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]

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 ...

Core Viewpoint - In 2024, the new leadership of Joy City Holdings, under Yao Changlin, has not managed to reverse the declining performance, with a slight revenue drop and an expanded net loss attributed to the company shareholders [1][5][14]. Financial Performance - In 2024, Joy City Holdings reported a revenue of approximately 35.79 billion yuan, a decrease of 2.7% year-on-year [5]. - The net loss attributable to shareholders reached approximately 2.98 billion yuan, marking a 103.14% increase compared to the previous year [5][7]. - The total assets of the company were about 178.58 billion yuan, down 9.84% from the beginning of the year, while the net assets attributable to shareholders decreased by 23.46% to approximately 10.60 billion yuan [5]. Sales and Market Conditions - The company's sales business saw a total contract signing of 36.9 billion yuan in 2024, a decline of 20% year-on-year, with a signed area of 1.67 million square meters, down 25% [6]. - Cash flow from operating activities was approximately 6.62 billion yuan, a decrease of 37.82% year-on-year [6]. Strategic Adjustments - In response to the declining core development business, Joy City Holdings is adjusting its strategy, focusing on light-asset operations and launching investment funds based on shopping centers [9][10]. - The company acquired five land parcels in 2024, totaling 197,500 square meters, with a total land payment of 8.43 billion yuan [9]. Management Changes - The company has experienced frequent changes in its executive team, which has impacted operational stability [11][12]. - Yao Changlin took over as General Manager in December 2023 and later became Chairman in June 2024, overseeing a year marked by significant losses without the asset sale gains seen in previous years [14].

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]