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].

Core Insights - The report indicates that Dalian Wanda achieved an operating revenue of 20.648 billion yuan in the first nine months of 2025, reflecting a year-on-year growth of 0.83% [1] - The company reported a net loss of 533 million yuan, which represents a year-on-year increase in losses of 9.17% [1] Financial Performance - Operating revenue for the first three quarters of 2025 reached 20.648 billion yuan, showing a slight increase compared to the previous year [1] - The net loss for the same period was 533 million yuan, indicating a worsening financial position compared to the previous year [1]

大悦城控股集团股份有限公司 内部审计工作制度 （2025 年修订版） 第一章 总则 第一条 为加强大悦城控股集团股份有限公司（以下简称大悦 城控股）内部审计工作，建立健全内部审计制度，提升内部审计 工作质量，充分发挥内部审计作用，根据《中华人民共和国审计 法》《中华人民共和国审计法实施条例》《审计署关于内部审计 工作的规定》及其他有关规定，结合大悦城控股工作实际，制定 本制度。 第二条 本制度适用于大悦城控股总部、大悦城控股实际控制 或控股的各级企业。 第三条 本制度所称内部审计，指大悦城控股内部审计机构 （以下简称内部审计机构）依法依规对大悦城控股及所属单位的 业务活动、内部控制、财务信息和风险管理实施独立、客观的监 督、评价和建议，促进大悦城控股及所属单位完善治理、增加价 值和实现目标的活动。 第四条 内部审计机构和人员从事内部审计工作，应当严格遵 守有关法律法规、本制度和内部审计职业规范，忠于职守，做到 独立、客观、公正、保密。 内部审计机构和人员不得参与可能影响独立、客观履行审计 职责的工作。 第五条 大悦城控股总部设审计部（以下简称大悦城控股审计 部），负责大悦城控股内部审计工作。大悦城控股审计部在 ...

一、本次计提资产减值准备的情况 大悦城控股集团股份有限公司第十一届董事会公告 证券代码：000031 证券简称：大悦城 公告编号：2025-054 大悦城控股集团股份有限公司 关于计提资产减值准备的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 大悦城控股集团股份有限公司（以下简称"公司"）于 2025 年 10 月 30 日 分别召开第十一届董事会第二十二次会议及第十一届监事会第十二次会议，审议 通过了《关于计提资产减值准备的议案》，具体情况如下： 根据《企业会计准则》以及公司会计政策、会计估计的相关规定，本着谨慎 性原则，公司及下属子公司对截至 2025 年 9 月 30 日的存货、固定资产、无形资 产等各项资产进行了减值测试，判断存在可能发生减值的迹象，并对可能发生减 值的资产计提减值准备。具体情况如下： 单位：万元 | 项目 | 计提金额 | 计提原因 | | --- | --- | --- | | 一、存货跌价准备 | 104,289.43 | 公司的存货在资产负债表日按成本与可变现 净值孰低计量，对可变现净值低于存货成本的 | | | | ...

大悦城控股集团股份有限公司第十一届监事会公告 证券代码：000031 证券简称：大悦城 公告编号：2025-053 大悦城控股集团股份有限公司 第十一届监事会第十二次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 大悦城控股集团股份有限公司（以下简称"公司"）第十一届监事会第十二 次会议通知于 2025 年 10 月 24 日以当面送达及电子邮件送达的方式发出，会议 于 2025 年 10 月 30 日以通讯会议的方式召开。会议应参加表决监事 3 人，实际 参加表决监事 3 人。会议由监事会主席黄艳霞女士主持。会议的召集、召开符合 《中华人民共和国公司法》和《公司章程》的有关规定。会议审议通过以下议案： 一、关于计提资产减值准备的议案 议案表决情况：3 票同意、0 票弃权、0 票反对。 具体内容详见公司同日在巨潮资讯网（www.cninfo.com.cn）发布的《大悦城 控股集团股份有限公司关于计提资产减值准备的公告》。 二、关于审议《2025 年第三季度报告》的议案 议案表决情况：3 票同意、0 票弃权、0 票反对。 监事会认为董事会编制和审 ...

大悦城控股集团股份有限公司第十一届董事会公告 证券代码：000031 证券简称：大悦城 公告编号：2025-052 大悦城控股集团股份有限公司 第十一届董事会第二十二次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 大悦城控股集团股份有限公司（以下简称"公司"）第十一届董事会第二十 二次会议通知于 2025 年 10 月 24 日以当面送达及电子邮件送达的方式发出，会 议于 2025 年 10 月 30 日以现场结合通讯方式召开。本次会议应参加表决董事 8 人，实际参加表决董事 8 人。会议由公司董事长姚长林先生主持。公司监事及部 分高级管理人员列席了会议。会议的召集、召开符合《中华人民共和国公司法》 和《公司章程》的有关规定。会议审议通过以下议案： 1、关于计提资产减值准备的议案 议案表决情况：8 票同意、0 票弃权、0 票反对 本议案已经审计委员会审议，全体委员同意提交董事会审议。具体内容详见 公司同日在巨潮资讯网（www.cninfo.com.cn）发布的《大悦城控股集团股份有限 公司关于计提资产减值准备的公告》。 2、关于审议《2025 ...

Core Viewpoint - The company reported a significant increase in third-quarter revenue while still facing net losses, indicating a mixed financial performance [1] Financial Performance - In the third quarter, the company achieved operating revenue of 5.416 billion, representing a year-on-year growth of 23.24% [1] - The net loss attributable to shareholders for the third quarter was 642 million, a decrease of 187.55% compared to the previous year [1] - For the first three quarters, the company recorded total operating revenue of 20.648 billion, showing a year-on-year increase of 0.83% [1] - The net loss attributable to shareholders for the first three quarters was 533 million, which is a year-on-year increase of 9.17% [1]

Financial Performance - The company's operating revenue for Q3 2025 reached ¥5,416,240,793.53, representing a year-on-year increase of 23.24%[4] - The net profit attributable to shareholders was -¥641,585,041.35, a decline of 187.55% compared to the same period last year[4] - The net cash flow from operating activities for the year-to-date was ¥1,737,680,962.90, down 47.01% year-on-year[4] - Total operating revenue for the first nine months of 2025 reached CNY 20.65 billion, a slight increase of 0.83% compared to CNY 20.48 billion in the same period last year[22] - Net profit for the period was CNY 129.28 million, a decrease of 56.32% compared to CNY 295.06 million in the previous year[22] Assets and Liabilities - The total assets at the end of the reporting period were ¥167,278,325,264.09, a decrease of 6.33% from the previous year[4] - The total assets of the company as of September 30, 2025, amounted to RMB 167.28 billion, a decrease from RMB 178.57 billion at the beginning of the period, reflecting a decline of approximately 6.5%[17] - Current assets decreased from RMB 125.17 billion to RMB 109.50 billion, representing a reduction of about 12.6%[17] - Total liabilities decreased from RMB 137.02 billion to RMB 126.11 billion, a reduction of about 8.5%[18] - The company's total assets amounted to CNY 71.36 billion, a decrease from CNY 72.85 billion at the beginning of the year[20] Equity and Shareholder Information - The total equity attributable to shareholders was ¥10,133,467,381.57, a decrease of 4.36% from the previous year[4] - The total equity attributable to the parent company decreased from RMB 10.60 billion to RMB 10.13 billion, reflecting a decline of about 4.4%[18] - The company plans to repurchase 4,729,765,214 shares from all shareholders except for its controlling shareholder, which may impact its market position[14] Cash Flow - The net cash flow from operating activities was -46,072,486.59, a decrease from 96,919,114.37 in the previous period, indicating a significant decline in operational performance[30] - Cash flow from operating activities generated a net amount of CNY 1,737,680,962, down from CNY 3,279,374,577 in the previous period[26] - The ending balance of cash and cash equivalents was 2,106,745,138.18, compared to 1,826,834,553.36 in the previous period, indicating an increase of about 15.3%[30] Expenses and Costs - The gross profit margin for the first three quarters improved to 35.58%, an increase of 11.2 percentage points year-on-year[10] - Total operating costs decreased to CNY 18.09 billion, down 6.94% from CNY 19.43 billion year-on-year[22] - Research and development expenses for the period were CNY 5,578,789, compared to CNY 1,480,464 in the previous period, indicating increased investment in innovation[24] - Sales expenses increased to CNY 118,741,940 from CNY 9,292,518 in the previous period, reflecting higher marketing efforts[24] Regulatory and Compliance - The company is facing regulatory approval risks related to the share repurchase and delisting process, which may affect future operations[15] - The company did not undergo an audit for the third quarter financial report[31] - The company will implement new accounting standards starting in 2025, which may affect financial reporting[31]

Group 1 - The core point of the news is that Dalian City Holdings experienced a decline of 5.18% in its stock price, reaching 3.11 yuan per share, with a total market capitalization of 13.33 billion yuan [1] - The company was established on October 8, 1993, and is primarily engaged in real estate development and sales, property leasing, and commercial real estate [1] - The revenue composition of Dalian City Holdings includes 75.64% from residential property sales and primary land development, 16.80% from investment properties and related services, 3.34% from property management and other services, 3.06% from hotel operations, 0.85% from management output, and 0.31% from other sources [1] Group 2 - Among the top ten circulating shareholders of Dalian City Holdings, a fund under Southern Fund increased its holdings by 333,400 shares, totaling 16.41 million shares, which represents 0.41% of the circulating shares [2] - The Southern CSI Real Estate ETF Fund, established on August 24, 2017, has a current size of 202 million yuan and has yielded 10.03% this year, ranking 3658 out of 4216 in its category [2] - The fund manager, Luo Wenjie, has a tenure of 12 years and 195 days, with the fund's total asset size at 170.44 billion yuan, achieving a best return of 151.8% and a worst return of -47.6% during his management [2]

Group 1 - The core viewpoint of the news is that Dalian City Holdings has seen a significant increase in stock price, rising by 7.21% to 3.42 CNY per share, with a total market capitalization of 14.659 billion CNY [1] - Dalian City Holdings was established on October 8, 1993, and its main business includes residential property development and sales, property leasing, and commercial real estate [1] - The revenue composition of Dalian City Holdings is as follows: 75.64% from residential property sales and primary land development, 16.80% from investment properties and related services, 3.34% from property and other services, 3.06% from hotel operations, 0.85% from management output, and 0.31% from other sources [1] Group 2 - Among the top ten circulating shareholders of Dalian City Holdings, a fund under Southern Fund has increased its holdings by 333,400 shares, bringing its total to 16.4102 million shares, which accounts for 0.41% of the circulating shares [2] - The Southern CSI Real Estate ETF Fund, established on August 24, 2017, has a current scale of 202 million CNY and has achieved a year-to-date return of 9.21% [2] - The fund manager, Luo Wenjie, has a tenure of 12 years and 194 days, with the fund's total asset size at 170.445 billion CNY, achieving a best return of 151.8% and a worst return of -47.6% during his tenure [2]