Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 119.17 billion yuan in 2023, a year-on-year increase of 3.2%, while the net profit attributable to shareholders was 740 million yuan, a decrease of 47.1% [2][3] - The decline in net profit is attributed to a 1.8% decrease in gross profit from real estate project turnover and a 1.5 percentage point drop in gross margin for real estate sales to 13.9% [3] - The company has focused on sales recovery and cash flow management, achieving a total cash recovery of 81.21 billion yuan in 2023, with a recovery rate of 107% [3] - The commercial segment's performance has improved, contributing to stable cash flow, with a total operating revenue of 11.32 billion yuan, a year-on-year increase of 13.1% [3] - The company has maintained positive operating cash flow for six consecutive years, with a net operating cash flow of 10.2 billion yuan in 2023 [3] Financial Forecast and Valuation - The forecast for net profit attributable to shareholders has been revised down to 850 million yuan for 2024 and 930 million yuan for 2025, with an expected net profit of 1 billion yuan for 2026 [4] - The corresponding EPS for 2024, 2025, and 2026 is projected to be 0.38 yuan, 0.41 yuan, and 0.44 yuan, respectively [4] - The company is expected to focus on high-potential urban areas, with a stable commercial operation outlook [4]

Financial Performance - The net profit attributable to shareholders for 2023 was RMB 737,102,713, representing a decrease of 47.12% compared to the previous year[6]. - The basic earnings per share for 2023 was RMB 0.33, down 46.77% from RMB 0.62 in 2022[23]. - The diluted earnings per share for 2023 was also RMB 0.33, reflecting the same percentage decrease as the basic earnings per share[23]. - The weighted average return on equity for 2023 was 1.23%, a decrease of 1.11 percentage points from 2.34% in 2022[23]. - The company plans not to distribute cash dividends or issue bonus shares for the 2023 fiscal year[6]. - The company reported a significant increase in income tax expenses due to the non-recognition of deferred tax assets for certain loss-making subsidiaries[23]. - The company’s distributable profits at the end of 2023 amounted to RMB 7,610,211,425[6]. - The basic earnings per share after deducting non-recurring gains and losses was RMB 0.14, down 56.25% from RMB 0.32 in 2022[23]. - The net profit attributable to shareholders decreased by 47.12% year-on-year, with a net profit of RMB 737,102,713 compared to RMB 1,393,833,529 in the previous year[24]. - The basic earnings per share fell by 46.77% year-on-year, reflecting a significant decrease in net profit attributable to shareholders[24]. - The diluted earnings per share also decreased by 46.77%, while the basic earnings per share after deducting non-recurring gains and losses dropped by 56.25% compared to the same period last year[24]. - Total revenue for the year was RMB 119,174,277,853, representing a 3.22% increase from RMB 115,456,683,070 in the previous year[24]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 307,172,778, down 57.73% from RMB 726,747,105 in the previous year[24]. - The net cash flow from operating activities for the year was RMB 10,157,788,553, a decrease of 30.11% from RMB 14,534,774,255 in the previous year[24]. - The total assets at the end of the year were RMB 374,108,790,001, a decrease of 18.30% from RMB 457,907,014,950 at the end of the previous year[24]. - The net assets attributable to shareholders increased by 1.00% year-on-year, reaching RMB 60,077,889,784 compared to RMB 59,481,286,513 at the end of the previous year[24]. Market Conditions and Challenges - The company has faced challenges due to changes in the structure of project turnover and overall market conditions affecting gross profit[23]. - The company has provided detailed descriptions of industry and market risks in its management discussion and analysis section[9]. - The overall market outlook remains positive, with a focus on residential development in high-demand areas[49]. - The company is exploring potential mergers and acquisitions to further strengthen its market position and expand its portfolio[49]. - The company is actively pursuing strategic acquisitions to bolster its market position and expand its portfolio[53]. - The company is facing significant market risks due to macroeconomic pressures, with a notable increase in buyer hesitation impacting sales[164]. - The company plans to enhance its operational efficiency and cash flow management to mitigate policy risks associated with government regulations in the real estate sector[163]. - The company acknowledges the potential for project delays due to regulatory changes and other unforeseen circumstances[160]. - The company faces operational risks due to long project cycles, high investment, and external factors affecting real estate development, which may impact profitability[165]. Project Development and Delivery - The company completed the delivery of over 140,000 properties, totaling 2.21 million square meters, successfully meeting its delivery targets[37]. - The company has multiple residential projects under construction, with the highest completion rate at 99.85% for the Suzhou Wujiang District project[49]. - The total area of residential projects completed in Huai'an is approximately 1,000,000 square meters, with a significant portion still under construction[49]. - The company reported a construction progress of 95.93% for the Lianshui project, indicating strong project management and execution capabilities[49]. - The company is actively expanding its market presence with new residential developments in Suzhou and Huai'an, targeting a diverse customer base[49]. - The company has multiple ongoing projects with completion rates ranging from 20.31% to 99.91%, indicating a strong pipeline of developments[63]. - The company is focusing on expanding its residential offerings, with new developments in urban areas showing promising sales figures[53]. - The company is committed to delivering projects on time, with most expected to complete by late 2024, reflecting strong operational efficiency[151]. Financial Strategy and Investments - The company successfully issued 1.1 billion yuan in domestic corporate bonds at a coupon rate of 5.65% and completed the issuance of 1.316 billion yuan in green commercial real estate mortgage-backed securities[43]. - The overall average financing cost for the company decreased to 6.20% by the end of the reporting period, down from 6.52% at the end of 2022[43]. - The company has a total credit line of CNY 109 billion from major banks, with CNY 28.1 billion already utilized[44]. - The company is committed to enhancing brand confidence and maintaining stable cash flow through proactive financing strategies[133]. - The company aims to enhance capital efficiency, reduce financial leverage, and optimize its capital structure to maintain liquidity and ensure timely debt repayment[166]. - The company has reported a significant investment in new technologies and project management systems to enhance operational efficiency[49]. - The company is focusing on transitioning to a light-asset model to ensure sustainable business income amidst industry changes[141]. Corporate Governance and Management - The company has established an independent governance structure, ensuring operational independence from its controlling shareholder in terms of assets, personnel, finance, and business[169][170]. - The company has a complete and independent personnel management system, with senior management exclusively working for the company[170]. - The company has a diverse board with independent directors holding significant academic and professional experience in finance and management[178]. - The company maintains a high talent retention rate and emphasizes talent development through a robust management mechanism[94]. - The company has conducted multiple shareholder meetings in 2023, with all resolutions passed unanimously[171][173]. - The company’s remuneration policy for directors and senior management is based on performance assessments and industry salary benchmarks[183]. - The company has a strategic committee consisting of key board members to oversee long-term planning[190]. Future Outlook - The company anticipates a positive outlook for the next fiscal year, driven by the completion of several key projects and increased market demand[53]. - The company plans to achieve a total commercial operating revenue of 12.5 billion yuan in 2024, with 12 new shopping malls opening and managing ongoing projects[144]. - The company expects to complete 177 sub-projects in 2024, with an estimated total construction area of 13.5885 million square meters, including 6.5936 million square meters for residential projects and 6.9949 million square meters for commercial complexes[145]. - The company is focusing on creating customer value and adjusting its commercial strategies to meet consumer demands amid a competitive market landscape[164]. - The company is actively pursuing new residential developments, with several projects scheduled for completion in 2024, reflecting a commitment to market expansion[155].

房地产 公 2024年03月29日 司 报 新城控股(601155.SH) 告 积极争取融资，商业平稳运行 推荐 ( 维持 ) 事项： 公司公布2023年年报，全年实现营业收入1191.7亿元，同比增长3.2%，归母 股价:9.8元 净利润7.4亿元，同比下降47.1%。公司拟定的2023年度利润分配方案为：不 公 主要数据 派发现金红利，不送红股，不以公积金转增股本。 行业 房地产 司 平安观点： ...

普华永道中天会计师事务所（特殊普通合伙，以下简称"普华永道中天"）对 新城控股集团股份有限公司（以下简称"公司"或"新城控股"）2023 年度财务报表 出具了包含与持续经营相关的重大不确定性段落的无保留意见审计报告（审计报 告编号：普华永道中天审字(2024)第 10055 号），根据《公开发行证券的公司信 息披露编报规则第 14 号——非标准审计意见及其涉及事项的处理》《上海证券交 易所股票上市规则》等相关规定，公司就上述意见涉及事项说明如下： 一、审计报告中与持续经营相关的重大不确定性段落的主要内容 普华永道中天在出具的公司 2023 年度审计报告中指出："我们提请财务报表 使用者关注，如合并财务报表附注二(1)所述，自 2023 年起至财务报表批准报出 日，受国内房地产市场下行的影响，新城控股房地产物业销售回款和预售业绩出 现同比下滑。于 2023 年 12 月 31 日，新城控股流动负债超出流动资产为人民币 17,792,685,982 元；同日，新城控股流动负债中包括短期借款、一年内到期的非 流动负债和其他流动负债中相关的有息负债余额共计为人民币 21,236,622,664 元。 新城控股于 20 ...

根据《中华人民共和国证券法》、中国证监会《上市公司独立董事管理办法》 《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号 ——规范运作》等法律法规、规范性文件的相关规定，结合新城控股集团股份有限 公司（以下简称"公司"）实际情况，公司对《新城控股集团股份有限公司章程》 （以下简称"《公司章程》"）部分条款进行了修订，同时制定或修订了部分公司 制度文件。 证券代码：601155 证券简称：新城控股 编号：2024-015 新城控股集团股份有限公司 关于修订《公司章程》、制定或修订部分公司制度文件 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。 | 序号 | 修订前条款 | | 修订后条款 | | --- | --- | --- | --- | | | 第二十五条 | 公司收购本公司股 | 第二十五条 公司收购本公司股份，可以 | | | | 份，可以通过公开的集中交易方 | 通过公开的集中交易方式，或者法律法规 | | | | 式，或者法律法规和中国证监会认 | 和中国证监会认可的其他方式进行。 ...

组织边界 本报告内容覆盖新城控股集团总部、地产开发事业部、商业管理事业部、多元化业务及旗下各大区（区域）/ 片 区 / 项目公司。 时间范围 关于本报告 报告周期 本报告为年度报告，每年定期发布。 称谓说明 为便于表达，本报告也使用"新城控股集团""新城控股""新城""集团""公司""我们"称谓表示新城 控股集团股份有限公司。 本报告的时间范围为 2023 年 1 月 1 日至 2023 年 12 月 31 日，部分管理、制度、举措方面的内容超出上述时间范围。 参考依据 全球报告倡议组织《可持续发展报告标准（GRI Standards）》 联合国可持续发展目标（SDGs） 中国社会科学院《中国企业社会责任报告指南（CASS-ESG5.0）》 上海证券交易所《上市公司自律监管指引第 14 号——可持续发展报告（试行）（征求意见稿）》 香港联合交易所《环境、社会及管治报告指引》 编制流程 前期对标研究—利益相关方关注点调查—了解关注点—报告策划—框架搭建—素材收集—文稿编制—内部研讨— 排版设计—意见征求—校对修订—管理层评审—定稿发布。 数据说明 本报告中所有数据均来自新城控股集团正式文件及统计报告且通过相关部 ...

关于对新城控股集团股份有限公司 2023 年度财务报表出具带与持续经营相关的重大不确定性段落的 无保留意见审计报告的专项说明 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.cnof.gov.cn）"进行查测 " 普华永道 关于对新城控股集团股份有限公司 2023 年度财务报表 出具带与持续经营相关的重大不确定性段落的无保留意见审计报告的专项说明 普华永道中天特审字(2024)第 2217 号 (第一页,共三页) 新城控股集团股份有限公司全体股东: 普华永道中天特审字(2024)第 2217 号 (第二页,共三页) 一、出具的审计意见中与持续经营相关的重大不确定性段落 我们提请财务报表使用者关注,如合并财务报表附注二(1)所述,自2023年 起至财务报表批准报出日,受国内房地产市场下行的影响,新城控股房地产物 业销售回款和预售业绩出现同比下滑。于2023年12月31日,新城控股流动负债 超出流动资产为人民币17,792.685,982元;同日,新城控股流动负债中包括短期 借款、一年内到期的非流动负债和其他流动负债中相关的有息负债余额共计为 人民币21,236,622.664元。新 ...

新城控股集团股份有限公司 独立董事工作制度 二○二四年三月 | 第一章 | 总 则 | 1 | | --- | --- | --- | | 第二章 | 基本规定 | 1 | | 第三章 | 独立董事的任职条件 | 2 | | 第四章 | 独立董事的产生和更换 | 3 | | 第五章 | 独立董事的职权与职责 | 5 | | 第六章 | 独立董事的工作条件 | 7 | | 第七章 | 附 则 | 8 | 新城控股集团股份有限公司 独立董事工作制度 新城控股集团股份有限公司 独立董事工作制度 第一章 总 则 第一条 为进一步完善本公司法人治理结构，促进公司规范运作，根据《中 华人民共和国公司法》《上市公司独立董事管理办法》《上海证券交易所上市公司 自律监管指引第 1 号——规范运作》等有关法律、行政法规、规范性文件和本公 司章程的规定，结合公司实际，制定本制度。 第二章 基本规定 第二条 公司独立董事是指不在公司担任除董事外的其他职务，并与公司及 主要股东、实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行 独立客观判断关系的董事。公司董事会设三名独立董事，其中至少包括一名会计 专业人士（会计专业人士是 ...

新城控股集团股份有限公司 2023 年度董事会审计委员会履职情况报告 根据《上市公司治理准则》《上海证券交易所上市公司自律监管指引第 1 号 ——规范运作》《公司章程》以及公司《董事会审计委员会工作条例》的相关规 定，公司董事会审计委员会本着勤勉尽责的原则，认真履行了监督职能，现就 2023 年度履职情况报告如下： 一、审计委员会组成情况 公司于 2021 年 5 月 20 日召开第三届董事会第一次会议选举产生第三届董事 会专门委员会，其中审计委员会由陈冬华先生、陈松蹊先生和徐建东先生 3 名独 立董事组成，主任委员由具有会计专业资格的陈冬华先生担任。 二、2023 年度会议召开情况 报告期内，公司董事会审计委员会共召开 6 次正式会议及 1 次沟通会议，具 体情况如下： | 会议届次 | 会议日期 | 会议审议的议案/沟通事项 | | --- | --- | --- | | 年度业绩预告 2022 | 2023-1-30 | 公司 年度业绩预告事项沟通 2022 | | 事项沟通会议 | | | | 第三届董事会审计 | 2023-3-29 | 关于公司 年度审计工作初步审计意见的汇报 2022 | | 委 ...

新城控股集团股份有限公司董事会 关于独立董事独立性情况的专项评估意见 董 事 会 二〇二四年三月二十七日 根据中国证监会《上市公司独立董事管理办法》、上海证券交易所《股票上 市规则》《上市公司自律监管指引第 1 号——规范运作》等规范性文件的要求， 新城控股集团股份有限公司（以下简称"公司"）董事会就公司在任独立董事陈 松蹊、陈冬华、徐建东的独立性情况进行评估并出具如下专项评估意见： 经核查独立董事陈松蹊、陈冬华、徐建东的任职经历以及签署的相关自查文 件，上述人员未在公司担任除独立董事以外的任何职务，也未在公司主要股东公 司担任任何职务，与公司以及主要股东之间不存在利害关系或其他可能妨碍其进 行独立客观判断的关系。因此，公司独立董事符合《上市公司独立董事管理办法》、 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等规范性文件中 对独立董事独立性的相关要求。 新城控股集团股份有限公司 ...