Seazen(SH:601155) Zhong Guo Jing Ying Bao·2026-01-09 16:39Group 1 - The core viewpoint of the article highlights the stable and positive performance of New城控股 in 2025, with a total sales amount of 19.27 billion and a sales area of approximately 2.5358 million square meters [2] - The commercial sector of New城控股 has shown continuous improvement, with total annual commercial operating revenue increasing by 10% to 14.09 billion [2] - New城控股 has maintained a high level of credit management, ensuring a safe and stable debt structure, with a total repayment of 5.855 billion in domestic and foreign public market bonds for the year [2] Group 2 - In November 2025, New城控股 successfully issued a real estate asset-backed security (ABS) with a scale of 616 million, marking it as the first consumer-type holding real estate ABS in the country and the first issued by a private enterprise listed on A-shares [3] - The issuance of this holding-type ABS is seen as a significant step in New城控股's strategic shift from "real estate development and sales" to "asset operation," providing a practical model for private real estate companies [3] - Throughout 2025, New城控股 has actively engaged in both domestic and foreign markets, successfully issuing various bonds and notes, including a 300 million senior unsecured bond and multiple medium-term notes with low interest rates [3]