GRANDJOY(SZ:000031) Xin Lang Cai Jing·2025-10-30 15:21Core Viewpoint - Dalian Wanda's performance in the commercial real estate sector shows strong revenue growth and a significant improvement in profitability, despite a high debt ratio compared to industry averages [2][3][6][7]. Group 1: Business Overview - Dalian Wanda, established in 1993 and listed on the Shenzhen Stock Exchange, is a flagship commercial real estate company under COFCO Group, focusing on urban operations and quality life services [1]. - The main business segments include residential property development and sales, property leasing, processing trade, and commercial real estate [1]. Group 2: Financial Performance - For Q3 2025, Dalian Wanda reported revenue of 20.648 billion yuan, ranking third in the industry, surpassing the industry average of 18.556 billion yuan [2]. - The net profit for the same period was 129 million yuan, placing it fifth in the industry, significantly higher than the industry average net loss of 137 million yuan [2]. - The asset-liability ratio stood at 75.39%, slightly down from 76.38% year-on-year but still above the industry average of 68.96% [3]. - The gross profit margin improved to 35.58%, up from 24.38% year-on-year, exceeding the industry average of 22.73% [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 7.16% to 89,700, while the average number of circulating A-shares held per shareholder increased by 15.33% to 47,800 [5]. - Notable changes among the top ten circulating shareholders include an increase in holdings by Hong Kong Central Clearing Limited and the entry of ICBC Value Selection Mixed A as a new shareholder [5]. Group 4: Business Highlights - In the first half of 2025, Dalian Wanda achieved a revenue of 15.23 billion yuan, a decrease of 5.3%, but turned a profit with a net profit of 110 million yuan compared to a loss of 360 million yuan in the previous year [6]. - The shopping center sales reached approximately 22 billion yuan, reflecting a year-on-year growth of 12.2%, with a customer traffic increase of 19.6% [6][7]. - The company operates 158 managed projects across over 40 cities, with a managed area of 31.37 million square meters, marking a growth of 4.1% year-on-year [7].