring fair pricing and compliance with regulations[72] - Beijing Capital Tourism Group Co., Ltd. has committed to maintaining independence in assets, personnel, finance, organization, and business, and not to illegally occupy the company's funds[72] - Beijing Capital Tourism Group Co., Ltd. has committed to resolving同业竞争 issues by managing and potentially acquiring related businesses by the end of 2023[72] - The company resolved the issue of business competition with Wangfujing by merging Shou Shang Co., Ltd. into Wangfujing, making Shou Shang's subsidiaries part of Wangfujing[74] - The company committed to not engaging in any business activities that compete with Wangfujing and will transfer any competitive business to Wangfujing at a fair market price if necessary[74] - The company and its senior management pledged to fulfill their duties diligently, avoid conflicts of interest, and ensure that compensation policies are aligned with the company's performance[74] Legal and Risk Management - The company highlighted risks related to macroeconomic conditions, industry competition, and new business development[6] - The company faces risks related to macroeconomic conditions, industry competition, and the cultivation of new projects and businesses, with strategies in place to mitigate these risks[55] - The company faced a lawsuit involving a property dispute with Foshan Lanshi, with claims including compensation for delayed property delivery losses of 170,895,625.88 RMB and rental payments of 75,721,500 RMB[76] - The first-instance court ruled that the company must transfer commercial properties to Foshan Lanshi and pay 20 million RMB for delayed delivery losses, along with 29,833,333.33 RMB in rental payments and interest[76] - The Guangdong High Court overturned the first-instance judgment and sent the case back to the Foshan Intermediate Court for retrial[77] - The company expects the ongoing litigation to not have a significant adverse impact on its operations[77] - The company and its controlling shareholders maintained good credit status during the reporting period, with no major unpaid debts or court judgments[78] Sustainability and ESG Initiatives - The company actively promoted green and sustainable development, focusing on energy conservation, water-saving measures, and the use of clean energy in its operations[64] - The company implemented the "Green Life Plan" and "Green Carpet Plan" to encourage green consumption and low-carbon lifestyles among consumers[65] - The company enhanced its energy management capabilities by adopting new technologies and materials

证券代码：600859 证券简称：王府井 编号：临 2024－051 王府井集团股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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： 会议召开时间：2024 年 09 月 06 日(星期五) 下午 13:00-14:00 会议召开地点： 上海证券 交易所上证路演中心（ 网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 08 月 30 日(星期五) 至 09 月 05 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 wfjdshh@wfj.com.cn 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。 王府井集团股份有限公司（以下简称"公司"）已于 2024 年 8 月 30 日发布 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 及财务状况，公司计划于 2024 年 09 月 06 ...