Financing Update - New World Development has signed a new refinancing agreement with banks, covering approximately HKD 88.2 billion of existing unsecured offshore financial debt, including bank loans [1] - The new financing includes multiple bank loans with varying maturities, the earliest of which is due on June 30, 2028 [1] - This refinancing is expected to alleviate short-term liquidity pressures for New World Development and help banks reduce bad debt risks [1] Debt Situation - As of December 31, 2024, New World Development's total net debt is approximately HKD 124.63 billion, an increase of nearly HKD 1 billion from the previous fiscal year, with a net debt ratio rising to 57.5% [2] - The company has interest-bearing liabilities totaling around HKD 146.5 billion [2] - New World Development announced a delay in interest payments for four perpetual bonds, with a total initial issuance amount of USD 3.4 billion, deferring approximately USD 7.72 million, or about HKD 600 million [2] Leadership Changes - Zheng Zhigang has resigned from all positions at New World Development, effective July 1, 2023, to focus on public service and personal matters [3] - Zheng Zhigang had previously stepped down as CEO and executive vice chairman in September 2022 but retained a non-executive director role until now [3] - Zheng Zhigang's sister's daughter, Zheng Zhiwen, has joined the core management team of New World Development as a member of the nomination committee [4]

Core Viewpoint - New World Development announced that Zheng Zhigang has resigned from his position as a non-executive director and non-executive vice chairman, effective July 1, 2025, to dedicate more time to public service and personal matters [1] Summary by Relevant Sections - **Resignation Details** - Zheng Zhigang's resignation is confirmed to be effective from July 1, 2025 [1] - There are no disagreements with the board and no matters related to the resignation that need to be disclosed to shareholders or the Hong Kong Stock Exchange [1]

Core Viewpoint - New World Development emphasizes cash recovery and debt reduction as its top priorities amid market concerns regarding its financial health due to delayed interest payments on perpetual bonds [1][2]. Group 1: Financial Restructuring - New World Development successfully signed a refinancing agreement with banks, covering approximately HKD 88.2 billion of existing unsecured financial debt [1]. - The new bank financing includes multiple loans with varying maturities, the earliest of which is due on June 30, 2028 [1]. - The refinancing terms provide greater flexibility for the company to manage its ongoing business and financial needs [1]. Group 2: Debt Concerns - The company faced significant market scrutiny after it did not redeem a perpetual bond worth approximately USD 345 million, causing its coupon rate to rise from about 6% to over 10% [2]. - By the end of the 2024 fiscal year, New World Development's net debt ratio is projected to reach 55%, up from below 30% in 2018 [2][3]. - The company reported a shareholder loss of approximately HKD 19.683 billion for the 2024 fiscal year and over HKD 6.6 billion in losses by mid-2025 fiscal year [3]. Group 3: Strategic Initiatives - New World Development plans to reduce debt through various strategies, including asset sales, cost-cutting, and improving cash flow management [3]. - In the 2024 fiscal year, the company sold assets such as the Tsuen Wan shopping mall and raised approximately HKD 8 billion [4]. - For the 2025 fiscal year, the company aims to achieve a cash recovery target of HKD 26 billion [4]. Group 4: Market Performance - New World Development's projects in various regions continue to perform well, with significant sales figures reported in Shenyang and Hong Kong [4][5]. - As of June 25, the company has completed its sales target of HKD 26 billion for the 2024/2025 fiscal year [5].

Core Viewpoint - New World Development has successfully secured refinancing for approximately HKD 88.2 billion of its existing offshore unsecured financial debt, which will aid in managing its ongoing business and financial needs [1][3]. Group 1: Refinancing Details - The new bank financing includes multiple loans with varying maturities, the earliest of which is due on June 30, 2028 [1]. - The refinancing plan is one of the largest in Hong Kong's history, with a total of HKD 87.5 billion (approximately USD 11.1 billion) approved by all banks involved [3]. - If New World Development fails to secure 100% approval by June 30, the transaction may collapse, releasing any pledged assets and canceling bank commitments [3]. Group 2: Financial Performance - For the reporting period, New World Development reported revenues of HKD 16.79 billion, a year-on-year decrease of 1.6%, and a core operating profit of HKD 4.416 billion, with a shareholder loss of HKD 6.633 billion [4]. - The company plans to continue selling non-core assets in the second half of the 2025 fiscal year to improve cash flow, with K11 Art Mall listed for sale at an expected price of HKD 9 billion [4]. Group 3: Debt and Management - As of the end of 2024, New World Development's total borrowings exceeded HKD 151 billion, with a net debt ratio of 57.5%, and short-term debt exceeding HKD 32 billion, while cash on hand was only HKD 21.8 billion [5]. - The company has faced liquidity challenges due to high leverage and significant debt accumulation over recent years [4][5].

Group 1 - New World Development Company Limited has reached a new bank financing and unified bank financing agreement covering approximately HKD 88.2 billion of existing unsecured financial debt [1] - The company's financial management strategy focuses on reducing liabilities and improving cash flow, while continuing to fulfill existing financial responsibilities [1] - The recovery of the real estate market in Hong Kong and mainland China, along with the growth in demand for high-end residential properties, has led to the successful launch of several "phenomenal" hot-selling projects [1] Group 2 - As of June 25, the company has achieved its contract sales target of HKD 26 billion for the fiscal year 2024/2025 [1] - In the mainland market, projects in Guangzhou and Shenyang have led sales, with Shenyang's project topping the residential sales chart in May [1] - In Hong Kong, the super luxury project "滶晨" has sold over 330 units at a maximum price of over HKD 538,000 per square meter, attracting both local and overseas buyers [2]

Group 1 - The company successfully signed a new refinancing term loan agreement with relevant bank creditors on June 30 [1] - The refinancing targets part of the company's existing unsecured offshore financial debts, including bank loans [1] - The new bank financing and coordinated bank financing cover approximately HKD 88.2 billion of the company's existing unsecured offshore financial debts [1]

Core Viewpoint - New World is focusing on expanding its market presence by targeting the "Z Generation" consumer group and diversifying consumption scenarios through the introduction of new cultural and retail formats, particularly in the two-dimensional culture sector [1][2][3] Company Performance - As of June 27, 2025, New World reported a closing price of 7.31 yuan, up 2.38% from the previous week, with a total market capitalization of 4.729 billion yuan [1] - The company achieved a net profit of 70.03 million yuan in 2024, representing a 121.22% increase compared to the same period in 2023 [4][5] - The company has seen a significant increase in tax refund transactions, with 1,408 cases processed and sales amounting to 6.9093 million yuan, reflecting year-on-year growth of 166.67% and 184.61% respectively [5] Strategic Initiatives - New World has established the "Fun肆街区" to cater to the two-dimensional culture market, introducing several first-store brands and hosting pop-up events to attract consumers [3] - The company plans to enhance its retail offerings by adding trendy toy categories and creating new experiential spaces in its shopping centers by 2025 [1][4] - New World is actively pursuing government subsidies and policies to support its growth, having received 15.2 million yuan in government grants in 2024, which contributed to its profit increase [5] Market Positioning - The company aims to transform traditional department stores into destinations for lifestyle experiences, focusing on five new consumption scenarios: culture, tourism, animation, exhibitions, and services [1][2] - By leveraging the popularity of two-dimensional culture, New World seeks to differentiate itself from competitors and attract a younger demographic [2][3] Future Outlook - The company is optimistic about the performance of its hotel business, reporting improved occupancy rates and average room prices in 2025 compared to 2024 [5] - New World is committed to maintaining a stable profit distribution policy, proposing a cash dividend of 0.40 yuan per 10 shares for the 2024 fiscal year [5]

Core Perspective - The article emphasizes a shift in consumer behavior towards lifestyle experiences that evoke emotional resonance rather than mere material satisfaction, highlighting a new trend in high-end living [1][2]. Group 1: Lifestyle and Experience - Yao Sheng New World offers a comprehensive living experience that allows residents to escape the fast-paced lifestyle, integrating relaxation, atmosphere, social interaction, and a sense of luxury into daily life [1][3]. - The development features a blend of commercial, office, and residential spaces, achieving a balance between urban vibrancy and tranquility, allowing residents to enjoy both the hustle of city life and the serenity of nature [3][4]. - The project includes approximately 80,000 square meters of K11 Select, designed as a pet-friendly shopping center with a focus on youthfulness and creativity, providing a community-like atmosphere [3][4]. Group 2: Architectural and Design Features - The design of Yao Sheng New World incorporates spacious layouts and artistic elements, creating a luxurious yet comfortable environment that fosters social interaction and relaxation [4][5]. - The residential units feature innovative designs that allow for flexible use of space, catering to the needs of high-net-worth individuals and enhancing the overall living experience [9][10]. Group 3: Location and Accessibility - The development is strategically located in a core CBD area, providing excellent transportation links, including direct access to the metro, facilitating a "one-hour living circle" in the Greater Bay Area [3][4]. - The unobstructed views from the residences offer a unique perspective of the surrounding urban landscape, enhancing the overall value of the properties [7][9]. Group 4: Market Positioning - Yao Sheng New World positions itself not just as a residential complex but as a lifestyle brand that delivers a high-quality living experience, appealing to affluent consumers seeking both luxury and convenience [12][13]. - The project is currently experiencing high demand, with various unit types available, indicating a strong market interest in this new lifestyle offering [12].

证券代码：600628 证券简称：新世界 公告编号：2025-016 上海新世界股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 本次会议是否有否决议案：无 (四) 表决方式是否符合《公司法》及《公司章程》的规定，股东大会主持情况等。 本次会议由董事长陈湧先生主持，会议采用现场投票与网络投票相结合的方 式表决，符合《公司法》等有关法律、法规及《公司章程》的有关规定。 (一) 非累积投票议案 审议结果：通过 表决情况： | | 同意 | | 反对 | | | | | 弃权 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东类 | | | | | | | | | | | | | | 比例 | | | | | | | | 型 | 票数 | 比例（%） | | 票数 | | | | 票数 | 比例（%） | | | | | | （%） | | | | | | | A股 | 279,852,809 | 99.4564 ...

第一章 总 则 第一条 为进一步规范上海新世界股份有限公司（以下简称"公司"）法人治理 结构，规范公司董事的选举，维护中小投资者利益，根据《中华人民共和国公司 法》、《上市公司治理准则》和《上海新世界股份有限公司章程》（以下简称 "《公司章程》"），并结合公司具体情况制定本细则。 第二条 本细则所称累积投票制，是指股东会选举董事时，每一股份拥有与应选 董事人数相同的表决权，股东拥有的表决权可以集中使用。董事会应当向股东公告 候选董事的简历和基本情况。 股东会以累积投票方式选举董事的，独立董事和非独立董事的表决应当分别进 行，并根据应选董事人数，按照获得的选举票数由多到少的顺序确定当选董事。 第三条 本实施细则所称的董事包括独立董事和非独立董事，由职工代表担任的 董事由公司职工民主选举产生或者更换，不适用于本实施细则的相关规定。 第四条 董事的选举应当充分反映中小股东的意见。涉及下列情形的，股东会在 董事的选举中应当采用累积投票制： （一）公司选举2名以上独立董事的； （二）公司单一股东及其一致行动人拥有权益的股份比例在30%以上。 第二章 董事的提名 第五条 董事候选人应当符合《公司法》等法律法规和其他有关规 ...