Investment Rating - The investment rating for the real estate industry is "Positive" and maintained [14]. Core Insights - The policy goal of stabilizing the market is becoming more proactive, and market expectations have improved, although marginal downward pressure has increased since April [7]. - The rapid decline in industry volume and price may have passed, with structural highlights in core areas and quality properties [7]. - The experience from Hainan is not universally applicable in the current context, and the short-term supply capacity of real estate companies is declining, putting pressure on cash flow [3][11]. - The industry is expected to gradually promote the pilot expansion of existing home sales, considering institutional reforms and practical constraints [11]. Market Performance - The Yangtze River Real Estate Index increased by 0.04% this week, with a relative excess return of -1.08% compared to the CSI 300, ranking 24th out of 32 [8]. - Year-to-date, the Yangtze River Real Estate Index has decreased by 5.53%, with a relative excess return of -4.37% compared to the CSI 300, ranking 29th out of 32 [8]. Policy Developments - The central government emphasizes financial balance in urban renewal, prohibiting large-scale demolition and illegal borrowing [9]. - Local measures in Xinyang, Henan, have implemented existing home sales for newly sold land, ensuring reasonable residential de-stocking cycles [9]. Sales Data - New home transaction area in 37 cities showed a rolling year-on-year decline of 4.1%, while second-hand home transactions in 19 cities increased by 11.6% [10]. - As of May 16, the new home transaction area in 37 cities showed a month-on-month increase of 0.2%, while second-hand homes increased by 6.2% [10]. Current Focus - The discussion and promotion of existing home sales have gained attention again in 2023 due to delivery issues and the need for institutional reform [11]. - The impact of existing home sales on real estate companies includes extended cash flow recovery times, decreased turnover rates, and increased uncertainty and funding costs [11].

Core Viewpoint - COFCO Hongyun has obtained pre-sale permits for four residential buildings after a three-year hiatus, but faces significant challenges in sales due to poor market conditions and previous high land acquisition costs [1][2][4] Group 1: Sales Performance - COFCO Hongyun's sales have been sluggish, with previous pre-sale permits for 12 residential buildings remaining unsold [1][2] - The newly permitted 27,899 square meters of residential area may require further price reductions to sell quickly, as the current market conditions are unfavorable [2][4] - The average selling price was around 7,000 yuan per square meter, with the lowest recorded price at 6,818 yuan, indicating a trend of selling at a loss [2][5] Group 2: Market Conditions - The real estate market in Kunming has not improved over the past three years, with declining property prices, particularly in the outskirts where COFCO Hongyun is located [2][4] - The area where COFCO Hongyun is situated has been significantly impacted by market downturns, making it difficult to sell new properties [2][4] Group 3: Strategic Decisions - COFCO Hongyun's land acquisition was marked by high costs, with a floor price of 4,677 yuan per square meter, leading to a challenging financial outlook for the project [4][7] - The company is considering a strategy to quickly liquidate the project to minimize losses, as continued efforts in a declining market may not be viable [2][4]

Core Insights - The article presents the rankings of popular shopping centers in March 2025, highlighting the top three centers in various cities and their respective popularity indices. The top three are Hangzhou's Huzhou Yintai in 77, Shenzhen's One方天地, and Shanghai's Longfor Dream City Life Center, all with indices above 8 [1][5]. Group 1: Popularity Rankings - A total of 310 shopping centers from 21 cities are included in the rankings, with the top three centers having popularity indices exceeding 8 [1][7]. - The average popularity index of the top 10 centers in cities shows a positive correlation with the top-ranked center's index, although some cities exhibit discrepancies [1]. - Notably, Ningbo's Tianyi Square and Beijing's Chaoyang He Shenghui entered the top five for the first time, ranking fourth and fifth respectively [1]. Group 2: Operator Performance - Major operators such as China Resources Vanguard Life, Zhuhai Wanda Commercial Management Group, Longfor Group, and Vanke Group have multiple projects listed, with China Resources Vanguard Life leading with 30 projects [3][4]. - The average popularity index for China Resources Vanguard Life's projects is 6.21, indicating a strong performance in the market [3]. Group 3: Foot Traffic Analysis - The average daily foot traffic for the ranked shopping centers in March was 77,500, remaining stable compared to February [5]. - Only four shopping centers exceeded 200,000 daily visitors, while 64 centers had over 100,000 visitors, accounting for 20% of the total [5]. - Cities like Shanghai showed strong performance, with all 20 ranked projects averaging over 100,000 daily visitors [5]. Group 4: Regional Insights - In the North China region, 30 shopping centers were ranked, with a significant concentration in mature business districts [8]. - The East China region had 100 projects listed, with a notable presence of foreign-funded operators, indicating a competitive market landscape [16][25]. - The South China region saw 60 projects ranked, with new entries such as Guangzhou's Yunmen NEW PARK and Shenzhen's Xinhai World COCOPark [26][27]. Group 5: City-Specific Highlights - In Beijing, Chaoyang He Shenghui maintained the top position with a popularity index of 7.81, while new entries like Beijing Super Extreme He Shenghui also gained attention [9][13]. - Shanghai's Longfor Dream City Life Center topped the East China rankings with an index of 8.51, showcasing its strong market appeal [17]. - In Guangzhou, the popularity of local shopping centers is rising, with the introduction of innovative marketing strategies and events [31].

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 ...

Core Insights - The event showcased the operational achievements and long-term value logic of the Huaxia Dayuecheng Commercial REIT, emphasizing its successful market performance since its listing [1][3]. Group 1: Immersive Asset Experience - Investors explored the Chengdu Dayuecheng project, witnessing enhancements in brand upgrades, space renovations, and consumer engagement, which contribute to asset value [2]. Group 2: Professional Capability Presentation - The chairman of Dayuecheng Commercial Management highlighted the company's extensive reach across 25 cities and over 40 projects, reinforcing its brand influence and commitment to asset-centric operations [3]. - The REIT has successfully established a capital cycle that supports the stable development of Dayuecheng, with strong secondary market performance reflecting investor confidence [3]. Group 3: Comprehensive Performance Analysis - Fund managers presented the project's operational strategies and financial metrics, indicating robust performance across key indicators since the fund's inception [6]. - The Chengdu Dayuecheng project is positioned as a commercial benchmark in the region, with plans to enhance its operational capabilities by 2025 through a four-pronged strategy focusing on product, operation, service, and influence [6]. Group 4: Multi-Dimensional Dialogue - The investor engagement session facilitated discussions on project operations, renovation plans, competitive landscape, and the commercial development philosophy of Dayuecheng, fostering a deeper understanding of the asset and its management [8]. - Since its establishment on September 3, 2024, the REIT has distributed dividends twice, totaling 10,367.90 million yuan, exceeding the forecasted distribution values [8].

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].