Core Insights - The event "2025 Smart City Integration · Digital Leading Future" was held in Shanghai, where the company Jinhe Commercial Management was awarded "Top 10 Excellent Operators of Industrial Parks in the Yangtze River Delta" and "Top 20 National Brand Power of Urban-Rural Integration Operators" [1][8][10] Group 1: Company Achievements - Jinhe Commercial Management received recognition for its comprehensive operational strength and industry influence, highlighting its capabilities in asset renewal, industrial ecosystem cultivation, and sustainable operational management [1][8] - The awards signify authoritative acknowledgment of the company's professional abilities and brand value [1][8] Group 2: Urban Renewal Focus - The company is at the forefront of urban renewal, focusing on repositioning, upgrading, and professional operation of inefficient existing buildings to create high-quality spaces that meet modern industrial development needs [5][12] - Each project renewal not only transforms physical spaces but also deeply reshapes regional functions, industrial vitality, and urban context, injecting commercial vitality and cultural warmth into cities [5][12] Group 3: Industrial Ecosystem Development - As an operational service provider connecting space, industry, and people, the company aims to create an "industrial symbiosis" ecosystem platform that promotes interaction, collaboration, and innovation among enterprises within its parks [6][13] - The parks operated by Jinhe are evolving into accelerators for enterprise growth and important carriers for regional industrial upgrades [6][13] Group 4: Long-term Commitment - The company adheres to a "long-termism" philosophy, integrating refined, standardized, and digital management throughout the entire project lifecycle, ensuring a balance between social benefits and market value [6][13] - The team is committed to enhancing asset value and sustainable development through professional and meticulous management practices [6][13] Group 5: Future Outlook - Looking ahead, the company will continue to uphold its mission of "updating cities and improving lives," enhancing asset operation and industrial service capabilities while exploring more possibilities for urban-rural integration [8][14] - Jinhe aims to contribute more "Jinhe strength" to the high-quality development of cities and better living standards [8][14]

1月26日，锦和商管跌5.03%，截至发稿，报6.98元/股，成交7650.17万元，换手率2.24%，总市值32.98 亿元。 资料显示，上海锦和商业经营管理(集团)股份有限公司位于上海市徐汇区虹漕路68号锦和中心18楼，成 立日期2007年5月9日，上市日期2020年4月21日，公司主营业务涉及城市老旧物业、低效存量商用物业 的定位设计、改造、招商、运营和服务。主营业务收入构成为：租赁74.83%，物业服务及其他 25.17%。 从锦和商管十大流通股东角度 截至发稿，孔宪政累计任职时间5年62天，现任基金资产总规模66.75亿元，任职期间最佳基金回报 103.67%， 任职期间最差基金回报-16.74%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，任何在本文出现的信息（包括但 不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验，因此本文内 容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 ...

△图源：同花顺 预计计提各类资产减值损失2.26亿元 事实上，截至2025年第三季度末，锦和商管的业绩还表现良好。虽然其营收较上年小幅下滑5.89%，至7.29亿元；但归母净利润却同比增长127.98%，至 8586.88万元。 也就是说，第四季度，锦和商管业绩突然大变脸，而背后的核心原因竟是大额资产减值计提。 锦和商管在业绩预报中表示，随着部分项目边际租金成交单价下行，公司对相关资产进行年末减值测试，预计2025年度计提各类资产减值损失合计约2.26 亿元，其中拟计提资产减值准备2.17亿元，拟计提信用减值准备893.11万元。 1月20日晚间，锦和商管发布业绩预报称，2025年预计归母净亏损0.75亿元至1.25亿元；预计扣非净亏损为1.75亿元至2.25亿元。而这也将是该公司自上市 以来归母净利润首次告负。 资料显示，锦和商管成立于2007年5月，公司聚焦城市更新领域，致力于城市老旧物业的重新定位、设计改造、招商运营和服务提升，管理业态包括但不 限于文创园区、办公楼宇、社区商业、公寓等。2020年4月21日，锦和商管登陆上交所，在业内有"城市更新第一股"和"轻资产第一股"之称。 随着业绩预告发布，资本市 ...

Investment Rating - The report assigns a "Buy" rating to China Resources Mixc Lifestyle Services Limited (01209.HK) with a current price of HKD 43.44 and a fair value of HKD 48.72 [6][33]. Core Insights - The shopping center segment shows strong performance, with both scale and quality being emphasized. The company is expected to experience significant growth in its commercial operations, particularly in shopping centers, which are projected to drive revenue growth [2][33]. - The company is entering a critical development phase over the next five years, focusing on both expansion and high-quality service delivery. This includes a strategy to enhance customer flow and membership engagement [33]. Financial Forecasts - Revenue projections for 2023A to 2027E are as follows: - 2023A: RMB 14,767 million - 2024A: RMB 17,043 million (22.9% growth) - 2025E: RMB 18,026 million (5.8% growth) - 2026E: RMB 19,218 million (6.6% growth) - 2027E: RMB 20,434 million (6.3% growth) [3][14]. - EBITDA is forecasted to grow from RMB 4,304 million in 2023A to RMB 6,985 million in 2027E [3]. - Net profit attributable to shareholders is expected to increase from RMB 2,929 million in 2023A to RMB 4,824 million in 2027E, with a growth rate of 32.8% in 2023A and 10.6% in 2027E [3][14]. Revenue Breakdown - The company’s revenue is segmented into commercial and property channels: - Commercial channel revenue is projected to grow significantly, with shopping center revenue expected to increase by 16.5% in 2025, 14.0% in 2026, and 14.0% in 2027 [14][21]. - Property channel revenue is expected to grow at a slower pace, with community space revenue projected to decline by 2% in 2025, followed by modest growth in subsequent years [21][22]. Profitability Metrics - The overall gross margin is expected to improve from 35.6% in 2025 to 37.9% in 2027, driven by enhanced profitability in the commercial segment [22][24]. - The core net profit margin is projected to rise from 21.7% in 2025 to 23.5% in 2027, reflecting improved operational efficiency [30][32]. Investment Strategy - The report emphasizes the importance of balancing scale and quality in the company's growth strategy, with a focus on expanding its commercial footprint while maintaining high service standards [33]. - The fair value assessment is based on a price-to-earnings ratio of 23x, reflecting the company's historical performance and future growth potential [33].

虽身处城市更新蓝海赛道，但锦和商管（603682.SH）业绩表现并不乐观。 1月20日晚间，锦和商管发布业绩预报称，2025年预计归母净亏损0.75亿元至1.25亿元；预计扣非净亏损为1.75亿元至2.25亿元。而这也将是该公司自上市以 来归母净利润首次告负。 资料显示，锦和商管成立于2007年5月，公司聚焦城市更新领域，致力于城市老旧物业的重新定位、设计改造、招商运营和服务提升，管理业态包括但不限 于文创园区、办公楼宇、社区商业、公寓等。2020年4月21日，锦和商管登陆上交所，在业内有"城市更新第一股"和"轻资产第一股"之称。 随着业绩预告发布，资本市场反应剧烈。1月21日，锦和商管股价开盘即跌停，报6.35元 /股，随后股价震荡攀升，截至收盘报7.06元/ 股，较前一交易日微 涨0.14%。 对此，时代周报记者致电锦和商管证券部，接电话工作人员表示，2025年公司大部分项目的经营现金流仍为净流入状态。至于公司归母净利润首次陷入亏 损，主要是受会计上的资产减值计提影响。 图片来源：同花顺 锦和商管在业绩预报中表示，随着部分项目边际租金成交单价下行，公司对相关资产进行年末减值测试，预计2025年度计提各类资 ...

1月22日，锦和商管涨5.1%，截至发稿，报7.42元/股，成交5631.09万元，换手率1.65%，总市值35.06亿 元。 截至发稿，孔宪政累计任职时间5年58天，现任基金资产总规模56.08亿元，任职期间最佳基金回报 101.07%， 任职期间最差基金回报-16.74%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，诺安基金旗下1只基金位居锦和商管十大流通股东。诺安多策略混合A（320016）三季度新 进十大流通股东，持有股数261.33万股，占流通股的比例为0.55%。根据测算，今日浮盈赚取约94.08万 元。 诺安多策略混合A（320016）成立日期2011年8月9日，最新规模18.55亿。今年以来收益9.24%，同类排 名1804/8843；近一年收益83.55%，同类排名332/8096；成立以来收益260.5%。 诺安多策略混合A（320016）基金经理为孔宪政。 资料显示，上海锦和商业经营管理(集团)股份有限公司位于上海 ...

证 券 研 究 报 告 房地产行业周报（2026 年第 3 周） 首开集团发行 7.5 亿私募债，1 月至今 11 城 推荐（维持） 二手房成交同比增长 19% 行业研究 房地产 2026 年 01 月 21 日 华创证券研究所 证券分析师：单戈 邮箱：shange@hcyjs.com 执业编号：S0360522110001 证券分析师：许常捷 邮箱：xuchangjie@hcyjs.com 执业编号：S0360525030002 证券分析师：杨航 邮箱：yanghang@hcyjs.com 执业编号：S0360525090001 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 107 | 0.01 | | 总市值(亿元) | 12,199.78 | 0.98 | | 流通市值(亿元) | 11,699.32 | 1.17 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 3.7% | 7.2% | 8.4% | | 相对表现 | 0.1% | -9.4% | -15.8% ...

Core Viewpoint - The company Jinhe Business Management has announced a significant expected loss in net profit for the year 2025, indicating potential financial challenges ahead [2] Financial Performance - The company expects to achieve a net profit attributable to shareholders of between -125 million yuan and -75 million yuan for the year 2025 [2] - The expected net profit after deducting non-recurring gains and losses is projected to be between -225 million yuan and -175 million yuan for the same period [2]

Core Viewpoint - Jinhe Business Management (603682.SH) forecasts a net profit attributable to shareholders of the listed company for 2025 to be between -125 million yuan and -75 million yuan, indicating a significant decline compared to the previous year [1] Group 1: Financial Performance - The expected net profit attributable to shareholders, excluding non-recurring gains and losses, is projected to be between -225 million yuan and -175 million yuan for 2025 [1] - The decline in net profit and net profit excluding non-recurring gains and losses is primarily due to overall pressure on the commercial office market, intensified competition, and declining market rents [1] Group 2: Market Conditions - Despite implementing a strategy of increasing volume through price reductions, the marginal rental transaction prices have decreased, leading to a decline in the company's main business gross profit margin [1] - The rental occupancy rate has slightly increased by the end of 2025 compared to the beginning of the year, but the downward trend in rental prices continues to exert pressure on net profit [1] Group 3: Asset Management - The company plans to conduct year-end impairment testing on certain assets and goodwill due to signs of impairment, following the principles of prudence and relevant accounting policies [1] - Based on expected credit losses, the company will also perform impairment tests and make provisions for credit impairment on accounts receivable and other receivables [1]

Core Viewpoint - The company Jinhe Commercial Management (603682.SH) forecasts a significant decline in net profit for the year 2025, projecting a loss between 125 million to 75 million yuan, primarily due to market pressures and declining rental prices [1] Group 1: Financial Performance - The expected net profit attributable to shareholders is projected to be between -125 million to -75 million yuan for 2025 [1] - The net profit after deducting non-recurring gains and losses is anticipated to be between -225 million to -175 million yuan [1] - The decline in net profit compared to the previous year is attributed to overall market demand pressure, intensified competition, and falling rental prices [1] Group 2: Market Conditions - The commercial office market is experiencing overall demand pressure and increased competition, leading to a downward trend in market rental prices [1] - Despite implementing a strategy to increase occupancy through price adjustments, the marginal rental transaction prices have decreased, resulting in a decline in the company's gross profit margin [1] Group 3: Asset Management - The company has adopted a price-for-volume strategy, which has led to a slight increase in occupancy rates by the end of 2025 compared to the beginning of the year [1] - Due to the decline in marginal rental transaction prices, the company plans to conduct impairment tests on certain assets and goodwill, and will recognize impairment provisions based on cautious principles [1] - The company will also perform impairment tests on accounts receivable and other receivables, and will recognize credit impairment provisions based on expected credit losses [1]