中证鹏元资信评估股份有限公司 中证鹏元资信评估股份有限公司 中证鹏元关于关注大悦城控股集团股份有限公司重大资产 抵质押事项的公告 中证鹏元资信评估股份有限公司（以下简称"中证鹏元"）对大 悦城控股集团股份有限公司（以下简称"大悦城"或"公司"，股票 代码：000031.SZ）及其发行的下述债券开展评级。除评级委托关系 外，中证鹏元及评级从业人员与公司不存在任何足以影响评级行为独 立、客观、公正的关联关系。 | | 债券简称 | | | | 上一次评级时间 | | | | | 上一次评级结果 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | 主体等级 | 债项等级 | 评级展望 | | 23 | 大悦 | 01 | 2025 | 年 | 8 | 月 | 8 | 日 | AAA | AAA | 稳定 | | 22 | 大悦 | 02 | 2025 | 年 | 8 | 月 | 8 | 日 | AAA | AAA | 稳定 | | 22 | 大悦 | 01 | 2025 | ...

大悦城所属申万行业为：房地产-房地产开发-商业地产。所属概念板块包括：首发经济、新型城镇化、 中粮集团、低价、证金汇金等。 截至9月30日，大悦城股东户数8.97万，较上期减少7.16%；人均流通股47810股，较上期增加15.33%。 2025年1月-9月，大悦城实现营业收入206.48亿元，同比增长0.83%；归母净利润-5.33亿元，同比增长 9.17%。 12月1日，大悦城盘中下跌2.22%，截至13:44，报3.08元/股，成交5687.52万元，换手率0.43%，总市值 132.02亿元。 资金流向方面，主力资金净流出154.13万元，特大单买入0.00元，占比0.00%，卖出119.50万元，占比 2.10%；大单买入817.67万元，占比14.38%，卖出852.30万元，占比14.99%。 大悦城今年以来股价涨1.32%，近5个交易日跌1.91%，近20日涨4.05%，近60日跌5.23%。 资料显示，大悦城控股集团股份有限公司位于北京市朝阳区朝阳门南大街8号中粮福临门大厦13层,广东 省深圳市宝安区留仙一路8号中粮创芯研发中心A1栋27楼，成立日期1993年10月8日，上市日期1993年 ...

Core Insights - Joy City Commercial Development (Nanjing) Co., Ltd. has been established with a registered capital of 900 million RMB, focusing on non-residential real estate leasing and commercial complex management services [1][2] Company Information - The legal representative of the company is Wu Wenxian [1][2] - The company is wholly owned by JOYCITY PROPERTY LIMITED [1] - The business scope includes property management, marketing planning, and other related services [1][2] Registration Details - The company was registered on November 27, 2025, and has an indefinite business term [2] - The unified social credit code is 91320111MAK35LE69C [2] - The company is classified as a limited liability company (foreign-funded) in the real estate industry [2]

Group 1 - The establishment of Joy City Commercial Development (Nanjing) Co., Ltd. has been registered with a capital of 900 million RMB [1] - The legal representative of the new company is Wu Wenxian [1] - The company's business scope includes non-residential real estate leasing, management of commercial complexes, property management, and marketing planning [1] Group 2 - Joy City Property Limited is the sole shareholder of the newly established company [1]

Core Insights - The opening of Li Ning's first outdoor store, "COUNTERFLOW," in Beijing's Chaoyang Joy City marks a significant step in the brand's strategy to engage with the urban outdoor lifestyle market [1][3][23] Group 1: Store Concept and Design - The store embodies the philosophy of "returning to the source and going against the current," focusing on outdoor protection while integrating Eastern aesthetics with urban fashion [1][3] - The design of the store moves away from traditional outdoor retail aesthetics, opting for a minimalist and transparent approach that resonates with the City Walker lifestyle [5] - The use of colors and materials, such as "ceramic green" and a combination of gravel, cement, and metal, creates a balance between natural ruggedness and modern industrial aesthetics [7] Group 2: Product Offering - The store will feature a comprehensive product matrix covering three main outdoor scenarios: light outdoor travel, suburban park camping, and urban commuting [10] - Li Ning's outdoor products blend Eastern aesthetics with urban fashion, offering functional outdoor gear that meets diverse weather and terrain needs [10][12] - The flagship "Wanlongjia" series includes various jackets designed for extreme weather, emphasizing lightweight, durability, and protection [12][14] Group 3: Market Positioning and Future Plans - The launch of the "COUNTERFLOW" store represents a new beginning for Li Ning in the urban outdoor market, aiming to establish long-term connections with a broader urban audience [23] - The store has been designated as the official outdoor equipment provider for the "China Photography" IP under the China Photographers Association, enhancing its brand visibility among outdoor enthusiasts [23] - The initiative is expected to extend beyond Beijing, promoting a unique Eastern outdoor aesthetic combined with advanced technology for a richer outdoor lifestyle [23]

Core Insights - The article highlights the upcoming operational status of ski resorts in Chongli, which is expected to attract significant visitor traffic during the winter season [1] - Increased traffic pressure is anticipated on major highways such as Jingzang, Jingxin, and Jingli, particularly during weekends [1] Traffic and Transportation - The ski resorts' opening is likely to create tidal traffic flows, with heavier outbound traffic from Beijing on Saturdays and increased inbound traffic on Sundays [1] - During weekdays, specific areas in Beijing, especially around schools in Haidian, Xicheng, Dongcheng, and Chaoyang districts, are expected to experience concentrated traffic during morning peak hours [1] Commercial Activity - As temperatures drop, shopping districts are expected to see increased activity, with locations like Blue Harbor, Joy City, Wanda Plaza, and others anticipated to be particularly busy [1] - Popular commercial areas such as Sanlitun, Wangfujing, and Xidan are likely to experience high foot and vehicle traffic, leading to potential short-term vehicle queues at parking facilities [1] Healthcare Facilities - Major hospitals, including Children's Hospital and Beijing Hospital, are projected to have high traffic volumes around their premises, especially during peak hours from 7:00 AM to 1:00 PM [1]

证券代码：000031.SZ 证券简称：大悦城 债券代码：148174.SZ 债券简称：23 大悦 01 大悦城控股集团股份有限公司关于"23 大悦 01" 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 2023 年面向专业投资者 公开发行公司债券（第一期）募集说明书》（以下简称"《募集说明书》"）的约定， 公司作为"23 大悦 01"（债券代码：148174.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"23 大悦 01"债券存续期后 2 年的票面利率 为 2.21%。 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 ...

Core Viewpoint - The privatization plan of Joy City Property is a strategic response to cyclical changes in the industry, aimed at optimizing governance and enhancing decision-making efficiency [2] Company Summary - Joy City Property's privatization transaction is valued at approximately HKD 29.32 billion, effective from November 25, with all conditions met [1] - The company, listed on the Hong Kong Stock Exchange since 2013, focuses on the development and operation of urban complexes under the Joy City brand, including investment properties and hotel management [1] - Following the privatization, Joy City will only have its A-share listed entity remaining, with a market value of approximately CNY 13.42 billion [1] Financial Performance - For the first half of 2025, Joy City Property reported revenue of approximately CNY 8.12 billion, a year-on-year decrease of about 5.78%, primarily due to reduced area for property development [2] - The overall gross profit margin improved by 2.9 percentage points to 34.43% [2] - Specific revenue breakdown includes CNY 5.48 billion from property development (down 8.3% year-on-year) and CNY 2.04 billion from investment properties (down 2.5% year-on-year) [2] Project Performance - New projects have shown strong performance, with Nanchang Joy City achieving 240,000 visitors and sales of CNY 16.3 million on its opening day [3] - The hotel business maintained revenue of CNY 466 million, with an occupancy rate rising to 84% [3] - Management output revenue increased by 47% year-on-year to CNY 107 million, benefiting from new income from COFCO Joy City Commercial REIT [3] Industry Perspective - The privatization is seen as a way for the company to maintain strategic focus during industry adjustments, enhancing its competitive advantage in the mid-to-high-end commercial real estate sector [3] - Since 2022, over 30 A-share and H-share listed real estate companies have delisted, with five opting for voluntary delisting, including Joy City Property [3]

Core Viewpoint - The privatization of Joy City Property is a strategic response to cyclical changes in the real estate industry, aimed at optimizing governance and enhancing management efficiency [2]. Company Summary - Joy City Property's privatization plan was effective from November 25, with a total transaction value of approximately HKD 29.32 billion, leaving only the A-share listed Joy City [1]. - The company, part of COFCO Group, focuses on the development and operation of urban complexes under the Joy City brand, including investment properties and hotel operations [1]. - Joy City Property's last interim performance report indicated a revenue of approximately CNY 8.12 billion for the first half of 2025, a year-on-year decrease of about 5.78%, primarily due to reduced property development area [2]. Industry Summary - The privatization is seen as a way to maintain strategic focus during industry adjustments, allowing for more flexible asset disposal and broader financial planning [4]. - Since 2022, over 30 listed real estate companies have delisted, with five opting for voluntary delisting, including Joy City Property [4].

Core Viewpoint - Dalian Wanda Commercial Properties officially delisted from the Hong Kong Stock Exchange on November 27, 2023, after 12 years of listing, due to its privatization plan which became effective on November 25, 2023 [1][2]. Group 1: Privatization and Financial Impact - The total cost of the privatization transaction is approximately HKD 29.32 billion, leaving only the A-share listed Dalian Wanda (000031.SZ) under COFCO Group's real estate platform [3]. - Dalian Wanda Commercial Properties reported a revenue of approximately HKD 8.12 billion for the first half of 2025, a year-on-year decrease of about 5.78%, primarily due to a reduction in the area of property development [4]. - The gross profit margin improved by 2.9 percentage points to 34.43% despite the revenue decline [4]. Group 2: Business Performance - Revenue from property development was HKD 5.48 billion, down 8.3% year-on-year, with a 32% decrease in settlement area but a 33% increase in average price, leading to a gross margin of 18% [5]. - Rental income from investment properties was HKD 2.04 billion, a decrease of 2.5% year-on-year, with a gross margin of 78% [5]. - New projects showed strong performance, with Nanchang Wanda Plaza achieving 240,000 visitors and sales of HKD 16.3 million on its opening day [5]. Group 3: Industry Context - The privatization is seen as a strategic response to cyclical changes in the industry, allowing for improved governance and organizational structure [4]. - Since 2022, over 30 A-share and H-share listed real estate companies have delisted, with five opting for voluntary delisting, including Dalian Wanda Commercial Properties [6].