Cai Jing Wang·2026-01-07 04:21Core Viewpoint - The company is leveraging government subsidy policies to reduce consumer purchasing costs, stimulate demand, and enhance sales and tenant confidence, leading to improved rental rates in its malls [1][2]. Group 1: Government Policies and Market Impact - The continuous optimization of national subsidy policies directly lowers consumer costs, stimulates demand, and effectively increases foot traffic in malls, thereby boosting sales and enhancing merchant confidence [1]. - The company is actively including its malls in government subsidy lists, positioning them as key channels for policy implementation [1]. Group 2: Business Performance and Strategy - As a result of improved merchant sales, the average occupancy rate of the company's self-operated malls increased from 83% at the beginning of the year to 84.72% by the third quarter of 2025, indicating stabilization and improvement in core operational metrics [1]. - The company has established over 150 smart appliance pavilions and has deepened partnerships with leading brands, reinforcing its essential channel position in the industry [2]. - The expansion of policy coverage to smart home and elderly-friendly products aligns with the company's "3+Star Ecosystem" strategy, allowing it to diversify into new business areas such as high-end appliances and automotive integration [2]. - For the first nine months of 2025, the company reported revenue of 4.969 billion yuan, a year-on-year decline of 18.62%, and a net loss of 3.143 billion yuan [2].