Investment Rating - The investment rating for the company is "Buy" (maintained) [6][27]. Core Views - The company has experienced a significant decline in sales scale, with a 72.45% year-on-year decrease in contract sales amount in January 2025, amounting to 1.017 billion yuan, and a 77.44% decrease in contract sales area, totaling 115,600 square meters. However, the rental income has shown strong growth, with a 13.4% year-on-year increase in January 2025, reaching 1.084 billion yuan [6][7][8]. Summary by Sections Sales Performance - In January 2025, the company achieved a contract sales amount of 1.017 billion yuan, down 72.45% year-on-year, and a contract sales area of 115,600 square meters, down 77.44% year-on-year. The average sales price was 8,798 yuan per square meter, up 22% year-on-year. For the full year 2024, the cumulative sales amount was 40.171 billion yuan, and the sales area was 5.3882 million square meters, both down 47.13% and 44.38% year-on-year, respectively [7][8]. Rental Income - The company reported a total commercial management revenue of 1.162 billion yuan in January 2025, with rental income of 1.084 billion yuan, reflecting a 13.4% year-on-year growth. In 2024, the total commercial management revenue was 12.81 billion yuan, up 13.1% year-on-year, successfully achieving the revenue target of 12.5 billion yuan. The rental income for 2024 was 11.95 billion yuan, also up 13.0% year-on-year [8][9]. Financial Forecast - The company maintains its profit forecast, expecting net profits attributable to shareholders to be 1.18 billion yuan, 1.67 billion yuan, and 2.16 billion yuan for 2024, 2025, and 2026, respectively. The corresponding EPS is projected to be 0.5 yuan, 0.7 yuan, and 1.0 yuan, with current PE ratios of 22.7, 16.0, and 12.4 times [6][10].

证券代码：601155 证券简称：新城控股 编号：2025-006 新城控股集团股份有限公司 2025 年 1 月份经营简报 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。 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。 一、公司 2025 年 1 月份销售情况 1月份公司实现合同销售金额约10.17亿元，比上年同期减少72.45%；销售面积 约11.56万平方米，比上年同期减少77.44%。 1月份公司合同销售金额及销售面积分区域情况如下： | 省份 | 月份销售金额（万元） 1 | 1 | 月份销售面积（平方米） | | --- | --- | --- | --- | | 江苏 | | 40,379 | 29,994 | | 天津 | | 11,001 | 8,435 | | 湖北 | | 6,746 | 13,266 | | 山东 | | 6,545 | 10,875 | | 河南 | | 4,973 | 7,333 | | 福建 | | 4,7 ...

证券代码：601155 证券简称：新城控股 编号：2025-005 新城控股集团股份有限公司 关于控股股东股份质押及部分股份解除质押的公告 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。 2、本次质押可能引发的风险及应对措施 在本次质押期内，如后续出现平仓或被强制平仓的风险，富域发展将采取包括 但不限于补充质押、提前还款等措施应对上述风险，不会导致公司实际控制权发生 变更。上述质押事项如若出现其他重大变动情况，公司会按规定及时披露相关情况。 | 股东名称 | 富域发展集团有限公司 | | --- | --- | | 本次解质股份 | 股 105,924,000 | | 占其所持股份比例 | 7.69% | | 占公司总股本比例 | 4.70% | | 解质时间 | 2025 年 2 月 7 日 | | 持股数量 | 1,378,000,000 | | 持股比例 | 61.09% | | 剩余被质押股份数量 | 411,296,000 股 | | 剩余被质押股份数量占其所持股份比例 | 29.85% | | 剩余被质押股份数量占 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][25] Core Views - The company has experienced a decline in sales scale but has achieved a double-digit growth in rental income, indicating strong performance in commercial management [6][8] - The company is expected to maintain its profit forecasts, with projected net profits for 2024-2026 being 1.18 billion, 1.67 billion, and 2.16 billion yuan respectively [6][10] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 21.3, 15.0, and 11.6 for the years 2024, 2025, and 2026 respectively [6][10] Sales Performance - In 2024, the company achieved a total sales amount of 40.171 billion yuan, with a sales area of 5.3882 million square meters, representing a year-on-year decline of 47.13% and 44.38% respectively [7][10] - The company delivered over 100,000 units in 2024, with a completed area of 15.291 million square meters, down 24% year-on-year [7][10] Commercial Management - As of the end of 2024, the company operated a total of 173 "Wuyue Plaza" locations, an increase of 12 from the previous year, with 15 new openings in 2024 [8][10] - The total rental area reached 9.58 million square meters, with a rental rate of 97.86%, up 1.41 percentage points year-on-year [8][10] - The total revenue from commercial operations for 2024 was 12.81 billion yuan, achieving a 13.1% year-on-year growth, successfully meeting the revenue target of 12.5 billion yuan [8][10] Financial Health - The company has reduced its interest-bearing debt, repaying 5.262 billion yuan in total for the year, with a 37% year-on-year decrease in interest-bearing liabilities [9][10] - The company issued three public market medium-term notes in 2024, raising a total of 2.92 billion yuan, with significantly reduced financing costs [9][10] Financial Summary and Valuation Metrics - The company's projected revenue for 2024 is 8.7264 billion yuan, with a year-on-year decline of 26.8% [10][20] - The projected gross profit margin for 2024 is 14.1%, with net profit margins expected to be 1.3% [10][20] - The earnings per share (EPS) for 2024 is projected at 0.52 yuan, with a P/E ratio of 21.3 [10][20]

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------|---------|---------|---------|---------|-------|--------------------------------|---------|---------|---------|---------| | 新城控股三大财务预测表 \n[ 资产负债表（百万元） Table_Finance] | 2023A | 2024E | 2025E | 2026E | | 利润表（百万元） | 2023A | 2024E | 2025E | 2026E | | 流动资产 | 217,457 | 161,823 | 139,243 | 119,946 | | 营业总收入 | 119,174 | 90,692 | 80,716 | 72,644 | | 货币资金及交易性金融资产 | 18,987 | 12,894 | ...

证券代码：601155 证券简称：新城控股 编号：2024-054 新城控股集团股份有限公司 关于公司独立董事辞职的公告 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。 二〇二四年十二月二十四日 新城控股集团股份有限公司（以下简称"公司"）董事会于 2024 年 12 月 23 日 收到独立董事陈松蹊先生的书面辞职报告。陈松蹊先生因个人原因，申请辞去公司 第四届董事会独立董事及所有专门委员会职务。 鉴于陈松蹊先生辞职后未导致公司董事会低于法定最低人数，亦未导致公司独 立董事人数少于董事会成员人数的三分之一或者相关专门委员会人员组成不符合规 范性文件规定的情形，根据《上市公司独立董事管理办法》《公司章程》等有关规 定，其辞职自辞职报告送达董事会时生效，其辞职后将不再担任公司任何职务。 陈松蹊先生确认与公司董事会、监事会以及管理层均未出现任何意见分歧，亦 无任何有关辞职的其他事宜须提请公司及股东注意。 陈松蹊先生在担任公司独立董事期间，认真履行独立董事职责，勤勉尽责，充 分行使职权，为公司规范运作和健康发展发挥了积极作用。公司董事 ...

证券代码：601155 证券简称：新城控股 编号：2024-053 新城控股集团股份有限公司 二、提名委员会：徐建东（主任委员）、王晓松、陈冬华； 三、薪酬与考核委员会：陈冬华（主任委员）、王晓松、徐建东； 四、战略委员会：王晓松（主任委员）、陈冬华、徐建东。 特此公告。 新城控股集团股份有限公司 第四届董事会第六次会议决议公告 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。 新城控股集团股份有限公司（以下简称"公司"、"新城控股"）第四届董事会 第六次会议于 2024 年 12 月 23 日以通讯方式召开。会议应参加董事 5 名，实际参加 董事 5 名，董事王晓松、吕小平和独立董事陈松蹊、陈冬华、徐建东参加会议。董 事长王晓松先生召集并主持本次会议。本次会议的召集、召开及表决程序符合《公 司法》《公司章程》的有关规定。会议审议并通过了如下议案： 一、以 5 票同意、0 票反对、0 票弃权审议通过了《关于调整第四届董事会各 专门委员会组成人员的议案》。 经综合考虑董事会成员未来变动情况，现对董事会各专门委员会组成人员进行 调整 ...

证券代码：601155 证券简称：新城控股 编号：2024-052 新城控股集团股份有限公司 关于公司股东部分股权质押的公告 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。 重要内容提示： 公司于近日接到常州德润的通知，常州德润与中信证券股份有限公司（以下简 称"中信证券"）协商一致，同意将质押给中信证券部分股权的质押期限延长一年。 相关手续已办理完毕，具体事项如下： 一、上市公司股份质押情况 公司分别于2022年12月14日及2024年2月8日披露了常州德润将其合计持有的 40,377,000股公司股份质押给中信证券的公告，具体请见公司于上海证券交易所网 站（www.sse.com.cn）及指定披露媒体披露的公告（公告编号：2022-081、2023- 070及2024-006）。 截至公告披露日，公司控股股东富域发展集团有限公司（以下简称"富域 发展"）的一致行动人常州德润咨询管理有限公司（以下简称"常州德润"） 持有本公司股份为137,800,000股，占公司总股本6.11%，其中被质押的股 份累计79,000,000股 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has achieved a significant increase in mall rental income, with a 14.2% year-on-year growth in tax-inclusive rental income for the first 11 months of 2024, reaching 11.6 billion yuan [6] - The company has successfully cleared its public debt for the year, with only 7.2 billion yuan of credit debt remaining over the next two years, indicating a reduction in debt pressure [6] - Despite a 48.1% decline in sales year-on-year for the first 11 months of 2024, the recovery in average sales price suggests a potential stabilization in value retention [6] Summary by Sections Market Data - Closing price: 12.59 yuan - Market capitalization: 28,398 million yuan - Price-to-book ratio: 0.5 [3] Financial Data and Profit Forecast - Total revenue for 2024E is projected at 93,313 million yuan, with a year-on-year decline of 21.7% [7] - Net profit for 2024E is forecasted at 1,540 million yuan, reflecting a significant recovery with a year-on-year growth of 109% [7] - Earnings per share for 2024E is estimated at 0.68 yuan [7] Company Performance - The company’s mall revenue and gross profit margins have been steadily increasing, with mall revenue accounting for 17% and gross profit margin at 72.2% in the first half of 2024 [6] - The company has not acquired new land during the year, with a total construction area of 30.7 million square meters, down 38% year-on-year [6]

证券代码：601155 证券简称：新城控股 编号：2024-051 新城控股集团股份有限公司 2024 年 11 月份经营简报 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 2024 年 11 月份销售情况 11月份公司实现合同销售金额约25.14亿元，比上年同期减少49.74%；合同销 售面积约33.07万平方米，比上年同期减少51.96%。 1-11月公司累计实现合同销售金额约369.63亿元，比上年同期减少48.11%；累 计合同销售面积约500.95万平方米，比上年同期减少44.51%。 330.711 二、公司2024年11月份房地产出租情况 | 省份 | 物业数量 | 总建筑面积 | 11 月份租金收入 | 当年累计租金收入 | | --- | --- | --- | --- | --- | | | | (平方米) | (元) | (元) | | 江苏 | 40 | 3.74 ...