作者 | 第一财经 孙梦凡 一个去化艰难的"滞销盘"，经房企代建盘活后，四个月便实现清盘。近日，远洋集团与媒体交流轻资产业务时，讲述了青岛一项目的代建案例。 2025.08. 12 本文字数：2608，阅读时长大约4分钟 远洋集团是一家老牌房企，目前正在推进债务重组工作。在这一"主线任务"之外，据管理层透露，代建业务已经成为公司重要的发力方向。上半 年，远洋建管新拓项目33个，签约面积562万平方米，行业排名第八。 不仅是远洋，目前无论是已出现资金危机、地产主业收缩的房企，还是稳健的央国企，都不约而同地将目光投向"轻资产"。其中，"代建"以其相 对清晰的盈利模式、庞大的潜在市场，已经成为房企的"兵家必争"之地。 过往高杠杆、高周转的"重资产"时代，房企拼的是资金实力、风险控制，如今转向"乙方"角色后，更重视专业能力、服务输出，最关键的是 要"凭本事吃饭"。转型之路上，远洋这家老牌房企的"解题"思路是什么？ "凭本事吃饭" "代建业务已经成为公司的重要发力方向。"近日，远洋集团副总裁赵建军对第一财经等媒体表示。 远洋集团成立于1993年，2007年在港交所主板上市。一如业内其他同行，这家有央企背景的房企，过往主 ...

房地产公司正借助轻资产业务转型。 一个去化艰难的"滞销盘"，经房企代建盘活后，四个月便实现清盘。近日，远洋集团与媒体交流轻资产业务时，讲述了青岛一项目的代建案例。 远洋集团是一家老牌房企，目前正在推进债务重组工作。在这一"主线任务"之外，据管理层透露，代建业务已经成为公司重要的发力方向。上半年，远洋建 管新拓项目33个，签约面积562万平方米，行业排名第八。 中指研究院最新数据显示，2025年上半年，远洋集团旗下代建品牌"远洋建管"新拓项目33个，签约面积562万平方米，一二线城市项目占比接近九成，新签 规模从TOP20提升到行业第八位。 不仅是远洋，目前无论是已出现资金危机、地产主业收缩的房企，还是稳健的央国企，都不约而同地将目光投向"轻资产"。其中，"代建"以其相对清晰的盈 利模式、庞大的潜在市场，已经成为房企的"兵家必争"之地。 过往高杠杆、高周转的"重资产"时代，房企拼的是资金实力、风险控制，如今转向"乙方"角色后，更重视专业能力、服务输出，最关键的是要"凭本事吃 饭"。转型之路上，远洋这家老牌房企的"解题"思路是什么？ "凭本事吃饭" "代建业务已经成为公司的重要发力方向。"近日，远洋集团副总裁赵建 ...

Core Viewpoint - Polestar, a Nordic luxury electric vehicle brand, is facing significant challenges in the Chinese market, with sales plummeting to just 69 vehicles in the first half of 2025, raising concerns about its future operations in the region [1][6]. Sales Performance - In June 2025, Polestar sold only 6 vehicles, following a dismal performance with just 1 sale in March and no sales in April and May [1] - Cumulatively, Polestar has reported a net loss exceeding $5.3 billion (approximately 38 billion RMB) from 2019 to 2024, with losses projected to increase from $470 million in 2022 to $2.05 billion in 2024 [1] Financial Situation - As of the end of 2024, Polestar's net assets were negative $3.329 billion, with total liabilities reaching $7.383 billion [2] - Li Shufu, through his company, injected $200 million into Polestar, raising his ownership stake to 66% and providing a temporary boost to the company's financial situation [2] Strategic Adjustments - Polestar has undergone frequent changes in product positioning and pricing strategies, which have confused consumers and affected brand perception [4][5] - The company has shifted its focus to a "light asset" transformation, planning to reduce its dealer network and concentrate on direct sales and online models [6] Market Positioning - Polestar's initial high-end positioning with the Polestar 1 was followed by a rapid price reduction for the Polestar 2, leading to a perception of instability in pricing [4] - The introduction of the Polestar 3 and Polestar 4 aimed to reclaim market share but has not resulted in significant sales, with the latter model struggling to sell even 200 units in its first six months [4] Management and Operational Changes - The company has seen instability in its management team, with seven different CEOs in the Chinese market, which has further impacted operational consistency [5] - Despite rumors of exiting the Chinese market, Polestar has stated that its operations are running normally, although it has significantly reduced its workforce from 320 to 86 employees [6]

在房地产行业深度调整、融资收紧、盈利承压的背景下，越来越多的企业正从"重资产开发"转向"轻资 产运营"。近日，中交地产宣布将旗下房地产开发业务整体转让给控股股东，仅保留物业服务与资产管 理相关业务，标志着公司正式开启轻资产转型之路。这一动作并非个案，而是房地产行业结构性调整背 景下的又一典型案例。 这些案例显示，在市场风险偏好下降和政策导向趋严的多重因素下，"重资产模式"正面临生存压力，而 轻资产模式具备更强的适应能力和估值弹性。 战略性剥离：轻装上阵是必要选择 根据中交地产日前披露的重组草案，公司将全面剥离处于持续亏损状态的房地产业务，并聚焦于物业管 理、资产管理与运营等轻资产业务方向。从公告内容看，剥离的资产多为高负债、高周期性项目，转移 至控股股东，有助于上市公司卸下历史包袱，降低财务压力，恢复净资产安全边际。 但更重要的是，此举不仅仅是"保壳"层面的应急措施，而是公司主动调整发展方向，构建可持续商业模 式的关键一步。轻资产的物业运营、商业管理、自持物业租赁等业务，不仅具备更强的稳定性与可复制 性，也更容易获得资本市场认可。 行业趋势明显：从重资产到轻运营正成为主流 事实上，中交地产并非首个做出类似选择 ...

8月6日，市场有消息称，亚朵正考虑在香港进行二次上市。《国际金融报》记者据此向亚朵方面求证， 截至发稿对方尚未回复。 信息显示，亚朵成立于2013年，2022年11月11日在美国纳斯达克上市，旗下拥有A.T.HOUSE、萨和酒 店、亚朵S酒店、亚朵酒店、亚朵X酒店、轻居酒店六大住宿品牌，以及零售品牌"αTOUR PLANET亚 朵星球"、"SAVHE 萨和"。 目前，亚朵的股价已经较当初11美元的发行价上涨2倍，对应33.18美元/股，市值45.85亿美元。 同步走高的还有规模。截至2024年末，亚朵门店数量达到1619家，客房数18.3184万间，分别同比增长 33.8%、32.8%；年内净新开470家门店，创下新高。 结构方面，亚朵致力于向轻资产转型，截至去年末的委托管理酒店总数从上年的1178家增至1593家，占 比超过98%，而租赁酒店数量则从2023年末的32家降至26家。 据管理层预计，2025年亚朵将新开约500家门店，同时保持与去年相近的关店速度（2024年关店62 家），从而确保公司在营门店质量的提升。浦银国际证券在一则研报中指出，这一开店指引数表明了亚 朵完成2025年达成"两千好店"目标 ...

连年亏损，中交地产1元"退房"，称"有利于增强上市公司持续经营能力" 华夏时报 本报记者 李贝贝 上海报道 在房地产开发业务持续亏损的背景下，中交地产股份有限公司（下称"中交地产"）选择推动主营业 务"由重转轻"。 今年1月底，中交地产宣布拟将房地产开发业务相关资产及负债转让给控股股东地产集团。时隔半年，7 月25日晚，公司披露了包括对深交所重大资产出售问询函的回复、相关交易的报告书，以及独立财务顾 问的意见等多份公告。 "为实现长期稳定发展的目标，公司拟将持有的房地产开发业务相关资产及负债转让至控股股东地产集 团。"中交地产认为，通过本次交易置出房地产开发业务相关资产及负债，可实现上市公司盈利及归母 净资产转正，降低上市公司偿债压力，实现业务的战略转型，化解上市公司退市风险。 根据财报，2022年、2023年及2024年，中交地产实现归属于母公司的净利润分别为0.34亿元、-16.11亿 元及-51.79亿元，"上市公司房地产开发业务已持续对上市公司整体经营业绩造成不利影响。"2025年半 年度业绩预告显示，上半年，中交地产预计亏损11.90亿元，对比上年同期（亏损9.71亿元）亏损面进一 步扩大。 截至2 ...

面对持续的经营压力，新任董事长郭主龙实施架构调整，并推动转型战略落地。2025年6月，中交地产 发布公告，宣布剥离房地产开发业务，转型至物业服务等轻资产业务，以此开展"自救"。可是，2024年 中交地产物业管理业务收入仅占总营收的3.98%。未来，靠轻资产业务维持经营收入的中交地产，能否 撑起公司基本盘仍是未知数。 净亏损扩大 2025年半年度业绩预告显示，上半年，中交地产预计净亏损达11.9亿元，与去年同期相比亏损扩大2.19 亿元。对于净利润亏损的原因，中交地产方面表示，本期房地产开发业务因受到销售策略及售价、项目 拿地成本、开发周期、产品定位及交付标准等因素综合影响，导致报告期内交付项目的毛利率同比有所 下降。 用一年时间进行人事与架构调整，中交地产亏损的局面并未扭转。根据该公司最新发布的业绩预告， 2025年上半年中交地产预计净亏损11.9亿元，亏损较去年同期扩大2.19亿元。中交地产方面表示，亏损 原因主要是房地产开发业务受销售、拿地成本等因素影响，交付项目毛利率下降。 针对中交地产在亏损持续扩大的态势下，成本控制方面采取了哪些具体举措这一问题，北京商报记者已 向该公司发出采访函。截至本文发稿时，暂 ...

Core Viewpoint - China Communications Real Estate is facing significant financial challenges, with a projected net loss of 1.19 billion yuan for the first half of 2025, an increase of 219 million yuan compared to the same period last year. The company is undergoing structural adjustments and a strategic shift towards light asset operations, primarily property services, in an attempt to reverse its losses [1][3][5]. Financial Performance - The company anticipates a net loss of 1.19 billion yuan for the first half of 2025, which is a deterioration of 219 million yuan from the previous year [3]. - Cumulative losses for 2023 and 2024 have reached 6.8 billion yuan, with 2024 alone accounting for a net loss of 5.179 billion yuan [5]. - The total revenue for 2024 was 18.302 billion yuan, a decline of 44.59% year-on-year, with real estate sales revenue dropping by 46.69% [7]. Business Strategy and Adjustments - The new chairman, Guo Zhulong, has initiated a restructuring of the company, reducing the number of city companies from 16 to 9 and streamlining management layers to improve operational efficiency [6][7]. - The company plans to divest its real estate development business, transferring related assets and liabilities to its controlling shareholder for a nominal price of 1 yuan, aiming to reduce its debt ratio significantly [8][9]. - In November 2024, the company announced plans to acquire 100% of China Communications Property Service Group for nearly 700 million yuan, laying the groundwork for its transition to property services [10]. Market Position and Challenges - As of 2024, property management revenue accounted for only 3.98% of total revenue, highlighting the company's limited presence in this sector compared to competitors like New City Holdings and Vanke [11]. - The company faces the critical challenge of increasing revenue and reducing net losses in the second half of 2025, as it transitions to a light asset model [11].

Investment Rating - The report assigns a "Buy" rating to the company [11]. Core Viewpoints - Beikong Water Group is a national leader in water services with stable dividend guarantees. The company is expected to achieve steady growth in its water supply and sewage treatment business as capacity utilization increases. The pressure on growth in the water environment management construction service has gradually been released. The company has turned positive in free cash flow since 2022, and the dividend per share has not been less than HKD 0.157 since 2021, indicating a strong dividend capability [4][11]. Summary by Sections Company Overview - Beikong Water Group, established in 2008, operates in sewage and reclaimed water treatment, water supply services, water environment management construction, technical and consulting services, equipment sales, and urban resource services. The company is actively expanding its light asset operation model, with engineering business continuously shrinking, leading to a decrease in gross profit contribution [7][19]. Shareholding Structure - As of the end of 2024, Beijing Enterprises holds 41.1% of the company's shares, with the actual controller being the Beijing State-owned Assets Supervision and Administration Commission. Other significant shareholders include China Three Gorges Corporation and its subsidiaries [7][35]. Highlights - The company has passed the peak of project construction, with capital expenditure expected to decrease to HKD 41.1 billion in 2024, down by HKD 28.9 billion year-on-year. The dividend per share is projected to yield a dividend rate of 6.22% in 2024 [7][40]. Water Services Sector - The demand for water supply and sewage treatment is expected to grow steadily, with a projected CAGR of 0.37% and 1.2% from 2025 to 2027. The company’s market share in water supply and sewage treatment is 1.8% and 8.2%, respectively, as of 2023. The company’s operational capacity is expected to reach 33.84 million tons per day by the end of 2024 [8][11]. Financial Analysis - The company has experienced profit fluctuations over the past three years due to factors such as the sale of joint ventures and impairment provisions. However, the increase in operational proportion is expected to enhance future earnings stability. As of the end of 2024, the cautious estimate of accounts receivable is HKD 20.85 billion, with 75.8% of service concession receivables due within one year [10][11]. Profit Forecast - The company is expected to achieve a net profit attributable to shareholders of HKD 16.6 billion, HKD 17.0 billion, and HKD 17.1 billion from 2025 to 2027, with dividends projected to grow by 3% annually from 2024 levels [11].

Group 1 - The real estate sector is entering a downward cycle, with turbulence becoming the norm, leading to shareholder rotations and flexible employment for executives, including previously favored veterans [1] - The departure of veteran executive Xiao Guangrui from Wanda Group marks a significant shift, as he has been with the company for 24 years and his exit signals the full takeover of Zhuhai Wanda Commercial Management by the "Taimeng System" [2][3] - Xiao Guangrui's resignation was unexpected, occurring shortly after he participated in a strategic signing ceremony with Xiaomi, suggesting potential performance-related issues or a stabilization of the new management structure [5][6] Group 2 - The "Taimeng System," led by Huang Dewei and Hu Zhengwei, has taken control of Zhuhai Wanda Commercial Management, following a significant investment of 60 billion yuan from Taimeng [9][10] - Despite previous IPO attempts failing, Taimeng's investment has resulted in a 12% average annual growth in tax revenue and a 34% increase in net profit over the past three years [16] - The new leadership is expected to initiate a restructuring of the company, merging regional divisions and potentially altering the management hierarchy to enhance operational efficiency [14]