Core Viewpoint - Hong Kong's retail sales in August increased by 3.8% year-on-year to HKD 30.3 billion, marking the fourth consecutive month of growth, surpassing market expectations of 2% and the bank's forecast of 1% [1] Retail Sales Performance - The year-to-date retail sales decline narrowed to 1.9% for the first eight months, an improvement from the 2.6% decline in the first seven months [1] - The bank anticipates that retail sales for the full year may return to flat levels, primarily driven by an increase in visitor numbers, with mainland Chinese and long-haul travelers rising by 15% and 23% year-on-year, respectively [1] Sector Analysis - Luxury goods sales showed strong performance, attributed to increased traveler spending and a low base effect, while essential goods sales remained weak [1] - Companies such as Wharf Real Estate Investment (01997) and Hysan Development (00014) may benefit from this retail sales improvement, although there are concerns regarding rental pressure and increased shopping at mainland duty-free stores [1] - New World Development (00017) is expected to capture a larger market share in the Tsim Sha Tsui area [1]

Core Viewpoint - Hong Kong's retail sales in August increased by 3.8% year-on-year to HKD 30.3 billion, marking the fourth consecutive month of growth, surpassing market expectations of 2% and the bank's forecast of 1% [1] Retail Sales Performance - The year-to-date retail sales decline narrowed to 1.9% for the first eight months, an improvement from the 2.6% decline in the first seven months [1] - The bank anticipates that retail sales for the entire year may stabilize at a flat level, primarily driven by an increase in visitor numbers to Hong Kong [1] Visitor Impact - The increase in retail sales is significantly attributed to the rise in visitor numbers, with mainland Chinese and long-haul travelers growing by 15% and 23% year-on-year, respectively [1] - The month also saw several large-scale events that contributed to the retail sales boost [1] Sector Performance - Luxury goods sales showed strong performance, likely due to increased spending by travelers and a low base effect, while essential goods sales remained weak [1] - Companies such as Wharf Real Estate Investment (01997) and Hysan Development (00014) may benefit from this trend, although there are concerns regarding rental pressure and increased shopping at mainland duty-free stores [1] - New World Development (00017) is expected to capture a larger market share in the Tsim Sha Tsui area [1]

Core Viewpoint - The report from CMB International indicates that New World Development (00017) is expected to achieve a revenue of HKD 27.68 billion and a gross profit of HKD 11.63 billion for the fiscal year 2025, with a core operating profit from continuing operations estimated at HKD 6.02 billion, leading to a target price adjustment to HKD 9.7 and a "Buy" rating maintained [1] Financial Performance - For the fiscal year 2025, the company's revenue is projected at HKD 27.68 billion and gross profit at HKD 11.63 billion [1] - The core operating profit from continuing operations is estimated to be HKD 6.02 billion, with core profit around HKD 500 million [1] Debt Management - Total debt is expected to decrease from approximately HKD 151.6 billion at the end of fiscal year 2024 to about HKD 146 billion, with net debt reducing by approximately HKD 4.5 billion to around HKD 120.1 billion [1] - Short-term debt has significantly decreased to about HKD 6.6 billion [1] - The company successfully completed a loan refinancing of HKD 88.2 billion in June 2025, enhancing financial flexibility [1] Future Outlook - For 2026, the company has proposed "seven debt reduction measures," which include accelerating sales, unlocking agricultural land value, expediting the sale of non-core assets, reducing capital expenditures, and suspending dividends to improve cash flow and reduce debt [1]

Core Viewpoint - The report from CMB International indicates that New World Development (00017) is expected to see a revenue of HKD 27.68 billion and a gross profit of HKD 11.63 billion for the fiscal year 2025, with a core operating profit from continuing operations estimated at HKD 6.02 billion, leading to an upward adjustment of the target price to HKD 9.7 and maintaining a "Buy" rating [1][1][1] Financial Performance - For the fiscal year ending 2024, the company's total debt is projected to decrease from approximately HKD 151.6 billion to about HKD 146 billion, with net debt reducing by around HKD 4.5 billion to approximately HKD 120.1 billion [1][1] - Short-term debt is expected to significantly decrease to about HKD 6.6 billion [1] Debt Management Strategy - The company successfully completed a loan refinancing of HKD 88.2 billion in June 2025, enhancing its financial flexibility [1] - Looking ahead to 2026, the company has proposed "seven debt reduction measures," which include accelerating sales, unlocking agricultural land value, expediting the sale of non-core assets, reducing capital expenditures, and suspending dividends to improve cash flow and reduce debt [1][1][1]

Market Performance - The Hang Seng Index closed at 27,140, down 0.54% from the previous trading day, with a year-to-date increase of 35.30% [1] - The Hang Seng Tech Index decreased by 0.90% to 6,622, with a year-to-date increase of 48.22% [1] - The CSI 300 Index rose by 0.45% to 4,640, with a year-to-date increase of 17.94% [1] - The Dow Jones Index increased by 0.51% to 46,758, marking a year-to-date increase of 9.91% [1] Currency and Commodity Overview - The Renminbi Index stands at 96.970, with a 1-month increase of 0.41% but a 6-month decrease of 1.83% [2] - Brent crude oil is priced at $64.99 per barrel, down 3.20% over the past month and 3.46% over the past six months [2] - Gold is priced at $3,861.04 per ounce, with a 1-month increase of 8.45% and a 6-month increase of 23.91% [2] Key News - High-profile political changes in Japan with the election of the first female president of the Liberal Democratic Party, likely to become the first female Prime Minister [4][11] - The unemployment rate in the Eurozone rose to 6.3%, slightly above expectations, with an estimated 10.84 million unemployed [4][12] - OPEC+ is nearing an agreement to increase production by 137,000 barrels per day in November [4][13] Market Review - Hong Kong stocks experienced a decline, with the Hang Seng Index fluctuating around the 27,000 mark, closing down 0.54% [5] - The A-share market was closed due to the National Day and Mid-Autumn Festival holidays [6] - U.S. markets showed mixed results, with the Dow and S&P 500 reaching new highs while the Nasdaq retreated after hitting a peak [6] Sector Performance - The technology sector saw mixed results, with notable declines in major tech stocks like Intel and Amazon, while semiconductor stocks showed resilience [6][7] - European markets generally trended upwards, with the UK FTSE 100 reaching new highs [7] IPO Information - Recent IPOs have shown strong performance, with companies like Zijin Mining International and Xipuni achieving significant first-day gains [28] - Upcoming IPOs include Changfeng Pharmaceutical and Zhida Technology, with expected pricing and entry fees detailed [28] Upcoming Economic Data - Key economic indicators to be released include the Eurozone retail sales and U.S. trade balance for August, as well as China's foreign exchange reserves [30]

Core Viewpoint - New World Development's (0017.HK) fiscal year 2025 performance is overall in line with expectations, with significant sales figures in both Hong Kong and mainland China [1] Financial Performance - In fiscal year 2025, the company achieved contract sales of approximately HKD 11 billion in Hong Kong and RMB 14 billion in mainland China [1] - The sales target for fiscal year 2026 is set at HKD 27 billion, representing a 4% increase compared to the previous year [1] Financial Structure - The group's net debt decreased by approximately HKD 4.5 billion to around HKD 120.1 billion [1] - Short-term debt has been reduced to approximately HKD 6.6 billion [1] - The company completed a refinancing of HKD 88.2 billion in loans by June 2025, enhancing its financial stability [1] Valuation and Market Outlook - The current price-to-book ratio of approximately 0.13 reflects market concerns regarding the company's debt levels [1] - With a potential easing of interest rates and a gradual recovery in the real estate sector, the company's valuation may be subject to re-evaluation [1] - Based on an 80% discount to net asset value valuation method, the target price has been raised to HKD 9.7, maintaining a "Buy" rating [1]

Core Insights - The Guangzhou real estate market experienced a surge in viewings during the National Day holiday, particularly in the Liwan District, driven by market promotions and regional development [1] - The demand for improved housing products and river-view resources has notably increased among buyers [1] Group 1: Market Performance - From October 1 to 3, a total of 76 residential units were sold in the Liwan District, with 1,663 groups visiting, resulting in an average of 554 daily visits, a 251% increase compared to September [1] - The average daily subscriptions reached 25.3 units, marking a 387% increase from September [1] - Several projects, including Poly Zhujiang Tianyue and Jianxin Ruyifanghua, saw significant activity, indicating a strong market response during the traditional peak season [1] Group 2: Project Highlights - Poly Zhujiang Tianyue, a luxury riverside property, has become a top seller in the region, achieving over 100 million yuan in sales on the first day of the holiday [3][4] - The project features unique design elements and is strategically located near key transportation links, enhancing its appeal [3] - Jianxin Ruyifanghua attracted over 500 groups of visitors on the first day, indicating high demand for its affordable housing options [8][10] Group 3: Buyer Trends - The New World Tianfu project saw a 300% increase in visitor numbers and a 200% increase in sales during the holiday, highlighting a strong interest in improved housing options [11][12] - Vanke Lixiang Huadi reported a significant increase in customer visits and achieved sales of approximately 1 billion yuan on the first day of the holiday [14][15] - The overall buyer sentiment reflects a shift towards purchasing decisions being made more quickly, with many buyers opting to purchase on their first visit [20] Group 4: Regional Development Impact - The ongoing development in the Baihetan area, including high-end commercial projects and cultural landmarks, is positively influencing the real estate market [20] - Urban village renovations are providing new opportunities for local residents to invest in real estate, further stimulating market activity [20] - The relaxation of purchase restrictions in Guangzhou has led to an increase in buyers from Hong Kong, Macau, Taiwan, and foreign nationals, contributing to market vitality [20]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年9月30日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 新世界發展有限公司 | | | 呈交日期: | 2025年10月2日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 III.已發行股份及/或庫存股份變動詳情 (A). 股份期權（根據發行人的股份期權計劃） | 1. 股份分類 | | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號(如上市) | | 00017 | 說明 | | | | | | | | | 股份期權計劃詳情 | | 上月底結存的股份期權數 目 | 本月內變動 | | 本月底結存的股份期權數 目 | 本月內因此發行的新股數 目 ( ...

Financial Data and Key Metrics Changes - The company reported a loss attributable to shareholders of HKD 16.3 billion for FY 2025, with a second-half loss of approximately HKD 9.7 billion, which exceeded the first half's loss of HKD 6.6 billion, primarily due to noncash provisions and one-off losses [18][19][71] - Core operating profit decreased by 13% year on year, while segment results declined by 4% year on year [17] - Total debt decreased by HKD 5.7 billion from HKD 151.6 billion in June 2024 to HKD 146 billion in June 2025, and net debt fell by HKD 4.5 billion [22][26] Business Line Data and Key Metrics Changes - The property business achieved annual sales of HKD 26 billion, meeting its target despite market uncertainties [6] - The investment properties segment recorded a 24% year-on-year growth in overall segment results, with K11 segment results also growing by 24% [45] - In Hong Kong, attributable contracted sales for FY 2025 reached HKD 11 billion, with strong performance from multiple projects [28] Market Data and Key Metrics Changes - The company noted improvements in market sentiment and transaction volume for Hong Kong real estate in the latter half of FY 2025, although property prices remained weak [19] - In Mainland China, the group’s contracted sales reached RMB 14 billion, exceeding adjusted annual targets [41] Company Strategy and Development Direction - The company will continue to focus on its core business, actively manage finances, and enhance operational efficiency [8] - Plans include advancing asset disposal, enhancing rental returns, and unlocking the value of farmland holdings [13][14] - The company aims to leverage market improvements and maintain prudent operations amid ongoing uncertainties [9] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating challenges and emphasized the importance of cash flow recovery and debt reduction [9][60] - The company acknowledged the impact of interest rate cuts on financing costs, projecting significant savings with further rate reductions [87] Other Important Information - The company has temporarily suspended dividend payments to preserve cash [15][54] - A significant refinancing of HKD 88.2 billion was completed, enhancing liquidity and extending loan maturities [24][55] Q&A Session All Questions and Answers Question: What are the company's concrete goals for debt reduction and timetable? - The company aims for steady progress in reducing total debt and net debt, having already achieved initial success in FY 2025 [58][59] Question: When will the company resume payments for deferred perpetual bonds? - The company will adhere to contractual terms and make announcements at appropriate times regarding coupon payments [61][62] Question: How does the new bank loan align with the goal of reducing indebtedness? - The new bank loan will be used to meet debt-related needs, and the company has successfully controlled net debt, indicating improved cash flow [65][66] Question: Will the majority shareholder consider injecting capital? - There are currently no plans for capital injection from the majority shareholder [68] Question: What is the company's outlook on achieving profitability? - Management indicated that profitability improvements depend on market conditions and ongoing operational efficiency enhancements [71][72] Question: How will recent rate cuts affect interest expenses? - A 1% decrease in interest rates could save the company around HKD 800 million in annual interest expenses [87]

Financial Performance & Debt Reduction - The company targets HKD26 billion in net debt reduction for FY25, which has been completed[10] - Net debt reduced by HK$3.5 billion, a 2.9% decrease compared to June 2024[12] - Total debt trending down, with a HK$5.7 billion reduction over FY25[17] - HKD88.2 billion loan refinancing & alignment completed to improve financial flexibility[10, 80] Business Segments Performance - Core Operating Profit is HK$6.0B [12] - IP segment results increased by 2% YoY[12, 50] - K11 segment results increased by 4% YoY[12, 50] - FY25 Hong Kong Contracted Sales: HKD11B [21] Strategic Initiatives & Optimization - CAPEX reduced by 15% YoY to HK$12.6 billion[10, 12] - G&A expenses reduced by 16% YoY to HK$3.5 billion[10, 12, 78] - Management will not consider rights issue[11] Investment Properties & Development - K11 MUSEA has an occupancy rate of approximately 96%[52] - K11 Art Mall has an occupancy rate of approximately 100%[52] - The company has abundant saleable resources in Hong Kong[33]