稳健经营、业绩兑现 西南首单消费REITs交出亮眼一季报

Core Viewpoint - The Huaxia Dayuecheng Commercial REIT, as the first consumption REIT in Southwest China, has demonstrated strong commercial operational capabilities since its establishment in September 2024, with promising results in cash flow management, asset operation, and investor returns, highlighting the market value of consumption infrastructure REITs [1] Group 1: Financial Performance - In Q1 2025, the REIT achieved revenue of 84.6991 million yuan, with a distributable amount of 44.7376 million yuan, resulting in an annualized distribution rate of 5.46%, which is an increase of 13 basis points compared to the forecast in the prospectus [2] - The occupancy rate at the end of the project rose to 98.38%, exceeding the forecast by 2.38 percentage points, while the average rental price increased to 363.52 yuan per square meter per month, indicating a continuous optimization of cash flow structure [2] Group 2: Strategic Initiatives - The operational success is attributed to a multi-faceted strategy that includes building a brand attraction matrix, improving revenue through brand classification management, creating innovative consumption scenarios, and enhancing member ecosystem value [2] - The introduction of flagship stores and popular dining options has created a new consumption scene, combining day and night experiences with pet socialization [2] Group 3: Investment Returns - Since its inception, the REIT has distributed dividends to investors twice, totaling 103.679 million yuan, showcasing the stable cash flow characteristics of the underlying project and the commitment to return operating results to investors [3] - The REIT's investment value is reinforced by the dual benefits of consumer recovery and the expansion of the public REIT market, with a focus on precise business adjustments and brand renewal [3] Group 4: Market Position - The Chengdu Dayuecheng project is located in a key consumption hub and national central city, benefiting from a strong economic foundation and active consumer market, particularly in the Wuhou District, which has a leading GDP per capita and population density [3] - Since its opening in late 2015, the Chengdu Dayuecheng has consistently improved its operational performance, maintaining a leading position among non-luxury shopping centers in Chengdu [3]