Core Viewpoint - The acquisition of China New Retail Supply Chain Group Limited by Wanjing Capital, owned by 26-year-old Wang Kelly, highlights the emergence of a new generation in the family business, particularly in the context of the real estate sector and its associated companies [2][3][5]. Company Summary - China New Retail Supply Chain Group Limited announced a cash acquisition of 360 million shares, representing 75% of its total issued share capital, for HKD 223 million, equating to approximately HKD 0.6189 per share [2][3]. - The company has been underperforming, with total revenues for the past three fiscal years reported as SGD 6.66 million, SGD 5.56 million, and SGD 5.55 million, alongside net losses of SGD 1.5 million, SGD 1 million, and SGD 800,000 respectively [10]. Industry Context - The acquisition reflects a strategic move within the traditional construction industry, where the target company primarily operates in Singapore, focusing on construction services and property investment [10]. - The involvement of Wang Kelly, a member of the "New City System" established by her father Wang Zhenhua, indicates a potential shift in leadership and investment strategies within the family business landscape [4][5].

Group 1 - The core viewpoint of the article highlights a significant rise in Hong Kong's real estate stocks, driven by positive industry policies and market sentiment [1] - Midea Real Estate led the gains with an increase of over 13%, while other companies like Greentown China and Sunac China also saw notable rises [1][1] - Recent supportive policies include housing provident fund support for down payments in cities like Tianjin, and new regulations in Changsha and Fuzhou aimed at easing pressure on developers [1][1] Group 2 - The article notes that in the context of a deep adjustment in the real estate industry, some small to medium-sized listed real estate companies are turning their focus to the technology sector through mergers and acquisitions [1] - Industry insiders believe that cross-industry mergers and acquisitions could provide a second growth curve for these companies during the industry adjustment period, enhancing their cyclical resilience [1][1]

Major Events - Tianyue Advanced (02631) plans to globally offer 47.7457 million H-shares from August 11 to August 14 [1] - Hengrui Medicine (01276) has its injection drugs listed in the proposed breakthrough treatment varieties public notice [1] - Shoucheng Holdings (00697) invests in Southern Universal Data Center REIT and Southern Runze Technology Data Center REIT [1] - Boyaa Interactive (00434) is included in the MSCI Global Small Cap Index [1] Financial Performance - Yum China (09987) reports a net profit of $507 million, an increase of 1.6% year-on-year [1] - Master Kong Holdings (00322) announces a profit attributable to shareholders of 2.271 billion yuan, up 20.5% year-on-year [1] - Q Tech (01478) reports a profit of 308 million yuan, a significant increase of 167.59% year-on-year [1] - Hang Wan Technology (01523) announces a net profit of approximately $21.665 million, up about 13.4% year-on-year, with a dividend of 12.34 HK cents per share [1] - Ruipu Lanjun (00666) reports a gross profit of approximately 829 million yuan, a year-on-year growth of 177.8% [1] - Kingdee International (00268) sees a revenue increase of 11.24% to 3.192 billion yuan, with strong growth in cloud business [1] - Yuyuan Group (00551) reports a profit attributable to shareholders of $171 million, a decrease of 7.2% year-on-year [1] - Boyaa Interactive (00434) reports a profit attributable to shareholders of 226 million HKD, down 27.8% year-on-year [1] - Chongqing Machinery and Electric (02722) expects a net profit attributable to shareholders to increase by about 50% year-on-year [1] - Anton Oilfield Services (03337) anticipates a significant profit increase of 41.6% to 60.5% year-on-year [1] - Sany International (00631) expects a net profit of approximately 1.234 billion to 1.332 billion yuan, an increase of 25% to 35% year-on-year [1] - Datang Renewable (01798) reports a cumulative power generation of approximately 21.3563 million MWh in the first seven months, an increase of 11.75% year-on-year [1] - China Jinmao (00817) reports a cumulative contracted sales amount of 61.807 billion yuan in the first seven months, up 23.12% year-on-year [1] - New Town Development (01030) reports a cumulative contract sales amount of approximately 11.99 billion yuan in the first seven months, down 55.66% year-on-year [1] - Dongfeng Motor Group (00489) reports automobile sales of approximately 978,500 units in the first seven months, a decrease of about 8.9% year-on-year [1] - Hopson Development Holdings (00754) reports a total contracted sales amount of approximately 9.047 billion yuan in the first seven months, down 12.49% year-on-year [1] - Yuyuan Group (00551) reports a net operating income of approximately $667.5 million in July, a year-on-year decrease of 1.9% [1]

Core Viewpoint - New City Development (01030) reported a significant decline in contract sales and rental income for July 2025 and the first seven months of the year, indicating challenges in the real estate market [1] Group 1: Contract Sales - In July 2025, the company achieved a contract sales amount of approximately RMB 1.661 billion, representing a year-on-year decrease of 52.37% [1] - From January to July 2025, the cumulative contract sales amount was approximately RMB 11.990 billion, down 55.66% year-on-year [1] - The total contract sales area for July 2025 was about 214,000 square meters, while the cumulative sales area from January to July 2025 was approximately 1.549 million square meters [1] Group 2: Rental Income - As of July 2025, the company had a total of 176 rental properties with a total construction area of approximately 16.225 million square meters [1] - The rental income for July 2025 was approximately RMB 1.115 billion, while the commercial operating income for the same month was about RMB 1.200 billion (including tax) [1] - For the first seven months of 2025, the cumulative rental income was approximately RMB 7.594 billion, and the cumulative commercial operating income was around RMB 8.144 billion (including tax) [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 合約銷售 新城發展控股有限公司（「本公司」，連 同 其 子 公 司 統 稱「本集團」）董 事（「董 事」） 會（「董事會」）欣 然 公 佈，於2025年7月，本 集 團 實 現 合 約 銷 售 金 額 約 人 民 幣16.61 億 元，合 約 銷 售 面 積 約21.40萬 平 方 米。 2025年1月 至7月累計合同銷售金額約人民幣119.90億 元，累 計 銷 售 面 積 約154.90 萬 平 方 米。 房地產出租情況 於2025年7月，本 集 團 房 地 產 出 租 物 業 共176個，總 建 築 面 積 約1,622.50萬 平 方 米； 2025年7月份租金收入*約人民幣11.15億 元，商 業 運 營 收 入**約人民幣12.00億 元 （即 含 稅 租 金 收 入）。 2025年1月 至7月累計租金收入*約人民幣75.94億 元，累 ...

Summary of the Conference Call for Xincheng Holdings Company Overview - **Company**: Xincheng Holdings - **Industry**: Real Estate Key Points and Arguments Stock Performance - Xincheng Holdings has shown strong stock performance in 2023, achieving approximately 30% absolute return and 29% excess return by early August, significantly outperforming the Shenwan Real Estate Index [2][5] - The stock's performance was driven by short-term policy expectations and a liquidity easing environment from late June to late July [2] Valuation Trends - The company's valuation increased from 0.41 times PB at the beginning of the year to a peak of 0.58 times PB, indicating a positive overall trend despite some short-term corrections [2][6] - Market focus has shifted from concerns about defaults to expectations of performance release, suggesting further upside potential for the company [2][6] Future Performance Expectations - Market expectations for future performance release are centered on three main factors: stability in commercial operations, reduction in impairment scale in development business, and overall operational performance meeting or exceeding market expectations [2][7] - The commercial business outperformed guidance in the first half of the year, providing confidence for future performance releases [2][8] Debt and Financial Pressure - Xincheng Holdings' interest-bearing debt includes approximately 53.7 billion RMB from non-affiliated debts (average financing cost of 5.92%) and 6.4 billion RMB from inter-affiliate payables (average financing cost of 7.94%) [2][13] - The company has faced significant debt repayment pressures from 2022 to 2024, but financial conditions have improved due to policy support and company efforts [3] - Interest expenses are expected to remain high in 2025 and 2026, with potential scenarios indicating a decrease of 160 million RMB or an increase of 420 million RMB in interest expenses by 2026 compared to 2024 [3][19] Financing Channels - The company has various financing channels, including equity (e.g., Hong Kong stock placements, project company equity contributions) and secured instruments (e.g., operating property loans, domestic medium-term notes) [3][15] - High-cost channels like USD bond renewals could see new parts priced 700-800 basis points higher than existing parts [3][16] Financial Risk Management - Key financial risks include the guarantee company's credit enhancement issues and the financial pressure from high-cost USD renewals [3][17] - The company needs to manage interest expenses effectively to avoid eroding profits and ensure financial health [3][20] Asset Impairment and Valuation Recovery - The core logic for valuation recovery has shifted to signs of accelerated performance release, focusing on commercial operations and development impairment pressures [3][22] - The reasonable equity value based on NAV calculations is estimated to be around 40 to 45 billion RMB [3][22] Challenges Ahead - The company faces challenges in repaying two USD bonds and five domestic medium-term notes over the next year and a half, necessitating the use of low-cost financing channels [3][23] - Effective control of inventory impairment provisions is crucial to mitigate the impact of declining property prices [3][23] Interest Expense Management - The company anticipates that interest expenses could decrease in the most optimistic scenario for 2026, but could also increase significantly in a pessimistic scenario [3][24] - Measures to reduce interest expenses include further sales from development business and refinancing high-cost loans [3][25] Asset Management Strategies - The company aims to activate on-balance sheet development assets to address old debt issues and considers using REITs to improve leverage [3][26] USD Bond Issuance Stance - Current conditions make USD bond issuance less favorable, with recent issuance showing high yields [3][27] - The company will assess the feasibility of USD bond issuance based on specific market conditions [3][29] Impact of Financing Actions on Stock Price - Upcoming debt repayment situations and the ability to secure low-cost financing will significantly influence stock price movements [3][28] Additional Important Insights - The company’s financial health and future growth are closely tied to its ability to manage debt repayment and interest expenses effectively while navigating market conditions [3][17][22]

本月底法定/註冊股本總額： HKD 10,000,000 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 新城發展控股有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01030 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.001 | HKD | | 10,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 10,000,000,000 | HKD | | 0. ...

每经AI快讯，7月31日，港股三大指数午盘涨跌不一，恒生科技指数午间收涨0.34%，恒生指数、国企 指数分别下跌1.07%及1.03%，恒指跌破25000点关口。盘面上，大型科技股盘中部分由跌转涨，快手大 涨近9%，腾讯转涨至1.46%，网易、阿里巴巴飘红，美团下跌近4%，京东、小米跌超2%。黄金股跌幅 明显，潼关黄金跌8.6%，录得6连跌行情；内房股全线下跌，碧桂园、新城发展跌幅居前；家电股、汽 车股、光伏股、煤炭股、建材水泥股、石油股、中资券商股、内险股纷纷走低。 ...

美银证券此前发表研究报告称，预期今年上半年的行业盈利将同比下降25%，但由于存货减值幅度收 窄，预计全年盈利下降幅度将收窄至13%，又预计上半年开发利润率将下降1个百分点，平均值为 11%。该行计及第二季行业表现逊于预期后，将开发商今年的合同销售预测下调5%，意味着在高基数 下，下半年将同比下降16%。该行预计，受到利润率复苏所支持，该行预计2027财年内房行业盈利将会 复苏，但由于合同销售的复苏不稳，将2027年行业盈利预测下调3%，行业平均目标价相应下调约3%。 本文源自：智通财经网 智通财经获悉，内房股跌幅居前，截至发稿，融创中国(01918)跌6.06%，报1.55港元；新城发展(01030) 跌5.64%，报2.51港元；融信中国(03301)跌3.81%，报0.202港元；富力地产(02777)跌2.15%，报0.91港 元。 消息面上，7月30日，中央政治局召开会议。国盛证券指出，房地产领域本次工作提及篇幅较少，仅强 调要"落实好中央城市工作会议精神，高质量开展城市更新"。6月房地产销售面积同比继续回落，销售 走弱之后，房地产投资仍在收缩，房地产投资累计同比继续下跌至11.2%，跌幅较上月扩大0 ...

Group 1 - The real estate stocks have seen significant declines, with Sunac China down 6.06% to HKD 1.55, New World Development down 5.64% to HKD 2.51, and others following suit [1] - The Central Political Bureau meeting on July 30 emphasized the need to implement the spirit of the Central Urban Work Conference, focusing on high-quality urban renewal, with limited mention of the real estate sector [1] - Real estate sales area continued to decline year-on-year in June, with cumulative investment in real estate down 11.2%, a 0.5 percentage point increase in the decline compared to the previous month [1] Group 2 - Bank of America Securities predicts a 25% year-on-year decline in industry profits for the first half of the year, but expects the annual decline to narrow to 13% due to reduced inventory impairment [2] - The average development profit margin is expected to decrease by 1 percentage point to 11%, with a 5% downward adjustment in contract sales forecasts for developers, indicating a 16% year-on-year decline in the second half [2] - The firm anticipates a recovery in the real estate industry's profits by fiscal year 2027, but has lowered the profit forecast by 3% due to unstable contract sales recovery, resulting in a corresponding 3% decrease in average target prices [2]