Core Viewpoint - The company demonstrates resilience and growth potential through its dual-driven strategy of "real estate development + commercial operations," achieving significant financial results despite industry challenges [2][3][8]. Financial Performance - The company reported a total revenue of 890 billion yuan, with a net profit attributable to shareholders of 7.52 billion yuan, reflecting a year-on-year growth of 2.07%. The net profit excluding non-recurring items reached 8.70 billion yuan, up 183.07% [2][3]. - The total revenue from commercial operations was 128.08 billion yuan, marking a 13.10% increase and exceeding the annual target of 125 billion yuan [2]. - The company achieved a total asset value of 3,071.93 billion yuan and a net asset value of 608.69 billion yuan by the end of the reporting period [3]. Operational Highlights - The company completed a contract sales area of 5.3882 million square meters, with a total contract sales amount of 401.71 billion yuan, achieving a cash recovery rate of 102.38% [3]. - The company maintained a cash balance of 10.296 billion yuan and a net debt ratio of 52.44%, indicating a strong cash flow position [4]. Brand and Market Position - The company operates 200 Wuyue Plazas across 136 cities, with an occupancy rate of 97.97% and a total sales volume of 905 billion yuan, reflecting a 19% year-on-year growth [6]. - The company has been recognized in various industry rankings, securing the fourth position in "Top 10 Commercial Real Estate Comprehensive Strength" and the second position in "Top 10 Commercial Real Estate Operations" [6]. Strategic Initiatives - The company plans to open 16 new projects in 2025, with a total construction area of 1.6955 million square meters, and aims to complete 104 projects with a total area of 5.5505 million square meters [8][9]. - The company emphasizes a "Five-Dimensional Management Philosophy" focusing on quality space, customer satisfaction, professional craftsmanship, green intelligence, and mutual engagement to enhance its competitive edge in the commercial real estate sector [7][9].

Investment Rating - The report maintains an "Overweight" rating for the real estate sector, with a focus on financially stable and well-performing leading companies [2]. Core Views - Recent government policies have been implemented to support the real estate market, including the cancellation of sales restrictions in Nanjing and adjustments to down payment ratios in Tianjin, which are expected to stimulate demand [7][17]. - The real estate market is experiencing structural differentiation, with new home sales declining while second-hand home sales show slight resilience [7][21]. - The report emphasizes the importance of focusing on leading real estate companies that can effectively navigate market fluctuations, such as Poly Developments, China Merchants Shekou, and China Resources Mixc Life [7][19]. Weekly Market Review - The Shenwan Real Estate Index decreased by 0.9%, while the CSI 300 Index fell by 1.37%, indicating that the sector outperformed the broader market by 0.47% [3][13]. - The total market capitalization of the real estate sector is approximately 1,034.3 billion yuan, with a circulating market value of about 995.5 billion yuan [8]. Industry Fundamentals Primary Market Analysis - In the week of March 28 to April 3, a total of 31,221 new homes were sold across 38 key cities, representing a year-on-year decline of 33.7% and a month-on-month decline of 15% [5][21]. - The total transaction area for new homes was 3.821 million square meters, with a year-on-year decrease of 27.7% and a month-on-month decrease of 5.9% [5][21]. Secondary Market Analysis - During the same week, 22,398 second-hand homes were sold in 16 key cities, showing a year-on-year increase of 1.2% but a month-on-month decrease of 10.7% [32]. - The total transaction area for second-hand homes was 2.178 million square meters, with a year-on-year increase of 4.7% and a month-on-month decrease of 11.5% [32]. Inventory Situation - The inventory of commercial housing in 17 key cities was 186.291 million square meters, with a month-on-month decrease of 0.5% and a depletion cycle of 156.6 weeks [45][52]. Land Market Analysis - In the week of March 24 to March 30, land supply reached 21.186 million square meters, a year-on-year increase of 19.2%, while the average supply price was 2,715 yuan per square meter, up 223.2% year-on-year [53]. - Land transactions totaled 23.359 million square meters, with a transaction amount of 62.15 billion yuan, reflecting a year-on-year increase of 55.4% [53].

Core Viewpoint - New City Holdings faces significant financial distress, highlighted by a suspension of trading and delayed annual report due to abnormal fund transactions with related parties, raising concerns about its operational viability and potential delisting risks [1][4]. Financial Performance - In 2024, New City Holdings reported revenue of approximately 89 billion yuan, a year-on-year decline of 25.32%, while net profit attributable to shareholders was 752 million yuan, a slight increase of 2.07% [2]. - The company's real estate sales revenue plummeted nearly 30% to 76.04 billion yuan, with a historical low gross margin of 11.72% [2]. - Contract sales fell drastically to 40.17 billion yuan, down 47.13% year-on-year, with sales area decreasing by 44.38% [2]. - Operating cash flow has deteriorated sharply, with a net cash flow of only 1.5 billion yuan in 2024, down from 21.98 billion yuan over the past three years [2]. - The company has only 10.3 billion yuan in cash, with 3.7 billion yuan restricted, while short-term debts due within a year amount to 12 billion yuan [2]. Audit and Compliance Issues - The company received a non-standard audit report from Deloitte, indicating "significant uncertainty regarding going concern," marking the second consecutive year of such findings [1][4]. - Continuous liquidity crises and high short-term debt concentrations have been highlighted, with significant accounting errors noted during audits [4]. Business Strategy and Challenges - New City Holdings is attempting a dual transformation into "commercial operations + property construction," with commercial revenue reaching 12.8 billion yuan, a 13.1% increase [3]. - However, this strategy relies heavily on high levels of asset collateralization, with 84% of the assets of its Wuyue Plaza already mortgaged, raising concerns about future financing capabilities [3]. - The profitability of commercial operations is not translating into immediate cash flow relief, as the high occupancy rates and foot traffic do not equate to quick cash generation [3]. Management and Internal Dynamics - The company has experienced significant management upheaval, including the dismissal of a vice president, which may be linked to the founder's return to management [5]. - Frequent leadership changes can lead to resource reallocation and strategic instability, further eroding trust from external financing institutions [5]. Overall Outlook - New City Holdings is on the brink of delisting, facing multiple challenges including non-standard audits, declining cash flow, extensive asset collateralization, and ongoing management instability [6]. - The company must enhance its asset monetization capabilities and stabilize its debt structure while navigating regulatory and market scrutiny [6].

在房地产行业深度调整、市场信心仍待进一步修复的2024年，新城控股（601155）集团股份有限公司 (以下简称"新城控股")在经营质量与财务安全之间实现了动态平衡，交出了一份"稳中有进"的答卷。 合理管控现金流确保偿债安全 新城控股表示，2025年计划新开5座吾悦广场，目标商业运营收入提升至140亿元，进一步强化第二增长 曲线。 "凭借商业运营业务拉动综合毛利率上行，新城控股优化盈利结构，商管业务已成为公司核心驱动 力。"上海易居房地产研究院副院长严跃进向《证券日报》记者表示，经营性物业，尤其商业运营等高 毛利业务占比高的企业抗风险能力更强，对构建新发展模式有正向推动。 在"轻重并举"战略下，新城控股商业在管规模持续扩大。财报显示，2024年，新城控股实现商业运营总 收入128亿元，同比增长13.1%，超额完成125亿元的年度目标。 报告期内，新城控股新增开业15座吾悦广场，数量位列全国第三，并通过代建业务实现轻资产扩张。截 至2024年末，新城控股实现173个综合体项目的布局，吾悦广场开业商业面积达1601.07万平方米，出租 率提升至97.97%，商业现金流稳健充沛。 方正证券研报指出，新城商业自2021 ...

2024年地产行业延续深度调整态势，行业数据呈现两大关键指数——全国商品房销售金额首次跌破10万 亿大关，同比降幅达17.1%；销售面积同步收缩12.9%至9.74亿平方米；70城新建商品住宅价格指数降幅 较2023年持续扩大。房企由盈转亏、亏损大幅增加的情况屡见不鲜。 然而，依然有房企维持了稳中有升的发展态势。近日，新城控股（601155.SH）公布2024年年报，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%。在如今的背景之下，新城交出 的这份全年"成绩单"或许为行业提供了一个穿越周期的典型样本。 "稳"字当头，韧性生长 新城控股"住宅+商业"的双轮驱动战略协同效应愈发凸显。 地产开发端全年实现401.71亿元销售额，538.82万平方米销售面积，尤其是102.38%的资金回笼率明显 高于行业均值，显示了新城精准把握市场窗口的能力，特别是在三四线城市普遍面临去化压力的背景 下，其地域深耕策略，在结构性市场中挖掘出有效需求。 要维护良好的信用，"保交付"是新城控股的重中之重。当行业流动性危机频发之际，新城控股完成 1388.85万平米、超10万套物业交付，确保15座吾悦广场 ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2][3]. Core Insights - The report highlights the importance of stabilizing the real estate market in response to the ongoing trade war, emphasizing the need for domestic demand expansion [2][3]. - It notes a significant decline in both new and second-hand housing transactions, with new home sales in 34 key cities dropping by 23% week-on-week and 26% year-on-year in April [4][7]. - The report indicates that the government is implementing policies to stabilize the market, including the cancellation of housing transfer restrictions in Nanjing and the expansion of housing fund withdrawal policies [32][33]. Industry Data Summary New Housing Transaction Volume - New housing sales in 34 key cities totaled 3.093 million square meters last week, a week-on-week decrease of 23.4% [4]. - Year-on-year, new housing sales in April are down 26%, with first and second-tier cities seeing a 21% decline and third and fourth-tier cities experiencing a 49% drop [7][8]. Second-Hand Housing Transaction Volume - Second-hand housing sales in 13 key cities fell by 26.2% week-on-week, with April sales down 15% year-on-year [13]. - Cumulative sales for the year to date show a 26.5% increase compared to the previous year [13]. New Housing Inventory - In 15 key cities, 710,000 square meters of new housing were launched last week, with a sales-to-launch ratio of 2.08, indicating a continued trend of inventory reduction [21]. - The total available residential area in these cities is 88.71 million square meters, reflecting a 0.9% decrease week-on-week [21]. Policy and News Tracking - The report discusses macroeconomic policies, including the imposition of tariffs on U.S. imports and the rise in manufacturing PMI to 50.5%, indicating a recovery in manufacturing activity [32][33]. - It highlights local government initiatives, such as Nanjing's cancellation of housing transfer restrictions and the expansion of housing fund policies in various cities [32][33]. - The report also notes the active land market in core cities, with significant land sales and project launches reported in the first quarter of 2025 [32][33].

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 新城控股（601155）公司年报点评 2025 年 04 月 02 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 04[Table_StockInfo 月 02日收盘价（元）] 12.36 | | --- | | 52 周股价波动（元） 7.95-16.70 | | 总股本/流通 A 股（百万股） 2256/2256 | | 总市值/流通市值（百万元） 27879/27879 | | 相关研究 | | [Table_ReportInfo] 《商业收入保持稳定，出租率持续提升》 | | 2024.11.18 | | 《毛利率转升，租金收入贡献稳定现金流》 | | 2024.09.05 | | 《减值计提影响利润，租金收入再提升》 | | 2024.05.29 | | 市场表现 | | [Table_QuoteInfo] 新城控股 | | 海通综指 | -14.01% 4.99% 23.99% 42.99% 61.99% 2024/4 2024/7 2024/10 2025/1 沪深 300 对比 1M ...

尽管在房地产高速发展时期，已经有不少房企意识到商业运营可以带来更长期稳定的现金流和利润水 平，但真正愿意以时间换空间，并在商业运营上进行持续投入的开发企业却并不多。 新城控股也成为地产行业市场下行期，少数净利润仍能逆势上涨的房地产企业。这其中，以吾悦广场为 代表的商业运营业务表现尤为抢眼。 财报显示，去年商业运营总收入128亿元，同比增长13.1%，超额完成125亿元的年度目标。物业出租及 管理业务毛利达到84.4亿元，在公司总毛利占比提升至47.89%，和地产开发业务的占比基本看齐。 然而新城控股做到了。在经过了13年的商业运营投入后，吾悦广场接住了由促进消费带来的消费复苏红 利，并成为新城控股可以持续发展的另一条支柱业务，实现企业"住宅+商业"双驱动发展战略。 商管业务毛利撑起"半边天" 财报显示，去年公司近890亿元的营收当中，物业出租及管理所带来的营收为120.29 亿元，较上年同比 增长13.15%。物业出租和管理的营收，绝大多数来自于新城商业吾悦广场的贡献。 【文 观察者网 孙梅欣】在进入商业地产13年之后，吾悦广场去年对新城控股的毛利贡献率接近半数水 平，商业板块对公司利润的贡献正在显现。 新城 ...

3月28日，新城控股发布2024年可持续发展报告。 在社会方面，2024年新城控股ISO9001：2015质量管理体系的认证与实际运行覆盖率均达到100%，共开展了200场供应商质量管控培训，供应商覆盖率为 100% 2024年持续优化人才培养体系，应届生招聘"新睿计划"吸纳40名高校优秀毕业生，管理者中女性比例提升12.4%，助力人才多元化发展；强化安全管理，全 年安全培训覆盖率达100%，全方位保障员工健康与生产安全；深化负责任供应链管理，绿色建材供应商占比达70.3%，较去年提升16.2%，共建透明、公正 的合作环境；积极投身公益，乡村振兴专项资金投入达200万元，用行动传递温暖与希望。 2024年，完善以"专业+管理"为基础的双通道晋升路径，允许员工在管理通道和专业通道之间横向转换，覆盖公司全体员工。公司每年启动两次双晋流程， 充分调动员工的主动性和积极性，本年度双晋人员已达2,133人。2024年，新城控股员工培训覆盖率100%，员工培训总投入400余万元，人均培训时长54.56 小时。 在环境方面，2024年，新建项目100%达到国家绿色建筑星级标准，新增绿色建筑认证项目2个，新增15座吾悦广场通 ...

Macro Strategy - The March PMI data indicates three characteristics of economic recovery: the pre-positioning of work due to the Spring Festival, better recovery of manufacturing demand compared to supply, and weak consumer service consumption [1][30]. - The manufacturing PMI for March is 50.5%, showing a slight increase of 0.3 percentage points from the previous month, while the service PMI is at 50.3%, also up by 0.3 percentage points [1][30]. - The new order index for manufacturing increased by 0.7 points to 51.8%, indicating stronger demand recovery compared to supply [1][30]. Industry Insights - The report highlights the need for macro policies to be adjusted in response to potential economic pressures in the second quarter, particularly in exports and real estate [1][30]. - The construction industry PMI rose to 53.4%, reflecting seasonal recovery, but remains at a historically low level for this time of year [1][30]. - The report emphasizes the importance of monitoring the impact of tariff increases on exports and the ongoing trends in the real estate market [1][30]. Company Analysis - The report provides insights into various companies, including their performance forecasts and investment ratings, such as the significant growth in sales for Lao Pu Gold and the strategic partnerships for Jianghuai Automobile [9][15]. - Companies like Yubiquitous and Geli Pharmaceutical are noted for their innovative product developments and market potential, with investment ratings maintained at "buy" [11][12]. - Shanghai Pharmaceuticals reported a revenue of 275.25 billion yuan, reflecting a 5.75% year-on-year increase, with a net profit of 4.553 billion yuan, up 20.82% [14]. Financial Performance - The report indicates that the overall financial performance of companies is under scrutiny, with adjustments made to profit forecasts for several firms based on market conditions and operational challenges [15][19]. - Companies such as China Communications Construction Company and Orient Securities are highlighted for their revenue growth and strategic adjustments in response to market dynamics [22][23]. - The report also notes the importance of cash flow management and cost control in maintaining profitability amid fluctuating market conditions [22][24].