每经编辑｜许绍航 昨日（1月5日）下午，位于深圳福田区卓悦中心的KKV门店，突然发生强制闭店事件。 据南方都市报，KK集团内部人士及一线员工反馈，当日卓悦中心未提前沟通，直接以围栏封锁门店，阻止工作人员到岗，导致门店停业。 有知情人士称，此次冲突造成KKV一线员工受伤，目前已送医观察，员工群体情绪低落，称"事发突然，毫无准备"。 据第一现场，今日（1月6日），记者来到卓悦中心发现，KKV商铺门口仍旧有围挡，很多商场工作人员在值守，目前店面前没有任何张贴的告示，但店 内的陈列物品都还在，并未搬走。 2025年12月14日，该门店就曾贴出告示，称购物中心以业态调整为由单方面强行要求KKV提前解约，并采用停水断电等粗暴手段，致使门店无法继续正 常经营。 需注意的是，这已是该门店第二次遭到"强制闭店"。 据智通财经，彼时卓悦中心方面回应，已经与对方进行了多轮正式协商，但很遗憾最终未能达成共识。 在短短一个月内两度发生"暴力闭店"事件，这家门店到底发生了什么？ 1月5日晚间，卓悦中心发布官方说明，直指KKV拖欠业绩租金，构成根本违约。 卓悦中心在说明中表示，解除与KKV的租赁合同，是因"KKV始终未能支付《租赁合同》约 ...

KKV深圳卓悦中心店日前称被商场单方面强制解约被迫闭店，此事引发关注。南都湾财社记者注意 到，12月19日下午，多位网友最新发帖称，涉事KKV门店恢复营业。 12月20日，南都湾财社记者致电KKV涉事门店，工作人员回应称，该门店已于12月19日下午重新恢复 营业，公司还在和商场交涉，至于后续门店是否位置变更，该工作人员称要听公司安排。 根据此前KKV方面的回应，KKV于2021年接到卓悦负责人邀请后与深圳卓悦中心签订了2021—2027年 的合作协议。KKV相关负责人曾向南都湾财社记者表示，相关同事正在协商沟通双方业务，商场方希 望KKV该门店移位，但双方未达成一致的解决方案。该负责人还称，门店一直按时交租，从未欠费。 卓越集团官网介绍，One Avenue卓悦中心于2019年9月12日开业，该购物中心由金地、卓越、大百汇三 大集团合资开发，位于深圳中心区。卓越集团介绍，该卓越中心作为福田CBD商圈新地标，将突破传 统的Mall模式，定位为国际化商业时尚新中心。 KKV创立于2019年，为广东快客电子商务有限公司（KK集团）旗下的潮流零售集合品牌，KK集团旗 下还拥有THE COLORIST调色师、X11、宠 ...

购物中心板块：运营能力远超同业。板块的毛利润贡献占比达56.3%（1H25）已经成为绝对利润支柱。 公司购物中心运营能力远超同业，零售额方面，1-9M25 累计零售额同比增20-25%，同店增10-15%，重 奢定位的14 个购物中心同店增速高于整体，均远超同期社零增速的3.0%；国庆期间，公司购物中心整 体零售额同比增25%，同店增速低双位数，重奢定位的14 个购物中心同店增20%，对比上海重点商圈销 售额同比10.2%的增速，显著更强。外拓方面，公司在10 月底已落地8 个项目，预计全年10 个的目标将 有序完成。新开业方面，截至9 月，公司开业购物中心10 个，预计全年14 个的目标也将稳步达成。我 们预估购物中心板块的收入/毛利润增速将在25 年达18%/27%，得益于毛利率显著提高5.9 个百分点至约 78.5%，毛利贡献占比也进一步提升5 个百分点至约60%。 基础物管板块：三方外拓持续发力。公司全年三方外拓目标年化合同金额约10 亿元，截至9 月已完成近 8 亿元。基于今年公司依然属于处于低质项目退盘阶段（1H25 退盘约1,300 万方）及当前经济环境下受 到的收缴率挑战，我们预估全年综合在管 ...

智通财经记者 | 杨舒鸿吉 智通财经编辑 | 庄键 伊势丹百货2024年6月退出上海梅龙镇广场后，这家沪上老牌百货的命运就备受关注。 2025年12月12日，随着恒隆地产有限公司（下称恒隆地产）与上海九百（集团）有限公司（下称九百集 团）完成签约，这座地处南京西路1038号的上海地标商业项目正式交由恒隆地产运营。根据协议，该项 目将由恒隆地产以营运租赁形式经营，期限为20年。 由于租约到期，伊势丹百货退出了梅龙镇广场，后者因此在2024年年中终止运营。九百集团拥有的这座 商业地产随后开启了近两年的寻租之路，并曾与哈罗德、SKP、阪急等知名国际百货品牌传出绯闻。 九百集团董事长许騂接受智通财经采访时表示，最终选择恒隆地产，是因为看中其拥有丰富的商业地产 经营理念和商业管理经验，此次合作不仅有利于南京西路1038号项目的推进，还将重塑整个南京西路地 区的商业生态。 恒隆地产拿下南京西路1038号项目后，将促成其在南京西路商圈的一次重要扩容。 梅龙镇广场、上海恒隆广场与中信泰富广场曾被誉为南京西路中段的金三角，有着"梅恒泰"之称，其中 上海恒隆广场即由恒隆地产持有并运营。 南京西路1038号项目将为恒隆地产在南京西 ...

人民财讯11月11日电，中信证券指出，政策发力支持提效线下消费设施。商业地产的运营、持有和改造 或将迎来有史以来最有利的发展环境。REITs市场持续发育，险资等长钱持续增配商业地产。不动产投 资基金在多年沉寂后，迎来快速发展期。城市走向内涵式发展，再投资回报率逐渐下降，核心资产大多 成为非卖品，核心重资产具备较大重估潜力。存量改造需求持续井喷，头部企业产能有限。预计未来龙 头商管公司增加包租业务，透过筛选提升订单质量。整个商管行业则可能快速增长，龙头无暇满足的需 求将被众多二线品牌分享。 ...

Core Insights - The company reported a total commercial operating revenue of approximately 1.173 billion yuan in September, representing a year-on-year increase of 10.13% [1] - For the first nine months, the cumulative commercial operating revenue reached approximately 10.511 billion yuan, reflecting a year-on-year growth of 10.82% [1] Revenue Performance - In September, the company achieved a contract sales amount of approximately 1.484 billion yuan, with a sales area of about 211,300 square meters [1] - From January to September, the cumulative contract sales amount was approximately 15.050 billion yuan, with a total contract sales area of around 1,959,100 square meters [1]

Core Viewpoint - Hang Lung Properties (00101) experienced a stock price increase of over 3%, reaching HKD 9.07, with a trading volume of HKD 63.39 million, following the release of strong preliminary operational data for its properties in mainland China and Hong Kong during the National Day Golden Week [1] Group 1: Operational Performance - The preliminary operational data for the period from October 1 to 4, 2025, indicates significant growth in tenant sales and foot traffic in mainland shopping malls, with total tenant sales increasing by approximately 15% year-on-year [1] - Notable performances were recorded at Wuhan Hang Lung Plaza and Shanghai Port International Plaza, where tenant sales surged by over 70% and 50%, respectively [1] - On National Day (October 1), tenant sales in the mainland property portfolio saw a year-on-year increase of over 20%, with 70% of operational malls achieving double-digit growth [1] Group 2: Marketing Strategies - The strong performance during the Golden Week can be attributed to a variety of marketing activities and effective membership promotion strategies implemented across the mainland properties [1] - Wuhan Hang Lung Plaza attracted a large number of customers due to the debut of the popular IP "ButterBear" autumn baking workshop, resulting in tenant sales doubling compared to the previous year [1]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, indicating pressure on profitability despite stable revenue performance [1][2]. Revenue and Profitability - In H1 2025, the company achieved revenue of 832.2 billion, a year-over-year decrease of 4.5% [1] - The net profit attributable to shareholders was 86.0 billion, down 16.6% year-over-year, while the core profit attributable to shareholders was 87.8 billion, a decline of 17.5% [1] - The decrease in net profit was attributed to a 4.7 percentage point drop in gross margin to 17.4%, primarily due to reduced project profits from the previous industry cycle [1] Sales Performance - The company recorded sales of 1201.1 billion in development business, a year-over-year decrease of 19.0%, maintaining the second position in the market [2] - Sales in first-tier cities and Hong Kong accounted for 53.7% of total sales, with Beijing contributing 304.5 billion [2] - The company acquired 17 projects in H1 2025, with a land cost of 401.1 billion and a land area of 2.57 million square meters, maintaining a high land acquisition intensity of 33.6% [2] Commercial Operations - Commercial revenue remained stable at 35.4 billion, with office buildings, shopping centers, long-term rentals, and hotels contributing 17 billion, 11.7 billion, 1.6 billion, and 5.1 billion respectively [2] - The leasing rate for mature shopping centers reached 96.2%, with sales and foot traffic increasing by 6.7% and 11.0% year-over-year [2] Financial Health - The company reported a debt-to-asset ratio of 53.7% and a net debt ratio of 28.4%, with interest-bearing loans reduced by 141.2 billion since the beginning of the year [3] - Cash on hand was 1089.6 billion, representing 12.1% of total assets, and the average financing cost decreased by 20 basis points to 2.9% [3] Future Outlook - The company is expected to achieve revenue of 1893.4 billion, 1927.7 billion, and 1983.4 billion from 2025 to 2027, with net profits of 154.3 billion, 160.7 billion, and 170.9 billion respectively [3] - The company is focusing on first and second-tier cities, with a strong financial structure and quality land reserves, indicating potential for continued growth [3]

Core Viewpoint - CR Mixc's 1H25 revenue increased by 6.5% YoY to RMB8.5 billion, aligning with estimates, despite declines in developer VAS and community VAS revenues [1] - The company demonstrated strong performance in the commercial segment, with gross margin expansion and significant growth in gross profit [1][2] Financial Performance - Core net profit rose by 15% YoY to RMB2 billion, slightly below the estimated 17.7% growth [2] - Interim DPS surged by 89.6% to RMB0.529, with a special dividend of RMB0.352/share, resulting in a payout ratio of 100% of interim core earnings [2] - Gross profit grew by 16.3% YoY, exceeding estimates, despite a 66.5% YoY decline in interest income [1] Segment Performance - The commercial segment saw shopping mall revenue increase by 30% YoY in 1H25, with retail sales growing by 21.1% YoY and SSSG at 9.7% [3] - Retail sales in luxury malls grew by 13.2% YoY, while non-luxury malls increased by 26.4% YoY [3] - The number of malls in operation increased to 125, with 6 new malls obtained through third-party expansion [3] Property Management Expansion - CR Mixc added 14.32 million sqm of contracted area in 1H25, with 71.2% being public projects [4] - Total contracted GFA increased from 450.5 million sqm at the end of 2024 to 452.1 million sqm, while total GFA under management rose from 413.1 million sqm to 420.5 million sqm [4] Valuation and Market Position - The target price is set at HK$42.91, derived from a 23x 2025E P/E, with the stock currently trading at 20.1x 2025E P/E [5] - The company offers a 4.7% 2025E dividend yield, reflecting its competitive position in the commercial segment and industry-leading gross margin [5]

Core Viewpoint - New City Holdings reported a strong performance in the first half of 2025, with significant revenue growth and improved profitability metrics [1] Financial Performance - The company achieved an operating revenue of 22.1 billion yuan in the first half of 2025 [1] - Net profit attributable to shareholders was 0.895 billion yuan, while the net profit excluding non-recurring items was 0.947 billion yuan [1] Business Segments - The commercial segment continued to grow, with total revenue from commercial operations reaching 6.944 billion yuan, representing a year-on-year increase of 11.8% [1] - The gross profit from property leasing and management was 4.573 billion yuan, which increased its share of total gross profit from 57.21% in the same period last year to 77.06% [1] - The gross profit margin for property leasing and management stood at 71.20% [1]