观点网 1月14日，远洋发布2025年12月未经审核营运数据。 公告显示，2025年12月，远洋的协议销售额约人民币25.2亿元，协议销售楼面面积约18.4万平方米，单 月协议销售均价回升至每平方米1.37万元。 拉长时间轴至全年，远洋累计协议销售额约人民币263.1亿元，累计协议销售楼面面积约214.3万平方 米，累计协议销售均价为每平方米约人民币1.23万元。 纵观近年业绩曲线，2025年远洋所录得的销售规模，再次刷新了近年来的新低。与此前千亿规模的高光 时刻相比，已不可同日而语。 而在均价下探的月份，远洋通过加速部分项目尾盘出清以回笼资金，同时依靠核心城市资产维持整体货 值。 11月，远洋在秦皇岛、中山等城市加大了存量商业及车位的推售力度。通过开展"车位节"等促销活动， 拉低了当期销售均价，但通过这类去化动作，单月实现了一定的现金回笼。 销售规模的收缩与土地储备的变动互为因果。翻阅投资记录，远洋最后一次在公开市场拿地，还要追溯 至2022年6月。 彼时，远洋联合中建八局，斥资约50亿元获取了北京丰台大红门地块。此后至今的42个月内，远洋未再 有公开土储进账。 在无新增土储补充的背景下，2025年的销售货 ...

1. "轻资产"转型后的供应链补课2025年曾有传闻称乐乐茶计划裁撤直营、全面转型联营和烘焙专门店。虽然 品牌方对此保持克制，但经营重心从"重资产开店"向"轻资产管理"漂移已是不争的事实。上海乐田作为餐饮 管理主体，经营范围涵盖了技术进出口和企业管理。此次大幅增资，很可能是为了在2026年进一步夯实其加 盟商服务体系与核心烘焙供应链，为即将铺开的千店计划提供足够的财务"抗体"。 2. 为赴港IPO储备更厚实的"血条"进入2026年，关于乐乐茶最快于年内赴港上市、拟融资3亿至5亿美元的消 息重回风口。虽然官方回应"暂无明确计划"，但财务层面的"强筋壮骨"往往是敲钟前的前奏。通过增加注册 资本，不仅能直接改善子公司的资产负债表，提升其在金融市场的信用评级，更是向外界释放出大股东（奈 雪的茶）持续看好并注资的强烈信号，为未来的二级市场估值打好"地基"。 3. "奈雪系"内部整合的深水区作为奈雪的茶旗下的联营品牌，乐乐茶自2022年底被收购以来，一直在寻 找"1+1>2"的最优解。查阅股权全景穿透图可以发现，乐乐茶目前的管理架构正日益清晰。在2026年新茶饮行 业降价潮与下沉战交织的背景下，这6800万的注资，也可能 ...

2025年12月28日，金科股份举行党委管理干部交流会。公司党委书记、名誉董事长马蔚华，董事长、总裁、党委副书记郭伟，新任命高管团队及全体管理干 部出席会议。 会上，郭伟代表经营管理层作全面工作汇报，马蔚华作出工作部署，并指出：公司重整收官取得阶段性胜利，即将轻装上阵。未来须加速新战略落地，科学 编制2026年经营计划。 此前，金科股份宣布完成重整，此次重整涉及1470亿元债务。卸下债务包袱后，金科股份得以轻装上阵。不过，这只是完成了第一步，风险依然存在。金科 股份虽已撤销因重整而实施的退市风险警示情形，但因净资产为负、连续三年扣非净利润为负等原因，继续被实施退市风险警示并叠加其他风险警示。 接下来金科股份需要解决的问题是如何"造血"，面临战略成效的检验，比如资产盘活进度和收益、新业务线盈利情况、市场认可度提升等问题。 智通财经记者 | 李香才 重整收官 2022年末，金科股份出现债务违约，随后选择重整作为解决方案。 2024年4月22日，金科股份及控股子公司重庆金科房地产开发有限公司重整申请获得重庆市第五中级人民法院受理。至今年12月16日，金科股份宣布，公司 及重庆金科重整计划执行完毕。金科股份此次重整涉 ...

Core Viewpoint - CIFI Holdings has successfully completed its offshore debt restructuring, becoming one of the first private real estate companies to achieve overall debt restructuring, following similar actions by major players like Country Garden and Sunac [1][7]. Group 1: Debt Restructuring - CIFI's offshore debt restructuring involves a total principal and interest amount of approximately $8.1 billion (about 56.7 billion RMB), with an expected debt reduction of about 38 billion RMB, achieving a debt reduction ratio of 67% [1]. - The domestic debt restructuring involves 7 public market bonds totaling 10.06 billion RMB, with an expected debt reduction of over 5 billion RMB, providing a critical window for business recovery and operational improvement as no principal or interest payments are required for the next two years [1][2]. - CIFI's total interest-bearing debt is projected to decrease from 84.2 billion RMB in mid-2025 to around 50 billion RMB, with the debt structure shifting from "short-term high interest" to "long-term low interest," significantly lowering financial costs [2][8]. Group 2: Strategic Transformation - CIFI is transitioning from a "high leverage, high debt, high turnover" model to a "light asset, low debt, high quality" approach, focusing on three core areas: rental income, self-operated development, and real estate asset management [4]. - The company has implemented a detailed "five-step" strategic plan to restore its capital market credibility, expand light asset operations, and switch its profit model, ultimately aiming to restart shareholder returns [4]. - CIFI's development activities have contracted this year, prioritizing sales over land acquisition and streamlining its organizational structure to focus on five key regions [4]. Group 3: Market Context - The overall debt restructuring progress among private real estate companies has been significant, with many firms reducing debt pressure through restructuring methods [7]. - CIFI's debt reduction ratios are comparable to those of other major firms, with its offshore debt reduction ratio at 67%, while Sunac achieved a 100% reduction through full debt-to-equity swaps [7][8]. - The industry is shifting towards light asset operations, with many companies exploring new market opportunities and focusing on asset management and property operations as viable paths for recovery [9].

这两起案例的落地，不仅是两家企业自身的"脱困之战"，更清晰揭示了2025年房企化债的核心趋势：告 别"先展期、再摸索"的拖字诀，转向实打实的"债务削减"。 中指研究院的权威数据直观展现了这波化债的强劲力度：截至2025年12月，已有21家出险房企完成或获 批债务重组、重整，累计化解债务规模达1.2万亿元，涉及总负债规模约2万亿元。 这组数字的背后，是行业风险出清节奏的显著加快，更核心的变化在于化债思路的根本性转变——此前 多数房企依赖展期换取缓冲空间，债务压力并未实质缓解；而2025年的化债核心是"真削债"，多数企业 境外债重组削减比例超50%，龙光等企业甚至达到70%，这种力度的债务减免，为企业资产负债表的修 复奠定了关键基础。 02 当融创96亿美元境外债实现"清零"，金科以司法重整卸下1470亿元债务重担，这两个2025年房企化债进 程中的关键样本，不仅勾勒出1.2万亿元规模的行业化债图景，更标志着房地产行业风险化解从"以时间 换空间"的被动拖延，迈入"以削债换新生"的主动突破阶段，同时也引发了关于"债务出清"与"可持续经 营"的深层行业思考。 01 从"拖时间"到"真减负"：21家房企1.2万亿化债的 ...

Core Viewpoint - The sale of Sanya Tourism by China Jinmao for 2.2646 billion RMB signifies a strategic shift towards a "light asset" model, reflecting the evolving landscape of China's commercial real estate market under new REITs regulations by 2025 [1][3][12]. Group 1: Transaction Details - China Jinmao's subsidiary, Shanghai Jinmao, sold 100% of Sanya Tourism, which owns the Ritz-Carlton Hotel in Sanya, for 2.2646 billion RMB [1][3]. - The Ritz-Carlton Hotel features 446 guest rooms and 33 private villas, generating approximately 236 million RMB in revenue and a net profit of about 37.78 million RMB over eight months ending August 31, 2025 [3][4]. Group 2: Strategic Implications - The transaction is part of China Jinmao's broader strategy to optimize asset structure and enhance capital efficiency, moving away from a heavy asset model to focus on higher-return investments in core urban residential developments [7][14]. - The sale is seen as a precursor to potential asset securitization, with the buyer likely preparing for a future REITs offering by improving the asset's financial performance [14][16]. Group 3: Market Context - The timing of the sale coincides with the National Development and Reform Commission's new REITs policy, which includes four-star and above hotels as eligible assets, marking a significant shift in the investment landscape for hotel properties [9][10][12]. - The transaction highlights a trend where top-tier luxury hotels are becoming more liquid assets, with a shift in valuation methods from replacement cost to income-based approaches [16][17]. Group 4: Future Outlook - The industry is expected to see more major players like China Jinmao listing mature properties for sale or pushing them towards the REITs market, indicating a transition to a more financially driven operational model [17][18].

哈喽，大家好，小圆最近发现个挺值得琢磨的商业动向，不少咱们耳熟能详的外资品牌，近来都纷纷拉 上中国本土资本搞共管，先是宜家母公司英格卡集团旗下的英格卡购物中心，官宣和高和资本联手成立 基金，共同持有无锡、北京、武汉三座荟聚。 三个成熟项目放进合资基金，既能快速回笼资金支持新业务，又能保留荟聚的品牌所有权和独家运营 权，妥妥的轻资产转型操作，而高和资本作为深耕商业地产的本土基金，之前就和大悦城合作盘活过资 产，自然清楚核心城市优质商业地产的稳定收益有多香。 何况荟聚的高出租率、家庭客群粘性都是实打实的优势，这种"不卖品牌卖资产、共持运营享收益"的模 式，对双方来说都是稳赚不赔，不过有朋友可能会问，荟聚和宜家同属一个集团，这波操作会不会影响 宜家中国？咱们接着聊宜家的处境。 再往前数，星巴克、汉堡王也先后把中国业务的多数股权转给了本土资本，这波集中操作绝非偶然，外 资品牌为啥偏偏选在这个节点"找搭档"？ 成熟资产变现的双赢局 英格卡和高和的合作，得先从荟聚这三个项目的底子说起，2009年英格卡进入中国时，就果断拿下了无 锡、北京、武汉这三块宝地，经过十余年运营，这三个项目早已迈入稳定盈利期，北京荟聚出租率甚至 常 ...

12月8日晚间，中国中冶公告了一笔重磅交易。 中国中冶拟将旗下中冶置业100%的股权及标的债权出售给五矿地产；将有色院、中冶铜锌、瑞木管理 100%的股权和中冶金吉67.02%的股权出售给中国五矿；将华冶杜达100%股权，出售给中国五矿或指定 主体。 据评估报告及各方友好协商，交易总价格为606.76亿元。 据悉，此次交易构成关联交易，不构成重大资产重组。 中国中冶指出，本次交易是积极响应推动中央企业聚焦主责主业、推进专业化整合与资源优化配置的要 求，是面向"十五五"发展新阶段、实现高质量发展的关键举措。通过本次交易，公司将剥离非核心资产 并优化配置资源，有利于优化业务结构、聚焦核心主业、提升核心竞争力与持续盈利能力。 公告还表示，未来公司将聚焦冶金工程、有色与矿山工程建设和运营、高端基建、工业建筑和新兴产业 等，推动业务高质量发展。"交易完成后，中国中冶作为中国五矿旗下专注于工程承包、新兴特色产业 培育的核心平台定位将更加清晰突出。" 中国中冶和中国五矿的此次交易，距离双方官宣合并已整整十年。 2015年12月8日，国务院国资委网站发布消息称，经报国务院批准，中国冶金科工集团有限公司（即中 冶集团，中国中冶 ...

智通财经记者 | 袁颖琪 君亭酒店（301073.SZ）近日一则控制权变更公告搅动酒店业与资本市场的双重池水。 湖北省属国企湖北文化旅游集团（下称"湖北文旅"）将以18亿元现金完成对君亭酒店的控股。具体来 看，湖北文旅将先以协议转让方式受让君亭酒店创始人团队29.99%股份，再通过部分要约收购拿下 6.01%股份，最终合计持有36%股份，成为控股股东与实际控制人。这意味着，湖北省国资委将正式接 管这家民营高端酒店上市公司。 目前，君亭酒店市值51亿元左右，对应市盈率（PE）达304倍。此次交易对价遵循市价，对应市盈率接 近300倍，而当前酒店行业龙头企业市盈率普遍处于20-50倍区间。在酒店业仍处调整期、君亭酒店自身 净利润同比大幅下滑的背景下，如此悬殊的估值令不少人直呼："湖北文旅买贵了？" 一份精心设计的控制权移交方案 这份精心设计的控制权移交方案，远非一次简单的股权买卖，而是通过一系列环环相扣的安排，确保了 控制权能够平稳且彻底地转移。 核心环节为协议转让。湖北文旅以每股25.71元的价格，受让创始人吴启元、股东从波和施晨宁合计持 有的5831.59万股股份，占总股本的29.99%，转让总价款约15亿元 ...

Core Viewpoint - China Metallurgical Group Corporation (China MCC) announced a significant transaction involving the sale of various assets to China Minmetals, aimed at optimizing resource allocation and focusing on core business areas [2][4]. Group 1: Transaction Details - China MCC plans to sell 100% equity of MCC Real Estate and related debts to Minmetals Real Estate for approximately 312.4 billion yuan, which constitutes over half of the total transaction value of 606.76 billion yuan [3][8]. - The transaction includes the sale of 100% equity of several subsidiaries, including the Nonferrous Institute and MCC Copper Zinc, to China Minmetals [2][4]. Group 2: Strategic Implications - This transaction is part of a broader strategy to respond to the central government's call for state-owned enterprises to focus on their main responsibilities and optimize resource allocation, thereby enhancing core competitiveness and sustainable profitability [4][6]. - Post-transaction, China MCC will concentrate on metallurgical engineering, non-ferrous and mining engineering construction, high-end infrastructure, industrial construction, and emerging industries [4][6]. Group 3: Historical Context - The transaction marks a significant step in the integration process between China MCC and China Minmetals, which has been anticipated since their merger announcement ten years ago [5][6]. - Both companies have faced challenges in achieving operational performance and have been under pressure to reduce competition between their real estate segments [9][10]. Group 4: Market Conditions - The real estate sector has been under significant pressure, with both China MCC and Minmetals Real Estate experiencing declines in revenue and profits due to market adjustments [9]. - Minmetals Real Estate has reported losses for three consecutive years and is undergoing privatization to enhance operational flexibility and focus on core business areas [9][10].