Core Viewpoint - New City Holdings has reported steady performance in its third-quarter results, emphasizing its focus on credit management and stable debt structure while achieving significant revenue growth in its commercial operations [1] Financial Performance - In the first three quarters, New City Holdings achieved an operating income of 34.371 billion yuan and a net profit attributable to shareholders [1] - The total revenue from commercial operations from January to September reached approximately 10.511 billion yuan, representing a year-on-year growth of 10.82% [1] Management Insights - Chairman and President Wang Xiaosong highlighted that the company has maintained operational stability for seven consecutive years [1] - The company plans to further innovate its operational mechanisms and enhance efficiency based on deep operational foundations, adhering to the "pentagon management concept" to create asset returns for owners, provide platforms for merchants, and ensure a comfortable experience for customers [1]

Core Viewpoint - The semi-annual report of New Town Holdings for 2025 highlights a clear development path amidst the ongoing adjustment period in the real estate sector, showcasing a transition from "high turnover" to "high repurchase" and from "heavy development" to "heavy operation" [1] Financial Performance - In the first half of 2025, New Town Holdings achieved operating revenue of 22.1 billion yuan and a net profit attributable to shareholders of 895 million yuan, with a net cash inflow from operating activities of 286 million yuan [1] - The commercial operation segment stood out with an operating revenue of 6.944 billion yuan, reflecting a year-on-year growth of 11.8% [2] - The company reported a gross profit margin of 71.2% in property leasing and management, contributing 77.1% to the overall gross profit [2] Commercial Operations - The total foot traffic at Wu Yue Plaza reached 950 million visits, a year-on-year increase of 16.0%, with total sales exceeding 51.5 billion yuan, up 16.5% year-on-year [3] - As of June 30, 2025, the company operated 205 Wu Yue Plazas across 141 cities, with an occupancy rate of 97.81% [2] Financial Stability - New Town Holdings maintained positive operating cash flow, with interest coverage ratio exceeding 4 times based on commercial operation revenue [4] - The company reduced its average financing cost to 5.55%, a decrease of approximately 37 basis points compared to 2024 [4] - As of June 30, 2025, the company’s net debt ratio was 53.4%, with total interest-bearing debt at 52.276 billion yuan [4] Strategic Initiatives - The company is deepening its "pentagon management philosophy" to enhance core competitiveness through diversified operational strategies [6] - The membership program has grown to 49.17 million members, contributing to stable revenue and increased customer loyalty [7] Social Responsibility - New Town Holdings completed the delivery of 2.49 million square meters and over 16,000 properties in the first half of 2025, emphasizing its commitment to delivery [9] - The company has invested 2.786 million yuan in public welfare and participated in 188 charitable activities, engaging over 110,000 participants [10] Future Outlook - The report indicates a solid foundation for future growth, with several institutions projecting an increase in earnings per share and net profit for the years 2025-2027 [11] - The company is expected to benefit from its dual-driven strategy of "residential + commercial" and the ongoing recovery of the consumption market [11]

Core Viewpoint - The semi-annual report of New Town Holdings for 2025 highlights a clear development path amidst the ongoing adjustment period in the real estate sector, showcasing a transition from "high turnover" to "high repurchase" and from "heavy development" to "heavy operation" [2][4]. Financial Performance - In the first half of 2025, New Town Holdings achieved operating revenue of 22.1 billion yuan, net profit attributable to shareholders of 895 million yuan, and a net cash inflow from operating activities of 286 million yuan [2]. - The commercial operation segment was a standout, generating revenue of 6.944 billion yuan, reflecting a year-on-year growth of 11.8% [4]. - The company maintained a positive operating cash flow, with a net debt ratio of 53.4% and an average financing cost reduced to 5.55%, down approximately 37 basis points from 2024 [7][8]. Commercial Operations - The commercial operations segment showed strong growth, with key metrics such as sales, foot traffic, and member consumption all experiencing year-on-year increases [4]. - As of June 30, 2025, the company operated 205 Wuyue Plazas across 141 cities, with an occupancy rate of 97.81% and a total operating area of 16.0814 million square meters [4]. - Foot traffic at Wuyue Plazas reached 950 million visitors, a 16% increase, while total sales exceeded 51.5 billion yuan, marking a 16.5% growth [5]. Financial Stability and Leverage - The company has optimized its debt structure, with interest coverage ratios exceeding 4 times based on commercial operation revenue [7]. - New Town Holdings successfully issued a $300 million senior unsecured bond, marking a significant return to the offshore capital market for private real estate firms [8]. Strategic Initiatives - The company is committed to a "five-sided business philosophy," enhancing its competitive edge through diversified brand offerings and improved customer experiences [9]. - The membership program has seen growth, with 49.17 million members contributing to stable revenue streams [9]. Social Responsibility and Long-term Vision - New Town Holdings emphasizes its commitment to social responsibility, completing the delivery of 2.49 million square meters and over 16,000 properties in the first half of 2025 [11]. - The company has invested 2.786 million yuan in public welfare and participated in 188 charitable activities, reflecting its dedication to community engagement [12]. - The firm aims to balance social and commercial value, establishing itself as a model for sustainable development in the industry [12].

"商业运营是一个可以穿越周期的行业，每一个成功的运营者都有其成功的关键要素、价值主张、经营 理念，它让企业形成统一的管理语言，并最终指引企业将核心优势转化为持续的经营业绩。" 近日，新城控股发布2024年年度报告，公司实现营业收入890亿元，归属于上市公司股东的净利润7.52 亿元，同比增长2.07%；扣非归母净利润8.70亿元，同比增长183.07%。 报告期内，公司实现商业运营总收入128.08亿元，同比增长13.10%，不仅超额完成125亿元的年度目 标，而且对整体业绩的贡献比例进一步提升；物业出租及管理毛利率达70.17%，为公司利润提供有力 支撑。 面对行业挑战，新城控股凭借"地产开发+商业运营"双轮驱动战略，发挥运营优势，正展现出良好的生 长韧性。 净利润水平稳步提升 报告期内，新城控股实现营业收入889.99亿元，其中主营业务收入中，房地产开发销售本期实现营业收 入760.41亿元，物业出租及管理实现营业收入120.29亿元；归属于上市公司股东的扣除非经常性损益的 净利润8.70亿元，较去年同期增长183.07%。 针对市场的变化，公司通过制定合理的经营战略，把握市场窗口，进行营销推广，提升货值 ...