围绕现有项目再投资 知名"包租公"恒隆地产，再次成为业内率先交出成绩单的房企。 1月30日，恒隆地产披露2025年度全年业绩。 期内，受物业销售收入下降影响，公司总收入同比下跌11%至港币99.5亿元。股东应占基本纯利上升3% 至港币32.02亿元。尽管营收规模有所收缩，但核心盈利指标仍保持韧性。 内地商场业务表现两极分化 在恒隆地产营收结构中，物业租赁仍为核心支柱，2025年收入轻微下跌1%至港币93.89亿元，在总收入 中的占比达94.36%。 从区域表现来看，受市场环境差异影响，内地和香港呈现不同走势，整体均略有波动。 财报显示，2025年，内地与香港物业租赁业务收入分别为64.14亿港元、29.75亿港元，分别同比下跌 1%、2%。 即便整体物业租赁收入微降，但内地商场业务仍展现出较强抗压能力，全年商场组合整体租赁收入同比 增长1%至人民币48.71亿元。 租户销售额以人民币计值则按年攀升4%。截至2025年底，整体租出率因租户组合持续优化微升两个百 分点至96%。 其中，上海恒隆广场、上海港汇恒隆广场两大标杆项目经营表现保持坚挺，分别实现收入为人民币 16.61亿元及11.97亿元，同比分别增长1% ...

大摩闭门会：汽车、工业、交运、房地产行业更新 260128 发言人 00:00 各位上午好，今天是 1 月 28 号，欢迎来到摩根士丹利每周三的周期论剑的在线直播。我是张磊 Rachel，基础策略行业的分析师。今天的话讨论几个主题，一个是我们交运行业的首席范倩蕾，会聊 一下他们对最近交运行业的一些观点的更新。接着我们房地产行业的首席张永天卉，聊一下最近对房地 产行业的一些观点。接着我们汽车行业的分析师王斌宇，会聊一下最近存储涨价对汽车上下游的一些影 响。最后的话，我们工业行业的分析师王金玲回聊一下，他们最近刚出了一个 2026 年的工业行业的展 望。 发言人 00:38 开始之前类型我需要读个 disco。请注意，本次会议仅面向摩根时代里的机构客户以及财务顾问。会议 不对媒体开放，如果您来自媒体的话，进行退出会议。另外提示一下大家，在整个会议的过程中，您可 以随时在屏幕上发送您的问题，不需要等到最后，这样我们可以节约一些 QNA 的等待时间。好的，那 我也不多说了，我先把时间交给倩磊。谢谢 Rachel。 发言人 01:06 大家好，我是倩蕾。今天给大家说一下我们上周调研了几个航空和快递相关的公司，然后给大家 ...

Core Viewpoint - Gansu Guofang Industrial and Trade Group Co., Ltd. reported significant growth in revenue and net profit for the first three quarters of 2025, driven by strategic store upgrades and brand collaborations [1][3] Financial Performance - The company achieved a revenue of 572 million yuan and a net profit of 60.91 million yuan, marking a year-on-year increase of 71.34% [1] - In Q3 alone, the revenue reached 190 million yuan, with a year-on-year growth of 9.36%, while net profit surged by 1931.9% to 38.27 million yuan [1] Strategic Initiatives - The company is implementing a multi-store linkage adjustment strategy, focusing on upgrading its main store in Lanzhou to enhance the shopping experience [1] - Key renovations include updates to various floors and the rooftop garden, aiming to create a comprehensive shopping environment that appeals to Generation Z [1] Brand Development - Guofang Department Store is expanding its dining and experiential offerings through partnerships, including a joint venture with Beijing Maliuji Hotel Management Co. to introduce the first Maliuji restaurant in Northwest China [2] - Collaborations with brands like Haidilao and Miniso are underway to enhance the retail ecosystem and improve revenue structure [2] Regional Expansion - The company plans to lease commercial real estate in Zhangye City to develop the Zhangye Guofang Plaza, with an expected area of 37,000 square meters, set to open in August 2026 [2] - This project is part of the company's strategy to expand its commercial footprint in the Hexi region of Gansu Province [2][3] Overall Business Quality - Through upgrades, regional expansion, and brand optimization, the company has steadily improved its operational quality and profitability, laying a solid foundation for future high-quality development [3]

Core Insights - During the National Day and Mid-Autumn Festival, the company reported a positive sales growth trend, driven by targeted strategies in cultural tourism, events, and the silver economy [1] Group 1: Sales Performance - The company effectively expanded its market coverage by launching themed events such as "Chu Wind Han Flavor," hotel packages for out-of-town visitors, and special gift recommendations for the Mid-Autumn Festival [1] - The integration of top-tier sports events like the Wuhan Tennis Open with mall operations created a "second viewing venue," complemented by consumption voucher activities that successfully attracted foot traffic [1] Group 2: Customer Engagement - The deep collaboration with the International Arts Season, featuring high-quality performances for VIP customers, enhanced customer loyalty and engagement [1] Group 3: Property Development - The company revitalized its core properties with a "natural aesthetics + commercial space" renovation project, creating a unique festive atmosphere and consumer environment, which established a popular landmark for the region [1] Group 4: Financial Performance - In the first half of 2025, the company achieved an operating income of approximately 3.181 billion, a year-on-year decrease of 12.66%, while the net profit attributable to shareholders increased by 7.53% to approximately 165 million [2]

Core Viewpoint - Longfor Group reported a growth in turnover scale for the first half of 2025, with a stable performance in operational and service businesses, despite pressure on gross profit margins from turnover [1] Group 1: Financial Performance - The company achieved a revenue of 587.5 billion RMB in the first half of 2025, representing a year-on-year increase of 25.4% [1] - Real estate development revenue was 454.8 billion RMB, up 34.7% year-on-year, while operational and service revenue was 132.7 billion RMB, a slight increase of 1.3% [1] - The net profit attributable to shareholders was 32.2 billion RMB, down 45.2% year-on-year, with a core net profit of approximately 13.8 billion RMB [1] - The gross profit margin was 12.6%, a decrease of 7.9 percentage points year-on-year, with development, operational, and service business margins at approximately 0.2%, 77.7%, and 30.0% respectively [1] Group 2: Debt and Financing - As of the end of the first half, the company had interest-bearing liabilities of 169.8 billion RMB, reduced by 6.5 billion RMB since the beginning of the year [1] - The pre-debt ratio was 56.1%, and the net debt ratio was 51.2%, with a cash-to-short-term debt ratio of 1.74 times [1] - The average financing cost decreased to 3.58%, down 42 basis points year-on-year, with cash reserves of 44.67 billion RMB [1] Group 3: Sales and Land Reserves - The company reported a sales amount of 35.01 billion RMB in the first half of 2025, a decrease of 31.5% year-on-year, with a sales area of 2.615 million square meters, down 28.5% [2] - As of the end of the first half, the company had unsold turnover amounting to 105.9 billion RMB, covering an area of approximately 854,000 square meters [2] - The total land reserve was 28.4 million square meters, with an equity ratio of 74.4% [2] Group 4: Operational and Service Business - Operational revenue for the first half was 7.01 billion RMB, a year-on-year increase of 2.5%, with shopping mall revenue accounting for 78.5% [2] - The gross profit margin for operational business was 77.7%, an increase of 2.3 percentage points year-on-year, with a rental income increase of 4.9% and an overall occupancy rate of 96.8% [2] - Service revenue was 6.26 billion RMB, with a gross profit margin of 30.0%, and the company actively expanded its construction agency business, adding 8.52 million square meters in the first half [2]