证券日报网讯武商集团（000501）10月24日在互动平台回答投资者提问时表示，武商梦时代于2022年11 月开业，南昌武商MALL于2023年4月开业。作为公司重大投资项目，在立项阶段均已履行了市场调 研、可行性论证及专业评估程序，并按《公司章程》的规定履行了审议程序。公司财务报表每年经会计 师事务所审计并出具标准无保留意见的审计报告，目前两个项目均处于正常培育阶段。2025年上半年， 武汉梦时代广场管理有限公司营业收入36，009.77万元，同比增长10.86%；净利润4，334.08万元，同 比增长64.73%。南昌武商商业管理有限公司营业收入5，720.63万元，净利润-3，996.20万元，同比大幅 减亏。 ...

Core Viewpoint - Wushang Group reported positive operational performance for its two major projects, Wushang Dream Times and Nanchang Wushang MALL, indicating effective market research and project feasibility assessments prior to investment [1] Financial Performance - Wushang Dream Times, operational since November 2022, generated revenue of 360.10 million yuan in the first half of 2025, reflecting a year-on-year growth of 10.86% [1] - The net profit for Wushang Dream Times reached 43.34 million yuan, showing a significant year-on-year increase of 64.73% [1] - Nanchang Wushang MALL, which opened in April 2023, reported revenue of 57.21 million yuan, with a net profit loss of 39.96 million yuan, indicating a substantial reduction in losses compared to previous periods [1] Project Development - Both projects underwent thorough market research, feasibility studies, and evaluations by intermediary institutions before receiving approval from the board and shareholders [1] - The company adheres to accounting standards, ensuring proper depreciation is accounted for in financial statements [1]

Core Viewpoint - The article highlights the growing tourism and economic collaboration between Wuhan and Nanchang, emphasizing their geographical proximity and cultural connections, which are fostering a "golden travel route" and enhancing cooperative development in various sectors. Transportation - The travel time between Wuhan and Nanchang is currently 1 hour and 51 minutes by train, with plans to reduce it to 1 hour and 30 minutes through ongoing railway construction initiatives [1] - The "Central Six Provinces Capital City Transportation Cooperation Initiative" aims to accelerate the development of key railway lines, enhancing connectivity between the two cities [1] Cultural Significance - Both cities are rich in cultural heritage, with landmarks like Wuhan's Yellow Crane Tower and Nanchang's Tengwang Pavilion symbolizing their historical significance [2] - The cities share a deep historical connection, illustrated by events such as the Nanchang Uprising and the August 7th Meeting [3] Culinary Diversity - The culinary offerings of both cities reflect their cultural ties, with local dishes like Wuhan's hot dry noodles and Nanchang's rice noodles being popular among tourists [1][4] Economic Collaboration - Wuhan and Nanchang are key cities in the Central Region and the Yangtze River Midstream Urban Agglomeration, with a strong foundation for cooperation [5] - Recent meetings led by President Xi Jinping have emphasized the importance of innovation-driven development and collaboration between the two cities [5][6] Technological Cooperation - A framework agreement for technological cooperation has been established among Hubei, Jiangxi, and Hunan provinces, promoting joint initiatives and resource sharing [7] - The "Wuchuangyuan" disruptive technology innovation competition has been held in Nanchang, showcasing collaborative efforts in technology and innovation [7] Education and Research - Educational institutions from both cities, such as Nanchang University and Wuhan University, have signed cooperation agreements to facilitate student exchanges and joint research [8] - Experts from Nanchang are actively participating in significant technological assessments and collaborative events in Wuhan [8] Business Development - Wuhan's local commercial group, Wushang, has chosen Nanchang as its first expansion destination, with sales reaching 3.1 billion yuan in 2024 [8] - The establishment of a public housing fund that allows for mutual recognition and lending between the two cities supports residents in living a "dual-city life" [9] Future Prospects - The article suggests that the collaboration between Wuhan and Nanchang can lead to the development of influential industrial clusters, particularly in sectors where each city has its strengths, such as optics and artificial intelligence in Wuhan and aviation and biomedicine in Nanchang [9]

Group 1 - The core viewpoint of the article is that Wushang Group is in the market cultivation phase for its large commercial complexes, Wushang Dream Times and Nanchang Wushang MALL, which opened in November 2022 and April 2023 respectively [1] - Both projects are focusing on operational foundation enhancement through business optimization, customer base accumulation, brand upgrading, and improving sales per unit area [1] - Revenue and foot traffic for both projects are expected to show year-on-year growth by the first half of 2025 [1]

Core Insights - The opening of Nanchang Wushang Mall marks a significant development in high-end retail, fulfilling local demand for luxury goods and enhancing the city's commercial landscape [4][9][11] - The mall features over 260 brands, including international luxury names like LV, Gucci, and Cartier, establishing Nanchang as a new consumption hub in the Yangtze River Economic Belt [3][4][11] - The collaboration between Wushang Group and local governments exemplifies successful cross-regional commercial integration, supported by favorable policies to attract first-store economies [16][17][18] Group 1: Commercial Development - Nanchang Wushang Mall opened on April 28, 2023, and has since attracted significant foot traffic, with 868,000 visitors and sales exceeding 68.2 million yuan within the first six days [7] - By 2024, the mall's sales reached 3.1 billion yuan, indicating a robust consumer response and a 14% year-on-year increase in visitor numbers from January to August 2025 [7][11] - The mall's establishment addresses the previous need for high-end shopping options in Nanchang, reducing the necessity for local consumers to travel to cities like Shanghai or Wuhan for luxury purchases [5][11] Group 2: Economic Impact - The mall is positioned as a key player in the Yangtze River Economic Belt, enhancing Nanchang's status as a consumption center and contributing to regional economic vitality [5][9] - The introduction of numerous first-stores in the mall has transformed the high-end consumption landscape in Jiangxi, promoting a shift towards premium and quality-focused retail experiences [9][11] - The mall's success is reflected in the strong performance of its tenants, with many brands reporting sales that exceed expectations and rank highly among similar stores nationwide [14][20] Group 3: Government Support and Policy - The Nanchang municipal government has provided comprehensive support throughout the mall's development, facilitating project approvals and addressing logistical challenges [16][17] - Policies aimed at promoting the first-store economy include financial incentives for brands opening their first outlets in Nanchang, reinforcing the city's commitment to attracting high-profile retailers [17][18] - The collaborative efforts between government and business have created a favorable environment for commercial growth, exemplifying a model for regional cooperation in the Yangtze River area [16][20]

Core Insights - Wushang Group is actively exploring the integration of commerce, culture, tourism, and sports, positioning its projects as one-stop commercial complexes for entertainment and shopping [2] - The company has launched innovative formats such as the largest aerial amusement park WS Dream Park and the first indoor ski resort WS Hot Snow Miracle in Central China, establishing new commercial landmarks in Wuhan [2] - The South China Wushang MALL is currently in the market cultivation phase, focusing on a brand strategy that emphasizes "luxury + flagship stores" to enhance high-end retail experiences and drive the integration of culture and commerce [2] Financial Performance - Both revenue and foot traffic for the two major projects have shown year-on-year growth during the reporting period [2]

Group 1 - The company reported a first-quarter revenue of 1.787 billion yuan and a net profit of 143 million yuan, with a net operating cash flow of 107 million yuan [2] - In the first quarter of 2025, the company's "Dream Era" segment showed growth in both revenue and profit year-on-year, outperforming the overall industry [2] - The Nanchang Wushang MALL experienced a year-on-year revenue increase of approximately 30%, while its net profit reduced losses by about 20%, indicating an improvement in operational performance [2] Group 2 - The company stated that there is no ongoing consumption of state-owned capital [2]