Core Insights - The year 2025 will see the opening of over 360 new commercial projects, marking the lowest number since 2013, with approximately 20% being renovations of existing properties [1][4][17] - The market is experiencing a significant "Matthew Effect," with core urban areas like the Yangtze River Delta, Guangdong-Hong Kong-Macau Greater Bay Area, and Beijing-Tianjin-Hebei showing strong disparities in new project openings [2][7][12] - In the current era of stock assets, leading companies are shifting their strategies from scale development to enhancing asset operation quality and capital efficiency [3][28] Group 1: New Project Openings - In 2025, over 360 new commercial projects will be opened nationwide, with a total area exceeding 27.4 million square meters, representing a decline of over 20% compared to 2024 [4] - The number of new projects is the lowest since 2013, with less than 300 being newly constructed properties, as many are renovations of existing assets [4][17] - By the end of 2025, the total number of existing commercial properties will exceed 9,000, with a year-on-year growth of 4.04% [4] Group 2: Regional Distribution - The East China region continues to dominate, accounting for 38% of new projects, significantly outpacing other regions [7] - Major cities with five or more new projects in 2025 include Beijing (24 projects), Shenzhen (23), and Shanghai (23), with a notable decrease in openings compared to 2024 [9][12] - The distribution of new projects shows a strong concentration in high-tier cities, with a ratio of nearly 2:1 compared to lower-tier cities [13] Group 3: Market Trends and Strategic Shifts - The competition in the commercial sector is intensifying, with a notable increase in the number of projects in lower-tier cities, indicating a small explosion in county-level commercial developments [15][22] - Companies are increasingly focusing on asset renovation and operational quality, with over 20% of new projects being renovations of existing properties [17][28] - The trend towards innovative commercial models is evident, with new concepts like "X+ commercial" and "green LOD commercial" emerging in 2025 [39][36] Group 4: Company Strategies - Eight companies opened five or more projects in 2025, contributing a total of 94 projects, indicating a rise in market concentration [22] - Companies like Wanda, Longfor, and China Resources are focusing on light-asset models and stock renovations, with significant expansions in lower-tier markets [25][26][27] - The shift towards enhancing operational quality and capital efficiency is becoming a core competitive factor for companies in the industry [28]

Core Insights - Ocean Commercial has officially upgraded its first large-scale commercial complex in Nankang District, Ganzhou, Jiangxi, to Ocean Future Plaza, featuring a new image, diverse business formats, and smart services [1] Group 1: Company Overview - Ocean Commercial is a business brand under Ocean Group, specializing in commercial project development and operation, with over 20 years of experience in various stages including positioning, design, construction, opening, leasing, and operation [1] - The company has established mature commercial product lines such as "Li Series," "Port Series," and "Future Series," successfully creating benchmark commercial projects in cities like Chengdu, Wuhan, Beijing, and Hangzhou [1] Group 2: Market Strategy - In response to new consumer trends, Ocean Commercial is actively embracing market changes, accurately identifying consumer needs, and promoting innovation and upgrades in consumption scenarios [2] - By leveraging Ocean Group's comprehensive business layout and resource integration capabilities, Ocean Commercial is exploring areas such as first-store economy, experience economy, theater economy, and cultural tourism integration [2] - As of June 30, 2025, Ocean Commercial has managed over 50 operational projects across 27 key cities in China, with a total operational area exceeding 5.6 million square meters [2] Group 3: Product Lines and Representative Projects - **"Li Series":** Focuses on revitalizing street-style commercial spaces, with projects like Chengdu Ocean Taikoo Li and Wuhan Ocean Li Citylane, which blend modern and traditional design elements [3][4] - **"Port Series":** Targets urban-level commercial complexes over 100,000 square meters, exemplified by projects like Beijing Yiti Port and Hangzhou Ocean Letip Port, emphasizing fashion, art, and diverse consumption scenarios [4][5] - **"Future Series":** Community commercial malls under 100,000 square meters, such as Beijing Ocean Future Plaza and Tianjin Ocean Future Plaza, designed to serve local families and business clientele [6] Group 4: Other Projects - Ocean Commercial is involved in various other projects, including Shenzhen Yitian Holiday Plaza and the Beijing Optical Instrument Factory urban renewal project, showcasing its commitment to diverse commercial development [7][8]