上海知名商场"上海六百"的拆除重建进行至第二年，上市公司徐家汇（002561）（SZ002561，股价9.15 元，市值38.04亿元）决定将投入"超级加倍"。 9月17日盘后，徐家汇发布关于调整公司重大投资项目的公告。该公告显示，公司拟对"上海六百城市更 新项目"（以下简称上海六百项目）进行调整，计划总投资将从7.08亿元增至16.98亿元，增加近140%。 《每日经济新闻》记者注意到，如此大的投入之下，徐家汇对上海六百项目资金来源的描述也悄然发生 变化，从"以公司自有资金为主，如有需要或适当采用外部融资"直接变为"公司自有资金及外部融资相 结合"。 徐家汇称，从短期来看，本次调整将导致项目前期部分投入成本的处置，项目建设期和投资回报期延 长，且筹备协调及建设的难度增大，会对公司业绩造成影响。 《每日经济新闻》记者注意到，根据徐家汇2025年3月27日发布的公告，公司尚未取得建设工程规划许 可证和建设工程施工许可证，暂无法对上海六百项目进行工程建设。 项目资金来源描述生变 徐家汇对"上海六百"进行拆除重建的动作，可以追溯至2020年8月。当年8月中旬，徐家汇发布公告称， 拟将"上海六百"现有建筑体拆除重建， ...

Core Viewpoint - The company is adjusting its major investment project, the Shanghai Liu Bai Urban Renewal Project, to align with the updated urban planning requirements and enhance its future transformation and development [3][11][19]. Group 1: Board Meeting Summary - The 17th meeting of the 8th Board of Directors was held on September 17, 2025, with all 9 directors present, and the meeting complied with relevant laws and regulations [2]. - The board approved the proposal to adjust the major investment project, which will be submitted for shareholder approval [3][4]. - The adjustment is necessary due to significant changes in building indicators from the urban planning proposal, aiming to align the project with local planning and promote regional economic development [3][11]. Group 2: Project Adjustment Details - The project adjustment includes changes in construction content, functional positioning, and total investment to meet the updated urban planning requirements [11][14]. - The total planned investment for the Shanghai Liu Bai Urban Renewal Project is approximately 1.698 billion yuan, including related surrounding infrastructure projects [10]. - The board also approved a new round of design bidding for the project, with an estimated design contract amount not exceeding 15 million yuan [5][8]. Group 3: Impact and Feasibility Analysis - The project aims to enhance asset value by combining a serviced apartment hotel with flagship stores, catering to high-end consumer needs and stabilizing rental income [15][18]. - The adjustment is seen as a strategic move to cope with intense competition in the retail sector and to explore new paths for transformation [14][15]. - The company plans to dispose of approximately 22 million yuan of previously incurred costs related to the project, which will reduce the profit for 2025 by the same amount [19][20].

Core Viewpoint - The company Xu Jia Hui is significantly increasing its investment in the Shanghai Liu Bai project, raising the total investment from 708 million yuan to 1.698 billion yuan, an increase of nearly 140% [1][3]. Investment Adjustment - The total investment for the Shanghai Liu Bai project has been adjusted to 1.698 billion yuan from the previous 708 million yuan [1][3]. - The project’s total construction area has increased from 19,200 square meters to 42,500 square meters [3]. - The building height has been raised from 50 meters to 130 meters, and the number of floors has increased from 10 above ground and 1 below ground to 30 above ground and 2 below ground [3]. - The construction period has been extended from an estimated 18 months to 30-36 months, and the investment recovery period has increased from 15-17 years to the 19th year of operation [3]. Funding Sources - The funding strategy has shifted from primarily using the company's own funds to a combination of self-funding and external financing [4]. Long-term Strategy - The project is seen as a long-term strategy for the company to enhance its profitability and core competitiveness by meeting modern consumer demands through a combination of apartment-style hotels and flagship stores [4][5]. - The project aligns with the "Big Xu Jia Hui" development strategy aimed at upgrading the commercial landscape in the Xu Hui district [5]. Competitive Landscape - The company acknowledges the challenges faced by the retail industry, including weak demand and increased competition from e-commerce [6]. - The combination of apartment-style hotels and flagship stores is intended to attract high-end consumers and stabilize rental income and operational performance [6].

Core Insights - The new Six Hundred YOUNG project aims to rejuvenate the former Pacific Department Store site in the Xujiahui commercial area, focusing on a family-oriented interactive consumption experience with the theme "Grow Young Together" [1][5] - The project is set to open for trial operations in the first quarter of next year [2] - The Xujiahui commercial area has evolved significantly since the 1990s, transitioning from a department store-centric model to a more diverse shopping center ecosystem [3][4] Group 1: Project Overview - New Six Hundred YOUNG will feature four main segments: urban playground, co-creation lifestyle space, urban social space, and young sports area, targeting family interactions [1][5] - The total building area of the new project is approximately 32,000 square meters, with a design that includes a nine-level spatial gradient layout and a three-story high glass curtain wall [5] - The project will connect with major commercial nodes through an aerial corridor and subway access, creating a "transportation + consumption + social" integrated lifestyle loop [5] Group 2: Historical Context - The Xujiahui commercial area emerged in the 1990s, with the Pacific Department Store being a key player in introducing dining, leisure, and entertainment into department stores, setting a trend in the industry [3] - The Pacific Department Store in Xujiahui operated for 30 years before closing on August 31, 2023, due to the shift in consumer preferences towards shopping centers and the impact of e-commerce [4] Group 3: Urban Renewal and Future Plans - The Shanghai Six Hundred urban renewal project will undergo a complete demolition and reconstruction starting February 19, 2024, transitioning into a comprehensive boutique shopping center [6] - The urban renewal plan for the Xujiahui area includes a "butterfly" functional structure with diverse themes, aiming to enhance the commercial ecosystem and attract younger consumers [7]

Group 1 - The company announced that the Shanghai Liubai Urban Renewal Project may face redesign due to the latest publicized planning adjustment scheme [1] - The project aims to demolish and rebuild existing structures to create a comprehensive boutique shopping center that meets modern consumer demands [1][3] - The total planned investment for the project after adjustments is 708 million yuan, with an expected increase in commercial area by 12%-24% [3] Group 2 - As of the annual report disclosure date, the company has not yet obtained the construction planning permit and construction permit, delaying the project [1] - The company will continue to strengthen communication with relevant authorities and closely monitor the approval process to push the project forward [1] - Recent public notices indicate significant changes in building indicators that may require the company to adjust the project design, investment total, and construction timeline [2][3]