Core Viewpoint - The current consensus in the industry is that the market is in a challenging "L-shaped" phase, with no clear turning point in sight, and the most pressured period has yet to pass [1] Group 1: Market Conditions - The commercial office market is facing dual challenges of development and investment obstacles, with rising vacancy rates and rental pressures [1] - Major cities in China are experiencing high vacancy rates in office buildings, with Shanghai's Grade A office market seeing a vacancy rate rise to 23.6% and average rental prices dropping to 212.6 yuan per square meter per month [2] - The net absorption of Grade A office space in major cities in Greater China recorded approximately 764,000 square meters in the first half of 2025, a year-on-year increase of 5.5% [2] Group 2: Demand Shifts - There is a structural change in demand as companies shift from centralized to distributed office models, establishing "satellite offices" to reduce rental costs and enhance employee convenience [3] - The demand for "small and refined" flexible office spaces is becoming a necessity, but many traditional office owners lack the experience and resources to operate such spaces [3] Group 3: IWG's Business Model - IWG positions itself as a "hotel management group" in the office sector, focusing on light-asset operations to address the challenges of existing assets [4] - IWG's operational model emphasizes flexibility in lease terms, with the shortest lease available on a daily basis and an average lease duration of about 12 months [5] - IWG's pricing model is based on workstations rather than square meters, offering an all-inclusive pricing structure that covers utilities and office supplies [5] Group 4: Financial Performance and Expansion - IWG has achieved profitability in China, operating approximately 150 office centers across 45 cities, with plans to expand further [7] - The company's system revenue reached $2.162 billion (approximately 15.5 billion yuan) in the first half of 2025, marking a historical high with a year-on-year growth of 2% [8] - IWG's adjusted EBITDA grew by 6% year-on-year to $262 million (approximately 1.88 billion yuan) [8] Group 5: Localization Strategy - IWG is focusing on localizing its services to better meet the needs of Chinese enterprises and is expanding into lower-tier cities, with about 70% of new projects involving state-owned platforms [8] - Collaborations with state-owned platforms are helping IWG secure stable and high-quality property resources for further expansion [8]

在一系列旨在盘活存量资产的利好政策密集出台的背景下，众多企业正积极行动，致力于深度挖掘存量 写字楼资产的内在潜力、高效盘活低效资产。 近日，蜜蜂公司在成立十周年之际宣布，公司多品牌矩阵启动，标志着蜜蜂将从单一空间运营，迈向更 广阔的全场景空间服务领域。未来，BEEPLUS将专注万亿GDP城市存量载体的改造运营，CITYPLUS 则针对一线城市甲级写字楼的运营管理，Hero则是提供智慧化方案。其中，BEEPLUS已服务超3546家 企业，客户复购率稳居行业前列。 目前，一线城市甲级写字楼普遍空置率偏高的问题，CITYPLUS为何选择针对一线城市甲级写字楼的运 营管理？"国内市场已从房地产开发的增量时代，全面进入以运营为核心的存量时代，海量低质、低效 资产亟待焕新，高品质不动产运营与国际成熟市场仍有差距。国内从不缺产业园区、写字楼与住宅，缺 的是能承载'美好生活'的高品质空间。蜜蜂公司创始人兼董事长贾凡表示，未来资产运营至关重要，房 地产及不动产过去的高周转模式已不可持续。如何通过精细化运营实现园区、办公楼宇资产保值增值， 是行业的关键问题。 ...

Group 1 - The Shenzhen office market is showing significant structural opportunities despite a challenging macro environment and increased supply, leading to a rise in average vacancy rates [2] - In the first half of 2025, the net absorption of Grade A office space in Shenzhen was approximately 180,000 square meters, with a total of 645,000 square meters of new supply from seven projects [2] - The average vacancy rate for Grade A offices in Shenzhen increased by 1.3 percentage points to 26.5% by the end of the second quarter due to concentrated new supply [2] Group 2 - The technology and internet sectors remain key sources of demand, contributing nearly 20% of the leasing transaction area in the first half of the year, with strong performance in hard technology sectors like consumer electronics and semiconductors [3] - Shenzhen's robust industrial foundation continues to foster new growth engines, particularly in artificial intelligence and smart manufacturing, which are expected to drive structural growth in the office market [3] - Major technology companies are expanding their operations and R&D, which is likely to create significant new office demand in Shenzhen, enhancing its appeal for leading tech firms [3]