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 ...

证券代码：601155 证券简称：新城控股 编号：2025-049 新城控股集团股份有限公司 第四届董事会第十二次会议决议公告 新城控股集团股份有限公司（以下简称"公司"、"新城控股"）第四届董事会 第十二次会议于 2025 年 10 月 30 日以通讯方式召开。会议应参加董事 7 名，实际 参加董事 7 名，董事王晓松、吕小平、管有冬、汤国荣和独立董事李连军、姚志勇、 徐建东参加会议。董事长王晓松先生召集并主持本次会议。本次会议的召集、召开 及表决程序符合《公司法》《公司章程》的有关规定。会议审议并通过了如下议案： 一、以 7 票同意、0 票反对、0 票弃权审议通过了《关于公司 2025 年第三季度 报告的议案》。 公司董事会审计委员会于 2025 年 10 月 30 日召开第四届董事会审计委员会第 十次会议，以 3 票同意、0 票反对、0 票弃权，审议通过了《关于公司 2025 年第三 季度财务报告的议案》，并同意将相关事项提交公司董事会审议。 详情请见公司同日于指定信息披露媒体披露的《新城控股 2025 年第三季度报 告》。 二、以 6 票同意、0 票反对、0 票弃权审议通过了《关于新增公司 2026- ...

新城控股集团股份有限公司 2025 年第三季度报告 证券代码：601155 证券简称：新城控股 新城控股集团股份有限公司 2025 年第三季度报告 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： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 √适用 □不适用 单位:元 币种:人民币 单位：元 币种：人民币 | 项目 | 本报告期 | 本报告期比上 | 年初至报告期 | 年初至报告期末 | | --- | --- | --- | --- | --- | | | | 年同期增减变 | 末 | 比上年同期增减 | | | | 动幅度(%) | | 变动幅度(%) | | 营业收入 | 12,270,873,365 | -30.51 | ...

Investment Rating - The report maintains an "Overweight" rating for the real estate development and services sectors [8]. Core Insights - The "15th Five-Year Plan" emphasizes high-quality development in real estate, transitioning from quantity to quality, with a focus on improving housing quality and supply systems [2][4][6]. - The report suggests that product capability will be a core competitive advantage for real estate companies, reshaping market positions and competitive dynamics [2][6]. Summary by Sections Institutional Improvement - The government aims to enhance the foundational systems related to commercial housing throughout its lifecycle, focusing on development, financing, and sales regulations [3]. - A new safety management system for the entire lifecycle of housing is expected to be established, enhancing property quality and long-term value [3]. Supply System Enhancement - The focus of affordable housing supply will shift from merely increasing quantity to improving quality, with an emphasis on meeting the needs for improved housing [4]. - The report highlights the importance of tailored policies for different cities to address housing needs effectively [4]. Housing Quality Improvement - The concept of "good housing" is defined by five dimensions: standards, design, materials, construction, and maintenance, which will guide the market towards companies with strong product capabilities [5]. - The implementation of a safety management system and enhanced property service quality is anticipated to elevate service standards in the industry [5]. Long-term Policy Empowerment - The "15th Five-Year Plan" is expected to empower the long-term development of the industry, providing room for valuation recovery as the standard for "good housing" becomes more prominent [6]. - The report recommends focusing on companies with strong credit, good cities, and quality products, highlighting specific stocks for investment [6][10]. Recommended Stocks - The report lists several stocks with "Buy" ratings, including: - Greentown China (3900 HK) with a target price of 13.69 HKD - Yuexiu Property (123 HK) with a target price of 7.06 HKD - China Overseas Development (688 HK) with a target price of 19.08 HKD - China Resources Land (1109 HK) with a target price of 36.45 HKD - New World Development (16 HK) with a target price of 111.51 HKD [10][12].

Core Viewpoint - New City Services announced a board member adjustment following the exposure of nearly 7 billion yuan in illegal borrowing, aiming to enhance its overall independence and address potential conflicts of interest [2][4][5]. Group 1: Board Adjustment - The resignation of key executives associated with New City Holdings and New City Development, including Chairman Wang Xiaosong, is part of the board restructuring to improve independence [3][5]. - The current board now consists of five members, including executive directors and independent non-executive directors, following the resignations [2][5]. Group 2: Background of the Adjustment - The board adjustment is linked to a previous announcement regarding related party transactions, which led to the suspension of trading on April 1 [5][6]. - A detailed investigation report revealed that New City Services lent 1.8 billion yuan and 5.17 billion yuan to New City Holdings in 2023 and 2024, respectively, totaling 6.97 billion yuan [5][7]. Group 3: Future Steps for Resumption of Trading - New City Services must fulfill several requirements to resume trading, including publishing an independent investigation report and assessing the impact of the related party transactions on its operations and financial status [7][8]. - The company is under pressure to complete the necessary steps within 18 months to avoid delisting, with a deadline set for September 30, 2026 [8][9]. Group 4: Financial Outlook - Prior to the suspension, New City Services had a market value of 2.4 billion HKD, which has significantly decreased, and the company anticipates a net loss of 700 million to 900 million yuan for 2024 [8][9].

Core Points - New City Holdings experienced a 2.04% decline in stock price, trading at 13.94 CNY per share with a market capitalization of 31.443 billion CNY as of October 28 [1] - The company reported a year-to-date stock price increase of 16.56%, but has seen declines of 7.31% over the past five trading days, 13.79% over the past 20 days, and 9.83% over the past 60 days [1] - The 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] Financial Performance - For the first half of 2025, New City Holdings achieved a revenue of 22.1 billion CNY, a year-on-year decrease of 34.82%, and a net profit attributable to shareholders of 895 million 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 circulating shares 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]

Investment Rating - The report maintains a "Buy-A" rating for selected stocks including Xincheng Holdings, Greentown China, and China Jinmao [6] Core Views - The real estate industry shows signs of bottoming out in September 2025, with structural differentiation evident. Key indicators such as new construction, completion, sales area, and sales revenue have improved on a month-over-month basis compared to the average levels from 2020 to 2024, despite a year-on-year decline in real estate development investment [1][12][15] - The downward pressure on real estate development investment is attributed to three main factors: a continuous reduction in construction scale, a sluggish land market, and a tight financing environment [2][19][30] - Future real estate development investment is expected to stabilize gradually, with a structural recovery process. The recovery will be led by third and fourth-tier cities due to lower land cost ratios and stable price differentials, while first and second-tier cities will lag behind [3][32] Summary by Sections 1. September Real Estate Data Performance - The overall data for the real estate industry in September 2025 indicates a continued decline, but with some month-over-month improvements. Key metrics such as new construction and completion areas have shown less severe year-on-year declines compared to previous months [1][12][15] 2. Increased Downward Pressure on Real Estate Investment - The report identifies that the primary reasons for the increased downward pressure on real estate development investment include a shrinking construction scale, a depressed land market, and a constrained financing environment. The total funding sources for real estate development decreased by 13.4% year-on-year [2][19][30] 3. Future of Real Estate Development Investment - The outlook for real estate development investment suggests a gradual stabilization, with a focus on structural characteristics. The report highlights that the recovery will be more pronounced in lower-tier cities, while state-owned enterprises are expected to maintain their land acquisition strength due to better financing capabilities [3][30][32]

Group 1 - The event "Fujian Supply and Marketing Market - Helping Farmers Sell, Convenient Consumption" was launched at Pingtan Wuyue Plaza, showcasing over a hundred types of local specialty products from Fujian [1][11] - The market features a variety of agricultural and fishery products, including traditional snacks and fresh seafood, catering to diverse consumer needs [3][7] - The initiative aims to connect local farmers with consumers, enhancing the sales channels for agricultural products and promoting rural revitalization [11] Group 2 - The event is organized by Fujian Supply and Marketing Group Co., Ltd. and the Experimental Zone Supply and Marketing Cooperative, running until October 26 [11] - Local residents expressed satisfaction with the event, appreciating the convenience of accessing quality products from across the province [10]

Core Viewpoint - The "Winter Stockpiling Festival" organized by New城控股集团 at Urumqi's Mi Dong Wu Yue Plaza aims to provide a cultural and shopping experience for local residents, featuring 19 days of activities and promotions that blend national sentiment, cultural experiences, and practical shopping benefits [1][12]. Group 1: Event Highlights - The festival includes a variety of activities such as clothing, food, and entertainment, designed to create a warm and joyful atmosphere for attendees [1]. - Consumers can enjoy multiple benefits during the festival, including gift giveaways for purchases over a certain amount, a lottery for prizes like the Honor 400Pro smartphone, and group buying discounts on clothing and dining [2][4]. - A total of 37 well-known clothing brands are participating in the winter clothing season, offering consumers a mix of warmth and fashion, while 17 popular dining brands are providing culinary delights at discounted prices [4][9]. Group 2: Special Offers and Activities - The cinema at Mi Dong Wu Yue Plaza is offering a couple's movie package for only 49.9 yuan, enhancing the romantic experience for couples during the winter season [6]. - The festival features various interactive events, including wrestling competitions for students, a youth singing contest, chess tournaments, and esports competitions, allowing participants to enjoy a lively winter atmosphere [9]. Group 3: Corporate Philosophy and Future Plans - New城控股集团 emphasizes its commitment to creating a quality space for community gatherings, aiming to enhance consumer happiness through well-planned cultural and promotional activities [12][13]. - The company has expanded its presence significantly, with 205 urban complexes under the Wu Yue brand across 141 major cities in China, and aims to continue its growth and innovation in the commercial sector [13][14]. - The strategic focus on "stability and progress, regional deepening, operational priority, and technology empowerment" reflects the company's long-term vision for sustainable development and customer satisfaction [14].

Company Developments - CIFI Construction Management expanded its projects by 17 in Q3 2025 [1] - New Town Construction Management signed contracts for over 5.7 million square meters in Q3 2025 [1] - CIFI Construction Management won the bid for the "Fourth Generation Residential" project in Foshan [1] - Longfor's Longzhizao signed a contract with Yiyun Group to set a new benchmark for luxury housing in the Bay Area [1] - Greentown Management delivered over ten projects in Q3, including Wuhan Liuchan Chunxiao [1][6] Industry Trends - Greentown Management's new project management fees reached approximately 5 billion yuan in the first half of the year [14] - CIFI Construction Management initiated its first "Fourth Generation Residential" project in Dalian [14] - The first comprehensive capability evaluation standard for construction management companies was released [14] - Jindi Management published the "Client Service White Paper 2.0" [14] - Yuanyang Construction Management's Dalian Huannan Hui project saw strong sales [14]