以下文章来源于21世纪商业评论 ，作者覃毅 21世纪商业评论 . 《21世纪商业评论》敏感于一切商业新知、商业产品、商业模式和商业英雄，敏感于新公司的新玩意、 老公司的新改造、旧话题的新表达、老商业的新颠覆，为您提供最新鲜实用的商业养分。 同一个行业，不同的命运。 作者：覃毅 来源：21世纪商业评论 近日，美媒华尔街日报报道，美国排名前三的住宅太阳能公司Sunnova已准备申请破产，其于 2019年上市，市值最高时曾达到60亿美元，如今市值仅为2660万美元，负债却高达85亿美 元。 Sunnova把一手好牌打得稀烂的根本原因，在于其表面是个光伏企业，实际一直在干金融公司 的事，将业务打包后投向资本市场，换取资金持续扩张，而后遇上美联储加息、政策转向以及 关税打击，濒临崩盘。 也是近期，国内一家主做「户用光伏」的企业正准备冲刺上市，和行业内正在价格战苦海中挣 扎的巨头不同，这家公司认为「户用光伏」仍是一门好生意，将为公司和用户带来双赢。 今天，我们来看看这家公司及其背后大佬的故事。 鞍山市程家村，农民黄永泉家的屋顶，88块湛蓝的光伏板整齐排列，源源不断地发电。 这片屋顶，每年能给黄家贡献5000多块钱的收入。 ...

Core Viewpoint - The company Xi'an Qujiang Cultural Tourism Co., Ltd. (referred to as "Qujiang Culture Tourism") is experiencing a significant disparity between the booming tourism market in Xi'an and its own poor financial performance, continuing to face losses and operational challenges despite high visitor numbers at its attractions [2][6]. Group 1: Tourism Market Performance - During the "May Day" holiday in 2025, Xi'an received 14.75 million tourists, a year-on-year increase of 5.2%, with total spending reaching 12.33 billion yuan, up 7.55% [2]. - Qujiang Culture Tourism operates popular attractions such as the Tang Paradise and the Big Wild Goose Pagoda, which attract large crowds, especially during holidays, contributing significantly to the local tourism economy [3][4]. Group 2: Financial Performance - In 2024, Qujiang Culture Tourism reported total revenue of 1.253 billion yuan, a decrease of 16.68% year-on-year, and a net loss of 131 million yuan, although the loss narrowed compared to the previous year [6][7]. - The company has faced continuous net losses for three consecutive years, with losses of 248 million yuan in 2022, 195 million yuan in 2023, and 131 million yuan in 2024 [6][8]. Group 3: Operational Challenges - The company is criticized for its management and operational capabilities, with suggestions to optimize its management and expand consumer spaces around its attractions to enhance revenue [5][9]. - Qujiang Culture Tourism's business model, primarily based on light asset operations, has led to high accounts receivable, with a balance of 1.177 billion yuan as of December 31, 2024, which poses risks to cash flow and profitability [10]. Group 4: Debt and Shareholder Issues - The company's controlling shareholder, Xi'an Qujiang Tourism Investment Group, is facing significant debt issues, with debts and guarantees exceeding 500 million yuan, leading to judicial actions for debt recovery [10][11]. - Recent announcements indicate that shares held by the controlling shareholder are subject to auction due to debt pressures, which may impact the company's financial stability [11].

Group 1 - The company achieved a revenue of 6.611 billion yuan in 2024, representing a year-on-year growth of 1.36%, and a net profit attributable to shareholders of 1.141 billion yuan, up 6.18% year-on-year [1] - In the first quarter of 2025, the company reported a revenue of 1.536 billion yuan, which is a 13.19% increase year-on-year, and a net profit of 273 million yuan, reflecting a year-on-year growth of 22.42% [1] - The management actively addressed investor concerns regarding asset management, accounts receivable, market capitalization management, integrated water supply and drainage strategy, development of renewable resources, technological innovation, and digital intelligence construction during the investor communication session [1] Group 2 - In 2025, the company aims to become an internationally renowned environmental technology group, focusing on optimizing the environmental industry layout and enhancing the operational efficiency of existing assets [2] - The company will implement a strategy centered on "three basics, one stability, and one breakthrough," emphasizing foundational work, grassroots efforts, and skill development to promote stable development and innovative breakthroughs [2] - The company plans to strengthen core capabilities in technological innovation, digital intelligence, and capital operations, while promoting asset-light transformation and optimizing business structure [2]

在4月29日观点指数研究院发布的《"近岸外包"或可解忧 | 2025年4月产业园区暨基础设施投资发展报告》提及， 全国首单获批的集体经济类REITs项目正式 获得上海证券交易所无异议函，将集体资产证券化，打破传统集体经济依赖银行贷款或财政补贴的单一融资模式，降低负债率，实现轻资产运营。 观点指数报告期内，据观点指数不完全统计，共录得5起投资事件，其中除却SHEIN湾区西部智慧产业园是普洛斯与SHEIN共同打造以及木棉中国负责徐州 泉山区前港智慧医疗产业园项目资产运营管理与租赁代理服务外，其余均是链主企业自建。 4月1日，木棉中国与江苏阔澜生物科技有限公司签约，并输出轻资产服务。据了解，前港智慧医疗园隶属于阔然生物医药科技（上海）有限公司（简称阔然 基因），占地面积 50.08 亩，是阔然基因于徐州市淮海经济区的总部园区。 据悉，园区内布局包含综合楼、企业孵化中心、公共服务平台、NGP 设备制造中心、区域临床病理检验医学中心、IVD 智造中心等 7 栋楼，建筑面积约 5.5 万平方米，其中企业孵化中心 8000 平方米、公共服务平台 5000 平方米、NGP 设备制造中心 4000 平方米、区域临床病理检验医学 ...

研究院专稿 2025年5月上半月，中文媒体报道和评论较多涉及的中日经济关系内容及日本企业主要如 下。 中国具有广阔的消费市场，随着人民生活水平的持续提高，中国居民不仅对于高品质商品，对于高品质 的服务的需求也与日俱增。这使得在服务业领域具备精细化管理和创新能力的日企获得了良好的发展机 会，服务业正成为日企在华拓展新的方向。 据日本银行数据，批发零售、餐饮酒店、休闲娱乐等非制造业日企对华投资占日本对华投资总额比重持 续增加，从2020年的26.1%提升至2023年的49%。2023年仅日本批发零售业对华直接投资总额达830亿日 元，占当年度日本对华直接投资总额的21%。 2025年5月上半月，中文媒体涉及了服务业企业以及丰田、三菱电机、松下等日企。 对于日企服务业，中国确实是一个到处是机会的市场。 日本餐饮企业萨莉亚2024财年中国地区销售额达667.79亿日元，同比增长超25%，占亚洲营收比例超八 成，占集团总营收比例近三成。 欧姆龙公司联合传统药房打造"标准化代谢性疾病管理中心（MMC）健康驿站"，为中国消费者提供便 利、高效、专业的慢病管理服务。截至2024年，MMC健康驿站已经开业85家门店，覆盖中国2 ...

Core Viewpoint - Aeon is closing its Fengtai store in Beijing on May 16, marking a significant shift in its strategy and a complete withdrawal from the Beijing market after years of retail exploration [1][4][21] Summary by Sections Market Adjustment in North China - Aeon entered the Beijing market with ambitious plans, aiming to capture a share of the retail market through its General Merchandise Store (GMS) format, which offered a wide range of products [3] - The company faced increasing challenges, including high rental costs and rising labor expenses, which pressured its profit margins [3][4] - Local competitors like Yonghui and Wumart gained an advantage due to their understanding of the local market and flexible marketing strategies, intensifying competition [3] Store Closures and Strategic Shift - The closure of the Fengtai store is part of a broader trend of Aeon reducing its presence in Beijing, with customers now needing to travel to Tianjin or Yanjiao for shopping [4] - Aeon's focus has shifted to its remaining stores in Tianjin and Yanjiao, which are adapting to new market trends by transitioning towards smaller food supermarket formats [4][5] Focus on Community and Digitalization - Aeon is enhancing its community engagement by leveraging digital tools, such as the "Aeon Home Delivery" app, to provide convenient delivery services to local residents [5][14] - The company is shifting towards smaller food supermarkets that emphasize fresh produce and high-frequency consumer goods, which are more aligned with community needs [5][10] Expansion in Other Regions - Despite the retreat from Beijing, Aeon continues to expand in the Guangdong-Hong Kong-Macau Greater Bay Area, with plans to open five new stores by 2025, focusing on community-oriented food supermarkets [8] - In Central China, particularly in Wuhan and Changsha, Aeon is also expanding its presence, with plans to increase the number of stores significantly by 2030 [9] Operational Efficiency and Cost Management - Aeon is transitioning from a traditional large-scale retail model to a more efficient, community-focused approach to reduce operational costs and improve profitability [19][21] - The company aims to enhance its supply chain efficiency and digital capabilities to better meet consumer demands and streamline operations [19][21] Brand Development and Product Strategy - Aeon is developing its private label products under the "Tehuiyou" brand to improve market competitiveness and increase profit margins [15] - The company plans to increase the share of its private label sales to 30% within three years, enhancing its product offerings and reducing reliance on third-party brands [15]

Core Viewpoint - Huayuan Real Estate has shifted its focus from real estate development to becoming a "landlord" by transitioning into hotel and long-term rental apartment businesses, but faces skepticism regarding its ability to sustain its market capitalization of 2 billion [2][3][12]. Group 1: Business Transition - Huayuan Real Estate plans to change its name to Beijing Huayuan New航控股股份有限公司 and focus on property management, hotel management, and long-term rental apartments [3][12]. - The company aims to create a business model centered around hotels, property management, and long-term rentals to diversify its operations and revitalize existing assets [2][3][12]. - The hotel business currently includes three product lines: city business hotels, city boutique hotels, and leisure resorts, with the Changsha Junyue Hotel being its most notable asset [3][6][8]. Group 2: Financial Performance - In the latest financial report, real estate development accounted for 93.07% of total revenue, generating 4.308 billion, while hotel and property services contributed only 6% combined [12][13]. - The hotel business generated 218 million in revenue, a 15% decrease year-on-year, while property services saw an 80.61% increase to 44.7368 million [12]. - The gross profit margin for the hotel business was 34.58%, which is significantly higher than the 14.27% margin from real estate development [12]. Group 3: Industry Context - The real estate industry is undergoing a transformation as companies seek new revenue streams amid a peak in property development [14][15]. - Several real estate firms, including Huayuan, have announced exits from traditional development to pursue lighter asset models, but the transition is challenging [16][18]. - Successful examples in the industry include companies like China Resources and Longfor, which have diversified their operations and achieved significant contributions from non-development businesses [18][20].

在行业周期重构的阵痛中，中国房地产市场正经历价值链条的深度重塑。过去一年，持续演进的流动性困局加速了行 业格局洗牌，传统开发模式在供给侧改革浪潮中持续承压。 而近期央行降准降息、结构性工具加码等政策组合拳的落地，则为行业注入了一剂"强心针"。 这场变革中，流动性的释放正在不断激活房地产代建需求，其既承载着房企纾困盘活的现实诉求，又呼应着政策端对 保障性住房、城市更新的资源倾斜，轻资产模式再次迎来扩容机遇。 其中，绿城管理作为连续9年市占率超20%的行业龙头，凭借央企信用背书、全产业链服务能力及政企合作先发优势， 在行业新旧动能转换的交汇点上，展现出穿越周期的战略定力与成长张力。 在政策暖风与模式红利的共振下，绿城管理的业务增长逻辑也愈发清晰。 一、政策组合拳精准滴灌，代建赛道迎来结构性扩容 看到政策层面的具体措施，央行宣布实施三大类十项支持稳市场稳预期的金融政策。其中，降低存款准备金率0.5个百 分点预计将向市场释放约1万亿元长期资金，同步下调政策利率0.1个百分点的决策部署亦将引导贷款市场报价利率 （LPR）同步下行约0.1个百分点，形成"宽货币+宽信用"的政策组合拳。 这一系列政策不仅缓解了房企的融资约束 ...

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截至2024年年末，旭辉控股尚有有息负债866亿元人民币，其中70%为境内外信用债。旭辉控股CFO杨 欣表示，预计在完成境内和境外债务重组后，旭辉的信用债规模将缩减50%以上至300亿元以内，存量 信用债务的久期将延展至9—10年，利率也将下调至公司经营发展可承受的水平。 境外债重组本金约68亿美元 据了解，旭辉控股本次重组的债务总计本金68亿美元。据旭辉境外重组负责人朱皋鸣介绍，考虑到众多 债权人的不同诉求，方案遵从"短端削债，中端转股，长端保本降息"的框架，提供多种选项供各位评估 和选择。 例如，选项1A或1B是32%的旧债转为零息的新债券或贷款，期限默认2年可延长至3年，到期按剩余本 金100%偿还。在基准日后12个月末，公司可按75%的价格（即旧债本金的24%）偿还最多剩余本金的 40%； 选择选项2A或2B的债权人将按比例共享3500万美元头部现金，这部分现金将自重组生效日一年内分3期 支付。选项2A为90%旧债规模转换为4年期零息强制可转债，转股价为每股1.6港元，分4年强制转股； 选项2B为60%旧债规模的上述4年期零息强制可转债，以及30%的新中期票据，票据年期为4.5年，票息 为2.75%。 ...