Seazen(SH:601155) Zheng Quan Ri Bao Wang·2025-09-24 06:41Core Viewpoint - New City Holdings successfully issued $160 million of senior secured notes, signaling a strong recovery in its financing capabilities and enhancing confidence in private real estate companies [1][2] Group 1: Financing Activities - New City Holdings issued $160 million of senior secured notes with a 2-year term and an interest rate of 11.88% [1] - This is the second dollar bond issuance by New City this year, following a $300 million senior unsecured bond issued in June, marking a significant breakthrough in the offshore capital market for private real estate firms [1] - The proceeds from the recent bond issuance will be used to repay existing debts and for daily operations, indicating a focus on liquidity management [1] Group 2: Financial Performance - In the first half of 2025, New City Holdings reported revenue of 22.1 billion yuan and a net profit attributable to shareholders of 895 million yuan, with a gross margin of 26.85%, up 5.25 percentage points year-on-year [2] - The commercial segment generated total revenue of 6.944 billion yuan, reflecting a year-on-year growth of 11.8%, with property leasing and management contributing significantly to overall profitability [2] - The gross margin for the property leasing and management business reached 71.20%, indicating a strong performance in high-margin commercial operations [2] Group 3: Market Sentiment and Analyst Ratings - The successful issuance of dollar bonds is seen as a positive signal for the market, potentially restoring confidence in private real estate companies and alleviating liquidity pressures in the industry [1] - Analysts from Southwest Securities have initiated coverage on New City Holdings, highlighting the resilience and operational efficiency of its commercial segment, and have assigned a "buy" rating based on the company's solid profit and cash flow foundation [2]