继珠江新城凯旋新世界、广州周大福金融中心之后，新世界中国在番禺区长隆万博打造的又一封面地标 ——耀胜新世界广场也兑现在即。 全业态即将兑现！引领长隆万博新发展 与世界级旅游地标长隆度假区一路之隔，耀胜新世界广场自封顶以来，就成为片区闪耀的新星。 在首批住宅耀胜尊府交付的同时，项目的K11 Select拟于第三季度开业，主力商家进场装修中，耀胜新 世界发展中心已有多家企业进驻。这意味着，等业主年底正式乔迁新居，这里的写字楼和K11商场也将 同步开业，业主下楼即可享受在大湾区商业地标休闲娱乐的乐趣。 5月20日晚，汉溪长隆地铁站上盖，耀胜新世界广场建筑齐齐亮灯，从此点亮长隆万博CBD的夜空。六 天之后，项目的首批住宅耀胜尊府正式交付，业主现场实现"交付即取证"。 作为长隆万博的新地标，耀胜新世界广场打造房地产行业的标杆样本，其雅奢住宅耀胜尊府引领和提升 广州人居格局；超甲级写字楼耀胜新世界发展中心和大湾区首座K11 Select提升片区商务办公及商业消 费风尚。项目即将全面兑现，将补齐广州新中轴番禺段建设的核心拼图，引领长隆万博片区的发展再上 新台阶，为大湾区城市新格局注入更强的活力与动力。 交付即取证！引领广州 ...

智通财经APP获悉，5月28日，新世界发展（00017）与上海黄浦区人民政府签署战略合作协议，建立战略合作伙伴关系，携手推动淮海路商圈发展。作为此 次合作的重要成果，集团正式揭幕上海淮海路核心地段的商业新地标"K11 ELYSEA"。首批写字楼意向租户包括爱马仕与新加坡立杰律师事务所上海代表处 等国际企业，是继2013年内地首座K11购物艺术中心落户上海后，K11项目再度入沪。 据悉，"K11 ELYSEA"总建筑面积达13万平方米，涵盖写字楼、商场及艺术中心，坐拥双地铁上盖，交通便捷。该项目已获得LEED铂金级和WELL金级预认 证，落成后将重塑上海文化及商业地目标新面貌，进一步拓展集团文化商业版图。 在战略版图持续扩张的同时，新世界发展的销售业绩同样表现抢眼。随着中国内地房地产市场核心城市改善型需求加速释放，高端住宅市场热度攀升，新世 界发展在地产领域持续发力，财年至今整体合约销售额达248亿港元，完成全年目标的95%以上。 其中，中国内地业务表现尤为亮眼，全年销售额达134亿元人民币，为去年同期的1.86倍，展现强劲增长势头。香港市场同样捷报频传，香港港岛超级豪宅 项目"DEEP WATER PAVIL ...

2025年5月28日，新世界发展(下称"新世界")旗下的品牌K11于上海淮海路核心地段正式发布重磅项目 ——K11 ELYSEA。上海市黄浦区委书记杲云，区委副书记、区长徐惠丽，副区长沈丹娜，新世界发展 执行董事兼行政总裁黄少媚、新世界中国运营总裁陈耀豪、K11中国区首席执行官李伟文及多位文化商 业领袖共同出席启动仪式，见证双方战略合作协议的签署，并为这一融合历史底蕴与当代艺术奢华的标 杆之作揭幕。 上海市黄浦区委书记杲云，区委副书记、区长徐惠丽，副区长沈丹娜，新世界发展执行董事兼行政总裁 黄少媚、新世界中国运营总裁陈耀豪及多位嘉宾共同出席K11 ELYSEA发布会 在启动仪式上，新世界中国运营总裁陈耀豪代表新世界与黄浦区人民政府签署战略合作协议。双方将围 绕淮海路商圈能级提升展开深度合作。新世界将充分发挥自身强大的品牌效应、商业运营经验、以及专 业能力，系统提升区域产业生态能级。黄浦区委书记杲云表示："香港新世界集团不仅擅长打造艺术、 人文、自然相融合的商办综合体，同时也具备优秀的商业运营能力，有力助推了淮海中路营造一流商业 生态。我们真诚期待，香港新世界集团继续以对标国际最高标准、最好水平，充分挖掘和释放 ...

在深圳南山区太子湾，耗资百亿元、历时7年打造的K11 ECOAST海滨文化艺术区（以下简称K11），于4月28日开始试运营。 这个承载着"大湾区文化零售新地标"厚望的项目，根据招商蛇口微信公众号披露的数据，开业首日即吸引30万客流，"五一"假期日均客流超15万，成为大 湾区文旅新热点。 注：该K11为招商蛇口和香港新世界合作项目。 然而，与高人气相伴的是体验落差、招商争议与运营瑕疵的集中爆发：动线混乱、品牌"掉档"、马桶圈尺寸不符、设施仓促等问题引发不少网友吐 槽，"期待越大，失望越大"的声音不绝于耳。 5月10日，《每日经济新闻》记者实探该项目了解到，此前被网友批评的马桶圈尺寸不匹配、导航屏空白、卫生死角等问题已基本解决，但业态丰富度不 足、高端品牌缺位等核心争议仍待破解。 每经记者通过电话采访从项目相关人士处了解到，过去一周，在看到网友的吐槽后，项目一直在进行内部复盘，并针对性地解决问题。我们也没想到"五 一"期间人流量会这么大，在相关人员配备、招商进度等方面确实存在不足。 该人士回应称，K11并非单纯的商业综合体，整体采用的是艺术+商业模式，将通过"先聚人气再调业态"的策略逐步优化，并计划于2026年推 ...

Financial Performance - The group's revenue for the six months ended December 31, 2024, was HKD 16,789 million, a year-on-year decrease of 1.6%[10] - Core operating profit was HKD 4,416 million, down 18% compared to the previous year[17] - The group recorded a shareholder's loss of HKD 6,633 million due to rapid changes in macroeconomic factors and market value declines[17] - For the six months ended December 31, 2024, the group's revenue was HKD 16,788.8 million, a decrease from HKD 17,065.5 million in the previous year, with a net loss from continuing operations of HKD 5,700.6 million[50] - The company reported a loss of HKD 5,700.6 million for the six months ended December 31, 2024, compared to a loss of HKD 5,772.0 million in the same period of 2023, indicating a slight improvement[51] - Total comprehensive loss for the period amounted to HKD 6,282.8 million, significantly higher than the HKD 2,988.2 million reported in the previous year[51] Revenue Breakdown - Revenue from property development in Hong Kong was HKD 1,734 million, while revenue from property development in mainland China was HKD 6,644 million[10] - Revenue from property development increased to HKD 8,377.8 million, up 24.3% from HKD 6,741.5 million year-on-year[70] - Revenue from construction decreased to HKD 3,858.4 million, down 24.4% from HKD 5,107.6 million in the previous year[70] - The group's property investment revenue in Hong Kong was HKD 1,615 million, with segment performance at HKD 1,202 million, while sales at K11 Mall dropped by 13% year-on-year due to reduced local consumption[20] Asset and Liability Management - Total assets decreased to HKD 427,571 million from HKD 445,158 million as of June 30, 2024[9] - The net debt ratio increased to 57.5% from 55.0% year-on-year[9] - Long-term borrowings increased to HKD 118,783.1 million from HKD 114,437.8 million, indicating a rise in financing needs[53] - Total borrowings amounted to HKD 146,488.3 million, with HKD 32,209.1 million due within the next 12 months[57] - The company's total equity decreased to HKD 238,213.6 million as of December 31, 2024, from HKD 274,371.8 million at the beginning of the period[55] Cash Flow and Financing - Cash and bank deposits stood at HKD 21,418.2 million, with restricted bank deposits of HKD 440.1 million[57] - The company incurred a net cash outflow of HKD 11,255.3 million from financing activities, compared to HKD 18,925.9 million in the prior year[56] - The company recorded a net cash inflow of HKD 753.6 million from investing activities, a significant improvement from a net outflow of HKD 4,735.4 million in the previous year[56] - The company plans to continue as a going concern for at least 12 months from December 31, 2024, based on cash flow forecasts and cost control measures[58] Property Development and Investment - The group is focusing on cash recovery and debt reduction as key priorities moving forward[14] - The group anticipates that HKD 12,320 million of unrecognized attributable contract sales in Hong Kong will be recognized in the second half of the 2025 fiscal year and the 2026 fiscal year[19] - The group is actively developing multiple new projects, including a large residential project in Fanling with a total floor area of over 1.11 million square feet, expected to provide around 2,300 residential units[23] - The group completed approximately 784,000 square meters of project area in mainland China during the review period, with an expected completion of about 884,000 square meters in the 2025 fiscal year[29] Market Outlook and Strategy - The company anticipates a recovery in market confidence by 2025, focusing on core property development and investment in first-tier cities in Hong Kong and mainland China[43] - The projected supply of new private residential units in Hong Kong over the next three to four years is approximately 107,000 units, becoming a dominant supply force in the market[44] - Despite a weak retail market, the group remains optimistic about retail property investments and plans to introduce more luxury brands at K11 MUSEA over the next 12 months[45] - The group expects contract sales from property development projects and the sale of non-core assets to reach approximately HKD 26 billion in the fiscal year 2025, contingent on market conditions[99] Corporate Governance and Management - The company has appointed a new CEO, Ms. Huang Shaomei, effective November 29, 2024, following the resignation of Mr. Ma Shaoxiang[109] - The company emphasizes clear and transparent communication with shareholders and investors through various channels, including annual and interim reports, announcements, and sustainability reports[111] - The company has adopted a sustainable development strategy "SV2030+" aligned with the UN Sustainable Development Goals, focusing on economic, environmental, and social value creation[113] - The company’s auditor provided an unqualified opinion on the financial statements for the year ending June 30, 2024, confirming compliance with relevant regulations[107]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 6.98, representing a potential upside of 30% from the current price of HKD 5.36 [4][6]. Core Insights - The company is actively reducing its debt and has shown impressive sales performance, particularly in the Hong Kong market, where contract sales reached HKD 5.22 billion, a significant recovery from HKD 0.14 billion in the previous year [6]. - The company has a substantial land bank, with 7.23 million square feet of rights in Hong Kong and 2.99 million square meters in mainland China, primarily located in key first and second-tier cities [6]. - The company is set to open two major K11 projects in 2025, which are expected to contribute positively to rental income [6]. - The company has successfully reduced total liabilities by HKD 5.1 billion to HKD 146.4 billion, maintaining a stable net debt ratio of approximately 54.5% [6]. Financial Summary - Revenue is projected to decline from HKD 54.57 billion in 2023 to HKD 35.78 billion in 2024, with a subsequent slight recovery in the following years [3][7]. - The net profit attributable to shareholders is expected to show significant losses, with projections of HKD -19.68 billion in 2024 and HKD -4.16 billion in 2025 [3][7]. - The company’s earnings per share (EPS) is forecasted to drop to HKD -7.82 in 2024, with a gradual improvement to HKD -0.02 by 2027 [3][7]. - The dividend per share (DPS) is expected to decrease significantly, with no dividends projected from 2025 onwards [3][7].

Investment Rating - The investment rating for New World Development (00017.HK) is maintained as "Buy" [5][6]. Core Insights - The company reported a slight decline in revenue, with fair value changes eroding profits. The financial condition remains stable, and land reserves are sufficient. The profit forecast for FY2025-2027 is maintained, with expected net profits of HKD 370 million, HKD 600 million, and HKD 860 million, respectively, corresponding to EPS of HKD 0.15, HKD 0.24, and HKD 0.34. The current stock price corresponds to P/E ratios of 36.3, 22.6, and 15.6 times [5][6]. Revenue Performance - For FY2025, the company achieved revenue of HKD 16.79 billion, a year-on-year decrease of 1.6%. Core operating profit was HKD 4.42 billion, down 18% year-on-year, and the net profit attributable to shareholders was a loss of HKD 66.33 billion, primarily due to fair value changes in property projects eroding profits by HKD 49.5 billion [6][7]. Property Development - The property development revenue increased to HKD 8.38 billion, representing a year-on-year growth of 24.27%. Revenue from property development in Hong Kong was HKD 1.73 billion, up 39.2%, while revenue from mainland property development was HKD 6.64 billion, up 20.9%. The unrecognized contract sales amount in Hong Kong was HKD 12.32 billion, and in mainland China, it was HKD 8.3 billion, expected to be recognized in the second half of FY2025 and FY2026 [7][8]. Property Investment - The property investment revenue slightly decreased to HKD 2.56 billion, down 4.31% year-on-year. The revenue from Hong Kong was HKD 1.62 billion, and from mainland China was HKD 0.94 billion. The K11 division's performance increased by 5% year-on-year. Upcoming projects K11 ECOAST and Guangzhou Hanxi K11 Select are set to open in 2025 [8]. Financial Summary - The financial summary indicates that the company had total assets of HKD 445.187 billion for FY2025E, with a net debt ratio of 57.5%. The cash and bank deposits amounted to HKD 22 billion, with available bank loans of HKD 12 billion. The short-term debt decreased by HKD 9.4 billion year-on-year [6][9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5][17]. Core Views - The company reported a slight decline in revenue, with fair value changes eroding profits. However, the financial condition remains stable, and land reserves are sufficient. The profit forecast for FY2025-2027 is maintained, with expected net profits of 370 million, 600 million, and 860 million HKD, respectively, corresponding to EPS of 0.15, 0.24, and 0.34 HKD [5][6]. Revenue and Profitability - For FY2025, the company achieved revenue of 16.79 billion HKD, a year-on-year decrease of 1.6%. Core operating profit was 4.42 billion HKD, down 18% year-on-year, and the net profit attributable to shareholders was -6.633 billion HKD, primarily due to fair value changes in property projects that eroded profits by 4.95 billion HKD [6][8]. - The property development revenue increased to 8.38 billion HKD, a year-on-year growth of 24.27%. Specifically, Hong Kong property development revenue was 1.73 billion HKD, up 39.2%, while mainland property development revenue was 6.64 billion HKD, up 20.9% [7]. Property Investment and Land Reserves - The property investment revenue slightly decreased to 2.56 billion HKD, down 4.31% year-on-year. The company has a robust land reserve, with 3.46 million square feet in Hong Kong and 2.99 million square meters in mainland China [8][9]. Financial Summary and Valuation Metrics - The financial summary indicates a projected revenue decline from 95.214 billion HKD in FY2023 to 31.812 billion HKD in FY2025, with a significant drop in net profit from 4.081 billion HKD to 372 million HKD in the same period. The projected P/E ratios for FY2025, FY2026, and FY2027 are 36.3, 22.6, and 15.6, respectively [9][12].

Investment Rating - The report assigns a "Buy" rating for the company [2][11]. Core Views - The company is expected to improve operational efficiency and reduce debt levels in the future. The new management team has shown promising sales progress, with an upward revision of sales targets in mainland China [5][6]. - The company has achieved a core profit of 4.42 billion HKD for the first half of the fiscal year 2025, which is a 17.6% decrease year-on-year [5][6]. - The target price has been adjusted downwards to 6.94 HKD, reflecting a potential upside of 43.9% from the current price of 4.82 HKD [5][11]. Financial Overview - For the fiscal year ending June 30, 2023, the company reported revenues of 54,566 million HKD, with a projected revenue of 42,999 million HKD for 2025, indicating a year-on-year growth of 20.2% [4][13]. - The company’s net profit for the first half of fiscal year 2025 was reported at -6,633 million HKD, a significant decline compared to the previous year [6][13]. - The net debt ratio increased slightly to 57.5%, primarily due to the repurchase of perpetual bonds and other adjustments [5][6]. Sales and Revenue Performance - The company reported a slight revenue decline of 1.6% to 16,789 million HKD for the first half of fiscal year 2025, with a notable increase in real estate development revenue by 24.3% [6][5]. - The company achieved contract sales of 7.5 billion RMB in mainland China, raising its annual sales guidance from 11 billion RMB to 14 billion RMB [5][6]. Market Position and Future Outlook - The company is expected to see rental income growth of approximately 15-20% annually from fiscal years 2025 to 2027, driven by new property completions [5][6]. - The report suggests that the market's concerns regarding the company's debt levels are already reflected in its low price-to-book ratio of approximately 0.07, compared to the industry average of 0.3-0.4 [5][11].

Investment Rating - The report assigns a "Buy" rating for the company [2][11]. Core Insights - The company reported a slight revenue decline of 1.6% year-on-year to HKD 16.79 billion for the first half of the 2025 fiscal year, which met expectations. However, gross profit decreased by 8% to HKD 6.67 billion due to a decline in gross margin [5][6]. - The new management team is expected to enhance operational efficiency, with sales performance exceeding expectations. The company has raised its sales target for mainland China from RMB 11 billion to RMB 14 billion [5][6]. - The company aims to reduce debt through accelerated sales, releasing land value, selling non-core assets, and suspending dividends to improve cash flow [5][6]. Financial Overview - For the fiscal year ending June 30, 2023, the company reported revenues of HKD 54.57 billion, with a projected revenue of HKD 42.99 billion for 2025, reflecting a year-on-year growth of 20.2% [4][13]. - The core profit for 2025 is estimated at HKD 1.19 billion, down 13.5% from the previous year [4][13]. - The company’s net debt ratio increased slightly to 57.5%, primarily due to perpetual bond repurchases and asset revaluation [5][6]. Price Target - The target price for the company has been adjusted down to HKD 6.94, reflecting an 85% discount to net asset value, with a potential upside of 43.9% from the current price of HKD 4.82 [5][11].