大中华区物业摘要：直面变局 扩需拓新

jll.com 2 03 1836 1937 0420 39 0521 0622 40 07 41 24 25 42 08 44 0926 27 11 28 45 29 3046 123147 133248 14 34 15 16 1735 • • • 2025 2025 36.9 AI 75.7 50.8 1.5 24.8 2025 1.5 • • 2025 • 6000 3C 21 3.9% 2025 10-20% 80-100 124,671 4.6% 2024 4.7% 1.1 4.6% 25.4% 26.9%21.7%19.3%18.1% 3 1-2 5.9% 7.9% 0.6 21 10.4% 0.2 00 90 80 • • • 2025 20253 926 425 2025 1.8 2.0%2024 20 2025 202371 16.7% 4 27.5% 532 16 183913.9% 2025 16.9% 18.8% 3.6% 20252.0 9.9%1.59.0% 20250.9 23.9% 9.9% 14.7% 42.7 0.95 2025 3 0.1% 0.2% 3 0.2% 0.2% 0.3% 2025 © 2025 5 2025 2025 108 124 124 8 2025 113 2025 100 2025 420 2025-2026 |2025 • • • 1980 20253 1,400 20099% 202432% 2024 50%25% 85 40% 1 2 527 2024$ õ (J) 438 •˛¾M•¿˛¿ƒ‰˛¿˛˛ƒ•˛‰•№ęfi•fl‰•fiA+№ƒ• : •ƒfi(˛˛˛˛)•;˛ƒƒ‰; @ •ƒflƒ˛fi▢A•fl;?•¡№•MfiLEED˛WELL˛ESG•№;ƒ˛.•ƒ•¿˛)• 30% 2024 2700 1 " " 10 202411 30 2024 “ ” ZX ZX 2024 2023 950 40% 3 70% 2024 1 LIVE X118 "" 50% 2024 ZX 5150% ZX 20242130 2 * 2024 * IP ** 202410 ClockenflapCreamfieldsColdplay Swiftonomics———— IFPI 2023 286 10.2% PwC 2.01 20191.21 2028 2024 2.16 2.34% 50,000 FreespaceWonderland Skytopia GoParkSaiSha AXA 2 HMV KITECHiddenAgenda 2018 PeelFrescoMusicLounge K11 SimplyLivebyTinBox LostStars LivehouseBar&Eatery 10 • • • (YTD) (YTD) 28,257 0 12.4% 264 -17.3% YTD CBD 120 100 80 60 40 20 0 -20 20202021202220232024YTD2025 18% 15% 12% 9% 6% 3% 0% -3% • • 180,000 • 46,200 45,000 2.2%7.1/ / 2.6%4.6/ / (YTD) (YTD) 91,200米 180,000米 23.5% 174.5元 -14.4% 跌幅加快 YTD 200 150 86,000 0.3 16.7% 94,000 0.2 29.2% 100 50 0 20202021202220232024YTD2025 25% 20% 15% 10% 5% 0% • • 0.1 • (YTD) (YTD) 65,000 51,000 20.9% 148.1 -10.3% 2025 6.5 3.1% 12 130 YTD 100 80 20.9% 0.1 60 40 20 0 20202021202220232024YTD2025 25% 20% 15% 10% 5% 0% • • • (YTD) (YTD) 80,000 278,000 25.2% 155.6 -7.4% YTD 210 2024 28 0.8 25.2% 12 120-150 30% 2.7% 180 150 120 90 60 30 0 20202021202220232024YTD2025 35% 30% 25% 20% 15% 10% 5% 0% • • • 8,000 4.3 0.9 32.0% 23.4% 21.1%14.3% 11.7% (YTD) (YTD) 8,000 82,400 32.0% 70.1 -11.8% YTD 8040% 2025-2028 40 35 6030% 4020% 70.1/ / 1.7% 3 20 3 0 2020 20212022 2023 2024 YTD2025 10% 0% • • • (YTD) (YTD) 9,161 0 35.3% 74 -6.9% YTD 1445% 1240% 35% 1030% 825% 620% 415% 10% 25% 00% 20202021202220232024YTD2025 50 • • • 0.1 2024 39.5% 0.9 38.7% 34% 3 72.8 IT 17% 2025 11% 68 2025 YTD 40 30 20 10 0 YTD 2025 T2 7.3 3 956.9 323.7 20202021202220232024YTD2025 50% 40% 30% 20% 10% 0% (YTD) (YTD) 15,071 73,000 38.7% 72.8 -11.2% • 1.6 • • 1.3 0.9%80.8/ / 1.6 0.7 32.7% 15% 0.9%80.8 / / 1.3 (YTD) (YTD) 15,710 0 32.7% 80.8 -6.0% YTD 3050% 40% 2030% 1020% 10% 2.6 00% 20202021202220232024YTD2025 • • • 2025 24.5% 27.8% 0.4 127.9 1.55% 97.5 1.5% 2025 (YTD) (YTD) 21,000 9,000 24.5% 128 -5.9% YTD 60 50 2025 2025 10 34,50678.7 26% 18% 17% 2025 30% 40 30 20 10 0 3 20202021202220232024YTD2025 30% 25% 20% 15% 10% 5% 0% 2025 • •2025 • 2.44 2.5 1.8 3.382.9 1.27.1 30% 28% 17% 2025 7 52 (YTD) (YTD) 33,800 84,000 32.3% 98.6 -6.4% YTD 50 40 30 8.4 527 1.7 24.2% 2.9 32.3% 0.4 265 4.0 19.5% 1.4 20 + + 2025 10 0 YTD 20202021202220232024YTD2025 50% 40% 30% 20% 10% 0% 20253 0.7 3.2 • • • (YTD) (YTD) -143,400 320,000 13.7% 47.1 -7.8% YTD 6 4 2 0 -2 -4 20202021202220232024YTD2025 15% 10% 5% 0% -5% -10% YTD • A 2025 • • A 2025 10,889 18%700 20%16%8% 61% 6,693 B 0.4% 0.3% YTD (YTD) (YTD) 15,000 0 6.4% 1,356 0.9% 2020% B 1515% 2024 2.3 2024 7.7% 0.50.7 8.7% 10% A 0.7 1010% 55% 00% 1,356 0.3% 2024 1.2% 0.9% YTD 20202021202220232024YTD2025 23 • • • (YTD) (YTD) -25,021 0 5.6% 743 -2.0% YTD 60 50 40 30 20 10 0 -10 -20 -30 -40 20202021202220232024YTD2025 15% 10% 5% 0% -5% -10% YTD 2025 VR 0.8 9.9%0.713.8% 2025 20 • • • 1.4%43.5 1.6%15.2 YTD (YTD) (YTD) -30,640 0 9.9% 1,269 -5.9% 15 10 3C5 0 20% 15% 10% 5% 20251188.7 -5 -10 20202021 0% 202220232024YTD2025 • • • 2025 5.1% 42.9% 41.6 10.2 3 2.4% 3.5% 2025 (YTD) (YTD) 2,000 - 4.0% 1,151.8 -6.4% YTD 60 50 40 30 0.1 4.8% 3.0% 20 12 10 0 20202021202220232024YTD2025 12% 10% 8% 6% 4% 2% 0% • • • 2025 40% 30% (YTD) (YTD) -35,000 0 2.8% 981.3 -5.7% YTD 100 80 0.7 0.2 60 40 20 0 2.2% -20 10% 8% 6% 4% 2% 0% 20202021202220232024YTD2025 / / • • • 353.0 1.5% Hibake Manner 9 20251-2 218.3% CDF 3,140 10 32.2% 0.6 11.2% MKL —— (YTD) (YTD) -65,000 0 11.2% 338.3 -6.0% YTD 150 120 90 60 30 0 -30 15% 12% 9% 6% 3% 0% 20202021202220232024YTD2025 • • • (YTD) (YTD) 3,675 0 12.2% 279.6 -3.9% YTD 40 30 20 10 0 -10 -20 20202021202220232024YTD2025 20% 15% 10% 5% 0% -5% -10% • • • YTD *20251 2025 5 45.6 150 120 90 60 30 0 -30 15% 12% 9% 6% 3% 0% -3% 20202021202220232024YTD2025 (YTD) (YTD) -31,029 -35,000 13.1% 359.6 -4.7% • • • (YTD) (YTD) 15,000 0 9.5% 471 -3.9% YTD 60 50 40 30 20 10 0 202020212022202