证券代码：000031.SZ 证券简称：大悦城 债券代码：148141.SZ 债券简称：22 大悦 02 大悦城控股集团股份有限公司关于"22 大悦 02" 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 2022 年面向专业投资者 公开发行公司债券（第二期）募集说明书》（以下简称"《募集说明书》"）的约定， 公司作为"22 大悦 02"（债券代码：148141.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"22 大悦 02"债券存续期后 2 年的票面利率 为 2.15%。 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 ...

Group 1 - The State-owned Assets Supervision and Administration Commission (SASAC) has urged central enterprises to enhance communication with investors, highlighting that competitors like China Resources update Q&A monthly and Poly conducts quarterly analyst meetings, while the company only held two online performance briefings in 2025 without on-site research [1] - The company has a diverse range of investor activities, including investor open days for commercial REITs, live performance briefings, and offline research, along with sharing performance interpretation articles or charts after each regular report [1] - The company plans to conduct on-site research and communication regarding the third-quarter performance after the release of the third-quarter report in the fourth quarter [1]

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 3.41 [6][4]. Core Views - The company reported Q3 revenue of RMB 5.416 billion, a year-on-year increase of 23.24%, but a quarter-on-quarter decrease of 46.47%, resulting in a net loss attributable to shareholders of RMB 642 million. For the first three quarters of 2025, the total revenue reached RMB 20.648 billion, a year-on-year increase of 0.83%, with a net loss of RMB 533 million, narrowing the loss by 9.17% year-on-year [1][2]. - The main reason for the loss is impairment in the development business, prompting a strategic shift towards commercial operations. The company aims to focus on commercial real estate while reducing its reliance on property development [3][2]. - The privatization process of the company is ongoing, which, if successful, is expected to enhance the company's future profitability by increasing its stake in the commercial real estate sector [3][4]. Summary by Sections Financial Performance - Q3 revenue growth was driven by accelerated settlement in high-value cities, leading to an 11.2 percentage point increase in gross margin to 35.6%. However, losses persisted due to declining profitability in non-consolidated projects, with a net investment loss of RMB 523 million compared to a net gain of RMB 1.4 billion in the same period last year [2][1]. - The company recognized a total impairment of RMB 1.08 billion in the first three quarters, a year-on-year increase of 48.0%, significantly impacting net profit [2]. Strategic Shift - The company is shifting its focus from property development to commercial operations, with a notable decrease in available saleable value by 13% to RMB 110.5 billion as of mid-2025. The commercial real estate segment is expanding, with new openings in Nanchang and Shenzhen [3][4]. - The planned privatization is expected to increase the company's stake in commercial assets, potentially adding at least RMB 600 million to rental and related income [3]. Profit Forecast and Valuation - The report forecasts net profits for 2025-2027 to be RMB -1.73 billion, RMB 240 million, and RMB 810 million respectively, with net assets projected at RMB 8.87 billion, RMB 9.11 billion, and RMB 9.92 billion [4][10]. - The estimated book value per share for 2026 is RMB 2.12, with a target price based on a 10% premium to the average price-to-book ratio of comparable companies [4][10].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting optimism for the "Good House" policy and the revaluation of shopping center values [3][24][28]. Core Insights - The "14th Five-Year Plan" emphasizes promoting high-quality development in real estate, aiming to establish a new development model and improve the basic systems for property development, financing, and sales [3][24]. - Recent data shows a 9.8% week-on-week increase in new home transactions across 34 key cities, with a total of 2.835 million square meters sold [3][4]. - The report identifies a significant decline in year-on-year sales, with October's total transactions down 26.8% compared to the same month last year [6][7]. - The report notes that the average monthly inventory turnover for residential properties in 15 cities is 23.8 months, indicating a slight decrease [20][22]. Industry Data Summary New Home Transactions - New home sales in 34 cities reached 2.835 million square meters last week, a 9.8% increase from the previous week [3][4]. - Year-on-year, October's new home sales totaled 9.261 million square meters, reflecting a 26.8% decline compared to October of the previous year [6][7]. Second-Hand Home Transactions - Second-hand home sales in 13 cities totaled 1.152 million square meters last week, a 1.1% decrease from the previous week [12]. - Cumulatively, second-hand home sales in October were down 22.2% year-on-year [12][13]. Inventory Levels - The total available residential inventory in 15 cities was 89.296 million square meters, with a week-on-week decrease of 0.5% [20][21]. - The sales-to-new inventory ratio was 1.59, indicating a healthy turnover rate [20]. Policy and News Tracking - The report highlights the issuance of the "Urban Commercial Quality Improvement Action Plan" by the Ministry of Commerce and other departments, which supports the issuance of REITs for commercial real estate [24][25]. - The People's Bank of China announced a credit relief policy aimed at assisting the housing market [27]. - Local governments are implementing various housing subsidies, such as a maximum of 15,000 yuan in Yunnan and a combination of housing and consumption vouchers in Hangzhou [27][28]. Company Performance Overview - Several real estate companies reported their Q3 2025 results, with notable declines in net profits for many firms, such as New Town Holdings (9.7 billion yuan, -33.1%) and China Overseas Development (25 billion yuan, -4.0%) [28][30]. - The report mentions the successful listing of a commercial REIT by China Overseas Development, with underlying assets from a shopping center in Foshan [28][30].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [4][27]. Core Views - The "15th Five-Year Plan" emphasizes promoting high-quality development in real estate, aiming to establish a new development model and integrate real estate into the social security system [4][27]. - The report highlights a rebound in new home sales, with a week-on-week increase of 9.9% in 34 key cities, while second-hand home sales saw a slight decline [4][5]. - The report identifies potential investment opportunities in the "Good House" policy and the revaluation of commercial real estate [4][27]. Industry Data Summary New Home Sales - New home sales in 34 key cities totaled 2.835 million square meters, up 9.9% week-on-week, with first and second-tier cities increasing by 12.5% [4][5]. - Year-on-year, new home sales in October decreased by 26.8%, with first and second-tier cities down 25.4% and third and fourth-tier cities down 41.2% [4][7]. Second-Hand Home Sales - Second-hand home sales in 13 key cities totaled 1.152 million square meters, down 1.1% week-on-week, and down 22.2% year-on-year for October [4][13]. Inventory and Supply - In 15 key cities, 770,000 square meters were launched for sale, with a sales-to-launch ratio of 1.59, indicating a healthy demand [4][22]. - The total available residential area in these cities was 89.296 million square meters, down 0.5% week-on-week [4][22]. Policy and News Tracking - The report notes that the Ministry of Commerce and other departments support the issuance of REITs for commercial real estate, providing long-term financing support [4][27]. - Various local governments have introduced measures to stimulate housing demand, including purchase subsidies and adjustments to rental withdrawal ratios [4][30]. Company Performance - Several real estate companies reported weaker performance in Q3 2025, with notable declines in net profits for companies like New Town Holdings and China Overseas Development [4][33]. - The report highlights the successful listing of China Overseas Development's commercial REIT, which raised 1.58 billion yuan [4][33].

Core Viewpoint - Dalian Wanda's performance in the commercial real estate sector shows strong revenue growth and a significant improvement in profitability, despite a high debt ratio compared to industry averages [2][3][6][7]. Group 1: Business Overview - Dalian Wanda, established in 1993 and listed on the Shenzhen Stock Exchange, is a flagship commercial real estate company under COFCO Group, focusing on urban operations and quality life services [1]. - The main business segments include residential property development and sales, property leasing, processing trade, and commercial real estate [1]. Group 2: Financial Performance - For Q3 2025, Dalian Wanda reported revenue of 20.648 billion yuan, ranking third in the industry, surpassing the industry average of 18.556 billion yuan [2]. - The net profit for the same period was 129 million yuan, placing it fifth in the industry, significantly higher than the industry average net loss of 137 million yuan [2]. - The asset-liability ratio stood at 75.39%, slightly down from 76.38% year-on-year but still above the industry average of 68.96% [3]. - The gross profit margin improved to 35.58%, up from 24.38% year-on-year, exceeding the industry average of 22.73% [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 7.16% to 89,700, while the average number of circulating A-shares held per shareholder increased by 15.33% to 47,800 [5]. - Notable changes among the top ten circulating shareholders include an increase in holdings by Hong Kong Central Clearing Limited and the entry of ICBC Value Selection Mixed A as a new shareholder [5]. Group 4: Business Highlights - In the first half of 2025, Dalian Wanda achieved a revenue of 15.23 billion yuan, a decrease of 5.3%, but turned a profit with a net profit of 110 million yuan compared to a loss of 360 million yuan in the previous year [6]. - The shopping center sales reached approximately 22 billion yuan, reflecting a year-on-year growth of 12.2%, with a customer traffic increase of 19.6% [6][7]. - The company operates 158 managed projects across over 40 cities, with a managed area of 31.37 million square meters, marking a growth of 4.1% year-on-year [7].

Core Insights - The report indicates that Dalian Wanda achieved an operating revenue of 20.648 billion yuan in the first nine months of 2025, reflecting a year-on-year growth of 0.83% [1] - The company reported a net loss of 533 million yuan, which represents a year-on-year increase in losses of 9.17% [1] Financial Performance - Operating revenue for the first three quarters of 2025 reached 20.648 billion yuan, showing a slight increase compared to the previous year [1] - The net loss for the same period was 533 million yuan, indicating a worsening financial position compared to the previous year [1]

大悦城控股集团股份有限公司 内部审计工作制度 （2025 年修订版） 第一章 总则 第一条 为加强大悦城控股集团股份有限公司（以下简称大悦 城控股）内部审计工作，建立健全内部审计制度，提升内部审计 工作质量，充分发挥内部审计作用，根据《中华人民共和国审计 法》《中华人民共和国审计法实施条例》《审计署关于内部审计 工作的规定》及其他有关规定，结合大悦城控股工作实际，制定 本制度。 第二条 本制度适用于大悦城控股总部、大悦城控股实际控制 或控股的各级企业。 第三条 本制度所称内部审计，指大悦城控股内部审计机构 （以下简称内部审计机构）依法依规对大悦城控股及所属单位的 业务活动、内部控制、财务信息和风险管理实施独立、客观的监 督、评价和建议，促进大悦城控股及所属单位完善治理、增加价 值和实现目标的活动。 第四条 内部审计机构和人员从事内部审计工作，应当严格遵 守有关法律法规、本制度和内部审计职业规范，忠于职守，做到 独立、客观、公正、保密。 内部审计机构和人员不得参与可能影响独立、客观履行审计 职责的工作。 第五条 大悦城控股总部设审计部（以下简称大悦城控股审计 部），负责大悦城控股内部审计工作。大悦城控股审计部在 ...

一、本次计提资产减值准备的情况 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：2025-054 大悦城控股集团股份有限公司 关于计提资产减值准备的公告 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"）于 2025 年 10 月 30 日 分别召开第十一届董事会第二十二次会议及第十一届监事会第十二次会议，审议 通过了《关于计提资产减值准备的议案》，具体情况如下： 根据《企业会计准则》以及公司会计政策、会计估计的相关规定，本着谨慎 性原则，公司及下属子公司对截至 2025 年 9 月 30 日的存货、固定资产、无形资 产等各项资产进行了减值测试，判断存在可能发生减值的迹象，并对可能发生减 值的资产计提减值准备。具体情况如下： 单位：万元 | 项目 | 计提金额 | 计提原因 | | --- | --- | --- | | 一、存货跌价准备 | 104,289.43 | 公司的存货在资产负债表日按成本与可变现 净值孰低计量，对可变现净值低于存货成本的 | | | | ...

大悦城控股集团股份有限公司第十一届监事会公告 证券代码：000031 证券简称：大悦城 公告编号：2025-053 大悦城控股集团股份有限公司 第十一届监事会第十二次会议决议公告 本公司及监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"）第十一届监事会第十二 次会议通知于 2025 年 10 月 24 日以当面送达及电子邮件送达的方式发出，会议 于 2025 年 10 月 30 日以通讯会议的方式召开。会议应参加表决监事 3 人，实际 参加表决监事 3 人。会议由监事会主席黄艳霞女士主持。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、关于计提资产减值准备的议案 议案表决情况：3 票同意、0 票弃权、0 票反对。 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关于计提资产减值准备的公告》。 二、关于审议《2025 年第三季度报告》的议案 议案表决情况：3 票同意、0 票弃权、0 票反对。 监事会认为董事会编制和审 ...