研报掘金丨开源证券：大悦城业绩有望持续释放，维持“买入”评级

Core Viewpoint - The report from Open Source Securities indicates that Dayuecheng's revenue has contracted year-on-year in the first half of the year, but the net profit attributable to the parent company has turned from loss to profit, reflecting a stable performance in property development and investment operations. The company is leveraging its second-dimensional business model to enhance the brand influence of its held properties, with expectations for continued performance improvement as the real estate business stabilizes, maintaining a "buy" rating [1] Financial Performance - As of the end of the first half of 2025, the company's asset-liability ratio stands at 75.19%, with an equity multiplier of 4.03, a current ratio of 1.46, and a quick ratio of 0.60 [1] - The turnaround in net profit attributable to the parent company is primarily due to an increase in the gross profit margin from the development business [1] Property Management and Development - By the end of the first half of 2025, the company operates 4 hotels in Beijing and Sanya, covering a total construction area of 270,000 square meters [1] - The company manages 11 long-term rental apartment projects in Beijing, Tianjin, and Shenzhen, with a total construction area of 110,000 square meters and an occupancy rate of 90% [1] - In terms of property management, the company oversees 158 projects across more than 40 cities, with a contracted management area of 31.37 million square meters, reflecting a 4.1% increase from the end of the previous year, and a managed area of nearly 27.30 million square meters, which is a 7.3% increase from the end of the previous year [1]