10-多業(yè)態(tài)項目測算模型V0.5 萬科

1、, 數(shù)據(jù)匯總表 , 回報信息 , 商業(yè)回報 , 項目整體回報 , Investor information: , Unlevered IRR: ,19.58%, Unlevered IRR: ,11.62%, Unlevered MOC: ,2.74 x, Unlevered MOC: ,1.53 x, Unlevered Y3 NPR(商業(yè)): ,13.75%, Levered IRR ,14.43%, Levered MOC: ,1.31 x, 項目信息 , 一般信息 , 面積規(guī)劃-整體 (sqm) , 開業(yè)日(商業(yè)） ,2022/12/31, NLA: , 209,652 ,96%, N

2、LA/GRA , 退出日（商業(yè)） ,2025/3/31, GRA: , 218,380 ,68%, NLA/GFA , 用地面積 (sqm): , 31,500 ,47.25畝, GFA: , 310,500 , 項目全部退出日 ,2025/12/31, 項目造價 (RMB mm) , 商業(yè)退出 (RMB mm) , 土地/并購成本 , -1,261 , 退出方式 , 境外股權(quán) , 建設及改造成本 , -1,376 , 退出資本化率 ,5.00%, 總成本 , -2,636 , 退出價格 , 815.44 , 單位成本 (RMB/sqm): , -8,491 , on GFA , 退出單價 (

3、RMB/sqm): , 37,371 , on GFA , NPR測算（依運營年測算） , 季度 ,Q 20,Q 24,Q 28,Q 32,Q 36,Q 40,Q 44,Q 48,Q 52,Q 56,Q 60, 運營年 ,Year 1,Year 2,Year 3,Year 4,Year 5,Year 6,Year 7,Year 8,Year 9,Year 10,Year 11,租金水平(含稅) (RMB/sqm/mth), 主力店 , 40 , 42 , 44 , 46 , - , - , - , - , - , - , - , 非主力店 , 200 , 230 , 265 , 291 , -

4、 , - , - , - , - , - , - , 平均租金+物管水平 , 250 , 283 , 320 , 349 , - , - , - , - , - , - , - , Growth rate ,0.00%,13.00%,13.14%,9.14%,-100.00%,0.00%,0.00%,0.00%,0.00%,0.00%,0.00%, 經(jīng)營收入（含稅） , 43,743,056 , 49,802,332 , 54,820,501 , 59,151,451 , 62,840,888 , 66,513,092 , - , - , - , - , - , -銷項稅額 , -3,803,

5、844 , -4,356,859 , -4,813,300 , -5,204,022 , -5,533,297 , -5,859,998 , - , - , - , - , - , - 經(jīng)營費用(含稅） , -11,954,875 , -12,929,578 , -13,819,973 , -14,373,861 , -15,069,413 , -15,877,999 , - , - , - , - , - , +進項稅額 , 304,671 , 319,905 , 335,900 , 352,695 , 370,330 , 388,846 , - , - , - , - , - , = NO

6、I , 28,289,008 , 32,835,800 , 36,523,128 , 39,926,263 , 42,608,508 , 45,163,941 , - , - , - , - , - , unlevered NPR ,10.65%,12.36%,13.75%,15.03%,16.04%,17.01%,0.00%,0.00%,0.00%,0.00%,0.00%, NOI magin ,-70.83%,-72.25%,-73.04%,-74.01%,-74.35%,-74.46%,#DIV/0!,#DIV/0!,#DIV/0!,#DIV/0!,#DIV/0!, 總投資(不含稅） ,

7、 -265,567,533.6 , Annual cash flow (RMB) ,2017/12/30,2018/12/31,2019/12/31,2020/12/31,2021/12/31,2022/12/31,2023/12/31,2024/12/31,2025/12/31,2026/12/31,2027/12/31, 非自然年 ,開業(yè)年,Year 0,Year 0,Year 0,Year 0,Year 0,Year 0,Year 1,Year 2,Year 3,Year 4,Year 5,投資季度,Q 0,Q 4,Q 8,Q 12,Q 16,Q 20,Q 24,Q 28,Q 32,Q

8、36,Q 40,投資年,Year 1,Year 2,Year 3,Year 4,Year 5,Year 6,Year 7,Year 8,Year 9,Year 10,Year 11,租金水平(含稅) (RMB/sqm/mth), 主力店 , - , - , - , - , - , 40 , 42 , 44 , 46 , - , - , 非主力店 , - , - , - , - , - , 200 , 230 , 265 , 291 , - , - , 平均租金+物管水平 , - , - , - , - , - , 250 , 283 , 320 , 349 , - , - , Growth r

9、ate ,0.00%,0.00%,0.00%,0.00%,0.00%,0.00%,13.00%,13.14%,9.14%,-100.00%,0.00%, 經(jīng)營收入 , - , - , - , - , - , 43,743,056 , 49,802,332 , 54,820,501 , 59,151,451 , 62,840,888 , 66,513,092 , - 經(jīng)營稅費 , -378,000 , -378,000 , -378,000 , -378,000 , -378,000 , -11,954,875 , -12,929,578 , -13,819,973 , -14,373,861

10、, -15,069,413 , -15,877,999 , -增值稅銷項 , - , - , - , - , - , -3,803,844 , -4,356,859 , -4,813,300 , -5,204,022 , -5,533,297 , -5,859,998 , +增值稅進項 , - , - , - , - , - , 304,671 , 319,905 , 335,900 , 352,695 , 370,330 , 388,846 , = NOI , -378,000 , -378,000 , -378,000 , -378,000 , -378,000 , 28,289,008

11、, 32,835,800 , 36,523,128 , 39,926,263 , 42,608,508 , 45,163,941 , unlevered NPR ,0.00%,0.00%,0.00%,0.00%,0.00%,0.00%,11.68%,12.99%,14.20%,15.16%,16.07%, NOI magin ,0%,0%,0%,0%,0%,65%,66%,67%,67%,68%,68%, 經(jīng)營現(xiàn)金流（商業(yè)） , -378,000.0 , -378,000.0 , -378,000.0 , -378,000.0 , -378,000.0 , -7,770,747 , 32,29

12、6,956.1 , 35,926,314.1 , - , - , - , 退出現(xiàn)金流（商業(yè)） , - , - , - , - , - , - , - , - , 754,300,405.6 , - , - , 其他業(yè)態(tài)現(xiàn)金流 , - , - , - , - , 2,685,298,733.6 , 419,832,414.3 , 13,082,346.5 , 16,537,566.2 , 285,047,324.3 , - , - , 無杠桿現(xiàn)金流 , -728,178,000 , -533,178,000 , -423,696,639 , -423,696,639 , 1,848,122,21

13、4 , 267,885,892 , 45,955,315 , 37,270,330 , 1,036,650,860 , - , - , 杠桿現(xiàn)金流 , -551,178,000 , -336,378,000 , -267,024,764 , -66,702,229 , 2,198,617,506 , -984,608,942 , 32,455,315 , 23,770,330 , 733,275,860 , - , - , Investor Cashflow (USD) , Total , Equity Injection ,#REF!,#REF!,#REF!,#REF!,#REF!,#REF

14、!,#REF!,#REF!,#REF!,#REF!,#REF!,#REF!, DD cost ,#REF!,#REF!,#REF!,#REF!,#REF!,#REF!,#REF!,#REF!,#REF!,#REF!,#REF!,#REF!, Distribution ,#REF!,#REF!,#REF!,#REF!,#REF!,#REF!,#REF!,#REF!,#REF!,#REF!,#REF!, Exit ,#REF!,#REF!,#REF!,#REF!,#REF!,#REF!,#REF!,#REF!,#REF!,#REF!,#REF!, Dividend Yield ,#REF!,#REF!,#REF!,#REF!,#REF!,#REF!,#REF!,#REF!,#REF!,#REF!, 累計無杠桿現(xiàn)金流 , -728,178,000 , -1,26