Core Viewpoint - The real estate industry is undergoing a deep adjustment period, shifting focus from "scale" to "operation," with an emphasis on quality as a competitive advantage. Companies must adapt to this transformation to thrive in the market [1]. Financial Performance - 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 total contract sales reaching 10.33 billion yuan and a total cash recovery of 11.884 billion yuan, achieving a cash recovery rate of 115.05% [1]. - The company maintained positive operating cash flow for eight consecutive years, with a cash balance of 9.183 billion yuan and a net debt ratio of 53.40% as of the reporting period [5][6]. Commercial Operations - The commercial operations segment generated a total revenue of 6.944 billion yuan, reflecting a year-on-year growth of 11.78%, highlighting the resilience of the company's nationwide commercial operations [2]. - The total foot traffic at Wu Yue Plaza reached 950 million, with total sales exceeding 51.5 billion yuan, marking a year-on-year increase of 16.0% and 16.5%, respectively [2]. Strategic Initiatives - The company adopted a "five-sided" operational philosophy focusing on quality space, customer satisfaction, craftsmanship, green intelligence, and mutual engagement to enhance customer experience and asset returns [3]. - New City Holdings successfully issued a $300 million senior unsecured bond and a 1 billion yuan medium-term note, demonstrating its ability to access diverse financing channels [6][7]. Social Responsibility - The company has delivered over 16,000 properties across 36 projects, with a total completion area of 2.7765 million square meters, while actively participating in various public welfare activities [9]. - New City Holdings has planted 205,000 trees and contributed to greening efforts over 2.05 million square meters, aligning with its commitment to sustainable development and ESG principles [10]. Market Position - As of the reporting period, the company operated 205 Wu Yue Plaza complexes, with an occupancy rate of 97.81%, solidifying its position as a leader in the commercial real estate sector [4]. - New City Holdings received multiple accolades, including rankings in the top 10 for comprehensive strength and financing capability among China's real estate companies [10].

Core Viewpoint - In the first half of 2025, the company achieved sales of 10.33 billion, a year-on-year decrease of 56.14%, while the collection amount reached 11.884 billion, resulting in a collection rate of 115.05% [3][4][7] - The company has not added new land reserves in the public market during the first half of 2025, with over 60% of land reserves located in third and fourth-tier cities, indicating a need for structural adjustment [9][10] - The gross profit margin increased year-on-year, with overall profit margins remaining relatively stable despite a decrease in revenue [12] - The financing sector made breakthroughs, successfully issuing 1 billion medium-term notes at a historical low interest rate of 2.68% [14][15] - The commercial operation segment has expanded significantly, with over 16 million square meters of operational space, becoming a crucial support for the company's profit structure [16][17] Sales Performance - The company achieved a sales amount of 10.33 billion, with a sales area of 1.335 million square meters, and an average selling price of 7,738 yuan per square meter, all showing significant declines year-on-year [4][7] - The contribution from the Yangtze River Delta region decreased, while the Bohai Rim region's contribution increased by 5 percentage points to 27% [7] Land Reserve Structure - The company has not added new land reserves in the public market, with an estimated available land reserve of approximately 32.1 million square meters by the end of the first half of 2025 [10] - Land reserves are concentrated in third and fourth-tier cities, accounting for over 60%, with only 39% in first and second-tier cities [10] Profitability Metrics - The company reported total revenue of 22.1 billion, a decrease of 34.8% year-on-year, with real estate business revenue down 44.9% [12][21] - The gross profit margin improved to 26.85%, an increase of 5.25 percentage points year-on-year, despite a decrease in net profit [12][21] Financing Achievements - The company successfully issued a 3-year, 300 million USD senior unsecured bond, marking the first private real estate offshore bond in three years, followed by the issuance of 1 billion medium-term notes [15] - The average financing cost decreased to 5.55%, down 0.37 percentage points from the end of 2024 [15] Commercial Operations - The company operates 205 Wuyue Plazas across 141 cities, with a total operational area of 16.0814 million square meters [17] - Commercial operating income reached 6.944 billion, a year-on-year increase of 11.8%, with a gross profit margin of 71.2% [17]

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]

Group 1 - The company achieved a total commercial operating revenue of approximately 1.194 billion yuan in August 2025, representing an increase of 8.83% compared to the same period last year [1] - From January to August 2025, the cumulative commercial operating revenue reached approximately 9.338 billion yuan, reflecting a growth of 10.91% year-on-year [1] - The rental income includes rent, management fees, parking fees, and other miscellaneous management fees [1] Group 2 - In August 2025, the company realized a contract sales amount of approximately 1.576 billion yuan, with a sales area of about 198,800 square meters [1] - From January to August 2025, the cumulative contract sales amount was approximately 13.566 billion yuan, with a total sales area of about 1.7478 million square meters [1]

（文章来源：证券日报） 证券日报网讯 9月8日晚间，新城控股发布公告称，8月份公司实现商业运营总收入约11.94亿元，比上年 同期增长8.83%。 ...

Core Viewpoint - The recent policy adjustments in major cities are aimed at stabilizing the real estate market, indicating a need for further inventory reduction, credit restoration, and enhanced profitability for companies [1] Group 1: Company Performance - As of June 30, 2025, the company reported a revenue of 22.1 billion and a net profit of 0.895 billion, with a gross margin of 26.85%, reflecting a year-on-year increase of 5.25 percentage points [1] - The company has successfully balanced operational quality and financial safety, demonstrating resilience amid industry uncertainties [1] - The commercial operations segment has become a significant contributor to overall performance, with total revenue reaching 6.944 billion, a year-on-year growth of 11.8% [2] Group 2: Business Strategy - The company is implementing a "residential + commercial" dual-driven strategy, which has led to a more stable operational model [1][2] - The "Wuyue" brand has been a focal point for the company, emphasizing a unique operational model and customer engagement through various initiatives [3] - The company has expanded its footprint to 141 cities with 205 integrated projects, achieving a high occupancy rate of 97.81% [4] Group 3: Financial Health - The company has reduced its financing balance to 52.276 billion, optimizing its debt structure while maintaining a cash reserve of 9.183 billion [6] - The company has successfully issued bonds and notes, including a 3 billion USD bond and a 1 billion CNY medium-term note, reflecting strong market confidence [7] - The company has maintained a net debt ratio of 53.40%, which is considered low within the industry [6] Group 4: Future Outlook - The company aims to balance cash flow preservation, delivery assurance, and value maintenance while focusing on refined management to enhance operational efficiency [8] - The company is actively pursuing diverse financing avenues, including REITs and ABS products, to support its asset management strategy [7]

北京商报讯（记者 王寅浩 李晗）9月8日，新城控股披露8月经营简报。简报显示，8月新城控股实现合 同销售金额约15.76亿元；销售面积约19.88万平方米。 ...