3 6 Ke·2025-06-12 02:44Industry Overview - The Chinese commercial real estate industry demonstrates resilience and vitality in the complex environment of 2024, with asset operation-focused companies showing stronger risk resistance and rental income becoming a stable cash flow source [1] - Over 85 shopping centers reported rental income exceeding 100 million yuan, with more than 60 centers experiencing year-on-year growth [1] - First-tier and new first-tier cities remain the main revenue sources, while second-tier cities like Shenyang, Dalian, Wuxi, Jinan, and Changzhou also show significant revenue potential [1] - The industry is entering a "stock operation decisive period," with many companies focusing on existing projects, leading to increased foot traffic, rental income, and sales [1] Company Highlights China Resources Land & China Resources Vientiane Life - China Resources Land reported revenue of 278.8 billion yuan, up 11.0%, but net profit down 18.5% to 25.58 billion yuan [2] - China Resources Vientiane Life achieved a revenue of 17.04 billion yuan, a 15.4% increase, with core net profit rising 20.1% to 3.51 billion yuan [2] - The rental income from shopping centers reached 19.35 billion yuan, growing 8.4% [2] Longfor Group - Longfor Group's revenue was 127.47 billion yuan, down 29.5%, with net profit decreasing 19.1% to 10.4 billion yuan [14] - The shopping mall rental income reached 10.98 billion yuan, up 6.8%, with 42 malls generating over 100 million yuan in rental income [14] - The average daily foot traffic across malls was 3.28 million, with an overall occupancy rate of 96.8% [14] New城控股 (New World Group) - New World Group reported revenue of 89 billion yuan, down 25.3%, but net profit increased 2.1% to 750 million yuan [24] - The total revenue from commercial operations was 12.81 billion yuan, up 13.1% [24] - The company opened 15 new shopping centers in 2024, including 8 light-asset projects [27] Dalian Wanda Commercial Management - Dalian Wanda opened 25 new Wanda Plazas in 2024, with over 500 projects in operation [10] - The company aims to open 30 new Wanda Plazas in 2025, focusing on central and eastern China [12] Joy City Properties - Joy City reported revenue of 19.83 billion yuan, a 49.4% increase, with shopping center rental income at 3.02 billion yuan, up 1% [32] - The company opened 3 new Joy Cities in 2024, all achieving over 98% occupancy [37] Baolong Real Estate & Baolong Commercial - Baolong Real Estate reported revenue of 25.76 billion yuan, up 12.5%, while Baolong Commercial's revenue was 2.62 billion yuan, down 0.7% [41] - Baolong Commercial opened 11 new projects in 2024, including 7 Baolong Plazas [41]