GRANDJOY(SZ:000031) Changjiang Securities·2025-09-05 10:44Investment Rating - The report maintains an "Accumulate" rating for the company [8][9]. Core Views - The company achieved a turnaround in performance due to the recognition of high-margin projects, although ongoing efforts are needed for operational and performance improvement. The company has a relatively ample land reserve, which could support future sales if demand recovers. The self-owned business demonstrates operational resilience, providing stable cash flow from rental income. The listing of Huaxia Dayuecheng Commercial REIT facilitates a cycle of investment, financing, construction, management, and exit for commercial assets, accelerating the implementation of a light asset strategy. However, in the context of industry sales pressure, further efforts are required for operational and performance improvement [2][8]. Summary by Sections Financial Performance - In the first half of 2025, the company reported operating revenue of 15.23 billion yuan, a decrease of 5.3%. The net profit attributable to shareholders was 110 million yuan, compared to a loss of 360 million yuan in the same period last year. The overall gross margin increased by 13.8 percentage points to 36.3% [6][13]. Sales and Land Reserves - The company's sales amounted to 8.64 billion yuan, down 60.4%, with a sales area of 479,000 square meters, a decrease of 43.6%. The average selling price was 18,038 yuan per square meter, down 29.7%. The company did not acquire new land in the first half of 2025, and the total saleable land reserve was approximately 110.5 billion yuan, down 17.0% [13]. Commercial Operations - The company's investment property revenue was 2.56 billion yuan, a decrease of 1.7%, with a gross margin of 59.4%, down 2.5 percentage points. The commercial business showed stable development, with shopping center sales of approximately 22 billion yuan, an increase of 12.2%, and a foot traffic of 200 million visitors, up 19.6% [13].