Group 1 - The core investment strategy for the Shenyang International Software Park REIT includes an initial inquiry period from September 29, 2025, with a preliminary price range of CNY 2.736 to CNY 4.104 per share, aiming to raise CNY 1.026 billion [2][6] - The project is the only privately-owned park in Shenyang with municipal state-owned capital participation, located in a prime area with direct subway access, ensuring stable rental rates and occupancy levels [2][10] - The expected fair value range for the project over the next 12 months is CNY 902 million to CNY 1.15 billion, with an internal rate of return (IRR) projected between 6.40% and 7.42% [2][5] Group 2 - The Shenyang International Software Park is the largest software industry cluster in Shenyang, benefiting from superior location and transportation infrastructure, with significant government support for resource integration [8][15] - The original equity holders are leading regional developers managing over 1 million square meters of industrial parks, showcasing their capability in resource integration and operational management [17][21] - The project has a stable performance with EBITDA margins improving from 70.7% in 2022 to 74.1% in Q1 2025, although the gross profit margin remains below the average of comparable REITs [43][49] Group 3 - The project primarily serves startups and small to medium-sized tenants, with a weighted average occupancy rate around 85%, but faces potential risks of rising vacancy rates due to a high proportion of short-term leases [4][12] - The rental income is diversified, with 66.29% coming from startups and small enterprises, and a significant portion of leases expiring in the next two years, indicating potential challenges in tenant retention [4][14] - The project is expected to maintain a competitive edge due to its established tenant base and government-backed incubation policies, despite the risk of increased market competition [29][32] Group 4 - The anticipated capitalization rate for 2025 is projected between 5.81% and 7.22%, with a lower valuation per square meter compared to comparable REITs [5][23] - The expected distribution rates for 2025 and 2026 are 4.61% and 4.67%, respectively, aligning closely with other industrial park REITs [5][24] - The project is strategically positioned to leverage the growing demand for high-quality industrial spaces in Shenyang, supported by favorable economic growth and technological advancements [42][41]

Core Insights - The conference highlighted the transition of industrial new town operators from real estate sales to industrial operation services, with investment returns becoming a significant source of net profit, although this investment is subject to cyclical and uncertain factors [1][2] - The report emphasized the acceleration of constructing industrial fund matrices and the rapid application and listing of industrial park REITs, indicating a strong trend towards integrating technology, industry, and finance [1][2] Profitability - Net profit shows significant volatility, with industrial investment driving growth; only a few companies with high asset concentration in key areas maintain stable performance due to their transition to asset operation services [1] Financing Capability - There is a notable increase in the establishment of industrial funds across various regions, utilizing a "government guidance + market operation" model to promote technological innovation and industrial upgrades [1] - The development of industrial park REITs is accelerating, with a significant increase in new applications, listings, and expansions compared to the previous year [1] Industry Positioning - Operators are shifting from generalized to segmented industry positioning, focusing on new productive forces and leveraging local policies for differentiated development to avoid homogenization [2] - The transition involves technological innovation, green transformation, and digital empowerment to upgrade traditional manufacturing to a new productive force [2] Industry Recruitment - The recruitment strategy has evolved to focus on chain recruitment and ecosystem construction, emphasizing digitalization and innovation [2] - The recruitment process has shifted from experience-driven to data-driven, with industry mapping becoming a core planning tool [2] Industry Cultivation - Operators are innovating financial tools to provide full lifecycle empowerment, moving beyond basic infrastructure to encompass enterprise incubation, industrial upgrading, and ecosystem optimization [2] Development Trends - There is a trend towards deeper collaboration among operators, activating existing stock, and balancing heavy and light asset strategies [3] - Operators are increasingly forming collaborative platforms involving government, leading enterprises, research institutions, and financial entities to enhance policy, innovation, and industry chain integration [3] - The approach to revitalizing old industrial parks has expanded from mere building updates to a multi-dimensional ecosystem that includes digital, industrial, financial, and social aspects [3] Market Activation Insights - The importance of understanding market supply and demand before developing new industrial parks is emphasized, along with the necessity of providing both hardware and soft services for effective operation [3] - The experience of established companies like Beijing Lian Dong Investment Group highlights the value of professional expertise in industrial park development and operation [3]