1、20252,280 2,122 3,232 4,071 4,194 7.5 9.2 13.1 10.4 13.6 4.7%5.5%4.7%5.9%6.0%15,68315,11315,04319,34817,245-9.9%-22.1%5.8%-6.5%6.4%610 938 1,413 1,659 1,344 202420253/2025/3,515.0 0.380.521,622()2025-042025/8,824.0 0.291.81,826()2025-0052025()70,089.7 20.751.014,996()2024-412025()43,188.4 2.002.12,4

2、62()2025-11012,679,803074.4833.49%-19,5860%10%20%30%40%(100,000)0100,000200,000300,000400,000500,00020152016201720182019202020212022202320241H 2025030609012015020152016201720182019202020212022202320241H2025:/2,679,80386.25 33.91%80.12 34.63%70.56 38.15%70.93 44.54%62.25 31.14%67.29 25.88%68.96 28.01

3、%2025Q3-20280100,000200,000300,000400,0002025Q3-Q4202620272028TMT43%21%10%7%6%6%5%2%900873227200()1732025268.02.00.733.5%1.9%74.5+30059%TMT43%21%202526.452025202720273-46022,859,846 50,54740816.35%27,3830%2%4%6%8%10%12%14%16%18%(100,000)(50,000)050,000100,000150,000200,000250,000300,000350,000400,00

4、020152016201720182019202020212022202320242025Q12025Q2450260200350240200250770 625 500 650 380 400 420 02004006008001,000:/2,859,84658.3577.2 19.3%4.3300.09.5%51.2392.617.5%33.6477.38.8%18.5283.816.0%34.5351.4 5.5%12.6301.414.9%2025Q3-Q4-20280100,000200,000300,0002025Q3-Q4202620272028其他海河沿线南市-老城厢南京路-滨江道-和平路平方米MALLMALLBT-PARCO:WilsonYPL0100,000200,000300,000400,000500,000600,000700,0002013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025F2026F2027F2028F2025286.020251-51.3%27,3830.516.4%KCOOKINGYPL20258.846-9416Sabrina WHu FengF