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：2025-036 大悦城控股集团股份有限公司 第十一届董事会第十九次会议决议公告 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"）第十一届董事会第十九 次会议通知于 2025 年 6 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 6 月 27 日以通讯方式召开。本次会议应参加表决董事 8 人，实际参加表 决董事 8 人。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。会议审议通过以下一项议案： 1、关于调整公司组织架构的议案 为进一步提升公司商业管理专业能力、核心竞争力和品牌影响力，董事会同 意将商业管理中心调整为商业事业部。 表决情况：8 票同意、0 票弃权、0 票反对。 特此公告。 大悦城控股集团股份有限公司董事会 二〇二五年六月二十七日 1 ...

Core Viewpoint - The credit rating agency has maintained the AAA rating for the company, indicating strong competitive capabilities and brand influence in the real estate sector, despite facing certain financial pressures and risks related to contingent liabilities [3][5][7]. Financial Performance - Total assets as of March 2025 are reported at 1,775.00 billion, showing a decline from 2,144.32 billion in 2022 [3]. - The company's net profit for 2024 is projected at -25.59 million, a significant drop from 1.21 million in 2023 [3]. - Operating cash flow for 2024 is expected to be 66.17 million, down from 106.42 million in 2023 [3]. - The sales gross margin for 2024 is 21.76%, a decrease from 26.47% in 2023 [3]. Debt and Liabilities - Total debt as of March 2025 is 675.62 billion, slightly up from 674.34 billion in 2024 [3]. - The company has a net debt ratio of 97.68%, indicating a high level of leverage [4]. - As of the end of 2024, the company has contingent liabilities amounting to 36.63 billion, primarily related to guarantees for joint ventures [5]. Market Position and Sales - The company remains a leading player in the real estate market, with a projected total sales amount of 369.00 billion for 2024, despite a year-on-year decline of 19.88% [5][7]. - The company has a significant land reserve, with a remaining developable area of 821.58 million square meters as of the end of 2024 [15]. Operational Insights - The company has diversified financing channels, including bank loans and public market bond financing, which remain open and accessible [5]. - The commercial real estate segment continues to perform well, contributing positively to cash flow and profits, despite a slight decline in rental rates [15][16]. Industry Context - The real estate market is currently in a recovery phase, with sales beginning to stabilize, particularly in high-tier cities [9][10]. - The commercial real estate sector is shifting towards stock competition, with retail properties performing better than office spaces [11][12].

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（20 大悦 01） 中鹏信评【2025】跟踪第【414】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评级的变化情况。 本评级报告版权归本 ...

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].