新城控股2025上半年商管毛利率高达71.20%

Core Viewpoint - Under the macro backdrop of industry adjustment, the company demonstrates strong resilience through its "residential + commercial" dual-drive strategy, maintaining positive profitability and steady operational development [1] Financial Performance - The company achieved a revenue of 22.1 billion yuan in the first half of 2025, with a net profit attributable to shareholders of 0.895 billion yuan and a non-deductible net profit of 0.947 billion yuan, reflecting a gross margin of 26.85%, an increase of 5.25 percentage points year-on-year [2] - The company reported a contract sales amount of 10.33 billion yuan and a collection amount of 11.88 billion yuan, achieving a collection rate of 115.05% [2] - As of the reporting period, the company had a cash balance of 9.183 billion yuan and a net debt ratio of 53.40%, indicating a solid financial foundation [2][3] Debt Management - The company actively adjusted its debt structure, reducing its financing balance to 52.276 billion yuan, down by 1.374 billion yuan from the beginning of the year [3] - The company’s joint venture interest-bearing liabilities decreased to 2.582 billion yuan, a reduction of 0.691 billion yuan compared to the beginning of the year [3] Commercial Operations - The company’s commercial operations generated a total revenue of 6.944 billion yuan in the first half of 2025, a year-on-year increase of 11.8%, with a gross profit of 4.573 billion yuan, contributing 77.06% to the total gross profit [4] - The company has established a presence in 141 cities with 205 integrated projects, with a total operational area of 16.0814 million square meters and a stable occupancy rate of 97.81% [4] Strategic Initiatives - The company has implemented a "five-sided management philosophy" focusing on quality space, customer satisfaction, professional craftsmanship, green intelligence, and mutual engagement to enhance operational efficiency [5] - The company has successfully linked commercial activities with sports events, creating unique consumer experiences and enhancing brand value [5] Sustainable Growth - The company’s commercial operating income has significantly exceeded interest expenses since 2021, with the ratio reaching four times in the first half of 2025 [6] - The company’s construction management business has seen breakthrough developments, signing new contracts for over 3.05 million square meters in the first half of 2025, contributing to a sustainable income model [8] Financing Strategy - The company successfully issued a $300 million senior unsecured bond and a 1 billion yuan medium-term note, maintaining a low financing cost [7] - The company has diversified its financing channels, with approximately 4.479 billion yuan in new financing secured against its commercial properties [7]