来源|文轩观察 作者|吴三畏 图源|网络 当旧有的增长引擎逐渐熄火，正在全力向"大家居"战略转型的欧派家居，究竟是会像一些同行那样陷入 持续萎缩，还是能凭借其规模与转型决心穿越周期、重获新生？ 2025年12月12日，随着沪深300指数样本调整正式生效，定制家居龙头企业欧派家居被正式调出样本 股，这是它在2025年底遭遇的第二次"出清"。 昔日千亿市值行业巨头，在不到四年时间内市值缩水约三分之二，其传统增长模式正面临严峻的失效考 验。 从资本宠儿到被 "抛弃" 2025年末，欧派家居经历了一场资本市场的"双重出清"。在MSCI中国A股指数调整后的第二个月，这 家曾经的千亿市值定制家居龙头也被调出了沪深300指数样本股名单。 沪深300指数作为A股核心优质资产的价值代表，其成分股筛选涵盖市值规模、股票流动性、盈利能力 及行业代表性等核心维度。 这次调整中，信息技术、通信服务行业的样本数量和权重均有所增加，而像欧派家居这样的传统行业个 股则被逐步出局。 指数调整当日，欧派家居股价应声下跌0.53%，盘中一度探至49.30元/股的年度新低。 截至2025年12月31日午盘，欧派家居每股报53.02元，与2021年的 ...

Core Viewpoint - The article analyzes the annual reports of metro companies in 28 cities in China for 2024, highlighting significant revenue and profit changes, with a focus on the financial struggles of certain companies, particularly Shenzhen Metro, which reported substantial losses [1][2][9]. Revenue Summary - Guangzhou Metro Group achieved the highest revenue increase, with an additional 8.938 billion yuan compared to 2023, reaching a total of 23.062 billion yuan [2]. - Shenzhen Metro, despite being the second-largest, saw a revenue decline of 3.957 billion yuan, totaling 21.189 billion yuan [2]. - Ningbo Metro reported a revenue increase of 6.725 billion yuan, ranking third with a total of 17.234 billion yuan [2]. Profit Summary - Beijing Infrastructure Investment Company led in net profit with 3.153 billion yuan, an increase of 0.756 billion yuan from 2023 [9]. - Tianjin Metro followed with a net profit of 0.846 billion yuan, up by 0.126 billion yuan [9]. - Shenzhen Metro reported a staggering net loss of 33.566 billion yuan, a decline of 34.109 billion yuan year-on-year, marking it as the only metro company with losses exceeding 30 billion yuan [9][10]. Operational Costs and Subsidies - The operational costs for metro companies are notably high, with the median cost for urban rail transit companies in 2019 being 11.2615 million yuan per kilometer, and major cities exceeding 15 million yuan per kilometer [6]. - Most metro companies rely heavily on government subsidies to cover operational costs, with Shenzhen Metro's losses amounting to 40.716 billion yuan after accounting for 7.15 billion yuan in government subsidies [10][11]. Industry Challenges - The industry faces deep-rooted conflicts between public service obligations and market-driven operations, as ticket prices are controlled by the government and do not cover operational costs [12]. - The reliance on real estate development revenue has become problematic, exemplified by Shenzhen Metro's 63% drop in property development income [13]. - There is a general lack of passenger growth, with the national average passenger flow intensity at 0.61 thousand passengers per kilometer per day, while only a few cities meet the standard [13].