Seazen(SH:601155) Ge Long Hui·2025-09-05 01:12Core Viewpoint - The semi-annual report of New Town Holdings for 2025 highlights a clear development path amidst the ongoing adjustment period in the real estate sector, showcasing a transition from "high turnover" to "high repurchase" and from "heavy development" to "heavy operation" [1] Financial Performance - In the first half of 2025, New Town Holdings achieved operating revenue of 22.1 billion yuan and a net profit attributable to shareholders of 895 million yuan, with a net cash inflow from operating activities of 286 million yuan [1] - The commercial operation segment stood out with an operating revenue of 6.944 billion yuan, reflecting a year-on-year growth of 11.8% [2] - The company reported a gross profit margin of 71.2% in property leasing and management, contributing 77.1% to the overall gross profit [2] Commercial Operations - The total foot traffic at Wu Yue Plaza reached 950 million visits, a year-on-year increase of 16.0%, with total sales exceeding 51.5 billion yuan, up 16.5% year-on-year [3] - As of June 30, 2025, the company operated 205 Wu Yue Plazas across 141 cities, with an occupancy rate of 97.81% [2] Financial Stability - New Town Holdings maintained positive operating cash flow, with interest coverage ratio exceeding 4 times based on commercial operation revenue [4] - The company reduced its average financing cost to 5.55%, a decrease of approximately 37 basis points compared to 2024 [4] - As of June 30, 2025, the company’s net debt ratio was 53.4%, with total interest-bearing debt at 52.276 billion yuan [4] Strategic Initiatives - The company is deepening its "pentagon management philosophy" to enhance core competitiveness through diversified operational strategies [6] - The membership program has grown to 49.17 million members, contributing to stable revenue and increased customer loyalty [7] Social Responsibility - New Town Holdings completed the delivery of 2.49 million square meters and over 16,000 properties in the first half of 2025, emphasizing its commitment to delivery [9] - The company has invested 2.786 million yuan in public welfare and participated in 188 charitable activities, engaging over 110,000 participants [10] Future Outlook - The report indicates a solid foundation for future growth, with several institutions projecting an increase in earnings per share and net profit for the years 2025-2027 [11] - The company is expected to benefit from its dual-driven strategy of "residential + commercial" and the ongoing recovery of the consumption market [11]