20256,3588,7074,6474,2938,58713.113.67.59.210.45.2%5.6%4.0%4.8%5.2%28,67231,54529,84928,98835,6295.1%3.0%-20.1%-25.9%-10.7%2,8862,5231,1262,0523,28020242025

62025

1-822025/7/823,449.31,758.72.5750G-2025-0052025/8/1512,2343,389.141.32,131Y25-12025/9/123,985.884,052.872.413,180321-332-370203-015-004-GB00079W000000003010%5%10%15%20%25%30%(20,000)020,00040,00060,00080,000100,000140,000120,000160,000180,000201420152016201720182019202020212022202320242025Q1-Q31401201008060402002013201420152016201720182019202020212022202320242025Q12025Q22025Q31,835,528094.5824.8%-2,069-↓↓↑↓51,835,528CBD97.6225.95%CBD101.6127.68%CBD82.5220.05%CBD62025-2027050,000100,000150,000200,0002025202620277BCBD2,440CBD1,657CBD1,400T2CBD1,200CBD1,000BCBD1,000CBD842T1CBD370CBD300T1CBD300T1CBD30035%33%10%5%TMT5%4%8%8?183.6?5.2%94.6?-2,0690.1424.8%?42??9020%2%4%6%8%10%12%14%(200,000)(100,000)0100,000200,000300,000400,000500,000600,000700,000800,000900,0002016201720182019202020212022202320242025Q1-Q34,329,300160,0004339.65%97,196↑↑↓↑↓90150150105100150909501,3001,1809509501,2509601,6001,4001,2001,000800600400200011//4,329,3008.590-9506.00%4.5150-1,3002.20%77.4150-1,1803.52%29.2105-9502.88%48.9100-95011.91%62.3150-1,25012.43%82.190-96013.94%CBD120300,000250,000200,000150,000100,00050,0002025四季度20262027CBD2025-2027UP·13900,000800,000700,000600,000500,000400,000300,000200,000100,00002013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 20242025F2026F

2027FCBDAmeigo · Bistro142025MALL432.9?4339.65%?IP?