FINANCIAL STREET(SZ:000402) Zheng Quan Shi Bao Wang·2025-08-20 02:20Core Viewpoint - Financial Street's mid-year performance report for 2025 highlights the acceleration of its four-wheel drive strategy, with cultural tourism and urban renewal emerging as key growth drivers for the company's transformation [2] Cultural Tourism Business - The cultural tourism segment is a focal point of the company's strategic transformation, advancing through a dual approach of "stock optimization + incremental breakthroughs" [3] - The company has enhanced its existing projects through a "cultural empowerment + commercial operation" model, leading to record visitor numbers and revenue at key sites like the Mutianyu Great Wall and the Zunhua Ancient Spring Town [3] - The newly launched Tianjin Heart skyscraper project serves as a significant highlight, offering a unique viewing experience and integrating cultural exhibitions, thus becoming a new landmark in the region [3][4] - The Tianjin Heart project exemplifies a model for value reconstruction of urban landmark assets, combining sightseeing, culture, and consumption, which can be replicated in other cities [4] - The company plans to further explore existing project resources and enhance customer experiences to drive revenue growth in the cultural tourism sector [4] Urban Renewal - The urban renewal business is crucial for tapping into asset potential, with a focus on a "light asset operation" model, achieving substantial breakthroughs in revitalizing inefficient assets [5] - The company has initiated projects like the Chongqing Jiuqu Huajie commercial renovation and the Suzhou Rongyue Bay talent apartment renovation [5] - Emphasis is placed on building a full-chain capability for resource integration and innovative operations, while also establishing exit standards to ensure sustainable investment returns [5][6] Policy Environment - Since 2025, favorable policies in the real estate sector have created a conducive environment for the company's new business development, including government initiatives for urban village and dilapidated housing renovations [7] - The company aims to continue focusing on its four-wheel drive strategy, promoting new business models in cultural tourism and urban renewal, while leveraging stable support from its development and asset management operations [7] - The strategic layout focusing on cultural tourism and urban renewal is expected to transform into a core competitive advantage, positioning the company to seize opportunities in the evolving real estate landscape [7]