Di Yi Cai Jing·2025-10-10 04:35Core Insights - The industry is shifting focus from "availability" to "profitability" as the occupancy rate of nursing homes nationwide is only 45%, while high-quality projects in urban centers face high demand with "one bed hard to find" [1] - The consensus in the industry is that an occupancy rate above 60% is necessary for breakeven, as financial institutions are increasingly scrutinizing occupancy and profitability before providing funding [1] Group 1: Industry Overview - As of the end of 2024, there are 40,000 registered nursing institutions in China with 5.077 million beds, of which 65.7% are nursing beds, and 2.307 million people are residing in these institutions, resulting in an overall occupancy rate of 45.4% [1] - Some leading insurance companies have nursing community projects with occupancy rates exceeding 80%, indicating they have entered a profitable phase [1] Group 2: Company Developments - Dajia Insurance's first urban nursing community in Shanghai has an occupancy rate exceeding 80% since its opening in late September, with an average occupancy rate of 80% across its 16 urban communities nationwide [2] - The project in Beijing's Chaoyang District has achieved a remarkable occupancy rate of 95%, leading to profitability in 2023 [2] - Other insurance companies like Taikang Insurance and China Pacific Insurance have also reported early profitability in their Shanghai nursing community projects due to rising occupancy rates [2] Group 3: Investment Strategies - Insurance companies are adopting a "dual strategy" of both heavy and light asset models to secure scarce urban land along subway lines, focusing on location to drive traffic and financing [2] - Future investments will prioritize projects with verifiable profitability data and scalable expansion models, while exploring REITs as exit channels to create a closed loop of "investment-operation-exit" [2] Group 4: Market Trends - The first batch of insurance REITs for nursing facilities is still in the pilot preparation stage, with expectations for normalization of issuance by July 2024 [3] - The silver economy is projected to reach 20 trillion yuan in scale within five to ten years, prompting a shift from land-grabbing to refined operations in the industry [3] - Companies with stable cash flow models and regional resource integration capabilities are expected to emerge as winners in the upcoming industry reshuffle [3]