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]

Group 1: Company Strategy and Market Adaptation - The company focuses on enhancing offline consumer experiences to counteract e-commerce competition, emphasizing "experience upgrades" to create engaging shopping environments [2] - Key initiatives include increasing the proportion of experiential retail formats, improving online-offline integration, and expanding market presence through a light-asset model [2] - The company plans to develop a diverse range of self-operated brands and projects, such as the "Golden Jewelry Self-operated Street," to create an integrated industrial ecosystem [2] Group 2: Financial Structure and Performance - The company's debt-to-asset ratio is maintained below 65%, which is considered favorable within the industry [3] - The company has secured a medium-term note registration quota of 1.5 billion yuan and a short-term financing bond registration quota of 2 billion yuan, ensuring smooth financing channels [3] - Daily foot traffic at the "Dream Era" project averages 110,000, with a projected annual total of 47 million visitors for 2025, reflecting a 5% year-on-year increase [3] Group 3: Revenue and Profitability - In the first half of 2025, the "Dream Era" project generated revenue of 360 million yuan, a year-on-year increase of 10.86%, with net profit reaching 43 million yuan, up 64.73% [3] - The company aims to transform its supermarket and lifestyle store formats by focusing on supply chain reforms and enhancing product value through direct sourcing and private label development [3]

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 - 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]