9月8日，新城控股发布2025年8月份经营简报。8月份公司实现商业运营总收入约11.94亿元，比上年同 期增长8.83%；1-8月公司累计实现商业运营总收入约93.38亿元，比上年同期增长10.91%。 8月份公司实现合同销售金额约15.76亿元，销售面积约19.88万平方米。1-8月公司累计实现合同销售金 额约135.66亿元，累计合同销售面积约174.78万平方米。 ...

证券代码：601155 证券简称：新城控股 编号：2025-044 新城控股集团股份有限公司 2025 年 8 月份经营简报 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。 本公司董事会提醒，披露信息所有经营数据未经审计，月度经营数据与定期报 告数据可能存在差异，仅供投资者了解公司现时经营状况作参考。 一、公司2025年8月份房地产出租情况 8月份公司实现商业运营总收入约11.94亿元，比上年同期增长8.83%；1-8月公 司累计实现商业运营总收入约93.38亿元，比上年同期增长10.91%。 | 省份 | 物业数量 | 总建筑面积 8 | 月份租金收入 | 当年累计租金收入 | | --- | --- | --- | --- | --- | | | | （平方米） | （元） | （元） | | 江苏 | 43 | 3,997,787 | 300,675,600 | 2,365,107,301 | | 浙江 | 18 | 1,618,168 | 137,152,054 | 1,067,878,613 | | 安徽 | 14 ...

8月份公司实现合同销售金额约15.76亿元，销售面积约19.88万平方米。1-8月公司累计实现合同销售金 额约135.66亿元，累计合同销售面积约174.78万平方米。 新城控股（601155）(601155.SH)发布公告，8月份公司实现商业运营总收入约11.94亿元，比上年同期增 长8.83%;1-8月公司累计实现商业运营总收入约93.38亿元，比上年同期增长10.91%。 ...

8月份公司实现合同销售金额约15.76亿元，销售面积约19.88万平方米。1-8月公司累计实现合同销售金 额约135.66亿元，累计合同销售面积约174.78万平方米。 格隆汇9月8日丨新城控股(601155.SH)公布，8月份公司实现商业运营总收入约11.94亿元，比上年同期增 长8.83%；1-8月公司累计实现商业运营总收入约93.38亿元，比上年同期增长10.91%。 ...

Investment Rating - The investment rating for the company is upgraded to "Buy" [9] Core Insights - The company's commercial operations have become the core of profitability, and a revaluation of its value is expected. The peak period for debt repayment has passed, and the safety of the cash flow is continuously improving. Market risk appetite is likely to gradually recover. The ample land reserves still provide certain guarantees for sales scale, while the high-profit self-owned business is steadily growing, contributing increasingly to profitability amid a declining development environment. Additionally, the self-owned business serves as a crucial source of cash flow and financing, effectively ensuring the company's financial safety. The potential for Real World Assets (RWA) opens up new possibilities, and high-quality self-owned assets may lay a solid foundation for future valuation recovery and breakthroughs [2][6][12]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 22.1 billion yuan (down 34.8%), with a net profit attributable to shareholders of 0.89 billion yuan (down 32.1%), and a non-recurring net profit of 0.95 billion yuan (down 28.2%) [6][12]. - The decline in settlement volume has dragged down revenue, while the contribution from high-profit self-owned business has increased, raising the gross profit margin. The company’s gross profit margin increased by 5.2 percentage points to 26.9% [12][13]. Sales and Construction - Sales performance remains under pressure, with a sales amount of 10.3 billion yuan (down 56.1%) and an area of 1.34 million square meters sold (down 59.1%) in the first half of 2025. The average price per square meter increased by 7.2% to 0.77 million yuan [12][13]. - The company has a land reserve of 29.09 million square meters available for sale or lease, which may support future sales despite a decrease in supply scale [12]. Self-Owned Business Growth - The self-owned business is experiencing steady growth, with a total commercial operating revenue of 6.94 billion yuan (up 11.8%) in the first half of 2025, achieving 49.6% of the annual target [12][13]. - The company has established 205 "Wuyue Plaza" locations across 141 cities, with an occupancy rate of 97.8% [12]. Future Outlook - The company expects a net profit attributable to shareholders of 0.81 billion yuan, 1.13 billion yuan, and 1.31 billion yuan for 2025, 2026, and 2027, respectively, corresponding to price-to-earnings ratios of 38.7, 27.8, and 23.9 times [12][13].

Investment Rating - The report maintains an "Overweight" rating for the real estate sector [6] Core Viewpoints - In August 2025, the top 10 real estate companies saw a month-on-month sales increase of 12%, while year-on-year sales decreased by 3%. The top 100 companies experienced a year-on-year sales decline of 19% [1][2] - The report highlights a significant divergence in sales performance among companies, with some showing positive growth while others face substantial declines [4][5] - The outlook for 2025 suggests that ongoing real estate policies will lead to regional and urban differentiation, with high-energy core cities likely to benefit from urban renewal initiatives [4][66] Summary by Sections Sales Performance - In August 2025, the top 10 companies had total sales of 119.7 billion yuan, with a year-on-year decrease of 3.1% and a month-on-month increase of 11.6% [1] - For the first eight months of 2025, total sales for the top 10 companies reached 1.08 trillion yuan, reflecting a year-on-year decline of 13.1% [1][2] - The top 100 companies reported total sales of 220.2 billion yuan in August 2025, with a year-on-year decline of 19.2% [35] Company Performance - Among the top 50 companies, 46 reported an average year-on-year sales increase of 24.8% in August 2025, but the median was a decline of 29.7% [3][42] - In the first eight months of 2025, only three out of the top 20 companies reported positive cumulative sales growth, with China Jinmao leading at 26% [61][66] Investment Recommendations - The report suggests focusing on companies with strong brand reputation and sales growth, such as Poly Developments, China Jinmao, and China Overseas Development [5][67] - It also highlights the potential of companies with rich existing resources and operational brand strength, recommending China Resources Land and Shanghai Lingang [5][67] - The long-term growth potential of the property service industry is emphasized, with recommendations for companies like China Merchants Shekou and Greentown Service [5][67]

Core Viewpoint - The semi-annual report of New Town Holdings for 2025 highlights a clear development path amidst the ongoing adjustment period in the real estate sector, showcasing a transition from "high turnover" to "high repurchase" and from "heavy development" to "heavy operation" [1] Financial Performance - In the first half of 2025, New Town Holdings achieved operating revenue of 22.1 billion yuan and a net profit attributable to shareholders of 895 million yuan, with a net cash inflow from operating activities of 286 million yuan [1] - The commercial operation segment stood out with an operating revenue of 6.944 billion yuan, reflecting a year-on-year growth of 11.8% [2] - The company reported a gross profit margin of 71.2% in property leasing and management, contributing 77.1% to the overall gross profit [2] Commercial Operations - The total foot traffic at Wu Yue Plaza reached 950 million visits, a year-on-year increase of 16.0%, with total sales exceeding 51.5 billion yuan, up 16.5% year-on-year [3] - As of June 30, 2025, the company operated 205 Wu Yue Plazas across 141 cities, with an occupancy rate of 97.81% [2] Financial Stability - New Town Holdings maintained positive operating cash flow, with interest coverage ratio exceeding 4 times based on commercial operation revenue [4] - The company reduced its average financing cost to 5.55%, a decrease of approximately 37 basis points compared to 2024 [4] - As of June 30, 2025, the company’s net debt ratio was 53.4%, with total interest-bearing debt at 52.276 billion yuan [4] Strategic Initiatives - The company is deepening its "pentagon management philosophy" to enhance core competitiveness through diversified operational strategies [6] - The membership program has grown to 49.17 million members, contributing to stable revenue and increased customer loyalty [7] Social Responsibility - New Town Holdings completed the delivery of 2.49 million square meters and over 16,000 properties in the first half of 2025, emphasizing its commitment to delivery [9] - The company has invested 2.786 million yuan in public welfare and participated in 188 charitable activities, engaging over 110,000 participants [10] Future Outlook - The report indicates a solid foundation for future growth, with several institutions projecting an increase in earnings per share and net profit for the years 2025-2027 [11] - The company is expected to benefit from its dual-driven strategy of "residential + commercial" and the ongoing recovery of the consumption market [11]

Core Viewpoint - The semi-annual report of New Town Holdings for 2025 highlights a clear development path amidst the ongoing adjustment period in the real estate sector, showcasing a transition from "high turnover" to "high repurchase" and from "heavy development" to "heavy operation" [2][4]. Financial Performance - In the first half of 2025, New Town Holdings achieved operating revenue of 22.1 billion yuan, net profit attributable to shareholders of 895 million yuan, and a net cash inflow from operating activities of 286 million yuan [2]. - The commercial operation segment was a standout, generating revenue of 6.944 billion yuan, reflecting a year-on-year growth of 11.8% [4]. - The company maintained a positive operating cash flow, with a net debt ratio of 53.4% and an average financing cost reduced to 5.55%, down approximately 37 basis points from 2024 [7][8]. Commercial Operations - The commercial operations segment showed strong growth, with key metrics such as sales, foot traffic, and member consumption all experiencing year-on-year increases [4]. - As of June 30, 2025, the company operated 205 Wuyue Plazas across 141 cities, with an occupancy rate of 97.81% and a total operating area of 16.0814 million square meters [4]. - Foot traffic at Wuyue Plazas reached 950 million visitors, a 16% increase, while total sales exceeded 51.5 billion yuan, marking a 16.5% growth [5]. Financial Stability and Leverage - The company has optimized its debt structure, with interest coverage ratios exceeding 4 times based on commercial operation revenue [7]. - New Town Holdings successfully issued a $300 million senior unsecured bond, marking a significant return to the offshore capital market for private real estate firms [8]. Strategic Initiatives - The company is committed to a "five-sided business philosophy," enhancing its competitive edge through diversified brand offerings and improved customer experiences [9]. - The membership program has seen growth, with 49.17 million members contributing to stable revenue streams [9]. Social Responsibility and Long-term Vision - New Town Holdings emphasizes its commitment to social responsibility, completing the delivery of 2.49 million square meters and over 16,000 properties in the first half of 2025 [11]. - The company has invested 2.786 million yuan in public welfare and participated in 188 charitable activities, reflecting its dedication to community engagement [12]. - The firm aims to balance social and commercial value, establishing itself as a model for sustainable development in the industry [12].

Core Viewpoint - The company has demonstrated a stable and positive development in its financial performance amidst the uncertainties in the real estate industry, focusing on cash flow stability and strategic adjustments to its operations [1][2][3]. Financial Performance - In the first half of 2025, the company achieved an operating revenue of 22.1 billion yuan and a net profit attributable to shareholders of 0.895 billion yuan, with a gross profit margin of 26.85%, an increase of 5.25 percentage points year-on-year [1][2]. - The company reported a contract sales amount of 10.33 billion yuan and a collection amount of 11.88 billion yuan, with a collection rate of 115.05% [2]. - As of the end of the reporting period, the company had cash reserves of 9.183 billion yuan and a net debt ratio of 53.40%, indicating a strong liquidity position [2]. Business Strategy - The company is focusing on balancing cash flow preservation, delivery assurance, and asset value protection, emphasizing a "quantity-price balance" principle to navigate the current market cycle [3]. - Over 16,000 residential units were delivered in the first half of the year, with plans to optimize delivery processes and enhance quality control [3]. Commercial Operations - The commercial segment generated a total revenue of 6.944 billion yuan, a year-on-year increase of 11.8%, with a gross profit margin of 71.20% [4][6]. - The company operates 205 Wuyue Plazas across 141 cities, with an occupancy rate of 97.81% and a total foot traffic of 950 million visits, reflecting strong operational performance [6]. Financing and Debt Management - The company successfully issued $300 million in senior unsecured bonds and 1 billion yuan in medium-term notes, indicating a recovery in financing capabilities [7]. - The average financing cost decreased to 5.55%, down 0.37 percentage points from the end of 2024, while maintaining a "zero default" record [7]. New Business Development - The company’s construction management segment saw a significant increase, with new signed construction areas reaching over 3.05 million square meters in the first half of 2025 [8]. - The construction management business is expected to contribute to future profits, leveraging its nationwide operational capabilities [8].

Company Overview - New城控股 is a real estate development and sales company based in Shanghai, established on June 30, 1996, and listed on December 4, 2015 [1] - The company's main business revenue composition includes 68.63% from real estate development and sales, 29.06% from property leasing and management, and 2.31% from other sources [1] Stock Performance - As of September 3, New城控股's stock price decreased by 2.03%, trading at 14.00 CNY per share, with a total market capitalization of 31.579 billion CNY [1] - Year-to-date, the stock price has increased by 17.06%, but it has seen a decline of 5.60% over the last five trading days and 5.98% over the last twenty days [1] Financial Performance - For the first half of 2025, New城控股 reported a revenue of 22.1 billion CNY, a year-on-year decrease of 34.82%, and a net profit attributable to shareholders of 0.895 billion CNY, down 32.11% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 14.595 billion CNY, with no dividends paid in the last three years [3] Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 8.68% to 49,300, with an average of 45,721 shares held per shareholder, an increase of 9.50% [2] - Major shareholders include China Securities Finance Corporation, which holds 27.1172 million shares, a decrease of 557,000 shares from the previous period [3]