作为新城控股面向消费者端打造的年度商业IP，2025年"我爱你·五月"积极响应国家"健康中国2030"战 略，以"吾悦爱健康"为主题，将健康理念贯穿活动全链路，通过打造场景更丰富、供给更创新的消费生 活，为消费者带来实实在在的幸福感。 4月28日晚，"我爱你·五月"超级主会场在"世界健康之城"——海口正式启幕，在集商业、文化与健康于 一体的海口吾悦广场，新城控股特邀全民健身教练——刘畊宏，于活动现场发布定制版"吾悦健身操"。 启动仪式上，刘畊宏的现场领操，更是将吾悦健康之夜现场气氛推向高潮。 值得一提的是，新城控股还利用先进的大屏联网技术，将健康之夜超级主会场的盛况分享给全国136座 城市的消费者，让"吾悦健身操"在全国范围内快速传播，也在即将到来的初夏时节掀起一场全民参与的 运动热潮。 据悉，"吾悦健康操"的发布只是一个开始，在2025"我爱你·五月"持续一个多月的时间里，全国吾悦广 场还将围绕"吾悦健康操"这一话题发起多场线上线下互动挑战。其中，5月24日，新城控股将携手刘畊 宏在上海青浦吾悦广场与全国4个分会场连线，带领千人共跳健身操，挑战"最多人同时线上线下跳操" 吉尼斯世界纪录 荣誉。不仅将激发消费 ...

据悉，此次活动上，来自小米集团、柒牌集团、霸王茶姬、达美乐四家吾悦广场合作品牌的爱心代表也 相聚在此，与新城的"公益先锋"们一起，共赴绿色之约。对于新城来说，这是其公益历程中的一次全新 篇章，不仅体现了商业与公益的深度联动，也传递出"责任共生"的理念。 去年10月，吾悦商管发布绿色低碳行动倡议书，希望多方携手让公益的根系扎得更深、枝繁叶茂，此次 集结也是双方在公益领域的一次"双向奔赴"，共同书写公益向善、生态和谐的新叙事，构建公益生态 圈。 四月，春意盎然，在千里之外的腾格里沙漠中也盛放着属于春日的绿色生机。4月19日，新城控股 （601155）(601155.SH)启动2025年春种计划公益活动，来自全国各地的39名志愿者怀揣公益之心跨越 数千公里，齐聚在内蒙古阿拉善盟腾格里沙漠，开启新一年的绿色征途，为新绿行动第二个五年计划持 续接力。 聚势向新构建公益生态圈 2018年，新城控股联合中国绿化基金会"百万森林计划"共同推出"七色光计划.新绿行动"环保项目，号 召"一人捐赠一棵树"，帮助改善气候贫困地区生态环境，遏制全球沙漠化，并于同年开启第一个五年计 划，即"百万绿色'新'愿"，计划在五年内捐赠10万株树 ...

Investment Rating - The report gives a "Strong Buy" rating for the company, indicating a positive outlook for potential investors [4]. Core Views - The company is positioned to reverse its current challenges due to its strong commercial operations and manageable debt risks, with a focus on the "Residential + Commercial" real estate model [1][3]. Company Overview - The company operates under a "Residential + Commercial" dual-driven model, with commercial gross profit accounting for nearly 50% of total revenue [15][19]. - As of the end of 2024, the company has developed a significant portfolio of commercial properties, with 200 shopping centers (Wuyue Plaza) across 136 cities, totaling an opening area of 16.01 million square meters [37][41]. Commercial Operations - The company emphasizes "scale leadership and deep operation," achieving a high average occupancy rate of 97.7% for its shopping centers, with total commercial operating revenue reaching 12.808 billion yuan in 2024, a year-on-year increase of 13.10% [1][42]. - The total foot traffic for Wuyue Plaza reached 1.766 billion visits in 2024, reflecting a 19% increase year-on-year [1][42]. Development and Sales - The company's development and sales business is expected to continue contracting, with a projected sales amount of 40.2 billion yuan in 2024, down 47.1% year-on-year [57]. - The company has ceased land acquisitions since 2022, leading to a further reduction in development scale, while the contribution from commercial operations to profits is anticipated to increase [2][69]. Financial Overview - The company has successfully reduced its debt costs, with an average financing cost of 5.92% in 2024, down 28 basis points from 2023 [2][74]. - As of the end of 2024, the company’s total interest-bearing debt was 54.1 billion yuan, a decrease of 4.9% from the previous year, indicating a trend of declining debt levels [74][75]. Profit Forecast and Investment Recommendations - The company is expected to see a gradual recovery in profitability, with projected net profits for 2025, 2026, and 2027 at 89.9 billion, 124.5 billion, and 141.9 billion yuan respectively [3][83]. - The report suggests that the company's stock price could reasonably range between 14.83 and 17.55 yuan in 2025, based on absolute and relative valuation metrics [3].

Investment Rating - The report gives a "Strong Buy" rating for the company, indicating a positive outlook for potential investors [4]. Core Views - The company is positioned to reverse its current challenges due to its strong commercial operations and manageable debt risks, with a focus on the "Residential + Commercial" real estate model [1][3]. - The commercial segment is expected to increasingly contribute to profits as the residential development business continues to decline [2][3]. Summary by Sections 1. Company Overview - The company operates under a "Residential + Commercial" dual-driven model, with commercial gross profit approaching 50% [15]. - It has a significant presence in both residential and commercial real estate, with a focus on cash flow stability [19]. 2. Commercial Operations - The company emphasizes "scale leadership and deep operation," with a leading opening scale in the industry [37]. - As of the end of 2024, the company has opened 200 shopping centers, with a total area of 16.01 million square meters and an average occupancy rate of 97.7% [41][42]. - The total revenue from commercial operations reached 12.808 billion yuan in 2024, a year-on-year increase of 13.1% [42]. 3. Development and Sales - The company has ceased land acquisitions since 2022, leading to a further contraction in development and sales scale [2][57]. - In 2024, the sales amount was 40.2 billion yuan, a year-on-year decline of 47.1% [58]. - The company has adequately provisioned for inventory impairment, with a provision of 11.56 billion yuan, representing 10.6% of the inventory book balance [69]. 4. Financial Overview - The company has successfully reduced its interest-bearing debt and optimized its debt structure, with a financing cost of 5.92% in 2024, down 28 basis points from 2023 [2][74]. - As of the end of 2024, the total interest-bearing debt was 54.1 billion yuan, a decrease of 4.9% from the previous year [75]. 5. Profit Forecast and Investment Recommendations - The company is expected to see a gradual recovery in profitability, with projected net profits of 89.9 billion yuan, 124.5 billion yuan, and 141.9 billion yuan for 2025-2027 [3][83]. - The report suggests that the company's stock price could reach a reasonable range of 14.83 to 17.55 yuan by 2025, corresponding to a price-to-book ratio of 0.55 to 0.65 [3].

申银万国研究所指出，去年9月底以来"止跌回稳"政策组合拳走在正确的道路上，在需求侧，政府持续 要求"止跌回稳"和"稳住楼市股市"表明了强调修复居民资产负债表并释放消费的政策思路，而供给侧， 政府要求"严控增量"以及推进收储和推好地好房子等措施则表明了强调通过新房保价引导市场价格修复 的政策思路，并预计后续政策仍将在供需两端持续发力。 西部证券认为，房地产作为可选消费，需求潜力仍有进一步释放空间，为扩大内需提供动能，新一轮政 策出台预期提升。 地产LOF(160628)，一键共享房地产复苏发展机遇。 消息面上，国家统计局16日发布2025年3月份70个大中城市商品住宅销售价格变动情况。70个大中城市 中，商品住宅销售价格环比上涨城市个数增加；一线城市商品住宅销售价格环比上涨。 除此之外，各地仍在积极优化房地产相关政策。比如，多地优化公积金贷款政策，优化方向主要包括降 低首套房、二套房公积金贷款首付比例，提高公积金贷款最高额度，优化公积金贷款住房套数认定标 准，优化"商转公"，支持提取公积金用于首付等。此外，还有一些城市推出特色金融产品，一些城市在 购房补贴、住房"以旧换新"等方面加大政策支持力度。 国家统计局表 ...

Summary of Conference Call Notes Company and Industry Overview - The conference call discusses the real estate industry, specifically focusing on Xincheng Holdings, a company involved in residential and commercial property development [1][2][3]. Core Insights and Arguments - **Market Conditions**: The real estate market is currently experiencing a slowdown, particularly in first-tier cities, although transactions in cities like Chengdu and Hangzhou remain relatively stable [1]. - **Government Policies**: There has been a shift from market-driven policies to more government intervention, which may impact the market dynamics and recovery [2]. - **Company Resilience**: Despite challenges, Xincheng Holdings is viewed as having potential for recovery and growth, particularly in its commercial sector, which has shown resilience [3][6]. - **Commercial Performance**: The company’s commercial properties are performing well, with a focus on maintaining growth despite economic pressures [6][8]. - **Sales Trends**: Sales figures have shown a decline, with a reported drop of 44% compared to previous months, indicating ongoing challenges in the residential development sector [11]. - **Financial Health**: The company is managing its financials cautiously, with a focus on maintaining cash flow and reducing debt levels [16][19]. Additional Important Points - **Family Ownership**: Xincheng Holdings is characterized as a family-run business, which may influence its operational stability and decision-making processes [6]. - **Market Positioning**: The company has strategically positioned itself in third and fourth-tier cities, where competition is less intense compared to first-tier cities [9][10]. - **Future Projections**: Revenue projections for 2025 are estimated at approximately 14 billion, with expectations for continued growth in the commercial sector [10]. - **Valuation Concerns**: The company’s valuation remains a topic of discussion, with analysts suggesting a cautious approach to investment due to existing financial pressures [19]. - **Risk Factors**: Potential risks include ongoing financial pressures and the need for strategic asset management to avoid significant losses [20]. This summary encapsulates the key points discussed during the conference call, providing insights into the current state and future outlook of Xincheng Holdings and the broader real estate industry.

在房地产行业面临政策支持以及市场调整并存的一年，新城控股用一份"双轮驱动、财务稳健"的2024年 财报，向市场展示了房企穿越周期的新范式：当传统住宅开发业务面临增速换挡时，以吾悦广场为核心 的商业运营板块正成为利润压舱石，与此同时，"轻重并举"的商业模式更在重构其估值逻辑。 具体来看新城控股交出的这份年报，财报数据显示，2024年公司实现营业收入890亿元，归属于上市公 司股东的净利润7.52亿元，同比增长2.07%，扣非归母净利润8.70亿元，同比增长183.07%。在行业仍然 承压的背景下，新城控股的业绩表现整体稳健。 1· "住宅+商业"双轮驱动，"现金牛"引发三重价值嬗变 过去一年，在地产开发业务上，新城控股持续稳固基本盘，全年实现合同销售金额约401.71亿元，合同 销售面积约538.82万平方米；实现回款金额411.29亿元，回款率达到102%。同时，公司积极推进"保交 付"，年内共计完成超10万套物业的高品质交付。 可以看到，公司住宅开发业务保持韧性，为公司筑牢基本盘。与此同时，商业运营板块则成为利润增长 的重要引擎。 2024年，公司商业运营总收入达128亿元，同比增长13.1%，超额完成目标 ...

房地产/房地产开发 新城控股（601155.SH） 销售规模有所收缩，商管经营表现优异 2025 年 04 月 11 日 投资评级：买入（维持） | 日期 | 2025/4/10 | | --- | --- | | 当前股价(元) | 13.20 | | 一年最高最低(元) | 16.70/7.95 | | 总市值(亿元) | 297.74 | | 流通市值(亿元) | 297.74 | | 总股本(亿股) | 22.56 | | 流通股本(亿股) | 22.56 | | 近 3 个月换手率(%) | 41.85 | 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 120% 2024-04 2024-08 2024-12 新城控股 沪深300 相关研究报告 《结转规模有所下降，出租物业表现 优异—公司信息更新报告》-2025.3.31 《销售规模收缩，租金收入双位数增 长—公司信息更新报告》-2025.2.12 《负债稳健融资畅通，商业运营达成 收 入 目 标 — 公 司 信 息 更 新 报 告 》 -2025.1.13 | 齐东（分析师） | 胡耀文（分析师） | 杜致远（联系人） | ...

房地产/房地产开发 新城控股（601155.SH） 销售规模有所收缩，商管经营表现优异 2025 年 04 月 11 日 投资评级：买入（维持） | 日期 | 2025/4/10 | | --- | --- | | 当前股价(元) | 13.20 | | 一年最高最低(元) | 16.70/7.95 | | 总市值(亿元) | 297.74 | | 流通市值(亿元) | 297.74 | | 总股本(亿股) | 22.56 | | 流通股本(亿股) | 22.56 | | 近 3 个月换手率(%) | 41.85 | 股价走势图 新城控股发布 2025 年 3 月经营简报，公司销售规模下降，竣工交付有条不紊， 商管经营表现优秀，租金收入保持双位数增长。公司整体经营稳健，商业出租率 维持高位，债务压力相对可控，我们维持盈利预测，预计 2025-2027 年归母净利 润分别为 10.5、15.1、17.6 亿元，EPS 分别为 0.5、0.7、0.8 元，当前股价对应 PE 分别为 28.4、19.8、16.9 倍，公司出租物业增长势头较好，看好公司业务结 构调整后盈利能力回升，维持"买入"评级。 销售规模收缩， ...

新城控股集团股份有限公司 2025年3月份及第一季度经营简报 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。 证券代码：601155 证券简称：新城控股 编号：2025-025 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。 一、公司2025年1-3月房地产出租情况 ■ 注：1、上海包含上海新城控股大厦B座办公楼出租情况。 2、租金收入包含租金、管理费、停车场、多种经营及其他零星管理费收入。 3、2025年1-3月公司商业运营总收入为34.48亿元（即含税租金收入），包含：商铺、办公楼及购物中 心的租金、管理费、停车场、多种经营及其他零星管理费收入；2024年同期公司商业运营总收入为 30.39亿元（即含税租金收入）。 4、出租率为2025年3月31日当日商业物业出租情况。 二、公司2025年3月份经营情况 1-3月累计合同销售金额约51.02亿元，比上年同期下降57.29%，累计合同销售面积约65.77万平方米，比 上年同期下降60.18 ...