2025年上半年，商用物业运营行业仍面临消费复苏不均衡等挑战，但星盛商业(6668.HK)凭借精细化管 理与区域深耕，交出一份稳健的2025年中期财报。 从财务数据到运营表现，不仅展现星盛商业抵御周期波动的经营韧性，也凸显了在大湾区消费需求扩容 升级浪潮中的独特价值和成长潜力。 当前，港、A股演绎"慢牛"行情，按照板块轮动的历史经验：牛市初期倾向于金融板块，随着信心增 强，资金开始追逐成长性更高的科技板块，到了中期则是消费和周期板块因业绩改善而受到关注。 基于上述逻辑，星盛商业或许正面临良好的窗口期，那么该如何看待后续的机会？不妨通过这份中期成 绩单探究一番。 透视财报亮点，在变与不变中加固护城河 整体而言，星盛商业延续了过往稳健经营的基调，又在关键运营环节上做出变革。可以说，星盛商业在 变与不变之间，不断加固护城河。 首先在财务指标上，呈现出"总量稳+质量高"两大特征。星盛商业2025年上半年实现收入约2.84亿元， 其中，来自大湾区的收入占比74.9%，区域深耕的领先优势进一步凸显。 上半年实现毛利约1.49亿元，整体毛利率约为52.3%，同比上升约0.7个百分点，保持在行业较高水平。 同时，管理费用下降 ...

Performance Summary - The company reported a revenue of 2.84 billion RMB and a gross profit of 1.49 billion RMB, with a gross profit margin of 52.3%, reflecting a year-on-year increase of 0.7 percentage points [4][5] - The net profit attributable to shareholders was 0.87 billion RMB, and the management expense ratio decreased by 0.8 percentage points to 9.3% [4][5] - The company maintained a high cash dividend policy, declaring an interim dividend of 5.0 HKD cents per share, representing a year-on-year growth of 4.2% [5][6] Operational Metrics - Same-store sales increased by 11.4%, while same-store foot traffic decreased by 4.47% [5] - The occupancy rate stood at 92.5%, with a slight increase of 0.1 percentage points [5][11] - The company has a cash reserve of 13.68 billion RMB [4] Development and Expansion - The company operates 27 projects with a total area of 1.65 million square meters, maintaining a high occupancy rate compared to industry averages [9][11] - It has developed over 250 new projects and partnered with 2,800 merchants, with 10 new flagship stores launched during the period [13][30] - The company has a brand resource pool of 5,000, enhancing its market presence [12] Marketing and Customer Engagement - The company has implemented various marketing strategies, including collaborations with major platforms, resulting in over 100 million exposures [25][30] - It has introduced membership programs that enhance customer engagement and satisfaction, with significant increases in member sales and participation [30][34] Sustainability and Corporate Responsibility - The company launched a "Sustainable Exploration Plan" aimed at promoting low-carbon practices and reducing carbon emissions by 11 tons [39][41] - It has taken initiatives to support export enterprises by opening commercial spaces and leveraging government resources [41][42] Industry Recognition - The company has been recognized in various industry rankings, including being listed among the top 10 in the Chinese commercial real estate sector [43][44]