经营性现金流连续为正 新城控股保持“零违约”纪录

Core Viewpoint - The recent policy adjustments in major cities are aimed at stabilizing the real estate market, indicating a need for further inventory reduction, credit restoration, and enhanced profitability for companies [1] Group 1: Company Performance - As of June 30, 2025, the company reported a revenue of 22.1 billion and a net profit of 0.895 billion, with a gross margin of 26.85%, reflecting a year-on-year increase of 5.25 percentage points [1] - The company has successfully balanced operational quality and financial safety, demonstrating resilience amid industry uncertainties [1] - The commercial operations segment has become a significant contributor to overall performance, with total revenue reaching 6.944 billion, a year-on-year growth of 11.8% [2] Group 2: Business Strategy - The company is implementing a "residential + commercial" dual-driven strategy, which has led to a more stable operational model [1][2] - The "Wuyue" brand has been a focal point for the company, emphasizing a unique operational model and customer engagement through various initiatives [3] - The company has expanded its footprint to 141 cities with 205 integrated projects, achieving a high occupancy rate of 97.81% [4] Group 3: Financial Health - The company has reduced its financing balance to 52.276 billion, optimizing its debt structure while maintaining a cash reserve of 9.183 billion [6] - The company has successfully issued bonds and notes, including a 3 billion USD bond and a 1 billion CNY medium-term note, reflecting strong market confidence [7] - The company has maintained a net debt ratio of 53.40%, which is considered low within the industry [6] Group 4: Future Outlook - The company aims to balance cash flow preservation, delivery assurance, and value maintenance while focusing on refined management to enhance operational efficiency [8] - The company is actively pursuing diverse financing avenues, including REITs and ABS products, to support its asset management strategy [7]