在中国房地产行业进入"存量时代"的当下，一场从"开发逻辑"到"运营逻辑"的深刻转型，正在悄然 发生。 中国金茂正是其中的先行者。 过去十年，这家以"城市运营商"著称的企业，在全国核心城市不断深化布局。而如今，它凭借"投 融建管退"的全周期资产管理能力，通过精品持有业务开辟出一条稳健而具有确定性的"第二增长曲 线"—以商业、写字楼、酒店、文旅和轻资产运营为支点，构筑覆盖城市核心至社区末梢的商业新生 态。截至2025年上半年，中国金茂持有及在营项目已达80个，总体量约360万㎡，叠加在建、待建项 目，总规模近600万㎡，覆盖北京、上海、深圳、天津、青岛、苏州、杭州、宁波、长沙等核心城市。 聚焦城市商业脉动，金茂商业版图的立体布局 作为区域品质商业，天津金茂汇展现出工业遗产改造的独特魅力。项目由伍兹贝格工作室操刀设 计，以"修旧如旧、新旧并置"为核心理念，完整保留老厂房红砖立面、桁架屋顶与煤斗群落，使百年工 业记忆与现代商业空间在光影间对话。在宁波奉化，金茂汇则以TOD商业综合体的形式落地金茂广 场，联动地铁、酒店与乐园，构建出集购物、亲子与休闲于一体的都市微度假目的地。 在览秀城与金茂汇之外，定位为精致社区商业的 ...

Investment Rating - The report assigns an "Outperform" rating for the company, with a target price range of 1.18 to 1.24 HKD, indicating a potential upside of 20% to 26% from the current price of 1.06 HKD [5][3][19]. Core Insights - The company has successfully turned around its performance, achieving profitability in 2024 due to reduced inventory impairment provisions, improved gross margins in development, decreased operating expenses, and increased contributions from joint ventures [1][19][3]. - The company maintains a diversified business structure, focusing on urban and property development, commercial leasing, hotel operations, and property services, with urban and property development accounting for over 80% of its revenue [1][15][19]. - The company has a strong sales performance, ranking 12th in the industry with sales of 98.3 billion RMB in 2024, and has a healthy land bank with 87% of unsold value located in first- and second-tier cities [2][62][83]. Summary by Sections Company Overview - The company is a platform enterprise in urban operations under China National Chemical Corporation, with a stable shareholding structure and diversified business segments [1][11][12]. Financial Performance - In 2024, the company reported revenue of 59.1 billion RMB, a decrease of 19% year-on-year, but achieved a net profit of 1.1 billion RMB, marking a turnaround from losses [4][19][17]. - The company has cumulatively recognized 17.4 billion RMB in impairments since 2020, with a significant reduction in impairment provisions in 2024 [3][21]. Business Segments - **Urban and Property Development**: The company launched a new product line, contributing 49.2 billion RMB in revenue, with a gross margin of 11% [31][19]. - **Commercial Leasing and Retail Operations**: This segment generated 1.6 billion RMB in revenue, with a high occupancy rate and stable rental income [46][47]. - **Hotel Operations**: The hotel segment faced challenges, generating 1.7 billion RMB in revenue, with a gross margin of 36% [54][56]. - **Property Services**: The property services segment, which was spun off in 2022, contributed 3 billion RMB in revenue, reflecting a 10% increase [58][60]. Sales and Land Bank - The company achieved sales of 98.3 billion RMB in 2024, with a sales area of 5.82 million square meters and an average selling price of 16,887 RMB per square meter [62][68]. - The company has a robust land bank, with unsold value of approximately 280 billion RMB, primarily located in economically developed regions [83][84]. Debt Management - The company has optimized its debt structure, with a reasonable debt maturity profile and a reduction in the proportion of short-term debt to 18% [89][90].