徐家彙(002561.SZ)：擬7億元投建上海六百城市更新項目
格隆匯 8 月 19日丨徐家彙(002561.SZ)公佈，上海六百成立於1952年，作為上海最早的“號碼”百貨店之一，是徐家彙商圈誕生的起點，融入了上海商業的蓬勃發展。1992年，上海六百把握地鐵一號線的建設機遇進行了整體改造，實現跨越式發展，與商圈內多家企業共同推動徐家彙商圈成為上海“一年一個樣、三年大變樣”的標杆。隨着城市商業的不斷髮展，已有近70年曆史的上海六百現有形態、業態均已無法滿足消費者需求。
在《上海市城市總體規劃(2017-2035年)》中，徐家彙被列為中央活動區。徐彙區政府要求徐家彙商圈主動對標最高標準、最好水平，以全新理念、全新方式、全新姿態，高起點規劃統籌、高質量城市更新、高能級業態提升、高水平治理創新，加快邁向全球城市的世界級商圈。
公司以此為契機推動上海六百城市更新項目，擬將現有建築體拆除重建，打造符合新時代消費者需求的綜合性精品購物中心。
此次上海六百城市更新項目投資總額預計約為7億元，資金來源以公司自有資金為主，如有需要或適當採用外部融資。
該項目涉及規劃調整、市政換地、地鐵協調等諸多事項，且新建建築時將連通地鐵出入口，並同步配合徐家彙天橋連廊建設。由於項目難度較高，項目建設期預計需要4至5年。2019年度，上海六百營業收入約為3.36億元，淨利潤約為3900萬元，佔公司合併報表比例均約為18%。項目建設期間，公司營業收入及利潤將受較大影響，短期內暫無其他業績補充。上海六百現有建築地上六層，建築面積13,077平方米，項目完成後新建築預計地上十層、地下三層，商業面積預計將提升30%-40%。假設市場環境不發生重大變化，建成後通過商業面積提升及業態調整，預計該項目投資回收期為8至10年。
從短期來看，上海六百城市更新項目籌備協調及建設的難度較高，建設期內對周邊商業環境產生不利影響，公司業績將有所下滑。從長期來看，該項目是傳統百貨向市場變化做出的積極反應，是公司在穩健發展中自我提升和突破的有效方式。通過更新改造，將充分發揮黃金地段的商業價值，彌補公司在休閒娛樂及文化等業態短板，有效帶動客流，提升公司盈利能力及核心競爭力，進一步增強公司品牌知名度和影響力。
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