Core Viewpoint - The introduction of Ningbo Shanjing Outlet as a new member of the outlet consumption REITs market in China highlights the growing interest and potential in this sector, following the successful launch of the first outlet REIT by Huaxia in 2022 [1][2]. Group 1: Company Overview - Ningbo Shanjing Outlet, operated for over 13 years, is the first outlet project developed by Shanshan Commercial, in collaboration with Japanese firms Itochu and Mitsui [2]. - The project has a total building area of 104,300 square meters and a commercial area of 83,300 square meters, with a total valuation of 2.972 billion yuan, representing a 547% increase from its original value [3][4]. Group 2: Financial Performance - The annual operating income of Ningbo Shanjing Outlet has shown a compound annual growth rate (CAGR) of 8.70% from 2022 to 2024, with projected revenues of 2.32 billion yuan, 2.64 billion yuan, and 2.74 billion yuan respectively [5][6]. - The outlet's average occupancy rate has remained above 97% over the past three years, with a peak occupancy rate of 99.71% at the end of 2024 [8][10]. Group 3: Revenue Composition - The revenue structure is primarily based on joint venture income and commission income, with joint venture income accounting for 74.33% of total revenue in 2024 [5][6]. - The commission rate for joint venture income has consistently exceeded 13% over the past three years, reaching 13.29% in 2024 [6][7]. Group 4: Market Position and Competition - Ningbo Shanjing Outlet is strategically located in a strong consumer market with no direct competitors in the vicinity, benefiting from local consumer support [16][17]. - The outlet has established a diverse tenant mix, with significant contributions from sports and outdoor brands, which have seen an increase in both area and revenue share [10][12]. Group 5: Future Prospects - The growing trend of introducing well-known domestic and international brands is expected to enhance the outlet's attractiveness and customer draw [10][15]. - The increasing number of outlet REITs in the market indicates a rising interest in this asset class, with more original rights holders looking to include profitable projects in REITs [22].

Core Insights - The white paper published by the China National Commercial Information Center indicates a shift in the outlet industry from "scale expansion" to "extreme efficiency" for the years 2024-2025 [2] Industry Overview - There are approximately 251 operational outlet projects in China, with a sales scale of about 239 billion yuan, reflecting a 4.5% growth compared to 2023, although the growth trend is slowing down [2] - The report identifies five current trends in the domestic outlet industry: slowing growth in formats, increased project differentiation, continuous channel penetration, accelerated format integration, and enhanced recognition in the capital market [2][3] Market Dynamics - The reasons for the channel penetration include consumer purchasing power, brand awareness, lifestyle changes, operating costs, and policy support [2] - The integration of outlet formats is driven by a shift in consumer demand from single functional value to multi-experience upgrades, emphasizing convenience, immersive experiences, and emotional resonance [3] Challenges and Recommendations - The outlet industry faces several challenges, including slowing luxury goods growth, multiple diversion pressures, difficulties in attracting tenants, heavy operational burdens, and significant transformation pressures [3] - The report suggests that project investors should manage risks by ensuring a robust front-end brand resource and a substantial back-end consumer channel to mitigate issues related to insufficient consumption and diversion [3] Future Trends - The report outlines five major trends for outlet development: transitioning from scale expansion to efficiency pursuit, from diverse offerings to head brand advantages, from single-channel to omnichannel, from discount brands to experiential revolutions, and from retail channels to asset targets [3] - Financing options for the outlet industry include public listings and issuing REITs, with the first batch of consumer public REITs launched in March 2024, and currently, there are seven consumer public REIT products in the domestic market [3][4] Sales Outlook - According to a survey by the China National Commercial Information Center, sales in discount retail formats are expected to outperform other formats in the first quarter of 2025, with a projected increase in outlet sales growth compared to 2024 [4] - High-quality outlet projects are seen as valuable assets for applying for consumer infrastructure REITs, which can help companies optimize capital structures and activate existing assets [4]

Core Insights - The report by the China National Commercial Information Center indicates a shift in the outlet industry from "scale expansion" to "extreme efficiency" as the current number of operational outlet projects is approximately 251, with a sales scale of about 239 billion yuan, reflecting a growth of 4.5% compared to 2023, although the growth trend is slowing down [1][2] Industry Challenges - The outlet industry is facing five major issues: slowing growth in luxury goods, multiple diversion pressures, difficulties in attracting brands, heavy operational burdens, and significant transformation pressures [1] - The executive president of the China National Commercial Information Center emphasizes the need for project investors to manage risks by ensuring a robust front-end brand resource and a well-established back-end consumer channel to mitigate issues related to insufficient consumption and diversion [1] Future Trends - The outlet industry is expected to transition from a focus on pure scale expansion to enhancing efficiency through refined operations to boost competitiveness [2] - The market landscape will shift from a dispersed state with numerous brands and enterprises to a concentration of advantages among leading companies [2] - Outlets will break through the limitations of single offline channels to establish an omnichannel sales system, achieving deep integration of online and offline sales [2] - The consumer experience will evolve beyond mere discount sales of luxury goods to an experiential revolution, aiming to create diverse and immersive shopping environments for consumers [2] - The attributes of outlets will further expand from being solely retail channels to becoming investment-worthy assets, attracting more capital interest and participation [2]

以下文章来源于LP波谱 ，作者杨博宇 LP波谱 . 本账号专注LP市场报道。"波浪、谱系"是识别市场的维度，也是定义市场的坐标；此外，波谱（Pop Art）也意为放低意义与史诗 的执念，认同商业的日常之美。 将投中网设为"星标⭐"，第一时间收获最新推送 一个关于市场信心逐渐恢复的信号正在浮现。 作者丨 杨博宇 来源丨 东四十条资本 唯品会再次把目光瞄向股权投资。 这家在消费互联网时代大火的电商公司，在本月初低调地注册了一家新公司——唯品会（珠海）投资合伙企业（有限合伙）。 这家机构注册地在珠海横琴，出资额为 10 亿元。由 VIPSHOP FINANCIAL SERVICE LIMITED 发 起 设 立 ，管理 人 为 VIPSHOP INTERNATIONAL HOLDINGS LIMITED 。虽然目前这家机构的投资动向暂未披露，但从过往的投资历史看，唯 品会在一级市场有过多笔出资，是电商中股权投资的老手之一。 据了解，新基金管理人 VIPSHOP INTERNATIONAL HOLDINGS LIMITED 是唯品会的国际业务平台，负责唯品会在海外市 场的投资、并购和业务拓展。不过 2019 年 7 ...

Core Viewpoint - The report highlights the rapid growth of urban outlet retail, with key players emerging in the last 2-3 years, and suggests that JD Outlet has the strongest differentiation advantage among them, indicating a positive outlook for the urban outlet sector's growth [1][12]. Urban Outlet Retail Growth - Urban outlets are a rapidly growing retail format, with offline outlet retail sales in China reaching 2.3 trillion yuan in 2023, showing a CAGR of 10.1% from 2019 to 2023, leading among various retail channels [2]. Key Players in Urban Outlets - Major urban outlet companies include JD Outlet, Huipin Warehouse, BIGOFFS, Vipshop offline stores, and Haotemai Super Warehouse, all established after 2017 and experiencing rapid growth in recent years. Each company has unique characteristics in site selection, store operations, and product offerings [3][5]. JD Outlet's Competitive Advantages - JD Outlet has a broader site selection strategy, actively exploring lower-tier markets, which allows it to gain quicker recognition from both property owners and consumers. Other players face challenges in establishing credibility in these markets [6][7]. - JD Outlet demonstrates strong retail operational capabilities, benefiting from the extensive management experience of its parent company, Hailan Home, which is one of the largest clothing companies in China [8]. - The procurement team at JD Outlet, backed by Hailan's resources and JD's brand reputation, has shown advantages in sourcing sports goods and exclusive brand products, indicating potential for closer collaborations with more brands as it expands [9][10]. Investment Strategy - The urban outlet sector in China is still in its early development stage, with significant growth potential. JD Outlet is identified as having the best overall strength among current players, and despite its limited number of stores, it is expected to expand rapidly due to its lightweight business model [12][13].