Group 1 - The core announcement is regarding the fourth dividend distribution for the year 2025 by Huaxia Fund Management Co., Ltd. for the Huaxia Joy City Shopping Center Closed-End Infrastructure Securities Investment Fund [1] - The dividend distribution base date is set for December 12, with a cash dividend of 0.46 yuan per 10 shares for the Huaxia Joy City Commercial REIT (code: 180603) [1] - The beneficiaries of the dividend are all fund shareholders registered with the fund's registration agency as of the equity registration date, which is February 13, and the cash dividend will be distributed on February 25 [1] Group 2 - The fund's profit distribution will be conducted in cash, and reinvestment of dividends is not supported [1] - According to relevant tax regulations, the fund's profit distributed to investors is exempt from income tax, and no dividend handling fees will be charged for this distribution [1]

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].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6][19] Core Views - The company has experienced a contraction in revenue, with a total operating income of 357.9 billion yuan in 2024, a year-on-year decrease of 2.70%. The net profit attributable to shareholders was -29.8 billion yuan, compared to -14.7 billion yuan in 2023 [7][9] - Despite the revenue shrinkage, the company's property investment and operation remain stable, and the performance of held properties is strong. The forecast for net profit attributable to shareholders for 2025-2027 is -8.3 billion yuan, 8.7 billion yuan, and 15.2 billion yuan respectively [6][9] - The company is expected to gradually stabilize its real estate business, leading to a continuous release of performance [6][9] Financial Summary - In 2024, the company achieved a gross profit margin of 21.76% and a net profit margin of -7.15%, with a significant decline in operating cash flow, which decreased by 37.82% year-on-year to 66.17 billion yuan [7][9] - The company's asset-liability ratio stood at 76.73% at the end of 2024, indicating a high level of leverage [7][9] - The company’s shopping centers reported sales of 401.3 billion yuan in 2024, a year-on-year increase of 16%, with a foot traffic of 366 million visitors, up 22% [8][9] Valuation Metrics - The earnings per share (EPS) for 2025 is projected at -0.19 yuan, with price-to-earnings (P/E) ratios for 2026 and 2027 estimated at 13.5 and 7.7 respectively [6][9] - The company’s price-to-book (P/B) ratio is expected to be 1.2 in 2025, indicating a potential undervaluation compared to its book value [9][9]