Core Viewpoint - A series of policy measures have effectively activated consumer market vitality in China, leading to a steady increase in consumption scale and continuous optimization of consumption structure [1] Group 1: Development of Consumption REITs - The launch of consumption REITs at the end of 2023 provides equity funding for traditional supermarkets, allowing them to focus on development and service without the burden of repaying principal or interest [1] - The first community commercial consumption REIT, "Jia Shi Wu Mei Consumption REIT," initiated by a private enterprise, is set to be listed in March 2024 [1] - The underlying assets of Jia Shi Wu Mei Consumption REIT include four projects in Beijing, with a total building area of approximately 77,900 square meters, primarily leased to supermarkets and other merchants [2] Group 2: Financial Performance and Distribution - Since its listing, Jia Shi Wu Mei Consumption REIT has distributed dividends twice, totaling 61.36 million yuan, with a per-unit dividend of 0.1534 yuan [2] - As of July 11, 2025, the cumulative growth rate after dividend adjustment is 92.66%, leading the consumption REITs sector [2] - The total fund raised during the initial offering was approximately 953 million yuan, with net proceeds of about 466 million yuan, of which 85% is allocated for new investment projects [2] Group 3: Asset Management and Upgrades - The funds recovered from Jia Shi Wu Mei Consumption REIT are primarily used for the digital transformation of Wu Mei's stores, including the implementation of electronic price tags and overall supply chain adjustments [3][8] - The REITs model supports original equity holders by providing equity-type funding, which is fundamentally different from traditional debt financing [8] - The focus on community commercial assets is driven by their close connection to daily life and resilience, with a typical service radius of one to two kilometers [5] Group 4: Challenges and Market Dynamics - Traditional supermarkets face challenges in optimizing leasing and operational structures, particularly due to the impact of online shopping on retail sectors [9] - The transformation of traditional supermarkets requires a shift towards a balanced development of retail, dining, and services [9] - Current operational indicators for Jia Shi Wu Mei Consumption REIT show a rental income of 25.58 million yuan and a rental collection rate of 99.5% [10] Group 5: Policy Alignment and Community Engagement - Jia Shi Wu Mei Consumption REIT actively aligns with local consumption policies, such as senior citizen subsidies and community engagement activities [11] - The REIT aims to enhance consumer engagement through initiatives like night economy and street vendor activities [11] Group 6: Future Expansion Plans - The REIT team is exploring asset expansion plans in major cities, including Beijing, Shanghai, and Shenzhen, with a focus on community commercial assets [12] - Future asset acquisitions will consider both new and existing projects, balancing location advantages and operational stability [7][12]
创新消费力｜嘉实基金：消费REITs激活传统商超价值链