Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][7]. Core Insights - The company achieved a revenue of 5.42 billion yuan in H1 2025, representing a year-on-year increase of 15.3%, and a net profit attributable to shareholders of 520 million yuan, up 26.4% year-on-year [3][7]. - In Q2 2025, the revenue was 2.49 billion yuan, with a year-on-year growth of 8.8%, and a net profit of 270 million yuan, reflecting a 19.1% increase year-on-year [3][7]. - The significant growth in energy service revenue, which surged by 379% to 1.08 billion yuan, is attributed to the ongoing development of distributed photovoltaic projects and the expansion of energy trading services [7]. - The company has partnered with Ant Group to leverage blockchain technology, successfully completing the first domestic issuance of RWA based on photovoltaic assets, enhancing asset liquidity [7]. - The establishment of a joint venture "Ant Xinneng" with Ant Group focuses on AI technology applications in smart operation of power stations, optimization of electricity trading strategies, and collaborative control of virtual power plants [7]. Financial Projections - The company is projected to achieve revenues of 10.13 billion yuan, 10.68 billion yuan, and 11.17 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 850 million yuan, 970 million yuan, and 1.08 billion yuan for the same years [9][10]. - The expected P/E ratios for 2025, 2026, and 2027 are 24, 21, and 19 respectively [9][10].

Real-World Asset (RWA) Tokenization - RWAs (Real-World Assets) issuers will brand themselves on neutrality and succeed [1] - RWAs will leverage credible neutrality, similar to Apple's privacy stance against the US government [1]

Core Insights - The real estate market is undergoing significant adjustments and structural changes, facing increased challenges and pressures, while the trend of asset tokenization is becoming clearer, with initial breakthroughs in the RWA (Real World Assets) tokenization exploration in the real estate sector [2][4] Group 1: Industry Developments - Greenland Group's subsidiary, Greenland (Asia) Securities, received approval for digital asset-related licenses from the Hong Kong Securities and Futures Commission in July [4] - New City Development Holdings announced the establishment of a digital asset research institute in August, aiming to raise approximately HKD 49.4 million for strategic layout in the RWA field [2][4] - The global RWA market is projected to exceed USD 16 trillion by 2030, with a rapid growth forecast, reaching USD 26.7 billion by August 2025 [3] Group 2: Company Strategies - New City Development plans to establish a digital asset management company focusing on three key areas: issuing NFTs based on its unique IP, tokenizing asset revenues from its properties, and exploring the tokenization of financial assets like convertible bonds [4][5] - The company aims to complete the registration and platform construction of its digital asset management company by the end of 2025, with the first batch of NFT digital collectibles expected to be launched [5] Group 3: Market Context and Challenges - The establishment of New City Development's digital asset research institute is a strategic response to favorable policy trends and market opportunities, supported by various government initiatives to promote the digital economy [6] - Despite the proactive moves by real estate companies, the current digital asset business has not yet generated significant revenue, and there are uncertainties regarding regulatory clarity and market acceptance of asset tokenization [6] Group 4: Financial Performance - In the first half of 2025, New City Development reported revenues of CNY 22.174 billion and a net profit of CNY 0.692 billion, with a notable increase in commercial operations revenue by 11.78% [8] - The company's average borrowing cost decreased by 0.18 percentage points to 5.84%, and its financing cost net fell by 11.9% to CNY 1.378 billion, attributed to reduced borrowing interest and exchange losses [8]

Blockchain & RWA Analysis - RWAs (Real World Assets) may not align with the principles of a credibly neutral blockchain [1] - Bitcoin is considered stateless, non-sovereign, and purely programmatic money [1] - Tokenized property remains subject to legal jurisdictions and national regulations [1] Regulatory & Legal Considerations - National governments, such as the United States, are unlikely to permit the seizure of property, even if tokenized, due to hacking or other illicit activities [1]

Discussing RWAs n the Pokemon SUPER CYCLE.LIVE RIGHT NOW ---> https://t.co/xb5cJv4chyIs this the new 'meta'? Or just the next SHINY (holographic) trend for now.... https://t.co/PBsh0mNcM0Easy (@EasyEatsBodega):Live RIGHT NOWhttps://t.co/QStcdJBhD4- Breaking down the Macro- The Collectibles / RWA space is HOT- Creator Capital Markets, real?- Prediction Plays (again)- Trade on Rhythm, Trade in Rhythm&& so much more🔋by @yeet https://t.co/53LDCak3wU ...

Which RWA altcoin are you most bullish on for Altseason?$LINK or $ONDO https://t.co/l63U4a0riB ...

Live RIGHT NOWhttps://t.co/QStcdJBhD4- Breaking down the Macro- The Collectibles / RWA space is HOT- Creator Capital Markets, real?- Prediction Plays (again)- Trade on Rhythm, Trade in Rhythm&& so much more🔋by @yeet https://t.co/53LDCak3wU ...

RWA & Tokenization - Galaxy Digital 将在 Solana 上对其 SEC 注册的股票进行代币化 [1] - 行业认为此举是 RWA（Real World Asset，现实世界资产）领域的重要举措 [1]

Group 1 - The company, Sifang Jingchuang, stated on September 3 that it has not participated in the Hong Kong RWA registration platform related business cooperation [2] - The company has not joined the Hong Kong Web3 Standardization Association [2]

Core Viewpoint - China Financial Development (03623) has signed a strategic cooperation memorandum with Zhejiang Shuqin Technology Co., Ltd. to leverage their respective strengths and resources in financial services, aiming to innovate and expand into new domestic and international markets [1] Summary by Relevant Sections - **Strategic Cooperation** The agreement focuses on joint innovation to provide a one-stop, full-process, and intelligent financial service for RWA, with the ultimate goal of enhancing the SimpleChain 2.0 public chain ecosystem [1] - **Technological Integration** The collaboration aims to integrate traditional finance with decentralized finance using institutional-level tokenization technology, blockchain, and smart contracts [1] - **Market Expansion** Both parties are committed to comprehensive business cooperation in mainland China, Hong Kong, and international token markets, with the goal of creating a new generation of on-chain asset platforms [1] - **Development Goals** The objective is to position SimpleChain 2.0 as a leading Web2+Web3 public chain in Asia, maintaining a leading total value locked (TVL) in the Asia-Pacific region and promoting new productive business development [1] - **Current Status** As of the announcement date, the SimpleChain 2.0 public chain registration network has been launched, user account activation is complete, the official website is online, and the test network is operational [1]