Core Viewpoint - New City Holdings demonstrates strong resilience amid the ongoing adjustment cycle in the real estate market, leveraging a dual-driven business model of "commercial operations + real estate development" and adhering to a "1+3" strategic layout [1][2] Financial Performance - In the first half of the year, New City Holdings achieved operating revenue of 22.1 billion yuan and a net profit attributable to shareholders of 0.895 billion yuan, with a gross margin of 26.85%, an increase of 5.25 percentage points year-on-year [2] - The company reported a contract sales amount of 10.33 billion yuan and a contract sales area of 1.335 million square meters, with a collection amount of 11.884 billion yuan and a collection rate of 115.05% [2] Commercial Operations - The "Wuyue" brand, launched in 2012, has expanded to 205 urban comprehensive projects, with 174 operational Wuyue plazas across 141 major cities in China [3] - In the first half of the year, Wuyue plazas attracted 950 million visitors, generating total sales exceeding 51.5 billion yuan, a year-on-year increase of 16.5% [3] Debt Management - As of June 30, 2025, the company's financing balance was 52.276 billion yuan, reduced by 1.374 billion yuan since the beginning of the year, indicating ongoing optimization of the debt structure [4] - The company has maintained a low net debt ratio of 53.40% and a positive operating cash flow of 286 million yuan [3][4] Market Position and Strategy - The company has successfully issued 1 billion yuan in medium-term notes at a historical low interest rate of 2.68%, extending the debt maturity to five years, which supports stable operations and reduces financing costs [5] - New City Holdings is actively pursuing multi-level REITs products and has completed the application for holding-type real estate ABS in the first half of 2025 [5] Creditworthiness and ESG Commitment - New City Holdings is one of the few private real estate companies maintaining a "zero default" record, having repaid 1.067 billion yuan in domestic and foreign bonds in the first half of 2025 [6] - The company integrates sustainable development into its operations, achieving a green building coverage rate of 100% for new and ongoing projects, and has received 71 domestic and international green certifications [6]

Market Overview - On September 2, the real estate development sector declined by 0.84% compared to the previous trading day, with *ST Nanzhi leading the decline [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Notable gainers in the real estate sector included: - Nanshan Holdings (002314) with a closing price of 3.00, up 7.53% [1] - Wantong Development (600246) at 14.25, up 6.42% [1] - ST Zhongdi (000609) at 4.50, up 4.90% [1] - Conversely, *ST Nanzhi (002305) saw a significant drop of 4.89%, closing at 2.92 [2] - Other notable decliners included: - Electronic City (600658) down 4.67% to 6.12 [2] - Deep Housing A (000029) down 3.80% to 28.10 [2] Capital Flow - The real estate development sector experienced a net outflow of 1.188 billion yuan from institutional investors, while retail investors saw a net inflow of 989 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are more active [2] Individual Stock Capital Flow - Nanshan Holdings (002314) had a net inflow of 127 million yuan from institutional investors, but saw outflows from both retail and speculative investors [3] - Other stocks like Xinda Real Estate (600657) and Vanke A (000002) also experienced varied capital flows, with institutional inflows but retail outflows [3]

Core Viewpoint - In the context of a deep adjustment in the real estate industry and a tightening financing environment, the company has demonstrated resilience and positive performance in the first half of 2025, driven by its "residential + commercial" dual-wheel strategy [1][11]. Financial Performance - The company achieved an operating revenue of 22.1 billion yuan and a net profit attributable to shareholders of 0.895 billion yuan in the first half of 2025 [2][4]. - The gross profit margin increased to 26.85%, up by 5.25 percentage points year-on-year [2]. - The company reported a contract sales amount of 10.33 billion yuan and a sales area of 1.335 million square meters, with a cash collection rate of 115.05% [2][4]. Cash Flow and Debt Management - As of June 30, 2025, the company had a cash balance of 9.183 billion yuan and a net debt ratio of 53.4%, indicating a low level of debt [3]. - The operating cash flow net amount reached 0.286 billion yuan, marking a continuous positive record [2][3]. - The company actively optimized its debt structure, reducing its financing balance to 52.276 billion yuan, a decrease of 1.374 billion yuan from the beginning of the year [3]. Commercial Operations - The commercial operation revenue reached 6.944 billion yuan, a year-on-year increase of 11.8%, with a gross profit of 4.573 billion yuan, contributing 77.06% to the total gross profit [6][8]. - The company operates 205 "Wuyue Plaza" locations across 141 cities, with an occupancy rate of 97.81% [6][8]. Market Position and Investor Confidence - The successful issuance of a $300 million senior unsecured bond in June 2025 marked the company as the first private real estate enterprise to restart overseas financing in three years [9]. - The issuance of 1 billion yuan in medium-term notes in August 2025 was oversubscribed by 2.28 times, with a record low coupon rate of 2.68% [9][10]. - The company maintained a "zero default" record, repaying 1.067 billion yuan in domestic and foreign bonds in the first half of 2025 [3][9]. Social Responsibility and Long-term Vision - The company emphasizes its commitment to social responsibility through various initiatives, including a 100% green building coverage rate for new and ongoing projects [10]. - The company aims to balance financial stability with social responsibility, reinforcing its image as a responsible corporate citizen [10][11].

Core Viewpoint - New City Holdings is increasingly relying on its commercial operations as its residential development business continues to decline, with significant drops in revenue and net profit reported for the first half of 2025 [1][3]. Financial Performance - The company reported a revenue of 22.1 billion yuan, a decrease of 34.82% year-on-year, and a net profit of 0.895 billion yuan, down 32.11% from the previous year [1]. - Operating cash flow fell by 86.3% to 0.286 billion yuan, attributed to reduced contract sales in real estate projects [1]. Business Segments - The residential development segment saw a significant decline, with a turnover of 15.168 billion yuan, down 44.94%, and a gross profit margin of 20.3% [3]. - The commercial management segment's revenue increased by 10.66% to 6.423 billion yuan, contributing 77.06% to the company's total gross profit [5]. Sales and Contracts - Contract sales for the first half of 2025 amounted to 10.33 billion yuan, a decline of 56.15%, with a sales area of 1.335 million square meters, down 59.08% [3]. - The average selling price increased by 7.2% year-on-year, indicating a slight improvement in pricing despite lower sales volume [3]. Project Development - The company completed 36 projects with a total area of 2.7765 million square meters in the first half of 2025, while 158 projects are currently under construction [4]. - New City Holdings has a total unsold land area of 29.09 million square meters, with 41% located in first and second-tier cities [4]. Debt and Financing - As of June 30, 2025, the company had a total interest-bearing debt of 52.276 billion yuan, a decrease of 2.56% from the beginning of the year [5]. - The company has improved its financing channels, with significant contributions from its commercial properties, including a recent issuance of a 1 billion yuan medium-term note [7]. Asset Management - The company is actively pursuing various financing strategies, including public REITs and asset-backed securities, to enhance its cash flow and manage debt [7][8]. - The value of investment properties is approximately 121.5 billion yuan, with a significant portion being restricted due to collateral financing [7].

Group 1 - The article highlights the latest adjustments in holdings by several large private equity firms in the A-share market as of the end of Q2 2025, revealing significant investment strategies and stock selections [1][2] - Gao Yi Asset's Feng Liu increased positions in New City Holdings and Taiji Group, while also reducing holdings in Hikvision and several material stocks [3][4] - Gao Yi Asset's Dong Xiaofeng added to positions in Zijin Mining and Yun Aluminum, indicating a bullish outlook on the non-ferrous metals sector [4][5] Group 2 - Rui Jun Asset's Dong Chengfei entered the top ten shareholders of Yangjie Technology and Rabbit Baby, reflecting a strategic shift towards semiconductor and building materials [7][8] - Ningquan Asset, led by Yang Dong, also made new investments in Tianhao Energy and increased holdings in Meichang Co., indicating a focus on energy and materials sectors [9][10] - Jinglin Asset increased its stake in Shiji Information, while the Honghu Fund, a joint venture by China Life and Xinhua Insurance, made new investments in China Shenhua and China Petroleum, showcasing a diversified investment approach [11][12][13]

Investment Rating - The report maintains an "Overweight" rating for the real estate development and real estate services sectors [6]. Core Insights - In August 2025, the top 100 real estate companies in China saw a month-on-month sales increase of 3.0%, although year-on-year sales decreased by 11.0%. Cumulatively, sales from January to August 2025 fell by 13.6%, but the decline rate narrowed by 0.3 percentage points compared to the previous month [2]. - The report highlights a recovery in the new housing market, particularly in first-tier cities, driven by new real estate policies and a strengthening capital market, which may accelerate the stabilization of the real estate market [2]. - The report recommends focusing on developers with strong credit, good cities, and quality products, as well as top-performing property management companies and local Hong Kong real estate stocks benefiting from asset revaluation [2]. Summary by Sections Sales Performance - In August 2025, the sales threshold for the top 10 real estate companies reached 705 billion, an increase of 8.3% year-on-year. The number of companies showing month-on-month growth increased, with 39 companies reporting growth compared to 25 in July [3]. - The sales performance of the top 10 companies showed a year-on-year decline of 3.0%, while the top 51-100 companies experienced a growth of 5.9% [3]. Market Concentration - The sales share of the top 10 real estate companies accounted for 52.4% of the top 100 companies, reflecting an increase of 0.6 percentage points year-on-year, indicating a rise in market concentration among leading firms [4]. - Among the top 50 companies, 17 reported positive year-on-year sales growth, with some companies exceeding 50% growth [4]. Housing Market Trends - The report notes a divergence in performance between new and second-hand housing markets, with new housing sales in 44 cities declining by 11% year-on-year, while second-hand housing transactions in 22 cities increased by 3% [5]. - The report emphasizes the need to monitor the progress of inventory reduction in the second-hand housing market [5]. Recommended Stocks - The report lists several recommended stocks with target prices and investment ratings, including: - Chengdu Investment Holdings (600649 CH) - Buy, Target Price: 6.40 - Chengjian Development (600266 CH) - Buy, Target Price: 7.42 - Binjiang Group (002244 CH) - Buy, Target Price: 13.04 - New Town Holdings (601155 CH) - Buy, Target Price: 18.05 - China Resources Land (1109 HK) - Buy, Target Price: 36.45 - China Overseas Development (688 HK) - Buy, Target Price: 19.08 - Jianfa International Group (1908 HK) - Buy, Target Price: 21.60 - Greentown China (3900 HK) - Buy, Target Price: 13.69 - Yuexiu Property (123 HK) - Buy, Target Price: 7.06 - Link REIT (823 HK) - Buy, Target Price: 50.59 [8][11].

同时，新城控股以"重销售、抓回款"的策略夯实资金底盘，更实现境内外融资突破，叠加超1.6万套物 业的保交付成果，全方位展现稳健经营实力。 秉持"住宅+商业"双轮驱动战略的新城控股，在商业运营领域持续发力，上半年商业运营业绩稳步攀 升，不仅成为支撑整体业绩的核心支柱，更为企业构筑长期竞争力与宽广护城河提供了坚实保障。 即便身处房地产市场承压前行、行业加速重塑的大环境中，新城控股2025年上半年仍然凭借扎实表现， 拿出了一份兼顾韧性与进取的中期业绩成绩单。 盈利能力表现亮眼，毛利率实现稳定增长。根据8月29日新城控股发布的半年报数据显示，公司上半年 实现营业收入221亿元，归属股东净利润8.95亿元，扣非归母净利润9.47亿元，毛利率为26.85%，同比 增长5.25个百分点。 业绩稳增筑底盘，融资破局显韧性 新城控股始终将现金流管理放在首位。 财报显示，截至2025年6月末，新城控股在手现金余额达91.83亿元，现金储备充裕；经营性现金流净额 录得2.86亿元，连续多期保持正向流入。 这背后，是新城控股持续强化销售回款、夯实资金底盘，并积极拓展多元融资渠道，保持低成本的资金 补充能力。 在地产开发业务上，公司上 ...

Group 1 - Feng Liu's Gao Yi Lin Shan No.1 Fund entered the top ten circulating shareholders of 12 A-shares with a total holding value of approximately 15.445 billion [1] - The fund increased its positions in Angel Yeast, Songjing Co., and Tongrentang, while reducing holdings in Hikvision, Ruifeng New Materials, Zhongju High-tech, Guoci Materials, Dongcheng Pharmaceutical, and Titan Technology [1][5] - Deng Xiaofeng's Gao Yi Xiaofeng No.2 Fund entered the top ten circulating shareholders of 5 A-shares with a total holding value of approximately 6.768 billion, while the Xiaofeng Hongyuan Trust Plan entered 2 A-shares with a total holding value of approximately 3.754 billion [9] Group 2 - Feng Liu's investment philosophy includes three types: investing in well-known good companies, lesser-known good companies, and unknown good companies, each with varying levels of risk and return [6][7] - Deng Xiaofeng emphasizes assessing a company's capacity and space, profit margin based on business characteristics, and the importance of forward-looking investment strategies in rapidly changing industries [18] - The current market trend shows a migration of funds from low-yield deposits to capital markets, driven by the pursuit of higher potential returns [25][27]

Core Viewpoint - New City Holdings demonstrates resilience with continuous positive profitability and steady expansion of its business scale, highlighted by strong financial performance and innovative commercial operations [2][3][4]. Financial Performance - In the first half of 2025, New City Holdings reported revenue of 22.1 billion yuan and a net profit attributable to shareholders of 0.895 billion yuan, with a net profit excluding non-recurring items of 0.947 billion yuan, and a gross margin of 27%, an increase of 5.25 percentage points year-on-year [3][4]. - The company achieved a contract sales amount of 10.33 billion yuan and a collection amount of 11.88 billion yuan, resulting in a collection rate of 115% [3][4]. - As of the end of the reporting period, the company had a cash balance of 9.2 billion yuan and a net debt ratio of 53% [4][9]. Commercial Operations - New City Holdings' commercial operations generated revenue of 6.944 billion yuan in the first half of 2025, representing a year-on-year growth of 12% [4][5]. - The gross profit from property leasing and management reached 4.573 billion yuan, with a gross margin of 71.2%, increasing its contribution to total gross profit from 57.21% to 77.06% year-on-year [5][6]. - The company has established a presence in 141 cities with 205 comprehensive projects, with a total operational area of 16.0814 million square meters and a stable occupancy rate of 97.8% [5][6]. Financing and Debt Management - In June 2025, New City Holdings successfully issued $300 million in senior unsecured bonds, becoming the first private real estate company to resume overseas financing in three years [8][9]. - The company also issued a 1 billion yuan medium-term note in August 2025, with a subscription multiple of 2.28 times and a coupon rate of 2.68% [8][9]. - The overall financing cost for the first half of 2025 decreased to 5.55%, with a total financing balance of 52.276 billion yuan, down 1.374 billion yuan from the beginning of the year [9]. Strategic Initiatives - New City Holdings has adopted a "residential + commercial" dual-drive strategy, which has led to significant performance improvements and the development of its construction management business, achieving a signed area of over 3.05 million square meters in the first half of 2025 [9]. - The company has also engaged in deep partnerships with local events, such as the "Su Super" football league, to enhance consumer engagement and drive sales growth [6][7].

Core Viewpoint - Under the macro backdrop of industry adjustment, the company demonstrates strong resilience through its "residential + commercial" dual-drive strategy, maintaining positive profitability and steady operational development [1] Financial Performance - The company reported a revenue of 22.1 billion, with a net profit attributable to shareholders of 0.895 billion and a net profit excluding non-recurring items of 0.947 billion, achieving a gross margin of 26.85%, an increase of 5.25 percentage points year-on-year [3] - The company achieved a contract sales amount of 10.33 billion and a contract sales area of 1.335 million square meters, with a cash collection amount of 11.884 billion, resulting in a cash collection rate of 115.05% [3] - As of the reporting period, the company had a cash balance of 9.183 billion and a net debt ratio of 53.40%, maintaining a low level of debt [3] Debt Management - The company actively adjusted its debt structure, reducing the financing balance to 52.276 billion, a decrease of 1.374 billion from the beginning of the year, and reducing joint venture interest-bearing liabilities to 2.582 billion, down 0.691 billion [4] - The company has maintained a good credit system, being one of the few private real estate companies in the industry to adhere to a "zero default" policy [7] Commercial Operations - The company achieved a total commercial operating revenue of 6.944 billion, a year-on-year increase of 11.8%, with property leasing and management gross profit contributing 4.573 billion, increasing its share of total gross profit from 57.21% to 77.06% [4] - The company has established a strong competitive moat in the commercial sector, with a total of 205 integrated projects across 141 cities and a stable occupancy rate of 97.81% [5] Strategic Initiatives - The company has expanded its commercial scale and is focusing on refined operations, implementing a "five-sided management philosophy" to enhance operational efficiency [5] - The company has also ventured into construction management, signing new contracts for over 3.05 million square meters in the first half of 2025, positioning itself among the top 10 in brand value for construction management in China [8]