华夏基金华润有巢REIT发布2025年中期报告 ——以精细化运营驱动保障性租赁住房价值增长

Core Viewpoint - 华夏基金华润有巢REIT demonstrates stable operational performance and value creation for investors through refined asset management and proactive industry policy engagement [1] Financial Performance - For the period from January 1 to June 30, 2025, the fund achieved revenue of 39,288,302.43 yuan and a net profit of 5,783,765.47 yuan, with net cash flow from operating activities at 23,853,749.29 yuan [2] - As of the end of the reporting period, total assets reached 1,184,540,905.07 yuan, net assets were 1,106,748,732.32 yuan, and the fund had 500 million shares with a net asset value per share of 2.2135 yuan [2] - The fund distributed 90% of the available distributable amount in cash to investors, with a total distributable amount of 24,334,960.06 yuan and an actual distribution of 24,419,974.58 yuan in the first half of 2025 [2] - Historical data shows stable distribution records with 2024's distributable amount at 49,044,536.45 yuan and actual distribution at 65,414,939.35 yuan, and 2023's figures at 60,761,363.43 yuan and 39,230,011.57 yuan respectively [2] Asset Operations - The fund focuses on the affordable rental housing sector, with core assets located in Shanghai's key innovation corridor, targeting new citizens and young talent [3] - As of June 30, 2025, the fund had 2,612 rental units available, with 2,504 units rented out, resulting in an occupancy rate of 95.87%, an increase of 1.75% from the previous year [3] - Commercial rental space totaled 3,880.34 square meters, with 3,034.73 square meters rented out, achieving a rental rate of 78.21%, up 16.54 percentage points year-on-year [3] - Parking spaces available were 1,023, with 814 rented out, resulting in a rental rate of 79.57%, an increase of 8.24 percentage points year-on-year [3] Project Performance - The occupancy rate for the 有巢泗泾 project was 96.52%, up 2.60% year-on-year, with a commercial rental price of 2.99 yuan per square meter per day, a 16.34% increase [4] - The 有巢东部经开区 project had an occupancy rate of 95.25%, up 0.94% year-on-year, with a commercial rental rate of 83.50%, an increase of 20.25% [4] Policy Environment - The affordable rental housing sector is currently benefiting from strong policy support and high market demand, with the implementation of the Housing Rental Regulations providing a solid regulatory framework [5] - Local policies and tax incentives, such as the "non-residential to residential" policy in Shanghai, are enhancing the supply structure of affordable rental housing [5] Team and Risk Management - The fund's operations are supported by a professional team with extensive experience in infrastructure and real estate investment [7] - The fund management adheres to legal regulations and maintains a robust compliance and risk control framework [7][8] Future Outlook - The affordable rental housing sector is expected to see significant growth with the ongoing implementation of housing policies and projects [9] - The fund aims to enhance operational efficiency and tenant satisfaction while expanding its asset base and market influence [9]