Investment Rating - The investment rating for the real estate industry is "Positive" and is maintained [12]. Core Insights - The policy goal of stabilizing the market has become more proactive, and market expectations have improved, although marginal downward pressure has increased since April [5]. - The rapid decline phase in the industry regarding volume and price may have passed, with structural highlights in core areas and quality properties [5]. - The importance of real estate to the economic internal circulation cannot be overlooked, emphasizing the need to focus on quality real estate companies with core assets and stable cash flows [5]. Market Performance - The Yangtze River Real Estate Index increased by 0.92% this week, with a year-to-date decline of 5.57%, ranking 30 out of 32 industries [6][15]. - The performance of the sector has been poor, with declines primarily in development and property management companies, while rental companies showed mixed results [6]. Policy Updates - The central bank announced interest rate cuts, including a 0.5 percentage point reduction in the reserve requirement ratio and a 0.1 percentage point decrease in policy rates, expected to lead to a similar decline in LPR [7]. - Local policies in Guangdong aim to better meet housing consumption needs and support the transformation of urban villages [7]. Sales Data - Recent new home registrations in sample cities showed fluctuations, with new home transaction area down by 3.0% year-on-year, while second-hand homes saw a 16.0% increase [8]. - As of May 9, the new home transaction area in 37 cities showed a month-on-month increase of 15.8% [8]. Mortgage Rate Insights - The average mortgage rate for first-time homebuyers in key cities is around 3.1%, expected to decrease to approximately 3.0% following policy rate adjustments [9]. - The report emphasizes the importance of rental-to-sale ratios and actual interest rates in determining the appropriateness of mortgage rates [9].

关于对外担保进展的公告 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。 2024年12月，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"）及公司，诉请武汉裕灿向 农业银行偿还部分借款本金及本金产生的利息、罚息、复利等，并诉请公司按保 证合同约定履行相应保证义务。武汉裕灿向武汉经开区法院提出管辖权异议，本 案移送至河北省廊坊市中级人民法院审理（以下简称"受理法院"）。农业银行 追加华夏幸福基业股份有限公司为被告，并变更诉讼请求，要求武汉裕灿归还借 款本息，各担保人按约定履行相应担保义务。截至2024年11月26日，武汉裕灿剩 余未归还的借款本金49,030万元。详见公司于2024年12月24日、2025年3月29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）。 特此公告。 证券代码：000031 证券简称：大悦城 公告编号：2025-031 大悦城控 ...

公司研究丨点评报告丨大悦城（000031.SZ） [Table_Title] 商业平稳运营，开发业绩承压 ——大悦城 2025Q1 点评 报告要点 [Table_Summary] 业绩承压，经营改善仍需持续努力。公司开发业务土储相对充裕，保障后期销售；自持业务贡 献稳定现金流，华夏大悦城商业 REIT 上市，轻资产战略加速落地；但在行业销售承压调整的 背景下，公司经营与业绩改善仍需进一步努力。 分析师及联系人 [Table_Author] 刘义 薛梦莹 SAC：S0490520040001 SAC：S0490520120002 丨证券研究报告丨 SFC：BUV416 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 大悦城（000031.SZ） cjzqdt11111 [Table_Title 商业平稳运营，开发业绩承压 2] ——大悦城 2025Q1 点评 [Table_Summary2] 事件描述 公司公告，2025Q1 实现营业收入 51.1 亿元（+32.2%），归母净利润亏损 2.6 亿元（去年同期 亏损 0.9 亿元），综合毛利率 34.6%（-6.4 ...

4月29日下午，华夏大悦城商业REIT（基金代码：180603）在成都大悦城圆满举办了2025年投资者开放日活动。本次活动汇聚机构投资者、个人投资者及行 业媒体共计60余人，与原始权益人卓远地产（成都）有限公司、运营管理机构大悦城商业运营管理(天津)有限公司、基金管理人华夏基金、资产支持证券管 理人中信证券等机构共同交流，通过资产实地探访、经营数据透视、管理层深度对话三大维度，充分解读项目运营成果与长期价值逻辑。 1、沉浸式资产体验 验证价值内核 项目调研环节，投资者代表深入探访成都大悦城项目现场，探访品牌升级、改造空间、美陈展示、屋顶花园等方面，见证项目如何通过"空间场景重构+消费 内容焕新"持续提升资产价值。 2、专业能力全景呈现 构建价值信任链 大悦城商业运营管理(天津)有限公司董事长魏学问先生在开场致辞中提到，大悦城控股作为中粮集团旗下唯一的地产投资和管理平台，商业项目覆盖全国25 个城市，管理项目40余个、管理规模450余万方，连续四年入选行业百强并获人民网等多项权威奖项，品牌影响力持续提升。大悦城控股始终坚持资产为 核、运营为王的理念，其以成都大悦城为底层资产的消费基础设施REIT正式上市打通了" ...

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：2025-030 大悦城控股集团股份有限公司 关于召开 2024 年年度股东大会的通知 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"）董事会决定召集召开 2024 年年度股东大会（以下简称"本次股东大会"），本次股东大会采用现场 表决与网络投票相结合的方式，现将有关议案事项介绍如下： 1 一、召开会议的基本情况 1、会议届次：2024 年年度股东大会。 2、会议的召集人：第十一届董事会。 公司于 2025 年 4 月 29 日召开第十一届董事会第十八次会议，审议通过了 《关于召开 2024 年年度股东大会的议案》，公司董事会决定于 2025 年 5 月 21 日召开公司 2024 年年度股东大会。 3、本次股东大会的召开符合法律、行政法规、部门规章、规范性文件、深 交所业务规则和公司章程的规定。 4、会议召开时间 （1）现场会议开始的时间：2025 年 5 月 21 日 14:30 （2）网络投票时间：通过深圳证券 ...

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：2025-028 大悦城控股集团股份有限公司 第十一届董事会第十八次会议决议公告 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"）第十一届董事会第十 八次会议通知于 2025 年 4 月 23 日以当面送达及电子邮件送达的方式发出，会 议于 2025 年 4 月 29 日以现场结合通讯方式召开。本次会议应参加表决董事 9 人，实际参加表决董事 9 人。本次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： 一、关于审议《2025 年第一季度报告》的议案 议案表决情况：9 票同意、0 票弃权、0 票反对。 本议案经审计委员会审议，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 2025 年第一季度报告》。 大悦城控股 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 5.11 billion, an increase of 32.21% compared to CNY 3.87 billion in the same period last year[4]. - The net profit attributable to shareholders was a loss of CNY 257.65 million, representing a decrease of 174.79% from a loss of CNY 93.76 million year-on-year[4]. - The basic and diluted earnings per share were both CNY -0.06, a decline of 200% from CNY -0.02 in the previous year[5]. - The gross profit margin for the period was 34.60%, down 6.35 percentage points year-on-year[11]. - Net profit for Q1 2025 was ¥64,506,284.38, a decrease of 64.7% compared to ¥182,702,769.20 in Q1 2024[26]. - The company reported an investment loss of ¥125,961,229.85, compared to a loss of ¥147,062.99 in the previous period[26]. Cash Flow - The net cash flow from operating activities was CNY 643.36 million, a significant increase of 144.91% compared to a negative cash flow of CNY 1.43 billion in the previous year[4]. - The cash flow from operating activities was not detailed in the provided data, indicating a need for further analysis[31]. - The net cash flow from investment activities was -154,721,665.80, an improvement from -1,301,123,596.31 in the previous period[33]. - The net cash flow from financing activities was -624,398,582.12, compared to a positive 1,362,057,305.39 in the prior period[34]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 177.50 billion, a decrease of 0.60% from CNY 178.57 billion at the end of the previous year[5]. - Total current assets decreased from ¥125.17 billion to ¥124.60 billion, a decline of approximately 0.46%[16]. - Total liabilities decreased from ¥137.02 billion to ¥135.85 billion, a decline of about 0.85%[18]. - Non-current liabilities increased from ¥55.61 billion to ¥59.25 billion, an increase of approximately 6.00%[18]. - The total equity decreased to ¥18,113,065,992.64 from ¥18,329,934,628.51, a decline of 1.2%[23]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 99,143[13]. - The equity attributable to shareholders decreased by 2.28% to CNY 10.35 billion from CNY 10.60 billion at the end of the previous year[5]. Government Support and Investments - The company received government subsidies amounting to CNY 6.70 million, which are closely related to its normal business operations[7]. - The company reported a decrease in investment income from joint ventures, impacting net profit negatively due to changes in project settlement cycles[11]. Future Plans - The company plans to focus on market expansion and new product development in the upcoming quarters[24].

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：2025-027 大悦城控股集团股份有限公司 关于控股子公司中粮置业投资有限公司 中期票据获准注册的公告 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。 为提高债务类融资产品发行效率，大悦城控股集团股份有限公司(以下简称 "公司")于 2024 年 6 月 6 日召开的 2023 年年度股东大会审议通过了《关于提请 股东大会授权发行债务类融资产品的议案》，股东大会授权公司董事会在不超过 人民币 400 亿元的范围内一次或多次申报发行境内外各类债务类融资产品。董事 会在取得股东大会前述授权之同时，进一步转授权公司经理层对上述事项进行决 策，包括且不限于根据公司需要和市场条件全权处理债务类融资产品决策、中介 机构选聘、申请、发行、上市等阶段相关事宜。具体详细内容请见公司于 2024 年 4 月 27 日、6 月 7 日在巨潮资讯网（www.cninfo.com.cn）上披露的相关公告。 公司控股子公司中粮置业投资有限公司（以下简称"中粮置业"）近日 收到中国银行间市 ...

Core Viewpoint - The real estate industry is undergoing significant adjustments, presenting both challenges and opportunities, with commercial segments becoming a key driver for many companies to navigate through cycles. Dalian's operational business is highlighted as a growth point amidst a slowing industry environment [1] Group 1: Company Performance - Dalian achieved an operating revenue of 35.791 billion yuan and total assets of 178.575 billion yuan by the end of the reporting period, with a net operating cash flow of 6.617 billion yuan and cash reserves of 27.089 billion yuan, significantly outperforming the industry [1] - The company has a total of 44 commercial projects, including 30 heavy assets and 14 light assets, covering key urban clusters such as Beijing-Tianjin-Hebei and the Greater Bay Area [3] - Dalian's sales business achieved a total signed amount of 36.9 billion yuan, ranking 23rd in the sales list, showcasing its strong market resilience [7] Group 2: Business Strategy - Dalian is actively exploring a new development model by integrating diverse business formats, with the commercial sector serving as a crucial engine for growth [2] - The company focuses on transforming popular IP into long-term traffic, hosting over 200 events annually to create unique consumer experiences [2] - Dalian's strategy includes a dual-driven approach of "first-store economy + trendy IP," successfully attracting over 450 first stores and generating significant revenue from IP events [3] Group 3: Financial Management - Dalian has maintained a robust financial management strategy, securing 12 "white list" projects and 7 operating property loan projects to ensure cash flow safety [9] - The company successfully issued various bonds totaling 7.1 billion yuan, with an average borrowing cost of 3.0%, reducing the overall financing cost to 4.06% [9] - The light asset strategy has accelerated, with the launch of the first public REIT for consumer infrastructure in Southwest China, achieving a rental rate of 98.1% [9] Group 4: Market Positioning - Dalian's long-term rental apartment projects achieved an average occupancy rate of 95%, with the brand receiving multiple industry awards for its community activities and customer satisfaction [5] - The company is strategically positioned to benefit from urban renewal policies and land reserves in core cities, enhancing its competitive edge [10] - Dalian aims to deepen its "1123" strategic system, focusing on brand building and high-quality residential development while exploring new opportunities in green low-carbon transformation [10][11]

Core Viewpoint - The commercial real estate industry in 2024 faces a dual challenge, with sales-driven developers experiencing significant profit declines and asset impairments, while operation-oriented companies see stable rental growth and improved financial structures [1] Group 1: Profit Divergence and Cash Flow - The financial reports of commercial real estate in 2024 show a stark contrast, with some companies facing substantial losses while others maintain profitability through consistent rental income [2][3] - Sales-driven companies like Vanke and Baolong are struggling, with Vanke reporting a net loss of 49.4 billion yuan, marking its first significant loss since listing, and Baolong's loss expanding to 5.5 billion yuan [3] - In contrast, companies like China Resources Land and Longfor Group are maintaining profitability, with China Resources Land achieving a net profit of 25.42 billion yuan, despite an 8.5% year-on-year decline [3] Group 2: Rental Income and EBITDA - Rental income has become a critical cash flow source, with China Resources Land reporting rental income of 23.3 billion yuan, a year-on-year increase of 8.4% [4] - EBITDA is emerging as a new valuation anchor, with Longfor Group's operating cash flow exceeding 6 billion yuan, indicating strong operational stability [5][6] - Companies like Baolong and New Town Holdings show weaker EBITDA coverage, relying on asset disposals or financing to sustain operations [5] Group 3: Financial Structure and Risk Resistance - The net debt ratio has become a key indicator of a company's ability to withstand risks, with companies like Swire Properties maintaining a low net debt ratio of 4.4% [8] - A cash-to-short-debt ratio above 1.2x indicates a strong ability to cover short-term liabilities, while ratios below 0.8x may lead to credit rating changes [11] - Companies with a net debt ratio above 70% face high risks and may rely on asset sales for survival [8] Group 4: Strategic Models and Organizational Capability - The industry is witnessing a shift from project-based thinking to systematic capabilities, with companies needing to establish replicable cash flow models to enhance future valuations [23][30] - Three strategic models are emerging: long-term operational, mixed development and holding, and transitioning from heavy to light asset structures [24] - Companies like Swire and Hang Lung are exemplifying pure operational strategies, while others like Vanke and Baolong are struggling to find a clear path in their transitions [25][27] Group 5: Valuation Logic and Market Perception - The valuation logic in commercial real estate is shifting from land appreciation expectations to the sustainability of cash flows, with investors focusing on the ability to generate predictable cash [31][35] - Shopping centers are becoming the few assets still attracting positive valuation expectations, with China Resources Land's shopping center rental income reaching 19.3 billion yuan, a year-on-year increase of 8.4% [32] - The ability to securitize rental income is becoming crucial for future valuations, with companies needing to demonstrate clear cash flow structures and exit mechanisms [35][36] Group 6: Future Outlook and Recommendations - The future of companies in the commercial real estate sector will depend on their ability to convert properties into predictable cash flows and establish robust organizational capabilities [45][46] - Companies are advised to shift focus from project-centric strategies to developing standardized cash flow and asset securitization models [43] - Investors should prioritize evaluating EBITDA, rental recovery cycles, and interest coverage capabilities over traditional metrics like sales and profit margins [43]