Core Insights - The increasing demand for specialized, refined, and personalized products in the Chinese consumer market is attracting more overseas brands to enter China [1] - In Q1 of this year, 487 overseas brands opened their first stores on Tmall Global, highlighting the platform's role in the "first store economy" [1] - Tmall Global is becoming the preferred platform for overseas brands to grow their business in China, with significant growth in niche categories such as nutritional supplements, skincare oils, and trendy apparel [1] Group 1 - 487 new brands come from 29 countries and regions, with the highest numbers from the USA, Australia, Germany, France, and New Zealand [1] - French brands saw a 100% year-on-year increase, while new brands also emerged from countries like Chile and San Marino [1] - The number of overseas new brands with sales exceeding one million has increased by 80% year-on-year [1] Group 2 - Tmall International's Q1 2025 Global Rising Star Brand List features Spanish pet food brand ADVANCE, British fashion brand Rockfish, and Japanese whitening brand TRANSINO [2] - ADVANCE achieved sales of 1.3 million within three months by addressing specific consumer pain points in the pet food market [2] - Rockfish sold out its initial three-month inventory within the first month of launch on Tmall International, indicating strong demand for its trendy products [2] Group 3 - TRANSINO aims to maintain its professional brand image while offering a complete line of whitening and sun protection products to Chinese consumers through Tmall International [3] - Tmall International's "first store economy" allows overseas brands to test the Chinese market at lower costs and faster speeds, facilitating global brand expansion [3] - Tmall International has introduced various support policies for overseas brands, including increased commission rebates and a 50% reduction in store deposit requirements [3]

Group 1 - The 2025 Nanjing Sports Consumption Season aims to enhance sports consumption and stimulate new vitality in the sector, featuring a variety of activities throughout the year [1][2] - The event includes 19 major sports events, covering both traditional and emerging sports, catering to all age groups [2] - Five outdoor activity routes have been launched, connecting key outdoor destinations in Nanjing, promoting a deeper integration of sports into citizens' quality of life [2] Group 2 - The initiative includes a creative design competition and a short video/image challenge to engage the public through new media platforms [3] - The first quarter of 2025 saw a rapid expansion of Nanjing's sports retail economy, with several new brand stores opening, contributing to the city's transformation into an international consumption center [4] - The launch of a new model where purchasing sports lottery tickets grants access to designated attractions, promoting the integration of sports and tourism [6] Group 3 - The event recognized 31 popular new sports consumption venues, enhancing the diversity of sports consumption options available to citizens [5] - Decathlon's new store in Nanjing, set to open on May 1, will distribute 700,000 coupons to boost sports consumption, showcasing confidence in the local market [4] - The integration of green concepts and innovative consumption experiences is expected to drive the growth of the sports economy in Nanjing [4]

Group 1 - ZARA has opened a new concept store in Qianhai Yifang City, Shenzhen, featuring a total area of over 2300 square meters, integrating fashion and technology for a sustainable shopping experience [1] - The store utilizes Inditex's latest global store concept, focusing on larger spaces and innovative technologies to enhance customer experience in a spacious and sustainable environment [1] - The store offers a range of modern technologies, including digital fitting rooms and self-checkout areas, to improve the shopping experience and reduce waiting times during peak hours [1] Group 2 - The new ZARA store in Qianhai Yifang City incorporates advanced ecological efficiency systems aimed at minimizing environmental impact, aligning with Inditex's goal of achieving net-zero emissions by 2040 [2] - The store features energy-efficient heating and cooling systems, as well as LED lighting, as part of its environmental measures [2] - The opening of ZARA's new concept store is expected to enhance the commercial vitality of the Bao'an Central District, contributing to the development of one of Shenzhen's five newly planned world-class business districts [2]

迪卡侬南京夫子庙店负责人邱晨曦介绍，该店作为迪卡侬中国2025年首家新开门店，展现出企业 对南京体育消费市场的信心。新店即将开业，其间将发放70万张消费券以促进体育消费。同时，作为 江苏首家迪卡侬循环经济门店，将通过巧妙结合运动装备循环利用与环保理念，为体育消费与可持续发 展融合实践提供创新范例。 "首店"引领潮流，助力南京"运动经济"持续升温。2025年一季度，南京体育"首店经济"加速扩容， 一系列运动户外品牌密集落地，不仅为新街口等核心商圈注入运动消费新活力，更以"首店经济+场景创 新"模式，推动南京向国际消费中心城市加速迈进。 活动当日，五大户外运动路线首发。骑行、登山、徒步、自驾、露营等五大主题打卡路线，串联起 紫金山、老山、玄武湖、江心洲等户外运动目的地，让运动深度融入南京市民的品质生活。 4月至5月是南京水上运动文化季，依托秦淮河、玄武湖等水域资源，联动沿线赛艇俱乐部、水上 运动基地等十余家体育企业，本次消费季面向市民发放超2000张水上运动培训体验券。此外，我市还 将在迪卡侬夫子庙店、汤山百联奥特莱斯等地开展皮划艇、桨板等水上运动体验活动，打破场地限制， 让水上运动文化触手可及。 五一前夕，4月 ...

今天分享的是：中国连锁经营协会：2025年首店经济白皮书 报告共计：64页 《首店经济白皮书》由中国连锁经营协会与北京市中伦律师事务所联合发布，围绕首店经济展开深入探讨，涵盖海外与国内市 场，为品牌企业提供全面指导。 1. 海外首店经济 - 新消费机遇：对中国餐饮品牌而言，出海拓店符合潮流与政策导向，能提升中国餐饮文化国际影响力，还可借助政策支持降低 风险、创造营收。当前，中国餐饮品牌海外首店地域分布广泛，但也面临商标抢注、侵权等问题。 - 选址推荐：东南亚政策优惠，文化与中国相近；中东作为"一带一路"支点，市场机遇广阔；北美消费需求旺盛，商业基础完 善。这些地区都适合开设海外餐饮首店。 - 开设要点：企业需谨慎选择公司组织形式和股权架构，同时注意注册、税务、劳动等多方面的合规风险，提前做好知识产权布 局，保护消费者权益。 2. 国内首店经济 - 新消费机遇：国内首店经济受政策激励，能拉动内需、创造营收、实现品牌增效。不过，国内首店也面临商标纠纷等问题，且 各地首店分布不均，一线城市和新一线城市是主要聚集地。 - 选址推荐：一线城市首店经济政策成熟，资金支持力度大；新一线城市积极跟进，结合自身特色吸引首店；二 ...

Core Insights - Daxuecheng reported a total signed amount of 36.9 billion yuan for 2024, with a continuous expansion of its commercial footprint and a high-quality opening of three major projects in Xiamen, Sanya, and Haidian, achieving over 98% occupancy rate [1] - The company successfully issued the first consumer REIT in Southwest China, with a rental rate of 98.1% and a rent collection rate of 99.97% [1][3] - Daxuecheng's shopping centers achieved a sales revenue of 40.13 billion yuan, a year-on-year increase of 16%, with total foot traffic reaching 366 million, up 22% [1] Commercial Operations - The company operates 44 commercial projects, including 30 heavy asset and 14 light asset projects, covering key urban clusters such as Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macao Greater Bay Area [1] - The average occupancy rate for office buildings was reported at 91.1%, while the Shenzhen projects achieved an occupancy rate of 98.2% [2] - Daxuecheng's long-term rental apartment projects maintained an average occupancy rate of 95% across 10 projects [2] Financial Performance - The company successfully issued a total of 7.1 billion yuan in various financial instruments, effectively reducing the average financing cost to 3.0% and the overall financing cost to 4.06%, a decrease of 55 basis points from the previous year [3] - The Daxuecheng commercial REIT reported a revenue of 86.06 million yuan in Q4 2024, with a distributable amount of 45.29 million yuan, resulting in an annualized cash distribution rate of 5% based on the market value at the end of the reporting period [3] Strategic Outlook - In 2025, Daxuecheng plans to leverage policy opportunities and deepen its "1123" strategic framework, focusing on youth-oriented commercial brands and high-quality residential development [4] - The company aims to accelerate its green and low-carbon transformation while exploring the expansion of consumer REITs and the benefits of urban village renovations [4]

Core Insights - Wuhan government emphasizes boosting consumption and expanding domestic demand, with a focus on developing the "first store economy" [1] - In Q1 2025, Wuhan introduced 49 first stores across various sectors, marking a significant growth in the "first store economy" [1] - The majority of new stores are localized, with 63.3% being city-level first stores [1] Group 1: Restaurant Sector - The restaurant sector remains a dominant player, accounting for 53.1% of new first stores with 26 brands introduced [4][6] - There is a notable rise in niche dining experiences, with 9 international cuisine restaurants and various local specialties opening [6][8] - Popular dining trends include "mountain wild hot pot" and "sour soup hot pot," indicating a shift towards unique culinary experiences [8] Group 2: Retail Sector - The retail sector saw the introduction of 14 first stores, with clothing brands leading the charge [9][11] - Outdoor sports apparel is gaining traction, with brands like The North Face and Decathlon opening new stores [11] - Emerging trends in beauty and accessories include the launch of niche brands like Côte Noire and CASETiFY, reflecting a shift towards personalized shopping experiences [11][20] Group 3: Commercial Districts - Jianghan and Jiang'an districts lead in first store openings, each with 11 new stores, as part of a broader strategy to enhance commercial activity [12][16] - Street corner and CBD districts are becoming key areas for new store introductions, with a focus on improving consumer experiences [12][16] - The overall strategy aims to establish Wuhan as an international consumption center by enhancing the quality and diversity of shopping experiences [12][16]

Core Insights - The signing ceremony for the Guangming Xinghe COCO City project marks the official announcement of its commercial launch, aiming to create a new themed shopping center by the end of this year [1][3] - The project focuses on the "first store economy," intending to enhance consumer experiences and attract major brands such as Hema Fresh, Huanying Cinema, and Haidilao Hot Pot [1][3] - The Guangming area is targeting the "One City, Three Districts" blueprint, aiming to build a world-class science city, with the COCO City project expected to enhance the Phoenix City super commercial circle [1][2] Commercial Strategy - The Phoenix City commercial circle, covering 8.2 square kilometers, is rapidly developing through a "science-business integration" strategy, featuring three main corridors: technology consumption, ecological consumption, and TOD consumption [2] - The future vision for the Phoenix City super commercial circle includes creating an international commercial landmark with a focus on art, technology, and brand strength, supported by the Guangming Xinghe COCO City [2] Sustainable Development Initiatives - The initiative for a "waste-free commercial circle" was launched, with collaboration among various commercial entities to promote green development [2] - A "zero-carbon lifestyle market" event is scheduled to take place from April 18 to 20, inviting citizens to engage in sustainable practices [2] Cultural and Ecological Integration - The Guangming area is innovating in the commercial sector by integrating cultural and ecological elements, as seen in events like the "Wild Fun Coffee Market" and the "Lanqiao Camping Carnival" [3] - These initiatives aim to create vibrant urban experiences and explore new scenarios that combine culture, tourism, and commerce [3]

Financial Performance - In 2024, the company achieved a net profit attributable to shareholders of 47.6081 million yuan, representing a year-on-year increase of 31.64% [2] - The operating revenue for 2024 was 5.528 billion yuan, an increase of 3.46% compared to the previous year [4] - The net cash flow from operating activities was 655 million yuan, up 37.63% year-on-year [4] - The weighted average return on net assets was 1.18%, and the net assets attributable to shareholders at the end of the period were 4.071 billion yuan, reflecting a growth of 1.19% from the previous year [5] Industry Context - The total retail sales of consumer goods in 2024 grew by 3.5% year-on-year, with convenience stores, specialty stores, and supermarkets seeing increases of 4.7%, 4.2%, and 2.7% respectively [3] - In contrast, department stores and brand specialty stores experienced declines in retail sales of 2.4% and 0.4% respectively [3] - The online retail sales of physical goods increased by 6.5%, surpassing the overall growth rate of retail sales by 3 percentage points [3] Future Growth Drivers - The company plans to focus on high-quality development by enhancing its core business, including introducing flagship stores and products, and leveraging consumption policies such as "trade-in" programs [2] - Emphasis will be placed on innovative marketing strategies that integrate popular IPs and cross-industry collaborations [2] - The company aims to reduce costs and improve efficiency through various operational enhancements [2] Government Initiatives - The government has launched the "Consumption Promotion Special Action Plan" in 2025 to stimulate consumption and expand domestic demand [4] - This initiative is expected to enhance consumer confidence and unleash consumption potential, while new consumption models and retail formats continue to emerge [4]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 中国中免 4Q2024营业收入134.5亿元，归母净利润3.5亿元 202 5年3月28日 , 中国中免（ 6 01888. SH）公布2 02 4年年度报告：2024年公司营业收入564.7亿元，同比 下降16 . 38 % ；归母净利润 42.7亿元，同比下降36.44 % ；扣非归母净利润 41.4亿元，同比下降37.70 % 。单季度来看， 4Q2024公司营业收入134.5亿元，同比下降19.46%；归母净利润3.5亿元，同比下降 76.93%；扣非归母净利润2.7亿元，同比下降81.42%。 风险提示： 消费复苏进度不及预期，新项目推进不及预期 。 发布日期： 2025-04-01 免责声明 本订阅号是光大证券股份 ...