Core Viewpoint - The Chinese real estate industry is undergoing a significant transformation from "development logic" to "operation logic," with China Jinmao emerging as a pioneer in this shift, leveraging its full-cycle asset management capabilities to create a stable and certain "second growth curve" through premium holding businesses [1]. Group 1: Business Strategy and Growth - China Jinmao is focusing on a full-cycle asset management approach, which includes investment, financing, construction, management, and exit strategies, to establish a new commercial ecosystem that spans from urban cores to community ends [1]. - The company has expanded its portfolio to 80 held and operational projects, totaling approximately 3.6 million square meters, with an additional nearly 6 million square meters in construction or planning, covering major cities like Beijing, Shanghai, and Shenzhen [1]. Group 2: Commercial Development - The "second growth curve" is supported by three main commercial product lines: "Lanxiu City," "Jinmao Hui," and "Fengmao Li," which cater to urban-level, regional quality, and community-specific commercial developments, respectively [2]. - The Lanxiu City project in Changsha serves as a benchmark for urban commercial development, maintaining a rental rate of 98% over nine years and leading regional sales and foot traffic [2][3]. Group 3: Community and Regional Projects - The Nanjing Lanxiu City is branded as a "young energy field," attracting a new generation of consumers with trendy stores and quality dining experiences [3]. - The Tianjin Jinmao Hui showcases unique industrial heritage transformation, preserving historical elements while integrating modern commercial spaces [5]. Group 4: Light Asset Management - China Jinmao is exploring light asset management strategies, as seen in the Qinwang Water Street project in Hangzhou, which opened with over 100,000 visitors on its first day and features nearly 70 quality brands [9]. - The company is also expanding its hotel operations through light asset management, with successful openings planned for 2025 [9]. Group 5: Financial Performance and Market Position - China Jinmao ranks 14th in the "2024 Domestic Real Estate Company Operating Income Ranking" by CRIC, recognized as one of the fastest-growing state-owned enterprises in terms of operating income [10]. - The company is building a sustainable long-term development ecosystem supported by premium holdings, light asset operations, and REITs listings, ensuring a stable cash flow and strong performance [10].