大悦城地产：2025年中期报告

2025Interim Report中期報告 Our MissionsOur Missions我 們 的 使 命我 們 的 使 命 Contribute quality green living space and services, leadthe trend of a fashionable lifestyle, in order to become aleader among real estate brands in the PRC with thegreatest sustainable development potential. Our VisionsOur Visions我 們 的 願 景我 們 的 願 景 Maximize the benefits of customers,shareholders and staff memberswholeheartedly. ContentsContents目 錄目 錄 Company Profile2 Management Discussionand Analysis 22 Major Business Structure4 Corporate GovernanceHighlights andOther Information41 Financial Highlights6 Major Events and Awards8 Report on Review ofCondensed ConsolidatedFinancial Statements Chairman’s Statement12 49 Condensed ConsolidatedFinancial Statements and Notes51 Joy-Full Occasions16 Definitions92 Corporate Information95 公 司 概 要COMPANY PROFILE Joy City Property Limited is a large-scale commercial property developer andoperator, focusing on the development, operation, sales, leasing and managementof complexes and commercial properties in the PRC. COFCO Corporation, the ultimate controlling shareholder of Joy City PropertyLimited, is a large state-owned enterprise directly under the administration of theCentral Government of China, and has been selected as one of the Fortune Global500 for 31 consecutive years. COFCO Corporation is one of the first batch of 16enterprises under the direct management of the Central Government with theapprovalof the SASAC to engage in the development,investment andmanagement of real estate projects. Joy City is the flagship brand of COFCOCorporation in the commercial property sector. 50016 Company Profile公 司 概 要 20256 302432•• The Group mainly engages in the development, operation andmanagement of urban complexes under the brand of Joy City. It alsoengages in the development, sales, investment and management ofother property projects. The Group has four business segments,namely investment properties, property development, hotel operationsand output management, and other services. As of 30 June 2025, theGroup had expanded into the core cities of the five major city clustersof Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-HongKong-Macao Greater Bay Area, Chengdu-Chongqing and the MiddleReaches of the Yangtze River, as well as their surrounding areas.Meanwhile, the Group successfully established its presence in 24 citiesin the Mainland of China, including Beijing, Shanghai, Guangzhou,Tianjin, Shenyang, Yantai, Jinan, Hangzhou, Nanjing, Chengdu, Xi’an,Chongqing, Qingdao, Wuhan, Kunming, Sanya, Changsha, Suzhou,Xiamen, Nanchang, Wuxi, Anshan, Changzhou and Shaoxing, as wellas in Hong Kong. It holds or manages 32 Joy City, Joy Life malls andother commercial projects, and holds premium investment propertiesat prime locations in first-tier cities such as Beijing COFCO Plaza andHong Kong COFCO Tower, as well as popular properties held for salesuch as Xi’an OPUS Yangjing and Nanjing OPUS Jiuzhang. In addition,it has a number of international top-class luxury hotels in operation,including The St. Regis Sanya Yalong Bay Resort and MGM GrandSanya. The Group’s property projects are strategically located incentral districts of first– or second-tier cities with superior quality aswell as good investment value and appreciation potential. The Group has always served urban development and the creation of abetter life for the people as an excellent service provider of urbanoperation and better life, shouldered its social responsibilities as anenterprise directly under the central government, and made activecontributions to give back to the state and society. 主 要 業 務 架 構主 要 業 務 架 構Major Business StructureMajor Business Structure Major Business Structure 主 要 業 務 架 構 1Beijing Chenyue Intl2Shanghai Qiantan Ocean One3Shanghai Ruihong4Shanghai Jing’an Joy City (portion for sale)5Shanghai North Bund One6Shenyang Joy City (portion for sale)7Jinan COFCO Shine City8Hangzhou Joy City (portion for sale)9Hangzhou OPUS Mansion•10Hangzhou Luyue Langyun Mansion11Chengdu Tianfu Joy City (portion for sale)12Chengdu Xiangyun Yuefu13Chengdu COFCO Joy Mansion One•14Chengdu Wine Town South Project15Xi’an OPUS Yangjing•16Xi’an OPUS Yangchen•17Chongqing Joy City (portion for sale)18Chongqing One Majesty19Qingdao Joy Bay20Qingdao Jimo Chuangzhi Splendid City21Qingdao Joy ParkJOY PARK22Wuhan Optics Valley Joy City (portion for sale)23Kunming Longshengfu24Sanya Joy Center25Sanya COFCO Boyue One•26Suzhou COFCO Joy Mansion27Suzhou Joy Shishan One Majesty28Xiamen Yunxi One29Nanchang Joy City (portion for sale)30Nanjing In Joy31Nanjing Joy Court32Nanjing OPUS Jiuzhang•33Changzhou Flower Jiangnan 1Beijing Xidan Joy City2Beijing Chaoyang Joy City3Beijing COFCO Plaza4Beijing Xidan Joy City5Shanghai Jing’an Joy City6Tianjin Joy City7Shenyang Joy City8Yantai Joy City9Jinan Joy City10Hangzhou Joy City11Chengdu Tianfu Joy City12Chongqing Joy City13Qingdao Jimo Joy Breeze14Wuhan Joy City15Sanya Joy City16Suzhou Joy City17Xiamen