Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has experienced a double-digit growth in commercial management revenue, while the turnover scale continues to decline, and gross profit margins remain under pressure [6] - The company maintains its profit forecast, expecting net profits attributable to the parent company to be 1.05 billion, 1.50 billion, and 1.75 billion yuan for 2025-2027, with corresponding EPS of 0.46, 0.67, and 0.78 yuan [6] - The current stock price corresponds to P/E ratios of 32.0, 22.3, and 19.1 for the years 2025, 2026, and 2027 respectively [6] Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 22.1 billion yuan, a year-on-year decrease of 34.8% [7] - The net profit attributable to the parent company was 895 million yuan, down 32.1% year-on-year [7] - The company reported a cash flow from operating activities of 286 million yuan, a significant decline of 86.3% year-on-year [7] - The gross profit margins for real estate development and property leasing and management were 7.96% and 71.20%, respectively, showing declines of 2.97 percentage points and 1.01 percentage points year-on-year [7] Sales and Rental Performance - The company recorded a contract sales area of 1.335 million square meters, a year-on-year decrease of 59.1%, with a contract sales amount of 10.33 billion yuan, down 56.2% [8] - The total cash inflow was 11.88 billion yuan, with a cash recovery rate of 115% [8] - The company has a total of 1,179.2 million square meters of unsold area and cash on hand of 9.183 billion yuan [8] Property Leasing Growth - The company’s rental properties performed well, achieving commercial operating income of 6.944 billion yuan, a year-on-year increase of 11.78% [9] - As of the end of the first half of 2025, the company operated 205 Wuyue Plazas, with 174 currently in operation and a total operating area of 16.08 million square meters, achieving a rental rate of 97.81% [9] - The total foot traffic for Wuyue Plaza reached 950 million, an increase of 16% year-on-year, with total sales of 51.5 billion yuan, up 16.5% [9]

2025 年上半年公司实现营业收入221 亿元，同比下降34.82%；归母净利润8.95亿元，同比下降32.11%。 风险提示：行业继续单边缩表，市场超预期下行 2025 年上半年销售金额同比下降56%，暂无新增拿地投资。2025 年上半年公司实现合同销售金额约 103.3 亿元，同比下降约56.15%，合同销售面积约133.5万方，同比下降约59.08%；由于近年来房企普遍 采取以销定产的经营策略，优先开发销售流速快的项目，但随着优质土储优先去化，剩余货值销售难度 可能逐渐加大，预计后续销售规模可能继续缩量。 2025 年上半年商业运营总收入同比增长约12%。1）2025 年上半年公司实现商业运营总收入约69.44 亿 元，同比增长11.78%；总销售额（不含车辆销售）超过515 亿元，同比增长16.5%。2）截至2025 年6 月 底，公司在全国141 个城市布局205 座吾悦广场，已开业及委托管理在营数量达174 座，开业面积达 1608 万方，出租率97.81%。 公司债务结构优化，现金流健康。1）截至2025 年6 月底，公司有息负债余额522.76 亿元，平均融资成 本5.55%，净负债率53.4 ...

Summary of the Conference Call Industry Overview - **Industry**: Property Market in Mainland China and Hong Kong SAR - **Key Insights**: The property market is experiencing mixed signals with leading indicators in Mainland China showing declines while Hong Kong sees strong tourist arrivals. Mainland China Property Market - **Leading Indicators**: - Centaline tier-1 cities' secondary asking price index decreased from 19.4 to 18.5, marking the lowest since May 2024 [4] - Centaline manager confidence index fell from 45 to 44, reaching a new low since October 2024 [4] - **Sales Performance**: - 60-city primary sales increased by 1% year-over-year, recovering from a previous decline of 8% [4] - Sales registrations in Beijing improved by 17% year-over-year following policy easing on August 7, but asking prices remained stable [4] - 12-city secondary sales year-over-year growth improved from 4% to 6% [4] - **Market Dynamics**: - The sector's share price rose by 3% last week, with Vanke outperforming at +9% [4] - Notable underperformers included Shimao (-14%) and A-Living (-7%) [4] - **Investment Recommendations**: - Top picks include CR Land, CR Mixc, and Jinmao, with potential upside in laggards like COLI, COPH, and Longfor [4] Hong Kong Property Market - **Tourism Impact**: - Tourist arrivals increased by 1% week-over-week to 1.24 million, the highest year-to-date, with a year-over-year growth of 19% [4] - **Residential Sales**: - Residential sell-through rates have slowed, with Blue Coast II achieving a 56% sell-through rate, lower than expected [4] - Home price index fell by 0.5% week-over-week [4] - **Market Indicators**: - Centa Valuation Index rose to 65.2, indicating banks are revising up valuations, which supports price stabilization [4] - Secondary transactions in top 35 estates increased by 52% week-over-week to 82 units [4] - **Investment Recommendations**: - Among landlords, top picks include Swire Prop, Hang Lung, Wharf REIC, and Link REIT; among developers, Henderson and Sino are favored [4] Additional Insights - **Market Sentiment**: - The overall sentiment in the property market remains cautious, with leading indicators suggesting potential challenges ahead [4] - **Credit Views**: - Vanke reported a quarterly net loss of RMB 6 billion, with net gearing rising to 90% in Q2 2025, but is not expected to default due to support from Shenzhen Metro [9] - **Share Price Movements**: - The property sector in Mainland China and Hong Kong showed varied performance, with some companies experiencing significant fluctuations in share prices [4][55] This summary encapsulates the key points from the conference call regarding the property markets in Mainland China and Hong Kong, highlighting both challenges and opportunities for investors.

Core Viewpoint - The company demonstrates strong resilience and positive performance through its "residential + commercial" dual-driven strategy amidst industry uncertainties, maintaining profitability and enhancing operational contributions [4]. Financial Performance - In the first half of the year, the company achieved revenue of 22.1 billion yuan and a net profit attributable to shareholders of 895 million yuan, with a gross margin of 26.85%, an increase of 5.25 percentage points year-on-year [1]. - The company reported a cash balance of 9.183 billion yuan and a net debt ratio of 53.40%, indicating a solid financial foundation [1]. - The company’s contract sales amounted to 10.33 billion yuan, with a collection rate of 115.05%, reinforcing its cash flow stability [1][2]. Debt Management - The company actively adjusted its debt structure, reducing its financing balance to 52.276 billion yuan, down by 1.374 billion yuan from the beginning of the year [2]. - The company’s interest-bearing liabilities related to joint ventures decreased to 2.582 billion yuan, reflecting a proactive approach to leverage reduction and cash flow management [2]. Commercial Operations - The commercial sector contributed significantly to the company’s performance, with total commercial operating revenue reaching 6.944 billion yuan, a year-on-year increase of 11.8% [3]. - The gross profit from property leasing and management reached 4.573 billion yuan, accounting for 77.06% of the company’s total gross profit, up from 57.21% in the previous year [3][5]. Strategic Developments - The company has expanded its commercial footprint, operating 205 integrated projects across 141 cities, with a stable occupancy rate of 97.81% [5]. - The company’s new management business has signed over 3.05 million square meters in new contracts, positioning it among the top 10 in brand value for construction management in China [8]. Financing Strategy - The company successfully issued $300 million in senior unsecured bonds and 1 billion yuan in medium-term notes, maintaining a low financing cost [7]. - The company’s diversified financing approach and strong cash reserves have established it as one of the few private real estate firms with a "zero default" record [7].

公 司 报 告 房地产 2025年08月31日 新城控股(601155.SH) 商业运营稳健，融资成本下行 推荐 ( 维持) 股价:14.83元 证券分析师 杨侃 投资咨询资格编号 S1060514080002 BQV514 事项： 公司公布2025年半年报，上半年实现营业收入221亿元，同比下降34.8%，归 母净利润8.9亿元，同比下降32.1%。 行情走势图 相关研究报告 【平安证券】新城控股（601155.SH）*季报点评*利 润呈现增长，商业运行稳健*推荐20250430 平安观点： 公 司 半 年 报 点 评 证 券 研 究 报 告 YANGKAN034@pingan.com.cn 郑茜文 投资咨询资格编号 S1060520090003 ZHENGXIWEN239@pingan.com.cn | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 119,174 | 88,999 | 61,943 | 44,103 | 32,813 | | YOY(%) | 3. ...

业绩之外，新城控股还始终践行企业主体责任，将"保交付"作为核心任务之一。数据显示，上半年公司 已完成16000余套住宅的集中交付，积极兑现对业主的承诺。进入下半年，新城控股将持续优化交付流 程，强化工程品质管控，确保全年交付任务高标准完成。 商业压舱 业绩贡献提升至近八成 在行业深度调整的宏观背景下，新城控股(601155.SH)通过"住宅+商业"双轮驱动战略，在行业不确定性 中展现出强劲韧性。8月29日晚发布的2025年半年报显示，公司继续保持正向盈利，经营性业务贡献不 断提升，融资渠道持续拓宽，整体经营保持稳中向好的发展态势。 营收221.00亿 资金回笼率达115.05% 依托双轮驱动战略优势，新城控股住宅保持高回款、商业势能持续释放，发展韧性显著提升。 根据半年报，上半年新城控股实现营业收入221亿元，归属于上市公司股东的净利润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。在核心指标保持稳定的基础上，截至报 告期末，新城控股已售未结转面积(含合联营项目)达到1179.19万平方米，为未来业绩兑现奠定坚实基 础。 在地产开发业务上，新城控股以重销售、抓回款为 ...

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][2]. Financial Performance - The company achieved a revenue of 22.1 billion and a net profit attributable to shareholders of 0.895 billion, 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 and a collection amount of 11.88 billion, with a collection rate of 115.05% [2]. - As of the reporting period, the company had a cash balance of 9.183 billion and a net debt ratio of 53.40%, indicating a solid financial foundation [2][3]. Debt Management - The company actively adjusted its debt structure, reducing its financing balance to 52.276 billion, a decrease of 1.374 billion from the beginning of the year [3]. - The company’s interest-bearing liabilities from joint ventures decreased to 2.582 billion, down 0.691 billion from the beginning of the year [3]. Commercial Operations - The company’s commercial operations generated a total revenue of 6.944 billion, a year-on-year increase of 11.8%, with a gross margin of 71.20% [4]. - The company has established a presence in 141 cities with 205 integrated projects, with a total opening area of 16.0814 million square meters and a stable occupancy rate of 97.81% [4]. Strategic Initiatives - The company emphasizes a "five-sided management philosophy" focusing on quality, customer satisfaction, professional craftsmanship, green intelligence, and mutual engagement [5]. - The company has successfully integrated sports and commercial activities, enhancing consumer engagement and driving business momentum [5][6]. Financing Strategy - The company successfully issued a $300 million senior unsecured bond and a 1 billion medium-term note, maintaining a low financing cost [7]. - The company has diversified its financing channels, with approximately 4.479 billion in new financing secured against its commercial properties [7]. Construction Management Business - The company’s construction management segment achieved a breakthrough with over 3.05 million square meters of new signed area in the first half of 2025, managing a total of 1.9 million square meters [8]. - This segment is contributing to a sustainable management fee income system, becoming a new profit driver for the company [8].

Core Insights - New City Holdings reported a revenue of 22.1 billion yuan and a net profit of 0.895 billion yuan for the first half of 2025, with a gross margin of 26.85%, reflecting a year-on-year increase of 5.25 percentage points [1] - The company achieved a contract sales amount of 10.33 billion yuan and a collection rate of 115.05%, indicating strong cash flow management [1][2] - New City Holdings has expanded its commercial operations, achieving a total commercial revenue of 6.944 billion yuan, a year-on-year growth of 11.8%, with a gross margin of 71.20% [2][3] Financial Performance - The company maintained a cash balance of 9.183 billion yuan and a net debt ratio of 53.40%, indicating a solid financial position [1] - The financing balance was reduced to 52.276 billion yuan, down by 1.374 billion yuan from the beginning of the year, reflecting ongoing debt structure optimization [2] - Operating cash flow remained positive at 0.286 billion yuan, further strengthening the company's financial fundamentals [1] Business Operations - New City Holdings completed the delivery of over 16,000 residential units in the first half of the year, emphasizing its commitment to "guaranteeing delivery" [2] - The company has established a presence in 141 cities with 205 comprehensive projects, with a stable rental rate of 97.81% for its Wuyue Plaza [3] - The construction management business has seen significant growth, with over 3.05 million square meters signed in the first half of 2025, contributing to a sustainable income model [3]

Core Insights - New City Holdings reported a stable performance in the first half of 2025, with operating revenue of 22.1 billion yuan and a net profit attributable to shareholders of 0.895 billion yuan, reflecting a solid foundation for future performance [1][2] Financial Performance - The company achieved a gross profit margin of 26.85%, an increase of 5.25 percentage points year-on-year [1] - The cash balance at the end of the reporting period was 9.183 billion yuan, indicating ample liquidity [1] - The net debt ratio stood at 53.40%, maintaining a low level [1] Sales and Revenue - Contract sales amounted to 10.33 billion yuan, with a sales area of 1.335 million square meters [1] - The collection amount reached 11.884 billion yuan, with a collection rate of 115.05% [1] - Commercial operation revenue for the first half of 2025 was 6.944 billion yuan, a year-on-year increase of 11.8% [2] Debt Management - The financing balance at the end of June 2025 was 52.276 billion yuan, reduced by 1.374 billion yuan since the beginning of the year [2] - Interest-bearing liabilities for joint ventures decreased to 2.582 billion yuan, down by 0.691 billion yuan from the beginning of the year [2] Delivery and Project Management - The company completed the delivery of over 16,000 residential units in the first half of 2025 [2] - New City Holdings has expanded its management projects to 115, with a total managed area exceeding 19 million square meters [3] Commercial Expansion - The company has established a presence in 141 cities with 205 comprehensive projects, with a total opening area of 16.0814 million square meters and a stable rental rate of 97.81% [3] - The construction management business has signed over 3.05 million square meters in new contracts in the first half of 2025, contributing to a sustainable income system [3]

Core Viewpoint - New City Holdings (601155.SH) reported a significant decline in both revenue and net profit for the first half of 2025, indicating challenges in the real estate sector [1] Financial Performance - The company's operating revenue for the first half of 2025 was 22.1 billion yuan, a year-on-year decrease of 34.82% [1] - The net profit attributable to shareholders was 895 million yuan, down 32.11% compared to the same period last year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 947 million yuan, reflecting a decrease of 28.16% year-on-year [1] - Basic earnings per share stood at 0.4 yuan [1] Reasons for Decline - The primary reason for the decrease in net profit was attributed to a reduction in gross profit from real estate delivery projects during the reporting period [1]