万科印力各业态项目分析模型

面积规划-整体 (sqm) NLA: GRA: GFA:
商业退出 (RMB mm) 退出方式 退出资本化率 退出价格 退出单价 (RMB/sqm):
11.62% 1.53 x
14.43% 1.31 x
209,652 218,380 310,500
96% NLA/GRA 68% NLA/GFA
境外股权 5.00% 815.44
-
-
-
-
66,513,092 -15,877,999
-5,859,998 388,846
45,163,941 16.07% 68%
-
-
-
-
数据汇总表 回报信息
Unlevered IRR: Unlevered MOC: Unlevered Y3 NPR(商业):
商业回报
项目信息
一般信息 开业日(商业） 退出日（商业） 用地面积 (sqm): 项目全部退出日
项目造价 (RMB mm) 土地/并购成本 建设及改造成本 总成本 单位成本 (RMB/sqm):
-378,000
-378,000 0.00% 0%
-378,000.0
-
-
-423,696,639 -267,024,764
-378,000
-378,000 0.00% 0%
-378,000.0
-
-
-423,696,639 -66,702,229
-378,000
-378,000 0.00% 0%
-378,000.0
-5,204,022 352,695
39,926,263 14.20% 67%
-
754,300,405.6
285,047,324.3
1,036,650,860 733,275,860
62,840,888 -15,069,413
-5,533,297 370,330
42,608,508 15.16% 68%
-
2,685,298,733.6
1,848,122,214 2,198,617,506
-728,178,000 -551,178,000
-1,261,356,000 -887,556,000
-1,685,052,639 -2,108,749,278 -1,154,580,764 -1,221,282,993
-
0.00%
-
0.00%
-
0.00%
40 200
250 0.00%
-378,000
-378,000 0.00% 0%
-378,000.0
-
-
-728,178,000 -551,178,000
-378,000
-378,000 0.00% 0%
-378,000.0
-
-
-533,178,000 -336,378,000
平均租金+物管水平 Growth rate
经营收入 - 经营税费 -增值税销项 +增值税进项 = NOI
unlevered NPR NOI magin
经营现金流（商业）
退出现金流（商业）
其他业态现金流
无杠杆现金流 杠杆现金流
累计无杠杆现金流 累计杠杆现金流
开业年 投资季度
投资年
2017/12/30 Year 0 Q0 Year 1
53,214,143 25,180,886
54,820,501 -13,819,973
-4,813,300 335,900
36,523,128 12.99% 67%
35,926,314.1
-
16,537,566.2
37,270,330 23,770,330
90,484,473 48,951,216
59,151,451 -14,373,861
16.04% -74.35%
Q 40 Year 6
-
0.00%
66,513,092 -5,859,998 -15,877,999
388,846 45,163,941
17.01% -74.46%
Q 44 Year 7
-
0.00%
0.00% #DIV/0!
Q 48 Year 8
-
0.00%
0.00% #DIV/0!
cash flow
1,500,000,000 1,000,000,000
500,000,000 -
-500,000,000 -1,000,000,000 -1,500,000,000 -2,000,000,000 -2,500,000,000
Year Year Year Year Year Year Year Year 12345678
19.58% 2.74 x
13.75%
Unlevered IRR: Unlevered MOC:
Levered IRR Levered MOC:
项目整体回报
2022/12/31 2025/3/31 31,500
2025/12/31
47.25亩
-1,261 -1,376 -2,636
-8,491 on GFA
Q 52 Year 9
Q 56 Year 10
Q 60 Year 11
-
0.00%
0.00% #DIV/0!
-
0.00%
0.00% #DIV/0!
-
0.00%
0.00% #DIV/0!
Annual cash flow (RMB)
非自然年
租金水平 ( 含税 ) (RMB/sqm/mth) 主力店 非主力店
37,371 on GFA
Investor information:
NPR测算（依运营年测算）
租金水平 ( 含税 ) (RMB/sqm/mth) 主力店 非主力店
季度 运营年
平均租金+物管水平 Growth rate
经营收入（含税） -销项税额 - 经营费用(含税） +进项税额
= NOI
unlevered NPR
无杠杆现金流
杠杆现金流
-260,627,063 977,334,514
43,743,056 -11,954,875
-3,803,844 304,671
28,289,008 0.00% 65%
-7,770,747
-
419,832,414.3
267,885,892 -984,608,942
7,258,829 -7,274,428
2023/12/31 Year 1 Q 24 Year 7
2024/12/31 Year 2 Q 28 Year 8
ቤተ መጻሕፍቲ ባይዱ
2025/12/31 Year 3 Q 32 Year 9
2026/12/31 Year 4 Q 36
Year 10
2027/12/31 Year 5 Q 40
Year 11
42 230
283 13.00%
44 265
320 13.14%
46 291
349 9.14%
-
-100.00%
-
0.00%
49,802,332 -12,929,578
-4,356,859 319,905
32,835,800 11.68% 66%
32,296,956.1
-
13,082,346.5
45,955,315 32,455,315
49,802,332 -4,356,859 -12,929,578
319,905 32,835,800
12.36% -72.25%
Q 28 Year 3
Q 32 Year 4
44 265
320 13.14%
54,820,501 -4,813,300 -13,819,973
335,900 36,523,128
13.75% -73.04%
46 291
349 9.14%
59,151,451 -5,204,022 -14,373,861
352,695 39,926,263
15.03% -74.01%
Q 36 Year 5
-
-100.00%
62,840,888 -5,533,297 -15,069,413
370,330 42,608,508
2018/12/31 Year 0 Q4 Year 2
2019/12/31 Year 0 Q8 Year 3
2020/12/31 Year 0 Q 12 Year 4
2021/12/31 Year 0 Q 16 Year 5
2022/12/31 Year 0 Q 20 Year 6
-
0.00%
-
0.00%
NOI magin 总投资(不含税）
Q 20 Year 1
40 200
250 0.00%
43,743,056 -3,803,844 -11,954,875
304,671 28,289,008
10.65% -70.83% -265,567,533.6
Q 24 Year 2
42 230
283 13.00%