2025年12月份及第四季度经营简报 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 本公司董事会提醒，披露信息所有经营数据未经审计，月度及季度经营数据与定期报告数据可能存在差 异，仅供投资者了解公司现时经营状况作参考。 一、公司2025年1-12月房地产出租情况 12月份公司实现商业运营总收入约12.38亿元，比上年同期增长6.44%；1-12月公司累计实现商业运营总 收入约140.90亿元，比上年同期增长10.00%。 1-12月份公司物业及租金收入分区域情况如下： 证券代码：601155 证券简称：新城控股 编号：2026-002 新城控股集团股份有限公司 3、2025年度公司商业运营总收入为140.90亿元（即含税租金收入），包含：商铺、办公楼及购物中心 的租金、管理费、停车场、多种经营及其他零星管理费收入；2024年度公司商业运营总收入为128.08亿 元（即含税租金收入）。 4、出租率为2025年12月31日当日商业物业出租情况。 二、公司2025年12月份经营情况 12月份公司实现合同销售金额约13.54亿元，比 ...

资金流向方面，主力资金净流入731.44万元，特大单买入696.75万元，占比8.36%，卖出341.30万元，占 比4.09%；大单买入1850.74万元，占比22.20%，卖出1474.74万元，占比17.69%。 1月7日，百联股份盘中上涨2.10%，截至10:23，报9.23元/股，成交8336.12万元，换手率0.57%，总市值 164.68亿元。 机构持仓方面，截止2025年9月30日，百联股份十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股1039.33万股，相比上期减少1049.94万股。中证上海国企ETF（510810）位居第六大流通 股东，持股737.99万股，相比上期减少94.93万股。南方中证1000ETF（512100）位居第七大流通股东， 持股733.66万股，相比上期减少8.24万股。华夏中证1000ETF（159845）位居第十大流通股东，持股 436.02万股，相比上期减少8700.00股。 责任编辑：小浪快报 截至9月30日，百联股份股东户数7.80万，较上期减少6.17%；人均流通股0股，较上期增加0.00%。2025 年1月-9月，百联股份实现营业收入19 ...

一直以来，写字楼市场被称为经济发展的"晴雨表"。尽管依旧面临较大的供应压力，但在刚刚过去的 2025年，深圳写字楼市场也涌现出一些结构性机会。 数据显示，截至2025年末深圳全市甲级写字楼存量规模达到908.2万平方米，未来供应量更是不容小 觑，结合相关土地出让信息及在建工程的进度，未来四年有望投入使用的甲级写字楼计划供应量或将超 过500万平方米。 戴德梁行认为，从需求端来看，科技产业的发展正持续展现其对产业载体不断扩大的需求支撑。"十五 五"规划建议明确将建设现代化产业体系列为首要任务，依托深圳在高新技术产业方面的扎实基础，人 工智能、半导体、先进材料、生物制造等高科技产业的规模化扩容与能级提升，企业的总部布局、研发 中心设立及团队扩张需求料将持续释放，有望为深圳写字楼租赁与投资市场注入增量需求。 与写字楼市场面临大量新增供应的情况类似，戴德梁行预计，未来三年深圳将有165.7万平方米的优质 购物中心计划投入使用。项目竞争之下消费需求分流的趋势难以避免，产品创新及运营管理的提升将成 为购物中心不得不面对的重要课题。 1月6日，戴德梁行最新发布的数据显示，2025年深圳甲级写字楼实现净吸纳量26.4万平方米 ...

Core Insights - The luxury retail sector in China is facing significant challenges, with high-end malls and luxury brands experiencing a decline in performance and store closures due to changing consumer behavior and economic conditions [4][18][24]. Group 1: Market Trends - High-end malls like One ITC and IFC have seen a wave of luxury brand withdrawals, including major names like LV, Celine, and Tiffany, leading to increased vacancy rates [4][10]. - The luxury market in mainland China is projected to experience a continuous decline, with sales expected to drop by 18%-20% in 2024, reverting to 2020 levels [19][21]. - The relationship between luxury brands and high-end malls, which was once mutually beneficial, is deteriorating as both sectors struggle to adapt to new market realities [12][17]. Group 2: Financial Performance - Hang Lung Properties reported an 18.7% year-on-year decline in revenue for the first half of the year, with net profits decreasing for two consecutive years [6][10]. - Other major players in the high-end real estate sector, such as Swire Properties and New World Development, are also facing financial difficulties, with Swire reporting a loss of HKD 1.202 billion [8][10]. - Rental income from luxury brands is becoming increasingly critical for high-end malls, with Hang Lung's rental income share rising from 58.8% to 70.3% [24]. Group 3: Strategic Shifts - In response to declining performance, high-end malls are exploring new strategies, such as introducing new consumer brands and shifting towards a more inclusive customer base [26][29]. - Companies like China Resources are successfully expanding their shopping centers by focusing on experiential retail and attracting a broader range of consumers through innovative marketing strategies [32][33]. - The shift from traditional luxury retail to a more experience-driven model is evident, with malls aiming to transform from mere shopping venues to lifestyle destinations [32][34].

证券日报网讯 12月30日，武商集团在互动平台回答投资者提问时表示，截至2025年半年度，公司下属 主要购物中心10家，武商超市有55家门店。公司购物中心及超市业态自有物业总建筑面积约为229.81万 平方米。相关资产财务数据详见公司定期财务报表。 （编辑 王雪儿） ...

十年前的2015，是广州线下商业承前启后的关键一年。 这年，随着城市"东进、南拓、西联、北优"战略深入，城市商业格局开始从单中心（天河）向多中心扩散。"王炸"天环试营业，为天河路的商业图谱 注入轻奢感；凯德广场·云尚一路向北，站在白云新城最前哨；萝岗万达广场，东进改写黄埔人"进城消费"习惯。 十年后的2025，广州商业的轴线，再次调整。 K11 Selcet在汉溪长隆簇拥人群中试营业，荔湾聚龙湾太古里与山姆会员店在江畔老城相继亮灯，黄埔Get Mall云汇天地则选在圣诞节揭幕。三个时间 刻度，三个地理坐标，拼贴出广州商业格局一场静默而深刻的迁徙。 曾几何时，广州商业的聚光灯牢牢打在天河路上。但过去十年，这场角力已演变为多中心的叙事：番禺从"睡城"化身南拓枢纽，以长隆-万博超级商 圈和如今的K11接住了千万新广州人的消费升级梦想，成长为城市商业第二极；荔湾则在白鹅潭引擎的轰鸣中苏醒，太古里以文化缝合历史肌理，山 姆以仓储式体验激活西岸，老城商业正褪去斑驳，重构高端商业格局。 再看黄埔，科学城的创新浪潮与知识城的发展脉搏，虽催生了大悦汇、Get Mall云汇天地等新商业体，但商业厚度明显滞后于荔湾、番禺。 三区商 ...

武商集团（000501.SZ）12月26日在投资者互动平台表示，结合企业会计准则，总投资不等于固定资产 账面价值，固定资产账面价值是原值减去累计折旧和减值准备后的净额。公司目前固定资产为148.02亿 元。公司下属主要购物中心10家，武商超市有55家门店及1家WS江豚会员店。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司的固定资产为什么只有只有148亿？公司几十个购 物广场，近百个超市，总投资超500亿，目前只价值148亿是什么原因？ ...

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 有投资者在互动平台向华联股份提问："尊敬的董秘，你好，11月26日发布的《关于增强消费品供需适 配性进一步促进消费的实施方案》（以下简称《实施方案》）有关情况。《实施方案》从拓展增量、深 挖存量、场景赋能等5方面部署19项重点任务，目标是到2027年，消费品供给结构明显优化，形成3个万 亿级消费领域和10个千亿级消费热点。对此公司有什么核心竞争力和深远战略布局，抢占新零售政策红 利，大幅提高应收利润。" 针对上述提问，华联股份回应称："投资者您好，公司持续关注并把握国家及各地出台的促消费政策， 适时调整购物中心业态结构，增进社区商业顾客粘性，提升项目吸引力与经营效益。感谢您对公司的关 注！" ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, particularly focusing on the shopping center industry [4][5]. Core Insights - The report emphasizes that the consumption industry and shopping center sector in China still have significant growth potential, driven by an expected increase in total consumption and a structural recovery [4][5]. - Leading commercial companies have achieved stable same-store growth and expansion through operational alpha, which may lead to a revaluation of IP (Intellectual Property) values [4][5]. - The report draws comparisons with the U.S. commercial real estate market, highlighting that during five interest rate cut cycles, commercial real estate indices consistently yielded positive returns, significantly outperforming other asset classes [4][5]. Summary by Sections Macro Perspective - The domestic consumption sector remains under pressure, with retail sales growth gradually recovering to +4.3% as of October 2025, while CPI remains low at +0.2% [14][21]. - Compared to the U.S. and Japan during their real estate crises, China's consumption resilience is still relatively strong [14][21]. - Long-term growth potential exists in the consumption sector, particularly in shopping centers, as GDP per capita and retail sales per capita are expected to rise [28][31]. Mid-level Perspective - As of Q3 2025, the total area of centralized commercial space in China reached 661 million square meters, with a year-on-year growth of +4.4% [49]. - The number of new openings has decreased, but the proportion of reopened projects after adjustments has increased, indicating a shift in strategy [53]. - The report notes that 57% of existing projects have been open for over five years, highlighting the importance of effective asset management [53]. Micro Perspective - Leading companies in the sector exhibit significant operational efficiency, with top firms showing a concentration of 19% in opening area as of 2024 [4][5]. - Key companies are expected to see a revaluation of their IP, with potential increases of 39% for China Resources Land and 33% for New World Development [4][5]. - The report indicates that the average operating profit margin for IP is between 55% and 84%, with dividend yields for major companies exceeding 5% [4][5]. U.S. Market Review - The report highlights that during five interest rate cut cycles, the NCREIF commercial real estate price index achieved an average return of 31%, second only to gold [4][5]. - The long-term same-store NOI (Net Operating Income) growth in the U.S. has been stable, correlating positively with GDP growth [4][5]. Catalysts for Growth - The report suggests that the high barriers to entry in commercial operations will enhance the competitive advantage of leading firms, especially as the "residential development supports commercial" model weakens [4][5]. - The introduction of C-REITs (Real Estate Investment Trusts) is expected to further support the revaluation of commercial assets [4][5].

Core Viewpoint - Wengfeng Group is facing multiple challenges, including the investigation of its vice president and a significant increase in share pledges by its controlling shareholder, which raises concerns about financial stability and operational control [2][5][9]. Group 1: Investigation and Management Changes - Wengfeng Group's vice president, Qin Guofen, is under investigation by the Qidong Municipal Supervisory Committee, which may impact the company's reputation but is stated to be unrelated to the company's operations [5][9]. - Qin Guofen's annual pre-tax salary was reported to be 1.029 million yuan, indicating her significant role within the company [6]. Group 2: Share Pledge Situation - The controlling shareholder, Jiangsu Wengfeng Group, has pledged 10.8 million shares, increasing the total pledged shares to 355.15 million, which is 79.86% of its holdings and 19.22% of the company's total shares [3][4]. - The pledged shares are primarily for supplementing liquidity, with a notable portion set to mature within the next year, raising concerns about potential financial strain [3][4]. Group 3: Financial Performance - Wengfeng Group reported a significant decline in financial performance, with a 14.58% year-on-year drop in revenue to 1.187 billion yuan and a 75.5% decrease in net profit to 16.99 million yuan for the first three quarters of 2025 [9]. - In Q3 2025, the company experienced a 15.2% decline in revenue, resulting in a net loss of 20.53 million yuan, marking a staggering 571.01% decrease in net profit compared to the previous year [9]. Group 4: Business Model - Wengfeng Group operates through three main business models: wholesale, joint sales, and leasing for shopping centers, with joint sales accounting for 90.26% of the sales revenue in the department store segment [10][11]. - The joint sales model has become a significant revenue driver, contributing 76.17% to the overall sales revenue, primarily through apparel and jewelry [11].