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].

Investment Rating - The report maintains a "Recommended" rating for the company [1][7]. Core Views - The company reported a revenue of 22.1 billion yuan for the first half of 2025, a year-on-year decrease of 34.8%, with a net profit of 0.89 billion yuan, down 32.1% year-on-year [3][6]. - The company's commercial operations remain stable, with a total of 205 Wuyue Plazas opened or under construction, achieving a rental rate of 97.81% [6][7]. - The financing cost has decreased, with an average financing cost of 5.55% at the end of the period, down 0.37 percentage points from the end of 2024 [6][7]. Financial Performance Summary - Revenue projections for 2025-2027 are 61.943 billion yuan, 44.103 billion yuan, and 32.813 billion yuan, respectively, with year-on-year declines of 30.4%, 28.8%, and 25.6% [5][9]. - Net profit for the same period is projected to be 760 million yuan, 779 million yuan, and 894 million yuan, with year-on-year growth rates of 1.1%, 2.5%, and 14.8% [5][9]. - The gross margin is expected to improve from 19.9% in 2025 to 21.2% in 2027, while the net margin is projected to increase from 1.2% to 2.7% over the same period [5][9]. Operational Highlights - The company has successfully issued 1 billion yuan in medium-term notes at a historical low interest rate of 2.68% [6][7]. - The total sales volume for Wuyue Plaza reached over 51.5 billion yuan, with a year-on-year increase of 16.5% [6][7]. - The company has maintained positive operating cash flow for eight consecutive years, optimizing its financing structure and ensuring full repayment of due debts [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 - In the first half of 2025, the company achieved revenue of 22.1 billion, with a net profit attributable to shareholders of 0.895 billion and a non-deducted net profit of 0.947 billion, reflecting 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 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% [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] Debt Management - The company actively adjusted its debt structure, reducing the financing balance to 52.276 billion, down by 1.374 billion from the beginning of the year, and reducing joint venture interest-bearing liabilities to 2.582 billion [3] - The company emphasizes "delivery assurance" as a core responsibility, completing over 16,000 residential deliveries in the first half of the year [3] Commercial Operations - The company achieved commercial operating revenue of 6.944 billion, a year-on-year increase of 11.8%, with property leasing and management gross profit contributing 77.06% to total gross profit [4] - The company has expanded its commercial footprint, with 205 integrated projects across 141 cities and a stable occupancy rate of 97.81% [4] Strategic Initiatives - The company adheres to a "five-sided management philosophy" focusing on quality, customer satisfaction, professional craftsmanship, green intelligence, and mutual engagement, enhancing its competitive edge in offline commerce [5] - The company has successfully integrated sports and commercial activities, exemplified by the "I Love You · May" campaign and collaborations with top sports IPs [5] 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 operational properties [7] Construction Management Business - The company's construction management business has seen significant growth, with over 3.05 million square meters of new signed area in the first half of 2025, contributing to a sustainable income model [8]

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]

（文章来源：证券日报） 证券日报网讯 8月29日晚间，新城控股发布公告称，公司不存在对控股股东和实际控制人及其关联人提 供担保的情形，也无逾期对外担保情形。 ...

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 achieved a revenue of 22.1 billion yuan in the first half of 2025, with a net profit attributable to shareholders of 0.895 billion yuan and a non-deductible net profit of 0.947 billion yuan, reflecting 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 collection amount of 11.88 billion yuan, achieving a collection rate of 115.05% [2] - As of the reporting period, the company had a cash balance of 9.183 billion yuan 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 yuan, down by 1.374 billion yuan from the beginning of the year [3] - The company’s joint venture interest-bearing liabilities decreased to 2.582 billion yuan, a reduction of 0.691 billion yuan compared to the beginning of the year [3] Commercial Operations - The company’s commercial operations generated a total revenue of 6.944 billion yuan in the first half of 2025, 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 [4] - The company has established a presence in 141 cities with 205 integrated projects, with a total operational area of 16.0814 million square meters and a stable occupancy rate of 97.81% [4] Strategic Initiatives - The company has implemented a "five-sided management philosophy" focusing on quality space, customer satisfaction, professional craftsmanship, green intelligence, and mutual engagement to enhance operational efficiency [5] - The company has successfully linked commercial activities with sports events, creating unique consumer experiences and enhancing brand value [5] Sustainable Growth - The company’s commercial operating income has significantly exceeded interest expenses since 2021, with the ratio reaching four times in the first half of 2025 [6] - The company’s construction management business has seen breakthrough developments, signing new contracts for over 3.05 million square meters in the first half of 2025, contributing to a sustainable income model [8] Financing Strategy - The company successfully issued a $300 million senior unsecured bond and a 1 billion yuan medium-term note, maintaining a low financing cost [7] - The company has diversified its financing channels, with approximately 4.479 billion yuan in new financing secured against its commercial properties [7]