2024 5.8% -12.2% 9.3% 7.5 9.2 13.1 13.6 10.4 9.4 9,675 12,39912,674 8,686 6,0746,643 3,6114,5323,946 3,638 3,2461,484 5.1% 4.5% 5.4%3.3%4.2%5.1% 48,72451,33746,07840,96741,76942,269 1.2% -12.3% -20.6% 2024Q3 0.7< 2024/11/20 30,609 21,733 ≤1.0 ≤ - 2024TDGP06C1001 ≤2.0 ≤1.7 2024/12/925,0092,168≤ 5102024TDGP04Y0103 2,513 2,071 ≤0.9 9,157 2024TDGP03C0141 1,333 1,095 ≤0.9 9,127 2024TDGP03C0142 3,173 2,450 ≤0.8 9,652 2024TDGP03C0143 1,072 779 ≤0.8 9,083 2024TDGP03C0144 2024/12/30 580,000 480,000 50% 2,036,581 89.06 75,272 ↑ ↑ ↑ ↓ ↑ 31.6% 147,000 45% 40% 380,000 35% 30% 280,00025% 180,000 20% 15% 140 10% 120100 5% 80 0% 6040200 80,000 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 (20,000) CBD 89.56 25.2% 78.53 20.1% 50.78 38.1% CBD 102.89 36.9% 74.87 26.1% 2,036,581 1,000,000 CBD 800,000 600,000 400,000 200,000 0 2025 2026 CBD2027 2025-2027 2% 5% 9% TMT27% 15% 18% 24% CBD 20,000 CBD 3,300 800 504 CBD 500 130 CBD •2024147,000• 203.7 1.3 31.6% 1.8% 89.1 • 121 • 2024 TMT 27%24%18%TMT TMT • 3,872,000 50,000 474 8.75% -33,400 ↓ ↓ ↓ ↓ ↓ 900,00018% 800,000 700,000 600,000 500,000 400,000 300,000 200,000 100,000 2014 2015 2016 0 (100,000) 16% 14% 12% 10% 8% 6% 4% 2% 0% 1,000 900 580 500 550 420 290 80 400 420 300 120 150 100 120 140 100 800 600 400 200 0 2017 2018 2019 2020 2021 2022 2023 2024 / / 2024 49.8 80-290 18.5% 32.5 100-420 7.9% 21 150-500 5.9% 29.1 120-400 4.6% 52.2 300-900 5.4% 33.8 140-420 6.8% CBD 43.5 120-550 5.0% 54.0 100-500 9.7% 3,872,000 700,000 600,000 500,000 400,000 300,000 200,000 100,000 0 2025 2026 2027 2025-2027 900,000 800,000 Valentino Arabica 700,000 600,000 500,000 CBDCanadaGoose CBDMardiMercredi CBD PeetsCoffee 400,000 300,000 200,000 100,000 0 2016201720182019202020212022202320242025F2026F2027F 2024 5 387.2 116 CBD •• • 0.31 8.75% 474 • 913 • • Arabica JoyceHanSabrinaWei Joyce.han@cushwake.comSabrina.d.wei@cushwake.com NicoleYuan Nicole.yuan@cushwake.com 23414 Tel:+8653285758000 www.cushmanwakefield.com.cn 202395 ,6040052,00023 www.cushmanwakefield.com.cn 2025