证券代码：000031.SZ 证券简称：大悦城 债券代码：148141.SZ 债券简称：22 大悦 02 大悦城控股集团股份有限公司关于"22 大悦 02" 3．投资者选择将持有的本期债券全部或部分回售给发行人的，须于回售登 记期内登记；若投资者未作登记，则视为继续持有债券。 4．回售价格：人民币 100 元/张（不含利息）。投资者选择回售等同于以人 民币 100 元/张（不含利息）卖出持有的"22 大悦 02"。投资者选择回售可能会 带来损失，敬请投资者注意风险。 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 重要提示： 1．利率调整：根据《大悦城控股集团股份有限公司 2022 年面向专业投资者 公开发行公司债券（第二期）募集说明书》（以下简称"《募集说明书》"）的约定， 公司作为"22 大悦 02"（债券代码：148141.SZ）的发行人，有权决定在存续期 的第 3 年末调整本期债券存续期后 2 年的票面利率。根据当前的市场行情，公司 决定调整本期债券的票面利率，即"22 大悦 02"债券存续期后 2 年的票面利率 为 2.15%。 2．投资者回售选择权： ...

证券代码：000031.SZ 证券简称：大悦城 债券代码：148141.SZ 债券简称：22 大悦 02 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 重要提示： 1．利率调整：根据《大悦城控股集团股份有限公司 2022 年面向专业投资者 公开发行公司债券（第二期）募集说明书》（以下简称"《募集说明书》"）的约定， 公司作为"22 大悦 02"（债券代码：148141.SZ）的发行人，有权决定在存续期 的第 3 年末调整本期债券存续期后 2 年的票面利率。根据当前的市场行情，公司 决定调整本期债券的票面利率，即"22 大悦 02"债券存续期后 2 年的票面利率 为 2.15%。 2．投资者回售选择权：根据《募集说明书》中设定的投资者回售选择权， 投资者有权选择在投资者回售登记期内进行登记，将持有的本期债券按面值全部 或部分回售给发行人，或选择继续持有本期债券。 3．投资者选择将持有的本期债券全部或部分回售给发行人的，须于回售登 记期内登记；若投资者未作登记，则视为继续持有债券。 4．回售价格：人民币 100 元/张（不含利息）。投资者选择回售等同于以人 民币 ...

Investment Rating - The report rates the real estate industry as "Outperform the Market" [4] Core Insights - The sales of the top 100 real estate companies in October showed a significant year-on-year decline of 39.8%, indicating a weakening market [4] - The "14th Five-Year Plan" has shifted to emphasize "high-quality development" in real estate, focusing on improving systems, optimizing supply, and enhancing quality [5] - New housing transaction area has turned positive on a month-on-month basis but shows a year-on-year decline, with inventory levels decreasing [4][15] Summary by Sections 1. New Housing Market Tracking - In the week of October 25-31, 2025, new housing transaction volume in 40 cities was 25,000 units, a month-on-month increase of 5.4% but a year-on-year decrease of 32.0% [17] - The new housing transaction area was 2.64 million square meters, up 3.1% month-on-month but down 37.3% year-on-year [26] - Inventory levels in 12 cities decreased by 0.6% month-on-month and 12.2% year-on-year, with a de-stocking cycle of 18.8 months [41] 2. Land Market Tracking - The total land area transacted across 100 cities was 2.035 billion square meters, a month-on-month increase of 79.6% and a year-on-year increase of 18.1% [62] - The total land transaction price was 50.1 billion yuan, up 160.8% month-on-month but down 20.5% year-on-year [68] - The average land price per square meter was 2,461.5 yuan, up 45.3% month-on-month but down 32.7% year-on-year [64] 3. Policy Overview - The "15th Five-Year Plan" emphasizes the need for a new model of real estate development, focusing on improving basic systems for property development, financing, and sales [5] - Local governments are implementing measures such as electronic consumption vouchers for homebuyers and mandating the use of green building materials [95][96] 4. Company Performance - The top 20 real estate companies showed varied performance, with Greenland and China Railway achieving positive sales growth of 67% and 61% respectively in October [4] - The overall absolute return for the real estate sector was -0.7%, indicating a decline compared to previous weeks [13]

Group 1 - The company, Dayue City, has a rich variety of investor engagement activities, including commercial REIT investor open days, performance briefing live broadcasts, and offline research [2] - After each regular report, the company shares performance interpretation articles or performance infographics on public accounts [2] - In April, Dayue City REIT held an investor open event and addressed market value management issues related to REITs [2] Group 2 - In the fourth quarter, the company plans to combine investor on-site research with discussions on the performance of the third quarter following the release of the third quarter report [2]

证券代码：000031.SZ 证券简称：大悦城 债券代码：148141.SZ 债券简称：22 大悦 02 大悦城控股集团股份有限公司关于"22 大悦 02" 票面利率调整及投资者回售实施办法第一次提示性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 重要提示： 1．利率调整：根据《大悦城控股集团股份有限公司 2022 年面向专业投资者 公开发行公司债券（第二期）募集说明书》（以下简称"《募集说明书》"）的约定， 公司作为"22 大悦 02"（债券代码：148141.SZ）的发行人，有权决定在存续期 的第 3 年末调整本期债券存续期后 2 年的票面利率。根据当前的市场行情，公司 决定调整本期债券的票面利率，即"22 大悦 02"债券存续期后 2 年的票面利率 为 2.15%。 2．投资者回售选择权：根据《募集说明书》中设定的投资者回售选择权， 投资者有权选择在投资者回售登记期内进行登记，将持有的本期债券按面值全部 或部分回售给发行人，或选择继续持有本期债券。 3．投资者选择将持有的本期债券全部或部分回售给发行人的，须于回售登 记期内登记；若投资者未作登记，则 ...

Group 1 - The State-owned Assets Supervision and Administration Commission (SASAC) has urged central enterprises to enhance communication with investors, highlighting that competitors like China Resources update Q&A monthly and Poly conducts quarterly analyst meetings, while the company only held two online performance briefings in 2025 without on-site research [1] - The company has a diverse range of investor activities, including investor open days for commercial REITs, live performance briefings, and offline research, along with sharing performance interpretation articles or charts after each regular report [1] - The company plans to conduct on-site research and communication regarding the third-quarter performance after the release of the third-quarter report in the fourth quarter [1]

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 3.41 [6][4]. Core Views - The company reported Q3 revenue of RMB 5.416 billion, a year-on-year increase of 23.24%, but a quarter-on-quarter decrease of 46.47%, resulting in a net loss attributable to shareholders of RMB 642 million. For the first three quarters of 2025, the total revenue reached RMB 20.648 billion, a year-on-year increase of 0.83%, with a net loss of RMB 533 million, narrowing the loss by 9.17% year-on-year [1][2]. - The main reason for the loss is impairment in the development business, prompting a strategic shift towards commercial operations. The company aims to focus on commercial real estate while reducing its reliance on property development [3][2]. - The privatization process of the company is ongoing, which, if successful, is expected to enhance the company's future profitability by increasing its stake in the commercial real estate sector [3][4]. Summary by Sections Financial Performance - Q3 revenue growth was driven by accelerated settlement in high-value cities, leading to an 11.2 percentage point increase in gross margin to 35.6%. However, losses persisted due to declining profitability in non-consolidated projects, with a net investment loss of RMB 523 million compared to a net gain of RMB 1.4 billion in the same period last year [2][1]. - The company recognized a total impairment of RMB 1.08 billion in the first three quarters, a year-on-year increase of 48.0%, significantly impacting net profit [2]. Strategic Shift - The company is shifting its focus from property development to commercial operations, with a notable decrease in available saleable value by 13% to RMB 110.5 billion as of mid-2025. The commercial real estate segment is expanding, with new openings in Nanchang and Shenzhen [3][4]. - The planned privatization is expected to increase the company's stake in commercial assets, potentially adding at least RMB 600 million to rental and related income [3]. Profit Forecast and Valuation - The report forecasts net profits for 2025-2027 to be RMB -1.73 billion, RMB 240 million, and RMB 810 million respectively, with net assets projected at RMB 8.87 billion, RMB 9.11 billion, and RMB 9.92 billion [4][10]. - The estimated book value per share for 2026 is RMB 2.12, with a target price based on a 10% premium to the average price-to-book ratio of comparable companies [4][10].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting optimism for the "Good House" policy and the revaluation of shopping center values [3][24][28]. Core Insights - The "14th Five-Year Plan" emphasizes promoting high-quality development in real estate, aiming to establish a new development model and improve the basic systems for property development, financing, and sales [3][24]. - Recent data shows a 9.8% week-on-week increase in new home transactions across 34 key cities, with a total of 2.835 million square meters sold [3][4]. - The report identifies a significant decline in year-on-year sales, with October's total transactions down 26.8% compared to the same month last year [6][7]. - The report notes that the average monthly inventory turnover for residential properties in 15 cities is 23.8 months, indicating a slight decrease [20][22]. Industry Data Summary New Home Transactions - New home sales in 34 cities reached 2.835 million square meters last week, a 9.8% increase from the previous week [3][4]. - Year-on-year, October's new home sales totaled 9.261 million square meters, reflecting a 26.8% decline compared to October of the previous year [6][7]. Second-Hand Home Transactions - Second-hand home sales in 13 cities totaled 1.152 million square meters last week, a 1.1% decrease from the previous week [12]. - Cumulatively, second-hand home sales in October were down 22.2% year-on-year [12][13]. Inventory Levels - The total available residential inventory in 15 cities was 89.296 million square meters, with a week-on-week decrease of 0.5% [20][21]. - The sales-to-new inventory ratio was 1.59, indicating a healthy turnover rate [20]. Policy and News Tracking - The report highlights the issuance of the "Urban Commercial Quality Improvement Action Plan" by the Ministry of Commerce and other departments, which supports the issuance of REITs for commercial real estate [24][25]. - The People's Bank of China announced a credit relief policy aimed at assisting the housing market [27]. - Local governments are implementing various housing subsidies, such as a maximum of 15,000 yuan in Yunnan and a combination of housing and consumption vouchers in Hangzhou [27][28]. Company Performance Overview - Several real estate companies reported their Q3 2025 results, with notable declines in net profits for many firms, such as New Town Holdings (9.7 billion yuan, -33.1%) and China Overseas Development (25 billion yuan, -4.0%) [28][30]. - The report mentions the successful listing of a commercial REIT by China Overseas Development, with underlying assets from a shopping center in Foshan [28][30].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [4][27]. Core Views - The "15th Five-Year Plan" emphasizes promoting high-quality development in real estate, aiming to establish a new development model and integrate real estate into the social security system [4][27]. - The report highlights a rebound in new home sales, with a week-on-week increase of 9.9% in 34 key cities, while second-hand home sales saw a slight decline [4][5]. - The report identifies potential investment opportunities in the "Good House" policy and the revaluation of commercial real estate [4][27]. Industry Data Summary New Home Sales - New home sales in 34 key cities totaled 2.835 million square meters, up 9.9% week-on-week, with first and second-tier cities increasing by 12.5% [4][5]. - Year-on-year, new home sales in October decreased by 26.8%, with first and second-tier cities down 25.4% and third and fourth-tier cities down 41.2% [4][7]. Second-Hand Home Sales - Second-hand home sales in 13 key cities totaled 1.152 million square meters, down 1.1% week-on-week, and down 22.2% year-on-year for October [4][13]. Inventory and Supply - In 15 key cities, 770,000 square meters were launched for sale, with a sales-to-launch ratio of 1.59, indicating a healthy demand [4][22]. - The total available residential area in these cities was 89.296 million square meters, down 0.5% week-on-week [4][22]. Policy and News Tracking - The report notes that the Ministry of Commerce and other departments support the issuance of REITs for commercial real estate, providing long-term financing support [4][27]. - Various local governments have introduced measures to stimulate housing demand, including purchase subsidies and adjustments to rental withdrawal ratios [4][30]. Company Performance - Several real estate companies reported weaker performance in Q3 2025, with notable declines in net profits for companies like New Town Holdings and China Overseas Development [4][33]. - The report highlights the successful listing of China Overseas Development's commercial REIT, which raised 1.58 billion yuan [4][33].

Core Viewpoint - Dalian Wanda's performance in the commercial real estate sector shows strong revenue growth and a significant improvement in profitability, despite a high debt ratio compared to industry averages [2][3][6][7]. Group 1: Business Overview - Dalian Wanda, established in 1993 and listed on the Shenzhen Stock Exchange, is a flagship commercial real estate company under COFCO Group, focusing on urban operations and quality life services [1]. - The main business segments include residential property development and sales, property leasing, processing trade, and commercial real estate [1]. Group 2: Financial Performance - For Q3 2025, Dalian Wanda reported revenue of 20.648 billion yuan, ranking third in the industry, surpassing the industry average of 18.556 billion yuan [2]. - The net profit for the same period was 129 million yuan, placing it fifth in the industry, significantly higher than the industry average net loss of 137 million yuan [2]. - The asset-liability ratio stood at 75.39%, slightly down from 76.38% year-on-year but still above the industry average of 68.96% [3]. - The gross profit margin improved to 35.58%, up from 24.38% year-on-year, exceeding the industry average of 22.73% [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 7.16% to 89,700, while the average number of circulating A-shares held per shareholder increased by 15.33% to 47,800 [5]. - Notable changes among the top ten circulating shareholders include an increase in holdings by Hong Kong Central Clearing Limited and the entry of ICBC Value Selection Mixed A as a new shareholder [5]. Group 4: Business Highlights - In the first half of 2025, Dalian Wanda achieved a revenue of 15.23 billion yuan, a decrease of 5.3%, but turned a profit with a net profit of 110 million yuan compared to a loss of 360 million yuan in the previous year [6]. - The shopping center sales reached approximately 22 billion yuan, reflecting a year-on-year growth of 12.2%, with a customer traffic increase of 19.6% [6][7]. - The company operates 158 managed projects across over 40 cities, with a managed area of 31.37 million square meters, marking a growth of 4.1% year-on-year [7].