华安百联消费REIT24年业绩出炉，经营稳健可观，释放消费新动能

Core Viewpoint - The Hua'an Bailian Consumption REIT has demonstrated strong financial performance and growth potential, driven by innovative retail strategies and a focus on high-quality development in the consumer infrastructure sector [1][5]. Financial Performance - From July 11, 2024, to December 31, 2024, the Hua'an Bailian Consumption REIT achieved total revenue of 103 million yuan, with an EBITDA of 6.025 million yuan and a distributable amount of 63.2085 million yuan, reflecting a completion rate of approximately 101% compared to the forecast in the prospectus [1]. - The annualized cash distribution rate for 2024 reached 5.59%, based on the fund's market value at the end of 2024 [1]. - The fund announced a second dividend for 2024, amounting to 33.55 million yuan, with a distribution of 0.3355 yuan per 10 fund shares [1]. Market Position and Strategy - The Hua'an Bailian Consumption REIT is positioned as a bridge connecting the real economy with capital markets, supported by national policy direction and market demand [2]. - The underlying asset, Shanghai Youyi City, is located in a prime shopping area and has shown steady operational performance, achieving a revenue of 94.7092 million yuan during the reporting period, with an occupancy rate of 95.56% and a 100% collection rate for leasing [2]. Innovation and Consumer Engagement - Over the past year, Shanghai Youyi City has actively engaged in the "first economy" initiative, introducing new formats such as the first M-ONE KTV in Shanghai and the first Hulk Ice Sports Center, enhancing the vibrancy of the shopping area [3]. - The project targets high-quality family customers and has developed three distinctive areas: family-friendly, sports and esports, and cultural arts, fostering diverse consumer experiences [3]. Sustainability Initiatives - In line with the "dual carbon" goals, Shanghai Youyi City has integrated green and low-carbon concepts into its commercial operations, earning the title of "National Green Mall" in 2024 [4]. - The project has initiated various community engagement activities, such as the "Yangpu Intangible Cultural Heritage into Bailian" series and sustainable exchange exhibitions, reflecting its commitment to social responsibility [4]. Industry Insights - Industry experts highlight that the Hua'an Bailian Consumption REIT focuses on retail innovation as a core driver, leveraging Bailian Group's brand strength and operational experience to adapt to new consumer market trends [5]. - Shanghai Youyi City aims to enhance its competitive advantage through differentiated consumer experiences and innovative consumption spaces, contributing to the high-quality transformation of the economy [5].