证券代码：601155 证券简称：新城控股 编号：2025-040 新城控股集团股份有限公司 2025 年 6 月份及第二季度经营简报 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。 本公司董事会提醒，披露信息所有经营数据未经审计，月度及季度经营数据与 定期报告数据可能存在差异，仅供投资者了解公司现时经营状况作参考。 省份 出租物业数量 总建筑面 积（平方 米） 可供出租 面积（平 方米） 出租率 二季度租金 收入（元） 年度累计租金收入（元） 2024年 半年度 2025年 半年度 2024年半年度 2025年半年度 江苏 40 43 3,997,787 2,367,025 98.06% 889,219,910 1,632,907,590 1,766,641,660 浙江 17 18 1,618,168 982,556 97.38% 398,221,702 745,202,379 795,439,532 安徽 15 14 1,258,300 757,816 98.16% 228,134,064 430,011,675 462 ...

Core Viewpoint - The company reported a significant decline in contract sales for June 2025, indicating ongoing challenges in the real estate market [1] Sales Performance - In June 2025, the company achieved a contract sales amount of approximately 1.493 billion, representing a year-on-year decrease of 60.71% [1] - The contract sales area for June 2025 was about 196,400 square meters, down 62.60% compared to the same period last year [1] - For the first half of 2025, the cumulative contract sales amount reached approximately 10.33 billion, reflecting a year-on-year decline of 56.15% [1] - The cumulative contract sales area for the first half of 2025 was around 1.335 million square meters, which is a decrease of 59.08% year-on-year [1]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [5] Core Insights - The report indicates that the real estate market is still in a destocking trend, with new housing market conditions remaining challenging despite some policy support aimed at stabilizing expectations and promoting recovery [4][32] - The report highlights the importance of strong product capability and inventory management in identifying quality real estate companies for investment [5] Summary by Sections Industry Data - New housing transaction volume in 34 key cities decreased by 0.3% week-on-week, with first and second-tier cities seeing a 2% increase while third and fourth-tier cities experienced a 38% decline [6] - In July, the cumulative transaction volume for new homes in 34 cities dropped by 25% year-on-year, with first and second-tier cities also down by 25% [9][10] - The inventory of new homes in 15 cities decreased by 1% week-on-week, with a current available area of 88.85 million square meters [23] Policy and News Tracking - The Ministry of Housing and Urban-Rural Development emphasized the need for multi-faceted approaches to stabilize expectations and promote recovery in the real estate market [32][33] - Local policies include the expansion of housing provident fund loans in Nanjing and new policies in Hainan and Guangzhou to facilitate housing loans [32][33] Company Dynamics - Vanke has applied for a loan of up to 6.249 billion yuan from Shenzhen Metro Group, marking the sixth loan transaction this year [5] - Poly Developments reported sales of 29 billion yuan, down 31% year-on-year, while China Overseas Development reported 29.7 billion yuan, down 36% [5] - The report recommends focusing on quality real estate companies with strong product capabilities and inventory management, including companies like China Overseas Development and Poly Developments [5]

Investment Rating - The industry investment rating is "Positive (Maintain)" [5] Core Insights - In June, the sales of the top 100 real estate companies saw a year-on-year decline, with total sales amounting to 370.7 billion yuan, a decrease of 21% compared to the previous year. The total sales area was 16.8 million square meters, down 30% year-on-year, indicating a widening decline compared to May [2] - The cumulative sales for the first half of the year for the top 100 companies decreased by 11% to 1.8 trillion yuan, reflecting a seasonal decline in the second quarter after a temporary stabilization in the first quarter due to policy effects [2] - The report anticipates that the launch of more "good housing" in core cities will lead to a hot market in first and second-tier cities, while third and fourth-tier cities will continue to experience low transaction volumes [2] Summary by Sections Sales Performance - In June, the sales performance of the top 100 real estate companies showed a significant decline, with the top 10 companies experiencing a 26% drop in sales, while the second and third tiers saw declines of 13% and 18% respectively [2] - The report highlights that the sales decline is expected to narrow in 2025 due to improved housing quality and stability in new home prices in high-energy cities [2] Market Dynamics - The report discusses the competitive pressure of high-value new homes on the second-hand market, emphasizing that the advantages of new homes stem from local government concessions on land prices and planning [3] - It notes that the second-hand housing market has seen a significant drop in transaction volume since April, with new residential prices in 70 cities declining by 0.22% month-on-month and 4.08% year-on-year as of May [3] Policy Outlook - The report suggests that there is a high likelihood of new supportive policies being introduced in the third quarter, especially in first-tier cities like Beijing and Shanghai, where there is still room for relaxation of purchase restrictions [3] - Potential policy measures include easing of provident fund withdrawal policies and monetary policy support, which could stimulate short-term market recovery [3] Investment Recommendations - The report recommends focusing on stocks with strong price elasticity, including Beike-W (02423, Buy), Jindi Group (600383, Increase), Longfor Group (00960, Buy), Poly Development (600048, Buy), and China Merchants Shekou (001979, Buy) [7]

Core Insights - The article discusses the competitive landscape of shopping malls in Jiangsu province, highlighting the ongoing battle among cities like Nanjing, Suzhou, Wuxi, and others to attract consumers and establish themselves as commercial hubs [2][5]. Group 1: Key Commercial Centers - Nanjing Deji Plaza is recognized as a leading luxury shopping destination, generating sales of 24.5 billion in 2024, and is noted for its high-end brand presence, including Hermès, Chanel, and Louis Vuitton [18]. - Wuxi Henglong Plaza, known as "Little Shanghai," features a luxury brand matrix with over 30 high-end brands and has a daily foot traffic of over 64,000 in early 2025 [5][8]. - Suzhou Renheng Warehouse Street, opened in September 2023, combines cultural heritage with modern shopping, featuring over 170 brands and a daily foot traffic of over 50,000 [12][11]. Group 2: Emerging Players - Changzhou Wujin Wuyue Plaza, which opened in May 2012, has become a commercial leader in Changzhou, achieving sales of 2.5 billion in 2024 and hosting over 350 brands [14][16]. - Nantong CBD Dayoujing, operational since November 2011, has maintained an average annual sales of over 1.5 billion and attracts over 50,000 visitors daily [33][37]. - Taizhou Vanke City, opened in June 2021, has quickly established itself as a commercial hotspot, with over 250 brands and a daily foot traffic of over 40,000 [38][40]. Group 3: Market Dynamics - The article emphasizes the fierce competition among shopping malls in Jiangsu, with each city striving to enhance their commercial offerings and attract high-value consumers through innovative marketing and brand strategies [5][19]. - The concept of "first-store economy" is highlighted, where new brands and flagship stores are crucial for driving foot traffic and sales, as seen in various malls across the province [12][41]. - The integration of cultural elements and local aesthetics into mall designs is becoming a trend, as exemplified by projects like Xu Zhou Wen Miao and Huai An Hua Xin Mall, which aim to create unique shopping experiences [52][60].

Group 1 - The article highlights the resurgence of private enterprises in the real estate market, with numerous companies actively acquiring land across various regions in China, indicating a revitalization of the sector [1][4][7] - There are two main perspectives in the industry regarding this trend: one is optimistic about the potential of these companies, while the other is cautious, recalling the failures of major players like Evergrande and Country Garden [2][3] - The article notes that many private enterprises are seizing opportunities in a market that has been disrupted, with some companies focusing on smaller, manageable projects rather than large-scale expansions [3][6] Group 2 - The article identifies several active private companies, such as Bangtai Group and Wanhu Group, which are making significant land acquisitions in cities like Chengdu and Wuhan, showcasing their ambition to grow despite market challenges [7][9][15] - It discusses the competitive landscape, where private enterprises are not only competing with each other but also with state-owned enterprises that have gained more influence in the market [5][6] - The article emphasizes the importance of product quality and delivery in the current market, suggesting that both private and state-owned enterprises must focus on these aspects to succeed [18][19]

Core Insights - The opening of two commercial complexes, Xinma Wuyue Plaza and Hengtai City, in Zibo's Zhangdian District marks a significant step in optimizing the business environment and promoting high-quality economic development [1][4][7] - The Xinma Wuyue Plaza achieved over 460,000 visitors and a sales completion rate of 117% within three days of opening, showcasing its strong market reception [4] - Hengtai City aims to become a regional consumption center by offering a diverse range of services, including high-end retail, dining, and entertainment, under the principles of intelligence, scenario, and ecology [4][7] Business Environment Optimization - Zhangdian District established a coordination and support team to streamline the approval process for the new commercial projects, ensuring efficient service and timely assistance [5][7] - The district's proactive approach in facilitating project preparations has been acknowledged by business leaders, highlighting the effectiveness of the "one-stop service" model [5] Economic Development Strategy - Zhangdian District is focusing on attracting quality enterprises and resources while revitalizing underutilized land to build a modern industrial system characterized by a "2+4" framework [1][7] - The district plans to continue enhancing its economic landscape by promoting the transformation and upgrading of trade and commerce enterprises, aligning with trends in commercial evolution and consumer upgrades [7]

Core Viewpoint - New City Holdings has made significant personnel changes in its commercial management division, which contributes over 10 billion in annual revenue, indicating a strategic shift to enhance operational efficiency and management capabilities [1][2] Group 1: Personnel Changes - New City Holdings' commercial management company has undergone major personnel changes, affecting seven regional general manager positions [1] - Key appointments include Zhou Wang as the general manager for the Hu-Su region and Li Changjiang as the general manager for the Su-Zhong region [1] - The company operates over 170 projects across 13 regions, highlighting its extensive management structure [1] Group 2: Financial Performance - In 2022, New City Holdings' commercial operations revenue exceeded 10 billion for the first time, maintaining this scale since then [2] - For the year 2023, the total revenue from commercial operations reached 12.8 billion, a year-on-year increase of 13.1% [2] - The property leasing and management income was 12.03 billion, contributing 13.52% to the company's total revenue, with a gross profit of 8.44 billion and a gross profit margin of 70.17% [2] Group 3: Market Position - As of the end of 2024, New City Holdings has established 173 commercial complex projects, with the "Wuyue Plaza" covering a commercial area of 16.01 million square meters [2] - According to industry rankings, Wuyue's commercial management ranks third nationally, following Wanda and Inl Group [2]

Investment Rating - The report rates the real estate industry as "Outperform" [1] Core Insights - New home transaction area increased on a month-on-month basis but decreased year-on-year, with a significant drop in the year-on-year rate of decline [1] - The inventory of new homes and the de-stocking cycle both decreased on a month-on-month and year-on-year basis [1] - The land market saw both volume and price increases, with a notable rise in the premium rate [1] - Domestic bond issuance by real estate companies decreased significantly, indicating tighter financing conditions [1] - The absolute return of the real estate sector increased, while the relative return compared to the CSI 300 also improved [1] Summary by Sections 1. Key City New Home Market, Second-hand Home Market, and Inventory Tracking - New home transaction area for 40 cities was 3.366 million square meters, up 37.0% month-on-month but down 25.7% year-on-year [1][18] - Second-hand home transaction area decreased by 2.7% month-on-month but saw a smaller year-on-year decline of 0.9% [1][18] - New home inventory area for 12 cities was 87.42 million square meters, down 0.3% month-on-month and down 16.3% year-on-year [1][45] 2. Land Market Tracking - Total land transaction area for 100 cities was 15.761 million square meters, up 47.9% month-on-month and up 25.6% year-on-year [1][14] - Total land transaction price reached 57.35 billion yuan, up 186.7% month-on-month and up 155.3% year-on-year [1][14] - The average floor price of land was 3,639 yuan per square meter, up 93.9% month-on-month and up 103.2% year-on-year [1][14] 3. Industry Policy Review - The report highlights ongoing government efforts to stabilize the real estate market through various supportive measures [1][6] 4. Sector Performance Review - The absolute return of the real estate sector was 3.1%, an increase of 4.8 percentage points from the previous week [1][15] - The sector's price-to-earnings ratio (PE) was 23.85X, up 0.68X from the previous week [1][15] 5. Company Announcements - The report includes a summary of key company announcements within the real estate sector for the week [1][15] 6. Bond Issuance Situation - The total bond issuance in the real estate sector was 4.79 billion yuan, down 43.0% month-on-month and down 37.1% year-on-year [1][15]

Group 1 - The investment rating for the real estate development sector is "Buy" for specific companies such as Poly Development, China Merchants Shekou, and Shanghai Lingang, while "Hold" is given to others like New Town Holdings and Binjiang Group [5][29][63] - The report highlights that the real estate sector's beta is currently weak, with significant declines in investment and new construction areas, but structural alpha opportunities are emerging due to regional and urban differentiation [3][56][59] - Key companies in the real estate development sector have shown varying performance, with New Town Holdings and Binjiang Group leading in A-shares, while Jianfa International Group and China Jinmao excelled in H-shares [21][24][29] Group 2 - The investment rating for the property service sector is also "Buy" for companies like China Resources Mixc Life and Greentown Service, while "Hold" is assigned to others [53][63] - The property service sector has shown resilience, with a slight increase in market performance, although it still lags behind the broader indices [45][48] - Key companies in the property service sector, such as Poly Property and China Overseas Property, have demonstrated strong performance in recent months, indicating a positive outlook for the sector [48][53][54]