Group 1 - The core stock price of China International Trade reached 20.64 yuan as of August 15, 2025, with an increase of 0.19 yuan, representing a rise of 0.93% from the previous trading day [1] - The trading volume on that day was 25,773 hands, with a total transaction amount of 0.53 billion yuan [1] - China International Trade primarily engages in commercial real estate development and operation in Beijing's core business district, holding high-quality commercial assets in the CBD area, including office buildings, shopping malls, and hotels [1] Group 2 - A research report indicates that China International Trade possesses a leading advantage in the Beijing market, with stable revenue from its core business management and a year-on-year increase in net profit attributable to the parent company [1] - The report also highlights potential risks, such as insufficient consumer demand for held assets [1] - On August 15, the net outflow of main funds for China International Trade was 2.9275 million yuan, with a cumulative net outflow of 2.0125 million yuan over the past five days [1]

Investment Rating - The report assigns an "Outperform" rating for the company [6] Core Views - The company operates high-quality commercial real estate in Beijing, demonstrating stable profitability through economic cycles [1][4] - Despite the overall downturn in the real estate development sector, the company's performance in property management remains relatively stable [16][19] - The company has a strong asset base with a healthy financial structure, allowing for consistent shareholder returns [3][4] Summary by Sections Company Overview - The company is based in the Beijing CBD and has developed the China International Trade Center over 40 years, covering an area of 170,000 square meters with a total construction area of 1.12 million square meters [1][34] - The controlling shareholder maintains an 80.65% stake, ensuring stability in ownership [1][38] Main Business - The company focuses on leasing and managing investment properties, including office buildings, shopping malls, hotels, and apartments [46][47] - The revenue breakdown for 2024 is projected at 3.9 billion yuan, with contributions from office buildings (39%), shopping malls (33%), hotels (13%), and other businesses [50] Financial Performance - The company has shown steady revenue and profit growth since 2019, with a projected net profit of 1.26 billion yuan for 2024, reflecting a 0.3% year-on-year increase [3][5] - The gross margin is expected to be 58.1%, and the net profit margin is projected at 32.3%, both improving since 2019 [3][5] Profitability and Valuation - The company is expected to maintain a stable profit scale and a strong dividend policy, with a payout ratio increasing from 39% in 2019 to 88% in 2024 [3][4] - The estimated fair price range for the company's stock is between 22.9 and 26.8 yuan, indicating a potential upside of 5% to 23% from the current price [4][6] Market Position - The company's office buildings have maintained stable rental rates and occupancy rates, outperforming the overall market for Grade A office buildings in Beijing [66][70] - The shopping mall is positioned as a luxury retail destination, ranking fifth nationally in sales, benefiting from high-end brand presence and a strong location [81][94]