Seazen(SH:601155) Zheng Quan Shi Bao Wang·2025-09-02 11:01Core Viewpoint - New City Holdings demonstrates strong resilience amid the ongoing adjustment cycle in the real estate market, leveraging a dual-driven business model of "commercial operations + real estate development" and adhering to a "1+3" strategic layout [1][2] Financial Performance - In the first half of the year, New City Holdings achieved operating revenue of 22.1 billion yuan and a net profit attributable to shareholders of 0.895 billion yuan, with 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 contract sales area of 1.335 million square meters, with a collection amount of 11.884 billion yuan and a collection rate of 115.05% [2] Commercial Operations - The "Wuyue" brand, launched in 2012, has expanded to 205 urban comprehensive projects, with 174 operational Wuyue plazas across 141 major cities in China [3] - In the first half of the year, Wuyue plazas attracted 950 million visitors, generating total sales exceeding 51.5 billion yuan, a year-on-year increase of 16.5% [3] Debt Management - As of June 30, 2025, the company's financing balance was 52.276 billion yuan, reduced by 1.374 billion yuan since the beginning of the year, indicating ongoing optimization of the debt structure [4] - The company has maintained a low net debt ratio of 53.40% and a positive operating cash flow of 286 million yuan [3][4] Market Position and Strategy - The company has successfully issued 1 billion yuan in medium-term notes at a historical low interest rate of 2.68%, extending the debt maturity to five years, which supports stable operations and reduces financing costs [5] - New City Holdings is actively pursuing multi-level REITs products and has completed the application for holding-type real estate ABS in the first half of 2025 [5] Creditworthiness and ESG Commitment - New City Holdings is one of the few private real estate companies maintaining a "zero default" record, having repaid 1.067 billion yuan in domestic and foreign bonds in the first half of 2025 [6] - The company integrates sustainable development into its operations, achieving a green building coverage rate of 100% for new and ongoing projects, and has received 71 domestic and international green certifications [6]