Core Viewpoint - The performance of listed real estate companies reflects their efforts during the market adjustment period, with mixed results in the latest half-year earnings forecasts for 2025, indicating a divergence in strategies among different companies [1][2]. Performance Overview - Many real estate companies continue to experience performance declines compared to the same period last year, with companies like Jin Di, Huashang, and Greenland reporting increased losses [1][3][4]. - Vanke reported a sales amount of 69.11 billion yuan in the first half of the year, with expected net losses between 10 billion to 12 billion yuan, slightly worse than the previous year's losses [3]. - Poly Developments remains one of the few profitable companies, although its profits have decreased compared to last year [5]. - Smaller companies like Huashang, Rongsheng, and others have also seen expanded losses, while some companies like Xinda Real Estate have managed to reduce their losses [5][6]. Market Conditions - The real estate market has shown signs of stabilization since the fourth quarter of last year due to various supportive policies, but the overall performance of real estate companies remains under pressure [1][8]. - National statistics indicate a decline in new housing sales area and sales revenue, with a 3.5% drop in sales area and a 5.5% drop in sales revenue in the first half of the year [8]. Strategic Responses - Some companies, such as Dayue City and Guangyu Group, have turned losses into profits due to increased settlement scales and high-margin projects [6][7]. - Companies are adopting cost-saving measures to improve efficiency and reduce expenses [7]. Future Outlook - The real estate market is expected to continue experiencing fluctuations, with government policies aimed at stabilizing expectations and activating demand [11]. - The performance of real estate companies in the second half of the year will depend on their ability to manage high-cost land and the overall market recovery [11].

Core Viewpoint - Shenzhen's first Joy City officially opened on July 12, 2023, after 15 years of development and multiple delays, attracting significant consumer interest and sales on its opening day [1][5]. Group 1: Opening Day Performance - On its opening day, Shenzhen Joy City attracted over 420,000 visitors and achieved nearly 20 million yuan in sales [2]. - The project has a total area exceeding 730,000 square meters, with the shopping center covering approximately 250,000 square meters [5]. Group 2: Market Positioning and Competition - Shenzhen's diverse consumer base includes trend-seeking youth and quality-focused middle-to-high-income groups, leading to different strategies between northern and southern commercial entities [2]. - Northern commercial entities, like Joy City, typically leverage first-store economies and IP events to attract younger consumers, while southern counterparts focus on art exhibitions and immersive experiences to draw high-end clientele [2][10]. Group 3: Development Challenges - The development of Shenzhen Joy City faced significant challenges, including a 7-year negotiation for land acquisition and a lengthy demolition process, with the first phase completed in 2019 [5]. - The project was initiated in 2010 through a framework agreement with the Shenzhen Bao'an District government [5]. Group 4: Future Prospects and Expansion - By the end of 2024, Joy City plans to have 44 commercial projects in China, with 30 being heavy asset projects and 14 light asset projects, totaling a commercial area of 3.75 million square meters [7]. - The opening of Shenzhen Joy City is part of a broader trend, with multiple commercial projects, including K11 and other shopping centers, launching in Shenzhen this year [9]. Group 5: Market Dynamics - The commercial landscape in Shenzhen is becoming increasingly competitive, with nearly 40 commercial complexes in Bao'an District alone, totaling over 3.1 million square meters [9]. - The differentiation in commercial strategies between northern and southern entities reflects deeper corporate philosophies and market approaches [10][12].

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：2025-038 大悦城控股集团股份有限公司 关于为控股子公司眉山加悦置业有限公司提供担保及担保进展 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。 一、担保及担保进展情况概述 置业有限公司（以下简称"眉山加悦"）已于 2021 年向中国农业银行股份有限公 司成都成华支行（以下简称"农业银行"）申请 4 亿元贷款，期限 4 年，用于眉 山加州智慧城项目的开发建设。公司与农业银行签订了《保证合同》，按间接持 股 36.4%的股权比例为眉山加悦在借款合同项下的借款 14,560 万元提供连带责 任保证担保，眉山加悦其他股东按照各自股权比例提供同等条件连带责任保证担 保。详见公司于 2021 年 7 月 20 日发布的《关于为公司控股子公司眉山加悦置业 有限公司提供担保的公告》。 近日，公司、眉山加悦与农业银行签订了《借款展期协议》，对原借款合同 项下借款本金余额 23,613 万元申请展期，期限 2 年，公司按照原《保证合同》继 续为上述展期贷款提供连带责任 ...

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：2025-038 大悦城控股集团股份有限公司 关于为控股子公司眉山加悦置业有限公司提供担保及担保进展 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。 一、担保及担保进展情况概述 1、大悦城控股集团股份有限公司（以下简称"公司"）控股子公司眉山加悦 置业有限公司（以下简称"眉山加悦"）已于 2021 年向中国农业银行股份有限公 司成都成华支行（以下简称"农业银行"）申请 4 亿元贷款，期限 4 年，用于眉 山加州智慧城项目的开发建设。公司与农业银行签订了《保证合同》，按间接持 股 36.4%的股权比例为眉山加悦在借款合同项下的借款 14,560 万元提供连带责 任保证担保，眉山加悦其他股东按照各自股权比例提供同等条件连带责任保证担 保。详见公司于 2021 年 7 月 20 日发布的《关于为公司控股子公司眉山加悦置业 有限公司提供担保的公告》。 近日，公司、眉山加悦与农业银行签订了《借款展期协议》，对原借款合同 项下借款本金余额 23,613 万元申请展期 ...

Group 1 - The A-share market saw a rise in several real estate stocks, with Tianbao Infrastructure (000965) hitting the daily limit, and other stocks like Yucheng Development (000514), New Huangpu (600638), and Dayue City (000031) also experiencing gains [1] - The Central Urban Work Conference was held in Beijing from July 14 to 15, emphasizing the need for high-quality urban development and a focus on modernizing cities with characteristics unique to China [1][3] - The conference highlighted the transition of urbanization in China from rapid growth to stable development, shifting the focus from large-scale expansion to improving existing urban quality and efficiency [3] Group 2 - The conference outlined seven key tasks for urban work, aiming to enhance urban governance and development strategies [4] - Specific stock performance data showed significant increases, with Tianbao Infrastructure rising by 9.98% and achieving a year-to-date increase of 58.42%, while Yucheng Development increased by 5.81% with a year-to-date rise of 63.99% [2]

（一）业绩预告期间：2025 年 1 月 1 日－2025 年 6 月 30 日 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：2025-037 大悦城控股集团股份有限公司 2025 年半年度业绩预告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、本期业绩预计情况 四、其他相关说明 本次业绩预告是根据公司财务部门对经营情况初步测算做出，具体数据将在 公司 2025 年半年度报告中详细披露，敬请广大投资者注意投资风险。 大悦城控股集团股份有限公司董事会 二〇二五年七月十四日 1 （二）业绩预告情况：扭亏为盈 | 项目 | | 本报告期 | | 上年同期 | | | --- | --- | --- | --- | --- | --- | | 归属于上市公司 股东的净利润 | 盈利：8,000 | 万元–12,000 | 万元 | 亏损：36,365.15 | 万元 | | 扣除非经常性损 益后的净利润 | 盈利：6,200 | 万元–10,000 | 万元 | 亏损：41,986.83 | 万元 | | 基 ...

Group 1 - The opening of the COFCO Joy City in Bao'an District attracted over 420,000 visitors on its first day, generating nearly 20 million yuan in sales, excluding Apple and automotive sales [2] - More than 50% of the nearly 400 brands in the mall are either flagship or customized stores, highlighting the trend of new retail experiences [2] - The mall features popular pop-up stores and immersive experiences, including a Disney-themed exhibition, which successfully attracted a younger demographic and fans of pop culture [2] Group 2 - Unique stores such as the latest flagship of Huanying Cinemas and the Hema 3.0 store contribute to the mall's diverse offerings, enhancing its appeal [3] - The PARTYDAYMEGA flagship store combines various entertainment options, including bowling and VR experiences, positioning itself as an immersive entertainment venue [3] - Shenzhen plans to open 21 new projects by 2025, adding a total commercial area of 1.8625 million square meters, with Bao'an leading in new commercial developments [3]

Core Insights - The BilibiliWorld2025 event in Shanghai has attracted a large number of young attendees, significantly boosting local tourism and consumption [1][2] - The event has led to a surge in travel bookings, with hotel reservations increasing by 475% and train ticket searches rising by 36% [1][2] - The event has also stimulated local dining and entertainment, with night-time dining transactions in the vicinity increasing by over 80% [2][9] Tourism and Travel Impact - Shanghai's travel bookings saw a 35% increase in cultural tourism during the event week, with a nearly 50% year-on-year rise in flight bookings [1][2] - High-star hotel bookings by the post-00s demographic accounted for nearly 15% of total reservations in the first week of July [1] Consumption Trends - The event has activated local consumption, particularly in the food and entertainment sectors, with a notable increase in searches for "二次元商场" (two-dimensional shopping malls) [3][5] - The "二次元商场" search volume in Shanghai increased over tenfold compared to the previous month, with 62% of searchers aged 20-35 [3][5] Retail and Dining Ecosystem - Popular shopping destinations for attendees include Shanghai Jing'an Joy City and 百联ZX, which have become hotspots for "谷子" (merchandise related to two-dimensional culture) [2][3] - The surrounding areas of these shopping centers have seen a significant rise in searches for related products and services, such as themed cafes and DIY workshops [9] Economic Significance - The two-dimensional economy is evolving from a niche interest to a significant driver of urban consumption, with Shanghai emerging as a national trendsetter in this sector [9] - The integration of cultural and commercial activities during events like BW2025 highlights the dynamic interaction between vibrant city life and youth culture [9]

Group 1 - Shenzhen Dayuecheng, a significant commercial project in the Greater Bay Area, officially opens with a total construction area of 250,000 square meters, focusing on art, trends, and social interaction [1] - The project aims to create a differentiated barrier through four strategic thoughts: curatorial thinking for space, boundary-less logic for business types, curator spirit for brands, and top-tier promotion for marketing, targeting to activate youth consumption [1] - The leasing rate of Shenzhen Dayuecheng reaches 99%, gathering nearly 400 brands, with over 50% being flagship or customized stores [3] Group 2 - The opening coincides with the 30th anniversary of "Toy Story," featuring the first exhibition in South China, "Toy Story 30th Anniversary: Playful Unboxing," in collaboration with Disney China [5] - Innovative non-standard experiential spaces such as "Fashion T-stage Cross Street" and "Star Chef Garden" are created, breaking traditional commercial space constraints [10] - The top-level Star Chef Garden spans 4,000 square meters, integrating green plants and cascading streams to form a winding green corridor, enhancing urban aesthetic experiences [12]

Core Insights - The summer season has led to a surge in consumer enthusiasm and demand, particularly in the retail sector [1] - Chaoyang Joy City is hosting over twenty classic IP exhibitions from June to August, aiming to establish itself as a youth culture hub [1][2] - The first week of activities resulted in an 8% increase in foot traffic, a 54% increase in sales, and a 15% increase in vehicle traffic compared to the previous year [1] Group 1 - The introduction of various IP exhibitions, such as "One Piece" and "King of Glory," has significantly boosted customer engagement and sales [1] - The "King of Glory" pop-up store attracted large crowds, with over 10,000 visitors and sales exceeding one million within three days [1] - The ongoing promotional activities and IP exhibitions are expected to further enhance summer consumer spending and establish a vibrant entertainment landmark in Beijing [2] Group 2 - New store openings, including local cuisine restaurants and retail concepts, are being introduced to enhance the shopping experience [2] - The introduction of diverse cultural and entertainment events aims to create multi-layered social interactions among the youth [2] - The overall strategy focuses on deepening the trendy lifestyle representation of Joy City and stimulating commercial vitality during the summer [2]