新城控股：上半年商业创收69．44亿元

Core Insights - New City Holdings reported a revenue of 22.1 billion yuan and a net profit of 0.895 billion yuan for the first half of 2025, with a gross margin of 26.85%, reflecting a year-on-year increase of 5.25 percentage points [1] - The company achieved a contract sales amount of 10.33 billion yuan and a collection rate of 115.05%, indicating strong cash flow management [1][2] - New City Holdings has expanded its commercial operations, achieving a total commercial revenue of 6.944 billion yuan, a year-on-year growth of 11.8%, with a gross margin of 71.20% [2][3] Financial Performance - The company maintained a cash balance of 9.183 billion yuan and a net debt ratio of 53.40%, indicating a solid financial position [1] - The financing balance was reduced to 52.276 billion yuan, down by 1.374 billion yuan from the beginning of the year, reflecting ongoing debt structure optimization [2] - Operating cash flow remained positive at 0.286 billion yuan, further strengthening the company's financial fundamentals [1] Business Operations - New City Holdings completed the delivery of over 16,000 residential units in the first half of the year, emphasizing its commitment to "guaranteeing delivery" [2] - The company has established a presence in 141 cities with 205 comprehensive projects, with a stable rental rate of 97.81% for its Wuyue Plaza [3] - The construction management business has seen significant growth, with over 3.05 million square meters signed in the first half of 2025, contributing to a sustainable income model [3]