盒马鲜生是中国首家以数据和技术驱动的新零售平台,其首创的"日日鲜""盒马工坊"等系列产品走进千 家万户,"盒区房"的概念深入人心。此次签约,意味着烟台这座沿海城市将首次被纳入"盒区房"生活圈版 图——门店周边3—5公里内的房子,可以享受最快30分钟送达的上门配送服务。 闫丽君 烟台报道 实习生 曹宇涵 4月19日上午,烟台大悦城与盒马鲜生举办合作签约仪式,作为盒马在烟台布局的首家门店,烟台盒马鲜生 大悦城店将"鲜"起一轮新的消费体验,填补烟台高端生鲜消费的空白,进一步激活城市消费潜力和体验张 力。 "盒区房"可享30分钟送达服务 此次签约的盒马鲜生烟台首店,落户在烟台大悦城负一楼,占地超4000平方米,计划打造集生鲜零售、即时 餐饮、线上配送于一体的全场景体验空间,将于今年暑期开业。 以盒马为杠杆撬动更多品牌入驻 盒马选址烟台,落户大悦城,除了带来极致的新鲜消费体验,也为商业消费进阶提供了更多的可能性,其背后 则暗含了商业逻辑的深意,也是城市消费吸引力持续提升的有力证明。 "烟台不仅风景秀美,物产更是富饶,商贸历来繁荣。"王伟道出了其中奥妙。 烟台自1861年开埠通商以来,铸就了超过160余年的商业发展基因, ...

4 月 24 日，在支付宝"碰一下"生态大会期间，大悦城控股和蚂蚁集团宣布达成战略合作，全国大悦城 商场全面上线支付宝"碰一下"服务，从支付到会员服务等，为消费者打造全新购物体验；也让商圈基 于"碰一下"的便利为门店商家带来更多营销互动工具，提升运营效率，也助推商圈整体的数智化服务升 级。 "每一次支付都是我们跟顾客连接的契机。支付宝'碰一下'给大悦城提供了可运营的桥梁和深度服务会 员的无限可能，" 大悦城控股副总经理兼商业管理中心总经理魏学问介绍，"碰一下"支付不仅新潮好 用，受年轻人欢迎，而且还可实现无感化会员服务，实现积分、发券、推荐的闭环营销，无需顾客太多 操作，即可加强与购物中心的连接，是商圈数字经营升级的绝佳助手。 作为消费者，在大悦城商场品牌商家买单时，只需用支付宝"碰一下"即可便捷支付，老会员完成支付自 动获得会员积分，新用户也可选择注册成为会员，享受商圈提供的更多服务，如积分兑换停车权益。完 成支付后，在支付成功页面，碰一下提供了更好的营销呈现，消费者还可以查看商圈里更多商家的优惠 活动，也可参与抽热门IP活动。 据悉，大悦城是首家接入支付宝"碰一下"的商圈。大悦城分享，支付宝"碰一下"能力 ...

Core Viewpoints - In 2024, Dayuecheng Holdings achieved a sales revenue of 36.9 billion, a year-on-year decline of 20%, with a sales rights ratio of 44.5%, down 5.5 percentage points from the previous year, indicating potential risks from partners [2][6] - The investment intensity has rebounded, with a land acquisition-to-sales ratio rising to 0.23, driven by a significant increase in land purchases, totaling 8.4 billion, up approximately 33% year-on-year [2][16] - The company has faced continuous net losses for three consecutive years, with a net loss of 2.98 billion in 2024, exacerbated by expanded losses from joint ventures [3][26] Sales Performance - Sales in Hangzhou and Xi'an contributed over 40% of total sales, with significant declines in Beijing, Shanghai, and Tianjin, where single-city sales dropped over 70% [2][10][13] - The Yangtze River Delta region became the largest contributor, accounting for 43% of total sales, an increase of 18.6 percentage points year-on-year [8][10] Investment and Land Acquisition - Dayuecheng Holdings increased its investment efforts, acquiring five new land parcels with a total area of 560,000 square meters, representing a year-on-year increase of 232% [2][19] - The average floor price of the newly acquired residential land in Hangzhou was 32,250 yuan per square meter, which accounted for 65% of the selling price, compressing profit margins [20] Financial Performance - The total revenue for 2024 was 35.79 billion, a slight decline of 2.7%, with property development revenue at 28.39 billion, down 2.3% [26][33] - The gross profit decreased by 20% to 7.79 billion, with a gross margin of 21.8%, down 4.7 percentage points year-on-year [26][33] Operational Efficiency - The average financing cost improved to 4.06%, with a non-restricted cash-to-short-term debt ratio dropping to 0.98, indicating liquidity risks [28] - The company successfully opened three shopping centers, with an average occupancy rate of 95.1% across 44 commercial projects [4][31]

投资力度回升，拿地销售比回升至0.23；归母净利连续三年亏损。 ◎ 作者 / 沈晓玲、陈家凤 核 心 观 点 【 杭州、西安销售额贡献超4成，京沪降幅靠前】 2024年大悦城控股实现销售额369亿，同比下滑20%； 销售权益比例44.5%，较去年同期减少5.5pct ， 需警惕合作方风险。据年报披露的销售明细显示， 全年86%销售额由一二线贡献 ，杭州、西安销售额贡献超4成，北京、上海和天津等地合计销售贡献约 14亿元，单城销售降幅均超70%，表现相对疲软。 【 投资力度回升，拿地销售比升至0.23】 2024年大悦城控股投资力度回升，新增5宗地块，拿地建面56万平，基于2023年低基数的影响， 同比大幅增加 232%， 土地总价款84亿， 同比增幅约33% ，按金额计 拿地销售比从去年的0.14回升至0.23 。年内投资的杭州萧山区世纪城钱塘湾总部住宅地块，全年 单盘贡献约91亿，成为大悦城全国销冠，然而该项目楼面价占到售价的65%，盈利空间被压缩。未来需做好地块流量和盈利之间的平衡，才能修复长期盈 利水平。2024年末大悦城剩余可开发计容建面 1 822万方，较年初下滑16%，足够支撑未来3-4年左右的开 ...

2024年是大悦城控股管理层更迭后的首个完整财年，新任掌门人姚长林并未能扭转业绩颓势。在房地产行业调整的背景下，2024年大悦城控股营收微降 2.7%，归属于上市公司股东净利润亏损扩大至29.77亿元。 在核心开发业务下滑的背景之下，大悦城控股也在调整战略，寻求突破。尽管商业运营板块表现有亮眼之处，但其收入贡献仍难掩开发业务的下行。 制图/寇德娜 近三年归母净利润亏损超70亿元 年报显示，2024年大悦城控股实现营业收入约357.91亿元，同比减少9.93亿元，同比下降2.70%；归属于上市公司股东的净利润亏损约29.77亿元，同比下 降103.14%；总资产约1785.75亿元，较年初下降9.84%；归属于上市公司股东的净资产约105.96亿元，下降23.46%。 在房地产市场总体承压的背景下，大悦城控股销售型业务2024年实现全口径签约369亿元，同比下降20%，签约面积167万平方米，同比下降25%。因为 2024年大悦城控股销售回款同比减少，经营活动产生的现金流量净额约66.17亿元，同比下降37.82%。 对于2024年的业绩，大悦城控股表示，房地产市场仍处于筑底阶段，受行业周期、结算资源的影响，公 ...

Market Overview - The Shanghai Composite Index closed at 3299.76 points, above the annual line, with a change of 0.25% [1] - The total trading volume of A-shares reached 1,121.207 billion yuan [1] Stocks Breaking Annual Line - A total of 106 A-shares have broken above the annual line today [1] - Notable stocks with significant deviation rates include: - Youbuxun: 17.49% deviation, closing price at 15.18 yuan, with a daily increase of 20.00% and turnover rate of 6.57% [1] - Fujilai: 14.53% deviation, closing price at 29.09 yuan, with a daily increase of 20.01% and turnover rate of 30.40% [1] - Chongqing Construction: 8.33% deviation, closing price at 3.01 yuan, with a daily increase of 9.85% and turnover rate of 2.93% [1] Additional Stocks with Minor Deviations - Jiangxi Copper, Meirya, and Laimu Co. have just crossed the annual line with smaller deviation rates [1] - Other stocks with notable performance include: - Changjiang Investment: 7.98% deviation, closing price at 8.01 yuan, with a daily increase of 10.03% [1] - Qingtang City: 7.70% deviation, closing price at 3.78 yuan, with a daily increase of 9.88% [1] - Shenchuan A: 7.45% deviation, closing price at 6.75 yuan, with a daily increase of 9.93% [1] Summary of Stocks with Deviation Rates - A detailed table lists various stocks, their daily change percentages, turnover rates, annual line prices, latest prices, and deviation rates, highlighting the performance of stocks like: - Dongjiang Environmental: 3.70% deviation, closing price at 4.28 yuan, with a daily increase of 10.03% [1] - Feinan Resources: 3.56% deviation, closing price at 19.88 yuan, with a daily increase of 3.92% [1] - The table provides a comprehensive view of the market dynamics and stock performances on the day [2]

Core Insights - Daxuecheng reported a total signed amount of 36.9 billion yuan for 2024, with a continuous expansion of its commercial footprint and a high-quality opening of three major projects in Xiamen, Sanya, and Haidian, achieving over 98% occupancy rate [1] - The company successfully issued the first consumer REIT in Southwest China, with a rental rate of 98.1% and a rent collection rate of 99.97% [1][3] - Daxuecheng's shopping centers achieved a sales revenue of 40.13 billion yuan, a year-on-year increase of 16%, with total foot traffic reaching 366 million, up 22% [1] Commercial Operations - The company operates 44 commercial projects, including 30 heavy asset and 14 light asset projects, covering key urban clusters such as Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macao Greater Bay Area [1] - The average occupancy rate for office buildings was reported at 91.1%, while the Shenzhen projects achieved an occupancy rate of 98.2% [2] - Daxuecheng's long-term rental apartment projects maintained an average occupancy rate of 95% across 10 projects [2] Financial Performance - The company successfully issued a total of 7.1 billion yuan in various financial instruments, effectively reducing the average financing cost to 3.0% and the overall financing cost to 4.06%, a decrease of 55 basis points from the previous year [3] - The Daxuecheng commercial REIT reported a revenue of 86.06 million yuan in Q4 2024, with a distributable amount of 45.29 million yuan, resulting in an annualized cash distribution rate of 5% based on the market value at the end of the reporting period [3] Strategic Outlook - In 2025, Daxuecheng plans to leverage policy opportunities and deepen its "1123" strategic framework, focusing on youth-oriented commercial brands and high-quality residential development [4] - The company aims to accelerate its green and low-carbon transformation while exploring the expansion of consumer REITs and the benefits of urban village renovations [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6][19] Core Views - The company has experienced a contraction in revenue, with a total operating income of 357.9 billion yuan in 2024, a year-on-year decrease of 2.70%. The net profit attributable to shareholders was -29.8 billion yuan, compared to -14.7 billion yuan in 2023 [7][9] - Despite the revenue shrinkage, the company's property investment and operation remain stable, and the performance of held properties is strong. The forecast for net profit attributable to shareholders for 2025-2027 is -8.3 billion yuan, 8.7 billion yuan, and 15.2 billion yuan respectively [6][9] - The company is expected to gradually stabilize its real estate business, leading to a continuous release of performance [6][9] Financial Summary - In 2024, the company achieved a gross profit margin of 21.76% and a net profit margin of -7.15%, with a significant decline in operating cash flow, which decreased by 37.82% year-on-year to 66.17 billion yuan [7][9] - The company's asset-liability ratio stood at 76.73% at the end of 2024, indicating a high level of leverage [7][9] - The company’s shopping centers reported sales of 401.3 billion yuan in 2024, a year-on-year increase of 16%, with a foot traffic of 366 million visitors, up 22% [8][9] Valuation Metrics - The earnings per share (EPS) for 2025 is projected at -0.19 yuan, with price-to-earnings (P/E) ratios for 2026 and 2027 estimated at 13.5 and 7.7 respectively [6][9] - The company’s price-to-book (P/B) ratio is expected to be 1.2 in 2025, indicating a potential undervaluation compared to its book value [9][9]

房地产/房地产开发 大悦城（000031.SZ） 2025 年 04 月 21 日 投资评级：买入（维持） | 齐东（分析师） 胡耀文（分析师） | 杜致远（联系人） | | --- | --- | | qidong@kysec.cn huyaowen@kysec.cn | duzhiyuan@kysec.cn | | 证书编号：S0790522010002 证书编号：S0790524070001 | 证书编号：S0790124070064 | |  营收规模有所收缩，持有型物业表现强劲，维持"买入"评级 | | | 大悦城发布 2024 | 年年度报告，公司营业收入规模同比收缩，归母净利润同比下 | | 滑，公司整体物业开发及物业投资经营情况稳健，我们维持 | 年并新增 2025-2026 | | 2027 年盈利预测，预计 2025-2027 | 年归母净利润分别为-8.3、8.7、15.2 亿元，EPS | | 元，当前股价对应 分别为-0.19、0.20、0.36 | 年 估值分别为 2026-2027 PE 13.5、 | | 7.7 倍，伴随公司地产业务逐渐企稳，业绩有望持续释放，维持"买入"评 ...

年报显示，公司全年全口径签约额达369亿元，中指研究院销售榜排名跃升至第23位（同比提升6位）， 显著跑赢行业大势。商业版图持续扩容，厦门、三亚、海淀三大悦城以超98%招商率高质量开业；创新 资本路径再获突破，西南首单消费REIT——成都大悦城商业REIT成功发行，底层资产出租率98.1%、 租金收缴率99.97%，为轻资产战略注入强劲动能。 凭借多元业务协同、高效运营能力与稳健财务表现，大悦城展现出穿越周期的韧性，为行业高质量发展 树立标杆。 01 持有型业务优势凸显，经营质量持续提升 大悦城深耕商业地产领域，以"年轻力"为核心战略，持续优化全国布局。2024年，公司商业项目总数达 44个（重资产30个+轻资产14个），覆盖京津冀、长三角、粤港澳大湾区等核心城市群。 年内，厦门、三亚、海淀三大悦城重磅开业，成为区域商业新地标。其中，三亚大悦城以100%招商 率、100%开业率刷新体系内纪录，首月销售额破亿，迅速跻身海南国际旅游消费中心核心引擎；厦门 大悦城作为福建首座旗舰项目，开业三日客流超50万人次，成为鹭岛品质生活新标杆；北京海淀大悦城 则以"山系生活智潮地"定位，填补区域高端商业空白。 在运营效能上， ...