大悦城控股集团股份有限公司相 关债券 2025 年跟踪评级报告（22 大悦 02、23 大悦 01、22 大悦 01） 中鹏信评【2025】跟踪第【415】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用 ...

Core Viewpoint - The article discusses the launch of the public voting phase for the "Top Ten Works" in the 2025 semi-annual evaluation of Chinese real estate products, emphasizing the importance of product quality in the housing sector [2][10]. Group 1: Voting Process - The public voting for the top ten projects will take place from June 17 to June 23, with expert evaluations occurring on June 17-18 [2][11]. - Each participant can vote once per WeChat ID, selecting up to ten projects in each category [11]. - The final results will be based on the cumulative valid votes from all participants [11]. Group 2: Evaluation Framework - The evaluation process includes expert reviews, public voting, and assessment models, culminating in the announcement of the "Top Ten High-end/Luxury/Quality Works" and the "China Good House Comprehensive Award/Individual Award" by the end of June [12][13]. - The initiative is part of a broader strategy to enhance product quality in the real estate sector, addressing housing pain points and improving residential product standards [10]. Group 3: Featured Projects - Various projects have been highlighted, including: - Shanghai Poly Hongqiao, a modern high-rise residential project [16]. - Guangzhou's Zhaoshang Linyu Jing, a city-integrated forest-themed residence [17]. - Huazhong's Shimei Bay, focusing on nature and island vacation living [19]. - Xiamen Jianfa's Yuehai, offering ocean-view residential options [21]. - The projects represent a mix of modern architectural styles and aim to cater to high-end and luxury market segments [16][19][21].

Core Viewpoint - The public voting phase for the "Top Ten Works" in the 2025 semi-annual China real estate product evaluation has commenced, allowing the public to select their preferred high-end, light luxury, and quality residential projects [1][2][10]. Group 1: Voting Process and Rules - The public voting period runs from June 17 to June 23, with expert evaluations taking place on June 17-18 [2][11]. - Each WeChat ID is limited to one vote, and individuals can select up to ten projects in each category [11]. - The final vote count will be the cumulative total of all valid votes cast by participants [11]. Group 2: Evaluation and Categories - The 2025 product strength evaluation includes the "Top Ten Works" and the newly added "China Good House" assessment, with projects entering professional review and public voting stages [12]. - The selected projects will undergo expert evaluation, public voting, and assessment modeling, with results to be published at the end of June [13]. Group 3: Industry Trends - Since 2018, the industry has seen a continuous effort in product strength development, addressing living pain points and enhancing residential product quality [10].

Industry Overview - The Chinese commercial real estate industry demonstrates resilience and vitality in the complex environment of 2024, with asset operation-focused companies showing stronger risk resistance and rental income becoming a stable cash flow source [1] - Over 85 shopping centers reported rental income exceeding 100 million yuan, with more than 60 centers experiencing year-on-year growth [1] - First-tier and new first-tier cities remain the main revenue sources, while second-tier cities like Shenyang, Dalian, Wuxi, Jinan, and Changzhou also show significant revenue potential [1] - The industry is entering a "stock operation decisive period," with many companies focusing on existing projects, leading to increased foot traffic, rental income, and sales [1] Company Highlights China Resources Land & China Resources Vientiane Life - China Resources Land reported revenue of 278.8 billion yuan, up 11.0%, but net profit down 18.5% to 25.58 billion yuan [2] - China Resources Vientiane Life achieved a revenue of 17.04 billion yuan, a 15.4% increase, with core net profit rising 20.1% to 3.51 billion yuan [2] - The rental income from shopping centers reached 19.35 billion yuan, growing 8.4% [2] Longfor Group - Longfor Group's revenue was 127.47 billion yuan, down 29.5%, with net profit decreasing 19.1% to 10.4 billion yuan [14] - The shopping mall rental income reached 10.98 billion yuan, up 6.8%, with 42 malls generating over 100 million yuan in rental income [14] - The average daily foot traffic across malls was 3.28 million, with an overall occupancy rate of 96.8% [14] New城控股 (New World Group) - New World Group reported revenue of 89 billion yuan, down 25.3%, but net profit increased 2.1% to 750 million yuan [24] - The total revenue from commercial operations was 12.81 billion yuan, up 13.1% [24] - The company opened 15 new shopping centers in 2024, including 8 light-asset projects [27] Dalian Wanda Commercial Management - Dalian Wanda opened 25 new Wanda Plazas in 2024, with over 500 projects in operation [10] - The company aims to open 30 new Wanda Plazas in 2025, focusing on central and eastern China [12] Joy City Properties - Joy City reported revenue of 19.83 billion yuan, a 49.4% increase, with shopping center rental income at 3.02 billion yuan, up 1% [32] - The company opened 3 new Joy Cities in 2024, all achieving over 98% occupancy [37] Baolong Real Estate & Baolong Commercial - Baolong Real Estate reported revenue of 25.76 billion yuan, up 12.5%, while Baolong Commercial's revenue was 2.62 billion yuan, down 0.7% [41] - Baolong Commercial opened 11 new projects in 2024, including 7 Baolong Plazas [41]

孙朱莉女士在担任公司董事期间，认真履职、勤勉尽责、恪尽职守，为公 司规范运作和健康发展做出了积极贡献，公司及董事会对孙朱莉女士为公司发 展做出的贡献表示衷心感谢! 特此公告。 关于公司董事辞职的公告 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"）董事会于近日收到董 事孙朱莉女士提交的书面辞职报告。因工作需要原因，孙朱莉女士申请辞去公 司董事及董事会专门委员会委员职务。离任后，孙朱莉女士将不在公司担任任 何职务。鉴于孙朱莉女士的辞职未导致公司董事会成员低于法定最低人数，根 据《公司法》及《公司章程》规定，其辞职自辞职报告送达董事会时生效。 截至本公告日，孙朱莉女士未持有公司股份。孙朱莉女士的辞职不会影响 公司董事会正常运行。公司将按照有关规定尽快完成董事的补选工作。 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：2025-035 大悦城控股集团股份有限公司 大悦城控股集团股份有限公司董事会 1 二〇二五年六月十日 ...

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：2025-034 大悦城控股集团股份有限公司 关于诉讼事项进展的公告 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。 2024年，中国农业银行股份有限公司武汉开发区支行（以下简称"农业银行"） 起诉大悦城控股集团股份有限公司（以下简称"公司"）控股子公司武汉裕灿房 地产开发有限公司（以下简称"武汉裕灿"）及其股东，诉请武汉裕灿偿还借款 本金及利息、罚息、复利等，并诉请公司及武汉裕灿股东华夏幸福基业股份有限 公司（以下简称"华夏幸福"）履行保证义务。武汉裕灿已偿还部分借款，公司 已履行完毕担保责任。详见公司于2024年12月24日、2025年3月29日、2025年5月 9日发布的《关于对外担保进展的公告》（公告编号：2024-074）、《关于诉讼事 项暨担保进展的公告》（公告编号：2025-008）、《关于对外担保进展的公告》 （公告编号：2025-031）。 农业银行变更申请具体情况如下： 1、申请再次变更诉讼请求为：判令武汉裕灿立即偿还原告借款本金 131,7 ...

Core Viewpoint - The construction of "good houses" is accelerating in China, with the implementation of national standards and a shift in focus from large and expensive houses to quality and affordable housing solutions [3][4][5]. Group 1: Implementation of Standards - The national standard "Residential Project Specification" was fully implemented on May 1, marking the beginning of the "standardization" era for "good houses" [4]. - The Ministry of Housing and Urban-Rural Development emphasized that "good houses" should not be equated with "large houses" or "expensive houses," but should focus on quality design, materials, construction, and services to address living issues [4][9]. - The standards aim to enhance housing quality across various regions, sizes, and price points, ensuring that different types of "good houses" are available [4][9]. Group 2: Market Dynamics - The increase in land supply for "good houses" is evident, with cities like Beijing and Hangzhou actively promoting the sale of land designated for quality housing projects [6][7]. - In May, Beijing's land auction saw a focus on encouraging refined design and higher quality residential projects, reflecting a broader trend of extending "good house" standards to suburban areas [6][7]. - The demand for improved housing is expected to stimulate the real estate market, with policies supporting the construction of "good houses" likely to be further refined [5][9]. Group 3: Corporate Initiatives - Several major real estate companies, including Longfor Group, China Overseas Property, and COFCO Joy City, have committed to developing "good houses" to meet diverse housing needs [7][8]. - COFCO Joy City is establishing a "Good House Laboratory" to innovate and test products that align with user demands, focusing on health and smart living solutions [8][9]. - The industry is moving towards a closed-loop logic of "research - standards - implementation," which is crucial for the successful rollout of "good houses" [9].

Core Viewpoint - The real estate market in China has shown signs of stabilization and improvement since 2025, driven by financial policies and the implementation of special bonds, leading to better indicators in land auctions, housing prices, and inventory reduction [3][14]. Group 1: Market Trends - The overall real estate market has transitioned from merely addressing the availability of housing to focusing on the quality of housing, emphasizing the importance of building "good houses" to meet the needs of the public [14]. - The introduction of the "good house" concept in government reports marks a significant shift towards high-quality residential projects, which are expected to dominate new supply [3][14]. - The 2025 first half product evaluation revealed a total of 60 projects that met the criteria for high-end, light luxury, and quality categories, indicating a competitive landscape focused on product quality [13][14]. Group 2: Evaluation Process - The evaluation process for residential projects includes criteria such as design, living experience, interior decoration, community space, and project awards, ensuring a comprehensive assessment of product quality [13][14]. - The evaluation will culminate in the announcement of the "Top Ten High-end/Light Luxury/Quality Works" and the "Good House Comprehensive Award/Individual Awards" in late June [13][14]. - The evaluation process involves expert reviews and public voting, enhancing the credibility and transparency of the assessment [13][14]. Group 3: Industry Response - Real estate companies are actively responding to the "good house" strategy by enhancing housing quality and increasing configurations in similar product categories to boost competitiveness [14]. - The rise of AI technology is opening new possibilities for smart housing, aligning with the industry's goal to meet diverse living needs and improve the quality of life for buyers [14]. - The ongoing "Good House Tour" initiative aims to showcase award-winning projects and benchmark developments, fostering a platform for product quality exchange and collaboration within the industry [14].

Core Insights - Nanchang Dayuecheng officially opened on May 31, marking a new era of youth-centric commercial development in Nanchang [1] Group 1: Project Overview - Nanchang Dayuecheng is the first Dayuecheng commercial complex in Jiangxi Province, focusing on a "boiling youth venue" concept that integrates commerce, social interaction, experience, and entertainment [3] - The complex features over 220 brands, including 3 national first stores, 6 Central China first stores, and more than 30 city first stores, with over 60% of the stores being regional or above first stores, creating a multi-dimensional "first store economy" [3] Group 2: Opening Activities - During the Dragon Boat Festival holiday, Nanchang Dayuecheng will host a series of activities centered around technology art, family entertainment, trendy culture, and urban vibrancy [3] - Events include the first Central China exhibition of Minions, a giant inflatable display, a space exploration immersive exhibition in collaboration with a space agency, and a retro port-style street market with interactive activities [3] - The opening will also feature a "boiling music festival" with bands, virtual idols, and university dance troupes, complemented by a drone light show and fireworks [3] Group 3: Future Development and Economic Impact - The choice of Nanchang for this project is based on its strong economic vitality, favorable business environment, robust consumer spending, and high urban fashion index, aligning well with the Dayuecheng brand positioning [4] - Nanchang Dayuecheng is a significant commercial project in Xihu District, contributing to industrial upgrades and urban integration, promoting high-end, branded, and distinctive service transformations [4] - The district aims to enhance the business environment by focusing on "first store launches, night economy, and smart commerce," accelerating the development of an "international consumption center city core" [4]

Core Insights - Dalian Wanda Holdings is launching a "Good House" product system, emphasizing health and comfort in residential spaces, with a focus on kitchen design as a core functional area [2][3] - The "Good House" concept was included in the government work report for the first time in 2025, prompting various real estate companies to respond with their own product systems [2] - A nationwide customer survey conducted by Dalian Wanda Holdings revealed a shift in consumer preferences from mere size and price to functionality, comfort, and community experience [4] User Demand - The survey collected 3,000 valid samples, indicating a significant increase in demand for soundproofing, waterproofing, and age-friendly designs, particularly in first-tier cities like Beijing and Shanghai [4] - The "Double Diamond Model" was utilized to differentiate between explicit needs and deeper emotional needs of customers, guiding product design and innovation [4][5] - A notable case from the survey highlighted a homeowner creating a "utopian" kitchen space, showcasing the importance of emotional and experiential aspects in residential design [4][5] Product System - The "Good House" product system integrates resources from COFCO Group, focusing on health and well-being, and includes the development of a "Good House Laboratory" set to open in July 2025 [5][6] - The product system is built on the "Active Health" concept, which emphasizes proactive health maintenance across various dimensions, including psychological and environmental health [6] - Dalian Wanda Holdings has developed nine lifestyle modules to cater to different emotional needs, moving away from traditional functional zoning in residential design [7] Dream Kitchen - The "Dream Kitchen" is a key component of the "Good House" product system, leveraging research from COFCO's nutrition health institute and partnerships with technology providers [10][11] - It features multi-functional social spaces and optimized operational layouts to enhance user interaction and cooking efficiency [11] - The kitchen design incorporates health tracking systems that provide personalized dietary recommendations based on user health goals [11][12] Community Scene Design - Community scene design focuses on providing high-quality services and experiences within residential areas, emphasizing the importance of immediate value presentation [8] - Dalian Wanda Holdings aims to extend indoor living experiences to outdoor community spaces, enhancing overall lifestyle quality [7][8] Product Lines - Dalian Wanda Holdings operates two main product lines: the "One Number" products for first-tier cities and the "Joy Series" products for cities like Shenzhen and Xi'an [9] - The integration of COFCO's food supply chain with the "Dream Kitchen" has led to high customer engagement and repeat purchases of food products [12]