Core Viewpoint - New City Holdings reported a mixed performance in its December and full-year 2025 operational summary, with revenue growth but significant declines in contract sales and sales area [1] Group 1: Revenue Performance - In December, the company achieved total commercial operating revenue of approximately 1.238 billion yuan, representing a year-on-year increase of 6.44% [1] - For the full year 2025, the company accumulated total commercial operating revenue of approximately 14.09 billion yuan, reflecting a year-on-year growth of 10% [1] Group 2: Contract Sales Performance - In December, the company recorded contract sales amounting to approximately 1.354 billion yuan, a year-on-year decrease of 57.80% [1] - The sales area for December was approximately 184,300 square meters, down 51.34% compared to the same period last year [1] - For the full year 2025, the total contract sales amounted to approximately 19.27 billion yuan, marking a year-on-year decline of 52.03% [1] - The cumulative contract sales area for the year was approximately 2.5358 million square meters, down 52.94% year-on-year [1]

Core Viewpoint - The company reported a decline in contract sales and sales area for December and the entire year of 2025, despite an increase in total commercial operating revenue for the same periods [1]. Group 1: Financial Performance - In December 2025, the company achieved total commercial operating revenue of approximately 1.238 billion, representing a year-on-year increase of 6.44% [1]. - For the full year 2025, the company accumulated total commercial operating revenue of approximately 14.09 billion, reflecting a year-on-year growth of 10.00% [1]. Group 2: Contract Sales - In December 2025, the company recorded a contract sales amount of approximately 1.354 billion, which is a year-on-year decrease of 57.80% [1]. - The sales area for December 2025 was approximately 184,300 square meters, down 51.34% compared to the same month last year [1]. - For the entire year 2025, the company accumulated contract sales amounting to approximately 19.27 billion, a decline of 52.03% year-on-year [1]. - The total contract sales area for the year was approximately 2.5358 million square meters, down 52.94% year-on-year [1]. Group 3: Debt Management - In the fourth quarter of 2025, the company repaid bonds in the domestic and international public markets totaling 3.788 billion [1]. - As of December 31, 2025, the company's equity interest in joint ventures had interest-bearing liabilities totaling 2.385 billion [1].

12月份公司实现商业运营总收入约12.38亿元，比上年同期增长6.44%;1-12月公司累计实现商业运营总收 入约140.90亿元，比上年同期增长10.00%。 智通财经APP讯，新城控股(601155.SH)发布公告，2025年12月份公司实现合同销售金额约13.54亿元， 比上年同期下降57.80%;销售面积约18.43万平方米，比上年同期下降51.34%。1-12月公司累计实现合同 销售金额约192.70亿元，比上年同期下降52.03%;累计合同销售面积约253.58万平方米，比上年同期下降 52.94%。 ...

| 贵州 | 2 | 2 | 175,541 | 111,214 | 99.68% | 35,386,256 | 116,818,646 | 135,513,924 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 青海 | 2 | 2 | 196,568 | 123,759 | 100.00% | 53,198,041 | 115,637,396 | 206,076,742 | | 内蒙古 | 2 | 2 | 190,313 | 109,548 | 97.99% | 22,405,965 | 79,060,214 | 90,259,904 | | 福建 | 3 | 3 | 261,872 | 155,394 | 99.79% | 52,427,553 | 161,355,464 | 202,850,690 | | 辽宁 | 3 | 3 | 299,107 | 155,755 | 99.05% | 44,786,360 | 212,472,386 | 175,439,892 | | 河南 | 4 | 6 | 534,195 | 316,27 ...

新城控股公告，12月份商业运营总收入12.38亿元，同比增长6.44%；1-12月140.9亿元，同比增长 10.00%。当月合同销售金额13.54亿元，同比下降57.80%，销售面积18.43万平方米。1-12月合同销售金 额192.7亿元，同比下降52.03%，销售面积253.58万平方米。四季度偿还境内外公开市场债券37.88亿 元，截至12月31日合联营公司权益有息负债23.85亿元。 ...

Core Insights - The real estate development sector saw an increase of 1.56% on January 8, with Daming City leading the gains [1] - The Shanghai Composite Index closed at 4082.98, down 0.07%, while the Shenzhen Component Index closed at 13959.48, down 0.51% [1] Stock Performance - Daming City (600094) closed at 4.50, up 6.89% with a trading volume of 914,600 shares and a transaction value of 406 million [1] - Phoenix Holdings (600716) closed at 4.21, up 6.85% with a trading volume of 324,500 shares and a transaction value of 134 million [1] - Sanxiang Impression (000863) closed at 6.41, up 6.48% with a trading volume of 869,500 shares and a transaction value of 540 million [1] - New Town Holdings (601155) closed at 15.24, up 4.89% with a trading volume of 246,800 shares and a transaction value of 370 million [1] - City Investment Holdings (600649) closed at 4.78, up 4.60% with a trading volume of 674,900 shares and a transaction value of 316 million [1] Capital Flow - The real estate development sector experienced a net outflow of 256 million from institutional investors and 226 million from speculative funds, while retail investors saw a net inflow of 482 million [2] - Vanke A (000002) had a net inflow of 2.20 billion from institutional investors, but a net outflow of 733.35 million from speculative funds [3] - Poly Developments (600048) had a net inflow of 1.82 billion from institutional investors, with a net outflow of 389.64 million from speculative funds [3]

Investment Rating - The report recommends a positive investment outlook for the real estate sector, highlighting specific stocks in various categories such as development, commercial residential, property management, and cultural tourism [1]. Core Insights - The report emphasizes the shift in the real estate industry from a focus on quantity to a focus on quality, driven by the new requirements set forth during the "15th Five-Year Plan" period, which aims for high-quality development [1][13]. - It identifies six key tasks to achieve high-quality development, including optimizing affordable housing supply and enhancing property service quality [1][61]. Summary by Sections 1. High-Quality Development as a New Requirement - The report discusses the significant changes in the real estate market, transitioning from a supply-demand imbalance to a potential oversupply situation, necessitating a focus on high-quality development [3][6]. - It outlines the central government's shift in policy from reducing leverage and total volume to stabilizing the real estate market and promoting quality [6][7]. 2. Understanding High-Quality Development - The report defines high-quality development as essential for meeting the people's aspirations for a better life, advancing modernization, and facilitating the transformation of the real estate industry [22][24]. - It presents three major significances, four key requirements, and six essential tasks for high-quality development [21][28]. 3. Policy Expectations for the 15th Five-Year Plan - The report anticipates that future policies will focus on risk prevention, quality improvement, and transformation in the development sector [62]. - It emphasizes the need for a balanced approach between short-term market stabilization and long-term structural reforms [36][60]. 4. Six Key Tasks for High-Quality Development - The report outlines six tasks: optimizing affordable housing supply, promoting sustainable market development, reforming development and financing systems, enhancing housing quality, improving property service quality, and establishing a safety management system for the entire lifecycle of housing [61][62].

Group 1 - The real estate ETF (512200) experienced a rise of over 2%, currently up 1.76%, marking a potential five-day increase, with a turnover of 3.82% and a transaction volume of 185 million yuan [1] - In 2025, the second-hand housing market in first-tier cities showed strong performance, with Shanghai's transaction volume reaching approximately 254,000 units, a four-year high, and Shenzhen's transactions totaling 68,200 units, a year-on-year increase of 5.7% [1] - The real estate market in 2025 is showing signs of recovery, with ten major real estate companies achieving sales exceeding 10 billion yuan, and an average sales amount of 17.655 billion yuan [1] Group 2 - Zhongyou Securities highlighted a significant policy shift towards systematic efforts to stabilize the real estate market, indicating that the market is expected to stabilize in 2026 [2] - The real estate ETF (512200) closely tracks the CSI All Share Real Estate Index, which categorizes companies into various industry levels, providing a comprehensive analysis tool for investors [2]

Core Viewpoint - The report from Caitong Securities highlights that New城控股 has over 30 years of experience in the industry, driven by both real estate development and commercial operations, leading to a significant scale in commercial management [1] Group 1: Company Overview - New城控股 has established a presence in 141 major cities and is managing 205 Wuyue Plazas, with 174 already opened, including 148 heavy asset projects and 26 light asset projects, positioning it among the top domestic listed real estate companies in terms of management scale [1] Group 2: Business Transition - The company is shifting its business focus from low-margin real estate development and sales to high-margin commercial operations, which is expected to enhance profitability [1] Group 3: Market Conditions - With years of deep engagement in the commercial sector, New城控股 has gradually formed scale advantages and brand effects, supported by ongoing consumer stimulus policies and a recovery in consumer demand, indicating a potential gradual recovery in company performance [1] Group 4: Investment Rating - The report initiates coverage with a "Buy" rating for New城控股, reflecting confidence in its future performance [1]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][69]. Core Views - The company has been deeply engaged in the real estate development and commercial operation sectors for over 30 years, with a dual-driven business model [8][12]. - The commercial operation segment has become a significant source of profit, with the company managing 205 Wuyue Plazas across 141 cities as of June 30, 2025 [8][30]. - The company's operational capabilities have improved, with retail sales and foot traffic steadily increasing, supported by consumer promotion policies [8][44]. - As the real estate market stabilizes, the impact of asset impairment provisions on performance is expected to gradually diminish [8][58]. - The company is transitioning from low-margin real estate development to high-margin commercial operations, which is anticipated to enhance profitability [8][69]. Summary by Sections 1. Company Overview - The company has expanded its business into commercial real estate since 2008, with significant growth in its commercial operations [12]. - The ownership structure is highly concentrated, with the Wang family as the actual controller [14]. 2. Commercial Operations - The company has a leading position in commercial management, with a steady increase in operational capabilities [8][30]. - The commercial operation revenue has shown a compound annual growth rate of 13.1% from 2022 to 2024, with a 11.29% year-on-year increase in the first half of 2025 [22][44]. - The gross profit margin for property leasing and management has been improving, reaching 71.2% in the first half of 2025 [38]. 3. Real Estate Development - The company has paused land acquisitions to reduce risk exposure, resulting in a 13.1% year-on-year decrease in total land reserves as of the first half of 2025 [49]. - Sales revenue has declined significantly, but the average selling price has stabilized, increasing by 6.5% year-on-year in the first half of 2025 [53][55]. 4. Financial Performance - The company is actively reducing debt, with interest-bearing liabilities decreasing by 6.3% year-on-year to 52.3 billion yuan in the first half of 2025 [62]. - The average financing cost has dropped to 5.55%, down 37 basis points from the end of 2024 [62]. 5. Profit Forecast and Valuation - The company is expected to see a gradual recovery in net profit, with projections of 862 million yuan, 968 million yuan, and 1.12 billion yuan for 2025, 2026, and 2027 respectively [69]. - The estimated earnings per share (EPS) for the same period are projected to be 0.38 yuan, 0.43 yuan, and 0.50 yuan [69].