Zheng Quan Zhi Xing·2025-07-17 12:23Core Viewpoint - The report provides an overview of the performance and operational status of the招商基金招商蛇口租赁住房封闭式基础设施证券投资基金 for the second quarter of 2025, highlighting its focus on rental housing projects in Shenzhen and the financial metrics associated with these investments [1][3]. Fund Product Overview - The fund is named招商基金招商蛇口租赁住房封闭式基础设施证券投资基金, with a total of 500 million shares at the end of the reporting period [1]. - The fund primarily invests over 80% of its assets in infrastructure asset-backed securities, aiming for long-term stable cash flow growth from infrastructure projects [1][3]. - The fund's contract duration is 52 years, and it was established on September 26, 2024, with shares listed on the Shenzhen Stock Exchange [1][3]. Financial Indicators and Fund Operations - For the reporting period from April 1, 2025, to June 30, 2025, the fund reported a distributable amount of CNY 13,873,645.95, with a per-share distribution of CNY 0.0277 [3][5]. - The total income for the period was CNY 19,968,323.06, with a net profit of CNY 713,294.75 [3][5]. - The fund incurred management fees totaling CNY 340,899.65 and operational management fees of CNY 2,213,044.43 during the reporting period [3][5]. Asset Project Basic Information - The fund holds two rental housing projects in Shenzhen, with a total of 927 rental units and 15 commercial units, covering a rental area of 65,253.27 square meters [4][5]. - The 林下 project has been operational since March 2016, while the 太子湾 project has been operational since May 2020, both showing stable operational performance without any major incidents or disputes [4][5]. Cash Flow and Recovery Fund Usage - The total cash inflow for both projects during the reporting period was CNY 22,882,340.63, while total cash outflow was CNY 10,362,390.33 [5][6]. - The original equity holder has committed to using 85% of the net recovery funds for infrastructure projects, with CNY 59,430.58 million allocated for investment [6][8]. Management and Personnel - The fund management team includes experienced professionals with backgrounds in finance and infrastructure project management, ensuring effective oversight and operational management [7][8].