丙午马年 20 / 26 2025年的零售商业物业市场，正经历一场深刻的结构性调整。在宏观经济逆风与消费习惯变迁的双重压力下，不同背景、不同战略的企业呈现出截然不同 的生存图景。 本篇将梳理年内重要企业研究报道，从港资巨头的守成与求变，到内地企业的稳健与突围，再到区域标杆的坚守与徘徊，试图勾勒出这一年行业的整体样 貌。 港资房企： 巨头的守成与求变 "收租王"新鸿基抗逆有方 在港资房企阵营中，新鸿基地产依然稳坐"收租王"之位。2025财年，新鸿基连同合营企业及联营公司录得净租金收入达183.92亿港元，展现出极强的抗风 险能力。 "收租王"新鸿基，塌不了 太古地产直面分化 太古地产2025上半年营收同比增长20%，内地零售销售额已较2019年同期高出70%，香港商场则维持满租。 然而，市场分化显著。上海兴业太古汇通过引入路易威登地标"路易号"实现13.5%的销售额暴涨，而广州太古汇则因下跌2.1%。面对挑战，太古正加速战 略调整：斥资21亿扩容广州太古汇至18万㎡，同时以15万㎡的聚龙湾太古里差异化布局"滨水潮流轻奢"，与重奢项目形成互补。 太古，闪回2019 面对市场变化，新鸿基通过灵活运营稳固根基。在香港 ...

Group 1 - In the first half of 2025, over 120 commercial projects are expected to open nationwide, with a total commercial area of approximately 9 million square meters [1] - In the second half of 2025, there are 413 planned commercial projects (shopping centers + independent department stores) with a total commercial building area of about 1.718 million square meters [1] Group 2 - The East China region has the highest number of planned commercial projects, totaling 181, with Shanghai leading at 48 projects [2] - Guangzhou and Beijing are also notable, with 26 and 21 projects planned respectively, while the Northeast region has the least with only 1 project [2] Group 3 - Small commercial projects under 100,000 square meters dominate the planned openings, accounting for over 70%, with those under 50,000 square meters reaching 153 projects, or 37% [5] - Larger commercial projects (100,000-150,000 square meters) and super-large projects (over 150,000 square meters) are gradually decreasing, with only 41 super-large projects planned, making up just 10% [5] Group 4 - Leading commercial management companies are expanding their scale, with over 150 chain product line projects planned, accounting for nearly 40% of the total [6] - Zhuhai Wanda Commercial Management has the highest number of planned projects, with 25, while other companies like China Resources and Aegean Group also have significant numbers [7][8] Group 5 - Major projects include Shanghai ITC Maison, which will be the largest single shopping mall in mainland China, with a commercial area of 279,000 square meters [13] - Other notable projects include Shanghai Hongqiao Qianwan Impression City MEGA and Nanjing Light Ring Garden City, both set to open in late 2025 [16][27] Group 6 - The Guangzhou Jun Chao Grantral One is expected to attract over 10 million annual visitors, with a commercial area of 130,000 square meters and over 300 brands [32] - The Beijing Wanjing Well Town will be the largest outlet in Beijing, featuring over 500 brands, with a focus on cultural and artistic experiences [35]