东方雨虹 20250429 摘要 • 宇宏公司正经历从大 B 直销向零售和小 B 渠道转型的阵痛期，直销收入显 著下降，但小 B 端市场份额快速提升，工程渠道收入同比增长至 26 亿元， 德爱威零售收入也实现显著增长。 • 受开门红节奏影响，民建业务一季度收入同比下降，但剔除该因素后实际 可能增长。公司对全年民建业务实现百亿目标充满信心，预计上半年累计 收入有望止跌并实现逆势增长。 • 一季度毛利率下降主要受价格战影响，宇隆在 2024 年降价对 2025 年一 季度毛利率产生不利影响。油价及沥青价格下跌趋势有望降低成本，缓解 毛利压力。 • 公司通过组织结构优化和人员配置调整进行费用管控，费用率明显下降约 三个百分点，预计随着人员补偿费用释放，费用率将进一步改善。 • 销售模式转变改善了现金流和应收账款状况，一季度经营现金流量净额大 幅改善，应收账款和应收票据显著下降，显示出公司经营质量持续改善。 • 公司稳价措施逐步落地，行业价格战趋缓，市场集中度提升。公建集团报 备项目显示工业、能源、水利和民生工程需求表现较好，卷材销量实现双 位数增长。 • 马来西亚工厂已投产，美国工厂在建，海外收入增长迅速。公司采取 ...

上市公司速递 4月29日晚间，华远地产股份有限公司（股票代码：600743.SH，以下简称"华远地产"）发布2024年年度 报告。 据悉，2024年华远地产完成了重大资产重组，已将持有的房地产开发业务相关资产及负债转让至控股股 东华远集团。此次重组不涉及公司控制权变更，实现了从重资产开发商向轻资产服务商的转变。 重大资产重组完成前华远地产主营业务为房地产开发与销售。报告期内，华远地产操盘和并表项目实现 开复工面积 101万平方米，其中竣工 33 万平方米。操盘和并表项目完成销售签约额 18.13 亿元，完成销 售签约面积 18.30 万平方米，完成销售回款 18.14 亿元。 公告表示，在面对行业阵痛，房地产开发业务已难以支撑公司的长远发展，唯有主动在结构性变革中寻 找突破，才能在周期波动下穿越寒冬，迎接企业新生的曙光。 在"瘦身"完成后，华远地产将聚焦酒店 管理、物业管理、长租公寓运营等轻资产业务，重筑"核心资产"护城河。 2024年华远地产紧抓酒店业快速复苏的势头，主要依靠下属全资公司长沙橘韵从事酒店管理业务。其中 长沙橘韵运营的长沙君悦酒店，坐落于全国重点旅游城市长沙，以保持的80%以上入住率，赢得了市 ...

其次，公司依托自持物业的经营优势，持续整合资源，优化管理体制和经营策略，资管业务保持稳定。 一方面，写字楼和商业板块重点项目出租率和租金水平在所处区域保持领先水平。另一方面，公司不断 强化文旅板块的内容建设，丰富宣传推广渠道，全力培育特色新体验、多元化新业态，持续提升客户体 验和品牌美誉度，经营业绩稳中有进。报告期内，公司实现资产管理业务营业收入22.9亿元，息税前利 润约12.4亿元，经营保持稳定。 2024年，中央政治局会议定调楼市政策方向后，一系列政策组合拳相继出台，从需求端的限购松绑与购 房激励，到供给端的库存盘活与收储，房地产市场的发展得到有效改善。 4月28日，金融街（000402）（000402.SZ）发布2024年报，2024年公司实现营业收入190.75亿元，同比 增长51.74%；实现经营现金流净额59.98亿元，连续6年保持为正。但受部分项目毛利率下滑、部分资产 盘活和处置产生亏损、部分项目计提资产减值准备等因素影响，金融街2024年归属于上市公司股东的净 利润亏损同比增加。 2025年，公司将立足稳定发展战略，强调资金安全和经营稳健，坚定落实 "保安全、调架构、促转型、 强机制、树新风 ...

Core Insights - The aging population in China is rapidly increasing, with projections indicating that by 2024, individuals aged 60 and above will reach 310.31 million, accounting for 22% of the total population. By 2035, this number is expected to exceed 400 million, surpassing 30% of the population [1] - Traditional family-based elderly care is becoming insufficient due to changing family structures, leading to a shift towards diversified elderly care models, including home, community, and institutional care [1] - Real estate companies have been exploring the elderly care sector for over a decade, with some exiting due to profitability pressures while others are finding new paths in the market [1] Industry Trends - The "He Yuan" community in Shunyi District, Beijing, represents a new model of elderly living, emphasizing social interaction and self-fulfillment rather than traditional nursing homes [3][4] - The community features various amenities such as libraries, fitness areas, and art studios, promoting an active lifestyle for the elderly [4][6] - The "He Yuan" community is part of a broader trend towards Continuous Living Retirement Communities (CLRC), which focus on enhancing the quality of life for seniors [4][7] Company Strategies - The "Chun Xuan Mao" brand, launched by the Far East Group in 2012, has developed multiple business models, including CLRCs and assisted living facilities, with over 11,000 operational beds [7][8] - The company emphasizes service quality over real estate development, opting for leasing suitable properties and making them age-friendly [8] - Profitability in the elderly care sector is challenging due to long investment recovery periods, but once occupancy rates stabilize, profitability becomes more reliable [8][10] Market Challenges - The elderly care industry faces common issues such as talent shortages and low market maturity, with a high turnover rate among frontline service staff [10][11] - The slow increase in occupancy rates and the prevalence of price wars among institutions highlight the need for improved service quality and consumer awareness [11] - The market is witnessing a consolidation of supply, with many developers exiting and a shift towards insurance companies and state-owned enterprises taking the lead [11] Future Opportunities - The industry is viewed as a "sunrise industry," with increasing interest from younger professionals and potential policy support for investment in elderly care [12] - There is a growing trend of core assets being repurposed for elderly care, with many local governments entering the market to meet public needs [12][15] - The company is focusing on light asset business models, offering consulting and management services to other projects, which allows for flexible revenue-sharing arrangements [13][15] Service Innovations - The company is developing online health management platforms that allow families to monitor their elderly relatives' health data in real-time [16] - Innovative care solutions, such as non-pharmaceutical approaches to dementia care, are being implemented to enhance the quality of life for seniors [16][17] - The shift in elderly care philosophy from mere survival to enjoyment and quality of life is becoming increasingly prominent, with a focus on personalized and high-quality services [17]

「 我们要破产了，只有升级这一条路。」 2024年，在《欢迎来到雷克瑟姆》第三季首播前，「死侍」瑞安·雷诺兹用这句半开玩笑的话，定下了自家球队雷克瑟姆的命运基调。 如今，他能喘口气了。 今天早些时候，雷克瑟姆3比0击败查尔顿，提前一轮冲入英冠。他们也创造了历史，成为首支英格兰足球前五级别赛事连续三年升级的球队。 图源：雷克瑟姆社媒 这也意味着，他们离冲上英超、完成「登天」还剩最后一步。 在现场见证了球队冲上英冠的雷诺兹，再次重申未来目标：「我们的目标是打入英超。最初这看起来像是一个不可能实现的梦想，但作为讲故事的人，我 们总是尽可能从宏观角度来看待一切。」 2020年，当雷诺兹与好友罗布·麦克亨尼宣布收购雷克瑟姆时，外界的反应都是明星要来祸害传统足球文化。但5年过去了，雷克瑟姆不仅依靠着老板们的 大手笔投入，完成3年3连跳的伟业，也将自身的影响力带出了雷克瑟姆自治郡，冲向全球。据悉，雷克瑟姆的市值已经达到了1.287亿美元，比雷诺兹和 麦克亨尼收购时暴涨4900%。 一个只有在好莱坞电影里才有的故事，正在现实中上演。 01 好莱坞，走进「赛马场」 时钟拨回到四年前。 2021年，彼时还在英格兰足球第五级别征战 ...

4月27日晚，荣盛发展（002146）公布2024年度业绩报告。报告显示，2024年公司营业收入380.09亿 元，利润状况与同行平均水平持平，符合预期。公告显示，在地产行业深度调整期，荣盛发展实现了平 稳运营，债务规模持续下降，债务结构得以优化。 在债务重组的同时，荣盛发展加速推进战略转型，通过"轻重并举"的业务结构，实现稳健运营与可持续 发展。近年来，荣盛发展轻资产运营能力正在提升，公司亦计划将重点发展代建、酒店管理、产业服务 等板块。例如，代建业务已形成"政府代建+商业代建"双轮驱动模式，2024年承接项目金额同比增长 45%；酒店管理板块通过品牌输出与数字化运营，2024年RevPAR(每间可售房收入)恢复至疫情前水平的 90%。 荣盛发展的债务重组与战略转型，对行业具有重要借鉴意义。以股抵债方案通过市场化手段平衡债权人 利益，为房企债务重组提供了"轻资产+股权置换"的新思路。此外，其轻资产模式符合行业发展趋势。 根据克而瑞数据，TOP50房企中已有38家布局轻资产运营，代建业务规模三年增长470%。荣盛发展的 转型正契合行业从"土地红利"向"管理红利"的逻辑转变。随着以股抵债方案的落地及政策红利的释 ...

Core Insights - 德必集团 reported a revenue of 1.26 billion yuan in 2024, representing a year-on-year growth of 7.73%, and a net profit attributable to shareholders of 34.15 million yuan, up 2.73% year-on-year [1] - The company has established a strong competitive advantage in the cultural and technological innovation park operations through creative design capabilities and park management skills [1] - The company’s gross margin for membership and other services increased by 16.51% year-on-year, despite a declining trend in the overall industry rental service gross margin [1] Revenue Growth Drivers - The increase in revenue is attributed to the steady growth in the number of managed parks, which reached 83 by the end of 2024, a year-on-year increase of 12.16% [2] - New parks such as 德必·大华里, 环城德必易园, and 桃花坞里 have been launched in major cities, meeting the demand for high-quality office spaces and contributing to new growth points [2] Operational Model Innovations - The number of cooperative operation projects surged from 3 to 13, indicating significant progress in exploring new operational models [3] - The light asset operation model allows for low-risk and low-investment expansion, enhancing the company’s competitive edge [3] Value-Added Services - Membership and other service revenues grew by 15.53% year-on-year, increasing their share of total revenue from 19.65% in 2023 to 21.08% in 2024 [5] - The company is enhancing its value-added service system to foster long-term partnerships with clients, moving beyond simple leasing relationships [5] Digital Transformation - In 2024, the company collaborated with firms like SenseTime and Haier to introduce AI applications, enhancing the smart operation of parks [6] - The company is actively investing in cultural and technological enterprises within its parks, providing strategic resources and support for their growth [6] Future Plans - For 2025, the company plans to accelerate innovative cooperation models and explore new value-added projects to optimize profitability [7] - The company aims to leverage digital tools to improve operational efficiency and customer engagement, positioning itself as a key player in the cultural and technological innovation sectors [7]

在房地产行业持续深度调整的2024年，大悦城（SZ000031）交出了一份逆势突围的答卷。 年报数据显示，大悦城商业板块全年销售额达401.3亿元，同比增长16%；客流量突破3.66亿人次，同比 增幅22%，平均出租率稳定在95.1%。据赢商网统计，2024年全国重点购物中心销售额平均增速约 5%-8%，大悦城在商业运营赛道的优势已大幅跑赢行业平均水平。 值得关注的是，在筑牢商业基本盘的同时，华夏大悦城商业REIT（180603）作为西南首单消费基础设 施公募REIT，在2024年四季度基金层面实现收入8606.18万元，各项指标表现良好。这意味着，大悦城 利用REITs已基本打通了"投融建管退"各环节，轻资产管理输出规模持续扩大，这为行业实现资产盘活 与高效运营跑出一条新路。 商业版图持续扩大 2024年，大悦城继续展现其在商业运营赛道的优势，以"年轻力"为核心战略，持续优化全国布局。公司 全年商业项目总数达44个，其中重资产30个、轻资产14个，覆盖京津冀、长三角、粤港澳大湾区等核心 城市群。 年内，厦门、三亚、海淀三大悦城重磅开业，成为区域商业新地标。其中，三亚大悦城以100%招商 率、100%开业率刷 ...

东百集团 20250415 摘要 • 东百集团聚焦商业消费和物流仓储，商业零售包括自营（化妆品）、联营 （服饰等）和租赁模式（餐饮等配套）。2024 年商业零售收入 15.6 亿元， 略降但毛利增加；仓储物流收入 1.38 亿元，同比增长 39%，主要受益于 项目竣工和出租率提升。 • 公司拥有八个主要商业项目，集中在福建和甘肃，总经营面积约 87 万平 方米，自持物业占比三分之二。核心项目包括福州东百中心和兰州中心， 客流量分别超过 3,700 万和 3,600 万人次，同比增长显著。 • 东百中心和兰州中心持续引进首店品牌，其中多个品牌销售额进入全国 Top 10，显示出强大的品牌吸引力和市场竞争力。东百中心客单价约 2000 元，兰州中心客单价从 1,200 元增长到 1,350 元。 • 公司深化零售数字化建设，会员人数超 410 万，同比增长 13%，活跃会 员超 65 万。通过小程序、全渠道宣传矩阵和多场景直播实现精准营销， 平台浏览量近 5,000 万人次。 • 仓储物流业务以轻资产运营为主，累计开发 18 个物流项目，总建筑面积 180 万方，布局重点城市，已退出 7 个项目，与黑石集团等合作 ...

Core Viewpoint - Wushang Group is undergoing a strategic transformation by entering the warehouse membership store sector, responding to declining traditional retail revenues and profits while aiming to capture new consumer trends [1][2][23] Financial Performance - In 2024, Wushang Group reported operating revenue of 6.70 billion yuan, a decrease of 6.6% year-on-year, while net profit attributable to shareholders was 216 million yuan, a slight increase of 3.31% [2][3] - The net profit after excluding non-recurring gains was 138 million yuan, reflecting a significant increase of 66.83% year-on-year, indicating challenges in core business growth [2][3] - The company closed 11 supermarket stores in 2024, highlighting the high operational costs of labor-intensive formats [6][14] Market Position and Competition - Wushang Group's entry into the warehouse membership store market is set against a backdrop of intense competition in Wuhan, where major players like Sam's Club have established a strong presence [12][18] - Sam's Club operates three stores in Wuhan with a fourth under construction, leveraging a robust supply chain and high customer loyalty [12][18] - Wushang Group's strengths include its extensive local presence and property resources, with over 90% of its properties owned, providing a strategic advantage for new store locations [12][19] Strategic Initiatives - The establishment of Wushang Jiangtun Membership Store marks a significant shift towards a high-margin, high-loyalty business model [1][19] - The company aims to leverage its local supply chain and digital marketing capabilities to enhance its competitive edge in the membership store sector [12][21] - Wushang Group is exploring a "light asset operation model" to facilitate rapid replication of its membership store format, potentially allowing for a broader regional presence [21][23] Challenges and Considerations - The company faces challenges in building a compelling membership ecosystem, particularly in competing with established brands like Sam's Club that offer a combination of products and services [14][19] - There is a need for a skilled team capable of managing both product sourcing and membership operations, as well as overcoming supply chain restructuring difficulties [19][21] - Consumer acceptance of the paid membership model in Wuhan remains uncertain, especially with existing competition already capturing significant market share [19][23]