运营创新带来新增长点。吾悦广场推出的"五边形经营理念"，涵盖品质空间、与人欢喜、专业匠心、绿色智能和双向奔赴五大维度。今年5月举办的全国 营销活动，以"吾悦爱健康"为主题，实现客流同比增长13%，销售额提升15%。数字化运营方面，会员体系已覆盖4917万人，20个广场试点付费会员系 统，有效提升客户黏性。 土地储备结构优化迫在眉睫。数据显示，公司三四线城市土储占比达60%，面临资产减值风险。但机遇与挑战并存，政策层面不断释放利好信号，为企业 调整土储结构提供了窗口期。分析师认为，抓住这个关键期，通过精准投资提升土储质量，将是企业实现高质量发展的关键。 融资创新成为破局之道。6月12日，母公司新城发展成功发行3亿美元优先票据，年利率11.88%，创下近三年民营地产境外债发行纪录。这笔资金将专项 用于赎回即将到期的4.625%利率美元债。国内市场方面，60亿元小公募债券已获上交所受理，其中36亿元计划用于偿还有息债务。8月初发行的10亿元中 期票据，票面利率2.68%，显示出资本市场对企业的认可。 商业地产板块持续发挥"稳定器"作用。上半年，174座已开业吾悦广场实现租金收入64.79亿元，同比增长11.8%。商 ...

运营为王，商业板块成业绩"压舱石" 毛利率的提升与商业运营收入的提升息息相关。新城控股始终秉持"商业运营+地产开发"双轮驱动的经 营模式，商业运营业务已成为新城控股业绩的稳定器。 2025年上半年，新城控股实现商业运营总收入为69.44亿元，同比增长11.8%，展现出持续的成长动能。 截至2025年6月底，新城控股已实现全国141城205座综合体项目的布局，吾悦广场开业规模达1608.14万 平方米，出租率稳定保持在97.81%的高位水平，成为行业运营效率标杆。 值得一提的是，物业出租及管理业务毛利45.73亿元，占公司总毛利由去年同期的57.21%提升至 77.06%；毛利率达到71.20%。高盈利性的商业盘面对新城控股整体业绩贡献率持续提升。 在追求商业运营收入增长的同时，新城控股正通过精耕细作，强化运营管理的精细度，以挖掘更深层的 价值。 赢商大数据预计2025年全国新开业广场数量不超过400座，较2021年的657座新开业数量缩量近40%，较 去年436座的开业表现也将缩量近10%。新城控股表示，2025年上半年新开业项目中，存量改造项目占 比超二成，发生结构性变化。市场已从"重资源、重规模"直接进入 ...

文/王强 新城控股（601155.SH）于近日披露的2025年中期业绩报告显示，公司"商业运营+地产开发"双轮驱动战 略持续见效，今年上半年实现营业收入221.00亿元、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。 其中，商业运营板块表现亮眼，以69.44亿元营收（同比增11.78%）、71.20%的物业出租及管理毛利率 成为业绩稳定器；同期地产开发板块则凭借103.30亿元合同销售额、115.05%的高回款率筑牢资金底 盘。不仅如此，新城控股2022年开辟的建管业务也持续突破，成为支撑企业发展的"第三增长极"。 9月2日，中国银河在研报中指出，基于2025年上半年新城控股的业绩表现、财务状况等因素，预测公司 2025—2027年归母净利润为8.62亿元、9.10亿元、9.55亿元，对应EPS为0.38元/股、0.40元/股、0.42元/ 股，对应PE为38.46X、36.43X、34.73X，维持"推荐"评级。 今年上半年，商业运营与地产开发的优势互补、协同共进，构筑了新城控股可持续发展的核心竞争力。 商业运营板块的高盈利与稳增长，不仅强化了业绩贡献，更显著提升了企业的抗风险能力。 ...

业 及 产 业 房地产 2025 年 09 月 10 日 好房子的另类破局之道，引领核心城市五重共振 看好 ——好房子专题报告系列之三 本期投资提示： ⚫ 风险提示：销售和融资资金趋紧，收储和城改推进不及预期。 究 / 行 业 深 度 证 券 研 究 报 告 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 陈鹏 A0230521110002 chenpeng@swsresearch.com 联系人 陈鹏 (8621)23297818× chenpeng@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 行 业 研 ⚫ 行业现状：房地产基本面的困境和政策面的约束。基本面，房地产经历了 4 年深度调整 后，目前行业广义需求总量已经见底，二手房的扩容对冲了新房的缩量，一二手房合计 成交已持续稳定 3 年多，问题关键不在于需求、而在于购买力。但二手房成交持续放量 并没能推动房价止跌回稳，楼市"量在价先"的历史经验失效，这源于中产走弱导致的 置换链不畅，从而造成"二手房刚需化+新房改善化"的格局 ...

从"重规模"到"重运营"，房地产行业正处在"品质为王"的深度调整期，焕新调整成为各家企业竞逐市场 的必备能力。 近日，新城控股发布的2025年半年度报告显示，公司实现营业收入221.00亿元，实现归属于上市公司股 东的净利润8.95亿元，累计完成合同销售金额103.30亿元，实现118.84亿元的全口径资金回笼，全口径 资金回笼率达到115.05%。 新城控股凭借"商业运营+地产开发"双轮驱动战略，以商业板块的稳健增长、财务端的积极突破与社会 责任的坚定践行，展现出穿越行业周期的强大韧性，为企业"行稳致远"的长期发展奠定坚实基础。 商业运营成"压舱石"，深度运营筑牢品牌优势 据赢商大数据不完全统计，2025年上半年，全国新开业的商业项目约119个，商业体量约888万平方米， 延续自2021年以来的递减趋势。其中，一二线城市新开业商业项目占比近六成，三四线城市新开业商业 项目约四成。 面对行业的结构性变革，新城控股旗下吾悦广场以"规模领先+深度运营"的双重优势，成为业绩增长的 核心引擎。报告期内，公司商业运营总收入（含税租金收入，含商铺、办公楼、购物中心租金及管理费 等）达69.44亿元，同比增长11.78%， ...

地产销售回款率115.05%，商业运营板块持续发力。融资端取得突破进展，为业内规模民企中极少"零违约"的企业。 ◎ 作者 / 沈晓玲、冯添龙 核 心 观 点 【上半年销售实现103.3亿，区域业绩贡献呈现结构性变化】 2025年上半年新城控股实现销售金额103.3亿元，同比下降56.14%；全口径销售额排名第43 名。实现回款金额118.84亿元， 回款率达到115.05%。长三角销售贡献度有所下滑 ，但仍是贡献度最高的区域，环渤海业绩贡献度增长5个百分点至 27%。 【 三四线城市土储占比超六成，土地储备结构调整 待调整 】 2025年上半年新城控股在公开市场未新增土地储备。由于本期企业官微未披露具体的土储规 模情况，根据2023度新城披露的可售土地储备与2024年以来销售及投资情况估算，2025年上半年末新城可售土地储备约3210万平左右。在从土储能级分 布情况来看， 新城控股土地储备集中在三四线城市约61%， 一、二线城市土地储备占比仅为39%，三四线土储中主要位于 长三角区域和中西部区域 。 【 毛利率同比增长，整体利润率保持相对稳定】 2025年上半年新城控股实现营业收入221亿元，相比去年同期减少 ...

Core Viewpoint - New City Holdings (601155.SH) demonstrates strong resilience and operational capability amid a deep adjustment in the real estate industry, driven by its "residential + commercial" dual strategy [1] Financial Performance - In the first half of 2025, the company achieved operating revenue of 22.1 billion yuan and a net profit of 947 million yuan, with a gross margin increase to 26.85%, up by 5.25 percentage points year-on-year [1] - The commercial operations segment contributed significantly, with total revenue reaching 6.944 billion yuan, a year-on-year increase of 11.78%, accounting for 31.42% of total revenue [1] Commercial Operations - The commercial operations segment's steady growth is a key support for New City Holdings' performance, with 174 operational projects covering 141 major cities, achieving total sales of 51.5 billion yuan, a 16.5% increase year-on-year [3] - The average occupancy rate reached 97.81%, significantly exceeding the industry average, driven by initiatives like the "I Love You · May" IP event, which boosted sales by 15% and foot traffic by 13% [3] - The total foot traffic for the first half of the year reached 950 million visits, with membership numbers increasing to 49.17 million, showcasing the effectiveness of the innovative commercial operation model [3] Debt Management and Financing - The company optimizes its debt structure through both internal cash generation and external financing, with cash reserves of 9.183 billion yuan and a net debt ratio reduced to 53.40% [5] - The financing cost decreased to 5.55%, positioning the company at a low level within the industry, and it successfully issued 300 million USD in senior unsecured bonds, marking the first private real estate company to restart overseas financing in three years [5] - New City Holdings repaid 1.067 billion yuan in public market bonds in the first half of the year, maintaining a "zero default" record, with total financing balance reduced by 1.374 billion yuan since the beginning of the year [5] Market Ratings - Institutions such as Shenwan Hongyuan and CITIC Securities have given New City Holdings a "buy" rating, while Huachuang Securities and Ping An Securities recommend the stock, citing growth in commercial management revenue, high cash recovery rates, and declining financing costs as indicators of robust operational capability [5]

Group 1 - The A-share market experienced a volume contraction and a collective decline in the three major indices, while the real estate sector saw a rare surge, with the CSI 800 Real Estate Index rising over 1% against the market trend [1][3] - Major real estate stocks such as Binjiang Group and New Town Holdings saw significant gains, with Binjiang Group hitting the daily limit and New Town Holdings rising over 4% [1] - The only ETF tracking the CSI 800 Real Estate Index, ETF 159707, also rose by 1.24%, marking three consecutive days of gains, with a total trading volume of 40 million yuan and a net subscription of 8.5 million units in a single day [1][3] Group 2 - The strength of the real estate sector is attributed to recent policy adjustments in first-tier cities, including a combination of measures announced by the Shenzhen Housing and Urban-Rural Development Bureau and the People's Bank of China [3] - September is typically a period of intensive policy announcements for the real estate sector, and new supportive policies are expected to accelerate, coinciding with the traditional peak sales season of "Golden September and Silver October" [3] - Analysts predict a rebound in real estate transaction volumes in the fourth quarter, supported by the recent optimization of purchase restrictions in major cities, and suggest that the current low valuations in the real estate sector present a buying opportunity [3][5] Group 3 - The CSI 800 Real Estate Index currently has a price-to-book (PB) ratio of only 0.75, indicating a significant undervaluation at the 17th percentile over the past decade, suggesting substantial room for recovery [3][5] - Leading real estate companies, particularly state-owned enterprises and high-quality firms, are expected to demonstrate resilience due to their strong land reserves in core cities, which positions them for a quicker recovery in sales and profitability [5] - The ETF 159707, which tracks the CSI 800 Real Estate Index, includes 13 top-tier real estate companies, with over 90% of its weight concentrated in the top ten holdings, highlighting its focus on leading firms in the industry [5]

坚持双轮驱动战略、业绩基本面修复的新城控股护城河加固，在融资方面实现"抢跑"，韧性进一步 凸显。 近日，新城控股交出上半年业绩"成绩单"。报告期内，公司实现营收221亿元，归母净利润8.95亿 元，扣非归母净利润9.47亿元，毛利率同比提升5.25个百分点至26.85%。 房地产下行周期中，能够实现毛利率提升的开发商不多，新城控股的秘籍在于商业。 商业优势持续凸显 早在2008年，新城控股就将目光瞄向了商业。次年，公司将管理总部搬迁到上海，这是全国商业发 展最超前的城市，并开始全面实施"1+3"布局战略，确定"住宅+商业"双轮驱动战略。 2011年，伴随着MINIMALL的尝试及百货落地，统一招商运营，新城万博百货首次亮相。第二 年，"吾悦"商业品牌诞生，住宅+MALL的产品组合，自持自营MALL应际而生。 此后，新城控股不断升级吾悦概念，完善商业业态布局，一步一个脚印向前走。多年精心浇灌之 下，商业业态成功完成"补位"，一座座吾悦广场构成最坚固的城墙，为新城控股抵御风沙。 报告期内，公司实现合同销售金额103.3亿元，合同销售面积133.5万平方米；实现回款金额118.84 亿元，回款率达到115.05%， ...

Group 1 - New City Holdings' stock price increased by 5.05% on September 9, reaching 14.97 CNY per share, with a trading volume of 352 million CNY and a turnover rate of 1.06%, resulting in a total market capitalization of 33.767 billion CNY [1] - The stock has seen a cumulative increase of 2.59% over the past three days [1] - New City Holdings was established on June 30, 1996, and listed on December 4, 2015, primarily engaged in real estate development and sales, with revenue composition of 68.63% from real estate development and sales, 29.06% from property leasing and management, and 2.31% from other sources [1] Group 2 - According to data from the top ten holdings of funds, a fund under Yinhua Fund has a significant position in New City Holdings, with the Real Estate ETF (159768) increasing its holdings by 550,800 shares in the second quarter, totaling 2.6803 million shares, which accounts for 5.75% of the fund's net value, ranking as the seventh largest holding [2] - The Real Estate ETF (159768) was established on January 27, 2022, with a current size of 637 million CNY, yielding 2.11% this year, ranking 4115 out of 4222 in its category, and a one-year return of 24.18%, ranking 3433 out of 3798, while it has experienced a loss of 41.87% since inception [2] Group 3 - The fund manager of the Real Estate ETF (159768) is Zhang Yichi, who has been in the position for 4 years and 109 days, managing total assets of 7.781 billion CNY, with the best fund return during his tenure being 53.16% and the worst being -35.59% [3]