针对非住宅类资产来看，其价值除了土地价格之外，还取决于实际运营效率。据克而瑞6月19日发布的《2025不动产运营发展报告》来看，目前市场中主 要几类非住资产价值表现分化明显。其中，长租公寓市场已成为当前不动产行业中表现最为稳健的细分领域之一。 非住宅资产价值分化 当前，整个不动产行业仍处于去库存周期，从各细分市场来看，都在寻找新模式，一方面是行业正处于转型期，另外一方面整体市场竞争都在加剧。 运营能力与退出通道成资产价值关键 对不动产行业而言，资产价值的变化与三大因素密切相关：运营模式成熟度、经营效率稳定性以及退出通道畅通性。 从长租、商业、办公、城市更新、康养、文旅和产城等细分市场来看，这些非住资产价值表现分化明显。 其中长租公寓和商业类资产运营模式成熟且收益相对稳定，而且退出通道清晰，最受市场青睐。写字楼和产业园区类资产受经济下行影响较大，空置率高 企，租金下降，尤其是产业园区，即便有清晰的退出路径，但目前整体资产价格仍处于下行通道。而康养和文旅类资产虽然市场规模增长，且消费群体消 费意愿较强，但由于退出通道受阻，投资放缓，资产价值也未能充分得以体现。 | | 城市及区域 理求 | 酒约 積電能 | 租金 ...

Core Points - The company held its 2024 annual shareholders' meeting on May 21, 2025, to discuss various proposals and reports [1][2] - The board of directors reported on their work, highlighting the appointment of a new director and the execution of shareholder resolutions [3][4] - The company faced significant challenges in real estate sales, resulting in a loss for the year, but made efforts to improve operational efficiency and risk management [5][6][7] - The company plans to focus on financial stability, inventory reduction, and asset disposal in response to market conditions [9][21] - The company proposed not to distribute dividends for 2024 due to a net loss of approximately RMB 291 million [23][24] Board of Directors Report - The board conducted 36 meetings throughout the year, addressing key issues such as financial reporting and asset impairment [3][4] - The strategic and investment committee reviewed the three-year shareholder return plan and ESG reports [3] - The board emphasized compliance with legal regulations and the protection of shareholder rights [4] Financial Performance - The company reported a total revenue of approximately RMB 7.16 billion in signed contracts, with a significant decline in real estate sales profit [6][20] - The company’s total revenue from property management services increased by 12.87% year-on-year, while rental income decreased by 4.16% [20] - The company incurred a net loss of RMB 291 million for the year, leading to a decision not to distribute dividends [23][24] Future Plans - The company aims to enhance financial management, reduce costs, and improve operational efficiency in response to market changes [9][21] - Plans include increasing asset utilization and transitioning from leasing management to asset management [10][21] - The company will focus on risk management and compliance to protect investor interests [22] Audit and Compliance - The company plans to appoint Ernst & Young Huaming as the auditor for the 2025 fiscal year, following a competitive selection process [27][31] - The audit committee confirmed that the selection process adhered to legal requirements and maintained independence [32]

具体而言，随着房地产供需两端政策落位，叠加"好房子"项目供给增加，预计核心城市市场将继续修 复。在此背景下，投资者将更加关注企业可持续运营能力，保持稳健运营、展现出拿地能力、经营性业 务较强的企业更易获得投资者的青睐。 5月13日，中指研究院发布的《2025中国房地产上市公司TOP10研究报告》显示，2024年房地产上市公 司总资产均值为1489.2亿元，净资产均值为328.6亿元，营业收入均值为297.4亿元。报告认为，未来新 房市场将缓慢复苏，聚焦核心城市，保持投资强度和具有不动产运营与服务能力的房地产上市公司将释 放更高的企业价值。 报告发布于由中国企业评价协会、清华大学房地产研究所、北京中指信息技术研究院主办的"2025中国 房地产上市公司研究成果发布会暨第二十三届产城融合投融资大会"。会上，中指研究院还发布了 《2025中国物业服务上市公司TOP10研究报告》。 该报告指出，当前物业管理行业正处于深度变革期，市场竞争加速分化，行业格局有望重塑。头部物企 凭借规模优势、品牌效应及多元化服务能力，将在市场竞争中占据主导地位。未来，行业集中度或将进 一步提升，头部企业有望通过市场拓展、并购整合以及战略合作 ...