A股公司大悦城（000031）11月26日早间公告，公司于7月31日召开董事会会议，同意由公司控股子公 司港股大悦城地产作为发起人，通过协议安排的方式回购、注销除公司和得茂有限公司以外其他股东所 持大悦城地产股份，并向港交所申请撤销上市地位。 截至本公告日，该计划于11月25日（百慕大时间）起生效，该建议的所有条件已经达成。大悦城地产在 港交所的上市地位预计自11月27日下午4时起撤销。这意味着这家在港交所上市12年的商业地产巨头， 将迎来告别时刻。 私有化后大悦城几近全部控股 资料显示，大悦城地产2013年在港交所上市，是中粮集团旗下的商业地产平台，主要从事开发、经营、 销售、出租及管理综合体和商业物业。截至2024年末，大悦城地产布局了全国五大城市群，拥有或管理 32个大悦城、大悦汇和其他商业项目，以及一线城市投资物业、销售物业、多地豪华酒店等。 业绩表现方面，大悦城地产上半年实现营业总收入81.24亿元，同比下降5.8%；净利润1.05亿元，同比 下降26.6%。 今年7月底，大悦城正式宣布，大悦城地产将通过协议安排的方式回购股份，并计划在港交所撤销上市 地位，回购的总代价约29.32亿港元。 回溯历史 ...

Core Viewpoint - Dalian Wanda's subsidiary, Dalian Wanda Commercial Properties, will officially delist from the Hong Kong Stock Exchange after 12 years of listing, as part of a strategic move to optimize its corporate governance and structure [1][2]. Group 1: Company Overview - Dalian Wanda Commercial Properties was listed on the Hong Kong Stock Exchange in 2013 and is a commercial real estate platform under COFCO Group, focusing on the development, operation, and management of urban complexes branded as "Dalian Wanda" [2]. - The company operates four main business segments: investment properties, property development, hotel operations, and management services [2]. Group 2: Transaction Details - On July 31, 2025, Dalian Wanda announced plans to repurchase shares of Dalian Wanda Commercial Properties through an agreement, with a total repurchase cost of approximately HKD 29.32 billion [2]. - The shareholding structure before the agreement was 64.18% for Dalian Wanda, 2.58% for De Mao, and 33.24% for other shareholders. Post-agreement, Dalian Wanda's stake will increase to 96.13%, while De Mao's will decrease to 3.87% [1]. Group 3: Financial Performance - In 2024, Dalian Wanda Commercial Properties reported a revenue of CNY 19.831 billion, a net profit attributable to shareholders of CNY 779 million, total assets of CNY 106.771 billion, and total liabilities of CNY 73.578 billion [2]. Group 4: Strategic Rationale - The transaction is seen as a strategic response to market fluctuations and aims to enhance the company's governance framework and integrate its organizational and shareholding structure [2]. - The completion of this transaction is expected to increase the company's equity in Dalian Wanda Commercial Properties, benefiting its net profit attributable to shareholders [2].

Core Viewpoint - Dalian Wanda Commercial Properties will officially delist from the Hong Kong Stock Exchange after 12 years of listing, as part of a strategic move to optimize its corporate governance and ownership structure [1][2]. Group 1: Company Overview - Dalian Wanda Commercial Properties, a subsidiary of COFCO Group, focuses on the development, operation, and management of urban complexes branded as "Wanda Plaza" [2]. - The company plans to repurchase shares at a total cost of approximately HKD 29.32 billion and apply for the delisting from the Hong Kong Stock Exchange [2]. Group 2: Financial Performance - In 2024, Dalian Wanda Commercial Properties reported a revenue of CNY 19.831 billion and a net profit attributable to shareholders of CNY 0.779 billion, with total assets of CNY 106.771 billion and total liabilities of CNY 73.578 billion [2]. Group 3: Strategic Implications - The transaction aims to address market fluctuations and liquidity pressures, enhancing the company's equity in Dalian Wanda Commercial Properties and improving net profit attributable to shareholders [2]. - Following the privatization, COFCO Group will retain only the A-share listed Dalian Wanda, consolidating its real estate platform [3].

特此公告。 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：2025-063 大悦城控股集团股份有限公司 关于控股子公司大悦城地产有限公司以协议安排的方式 回购股份并于香港联交所申请撤销上市地位完成的公告 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7月31日召开 了第十一届董事会第二十次会议审议通过《关于控股子公司大悦城地产有限公司 以协议安排的方式回购股份并于香港联交所申请撤销上市地位的议案》，同意由 公司控股子公司大悦城地产有限公司（一家于香港联合交易所主板上市公司，股 票代码：00207.HK，以下简称"大悦城地产"）作为发起人，通过协议安排的 方式回购、注销除公司和得茂有限公司以外其他股东所持大悦城地产股份（以下 简称"该计划"），并向香港联交所申请撤销上市地位（以下简称"该建议"）。 具体内容详见公司于2025年8月1日在巨潮资讯网（www.cninfo.com.cn）披露的《关 于控股子公司大悦城地产有限公司以协议安排的方式回购股份并 ...

Investment Rating - The report rates the real estate sector as "Outperform the Market" [7] Core Views - New home transaction area has seen a month-on-month increase of 6.5% but a year-on-year decrease of 31.5%, indicating a narrowing decline compared to the previous week [7] - The second-hand housing market also shows a month-on-month increase of 3.6% and a year-on-year decrease of 18.2%, with a similar trend of narrowing decline [7] - The report highlights the implementation of a housing inspection system in Zhengzhou, targeting residential properties aged 30 years and above [7] Summary by Sections 1. Key City New Home Market, Second-Hand Home Market, and Inventory Tracking - New home transaction area in 40 cities is 206.7 million square meters, with a month-on-month increase of 6.5% and a year-on-year decrease of 31.5% [18] - The inventory of new homes in 12 cities is 11,343 million square meters, showing a month-on-month increase of 0.04% and a year-on-year decrease of 11.2% [42] - The second-hand home transaction area in 18 cities is 169.1 million square meters, with a month-on-month increase of 3.6% and a year-on-year decrease of 18.2% [50] 2. Land Market Tracking - The total area of land transactions across 100 cities is 1,836.6 million square meters, with a month-on-month increase of 95.7% and a year-on-year decrease of 39.1% [67] - The total transaction price of land is 362.5 billion yuan, reflecting a month-on-month increase of 56.2% and a year-on-year decrease of 60.3% [67] - The average floor price of land is 1,973.6 yuan per square meter, with a month-on-month decrease of 20.2% and a year-on-year decrease of 34.8% [67] 3. Policy Overview - The report notes that the National Bureau of Statistics indicates a continuous decline in the inventory of unsold commercial housing, with a reduction of 3.22 million square meters from the previous month [106] - The report emphasizes the government's focus on controlling new supply and optimizing existing inventory to alleviate market pressure [106] 4. Investment Recommendations - The report suggests focusing on companies with stable fundamentals and high market share in core cities, such as Binjiang Group and China Merchants Shekou [7] - It also highlights smaller companies that have made significant breakthroughs in sales and land acquisition since 2024, such as Poly Real Estate Group [7] - Companies exploring new consumption scenarios and operational models in commercial real estate, like Joy City and China Resources, are also recommended [7]

证券代码：000031.SZ 证券简称：大悦城 债券代码：148102.SZ 债券简称：22 大悦 01 大悦城控股集[ 1 ( 本页无正文，为《"22 大悦 01 "债券转售实施结果公告》之盖章页 ) 根据中国证券登记结算有限责任公司深圳分公司提供的数据，"22 大悦 01" 在回售登记期内回售数量 10,900,000 张，回售金额 1,090,000,000.00 元。 "22大悦01"债券转售实施结果公告 根据《回售结果公告》，发行人于 2025 年 10 月 28 日至 2025 年 11 月 24 日 对回售债券实施转售，拟转售债券数量 10,900,000 张。本期债券回售转售通过深 交所交易终端"回售转售"栏目完成债券转售业务申报，本期债券完成转售数量 为 10,900,000 张，转售平均价格为 100 元/张，"22 大悦 01"剩余托管数量为 15,000,000 张。 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（第一期）募集说明书》的约定，"22 大悦 01"的债券持有人在回售登记期 内（2025 年 9 月 5 日至 2025 年 9 月 9 日） ...

大悦城地产将结束12年的上市历程。11月24日，大悦城地产（00207.HK）发布公告称，其退市相关计 划已于11月21日获法院认可，公司退市相关计划将于11月27日生效。 今年7月，大悦城地产发布退市方案公告。方案显示，大悦城地产将会通过回购股份的方式实现退市， 回购股价为0.62港元/股，总规模约为29.32亿港元。 退市后，大悦城地产控股股东大悦城（000031.SH）所持股份比例将会提高。退市前大悦城持股比例为 64.18%，退市后大悦城持股比例变为96.13%。 退市方案公告显示，大悦城地产退市原因为精简公司的管治框架、企业架构及股权，从而提升管理效 率。过去数年，大悦城地产股价一直较每股资产净值折让，整体流动性偏低，限制了从资本市场筹集资 金的能力。鉴于市场环境充满挑战且复杂，大悦城地产的上市地位难以提供足够的境外融资支持，在可 预见的将来亦不会有实质性改善。 近年来，大悦城地产仅在2024年出现亏损。据其财报，2024年，大悦城地产净利润为-2.94亿元。大悦 城地产未出现过债务问题，但其股价一直较为低迷，2019年5月至今，大悦城地产股价一直低于1港元。 汇生国际资本总裁黄立冲向时代周报记者表 ...

Core Points - The company held its 23rd meeting of the 11th Board of Directors on November 24, 2025, where several resolutions were passed, including amendments to the company's articles of association and the independent director system [1][3][5] - The company plans to allocate a budget of 16.9171 million yuan for external donations in 2026, with the board authorizing management to make decisions within this budget [6] - The board approved the nomination of two candidates for director positions, which will be submitted for shareholder approval at the upcoming extraordinary general meeting [12][19] Group 1 - The company convened the 23rd meeting of the 11th Board of Directors on November 24, 2025, with all 7 directors present, and the meeting complied with relevant laws and regulations [1][2] - The board approved the amendment of the company's articles of association with unanimous support [1] - The board also approved the revision of the independent director system, which will be submitted for shareholder review [3][4] Group 2 - The board approved the establishment of a temporary management system for information disclosure, which will also be submitted for shareholder review [5] - The company plans to hold its first extraordinary general meeting of 2025 on December 10, 2025, to discuss the approved resolutions [10][21] - The meeting will allow for both on-site and online voting, with specific timeframes for each [24][37] Group 3 - The resignation of director Zhang Hongfei was accepted, and the board nominated Dong Baoyun and Wang Guoxin as candidates for the board, pending shareholder approval [12][19] - The candidates have relevant experience and meet the qualifications required by law and regulations [18][20] - The company will ensure that the number of directors who are also senior management does not exceed half of the total board members [14]

Group 1: Shanghai Land Auction - Shanghai successfully sold 9 land parcels for a total of 173.33 billion yuan, with a total land area of 289,200 square meters and a planned construction area of 552,600 square meters [2] - The auction attracted major developers such as China Overseas Land & Investment, China Jinmao, and others, indicating strong competition among private enterprises for quality land [2] - The results reflect a shift towards "precise investment and value prioritization" in the land market, signaling a more rational investment approach by real estate companies [2] Group 2: Joy City Property Privatization - Joy City Property announced its application to delist from the Hong Kong Stock Exchange, aiming for a strategic transformation during the industry's deep adjustment period [3] - The company plans to repurchase shares and sacrifice some market liquidity for more flexible decision-making and efficient resource allocation [3] Group 3: Oceanwide Holdings Debt Issues - Oceanwide Holdings announced a delay in the repayment of two USD bonds totaling 3.56 billion yuan, reflecting the ongoing debt crisis faced by the company [4] - The company plans to extend the repayment deadline to May 23, 2026, but the fundamental issues remain unresolved, leading to high uncertainty in its future development [4] Group 4: China Green Development Asset Transfer - China Green Development is offering a 99% stake in Hangzhou Green Development Center for a base price of 3.58 billion yuan, as part of its strategic asset restructuring [5] - The project, originally acquired for 6.35 billion yuan, has undergone significant adjustments, including a reduction in the height of its main tower [5] - This move is indicative of state-owned enterprises accelerating strategic transformation and optimizing asset structures amid industry adjustments [5] Group 5: Guangzhou Hanjian Holdings Regulatory Warning - Guangzhou Hanjian Holdings received a warning from the Guangdong Securities Regulatory Commission for failing to disclose significant information regarding overdue debts and being listed as a dishonest executor [7] - The company and its executives have committed to adhering to disclosure requirements and improving governance and risk management practices [7] - This incident highlights the regulatory body's strict stance on information disclosure violations, particularly concerning matters that could significantly impact investor decisions [7]

Group 1: Company Listings and Developments - Innovation Industries officially listed on the Hong Kong Stock Exchange on November 24, closing at HKD 14.59 per share, a rise of 32.76%, focusing on upstream aluminum industry with plans to use funds for overseas capacity expansion and green energy projects [1] - Sany Heavy Industry and Cambridge Technology have been added to the Hong Kong Stock Connect, enhancing cross-border investment opportunities for mainland investors [2] - Joy City Property announced plans to withdraw its listing status on the Hong Kong Stock Exchange, aiming to streamline operations and improve decision-making efficiency in response to industry challenges [3] - JD Industrial has passed the listing hearing on the Hong Kong Stock Exchange, potentially becoming the sixth company under JD Group to go public, which could enhance its financing channels and support the digitalization of the industrial supply chain [4] Group 2: Market Performance - The Hang Seng Index closed at 25,716.50, with a gain of 1.97% on November 24 [5] - The Hang Seng Tech Index reached 5,545.56, increasing by 2.78% [5] - The National Enterprises Index stood at 9,079.42, up by 1.79% [5]