<p>凯德商用中国信托（(SG:AU8U)）已举行其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级为市场领导者的投资组合，使用智能投资者精选</li>
</ul>
<p>凯德商用中国信托最新的财报电话会议传达了一种谨慎乐观的基调，管理层在稳健的运营增长与持续的宏观和特定领域挑战之间取得了平衡。尽管由于过去的资产剥离和商业园区组合的持续疲软，整体收入有所下降，但同店净物业收入增长、客流量上升和租户销售强劲等基本指标抵消了这些影响。</p>
<h2>投资组合规模和资产组合</h2>
<p>凯德商用中国信托目前管理约 45 亿新元的资产，分布在八个零售商场、五个商业园区和四个物流物业中。零售仍然是核心盈利引擎，贡献了大约 70% 的总租金收入，而商业园区占约 27%，物流则占据了一个仍然较小但正在改善的投资组合份额。</p>
<h2>同店表现稳定性</h2>
<p>在同店基础上，投资组合的总收入在第一季度同比仅下降 0.4%，而净物业收入增长了 1.3%。尽管之前有资产处置，这一差异表明剩余投资组合的成本控制和运营韧性正在改善。</p>
<h2>零售运营势头</h2>
<p>第一季度零售交易势头加速，顾客流量上升 3.3%，租户销售增长 5.5%，均超过了去年同期的平均水平。商场的入住率保持在约 97% 的高位，几乎所有商场的入住率均超过 95%，这突显了零售资产的持续吸引力。</p>
<h2>资产提升驱动的收入增长</h2>
<p>已完成的资产提升计划开始对收益产生影响，每季度增加约 500 万人民币的额外收入。管理层强调，这些资产提升计划是提升收入的关键杠杆，而不单单依赖于在仍然疲软的租赁市场中提高租金。</p>
<h2>零售类别表现优异</h2>
<p>在商场内，某些类别表现突出，玩具和爱好类几乎增长了 60%，而一个主要的 POP MART 门店的销售额同比翻了一番。运动用品增长约 46%，IT、珠宝和手表以及餐饮也有所增长，而之前表现疲软的时尚类终于略微转正。</p>
<h2>运营成本降低</h2>
<p>同店运营成本同比下降 3.7%，得益于收入相关费用的降低和对固定成本的有针对性削减。更严格的成本控制有助于净物业收入的正增长，缓冲了整体收入持平或略微负增长的影响。</p>
<h2>加强的资本和利息状况</h2>
<p>信托继续改善其融资成本，将平均债务成本从 3.3% 削减至约 3.1%。这转化为约 290 万新元的利息节省，贷款利息支出同比减少 18%，支持分配能力。</p>
<h2>改善的债务韧性和对冲</h2>
<p>整体杠杆率为 41.4%，在监管上限之内，向人民币计价借款的转变增加了对中国资产的自然对冲。人民币债务占借款的约 60%，对冲使得风险敞口接近 78%，即使在压力假设下，利息覆盖率仍保持在约 2.9 倍的舒适水平。</p>
<h2>总收入和净物业收入下降</h2>
<p>尽管运营有所增长，报告的投资组合总收入和净物业收入分别下降了约 5% 和 3%，主要是由于凯德商场雨花亭的出售。该资产剥离减少了约 2100 万人民币的收入，扭曲了同比比较，并掩盖了剩余资产的稳定性。</p>
<h2>由于剥离而掩盖的零售总收入下降</h2>
<p>零售收入在总量上同比下降 7.2%，但在调整了雨花亭后，同店零售下降幅度锐减至约 0.5%。这一调整强调了投资组合重组的单次影响如何掩盖了核心商场相对稳定的收入。</p>
<h2>商业园区疲软</h2>
<p>商业园区仍然是主要的软肋，入住率下降至约 86%，租金回调率为负 11%。在 Ascendas Innovation Towers 和某些杭州阶段等资产的租户不续租导致了空置率上升，该领域的需求恢复似乎缓慢。</p>
<h2>零售租金回调仍为负</h2>
<p>尽管销售回升，零售租金回调仍维持在负 2% 左右，主要是由于两家主要租户以较低的条件续租。数据显示，房东在疲软的中国定价环境中仍面临提高租金的阻力，迫使其关注交易量和生产力，而非定价。</p>
<h2>集中度和小规模物流</h2>
<p>物流资产虽然几乎完全出租，但仅占总租金收入的低个位数百分比，仍然不是整体收益的核心。它们的小规模意味着即使入住率有显著改善，对集团收入的影响也有限，使得信托在零售和商业园区上高度依赖。</p>
<h2>短期杠杆上升</h2>
<p>由于分配和短期贷款的提款，杠杆上升至 41.4%，但管理层预计这一上升是暂时的。随着来自境内实体的现金流和分红的回流，杠杆应会逐渐降低，保持财务灵活性。</p>
<h2>需关注的再融资事件</h2>
<p>融资日历上的一个关键项目是 2026 年末到期的 6 亿人民币债券，需要进行再融资。管理层将其视为锁定较低票息的机会，但投资者将密切关注执行情况，考虑到更广泛的信用和利率背景。</p>
<h2>租赁谈判面临的宏观逆风</h2>
<p>中国的外部环境仍然处于通缩状态，租户依然谨慎，这限制了信托在销售改善的情况下提高租金的能力。管理层表示，租金恢复可能会是一个渐进的过程，宏观经济条件将继续影响租赁谈判和租金回升。</p>
<h2>前瞻性指导和战略</h2>
<p>展望未来，凯德商用中国计划优先进行投资组合重组和选择性、以零售为主的扩张，同时继续从 AEI 中提取价值。该战略以严格的资本管理为基础，旨在保持可控的杠杆水平，进一步降低融资成本，维持强劲的人民币对冲，并在中国经济复苏缓慢推进的过程中保护分配。</p>
<p>凯德商用中国的财报电话会议最终描绘了一个在运营上逐渐稳定的业务，同时应对结构性和宏观挑战。强劲的零售表现、成本节约和融资收益正在抵消资产剥离的噪音和商务园区的疲软，给投资者留下了谨慎乐观的前景，但明确的执行里程碑需要关注。</p>

凯德商用中国

<p>凯德商用中国信托的第一季度财报电话会议强调了在运营收益和宏观挑战中谨慎乐观。该信托管理着 45 亿新加坡元的资产，零售业务贡献了 70% 的租金收入。同店总收入下降了 0.4%，而净物业收入增长了 1.3%。零售交易势头有所改善，顾客流量上升了 3.3%。然而，由于资产出售，报告的收入下降了 5%，商业园区面临入住率和租金的挑战。该信托的杠杆率上升至 41.4%，但管理层预计这将是暂时的，因为现金流正在稳定</p>

<p>CapitaLand China Trust ((SG:AU8U)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>凯德商用中国信托（(SG:AU8U)）已举行其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>Claim 55% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
</div><ul>
<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
<li>Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks</li>
</ul>
<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级为市场领导者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>CapitaLand China Trust’s latest earnings call struck a note of cautious optimism as management balanced solid operational gains with lingering macro and segment-specific challenges. Underlying metrics such as same-store NPI growth, rising footfall, and stronger tenant sales offset headline revenue declines tied to past divestments and persistent weakness in the business park portfolio.</p>
<div class="lb-trans"><p>凯德商用中国信托最新的财报电话会议传达了一种谨慎乐观的基调，管理层在稳健的运营增长与持续的宏观和特定领域挑战之间取得了平衡。尽管由于过去的资产剥离和商业园区组合的持续疲软，整体收入有所下降，但同店净物业收入增长、客流量上升和租户销售强劲等基本指标抵消了这些影响。</p>
</div><h2>Portfolio Size and Asset Mix</h2>
<div class="lb-trans"><h2>投资组合规模和资产组合</h2>
</div><p>CapitaLand China Trust now manages about SGD 4.5 billion in assets spread across eight retail malls, five business parks, and four logistics properties. Retail remains the core earnings engine, contributing roughly 70% of gross rental income, while business parks account for about 27% and logistics represents a still modest, though improving, slice of the portfolio.</p>
<div class="lb-trans"><p>凯德商用中国信托目前管理约 45 亿新元的资产，分布在八个零售商场、五个商业园区和四个物流物业中。零售仍然是核心盈利引擎，贡献了大约 70% 的总租金收入，而商业园区占约 27%，物流则占据了一个仍然较小但正在改善的投资组合份额。</p>
</div><h2>Same-Store Performance Stability</h2>
<div class="lb-trans"><h2>同店表现稳定性</h2>
</div><p>On a same-store basis, portfolio gross revenue dipped only 0.4% year on year in the first quarter while net property income grew 1.3%. This divergence, achieved despite prior asset disposals, points to improving cost control and underlying operational resilience across the remaining portfolio.</p>
<div class="lb-trans"><p>在同店基础上，投资组合的总收入在第一季度同比仅下降 0.4%，而净物业收入增长了 1.3%。尽管之前有资产处置，这一差异表明剩余投资组合的成本控制和运营韧性正在改善。</p>
</div><h2>Retail Operational Momentum</h2>
<div class="lb-trans"><h2>零售运营势头</h2>
</div><p>Retail trading momentum accelerated in 1Q26, with shopper traffic rising 3.3% and tenant sales climbing 5.5%, both ahead of the prior year’s averages. Mall occupancy stayed robust at around 97%, and nearly all malls operated above 95% occupancy, underscoring the continued attractiveness of the retail assets.</p>
<div class="lb-trans"><p>第一季度零售交易势头加速，顾客流量上升 3.3%，租户销售增长 5.5%，均超过了去年同期的平均水平。商场的入住率保持在约 97% 的高位，几乎所有商场的入住率均超过 95%，这突显了零售资产的持续吸引力。</p>
</div><h2>AEI-Driven Income Uplift</h2>
<div class="lb-trans"><h2>资产提升驱动的收入增长</h2>
</div><p>Completed asset enhancement initiatives have started to feed through to earnings, adding roughly RMB 5 million in additional revenue each quarter. Management highlighted these AEIs as a key lever to lift income without relying solely on headline rent increases in a still-soft rental market.</p>
<div class="lb-trans"><p>已完成的资产提升计划开始对收益产生影响，每季度增加约 500 万人民币的额外收入。管理层强调，这些资产提升计划是提升收入的关键杠杆，而不单单依赖于在仍然疲软的租赁市场中提高租金。</p>
</div><h2>Category Outperformance in Retail</h2>
<div class="lb-trans"><h2>零售类别表现优异</h2>
</div><p>Within the malls, certain categories posted standout growth, led by Toys &amp; Hobbies at nearly 60% and a major POP MART outlet doubling sales year on year. Sporting goods surged about 46%, while IT, jewelry and watches, and F&amp;B also grew, and fashion, previously weak, finally turned slightly positive.</p>
<div class="lb-trans"><p>在商场内，某些类别表现突出，玩具和爱好类几乎增长了 60%，而一个主要的 POP MART 门店的销售额同比翻了一番。运动用品增长约 46%，IT、珠宝和手表以及餐饮也有所增长，而之前表现疲软的时尚类终于略微转正。</p>
</div><h2>Operating Cost Reductions</h2>
<div class="lb-trans"><h2>运营成本降低</h2>
</div><p>Same-store operating costs fell 3.7% year on year, helped by lower revenue-linked expenses and targeted cuts to fixed costs. The tighter cost discipline contributed to the positive NPI growth, cushioning the impact of flat to slightly negative top-line performance.</p>
<div class="lb-trans"><p>同店运营成本同比下降 3.7%，得益于收入相关费用的降低和对固定成本的有针对性削减。更严格的成本控制有助于净物业收入的正增长，缓冲了整体收入持平或略微负增长的影响。</p>
</div><h2>Strengthened Capital and Interest Profile</h2>
<div class="lb-trans"><h2>加强的资本和利息状况</h2>
</div><p>The Trust continued to improve its funding costs, trimming the average cost of debt from 3.3% to about 3.1% year to date. This translated into approximately SGD 2.9 million of interest savings, an 18% year-on-year reduction in loan interest expense that supports distribution capacity.</p>
<div class="lb-trans"><p>信托继续改善其融资成本，将平均债务成本从 3.3% 削减至约 3.1%。这转化为约 290 万新元的利息节省，贷款利息支出同比减少 18%，支持分配能力。</p>
</div><h2>Improved Debt Resilience and Hedging</h2>
<div class="lb-trans"><h2>改善的债务韧性和对冲</h2>
</div><p>Aggregate leverage stands at 41.4%, within regulatory ceilings, and the shift toward RMB-denominated borrowing has increased natural hedging of China assets. With RMB debt at about 60% of borrowings and hedges pushing exposure near 78%, the interest coverage ratio remains comfortable around 2.9 times, even under stress assumptions.</p>
<div class="lb-trans"><p>整体杠杆率为 41.4%，在监管上限之内，向人民币计价借款的转变增加了对中国资产的自然对冲。人民币债务占借款的约 60%，对冲使得风险敞口接近 78%，即使在压力假设下，利息覆盖率仍保持在约 2.9 倍的舒适水平。</p>
</div><h2>Headline Revenue and NPI Declines</h2>
<div class="lb-trans"><h2>总收入和净物业收入下降</h2>
</div><p>Despite the operational gains, reported portfolio gross revenue and NPI fell roughly 5% and 3%, mainly because of the sale of CapitaMall Yuhuating. The divestment removed around RMB 21 million of revenue, distorting year-on-year comparisons and masking stability in the remaining assets.</p>
<div class="lb-trans"><p>尽管运营有所增长，报告的投资组合总收入和净物业收入分别下降了约 5% 和 3%，主要是由于凯德商场雨花亭的出售。该资产剥离减少了约 2100 万人民币的收入，扭曲了同比比较，并掩盖了剩余资产的稳定性。</p>
</div><h2>Retail Headline Drop Masked by Divestment</h2>
<div class="lb-trans"><h2>由于剥离而掩盖的零售总收入下降</h2>
</div><p>Retail revenue at the headline level declined 7.2% year on year, but after adjusting for Yuhuating the same-store retail fall narrowed sharply to about 0.5%. This adjustment underlines how the one-off impact of portfolio reconstitution has overshadowed relatively stable income from the core malls.</p>
<div class="lb-trans"><p>零售收入在总量上同比下降 7.2%，但在调整了雨花亭后，同店零售下降幅度锐减至约 0.5%。这一调整强调了投资组合重组的单次影响如何掩盖了核心商场相对稳定的收入。</p>
</div><h2>Business Park Weakness</h2>
<div class="lb-trans"><h2>商业园区疲软</h2>
</div><p>Business parks remain the main soft spot, with occupancy slipping to about 86% and rent reversions running at a negative 11%. Tenant non-renewals at assets such as Ascendas Innovation Towers and certain Hangzhou phases have led to elevated vacancies, and demand recovery in this segment appears sluggish.</p>
<div class="lb-trans"><p>商业园区仍然是主要的软肋，入住率下降至约 86%，租金回调率为负 11%。在 Ascendas Innovation Towers 和某些杭州阶段等资产的租户不续租导致了空置率上升，该领域的需求恢复似乎缓慢。</p>
</div><h2>Retail Rent Reversions Still Negative</h2>
<div class="lb-trans"><h2>零售租金回调仍为负</h2>
</div><p>Even as sales recover, retail rent reversions stayed around minus 2%, dragged down by the renewal of two anchor tenants on lower terms. The figures underscore that landlords still face resistance to higher rents in a subdued Chinese pricing environment, forcing a focus on volume and productivity rather than pricing.</p>
<div class="lb-trans"><p>尽管销售回升，零售租金回调仍维持在负 2% 左右，主要是由于两家主要租户以较低的条件续租。数据显示，房东在疲软的中国定价环境中仍面临提高租金的阻力，迫使其关注交易量和生产力，而非定价。</p>
</div><h2>Concentration and Small Logistics Scale</h2>
<div class="lb-trans"><h2>集中度和小规模物流</h2>
</div><p>Logistics assets, while nearly fully occupied, contribute only a low single-digit percentage of gross rental income and remain non-core to overall earnings. Their small scale means that even solid occupancy improvements have limited impact on group revenue, leaving the Trust heavily dependent on retail and business parks.</p>
<div class="lb-trans"><p>物流资产虽然几乎完全出租，但仅占总租金收入的低个位数百分比，仍然不是整体收益的核心。它们的小规模意味着即使入住率有显著改善，对集团收入的影响也有限，使得信托在零售和商业园区上高度依赖。</p>
</div><h2>Short-Term Leverage Bump</h2>
<div class="lb-trans"><h2>短期杠杆上升</h2>
</div><p>Leverage ticked up to 41.4% following distributions and the drawdown of short-term loans, but management expects this rise to be temporary. As cash flows and dividends from onshore entities are repatriated, gearing should drift lower, keeping financial flexibility intact.</p>
<div class="lb-trans"><p>由于分配和短期贷款的提款，杠杆上升至 41.4%，但管理层预计这一上升是暂时的。随着来自境内实体的现金流和分红的回流，杠杆应会逐渐降低，保持财务灵活性。</p>
</div><h2>Refinancing Event to Monitor</h2>
<div class="lb-trans"><h2>需关注的再融资事件</h2>
</div><p>A key item on the funding calendar is the maturity of a RMB 600 million bond in late 2026, which will need to be refinanced. Management sees this as an opportunity to lock in a lower coupon, but investors will watch execution closely given the broader credit and rate backdrop.</p>
<div class="lb-trans"><p>融资日历上的一个关键项目是 2026 年末到期的 6 亿人民币债券，需要进行再融资。管理层将其视为锁定较低票息的机会，但投资者将密切关注执行情况，考虑到更广泛的信用和利率背景。</p>
</div><h2>Macro Headwinds on Rent Negotiation</h2>
<div class="lb-trans"><h2>租赁谈判面临的宏观逆风</h2>
</div><p>The external backdrop in China remains deflationary, and tenants are still cautious, limiting the Trust’s ability to push rents despite improving sales. Management signaled that rent recovery will likely be gradual, with macro conditions continuing to shape leasing negotiations and reversions.</p>
<div class="lb-trans"><p>中国的外部环境仍然处于通缩状态，租户依然谨慎，这限制了信托在销售改善的情况下提高租金的能力。管理层表示，租金恢复可能会是一个渐进的过程，宏观经济条件将继续影响租赁谈判和租金回升。</p>
</div><h2>Forward-Looking Guidance and Strategy</h2>
<div class="lb-trans"><h2>前瞻性指导和战略</h2>
</div><p>Looking ahead, CapitaLand China Trust plans to prioritize portfolio reconstitution and selective, retail-led expansion while continuing to extract value from AEIs. The strategy is anchored by disciplined capital management, aiming to keep leverage manageable, lower funding costs further, maintain robust RMB hedging, and protect distributions as China’s recovery grinds forward.</p>
<div class="lb-trans"><p>展望未来，凯德商用中国计划优先进行投资组合重组和选择性、以零售为主的扩张，同时继续从 AEI 中提取价值。该战略以严格的资本管理为基础，旨在保持可控的杠杆水平，进一步降低融资成本，维持强劲的人民币对冲，并在中国经济复苏缓慢推进的过程中保护分配。</p>
</div><p>CapitaLand China Trust’s earnings call ultimately framed a business that is stabilizing operationally while navigating structural and macro challenges. Robust retail performance, cost savings, and funding gains are offsetting divestment noise and business park softness, leaving investors with a cautiously constructive outlook but clear execution milestones to monitor.</p>
<div class="lb-trans"><p>凯德商用中国的财报电话会议最终描绘了一个在运营上逐渐稳定的业务，同时应对结构性和宏观挑战。强劲的零售表现、成本节约和融资收益正在抵消资产剥离的噪音和商务园区的疲软，给投资者留下了谨慎乐观的前景，但明确的执行里程碑需要关注。</p>
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凯德商用中国信托在复苏过程中平衡风险