Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation of stock price appreciation exceeding 15% over the next six months [4][6]. Core Views - The company reported a revenue of 34.37 billion yuan for the first three quarters of 2025, a year-on-year decrease of 33.3%, and a net profit attributable to shareholders of 970 million yuan, also down 33.1% year-on-year [1][2]. - The decline in revenue and profit is primarily attributed to a decrease in the scale of development project turnover, while the sales price per square meter has shown a recovery, indicating a potential stabilization in the market [2]. - The company has successfully reduced its accounts payable pressure, with construction payables decreasing from 45.27 billion yuan at the beginning of the year to 38.39 billion yuan by Q3 2025 [2]. - The operational performance of the company's commercial properties, particularly the Wuyue Plaza, has shown a double-digit growth in rental income, reaching 9.81 billion yuan, up 10.8% year-on-year [2]. Financial Summary - The company is expected to benefit from government initiatives aimed at boosting consumption, stable profits from commercial real estate, and a gradual reduction in losses from residential development [4]. - The projected revenues for 2025, 2026, and 2027 are 63.21 billion yuan, 54.63 billion yuan, and 51.30 billion yuan, respectively, with net profits expected to be 925 million yuan, 1.13 billion yuan, and 1.49 billion yuan [4]. - The company’s price-to-earnings (PE) ratios for the next three years are projected to be 34.54x, 28.33x, and 21.53x, indicating a potential for valuation recovery [4]. Liquidity and Debt Management - The company has effectively eliminated liquidity risks, having issued two domestic notes and two USD bonds within the year, demonstrating a strong financing capability [3]. - The peak debt repayment period has passed, with only a small amount of debt maturing in late 2025, which further alleviates financial pressure [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][10] Core Views - The company has achieved double-digit growth in commercial operating income, with a high occupancy rate maintained [5][10] - Despite a year-on-year decline in revenue and profit for the third quarter, the commercial operating income shows steady growth, indicating a clear trend of recovery in profitability [6][10] - The company is expected to maintain its profit forecast, with projected net profits for 2025-2027 being 10.5 billion, 15.0 billion, and 17.5 billion respectively, and corresponding EPS of 0.67, 0.78 [5][6] Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 343.71 billion, a year-on-year decrease of 33.34%, and a net profit of 9.74 billion, down 33.05% [6] - The overall gross margin improved to 25.6%, up 5.41 percentage points year-on-year, although it decreased by 1.25 percentage points compared to the mid-year report [6] - The total commercial operating income for September 2025 was 11.7 billion, reflecting a year-on-year increase of 10.1%, with an average occupancy rate of 97.71% for the first nine months [7] - The company achieved a cumulative contract sales amount of 150.50 billion for the first nine months, with a sales area of 195.91 million square meters [8] Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 30.6, 21.3, and 18.3 respectively, indicating a favorable valuation trend [9][13] - The expected EPS for 2025 is 0.46, increasing to 0.67 in 2026 and 0.78 in 2027, reflecting anticipated growth in profitability [9][13]

Core Insights - New City Holdings (601155.SH) reported its Q3 2025 results, revealing that 46 institutional investors hold a total of 1.634 billion shares, accounting for 72.44% of the company's total share capital [1] - The top ten institutional investors collectively hold 71.40% of the shares, with a decrease of 1.18 percentage points compared to the previous quarter [1] Institutional Holdings - In the public fund sector, 9 funds increased their holdings, with a total increase ratio of 0.77%, while 20 funds decreased their holdings, with a total decrease ratio of 0.45% [2] - New public funds disclosed this quarter include 10 funds, while 289 funds did not disclose their holdings this quarter [2] Social Security Fund - Two new social security funds disclosed their holdings in New City Holdings, namely the National Social Security Fund 115 Portfolio and the National Social Security Fund 418 Portfolio [2] Foreign Investment - One foreign fund, Hong Kong Central Clearing Limited, reduced its holdings slightly compared to the previous quarter [2]

Core Viewpoint - New City Holdings is a prominent real estate company in China, focusing on real estate development and sales, with strong competitive advantages in the commercial real estate sector [1] Group 1: Business Performance - In Q3 2025, New City Holdings achieved a revenue of 34.371 billion, ranking 2nd in the industry, surpassing the industry average of 18.556 billion and the median of 9.162 billion [2] - The main business composition includes real estate development and sales at 15.168 billion, accounting for 68.63%, property leasing and management at 6.423 billion, accounting for 29.06%, and other supplementary income at 0.051 billion, accounting for 2.31% [2] - The net profit for Q3 2025 was 1.02 billion, ranking 3rd in the industry, higher than the industry average of -0.137 billion and the median of 0.038 billion [2] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio for New City Holdings was 72.00%, a decrease from 75.45% year-on-year, but still above the industry average of 68.96% [3] - The gross profit margin for Q3 2025 was 25.60%, an increase from 20.19% year-on-year, and higher than the industry average of 22.73% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 12.34% to 43,200, while the average number of circulating A-shares held per household increased by 14.07% to 52,200 [5] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited ranked fourth with 16.6308 million shares, a decrease of 701,400 shares compared to the previous period [5] Group 4: Commercial Operations - In the first three quarters of 2025, the total revenue from commercial operations was 10.51 billion, a year-on-year increase of 10.8%, with Q3 revenue at 3.57 billion, up 9.0% [6] - The total occupancy rate of 177 leased properties remained high at 97.7% as of the end of Q3 [6] - The company successfully issued two domestic medium-term notes totaling 1.9 billion and repaid 1 billion in bonds in the domestic and overseas public markets, indicating stable financial conditions [6]

Group 1 - The core point of the article is that Xincheng Holdings (601155.SH) reported its Q3 2025 financial results, showing a revenue of 12.271 billion yuan and a net profit attributable to shareholders of 79.01 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 61.9982 million yuan [1]

Core Viewpoint - New City Development (01030) announced that New City Holdings (601155.SH) reported a revenue of 34.371 billion yuan for the first three quarters of 2025, representing a year-on-year decrease of 33.34% [1] - The net profit attributable to shareholders was 0.974 billion yuan, down 33.05% year-on-year [1] - The basic earnings per share stood at 0.43 yuan [1] Financial Performance - Revenue for the first three quarters of 2025: 34.371 billion yuan, a decrease of 33.34% year-on-year [1] - Net profit attributable to shareholders: 0.974 billion yuan, a decline of 33.05% year-on-year [1] - Basic earnings per share: 0.43 yuan [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 SEAZEN GROUP LIMITED 新城發展控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 責 任 公 司） （股 份 代 號：1030） 海外監管公告 本公告乃由新城發展控股有限公司（「本公司」）根據香港聯合交易所有限公司 證券上市規則第13.10B條 而 作 出。茲 載 列 本 公 司 旗 下 一 間 於 上 海 證 券 交 易 所 上 市 的A股 附 屬 公 司，新 城 控 股 集 團 股 份 有 限 公 司（股 份 代 號：601155），在 上 海 證 券交易所網站(www.sse.com.cn)刊登的《新 城 控 股 集 團 股 份 有 限 公 司2025年第三季 度 報 告》，僅 供 參 閱。 承董事會命 新城發展控股有限公司 董事長 王曉松 中 國，2025年10月30日 於 本 公 告 日 期，董 事 包 括 ...

Group 1 - The core viewpoint of the article highlights that New城控股 reported a significant decline in both revenue and net profit for the first three quarters of 2025, with revenue approximately 34.37 billion yuan, a year-on-year decrease of 33.34%, and net profit around 974 million yuan, a year-on-year decrease of 33.05% [1] - As of the report date, New城控股 has a market capitalization of 32 billion yuan [2]

Group 1 - The core point of the article is that New城控股 (New City Holdings) announced a board meeting to discuss the expected amount of daily related transactions for 2026-2027 [1] - For the first half of 2025, the revenue composition of New城控股 is as follows: 68.63% from real estate development sales, 29.06% from property leasing, and 2.31% from other businesses [1] - As of the time of reporting, the market capitalization of New城控股 is 32 billion yuan [1]

证券代码：601155 证券简称：新城控股 公告编号：2025-051 新城控股集团股份有限公司 对外担保进展公告 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: 被担保人：公司合并报表范围内各级子公司（以下简称"子公司"）、合 营公司及联营公司（以下简称"合联营公司"）。 担保金额：截至 2025 年 9 月 30 日，公司对外担保余额为 410.69 亿元， 在公司 2024 年年度股东大会授权范围内。 截至本公告披露日无逾期担保。 特别风险提示：基于房地产行业项目开发特点，公司及控股子公司存在 对外担保总额超过最近一期经审计归属母公司股东净资产 100%以及对资产负债 率超过 70%的公司提供担保的情况。 一、担保情况概述 公司于 2025 年 5 月 26 日召开的 2024 年年度股东大会审议通过了《关于公 司 2025 年度担保计划的议案》，同意公司在 2024 年 12 月 31 日担保余额基础上， 对资产负债率为 70%以上的子公司、资产负债率低于 70%的子公司、资产负债 率为 70%以上的合 ...