新城控股：上半年商业创收69.44亿元

Core Insights - New City Holdings reported a stable performance in the first half of 2025, with operating revenue of 22.1 billion yuan and a net profit attributable to shareholders of 0.895 billion yuan, reflecting a solid foundation for future performance [1][2] Financial Performance - The company achieved a gross profit margin of 26.85%, an increase of 5.25 percentage points year-on-year [1] - The cash balance at the end of the reporting period was 9.183 billion yuan, indicating ample liquidity [1] - The net debt ratio stood at 53.40%, maintaining a low level [1] Sales and Revenue - Contract sales amounted to 10.33 billion yuan, with a sales area of 1.335 million square meters [1] - The collection amount reached 11.884 billion yuan, with a collection rate of 115.05% [1] - Commercial operation revenue for the first half of 2025 was 6.944 billion yuan, a year-on-year increase of 11.8% [2] Debt Management - The financing balance at the end of June 2025 was 52.276 billion yuan, reduced by 1.374 billion yuan since the beginning of the year [2] - Interest-bearing liabilities for joint ventures decreased to 2.582 billion yuan, down by 0.691 billion yuan from the beginning of the year [2] Delivery and Project Management - The company completed the delivery of over 16,000 residential units in the first half of 2025 [2] - New City Holdings has expanded its management projects to 115, with a total managed area exceeding 19 million square meters [3] Commercial Expansion - The company has established a presence in 141 cities with 205 comprehensive projects, with a total opening area of 16.0814 million square meters and a stable rental rate of 97.81% [3] - The construction management business has signed over 3.05 million square meters in new contracts in the first half of 2025, contributing to a sustainable income system [3]