净利润大幅下滑 “城市更新第一股”锦和商管业绩承压

Core Viewpoint - Despite being in the urban renewal sector, Jinhe Commercial Management (603682.SH), known as the "first stock of urban renewal," has reported disappointing performance in its financial results for 2024 [2][3]. Financial Performance - In 2024, Jinhe Commercial Management achieved an operating income of 1.008 billion yuan, a year-on-year decrease of 2.33% [3]. - The net profit attributable to shareholders dropped to 15 million yuan, down 85.07% year-on-year, while the non-recurring net profit fell dramatically by 334.07% to -96 million yuan [3]. - Since its listing in 2020, the company's net profit has shown a downward trend, decreasing from 156 million yuan in 2020 to 99 million yuan in 2023, and further plummeting to 15 million yuan in 2024 [2][3]. Market Challenges - Jinhe Commercial Management faces challenges in the commercial office market due to oversupply, with difficulties in acquiring project resources and a reduced target customer base [2][3]. - The company acknowledged that some rental projects are still in the ramp-up phase, which has impacted its financial performance [3]. - The Shanghai office market is experiencing a downward rental cycle, with significant new projects entering the market, putting pressure on rental prices [6]. Business Model and Strategy - The company operates primarily in urban renewal, focusing on repositioning and redesigning old properties to enhance their commercial value [5]. - Jinhe Commercial Management's operational model includes rental operations, equity participation, and entrusted operations, with a focus on transforming existing properties into attractive commercial spaces [5]. - As of 2024, the company manages 73 projects covering approximately 1.4 million square meters, with 41 projects under rental operations [5]. Operational Measures - To improve occupancy rates, the company is implementing strategies such as enhancing park services and optimizing leasing strategies, including "exchanging price for volume" to accelerate property leasing [6][7]. - The management is focused on maintaining existing tenants and exploring potential renewal and expansion needs [7].