Seazen(SH:601155) Sou Hu Cai Jing·2025-09-09 20:42Core Viewpoint - New City Holdings (601155.SH) demonstrates strong resilience and operational capability amid a deep adjustment in the real estate industry, driven by its "residential + commercial" dual strategy [1] Financial Performance - In the first half of 2025, the company achieved operating revenue of 22.1 billion yuan and a net profit of 947 million yuan, with a gross margin increase to 26.85%, up by 5.25 percentage points year-on-year [1] - The commercial operations segment contributed significantly, with total revenue reaching 6.944 billion yuan, a year-on-year increase of 11.78%, accounting for 31.42% of total revenue [1] Commercial Operations - The commercial operations segment's steady growth is a key support for New City Holdings' performance, with 174 operational projects covering 141 major cities, achieving total sales of 51.5 billion yuan, a 16.5% increase year-on-year [3] - The average occupancy rate reached 97.81%, significantly exceeding the industry average, driven by initiatives like the "I Love You · May" IP event, which boosted sales by 15% and foot traffic by 13% [3] - The total foot traffic for the first half of the year reached 950 million visits, with membership numbers increasing to 49.17 million, showcasing the effectiveness of the innovative commercial operation model [3] Debt Management and Financing - The company optimizes its debt structure through both internal cash generation and external financing, with cash reserves of 9.183 billion yuan and a net debt ratio reduced to 53.40% [5] - The financing cost decreased to 5.55%, positioning the company at a low level within the industry, and it successfully issued 300 million USD in senior unsecured bonds, marking the first private real estate company to restart overseas financing in three years [5] - New City Holdings repaid 1.067 billion yuan in public market bonds in the first half of the year, maintaining a "zero default" record, with total financing balance reduced by 1.374 billion yuan since the beginning of the year [5] Market Ratings - Institutions such as Shenwan Hongyuan and CITIC Securities have given New City Holdings a "buy" rating, while Huachuang Securities and Ping An Securities recommend the stock, citing growth in commercial management revenue, high cash recovery rates, and declining financing costs as indicators of robust operational capability [5]