Hefei Department Store (000417)2024-11-27 10:47Revenue and Profitability - The company achieved a total revenue of CNY 369,991.05 million in the first half of 2024, with the following revenue composition: Department store (including home appliances) accounted for 35.96%, supermarket for 49.62%, agricultural product trading market for 8.31%, and real estate for 6.11% [1] - Gross profit margins are as follows: Department store (including home appliances) at 29.25%, supermarket at 21.19%, agricultural product trading market at 68.56%, and real estate at 17.99% [1] Agricultural Product Trading Market - The main business model of the agricultural product trading market includes booth rentals and transaction commissions, with fixed rental income collected annually [2] - The Zhougudui International Logistics Park has become the largest agricultural product distribution center in Anhui Province, achieving a trading volume of 415.35 million tons from January to October 2024, a year-on-year increase of 3.83% [2] Supply Chain Technology Company - The company plans to establish a supply chain technology company to enhance the agricultural product industry chain and optimize supply chain management, focusing on self-operated and direct sales [2] - The new supply chain company aims to integrate resources and innovate technology, transitioning from traditional service management to a comprehensive service model that includes procurement, distribution, and cold chain logistics [4] Real Estate Business - The real estate business currently focuses on supporting the agricultural trading market project, with revenue from real estate accounting for 5.72% in the first three quarters of 2024 [4] Department Store Strategy - The company has introduced 209 new brands in the department store sector in the first three quarters of 2024, achieving a brand renewal rate of 8%, including 21 provincial and municipal first stores [4] - The company is transforming its CBD into an outlet to meet consumer demand for high-quality and cost-effective shopping [4] Supermarket Performance - The company's supermarket, Hejiafu, has significantly increased its net profit compared to the previous year, with a 142.25% increase in sales of self-owned brand products [6] - New business models such as "Afu Fresh," "Hejiafu Preferred," and "Afu Canteen" have been launched to enhance consumer engagement and expand the supermarket's network [6] Cash Dividend Policy - The company has implemented cash dividends 26 times since its listing, with a total dividend amount of CNY 1.502 billion, and plans to increase cash dividends while considering industry characteristics and operational needs [6]