1、202526,358 8,707 4,647 4,293 8,587 13.1 13.6 7.5 9.2 10.4 5.2%5.6%4.0%4.8%5.2%28,67231,54529,84928,98835,6295.1%3.0%-20.1%-25.9%-10.7%2,886 2,523 1,126 2,052 3,280 20242025620251-832025/7/823,449.31,758.72.5750G-2025-0052025/8/1512,2343,389.141.32,131Y25-12025/9/123,985.884,052.872.413,180321-332-37

2、0203-015-004-GB00079W000000000150%5%10%15%20%25%30%(20,000)020,00040,00060,00080,000100,000120,000140,000160,000180,000201420152016201720182019202020212022202320242025Q1-Q30204060801001201402013201420152016201720182019202020212022202320242025Q12025Q22025Q31,835,528094.5824.8%-2,069-61,835,528CBD97.6

3、2 25.95%CBD101.61 27.68%CBD82.52 20.05%CBD72025-2027050,000100,000150,000200,0002025202620278BCBD2,440CBD1,657CBD1,400T2CBD1,200CBD1,000BCBD1,000CBD842T1CBD370CBD300T1CBD300T1CBD30035%33%10%TMT5%5%8%4%9183.65.2%94.6-2,0690.1424.8%4202110%2%4%6%8%10%12%14%(200,000)(100,000)0100,000200,000300,000400,0

4、00500,000600,000700,000800,000900,0002016201720182019202020212022202320242025Q1-Q34,329,300160,0004339.65%97,1969015015010510015090950 1,300 1,180 950 950 1,250 960 02004006008001,0001,2001,4001,60012/4,329,3008.590-9506.00%4.5150-1,3002.20%77.4150-1,1803.52%29.2105-9502.88%48.9100-95011.91%62.3150-

5、1,25012.43%82.190-96013.94%CBD13050,000100,000150,000200,000250,000300,0002025四季度20262027CBD2025-2027UP140100,000200,000300,000400,000500,000600,000700,000800,000900,0002013201420152016201720182019202020212022202320242025F 2026F 2027FCBDAmeigoBistro152025MALL432.94339.65%IP47928Joyce HanJEavan Li-Eavan.LSabrina WeiS202523414Tel:+86 532 8575 Everly Tang-E