新城控股：穿越周期 重建信任

Core Viewpoint - In the context of a deep adjustment in the real estate industry and a tightening financing environment, the company has demonstrated resilience and positive performance in the first half of 2025, driven by its "residential + commercial" dual-wheel strategy [1][11]. Financial Performance - The company achieved an operating revenue of 22.1 billion yuan and a net profit attributable to shareholders of 0.895 billion yuan in the first half of 2025 [2][4]. - The gross profit margin increased to 26.85%, up by 5.25 percentage points year-on-year [2]. - The company reported a contract sales amount of 10.33 billion yuan and a sales area of 1.335 million square meters, with a cash collection rate of 115.05% [2][4]. Cash Flow and Debt Management - As of June 30, 2025, the company had a cash balance of 9.183 billion yuan and a net debt ratio of 53.4%, indicating a low level of debt [3]. - The operating cash flow net amount reached 0.286 billion yuan, marking a continuous positive record [2][3]. - The company actively optimized its debt structure, reducing its financing balance to 52.276 billion yuan, a decrease of 1.374 billion yuan from the beginning of the year [3]. Commercial Operations - The commercial operation revenue reached 6.944 billion yuan, 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 [6][8]. - The company operates 205 "Wuyue Plaza" locations across 141 cities, with an occupancy rate of 97.81% [6][8]. Market Position and Investor Confidence - The successful issuance of a $300 million senior unsecured bond in June 2025 marked the company as the first private real estate enterprise to restart overseas financing in three years [9]. - The issuance of 1 billion yuan in medium-term notes in August 2025 was oversubscribed by 2.28 times, with a record low coupon rate of 2.68% [9][10]. - The company maintained a "zero default" record, repaying 1.067 billion yuan in domestic and foreign bonds in the first half of 2025 [3][9]. Social Responsibility and Long-term Vision - The company emphasizes its commitment to social responsibility through various initiatives, including a 100% green building coverage rate for new and ongoing projects [10]. - The company aims to balance financial stability with social responsibility, reinforcing its image as a responsible corporate citizen [10][11].