Ge Long Hui A P P·2026-01-12 08:55Core Viewpoint - The report from CITIC Securities indicates that New城控股 achieved a total commercial operating revenue of 14.09 billion yuan in 2025, representing a year-on-year growth of 10.0% [1] Financial Performance - In Q4 2025, the company recorded a single-quarter commercial operating revenue of 3.58 billion yuan, which is a year-on-year increase of 7.7% [1] - The company successfully met its annual revenue target of 14 billion yuan [1] Operational Metrics - As of the end of 2025, the overall occupancy rate of the properties held by the company was 97.82%, an increase of 0.11 percentage points compared to the end of Q3 [1] - The occupancy rate remains at a high level [1] Strategic Developments - In November 2025, the company issued 616 million yuan of asset-backed securities (ABS) based on the Shanghai Qingpu Wuyue Plaza as the underlying asset, marking a significant breakthrough in its transition towards asset operation [1] Investment Rating - The company maintains a "Buy" rating and keeps the target price unchanged at 21.82 yuan [1]