<p>凱德商用中國信託（(SG:AU8U)）已舉行其第一季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解鎖對沖基金級別的數據和強大的投資工具，以做出更聰明、更精準的決策</li>
<li>發現表現優異的股票投資理念，並升級為市場領導者的投資組合，使用智能投資者精選</li>
</ul>
<p>凱德商用中國信託最新的財報電話會議傳達了一種謹慎樂觀的基調，管理層在穩健的運營增長與持續的宏觀和特定領域挑戰之間取得了平衡。儘管由於過去的資產剝離和商業園區組合的持續疲軟，整體收入有所下降，但同店淨物業收入增長、客流量上升和租户銷售強勁等基本指標抵消了這些影響。</p>
<h2>投資組合規模和資產組合</h2>
<p>凱德商用中國信託目前管理約 45 億新元的資產，分佈在八個零售商場、五個商業園區和四個物流物業中。零售仍然是核心盈利引擎，貢獻了大約 70% 的總租金收入，而商業園區佔約 27%，物流則佔據了一個仍然較小但正在改善的投資組合份額。</p>
<h2>同店表現穩定性</h2>
<p>在同店基礎上，投資組合的總收入在第一季度同比僅下降 0.4%，而淨物業收入增長了 1.3%。儘管之前有資產處置，這一差異表明剩餘投資組合的成本控制和運營韌性正在改善。</p>
<h2>零售運營勢頭</h2>
<p>第一季度零售交易勢頭加速，顧客流量上升 3.3%，租户銷售增長 5.5%，均超過了去年同期的平均水平。商場的入住率保持在約 97% 的高位，幾乎所有商場的入住率均超過 95%，這突顯了零售資產的持續吸引力。</p>
<h2>資產提升驅動的收入增長</h2>
<p>已完成的資產提升計劃開始對收益產生影響，每季度增加約 500 萬人民幣的額外收入。管理層強調，這些資產提升計劃是提升收入的關鍵槓桿，而不單單依賴於在仍然疲軟的租賃市場中提高租金。</p>
<h2>零售類別表現優異</h2>
<p>在商場內，某些類別表現突出，玩具和愛好類幾乎增長了 60%，而一個主要的 POP MART 門店的銷售額同比翻了一番。運動用品增長約 46%，IT、珠寶和手錶以及餐飲也有所增長，而之前表現疲軟的時尚類終於略微轉正。</p>
<h2>運營成本降低</h2>
<p>同店運營成本同比下降 3.7%，得益於收入相關費用的降低和對固定成本的有針對性削減。更嚴格的成本控制有助於淨物業收入的正增長，緩衝了整體收入持平或略微負增長的影響。</p>
<h2>加強的資本和利息狀況</h2>
<p>信託繼續改善其融資成本，將平均債務成本從 3.3% 削減至約 3.1%。這轉化為約 290 萬新元的利息節省，貸款利息支出同比減少 18%，支持分配能力。</p>
<h2>改善的債務韌性和對沖</h2>
<p>整體槓桿率為 41.4%，在監管上限之內，向人民幣計價借款的轉變增加了對中國資產的自然對沖。人民幣債務佔借款的約 60%，對沖使得風險敞口接近 78%，即使在壓力假設下，利息覆蓋率仍保持在約 2.9 倍的舒適水平。</p>
<h2>總收入和淨物業收入下降</h2>
<p>儘管運營有所增長，報告的投資組合總收入和淨物業收入分別下降了約 5% 和 3%，主要是由於凱德商場雨花亭的出售。該資產剝離減少了約 2100 萬人民幣的收入，扭曲了同比比較，並掩蓋了剩餘資產的穩定性。</p>
<h2>由於剝離而掩蓋的零售總收入下降</h2>
<p>零售收入在總量上同比下降 7.2%，但在調整了雨花亭後，同店零售下降幅度鋭減至約 0.5%。這一調整強調了投資組合重組的單次影響如何掩蓋了核心商場相對穩定的收入。</p>
<h2>商業園區疲軟</h2>
<p>商業園區仍然是主要的軟肋，入住率下降至約 86%，租金回調率為負 11%。在 Ascendas Innovation Towers 和某些杭州階段等資產的租户不續租導致了空置率上升，該領域的需求恢復似乎緩慢。</p>
<h2>零售租金回調仍為負</h2>
<p>儘管銷售回升，零售租金回調仍維持在負 2% 左右，主要是由於兩家主要租户以較低的條件續租。數據顯示，房東在疲軟的中國定價環境中仍面臨提高租金的阻力，迫使其關注交易量和生產力，而非定價。</p>
<h2>集中度和小規模物流</h2>
<p>物流資產雖然幾乎完全出租，但僅佔總租金收入的低個位數百分比，仍然不是整體收益的核心。它們的小規模意味着即使入住率有顯著改善，對集團收入的影響也有限，使得信託在零售和商業園區上高度依賴。</p>
<h2>短期槓桿上升</h2>
<p>由於分配和短期貸款的提款，槓桿上升至 41.4%，但管理層預計這一上升是暫時的。隨着來自境內實體的現金流和分紅的回流，槓桿應會逐漸降低，保持財務靈活性。</p>
<h2>需關注的再融資事件</h2>
<p>融資日曆上的一個關鍵項目是 2026 年末到期的 6 億人民幣債券，需要進行再融資。管理層將其視為鎖定較低票息的機會，但投資者將密切關注執行情況，考慮到更廣泛的信用和利率背景。</p>
<h2>租賃談判面臨的宏觀逆風</h2>
<p>中國的外部環境仍然處於通縮狀態，租户依然謹慎，這限制了信託在銷售改善的情況下提高租金的能力。管理層表示，租金恢復可能會是一個漸進的過程，宏觀經濟條件將繼續影響租賃談判和租金回升。</p>
<h2>前瞻性指導和戰略</h2>
<p>展望未來，凱德商用中國計劃優先進行投資組合重組和選擇性、以零售為主的擴張，同時繼續從 AEI 中提取價值。該戰略以嚴格的資本管理為基礎，旨在保持可控的槓桿水平，進一步降低融資成本，維持強勁的人民幣對沖，並在中國經濟復甦緩慢推進的過程中保護分配。</p>
<p>凱德商用中國的財報電話會議最終描繪了一個在運營上逐漸穩定的業務，同時應對結構性和宏觀挑戰。強勁的零售表現、成本節約和融資收益正在抵消資產剝離的噪音和商務園區的疲軟，給投資者留下了謹慎樂觀的前景，但明確的執行里程碑需要關注。</p>

凱德商用中國

<p>凱德商用中國信託的第一季度財報電話會議強調了在運營收益和宏觀挑戰中謹慎樂觀。該信託管理着 45 億新加坡元的資產，零售業務貢獻了 70% 的租金收入。同店總收入下降了 0.4%，而淨物業收入增長了 1.3%。零售交易勢頭有所改善，顧客流量上升了 3.3%。然而，由於資產出售，報告的收入下降了 5%，商業園區面臨入住率和租金的挑戰。該信託的槓桿率上升至 41.4%，但管理層預計這將是暫時的，因為現金流正在穩定</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>凱德商用中國信託（(SG:AU8U)）已舉行其第一季度財報電話會議。請繼續閲讀會議的主要亮點。</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>解鎖對沖基金級別的數據和強大的投資工具，以做出更聰明、更精準的決策</li>
<li>發現表現優異的股票投資理念，並升級為市場領導者的投資組合，使用智能投資者精選</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>凱德商用中國信託最新的財報電話會議傳達了一種謹慎樂觀的基調，管理層在穩健的運營增長與持續的宏觀和特定領域挑戰之間取得了平衡。儘管由於過去的資產剝離和商業園區組合的持續疲軟，整體收入有所下降，但同店淨物業收入增長、客流量上升和租户銷售強勁等基本指標抵消了這些影響。</p>
</div><h2>Portfolio Size and Asset Mix</h2>
<div class="lb-trans"><h2>投資組合規模和資產組合</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>凱德商用中國信託目前管理約 45 億新元的資產，分佈在八個零售商場、五個商業園區和四個物流物業中。零售仍然是核心盈利引擎，貢獻了大約 70% 的總租金收入，而商業園區佔約 27%，物流則佔據了一個仍然較小但正在改善的投資組合份額。</p>
</div><h2>Same-Store Performance Stability</h2>
<div class="lb-trans"><h2>同店表現穩定性</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>在同店基礎上，投資組合的總收入在第一季度同比僅下降 0.4%，而淨物業收入增長了 1.3%。儘管之前有資產處置，這一差異表明剩餘投資組合的成本控制和運營韌性正在改善。</p>
</div><h2>Retail Operational Momentum</h2>
<div class="lb-trans"><h2>零售運營勢頭</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>第一季度零售交易勢頭加速，顧客流量上升 3.3%，租户銷售增長 5.5%，均超過了去年同期的平均水平。商場的入住率保持在約 97% 的高位，幾乎所有商場的入住率均超過 95%，這突顯了零售資產的持續吸引力。</p>
</div><h2>AEI-Driven Income Uplift</h2>
<div class="lb-trans"><h2>資產提升驅動的收入增長</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>已完成的資產提升計劃開始對收益產生影響，每季度增加約 500 萬人民幣的額外收入。管理層強調，這些資產提升計劃是提升收入的關鍵槓桿，而不單單依賴於在仍然疲軟的租賃市場中提高租金。</p>
</div><h2>Category Outperformance in Retail</h2>
<div class="lb-trans"><h2>零售類別表現優異</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>在商場內，某些類別表現突出，玩具和愛好類幾乎增長了 60%，而一個主要的 POP MART 門店的銷售額同比翻了一番。運動用品增長約 46%，IT、珠寶和手錶以及餐飲也有所增長，而之前表現疲軟的時尚類終於略微轉正。</p>
</div><h2>Operating Cost Reductions</h2>
<div class="lb-trans"><h2>運營成本降低</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>同店運營成本同比下降 3.7%，得益於收入相關費用的降低和對固定成本的有針對性削減。更嚴格的成本控制有助於淨物業收入的正增長，緩衝了整體收入持平或略微負增長的影響。</p>
</div><h2>Strengthened Capital and Interest Profile</h2>
<div class="lb-trans"><h2>加強的資本和利息狀況</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>信託繼續改善其融資成本，將平均債務成本從 3.3% 削減至約 3.1%。這轉化為約 290 萬新元的利息節省，貸款利息支出同比減少 18%，支持分配能力。</p>
</div><h2>Improved Debt Resilience and Hedging</h2>
<div class="lb-trans"><h2>改善的債務韌性和對沖</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>整體槓桿率為 41.4%，在監管上限之內，向人民幣計價借款的轉變增加了對中國資產的自然對沖。人民幣債務佔借款的約 60%，對沖使得風險敞口接近 78%，即使在壓力假設下，利息覆蓋率仍保持在約 2.9 倍的舒適水平。</p>
</div><h2>Headline Revenue and NPI Declines</h2>
<div class="lb-trans"><h2>總收入和淨物業收入下降</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>儘管運營有所增長，報告的投資組合總收入和淨物業收入分別下降了約 5% 和 3%，主要是由於凱德商場雨花亭的出售。該資產剝離減少了約 2100 萬人民幣的收入，扭曲了同比比較，並掩蓋了剩餘資產的穩定性。</p>
</div><h2>Retail Headline Drop Masked by Divestment</h2>
<div class="lb-trans"><h2>由於剝離而掩蓋的零售總收入下降</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>零售收入在總量上同比下降 7.2%，但在調整了雨花亭後，同店零售下降幅度鋭減至約 0.5%。這一調整強調了投資組合重組的單次影響如何掩蓋了核心商場相對穩定的收入。</p>
</div><h2>Business Park Weakness</h2>
<div class="lb-trans"><h2>商業園區疲軟</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>商業園區仍然是主要的軟肋，入住率下降至約 86%，租金回調率為負 11%。在 Ascendas Innovation Towers 和某些杭州階段等資產的租户不續租導致了空置率上升，該領域的需求恢復似乎緩慢。</p>
</div><h2>Retail Rent Reversions Still Negative</h2>
<div class="lb-trans"><h2>零售租金回調仍為負</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>儘管銷售回升，零售租金回調仍維持在負 2% 左右，主要是由於兩家主要租户以較低的條件續租。數據顯示，房東在疲軟的中國定價環境中仍面臨提高租金的阻力，迫使其關注交易量和生產力，而非定價。</p>
</div><h2>Concentration and Small Logistics Scale</h2>
<div class="lb-trans"><h2>集中度和小規模物流</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>物流資產雖然幾乎完全出租，但僅佔總租金收入的低個位數百分比，仍然不是整體收益的核心。它們的小規模意味着即使入住率有顯著改善，對集團收入的影響也有限，使得信託在零售和商業園區上高度依賴。</p>
</div><h2>Short-Term Leverage Bump</h2>
<div class="lb-trans"><h2>短期槓桿上升</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>由於分配和短期貸款的提款，槓桿上升至 41.4%，但管理層預計這一上升是暫時的。隨着來自境內實體的現金流和分紅的回流，槓桿應會逐漸降低，保持財務靈活性。</p>
</div><h2>Refinancing Event to Monitor</h2>
<div class="lb-trans"><h2>需關注的再融資事件</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>融資日曆上的一個關鍵項目是 2026 年末到期的 6 億人民幣債券，需要進行再融資。管理層將其視為鎖定較低票息的機會，但投資者將密切關注執行情況，考慮到更廣泛的信用和利率背景。</p>
</div><h2>Macro Headwinds on Rent Negotiation</h2>
<div class="lb-trans"><h2>租賃談判面臨的宏觀逆風</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>中國的外部環境仍然處於通縮狀態，租户依然謹慎，這限制了信託在銷售改善的情況下提高租金的能力。管理層表示，租金恢復可能會是一個漸進的過程，宏觀經濟條件將繼續影響租賃談判和租金回升。</p>
</div><h2>Forward-Looking Guidance and Strategy</h2>
<div class="lb-trans"><h2>前瞻性指導和戰略</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>展望未來，凱德商用中國計劃優先進行投資組合重組和選擇性、以零售為主的擴張，同時繼續從 AEI 中提取價值。該戰略以嚴格的資本管理為基礎，旨在保持可控的槓桿水平，進一步降低融資成本，維持強勁的人民幣對沖，並在中國經濟復甦緩慢推進的過程中保護分配。</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>凱德商用中國的財報電話會議最終描繪了一個在運營上逐漸穩定的業務，同時應對結構性和宏觀挑戰。強勁的零售表現、成本節約和融資收益正在抵消資產剝離的噪音和商務園區的疲軟，給投資者留下了謹慎樂觀的前景，但明確的執行里程碑需要關注。</p>
</div>

凱德商用中國信託在復甦過程中平衡風險