Market Overview - The Hang Seng Index closed down 1.2% at 23,289.77 points, with a total turnover of HKD 271.56 billion. The Hang Seng Tech Index fell 2.48% to 5,170.43 points. For the month, the Hang Seng Index rose 5.29% [1] - Current valuations of the Hang Seng Index are considered moderately low, while the Hang Seng Tech Index is at historical lows, indicating high investment value in the Hong Kong stock market [1] Blue Chip Performance - CSPC Pharmaceutical Group (01093) led blue-chip stocks, rising 6.3% to HKD 8.1, contributing 6.53 points to the Hang Seng Index. The company is in discussions for three potential licensing collaborations, with total payments potentially reaching USD 5 billion [2][4] - Other notable blue-chip movements include Li Auto-W (02015) up 3.79%, CK Infrastructure Holdings (01038) up 2.11%, while BYD Electronic (00285) and Tingyi (00322) saw declines of 6.03% and 5.01% respectively [2] Sector Movements - Large tech stocks generally declined, with Alibaba down 3.56% and Tencent down 2.41%. Apple-related stocks also faced significant drops, with Cowell e Holdings (01478) down 6.61% [3][5] - The automotive sector continued its downward trend, with Xpeng Motors-W (09868) down 5.04% and Great Wall Motors (02333) down 3.03%. Price competition in the automotive industry is expected to intensify [6] Pharmaceutical Sector - The pharmaceutical sector saw gains, with China Antibody-B (03681) up 21.31% and other biotech stocks also performing well. The upcoming ASCO conference is expected to boost interest in innovative drugs [3][4] Notable Stock Movements - Dekang Agriculture (02419) reached a new high, rising 14.15% due to leading industry cost advantages [7] - Sany International (00631) reported a revenue increase of 14.6% year-on-year, with a net profit increase of 23.2% [8] - New World Development (00017) saw a 3.9% increase, with contract sales reaching HKD 24.8 billion, exceeding 95% of its annual target [9] - Li Auto-W (02015) reported a revenue of RMB 25.93 billion for Q1 2025, a 1.1% year-on-year increase [10] - Hand Return Group (02621) experienced a significant drop of 18.19% on its first trading day [11]

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 ...

Core Insights - New World Development's K11 brand has launched a significant project, K11 ELYSEA, in the prime location of Huaihai Road, Shanghai, marking a strategic expansion in the region [1][3][5] Group 1: Strategic Collaboration - A strategic cooperation agreement was signed between New World and the Huangpu District government to enhance the commercial ecosystem of the Huaihai Road area [3][5] - Huangpu District officials expressed confidence in New World's ability to create a high-standard commercial environment that integrates culture and commerce [3][5] Group 2: Project Overview - K11 ELYSEA covers a total construction area of 130,000 square meters and aims to revitalize the historical essence of the 1930s "Oriental Champs-Élysées" [5][7] - The project incorporates historical architecture and modern design, creating a dialogue between old and new, while preserving elements of local culture [5][9] Group 3: Cultural and Commercial Integration - K11 ELYSEA is designed to be a cultural and commercial hub, connecting key shopping districts and enhancing the area's appeal to high-quality clientele [7][8] - The project emphasizes the integration of art, culture, and nature, aiming to become a "cultural commercial symbiosis" that stimulates urban vitality [9][11] Group 4: Environmental and Community Impact - K11 ELYSEA has achieved dual pre-certifications of LEED Platinum and WELL Gold, showcasing its commitment to sustainable building practices [11] - The redevelopment of Huaihai Park into a cultural space will host various events, enhancing the local shopping and lifestyle experience [13][15]

Core Insights - K11 ECOAST, a cultural and artistic retail project in Shenzhen, began trial operations on April 28, attracting significant foot traffic and aiming to become a cultural retail landmark in the Greater Bay Area [2][3] - Despite high visitor numbers, the project faced criticism regarding operational issues, including facility mismatches and insufficient brand diversity, leading to a mixed reception from the public [2][5][16] Group 1: Project Performance - The project recorded an impressive initial foot traffic of 300,000 on its opening day, with an average of 150,000 visitors during the May Day holiday [2][16] - Daily average foot traffic during the trial operation reached 100,000, with weekend peaks exceeding 150,000, significantly surpassing existing commercial entities in the area [9][16] Group 2: Operational Challenges - Initial criticisms included mismatched toilet fittings, navigation issues, and cleanliness concerns, which have since been largely addressed, although core issues like brand diversity remain [5][16] - The project team acknowledged the operational shortcomings revealed by the unexpected surge in visitors during the holiday, leading to a review and rectification of internal processes [16][18] Group 3: Strategic Approach - K11 is positioned as an art + commerce model, with plans to enhance visitor experience through cultural events and a phased introduction of high-end brands as the area matures [3][18] - The project aims to create a positive cycle of attracting visitors first, then optimizing the retail mix, which is a strategy increasingly adopted by commercial entities in the current market [21][22] Group 4: Future Outlook - The project is set to expand with a second phase planned for 2026, indicating long-term growth potential [3][19] - Experts suggest that K11's unique blend of culture and commerce could fill a gap in Shenzhen's market, which lacks culturally rich commercial spaces despite the presence of high-end shopping options [21][22]

Group 1: Market Overview - The report indicates that the Hang Seng Index closed at 22,008.11, up 0.16%, with fluctuations throughout the day, including a high of 22,213 and a low of 21,918 [3] - The report highlights that the offshore RMB has strengthened, marking its strongest performance in over three weeks, which is expected to positively influence the Hong Kong stock market ahead of the holiday [2] Group 2: Company Performance - HSBC Holdings reported a 12.26% year-on-year increase in its first-quarter pre-tax profit, amounting to USD 6.126 billion, while its UK operations saw a decline of 5.52% [11] - New World Development experienced a significant increase in residential sales in mainland China, with a year-on-year growth of over 52%, achieving sales of over RMB 2.1 billion in the first quarter [12] - Seaspan Corporation reported a 38.55% increase in revenue for the first quarter, reaching approximately USD 761 million, driven by a rise in average freight rates [13] Group 3: Regulatory and Market Access Developments - The National Development and Reform Commission, along with other regulatory bodies, announced a campaign to eliminate unreasonable market access barriers, aiming to create a fair market environment [6] - The new version of the "Negative List for Market Access" has reduced the number of restricted items from 117 to 106, indicating a further relaxation of market access restrictions in mainland China [7] - The report notes that the potential supply of new private residential units in Hong Kong has decreased to 105,000, a reduction of 2,000 units compared to the end of last year, reflecting a continuous decline over four quarters [8]

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].